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Posts Tagged ‘Bailouts’

 Geithner’s European Junket

September 17-18, 2011
by MIKE WHITNEY

On Thursday–exactly 3 years after Lehman Brothers defaulted igniting the greatest financial crisis in 70 years–the world’s most powerful central banks launched a massive intervention to staunch a liquidity squeeze in the eurozone that threatened to wreak havoc on the EU banking system. The European Central Bank –acting in cooperation with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank–agreed to provide limitless loans to banks that are having trouble getting dollar funding. European banks access to US money markets has been sharply reduced in the last year due to worries over their solvency. The joint-central bank action is designed to ease liquidity problems, allay investor fears and avoid the painful task of restructuring underwater banks. Stocks rose on news of the emergency intervention. The Dow finished up 186 points on the day.

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truthout

Monday 18 April 2011
by: Chris Hedges, Truthdig

These are remarks Chris Hedges made in Union Square in New York City last Friday during a protest outside a branch office of the Bank of America.

We stand today before the gates of one of our temples of finance. It is a temple where greed and profit are the highest good, where self-worth is determined by the ability to amass wealth and power at the expense of others, where laws are manipulated, rewritten and broken, where the endless treadmill of consumption defines human progress, where fraud and crimes are the tools of business.

The two most destructive forces of human nature—greed and envy—drive the financiers, the bankers, the corporate mandarins and the leaders of our two major political parties, all of whom profit from this system. They place themselves at the center of creation. They disdain or ignore the cries of those below them. They take from us our rights, our dignity and thwart our capacity for resistance. They seek to make us prisoners in our own land. They view human beings and the natural world as mere commodities to exploit until exhaustion or collapse. Human suffering, wars, climate change, poverty, it is all the price of business. Nothing is sacred. The Lord of Profit is the Lord of Death.

~read more~

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To the Rescue: Bush to Give Low-Interest Loans to Carmakers

Obama Team Agrees to Bush’s Strategy

The White House has come to the rescue of beleaguered General Motors and Chrysler by providing them with $17.4 billion in low-interest loans, ABC News has learned.

“In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action,” President Bush said today. “It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office.”

The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry.

The Treasury Department will provide $13.4 billion in short-term financing in December and January and plans to make another $4 billion available in February, provided Congress allows the White House to reach into the second half of the $700 billion TARP fund.

MORE HERE

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GOP Senator Warns of ‘Riots’ if Automakers Are Bailed Out

Sen. Jim DeMint says unfair union influence and the bailout culture will anger many Americans.

By Jeff Poor
Business & Media Institute

Time and again we’ve heard about the lost jobs and economic impact of failing to bail out the beleaguered American auto manufacturers. But little mention has been made of the consequences of going through with the bailout, and how such an action would be viewed by other Americans.

In an interview following a Dec. 10 press conference where he and four other senators aired their opposition to the proposed bailout deal struck by congressional leaders and the White House (and approved by the U.S. House of Representatives 237-170 that evening), Sen. Jim DeMint, R-S.C., warned that the perception that some industries are being bailed out and some aren’t could lead to violence.

“We’re going to have riots. There are already people rioting because they’re losing their jobs when everybody else is being bailed out. The fairness of it becomes more and more evident as we go along. The auto companies may be hurting,” he said, but “there are very few companies that aren’t hurting and they’re going to hurt. We don’t have enough money to bail everyone out.”


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