If at first you don’t succeed, do the same thing again & again……

geithner-2Trying to get a handle on Treasury Secretary Tim Geithner’s TARP 2 is like trying to hold on to a wisp of wind. There’s not a lot of shape to it. 

That’s one reason the financial markets have been tanking…they want definition, and there’s not much there. 

On the other hand, the little definition we do see scares the hell out of folks that have taken the time to look. 

For example, Geithner wants to use a Federal Reserve facility called TALF [Term Asset-Backed Securities Loan Facility] to loan banks $100 billion to try to kick-start $1 trillion in new spending and lending. The first problem with this is that he’s planning to prime a Fed facility using taxpayers money from Treasury. Several senators grilled Geithner the other day about whether the Fed and the Treasury are getting too close, commingling too much money, which puts all of us at much greater risk. This plan is the epitome of this.

Now, guess what collateral the TALF will take for the $100 billion loan? Hold on for this: mortgage backed securities. 

That’s right, the very same financial instruments that got us into this mess……the Geithner Plan will offer-up again as collateral for our hard-earned tax dollars. 

Oh, but there’s no reason to worry, says Geithner, because these MBSs are nothing but the best…AAA mortgage-backed securities. Who do they think they’re kidding? After riding bankers for selling lousy paper, our Treasury Secretary is now trying to sell some of the same lousy paper with some of the same lousy ratings to us taxpayers. 

At least the bankers were selling this junk to willing buyers. We’re getting it shoved down our throat. Any other questions about why the market tanked as soon as we got details of Geithner’s TARP 2 plan?

Yes we were promised change and a “new” kind of politics!  Be careful what you ask for Obots – all fluff and no stuff isn’t going to repair the economy, restore peace or prosperity, its not going to create jobs and its not going to get rid of the ‘hubris’ of the past 8 years! 

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7 Responses

  1. Good job, Eva. I’m off to see my Mom but meet me here tonight.

  2. It’s kind of like open heart spelunking and the media is right behind watching every move.

    Yet, there are people who already know what they are going to find, a big fat nothing.

    If Barack Obama waved a magic wand and declared all debt gone for everybody, what would happen?

    The whole weight of the economy is now pinioned on how much taxation is really necessary, and how much interest really needs to be charged on borrowed money.

    All the rest is just a shell game.

  3. my ass hurts — my only consolation — obama has a small dick

  4. we are being fucked by the gov’t —- the obots don’t even realize it – they think the pain they are feeling is their ass is from bitter old women — they can’t even figure it’s their savior

  5. yes, the obots are still higher than a kite on kool-aid and hopium – when they come crashing down off their high (and they will) we can all say in a collective voice “we told you so” – althought the gratification will not be worth the price paid. The irony is most who put the obamamessiah in the whitehouse won’t “get it” until they graduate in 2-3 years and discover that the only job prospects to be along the lines of a greeter at Walmart. If they’re white males, they won’t even have the option of taking advantage of the infrastructure construction job opportunities created through the so-called obama stimulus plan as “white men” are specifically excluded. ooooops…..

  6. The fucking media is a partner in these crimes and we really need to start boycotting. The people are the only ones who can fix this mess. I mean people not on Koolaid of course.

  7. Nice post! Keep it real.I have looked over your blog a few times and I love it.

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