Obama the Fear Monger
The more Obama fear mongers over the economic situation the more wary I become of these stimulus packages. I’ve noted before that this is the standard tactic used by politicians to increase the size and scope of government. We must act now or all will be lost! Failure to act will bring about catastrophic results. The economy will simply up and vanish I guess. And it also makes me wonder what exactly is in the stimulus package that we must pass it virtually sight unseen.
Update (Steve Verdon): Would you just shut up and pass the damn stimulus bill!
A government watchdog group says the federal government overpaid for stocks and other assets from financial institutions under its $700 billion rescue program.
The chairwoman of the Congressional Oversight Panel for the bailout funds told the Senate Banking committee Thursday that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.
You idiots, don’t you know there is a catastrophe brewing. Just shut up and trust the government. They never lie or mislead you.
Update (Steve Verdon): No prospect of profit.
U.S. taxpayers may be stuck with losses on $30 billion of Bear Stearns Cos. assets owned by the Federal Reserve even though the central bank has said otherwise, according to Robert A. Eisenbeis, Cumberland Associates Inc.’s chief monetary economist.
“There is no prospect for a profit on the assets,” Eisenbeis wrote in a report yesterday. “Losses are mounting.”
“The transaction was not structured with adequate over- collateralization to protect the taxpayers from losses,” based on the risks associated with housing-related assets at the time, Eisenbeis wrote.