US Government to Buy Junk Assets and Loans with Tax Payers Money

President Obama’s administration with newly appointed US Treasury Security Geithner is looking to announce plans in the near future to purchase “bad—or non-performing and illiquid—assets from banks“.

What might these “assets” be you may ask?

Recently Drew Griffin and David Fitzpatrick, on a special investigative assignment for CNN had revealed this about Silver State Bank in Las Vegas, Nevada.

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So why is the US Government bailing out banks that have these bad loans? How will this save Americans from further foreclosures and job losses?

President Obama’s administration and Congress have yet to explain it to the American people how this is going to help and how it will be paid plus interest since the government doesn’t have a surplus.

Lastly, with this “hurry up offense” what other “stimulus” have been added by the 435 Congressional Districts and 50 states to this economic package?

The Republicans, despite President Obama’s efforts for a bi-partisan accord, are not buying it.  President Obama and Treasury Secretary Geithner want to use taxpayers money to buy toxic assets that no one on Wall St wants to touch.  What does Wall St know that President Obama and the taxpayer don’t know?

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