Can You Be Sold Another Bridge? - Pelosi signals willingness to add to TARP funds (Reuters)

Sun Jan 25, 2009 6:46pm GMT

Source: http://uk.reuters.com/article/usPoliticsNews/idUKTRE50O0TY20090125

WASHINGTON (Reuters) - House Speaker Nancy Pelosi said on Sunday the federal government may need to pump more taxpayer funds into the faltering banking system and that taxpayers should receive equity as compensation.

Pelosi told ABC's "This Week" program that "some increased investment" might be needed beyond the $700 billion approved last year under the Troubled Asset Relief Program, or TARP, to stabilize the nation's banks and get them to resume making loans.

Congress would require more oversight of any further bank bailout, the California Democrat said.

"Change has to happen in terms of what is done, what the transparency of it is, what the accountability of it is. Only then would we be able to pass any additional funding," Pelosi said.

President Barack Obama's pick for treasury secretary, Timothy Geithner, said last week the Treasury had no current plans to request more bailout money beyond the $700 billion already authorized, but that the situation was "dynamic."

"We have to be prepared to act flexibly and with speed if conditions worsen appreciably, to devote more resources if that is necessary to secure our objectives," he wrote last week in reply to written questions during his confirmation hearing.

Billions of dollars in auto and credit card debt held by banks are expected to default in 2009, after the billions in mortgage-backed debt that initiated the financial crisis.

The first $350 billion in TARP funds has been committed and lawmakers agreed last week to release the second half.

Pelosi said the government should take an equity stake in banks that receive funds so taxpayers could share in any upside as banks return to health.

"If we are strengthening (the banks), then the American people should get some of the upside of that strengthening," she said. "Some people call that nationalization. I'm not talking about total ownership."

The government has obtained preferred shares for the capital it pumped into ailing institutions as part of the first half of the TARP program.

Geithner said on Wednesday the Obama administration in coming weeks would unveil a multi-pronged effort to stabilize the housing market, strengthen core banks and support consumer credit to help foster economic recovery.

One idea calls for the establishment of a "bad bank" that would take distressed assets off banks' balance sheets to free them up to resume lending.

Geithner won Senate Finance Committee backing on Thursday, and the chamber's majority leader said he expected the full Senate to confirm him.

Pelosi said any new phase of a bank bailout would be done openly.

"Whatever we have to do will have to be clearly explained to Congress and to the American people as to what the purpose of the money is, why it is urgent, and then accountability for it as it is distributed."


(Reporting by Philip Barbara; Editing by Peter Cooney)

Source: http://uk.reuters.com/article/usPoliticsNews/idUKTRE50O0TY20090125

Views: 93

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega commented on Doc Vega's blog post Was a Planned Civil War Averted?
"cheeki kea, you are spot on. The old guard is about to collapse! "
21 hours ago
Doc Vega commented on Doc Vega's blog post Alligator Creek and a Japanese Massacre
"cheeki kea, the Japanese thought they could expand their empire and exact enough damage on the US…"
21 hours ago
Michelle Reichert favorited Burbia's video
yesterday
cheeki kea posted a video

NEW DOCUMENTARY - Dissent Into Madness

TRANSCRIPT AND SOURCES: https://www.corbettreport.com/dissent-into-madness/What if the delusions of the dissidents are in fact real? What if their paranoid f...
yesterday
cheeki kea commented on Doc Vega's blog post Alligator Creek and a Japanese Massacre
"Japan served themselves up no favours by inching out into the South Pacific as they soon found out.…"
yesterday
cheeki kea commented on Doc Vega's blog post Was a Planned Civil War Averted?
"Their plans did not work out because we are the news now, and the old news is the enemy. "
yesterday
Doc Vega posted a blog post

Alligator Creek and a Japanese Massacre

The year is 1942 just a few months after the Pearl Harbor disaster. Despite losses suffered by the…See More
Tuesday
Doc Vega commented on Burbia's video
Thumbnail

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

"With all due respect this guy comes off as a drunken asshole and he didn't even  know who…"
Monday
Doc Vega posted a blog post

Was a Planned Civil War Averted?

We are living in sadly historic times where good and evil are in battle all the time. Not that this…See More
Sunday
Sandy posted a photo
Sunday
Less Prone posted a video

President Trump addresses U.N. General Assembly - FULL SPEECH

President Donald Trump speaks at the United Nations General Assembly in New York City.Full video here: https://www.c-span.org/event/white-house-event/preside...
Sunday
Burbia posted a video

2 MIN AGO: Western Provinces MAJOR New WEXIT Announcement - Canada EXPLODES!

In a stunning turn of events, Western provinces just made a major new WEXIT announcement — and it’s shaking the foundations of Canadian unity. Is Western sep...
Saturday
Doc Vega posted a blog post

How You Provoke a Civil War

In the world of counter intelligence which is simply one aspect of many pertaining to asymmetrical…See More
Sep 26
Burbia commented on Burbia's video
Thumbnail

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

"I don't follow as much with Josh Reeves than I use to. He seems to be a documentary producing…"
Sep 25
Burbia posted a video

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

DONATE-paypal-dayglow76@yahoo.comCashapp-reevesradioVenmo-Josh-Reeves-61FILMS AND AUDIOBOOKS DOWNLOAD STORE-https://store.payloadz.com/results/242828-josh-re...
Sep 25
Doc Vega posted blog posts
Sep 25
tjdavis posted a video

CHARLIE KIRK VIDEO THAT KEEPS GETTING REMOVED OFF OF SEVERAL PLATFORMS

I had not planned to share this publicly, but I believe Advar, who spoke with Charlie Kirk while I was very ill, would have wanted me to. After my interview ...
Sep 25
pohonemas33 team commented on Chris of the family Masters's photo
Thumbnail

Gold-Coast-Message

"untuk bermain slot, kamu cukup kunjungi situs kacang99 pasti langsung gacor"
Sep 24
Doc Vega posted blog posts
Sep 24
Burbia posted a blog post

Former President Trump?

When was this article written? It is attributed to Victor Davis Hanson. He is a Fellow at Hoover…See More
Sep 22

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted