Obama Explaining Geithner Plan to Save Banks Will Pay Off in Consumer Confidence

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It's time the American taxpayers were told what the term "Toxic Investments" really means.
Before the money is spent, Mr. President, please explain to the American taxpayer what "Naked" Credit Default Swaps are. And then tell us why our tax dollars will be used to pay off the gamblers that bought them and bail out their lame-brained bookies that didn't have the sense to set reasonable odds nor have the resources to pay the bets themselves.

Ray Wood of AK 12:13AM February 11, 2009

Thats what happens when you say you have a plan and really dont. I believe the DOW ended down 4.6% today. A few more days of this and the DOW will be around 6000. Isn't it funny that the words change and hope mean nothing when that is all they are, words. What is the phrase....faith without works is dead. Everyone understands when someone is not fully upfront and honest about what they are doing. Lets see what happens when the US loses its triple A rating when it comes to bonds. All of this debt on the balance sheets has to be rectified somewhere. Maybe those internment camps that the representative from Florida wants in the stimulus bill will have a use after all.

Jeff of WI 6:22PM February 10, 2009

Mary Kate, you are right about the confidence factor. The problem is the Democrats have spent two years downing the economy and talking about how bad it is and will be. They are unable to inspire confidence. They have made too much political hay out of spreading doom. They are currently using doom to get their borrow and spend deal imposed on us.
As for some simple talk on banking let me offer this. The politicians and the bankers want us to take these "toxic" accounts (bad loans) off their books. That is, they want tax payers to pay off these bad loans. The foolish borrows and dumb bankers who made these loans will walk away and dump the loans on our children and grandchildren. We will pay for the credit card debts, the ill-conceived mortgages and other bad loans. How is this sensible or just. I am amazed that people don't see through this. It is the biggest scam I have ever seen.
O yes! "We must do something and now." That is the most used scam line of them all. I have a rule. I never buy what I have to buy now to get the great price. If it can't be bought tomorrow at that price then it never was a good deal. This stimulus package is a lemon that can only be sold if it is sold quickly before people catch on.

Fredrick Stone of NC 3:26PM February 10, 2009

The one thing I've heard Obama say that I liked has apparently been stripped from TARP2, the sequel.HUGE saleries and bonuses are still possible for all the CEO "talent" that helped create this mess.
Just like a Chicago Attorney, say one thing and do another.

Chris Petty of GA 1:55PM February 10, 2009

Has anyone figured out where the billions form the last stimulus/bailout went? Seems like we've already forgotten about and lost track of that mountain of money and that's only been a couple of months ago. And, I seem to recall there was another stimulus last year where everybody got a check - that fizzled too.
Ah... But this one, because we're waving the magic Obamawand - now that's gonna be different. Get a grip people - you're just being hoodwinked by a different snake-oil salesman.

R.L. Schaefer of CA 1:47PM February 10, 2009

Has anyone figured out where the billions form the last stimulus/bailouot went. Seems like we've already forgotten about and lost track of that mountain of money and that's only been a couple of months. And, I seem to recall there was another stimulus last year where everybody got a check - that fizzled too.
Ah... But this one, because we're waving the magic Obamawand - now that's gonna be different. Get a grip people - you're just being hoodwinked by a different snake-oil salesman.

R.L. Schaefer of CA 1:45PM February 10, 2009