Financial Stability Plan?

Posted on February 10, 2009
Filed Under Bailout, Stimulus | 39Leave a CommentFinancial+Stability+Plan%3F2009-02-11+04%3A12%3A32MikesView

February 10, 2009, Wake up People!. Last week, the House passed the American Recovery and Reinvestment Act of 2009, H.R. 1 (the so called stimulus bill), and today, the Senate passed their version, with the help of the Republican turncoats, Snowe (R-ME), Collins (R-ME) and Spector (R-PA). As this bill now goes to committee, new Treasury Secretary Timothy Geithner announced that he is restructuring the Troubled Asset Relief Program (TARP) implementation of the Emergency Economic Stabilization Act of 2008 ($700 billion bailout) from last year and will be pursuing a potential $2 trillion public and privately funded bank bailout soon. Geithner is now calling the restructured TARP the ‘Financial Stability Plan.’

Geithner is restructuring the $700 billion bailout, reacting to all of the accounts that there has been no accountability for the first $350 billion released to banks last year, and of course, he will be managing the second $350 billion that was released to the Obama Administration Treasury in its first week, following the request for those funds by President Bush in his last two weeks as President. Hello! Geithner was the President of the Federal Reserve Bank of New York, Vice Chairman of the Federal Open Market Committee (component of the Federal Reserve) and a member of the international financial advisory body, the Group of Thirty. He was one, of a couple of Federal Reserve bankers, that implemented the TARP for the first $350 billion! Can you say ‘do over?’

One other thing. In July, 2008, the Congress and President Bush pushed through the $300 billion Housing And Economic Recovery Act of 2008, which included the Hope for Homeowners program, principally for the refinancing of about 400,000 mortgages where default of payment could lead to a foreclosure status. The program started Oct. 1, 2008 to run for three years. The $700 billion Emergency Economic Stabilization Act of 2008 bailout was rushed through without most of the MSM even questioning why the $700 billion bailout was needed to buy up the toxic debt from banks, just as the Hope for Homeowners Program was to begin. I want to know what the heck Treasury has done with that $300 billion. Who’s pocket did that end up in? What a ruse. There is a good article about this still on the web at CNBC:

Hey Congress, You Already Passed Homeowner Bailout
http://www.cnbc.com/id/26839037/site/14081545/

Housing and Economic Recovery Act of 2008
http://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008