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TheRealMafoo said:

Akuma, you were for this the entire time. Why against it now?

As for this story, it's a none issue. It's the result of the Fed being stupid.

They summoned the CEOs of the top nine banks to Washington, and told each one that they are going to take 25B each, even if they don't need the money. They did not want to telegraph to the US people which banks were in trouble, so they made them all take it.

Chase was not in trouble. They are giving out loans, and have been all along. So, they took the money, and are doing something else with it.

This is a non-story.

P.S. I was adamantly against this from the start. Stupid idea.

Nah, I was never for the bailout in its current form.  Something needed to be done, but giving it to the banks was not necessarily the best way.  I would have given it to the homeowners before I gave it to the banks. 

The problem was liquidity, so I would have told the Fed to loan directly to more banks or strongarm the banks into lending to each other in some way shape or form.  I would have given the banks something, just not $700 billion.

 



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson