Anyone going to one today? There is one here and a big one in Atlanta, but I have to much to do to get away. Thoughts anyone?
I had no idea the spending was that high relative to WW2.Vash's informative post
In other words, the banks have to do the gov'ts bidding because it loaned them money, but they cannot pay this money back, even if they can...Strong banks will be allowed to repay bail-out funds they received from the US government but only if such a move passes a test to determine whether it is in the national economic interest, a senior administration official has told the Financial Times.
“Our general objective is going to be what is good for the system,” the senior official said. “We want the system to have enough capital.”
The socialist criticism of FDR was that while he nationalized a great deal of the country, he left the banking system in private hands, even while having the opportunity to crush them. Obama does not seem to want to repeat that "mistake".The Obama administration has a plan to continue bailing out America’s banks without asking Congress for more money — by converting its loans to common stock, and in turn taking a large ownership stake in the companies.
Though such a move could stir fears of de facto nationalization, The New York Times reported Monday that President Obama’s advisers are floating the idea as way to extend the remainder of the $700 billion bank bailout fund.