Rep. Manzullo Discusses Treasury's Plan for Toxic Assets on CNBC's Power Lunch
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I've heard there are quadrillions of dollars in these derivatives. So the $2 trillion we already poured into banks during the bailouts has only scratched the surface of this problem. Congress and the Treasury needs to just write off these assets like any other rational financial institution would and be done with it. No use pouring a glass of water on a house fire. The bankers put up a very unstable house of cards and set it on fire. Now we, the taxpayers are forced to put it out.
aeiouandxyz 2 years ago
"systemic risk" is a lie to fool the taxpayer into paying for other people's mess. Why are we protecting the bondholders and derivatives holders -- it's not like these things were Treasurys for pete's sake. And yet, they're being protected as if they are Treasurys. It's just an outrage. Highway robbery on a grand scale.
carthfhuil 2 years ago
Darn straight -- we could have taken over AIG for bankruptcy or receivership. The latest baloney about "We just didn't have the regulatory...AIG...blah blah blah..not a bank..blah blah blah" is just that -- baloney.
Keep up the good work rep. Manzullo.
carthfhuil 2 years ago
He's the shill who is supposed to make you think the big men on top are smart and we should just go with what they suggest
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collegeboy477 2 years ago
Who's the idiot in the pink shirt?
AJAX556 2 years ago