Sean - on the mic. If you want to know about the other guys, ask them yourself.
Influences
Graft, corruption, cowardice, no justice....
Nov. 14 2008 -- After weighing carefully, the U.S. administration has moved to change the course on how to use the 700 billion U.S. dollars rescue plan more efficiently.
The administration has decided to scrap what had originally been the centerpiece of the program buying troubled assets to get them off the books of banks to promote lending, Treasury Secretary Henry Paulson said.
This means the administration has completely abandoned previous ways of tackling the financial crisis and resorted to new and probably more efficient measures. (OUR COMMENT efficient at what? ripping off 700 billion?)
The government once expected the buying of troubled assets could help financial institutions restore their normal operations and get the United States out of the financial crisis.
But the praxis over the past month showed that the bailout plan has not had much real effect in stabilizing the financial market, observers say.
The 700 billion dollars will be little more than a drop in the bucket as the scale of troubled assets in the U.S. banks is huge, they believe.
Furthermore, even when troubled assets can be cleared with the bailout funds, the unwillingness of the banks to lend out money will not go away under the current situation. So the financial crisis will not be eased if the banks remain unwilling to extend loans.
Already in the first phase of the 700 billion dollars rescue plan, the U.S. administration has made slight adjustments to previous ways -- buying stocks of the banks instead of troubled assets.
The administration has been proceeding with the alternative plan to spend 250 billion dollars to buy stocks in the banks as a way of bolstering their financial situation and accomplishing the same goal -- getting the institutions to their normal lending.
Buying stocks in the banks has proved to be more effective than buying troubled assets but there also exists a big problem: the money for the move is not sufficient.
Among the 700 billion dollars, the government can use only 350 billion in the first half of the bailout plan, according to conditions set by the Congress on the use of the rescue package.
At present, the administration has only 60 billion dollars rescue funds available. The Treasury Department has so far devoted250 billion dollars of the bailout money to buying stocks in banks and another 40 billion dollars to insurance giant American International Group Inc.
Analysts say Congress will not rashly release the rest 350 billion dollars given the effect the rescue plan has produced so far.
Paulson said there must be a shift of course in the second phase of the rescue plan and the U.S. administration is studying what more efficient measures it can take.
American officials have said the second phase could focus on consumers in an attempt to encourage consumption, different from the first phase when priority was given to helping financial institutions.
There will be such regulations in the second phase as that financial institutions, which want to share the rescue package, will have to pool enough private funds. The move is aimed at alluring private investment back to the financial market.
The Treasury Department and Federal Reserve will also probably cooperate in taking measures encouraging money lending by consumers, such as funding such vital consumer products as credit cards and mortgage loans.
As U.S. automobile industry is on the verge of bankruptcy, some Congressmen also said that the government should enlarge the scope of the government's rescue efforts, to help the Big Three car producers, General Motors, Ford and Chrysler, to tide over their difficulties.
Experts say any of the plans is controversial and the U.S. government has to be very prudent before taking any move. Meanwhile hesitation could add to panic in the market.
The course-shifting of the 700 billion dollar rescue plan has shown the complexity and seriousness of the financial crisis, which has proven to be more thorny than it had been expected, analysts say.
Paulson has admitted that current U.S. financial system is still very weak as troubled assets in the banks remain a big problem and the U.S. economy continues to retreat. All the challenges are testing the U.S. administration's wisdom, observers say.
Band started by current frontman, and in 1993 1st line-up materializes at Dulles Office Furniture in Arlington VA. After many line up changes including 5 different guitarists, 1 broken leg, and 1 punch in the face, band collapses in 1998. 2001, band founder resurrects old band name, gigs, line up scramble ensues as Sean eventually recruits all new line up which debuts in April of 2003. Band hits Staten Island, Morgantown WV & then the UK for a the 2nd tour across the seas by the Suspects dc. UK trip followed up by more rehearsals in Baltimore & a show in Hagerstown MD. Band takes a break, stops breaking, gigs in Philly with the Mentors & wraps up 2008 the biggest band in the world. Story is being continued....BANK ON THAT. 15 years on, still going strong.
hi there folks just surfing my friends pages to say hello and remind you that if you want to listen to some local irish bands try http://youtube.com/stephenlockhart after all one hundred and eight thousand hits can't all have got it wrong i would recommend SANDSTONE as a great listen...regards stephen....
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hahahah we have been told that before AND we love it! hahaha thanks alot for sharing that. what do you think of our punk scene? nothing is really going on really. alot of lame emo and indie bands. we are going to record a 10 song cd next month. i will hook you up with a couple! once we get our drummer thing situated we need to play a show! i love your music. you guys have been around forever. great stuff. dirty punk rules! haha
Hola The Suspects dc; Gracias por agregarnos! te invitamos a que escuches la radio las 24 horas del día sin parar! ademas de poder informarte de todas las bandas que existen en Colombia; podras descargar los discos directamente desde el foro entre otras cosas...
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