Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (302042)	4/21/2009 12:14:58 PM
From: Ruffian	Respond to of 794265

Geithner Defends Bank Rescue Program Amid Warnings Treasury Secretary Timothy Geithner's testimony came in the wake of a watchdog agency report that warned administration initiatives could increasingly expose taxpayers to losses and make the government more vulnerable to fraud. AP Tuesday, April 21, 2009 Treasury Secretary Timothy Geithner defended the bank rescue program devised by the Obama administration Tuesday as the International Monetary Fund predicted U.S. financial institutions could lose $2.7 trillion from the global credit crisis. Geithner, testifying before the rescue plan's Congressional Oversight Panel, faced a battery of questions over the Treasury's public-private partnership investment plan to rid financial institutions of their troubled assets. His testimony came in the wake of a watchdog agency report that warned Obama administration initiatives could increasingly expose taxpayers to losses and make the government more vulnerable to fraud. A special inspector general assigned to the Treasury's $700 bailout program concluded in a 250-page quarterly report to Congress that the private-public partnership is tilted in favor of private investors and creates "potential unfairness to the taxpayer." Geithner, in prepared testimony, said the new plan "strikes the right balance" by letting taxpayers share the risk with the private sector while at the same time letting private industry use competition to set market prices for the assets. "If the government alone purchased these legacy assets from banks, it would assume the entire share of the losses and risk overpaying," Geithner said in his remarks. "Alternatively, if we simply hoped that banks would work off these assets over time, we would be prolonging the economic crisis, which in turn would cost more to the taxpayer over time." Geithner said these bad assets have created uncertainty about the health of individual banks and reduced lending across the system. "For every dollar that banks are short of the capital they need, they will be forced to shrink their lending by $8 to $12," he said. While credit conditions have improved in the past few months, "reports on bank lending show significant declines in consumer loans, including credit card loans, and commercial and industrial loans," Geithner said.

To: LindyBill who wrote (302042)	4/21/2009 12:44:15 PM
From: Alan Smithee	4 Recommendations Read Replies (1) \| Respond to of 794265

People 55 and older could earn $1,000 education awards by getting involved in public service. Those awards can be transferred to a child, grandchild or even someone they mentored. Students from sixth grade through senior year of high school could earn a $500 education award for helping in their neighborhoods during a new summer program. A clothing allowance of $50 per individual is also payable to permit the purchase of two brown shirts to be worn while performing service.

To: LindyBill who wrote (302042)	4/21/2009 3:04:15 PM
From: Whitebeard	Read Replies (1) \| Respond to of 794265

This is horrible. Your kids will be snitching on you. Free speech will be a distant memory. Intimidation will be everywhere. The most stupid uneducated people will be your keepers. Ivy Leaguers will tell them what to do.