Banking System Will Need Another $500 Billion: Bill Gross - Pimco

[slipslidingaway]

25 Sep 2008

http://www.cnbc.com/id/26885559

"The banking system needs another $500 billion to survive beyond the $700 billion rescue plan being contemplated by Congress, said Pimco founder Bill Gross.

Gross said on CNBC that the government bailout plan will help free up bank balance sheets so they can start lending again, but will provide only about $50 billion in real capital to the system.

"The plan goes far but it doesn't go far enough in terms of recapitalization," he said. "The banking system and the investment banking system in total really requires about $500 billion more. Where that comes from is still up in the air."



Will Bailout Help - 40 Billion in Dividends Paid

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=202553&mesg_id=202553

[Not the Only One]

1. Wall Street, take our US Treasury, please.

I can't believe this idiocy is going to pass.

Mushroom clouds! Yellowcake uranium! Boo!

[slipslidingaway]

2. And it only took two weeks to get people on board for 700 billion,

obviously something needs to be done, but to accept the original idea without discussing alternatives seems criminal.

[slipslidingaway]

3. k n/t