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Bank of America Asks Congress for a $739 Billion Bailout

Discussion in 'Financial Cents' started by melbo, Feb 25, 2008.

  1. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Bank of America Asks Congress for a $739 Billion Bank Bailout

    The New York Times is writing A ‘Moral Hazard’ for a Housing Bailout: Sorting the Victims From Those Who Volunteered.

    Over the last two decades, few industries have lobbied more ferociously or effectively than banks to get the government out of its business and to obtain freer rein for “financial innovation.”

    But as losses from bad mortgages and mortgage-backed securities climb past $200 billion, talk among banking executives for an epic government rescue plan is suddenly coming into fashion.

    A confidential proposal that Bank of America circulated to members of Congress this month provides a stunning glimpse of how quickly the industry has reversed its laissez-faire disdain for second-guessing by the government — now that it is in trouble.

    My Comment: The attempt to blame the free market for this mess is galling. The blame lies with Congress, the Fed, and the SEC. If the Fed had not reduced interest rates to 1% and held them there, the bubble would never has gotten as big.

  2. Tango3

    Tango3 Aimless wanderer

    $739 "B"-ILLION(= a million million),and we can just transfer this incomprehensible number to a private corporation???
  3. Blackjack

    Blackjack Monkey+++

    And what was that thread about the welfare recipients costing us so much money?
  4. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    If my math is close enough, that will devalue the FRN another 30%. We need it, don't we? Isn't that what the dot gov says? Must be a good thing.
  5. monkeyman

    monkeyman Monkey+++ Moderator Emeritus Founding Member

    Actualy a billion = a THOUSAND million

    That said, let the rot, I personaly would gain GREAT satisfaction in seeing Bank of America die a horrible death. They have stolen to much rom to many working poor in the country and it has even been proven in court. On top of that I figure NO private company deserves my tax dollars unless it is by means of winning the bid on a gov contract.
  6. misty

    misty Monkey+++

  7. BAT1

    BAT1 Cowboys know no fear

    Another hidden cost caused by open borders, again they will try to put the cost on the hard working, losing his ass and his job, American citizen. The banks need to get a dose of unemployment, to see how it feels. DIDN'T THIS HAPPEN LAST TIME A BUSH WAS IN OFFICE?
  8. Tango3

    Tango3 Aimless wanderer

    eh 9zero's;12zero's: What's few zero's? thanks for learnin' me
  9. monkeyman

    monkeyman Monkey+++ Moderator Emeritus Founding Member

  10. MO titmouse

    MO titmouse Mrs monkeyman

    lol bank of america gave me a card so ther need to go back to school for math hahaha
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