Bailout $ for Whatever, Since it's Free $ and All...

[techres]

Yeah, that pile of $ that we HAD to spend to keep the universe from imploding, I guess it could be used for whatever, you know, since it is free $ and all:

Uses for $700B Bailout Money Keep Changing

As the crisis worsens, the government's reaction keeps changing. Lawmakers in both parties are starting to gripe that the bailout is turning out to be far different from what the Bush administration sold to Congress.

Like no one saw this coming. Have financial institutions that squandered untold billions and then cried like babies? Ok then, hand them more $ and then act surprised when they start squandering it too.

First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.

Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.

Nice. Oh, and completely predictable.

 

[a zone]

As I recall Paulson presented a 10 page document to the congress. It came out of both houses at 300 plus. Ain't goverment grand, Or should it be ain't goverment billions?

 

[jsgolfman]

I believe the original document was 3 pages.

 

[a zone]

I stand corrected....

 

[jsgolfman]

Guess the $25B in loans to the automakers isn't enough:
Bush administration eyes help for automakers - Oct. 27, 2008

Now the fed gets to own even more of the economy/country.