White House Defends Giving Your Taxes to Bank Shareholder

[disrupter]

The nerve of this criminal gang in the White house is astounding.

White House Officials Defend Bailout Package
By Dan Eggen
Washington Post Staff Writer
Friday, October 31, 2008; Page A13

Top White House officials yesterday defended the Bush administration's handling of the federal bailout package, but warned that it will take time for the plan to have a clear impact on the struggling economy.

Edward P. Lazear, chairman of the president's Council of Economic Advisers, also said the White House remains skeptical of Democratic proposals for a second economic stimulus package this year. "We don't believe that's the right way to go," he said.

The remarks followed Commerce Department figures released yesterday showing that the U.S. economy shrank by 0.3 percent in the third quarter, confirming an economic slowdown already evident through job losses and declining consumer sales.

Bush administration officials say that the contraction was expected and argue that continued implementation of the $700 billion federal rescue plan that Congress approved last month will eventually stabilize the chaotic credit markets at the heart of the financial crisis. The bailout plan, Lazear said, is "the appropriate stimulus right now."

Lazear and other officials also sought to defend their handling of the rescue plan so far, responding to reports in The Washington Post yesterday that banks receiving money from the Treasury will be allowed to make dividend payments to shareholders. In a media briefing, Lazear emphasized that the bailout legislation does not bar participating banks from continuing to pay dividends at current levels.

"The law was quite specific on what rules to follow," he said, adding that "we're going to follow the law and make sure there are not abuses, but we want to make sure we get the economy going."

White House press secretary

Dana Perino said dividends are an important source of income for a wide variety of investors,

including pension funds and small-business owners.

"Some people believe that only rich people get dividend payments," she said. "That is not the case. . . . A lot of people could suffer if they don't have dividend payments."

The Post reported yesterday that U.S. banks receiving more than $163 billion from the Treasury Department for new lending are on pace to pay out more than half of that sum in dividends to their shareholders, with government permission, over the next three years.

The U.S. approach contrasts with decisions by foreign governments, including those of Britain and Germany, to require banks that accept public investments to suspend dividends until the government is repaid. The U.S. government similarly required Chrysler to suspend such payments in 1979 as a condition of a bailout.

http://www.washingtonpost.com/wp-dyn...103002487.html

According to Perino Theft is an 'important source of income' for CRIMINALS.

GOP REDISTRIBUTES WEALTH TO CRIMINALS.

This does nothing to solve the credit crisis.
AIG is bleeding money by the 100s of billions per month paying off bad Wall Street Gambling Debts,
On your tax dollars,
Which will bankrupt the USA in a year or two.

I don't know if i am more angry or just numb with shock.

My God America, Wake up.
Call your Congress,
Email them,
Don't stop until they shut down this Bailout for the Rich on your Earned working dollars.

[SirMoby]

Was there any doubt that this was not going to be another way for Bush and company to funnel money to his supporters?

In 2000 everyone that voted for Bush knew the people that were involved with fleecing Americans during the S&L crisis were going back into power. Some of them were still campaigning for McCain.

Some people never learn

[disrupter]

Is congress this stupid,
or are they in on the scam too?

A Trillion dollar theft from American taxpayers is SO brazen.

It is just unbelievable, i am shocked.
Why has no one shot their congress person over this?

[Mr. Blue]

Originally Posted by disrupter

or are they in on the scam too?

In on the scam as well...I think it's very hard for the average citizen to realize just how much money is passed around behind the scenes.

[SirMoby]

Originally Posted by disrupter

Is congress this stupid,
or are they in on the scam too?

A Trillion dollar theft from American taxpayers is SO brazen.

It is just unbelievable, i am shocked.
Why has no one shot their congress person over this?

It's east to understand. The President starts screaming that we have to give this money right before all of the House and 1/3 of the Senate are reelected. Almost half of the country are still sheep so they have no choice but to vote for the money.

This is why you never allow someone that has been involved with ripping off the American people once to be allowed in office again. This wasn't the fault of congress. We elected this man in 2000.