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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: steve harris who wrote (535523)	12/9/2009 10:25:49 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 1575612

They are in denial. Embarrassed and confused.

To: steve harris who wrote (535523)	12/9/2009 10:28:51 PM
From: Jim McMannis	Read Replies (3) \| Respond to of 1575612

Audit: Taxpayers lose $61B on AIG, auto bailouts news.yahoo.com WASHINGTON – The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades. The government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc., according to Treasury data released Wednesday in an audit by the Government Accountability Office. It also is losing more than $30 billion on rescues of struggling automakers Chrysler and General Motors. Treasury says the losses are offset in part by profits earned from bank bailouts. It says the bank bailouts will net taxpayers $19.5 billion. Over all, the bailouts are projected to cost taxpayers $41.5 billion. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) — The Obama administration has extended the $700 billion financial bailout program until October, setting up a struggle between Democrats who favor using some of the leftover money to help generate jobs and Republicans who say it should be used to shrink soaring budget deficits. The administration insists the bailout fund is still needed to prevent further turmoil in the banking system. In announcing the decision Wednesday, Treasury Secretary Timothy Geithner said extending the program also will help homeowners struggling to avoid losing homes to foreclosures and small businesses having trouble getting loans. The administration is now projecting the losses to the government from the bailout program will be around $141 billion — $200 billion less than it estimated two months ago. President Barack Obama said the freed-up money can help reduce the record-high federal budget deficit and "invest in job creation on Main Street rather than Wall Street." Obama spoke to reporters after a meeting with congressional leaders aimed at providing momentum for a new jobs program he outlined Tuesday. That effort seeks to combat the nation's 10 percent unemployment rate by providing tax breaks to encourage companies to hire new workers, increase bank lending to small businesses and provide a fresh round of infrastructure spending.