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  • Taxpayers on the Hook for...Who Knows What?

    Strike Two: Not only did President Obama fail to open the Ledbetter Act for public comment before he signed it, a violation of his pledge to boost transparency, but now his administration is refusing to release information on billion-dollar loan guarantees made to some of America’s largest banks.

    Bloomberg News, which is suing the government to obtain a variety of bailout-related information, reports:

    Bloomberg News asked the Treasury Department Jan. 26 to disclose what securities it backed over the past two months in a second round of actions to prop up Bank of America Corp. and Citigroup Inc. Department spokeswoman Stephanie Cutter said Jan. 27 she would seek an answer. None had been provided by the close of business yesterday.

    As Congress debates an $875 billion economic stimulus bill, the guarantees represent a less publicized commitment. The public’s stake has grown along with assurances tying the Treasury to the fate of corporate loans and securities backed by home mortgages, car loans and credit card debt.

    Two of the guarantees, made to Citigroup and Bank of America, cover $301 billion and $118 billion in assets, respectively. If the banks lose money on those assets, past a certain point, taxpayer will be forced to pick up the expense. The problem is that the Obama Administration, and the Treasury in particular, refuse to say what assets have been guaranteed.

    So Americans are in the dark about how exactly the government is responding to the financial crisis–even though we may be left holding the bag.

    Posted in Economics [slideshow_deploy]

    3 Responses to Taxpayers on the Hook for...Who Knows What?

    1. Ozzy6900, CT (The Bl says:

      It quite obvious that the Obama Administration is intent on proving to all of us that they won!

    2. Barb -mn says:

      The President obviously didn't mean transparency of the actions of government or himself. That would defeat his whole purpose. It was only to speak on this technique to win the votes of the weak minded. He won the minds of the weak. And the votes.

      Deceitful, and bias, everything America is forced to become according to the actions of government and their ineptness. Let us stay strong and focus on the weak to build their strength with truth.

    3. Thomas Gray South Ca says:

      Solar manufacturers bear part of the blame for the situation they find themselves in. The comment from SolarCraft president Bill Stewart (about potential buyers not wanting to tap into their home equity accounts) ''' is telling''': home improvement contractors made fortunes by convincing Americans that granite counter tops and elaborate decks and solar panels would improve the value of their homes. After transferring so much of that value to the contractors, we now find out it never existed in the first place.

      I’m with looking for cheaper systems — which the producers could sell, if they wanted to. Yet with all the advances in plug-and-play technology, they still rely on a network of over-priced installers to sell their wares. It can’t be that difficult to design these systems so that they can be sold at Home Depot and Lowe's, GET IT ???

      We need our leaders to do things ''''for''' us not '''' to '''' us.

      DUH

      This is no time for a pork fest spending package that Washington is calling a vomit;;;;;;;;;;;;; sorry ;;;;;;;;; I'll clean it up later,,,, stimulus package.

      Say No,,,,,,, tell your friends to say No ,,,,, write your representative's in Washington to say No,,,,, pork is a wast of money and bad for the econimy in good times. Freeze all current spending on the big cows like social security nobody will die, medical care for the boomers and I'm one is going to get very poor and I guess it will be little better than my grandfather's was when he paid CASH for whatever care he got. my dad paid CASH for himself my mother and us five kids also.

      Go to the voters and tell them to say No. there's so much pork in this bill there won't be any money for anyone not getting money from pork spending.

      Government jobs are paid out of ,,, TA XE'S ,,. the current spending levels are unsustainable the money is all gone,,,,, To borrow and spend for anything that cannot prove more ,,,, ''''return'''',,,,, on the money spent is the change the government must make,,,,,. GET IT ?

      Create jobs by spending money? fine, '''',,,demand,,,'''' that the numbers on return be given for each penny of TAX money used. No fudge, No,,, I don't know where it went or how much more is needed afterwards. ''' folks the ship is sinking''', the political party's must be stopped, they got us into this mess and you can certainly well bet they are not going to get us out of it.

      Voting force by the informed majority of our people would be a good start, Just keep as many as possible informed. true information is badly needed,,,,,, speak the bad with the good but always speak the truth, from the truth the best decisions can be made.

      A lie will never bring good, but the truth often brings good for both short and long term goals

      sound decisions based on true science with true information gathered for the benefit of the —-majority—- not the benefit of a few for money and corrupt lies that activist are deceiving many into believing, this is another change we must demand and vote for.

      ——————————————————————————————————–

      The —-Need—- of the current living majority is —-more important—- than the need of the as yet not yet conceived future children, or —unusefull — animals, insects, fish, or plants, including such things as dead birds killed by windmills dead fish killed or not born becouse of water dams our hydro electric generators.

      The TRUTH often shows what the right decisions are, for example

      If we do away with dams for the fishees— we can do away with the windmills for the birdees, — WHO decides the value of one animal over another,??? the few??? the activist??? I eat more bird than fish, When I eat meat. but what is my need??? affordable electricity 24 / 7 GET IT ?

      dams supply electricity 24 / 7 don't decide for—- me—- and mandate hundreds of unreliable intermittent electricity machines that —–kill birds—- to replace just ONE hydro dam. has anyone EVER heard of fish ladders??? noOoo we must tear down our electricity supply by mandate of activist, we can put fish ladders around every dam that needs one it is a mandate already for new dams .

      I will not justify dead birds becouse you will not justify dead fish or whatever to use a much greater power source that has been in continues use for hundreds of years and the fish are still here, and as the cost of energy rises as it must we are going to again need free hydro power wherever it is available.

      nuclear powered electricity does not chop up birds OR grind up fish ooooo but we are afraid for people that may never be born over being poisoned by the waste

      by the latest study that I have read THE WASTE is a problem that for all intents and purposes is fast becoming a scare tactic that will soon no longer work most can be recycled and radio active mass or waste can be made into blocks for storage that produce little more radio activity than standing in the sunshine all day.,,,,there is now a '''''PROVEN ''''' way to burn off the energy that everyone thought was going to require ten thousand years to dissipate,,,,, THIS is no longer true. the advances in atom power have been a little slow but we have advanced and are advancing still unlike solar,,,, agreed it is much safer but it is up against a brick wall it must produce more current in order to utilize any kind of storage becouse of the problem of nighttime when no power can be made.

      the only thing remaining to do concerning nuclear waste is give the reprocessing task to any number of company's willing to do it [ for a fee ] and take it out of our do nothing government hamstrung by activist lawsuits hands and this part of the atomic powered electricity waste disposal is as of yet not moving but solved, GET IT.?

      coal mining can create a field that has much more value than a mountain,,, try feeding 100s of people per acre on mountain land ,,, the cares of the people who care more for such and not keep a greater —-value—- upon his own species,,,,,,,,, [living human men woman and don't let our current CHILDREN be forgotten to suffer the pain the few that are mandating injurious policy upon the majority. ] .

      Unelected activist

      have no business deciding what to spend TAX money on,,, or the composition of energy supply used to support and sustain the —-majority's —-quality of wealth health and freedom to self rule,

      The sustainable energy needs of the majority have a Greater value—- than the energy sources being chosen and mandated but not paid for by unelected activist — that have as much value as the majority but need to leave me and my country alone and go find a poor country to rule instead of mine.

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