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MONDAY, NOVEMBER 23, 2009
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6

Feds Weigh New Bailouts for Smaller Banks

Congressional Dems on board with plan to help institutions hammered by real estate

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(Newser) – With the residential and commercial real-estate markets continuing to hammer smaller US banks, the Treasury and other federal agencies are trying to diagram help for institutions considered too much of a gamble under original bailout terms. Congressional Democrats are “very, very supportive” of such a move, a source tells AP, while, predictably, Republicans consider it “a uniquely bad idea.”

House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., is in favor of the plan.
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., is in favor of the plan.   (AP Photo)
Atlanta-based Georgian Bank today became the 95th to fail this year.
Atlanta-based Georgian Bank today became the 95th to fail this year.   (GeorgianBank.com)
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It creates even greater taxpayer exposure for the program, where the taxpayer is certainly not going to recoup anywhere near his investment. - Republican Rep. Jeb Hensarling

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6 comments
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polstroad
Sep 25, 09 7:05 PM CDT
There are a number of banks that have not got into trouble and for very good reasons; those that are in trouble may well have caused their own problems, and I see no reason why my money should rescue them from their folly while neighbors lose their homes and get no help. Reply
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freethemall
Sep 25, 09 7:08 PM CDT
It's peculiar that, in this instance, the Democrats seemed to be in favor of "trickle down" i.e., bail out money to banks to "trickle down", while Republicans oppose it. Reply
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IN RESPONSE:
godawgs
Sep 25, 09 7:36 PM CDT
well if you remember the first bailout vote didn't pass. The republicans aren't really in favor of the bailouts.
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IN RESPONSE:
Spudsy
Sep 25, 09 9:26 PM CDT
If you remember godawgs, the first bailout stimulus was by your buddy Bush, when he wasn't busy invading countries that had nothing to do with 911.
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JoeQ
Sep 25, 09 8:57 PM CDT
Watch closely. Goldman Sachs and J P Morgan will go on a buying spree all in the name of financial stability. The well-connected banks will gobble up the poorly connected banks that are in distress. It will be a fine example of how the federal government distorts the economy in a way that huge monopolies result. Reply
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