Obama Is Giving the Banks More Than $1 Billion Per Hour

By Jacob Freeze, Section Diaries
Posted on Sun May 10, 2009 at 10:05:38 PM EST
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For anybody who still keeps score...

Pro Publica has posted a survey of various estimates of all the many bail-outs aimed at the financial services industry, and if you take the average of the three figures which they consider...$3.2 trillion, $4.17 trillion, and $4.43 trillion... you arrive at a composite estimate of $3.93 trillion.

Even if a very generous $1 trillion is assigned to Bush/Paulson, that still leaves more than $2.9 trillion on Obama's tab, and in order to achieve that titanic give-away after only 110 days in the Oval Office, Mr. Obama has had to deliver more than $1 billion per hour, and more than $24 billion per day, which would only add up to $2.64 trillion for his 110 days in the White House.

More than $1 billion per hour, 24/7, for 110 days.

So I guess you could say that Barack Obama is a very good friend of the banks.

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Obama Is Giving the Banks More Than $1 Billion Per Hour | 6 comments (6 topical)

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Good lord Jacob... (5.00 / 1) (#2)
by kdog on Wed May 13, 2009 at 04:43:30 PM EST

ignorance of the full amount was rather blissful...reading these figures I'm flabberghasted at the depth and scope of this massive con.

Wall St. spent well during the campaign...very well.

And yet another $97 billion in the last four days. (none / 0) (#3)
by Jacob Freeze on Thu May 14, 2009 at 10:40:37 PM EST

Now Congress is quibbling about the Supplemental Appropriation for war in Afghanistan, a mere $94.2 billion, while yet another $97 billion has flowed to the banks since last Sunday night at 10 PM, when I posted this diary.

On the bright side, it's only $250,000 per second, and as everybody knows by now, $250,000 is nothing.

But still...

$250,000 per second for the banks!


: 1....2...3..... (5.00 / 1) (#4)
by kdog on Fri May 15, 2009 at 09:56:00 AM EST

One million. 1...2...3...2 million.
I hope the next couple generations are wearing their work gloves and boots....if they even have a country.
"Daddy...what was the United States of America?"
"It was a helluva place Son...till greed and corruption got the best of it. Ancient history now...go scavenge for some food."

And then there's Geithner's TALF (5.00 / 1) (#5)
by BobTinKY on Mon May 18, 2009 at 08:08:07 AM EST

Here's a favorable article in which a Wall Street traders describes the terms of TALF as "shockingly goo" (for Wall Street) and "almost irreosponsible" ( in its doling out of government funds).

http://money.cnn.com/2009/05/18/news/economy/geithner-talf.fortune/index.htm?cnn=yes

So even those who like the plan are shocked by its one sided terms and giveaway to Wall Street.

: Kill me before I have to think again! (none / 0) (#6)
by Jacob Freeze on Wed May 20, 2009 at 04:48:18 PM EST

Thanks for the link!

Imagine if you were not really in the market for a house but the government came along and said that it would finance 94% of a home's purchase price with a mortgage rate of less than 3%. Still not interested? Wait, Uncle Sam has some additional sweeteners: if you do the deal and buy the house for only 6% down, you also get the equivalent of rental income every month to the tune of at least an annualized yield of 10% of the purchase price.
But wait there's still more: if, say, after two years, you decide you don't want the house any longer, you can just walk away from it. No need to pay the balance of the mortgage (it won't affect your credit rating), and you can keep the rental income received to date.
That's essentially the deal that Treasury Secretary Timothy Geithner has offered qualified professional investors who participate in the so-called TALF (Term Asset-Backed Securities Loan Facility).
Is there a stronger word than "arrogance" to describe Geithner and his friends?
"Insolence" is a little old-fashioned, and "hubris" only works for kids in the Classics Department, and how many of them show up on TalkLeft?

Update (none / 0) (#1)
by Jacob Freeze on Wed May 13, 2009 at 03:45:24 PM EST

Since I posted this diary at 10 PM on May 10th, and now, 4 Pm on May 13th, Obama and his friends have given away another $66 billion to the banks, and so far, none of it has done the rest of us any good.