Political Quotes

“Mr. President, I ask unanimous consent that the article titled, SPIN METER: Program risks $30B to save weak banks,'' published on August 1 by the Associated Press, be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as follows: [From the Associated Press, Aug. 1, 2010] Spin Meter: Program Risks $30B To Save Weak Banks (By Daniel Wagner) Washington.--People are fed up with bank bailouts that risk taxpayer billions. The government's apparent solution: call them something else. Congress is at work on a new program that would send $30 billion to struggling community banks, in a process similar to the huge federal bailouts of big banks during the financial crisis. This time, money is more likely to disappear as a result of bank failures or fraud. Two weeks ago, President Barack Obama declared an end to taxpayer bailouts when he signed a sweeping overhaul of financial rules. In his weekly radio and Internet address on Saturday, he described the new bailout program as ``a common- sense'' plan that would give badly needed lending help to small-business owners to expand and hire. At its core, the program is another bank rescue. Some lenders need the bailouts to survive. Others could take the bailouts and crumble anyway. That's what happens when banks run out of capital--the money they must keep in case of unexpected losses. Banks with too little capital can be shuttered to protect the taxpayer-insured deposits they hold.…”