Originally Posted by goldenequity

Bailout Bill Would Allow Banks to Have ZERO Reserves

Posted September 30th, 2008
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"You mean to tell me that each depository institution can maintain zero reserves against its transaction accounts?
They put it right there in writing......and buried it across three versions.
This is how the bank code would have read had the bill passed today:

Each depository institution shall maintain reserves against its transaction accounts
as the Board may prescribe by regulation solely for the purpose of implementing monetary policy—
(i) in a ratio of not greater than 3 percent (and which may be zero)
for that portion of its total transaction accounts of $25,000,000 or less, subject to subparagraph (C);
and
(ii) in the ratio of 12 per centum, or in such other ratio as the Board may prescribe
not greater than 14 per centum and which may be zero, for that portion of its total transaction accounts
in excess of $25,000,000, subject to subparagraph (C). "

"So you plan on restoring confidence in the banks
by allowing the banks not to have any reserves to match people’s checking and savings accounts?

What, was the FDIC just going to cover that all? Wait, don’t answer that, I already know the answer.

But remember the effective date! The original Relief Act of 2006 called for a date of October 1, 2011
to allow banks zero reserves, if the Federal Reserve Board thought it fit.
This bill would have moved that up to tomorrow!

Tomorrow we could have all woken up to the possibility of zero holdings in our banks
and it being legally allowed!"

Originally Posted by Acer12

My question is this:

WHY did they even bother coming before the American people ANYWAY? They're not listening, and they're still handing out the money. It's outrageous!!

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Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. , the Bank of England and the Bank of Japan are among the participating authorities.

Originally Posted by Ronnocomot

What is wrong with the TAF?

Originally Posted by goldenequity

the China - Bailout connection....

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Time for a general strike.... (somebody start another thread!!!!!)

I'm not a trucker and don't have the clout around here.....BUT BOY AM I
PISSED!!!!!!!!!!!!!!!!!!!!!

Rant begins here:
this lame duck president and a treasurer who won't even be here in another 4 months
are trying an end run around the vote of the PEOPLE AND THEIR REPRESENTATIVES....
by adding the nearly identical bill as a rider to another bill in the senate today
..... TRAITORS EVERY ONE!!

Here's something to keep in mind from President Jackson
when he was waging a similar war during his Presidency as we are now.
we face opposition from the banksters (some of them from the same families and institutions)
and their White House, media and Congressional lackeys.

"Gentlemen, I have had men watching you for a long time and I am convinced
that you have used the funds of the bank to speculate in the breadstuffs of the country.
When you won, you divided the profits amongst you, and when you lost,
you charged it to the bank.
You tell me that if I take the deposits from the bank and annul its charter,
I shall ruin ten thousand families.
That may be true, gentlemen, but that is your sin!
Should I let you go on, you will ruin fifty thousand families,
and that would be my sin!
You are a den of vipers and thieves . . . I intend to rout you out,
and by the Eternal God I will rout you out!"
President Andrew Jackson

Originally Posted by goldenequity

How many Senators or talking heads do you EVER
see talking plainly and truthfully with ANY humility??

We are SO used to SPIN and DECEPTION that this man
stands out.... squeaky voice or not....
Are you NOT yet tired of slickmeisters radio and TV..
regurgitating platitudes
buzzwords and sound bites? (sigh)

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