The Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks………
Known as the “Public-Private Investment Partnership,” the Treasury plan is perhaps the most central component of President Barack Obama’s program…….
The key protection for taxpayers, according to people briefed on the plan, is that the private investors would be bidding in auctions against each other for the assets.
As a result, administration officials contend, the government will be buying the troubled loans of the banks at a deep discount to their original face value………….. (Houston Chron.)
My big question over all this is what kind of moron is going to be bidding to buy “troubled assets?” I mean, would you risk money on a dead horse?
But the money’s got to come from someplace, and instead of letting businesses deal with their own lack of wisdom coupled with excessive greed and stupidity, and it’s going to come from you and I. And the so called “great one” doesn’t seem to be able to be truthful in his dealings with the American public.
President Obama’s budget would produce $9.3 trillion in deficits in the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.
The Congressional Budget Office figures offered a far more dire outlook for Obama’s budget than the administration predicted just last month – a deficit $2.3 trillion worse. It’s a prospect even the president’s own budget director called unsustainable…….
By the CBO’s calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year over 2010-2019.
The CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level……..PPH
Still glad you voted for the boy? He makes a great puppet, dancing in whatever way the marionette wants him to. Which is further and further to the left. Meanwhile, here in Maine, as in all the other states, we are stuck with having to pay for a bigger and bigger government deficit that most true patriots neither want, nor can afford.
Lower-than-projected February tax collections show the negative effects of economic recession in Maine are accelerating, the state’s top tax agency analyst said Friday.
The revenue slowdown, while still relatively modest, is expected to get worse and complicate state officials’ efforts to enact a two-year budget and keep it in balance, said Michael Allen, the director of econometric research at Maine Revenue Services.
A monthly revenue report the Baldacci administration released this week shows year-to-date sales tax collections are about $26 million below what budget makers had expected.
“Rising unemployment is taking its toll on state revenues, particularly sales and withholding taxes,” the report said.
The report also says consumer spending on taxable goods and services is falling at a rate not seen since the 1990s and will likely continue until the labor market stabilizes……..PPH
Maine, the way life should be. Well, maybe once upon a time, when jobs were easy to come by and we could still smoke in our cars. How’s about those seat belts? And the new push for motorcycle helmets? I predict we’ll soon see debate as to whether or not we can spit in the wind. Now there’s an idea, how about we put a tax on spit? Seems to be enough of it around these days.