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Paul Volcker - Several Trillion Dollars Needed

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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:01 PM
Original message
Paul Volcker - Several Trillion Dollars Needed
http://www.philly.com/philly/blogs/inq-phillydeals/Geit...

"...Several trillion dollars will be necessary to be committed in a combination of budgetary expenditure and various guarantees in insurance programs and extensions of credit by the Federal Reserve..."
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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:02 PM
Response to Original message
1. and.............
who has that kind of money?
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:08 PM
Response to Reply #1
3. Plastic and a printing press :( n/t
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Postman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:07 PM
Response to Original message
2. Is that all?....
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:10 PM
Response to Reply #2
4. Remember when 50 billion was a lot of money, not that long
ago.

And add the 2.4 trillion owed to SS Trust Fund.
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marketcrazy1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:13 PM
Response to Reply #4
5. this is not going to end well
:nuke: :nuke: :nuke:
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:15 PM
Response to Reply #5
6. We're leaving the next generation a mountain of problems :( n/t
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Telly Savalas Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:20 PM
Response to Original message
7. Not a problem.
Capital One can divert the money it uses to run 22 ads an hour on all 600 commericial TV stations towards fully capitalizing every bank in the U.S., Canada, and the European Union. With the left over funds we can build an Atlantis-style underwater city off the shore of Jersey.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:45 PM
Response to Reply #7
10. Appears the banks will never have enough money, happy to
see you will create jobs with any the left over funds :)
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:24 PM
Response to Original message
8. Paul: Here's some of it:
Edited on Wed Jan-21-09 10:32 PM by Hannah Bell
http://www.thestandard.com.hk/news_detail.asp?we_cat=16...

"Swiss banks administer about US$3.7 trillion of assets. Of this, US$2.2 trillion is offshore money, or cash owned by non-residents who often do not wish to declare it at home."


Here's more:

http://www.cbpp.org/2-4-08tax.htm

Bush's tax cuts:

"From 2009 through 2018, households with annual incomes of more than $1 million the highest income 0.3 percent of the population would receive $825 billion in tax cuts...22 percent of the total value of the tax cuts over the period.

Nearly $1.2 trillion in tax cuts would go to the top 1 percent of households, a group with annual incomes above $450,000 in 2008...1 percent of households..."


Here's another:

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


Not that I expect you to go *there*.

I haven't forgotten your key role in the Reagan union-busting program & the 80s "recession" that destroyed the small business district in my small town.



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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:03 PM
Response to Reply #8
12. Great ideas and thanks for the links...
reading a bit more on Volker during the 80's :(
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Vinnie From Indy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:29 PM
Response to Original message
9. Why not just give every man, woman and child in America a million and be done with it.
These numbers are beyond belief.

I would be happy if the Federal government simply made the ultra-wealthy and corporations quit using offshore accounts to hide their trillions.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:07 PM
Response to Reply #9
14. Yes, these numbers are beyond belief...
and there is generally little interest.

:shrug:
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dysfunctional press Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 10:50 PM
Response to Original message
11. nationalize the banking system. now.
it's even more vital than single-payer healthcare at this point. but that's NEXT.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:24 PM
Response to Reply #11
15. Taxpayers could spend trillions on 'bad bank'
This idea is receiving more attention :(


http://washingtontimes.com/news/2009/jan/22/geithner-ra... /

"...Timothy Geithner, President Obama's pick to head the Treasury Department, said Wednesday that the administration is considering setting up a "bad bank" to purchase toxic loans from troubled banks in a new program that could cost taxpayers $3 trillion to $4 trillion....


...Mr. Geithner, currently president of the Federal Reserve's New York regional bank, appeared sympathetic to that call. "The good bank/bad bank-type solutions have been present at the solution to most financial crises around the world," he said. "It is possible that something there will be part of the solution going forward."

Morgan Stanley, the investment bank that advised the Treasury on how to structure its bailout program, has recommended that a "bad bank" be seriously considered as the best way to rid banks of their bad loans so they can start lending again..."

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USA_1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:04 PM
Response to Original message
13. Why????
For the past 28 years politicans have succumbed to the bullshit of Reaganomics and have given trillions in corporate welfare to the wealthy. All this on the grounds that the wealth would ''trickle down'' to the public in the form of expanded business and tax bases, more jobs, expansion of the middle class, etc. In all that time it has never worked even once because the rich pocket the money rather than use it for venture expansionism.

Therefore, why do we need another trillion and more for the corporations?

The wealthy already have this capital. It was taken from our pockets and put into theirs supposedly for our good.

Well, it's time to have that money put back into the economy. Take it from the corporations and the wealthy elites.

We do not need more taxes, corporate welfare, and extension of credit.
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:27 PM
Response to Reply #13
16. "Saving Private Capital" n/t
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:29 PM
Response to Reply #16
18. !!!!! n/t
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:28 PM
Response to Reply #13
17. People will be happy that they will receive a $500. check in the
Edited on Wed Jan-21-09 11:28 PM by slipslidingaway
mail and forget about the billions and trillions spent elsewhere.

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leftstreet Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:51 PM
Response to Original message
19. Million, billion, trillion - What comes after trillion, quadrillion?
We're gonna need a bigger boat
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-22-09 10:36 AM
Response to Reply #19
20. What comes after...
reduced money for social programs, hope I'm wrong.

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