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| Home Front: Politix |
| Wall Street reform: Scrap bank tax, end TARP |
| 2010-07-01 |
| Lawmakers came up with an alternative plan to pay for Wall Street reform, attempting to save the sweeping measure from falling short of the votes necessary to pass in the Senate. After key moderate Republicans who had supported earlier versions of reforms threatened opposition, Democrats scrapped an effort to tax big banks and hedge funds to the tune of $19 billion. Instead, they would come up with $11 billion by ending the Troubled Asset Relief Program (TARP) immediately upon final passage of the bill. |
| Posted by:gorb |
| #7 Use the paper on par to make existing and future Congressional retirement payments. I love it! - but include Presidential and Vice Presidential as well. |
| Posted by: CrazyFool 2010-07-01 20:00 |
| #6 what to do with the $1.75 trillion of toxic assets Sell it, slowly, for whatever the market will pay for it. |
| Posted by: Rob Crawford 2010-07-01 19:16 |
| #5 what to do with the $1.75 trillion of toxic assets Use the paper on par to make existing and future Congressional retirement payments. |
| Posted by: Procopius2k 2010-07-01 13:44 |
| #4 There is too much money to be made to just write it off, and writing off debt like governments do devalues the worth of the currency and trust. Those who can are going to make as much money as possible without devaluing the money they make, which is what this is all about; giant money laundering scheme. The big banks are in on it, they have the capital and, uhemmn, influence to weather their own storm to strangle the small banks and devalue the regional market medium banks to force a buy-out. Both big banks and government win. What the big banks do not seem to recognize, or do all so clearly, is that right now there is a jockey for power between government and private sector. |
| Posted by: swksvolFF 2010-07-01 12:59 |
| #3 what to do with the $1.75 trillion of toxic assets I'd suggest writing them off as a loss and moving on, but it's universally acknowledged I don't understand the subtleties of financial matters. After all, someone is bound to remark that we could sell them off at current value, whatever that is, thus reducing the total amount of the write-off. And then someone else will mention that the cost of calculating current value in a falling market, given the pay scale of highly skilled financial analysts. On the third hand, quite a number of them are still at liberty following the fall of the market in 2008... This is why I stay out of such discussions. |
| Posted by: trailing wife 2010-07-01 11:33 |
| #2 Yeah, but what to do with the $1.75 trillion of toxic assets the politicians relieved of the banks of and foisted onto the taxpayers? |
| Posted by: ed 2010-07-01 09:17 |
| #1 "I'm confident that given the package that has been put together, that senators, hopefully on both sides of the aisle, recognize it's time we put in place rules that prevent taxpayer bailouts So he's no long in favor of bailouts? |
| Posted by: Besoeker 2010-07-01 06:05 |