Archive for the ‘Federal Reserve’ Category

Bailout Will Pay Top Dollar For Banker’s Garbage

September 29, 2008

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the government should pay more than “fire-sale” prices for the toxic assets it would acquire under a proposed $700 billion bailout plan. That could mean both higher initial costs for taxpayers and reduced returns when the assets are later resold.

So, in other words, the banks get paid as if their corrupt system worked flawlessly.   And the American people, who don’t seem to want the bailout, get billed for the retail price, not the marked-to-move price.

Why $700 Billion?

September 26, 2008

“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”

*Sigh.*