Your payday loan source keeps you updated on the nation’s financial news.
Showing the money
On the same day House Democrats unveiled their version of the economic recovery plan, Congress agreed to release the remaining $350 billion slated for bailout money to ease the mortgage crisis.
Barack Obama secured his first legislative victory before he even took office when Congress agreed to allow access to the remaining $350 billion in TARP funds.
Thought Barack Obama is not officially president yet — he will be inaugurated Jan. 20 — congress released the money to him. The money is part of the Troubled Asset Relief Fund.
Narrow victory
The vote in the Senate on whether to release the bailout money was close. But in the end, the movement to release the funds passed 52-42. Many Senators on both sides of the asile sought to block the funding because they were angry with the way the first half of the TARP funds hand been handled.
The Treasury did not carefully track where all of the funds went. Also, the majority of the home loans that were modified after the bailout ended up in default anyway.
Avoiding crisis
Passage of the measure to give Obama the bailout money mean an awkward situation has been avoided. Obama requested the funds last week. After many Democratic leaders in Congress expressed the desire to vote down the motion, Obama threatened that he would veto the vote to block access to the funds the day he became president.
In other financial news, obama has said that when he takes over office he is considering placing federal restrictions on the payday loan industry. A few states have already put interest rate caps on payday lenders, and Obama wil consider whether to make those caps nationwide.
Bringing change
Obama has promised that the remainder of the TARP funds will be handled differently than the first half. He will require more stringent monitoring of where the money goes. He has also said that a large portion of the money will go toward preventing foreclosures.
he also assures the public that the process will be transparent, and that American citizens will know what is being done with the bailout money. Democratic leaders are also calling for regulation to limit the amount of money tha tgoes to salaries and compensation for financial institution executives.
Senators chime in
Democratic Senator Claire McCaskill supported handing the money over to Obama, saying she is giving the incoming administration the benefit of the doubt. But Republican SenatorJim Inhofe was vehemently against it, calling the vote “egregious.”
Casting their last votes of their Senate careers, Vice President-Elect Joe Biden and Secretary of State-Designate Hillary Clinton supported giving Obama access to the funds.
Obama’s two cents
Obama said he was “gratified” that the vote went in his favor> he renewed his promise to handle this half of the TARP funds more responsibly than the Bush administration had handled the first half. He said he will proceed with the plan in a “new and responsible way.”
This article was provided by your payday loan source.
The Bush Administration mishandled the first half of the TARP funds is the way the article should read. As usual the American public is in the dark as to how the money was really spent. Oh for the good old boys club eh Mr. Bush!
Barack Obama is going to become the official president of the United States in a matter of days. He should have the greatest control of what is left of the bailout money. What’s sad is he is now limited to only half of the original amount. These government officials should have devised a better planned out technique before making decisions on the bailout money. I just hope that with whatever that’s left, the new administration will be able to effectively and properly bring a change to the nation in a sensible, responsible manner.
All of this talk about how poorly Bush did with the last give-a-way really should upset people. Just remember who put these people in office, we did. The last bill that should have failed was poorly written. If back then, people had the common sense to truly regulate who gets what, the bill would have been in the legislature for a long time. Much like the current bill is. This is a good thing. I would expect only to see a 100% transparent bill. I would also like to see lower salaries for these congressmen. Bush haters should congratulate his administration for moving the USA closer to total government control. Especially now with talk about limits placed upon the companies they did or will give money to. My view: Personally, I think that giving away free anything diminishes its value. Giving money to Americans who don’t know what to do with it will only send the country further into debt. We need the population to be educated about how our financial system works or doesn’t work. The biggest reason why the rich get richer is because they know exactly how to make their money work for them. They save and invest and get the returns. today however, a new way to make your money work for you is to pull on the heart-strings of the general and ignorant population. Gloom and doom speeches mixed with a dash of hope that only more control is needed. Seriously folks, do you need a panel of people telling you how to live? What choices you MUST make. Not only that but also telling you how to live by putting a cap on your wealth or your own personal progress in this world? If you still need to be raised and are not man or woman enough to live your own life responsibly, make your own choices, then you might be in support of these BIG BAILOUT BLOWOUTS! I say let the companies fail. Let those who can’t cut it fail. Rather than allowing these failures to rise to the top and then be pushed even higher (Ex. any politician you don’t like) and given more money and more power. It would seem that by giving money to “help” these institutions, we are only making government bigger. How? By putting them on a government paycheck. We just gave every one of those employees a government job. Hence the increased need for more universal health care and all the other perks government employees get. The camoflage to hide this fact is that the companies given new money (money that we don’t even have), will be government sector of business. For those of you who don’t like communism or socialism or marxism or dictators, then you would not be so haste to the receive this bill.
President Obama promised us change. Where is the change? Bush was the one who said, “lets just bail them out.” Now Obama is doing the SAME thing! Where is the change?
As I type these last words I can visualize technology. Imagine a cell phone in your pocket in the 1990’s. How big they were compared to what we have now. No imagine the technology growing in your pocket rather than changing or becoming smaller and more efficient and more reliable. As for Obama…I don’t want to grow. I want to change.