The buzz word these days is "Bailout". Everything starts or ends with it. It is one of those words thats gets into your vocabulary never to depart.I'm sure the White House and Congress would love to have it confined to encyclopedias and dictionaries given the amount of money it's use is costing. Come to think of it, almost 2 trillion dollars have been spent since September 20008 under the umbrella of some kind of a bailout deal. AIG, Citi, TARP etc...
I was thinking the other day about how the government would respond if every organized industry in the US closed ranks and flew, drove, biked, walked or even paddled to Congress for their share of bail out money
My employer is a private university and I am beginning to see palpable results of the financial crisis. Students who rely for the most part on student loans to pay for tuition are finding it more and more difficult to get approved for private loans. This is a frightening prospect for private universities which don't have large endowments like mine because if their primary source of revenue-tuition dries up or is threatened to say the least, that would be it for them.
As for my two cents, I just wish to know what happened to the famous TARP program and the $700 billion. Back at the time, I or let me say the American people were made to believe that the money would be used to buy back toxic mortgages and mortgage backed securities from banks and other financial institutions so that this would un-clog the credit market which had gotten clogged with these assets. Did this ever happen, I mean were these bad securities ever bought and taken off the books of these banks? What is the value of mortgage backed securities that have been bought, which banks have benefited.....? So many questions, so few answers
Please Obama, give us some answers for a CHANGE...come January 20, 2009
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