Mandatory Tuesday Malloy Truthseekers check in!!

ralps

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Tue Mar-18-08 08:04 PM
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Mandatory Tuesday Malloy Truthseekers check in!!

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March 18, 2008

So how are the American people - us little folks - taking the news that the Federal Reserve gave $30 billion of taxpayer dollars in corporate bailout funds for Bear-Stearns, but nothing to help the average homeowner retain their home? Protesters have rallied in Washington recently urging more attention be given to the plight of homeowners facing foreclosure.

The New York Times had this to say: "Over the next few months, the central bank will lend hundreds of billions of dollars to banks and investment firms that financed a mountain of mortgages now headed toward default. No one knows how many financial institutions will be looking for money, or how much they will seek. No one knows how much in hard-to-value securities the central bank, in return, will have to hold as collateral. And no one knows how much the Fed could lose if the borrowers fail to repay their loans or whether hundreds of billions of dollars will ultimately have to come from taxpayers to shield the nation’s financial system from ruin. The biggest danger is damage to the Federal Reserve’s credibility if it is seen as unwilling to let financial institutions face the consequences of their decisions."

You can say that again. The message from Team Bush seems to be this: if a homeowner succumbs to predatory lending practices and makes some poor financial decisions - tough. There's $300 in tax rebates coming, make it work. Get ingenious. But if a Big Corporation makes similar faulty financial decisions - it's time to whip out the checkbooks and give them billions and billions of dollars to correct their mistakes. And six billion extra to help them fight lawsuits from their stock holders - little people who have not only lost their jobs, but also their retirement funds. Screw 'em, there's $300 on the way. Go shopping.

We'll also cover the Barack speech and discuss race relations in America. Gonna be a hot one tonight!

--KBM

Join the fun and frivolity, call 800-989-1480 LIVE from 9 PM - midnight ET!

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