I take it you would prefer that he follow the Shrub's example and 'spread the wealth' around to his oil baron and defense contractor buddies, perhaps, all the while running up some of the biggest deficits in U.S. history?
I had my doubts about Obama but he has been in close contact with Paul Volcker, a former chairman of the Federal Reserve. Paul Volcker warned about the potential for a credit crisis in 2005. He was also responsible for bringing the inflationary spiral in the early eighties to a halt setting the stage for the most prosperous era in the worlds history. Anybody who appreciates Volckers advice has my respect. One of his more notable quotes from a speech given in April of 2005: "Yet, under the placid surface, there are disturbing trends: huge imbalances, disequilibria, risks -- call them what you will. Altogether the circumstances seem to me as dangerous and intractable as any I can remember, and I can remember quite a lot. What really concerns me is that there seems to be so little willingness or capacity to do much about it." Now who were the idiots who should have seen the economic crisis coming, but did nothing about it??
So this is what your 1.3 trillion dollar bailout is being used for: "The Bush administration has defended the use of the rescue money to pay dividends to shareholders. The Washington Post reported that banks may pay shareholders more than half the amount they receive from the government over the next three years, basically passing on money that might otherwise support new lending. White House officials say that giving money to shareholders also is important for the economy." What do you think of this?
So this is what your 1.3 trillion dollar bailout is being used for: "The Bush administration has defended the use of the rescue money to pay dividends to shareholders. The Washington Post reported that banks may pay shareholders more than half the amount they receive from the government over the next three years, basically passing on money that might otherwise support new lending. White House officials say that giving money to shareholders also is important for the economy." What do you think of this?
Hi Alf; glad you referred me to those web sites a year ago or so. I have followed them but was somewhat skeptical. I can now appreciate your financial prowess.
In respect to use of the government bailout funds, I thought they were not to be used for executive pay or shareholders ?
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