(ELIMINATE IT!)
(‘warren buffett’ calling for ‘emergency rescue’ bank bailout)
(just like the old man)
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“Emergency Economic Stabilization Act of 2008”
(Division A of Pub.L. 110-343, enacted October 3, 2008)
commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks
The Federal Reserve also extended help to American Express, whose bank-holding application it recently approved. The Act was proposed by Treasury Secretary Henry Paulson during the global financial crisis of 2008
the original proposal was submitted to the united states house of representatives
(with the purpose of purchasing bad assets / reducing uncertainty regarding the worth of the remaining assets / restoring confidence in the credit markets)
(under watch of george w bush)
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The Troubled Asset Relief Program, commonly referred to as TARP or RCP, is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector which was signed into law by U.S. President George W. Bush on October 3, 2008.
It is the largest component of the government’s measures in 2008 to address the subprime mortgage crisis.
Originally expected to cost the U.S. Government $356 billion, the most recent estimates of the cost, as of April 12, 2010, is down to $89 billion, which is 42% less than the taxpayers’ cost of the Savings and loan crisis of the late 1980s
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The American Recovery and Reinvestment Act of 2009, abbreviated ARRA (Pub.L. 111-5) and commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted by the 111th United States Congress in February 2009. The Act followed other economic recovery legislation passed in the final year of the Bush presidency including the Economic Stimulus Act of 2008 and the Emergency Economic Stabilization Act of 2008 which created the Troubled Assets Relief Program (TARP).
The stimulus was intended to create jobs and promote investment and consumer spending during the recession. The rationale for the stimulus comes out of the Keynesian economic tradition that argues that government spending should be used to cover the output gap created by the drop in consumer spending during a recession. The modern consensus in economics favors monetary over fiscal policy like the fiscal stimulus.
However, the Federal Reserve had already cut interest rates to zero, greatly reducing their policy options. The flow of finances was stagnated because of a liquidity trap, also limiting monetary policy effectiveness. While many economists agreed a fiscal stimulus was needed under these conditions, others maintained that fiscal policy would not work because government debt would use up savings that would otherwise go to investments, what economists call crowding out. Proponents countered that the negative effects of crowding out are limited when investment has already stagnated.
The measures are nominally worth $787 billion. The Act includes federal tax cuts, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. The Act also includes numerous non-economic recovery related items that were either part of longer-term plans (e.g. a study of the effectiveness of medical treatments) or desired by Congress (e.g. a limitation on executive compensation in federally aided banks added by Senator Dodd and Rep. Frank).
(no republicans in the house and only three republican senators voted for the bill)
(the bill was signed into law on february 17 by president obama at an economic forum he was hosting in Denver, Colorado)
as of the end of august 2009, 19 percent of the stimulus had been outlaid or gone to american taxpayers or business in the form of tax reductions
today’s WSJ reports that banks are paying out their top performers at unprecedented levels. now i’m the most pro-markets/free enterprise/’get government off our backs’ crusader you’ll ever meet this side of ron paul. but to play both sides of the coin is despicable. in no small part because the inherent hypocrisy delegitimizes some of the fundamental tenets of the libertarian crusade.
i’ve silently observed firsthand all my life how modern day faux-alpha males play both sides of the coin, claiming victim status while hoarding all the bounty for themselves. like right-wingers whining about a biased media while simultaneously wresting control of the AM airwaves and cable news stations. like negligent students/prodigal sons who are granted second chances by their teachers and subsequently outperform the ones who passed the test the first time ’round. we have every reason to be infuriated.
this is the same principle on a much larger scale. i’m wary of siding with teabaggers, but they have this one absolutely right. if bankers want to pay themselves inflated salaries without interference from government regulation, then they have absolutely no right to expect government (read: ‘taxpayer’) bailouts.
(they create nothing)
(they are mere engines of artless empires)
(let them fail next time ’round)
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Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency).[1] Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
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U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations.
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“predatory lending”
(some individual cities also enact their own ‘financial regulation’ laws (for example, defining what constitutes ‘usurious lending’)
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💕💝💖💓🖤💙🖤💙🖤💙🖤❤️💚💛🧡❣️💞💔💘❣️🧡💛💚❤️🖤💜🖤💙🖤💙🖤💗💖💝💘
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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥