Thread: Tensions mount over bail-out

Tensions mount over bail-out

By Krishna Guha, Harvey Morris, Andrew Ward and Daniel Dombey in Washington and George Parker in Manchester

Published: September 21 2008 19:13 | Last updated: September 22 2008 03:47

A high stakes game of political poker was under way in Washington on Sunday as Congress prepared to vote this week on a plan to create a $700bn fund to buy toxic assets from banks and thereby ease the credit squeeze.

Democratic legislators pressed for a housing component to be added to the bill and demanded assurances that President George W. Bush would not veto a subsequent second stimulus bill.

The Bush administration was trying to hold out for a “cleanâ€

Mr Obama told the programme he considered the US to be in recession.....

It doesn't matter what he considers it to be....it's what it is, and it's NOT a recession, as it's defined. We had a 3.3% growth last quarter.

He also considers himself qualified to be President.......

Originally Posted by gofer

Mr Obama told the programme he considered the US to be in recession.....

It doesn't matter what he considers it to be....it's what it is, and it's NOT a recession, as it's defined. We had a 3.3% growth last quarter.

He also considers himself qualified to be President.......

Many months back, these were the same people (both Dems & GOP) who were saying everything was fine with the economy - except Ron Paul. He saw it coming and was warning us about it but everyone just labeled him a kook.

Some Republicans also favour restrictions on executive pay for banks taking part in the scheme. The Treasury fears this could undermine banks’ willingness to take part.

In other words Treasury is going to let the banks set all the terms. If we taxpayers are paying for this bailout, shouldn't the terms be in our favor? If the greedy bastards in the top echelons of bank management don't like the terms, they can take their banks down with them. Take it or leave it!! That's what these asses tell their customers.

Some industry groups are lobbying for a clause that would allow banks selling assets to the fund to account for any losses realised over a number of years.

The banks made this mess, they need to be held responsible for it. Any individual would be. The banks want a bail out and future tax breaks?? Gimme a break.

[quote]The Treasury secretary said the US scheme should be open to all banks with “significant operationsâ€