Geithner Says TARP Can’t Help U.S. States Solve Budget Crises
Submitted by Jim Brown on Thu, 05/21/2009 - 13:01
Good bye Kelifornia
May 21 (Bloomberg) -- Treasury Secretary Timothy Geithner said the U.S.’s $700 billion financial rescue package can’t be used to aid cities and states facing budget crises.
The law “does not appear to us to provide a viable way of responding to that challenge,” Geithner told a House Appropriations subcommittee in Washington today. Among the hurdles: Money from the Troubled Asset Relief Program is reserved for financial companies, he said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaizmTjK...
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What about Chrysler? Do they
What about Chrysler?
Do they have a 'financial arm' like GM and GMAC?
How do you know when Geithner is lying?
His mouth is moving.
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"The consolidation of the states into one vast republic, sure to be aggressive abroad and despotic at home, will be the certain precursor of the ruin which has overwhelmed all those that have preceded it."
- Robert E. Lee, 1866
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RON PAUL 2012
I thought he jumped up and down
so that the camera could see his face, and not just the top of his head.
A free market will never exist as long as there is monopoly control over the money supply.
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"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
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LoL
The irony is spectacular. They can't use tax dollars to restore stability, such as policing to failing communities, but they can use the money to finance the acquisition of private companies.
Why even collect the tax? I can invest and lose my money in the stock market myself.
Um...
I wasn't aware that AIG was a financial company. Or General Motors.
SoOo.. what kind of hoops are the states going to have to jump through now... hehe.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
Both are
In GM's case, because of GMAC.
In AIG's case, because insurance policies can be financial documents. Check out interest-bearing annuities and how they can be used for retirement accounts and you'll see what I mean.
Um...
State bonds can be financial instruments too, though. If you wanted to go that route, GMAC could have been bailed out.. it is a seperate financial entity from General Motors, the manufacturer. AIG I can sort of understand.. but not the rest of it.
~Live life to its fullest, with an open heart, open arms and most important... an open mind~