Who Needs Congress When You Have The Fed, FDIC, and Treasury?

By
Real Estate Broker/Owner

Despite all of my and millions of Americans frustrations and disappointments with Congress over the past several months, as least logistically speaking, we had representation in Washington.  We may not have liked what they were doing, but it is our own fault, we voted for them.

That was until the Fed, FDIC, and the Treasury Department teamed up to leverage $100 billion of TARP (tax payer) money into possibly $1 trillion in loans which will be guaranteed by the FDIC so that investors can purchase the new and improved "legacy (don't call them toxic) assets" from banks.  This scheme that could ultimately put the tax payer on the hook for $1 trillion in loans backed by toxic assets is what Washington is now calling the PPIP, the Public-Private Investment Program. 

Why is Washington funding the program this way?  Because they knew they would never be able to get Congress to approve another bank bailout.

 

 

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Re-Blogged 1 time:

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  1. Kevin Robinson 03/27/2009 01:50 AM
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Rainer
115,292
Renee L. Norton
Birmingham, AL

Public Private seems contradictory doesn't it...especially when the public (taxpayer) is footing the bill.  perhaps that is why public is a part of the name???

Mar 26, 2009 06:05 PM #1
Rainmaker
407,188
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Don't be so sure Congress won't back another bank bailout Mark.  They're already saying that both of the previous infusions are INSUFFICIENT and that they might need to add another bill soon.

They definitely don't have a problem spending my money!

Cameron Novak, Corona Real Estate Agent
Cameron Novak

Corona & Riverside Short Sale Specialist
The Homefinding Center
TM
Corona, California
951-212-7479

Mar 26, 2009 06:09 PM #2
Ambassador
2,596,863
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Mark- How about the treasury just take over? It seems that is the plan- to take over any business, cut it up, decide the pay, dissolve it if they feel it necessary! Excuse me- but aren't these the same people that did not even notice one man, Madoff, walking out with billions? They made their bed and now they want all of us to sleep in it, no way, sorry. It is a sad day when even socialist countries are saying they don't want to be a part of this and to not go down this path. Even SWEDEN! Katerina

Mar 26, 2009 07:12 PM #3
Rainmaker
565,337
Mike Saunders
Lanier Partners - Athens, GA

Mark - and Geithner is lobbying for more power to bypass congress and everybody else and just take over when he, or the president, feels like it.

Mar 27, 2009 01:04 AM #4
Rainmaker
382,789
Kevin Robinson
Twin Falls, ID
Fractional Developer

Another glaring example of our growing bureacracy at work. Just like Katrina said, socialist countries do not want to play with us anymore because they know where this ends up.

Mar 27, 2009 01:50 AM #5
Rainer
179,139
Mark MacKenzie
Phoenix, AZ

Renee:  This has got tax payer written all over it.

Cameron:  I would be really surprised if that happens.  That would be a very tough sell to their constituents.

Katerina:  I have been reading about this as well.  The government is playing with fire.

Mike:  It is amazing to me that Wall St. is still "buying" this crap.  Government interventions and bailouts don't come free.

Kevin:  It is amazing how much "change" can take place in so little time. 

Mar 27, 2009 03:04 AM #6
Rainmaker
3,233,568
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Hi Mark

Washington is total out of control. We got change that we were not counting on.

Good luck and success

Lou Ludwig

Mar 27, 2009 05:00 AM #7
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Rainer
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Mark MacKenzie

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