J
JAMESBJOHNSON
Guest
Obama is poised to buy ONE TRILLION in toxic debt owned by the banks.
The idea is, banks are organized to loan money to people and the government isnt. It will cost a fortune for the Federal Government to duplicate what banks can already do....if they had any money to loan. So the easy answer is, give the banks good money to replace the bad money. Assuming the banks have reformed and wont run to the liquor store with the new cash.
In theory it should all be dandy. The banks get new money to loan and Obama makes egg-cartons and cardboard from the bad money, which he then sells for pennies on the dollar. Everyone makes out but you. Hidden in the fine print is the notice that low & middle class income tax cuts stop after the 2010 election. Really. Plus Obama can sell all the foreclosed homes to Mexicans for 30 cents on the dollar. The value of your house goes to Hell because Juan Valdez bought one next door to you for 35K, and you paid 200K. Your city gets stimulus money to make up the diff in taxes, and you get the bill.
But! What Obama doesnt wanna talk about are the bastard children the bankers hide. All the consumer debt like credit cards and cars people arent making payments on.
The idea is, banks are organized to loan money to people and the government isnt. It will cost a fortune for the Federal Government to duplicate what banks can already do....if they had any money to loan. So the easy answer is, give the banks good money to replace the bad money. Assuming the banks have reformed and wont run to the liquor store with the new cash.
In theory it should all be dandy. The banks get new money to loan and Obama makes egg-cartons and cardboard from the bad money, which he then sells for pennies on the dollar. Everyone makes out but you. Hidden in the fine print is the notice that low & middle class income tax cuts stop after the 2010 election. Really. Plus Obama can sell all the foreclosed homes to Mexicans for 30 cents on the dollar. The value of your house goes to Hell because Juan Valdez bought one next door to you for 35K, and you paid 200K. Your city gets stimulus money to make up the diff in taxes, and you get the bill.
But! What Obama doesnt wanna talk about are the bastard children the bankers hide. All the consumer debt like credit cards and cars people arent making payments on.
