{"id":194439,"date":"2008-09-22T20:26:00","date_gmt":"2008-09-23T01:26:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/09\/22\/bailout-plan-appears-even-more-sweeping-than-proposed\/"},"modified":"2008-09-22T20:26:00","modified_gmt":"2008-09-23T01:26:00","slug":"bailout-plan-appears-even-more-sweeping-than-proposed","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/09\/22\/bailout-plan-appears-even-more-sweeping-than-proposed\/","title":{"rendered":"Bailout Plan Appears Even More Sweeping than Proposed"},"content":{"rendered":"<p>First, let&#8217;s note that under his proposed plan, <a href=\"http:\/\/firedoglake.com\/2008\/09\/20\/more-and-more-surreal-paulson-can-buy-non-american-non-mortgage-assets\/\">Paulson can buy non-American, non-mortgage assets<\/a>, which sounds an awful lot like some of this money will go to benefit UBS, where Phil &#8220;Mr. Congeniality&#8221; Gramm, sits on the board of directors&#8230;&#8230;Funny that, huh?<\/p>\n<p>Furthermore, the $700 billion quoted is low.  The real reckoning of the cost of the plan is <a href=\"http:\/\/www.cnbc.com\/id\/26808715\">$1.8 Trillion<\/a>:<\/p>\n<ul>\n<li>The $700 billion of this plan<\/li>\n<li>$50 billion from the Exchange Stabilization Fund <\/li>\n<li>The Fed discount window loans.<\/li>\n<li>$10+ billion of Treasury purchases of mortgage backed securities (MBS)<\/li>\n<li>$144 billion in MBS purchases by Fannie and Freddie.<\/li>\n<li>$85 billion loaned to AIG<\/li>\n<li>$87 billion in repayments to JPMorgan Chase for loans to Lehman Brothers <\/li>\n<li>$200 billion for Fannie and Freddie from the Treasury<\/li>\n<li>$300 billion from the FHA to refinance bad mortgages<\/li>\n<li>$4 billion to communities to buy and resell abandoned homes.<\/li>\n<li>$29 billion to JPMorgan Chase&#8217;s to pay them off for taking over Bear Stearns<\/li>\n<li>$200 billion made available through the  Fed&#8217;s Term Auction Facility<\/li>\n<\/ul>\n<p>Someone is getting a haircut, and it ain&#8217;t Wall Street executives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First, let&#8217;s note that under his proposed plan, Paulson can buy non-American, non-mortgage assets, which sounds an awful lot like some of this money will go to benefit UBS, where Phil &#8220;Mr. Congeniality&#8221; Gramm, sits on the board of directors&#8230;&#8230;Funny that, huh? Furthermore, the $700 billion quoted is low. The real reckoning of the cost &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004,1020,985],"tags":[],"class_list":["post-194439","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194439"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194439"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194439\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}