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Treasury Dept Officials Air Possibility of More Rescue Money to Obama's Team

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Thrill Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:29 PM
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Treasury Dept Officials Air Possibility of More Rescue Money to Obama's Team
Treasury Department officials are laying the groundwork for seeking the second half of the $700 billion financial rescue package from Congress and have approached President-elect Barack Obama's transition team in an effort to gain access to the funds, sources familiar with the matter said.

With lawmakers on both sides of the aisle expressing heated opposition to such a request, Treasury officials have come to realize that they need the president-elect's help to obtain the rescue money, the sources said.

Treasury aired the possibility of seeking the second half of the funds with transition team officials, who said they would attend a meeting with lawmakers and the Bush administration if the department pulled one together.

Of the first $350 billion in rescue money provided by Congress, the Treasury has only $15 billion left, which may not be enough to save a major financial institution if it collapses. Just weeks ago, Treasury committed to spending $25 billion in rescue money to prop up Citigroup; it had already provided the firm with a $25 billion infusion.
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Treasury employees are working on several proposals to unfreeze the troubled credit markets, the sources said. But some of these initiatives may depend on the next installment of the rescue package.

http://www.washingtonpost.com/wp-dyn/content/article/20...


They want the rest to Fuck Up. Hopefully Obama says NO. Actually HELL NO
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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:32 PM
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1. First demand an accounting for EVERY DAMN PENNY we just gave them..
along with a detailed report as to what that penny has accomplished.
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mth44sc Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:35 PM
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2. T R A P
n/t
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glowing Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:44 PM
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3. Freeing up credit isn't going to get people without jobs or people with
jobs but reduced income from cuts in hours, to actually spend or to go further into debt. Most are now realizing its time to start paying up and living modestly. My grandmother was cheap and horded money.. she was a young girl during the depression. The only thing that helped them was living in the country.. that way they could grow their own food. She had 2 school outfits and 3 play outfits for the entire year. I asked her how she could only wear 2 sets of clothing 5 days a week.. and she said we just did, we didn't have money for more. I beleive we are coming back around to that theory of pay as you go, and only go into debt for houses and perhaps automobiles. Putting our entire lives on a credit card doesn't work.. at least it doesn't work when we lose jobs to overseas companies and bust up Unions that work for labor protections.
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:51 PM
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4. Absolutely not in any circumstance should these thieves get another DIME. (nt)
Edited on Fri Dec-05-08 09:52 PM by w4rma
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RC Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:46 PM
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5. Where is all this money coming from?
A printing press? Or is it just electronically generated and moved? Had we better stock up on wheelbarrows for the daily trip to the grocery store while there is still time? Or is this money somehow real?
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high density Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:01 AM
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6. "Help for homeowners." Remind me again why we want to buy bad mortgages?
That was McCain's brilliant plan. These people are living in homes they can't afford. How do we sustain this by throwing some money at it? Why do we decide to subsidize and reward these people who made bad decisions, while those who made more reasonable financial choices get diddly-squat?
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