Mike's Blog Roundup
The Paulson bailout proposal is a historic swindle. It provides the most help to the financial institutions that made the worst investment decisions, ignores relief to homeowners, and fails to limit CEO compensation. BUSHCO needs to explain why this is supposed to work - not try to steamroll Congress into giving it a blank check. Whatever happens, the crisis marks the death of Republican philosophy. I already contacted my representatives.
one good move: Sub-Prime Mortgages Explained
Happy Valley News Hour: Things that have NOT gone wrong during the Bush administration
TalkLeft: People of Alaska! When did the McCain campaign take over the governor's office?
The Opinion Mill's Weekend Bookchat: Dick Cheney goes fishing for power, the Financial Times goes fishing for great business books and a writer goes fishing for Doctor Who's secrets. And what's Neal Stephenson playing these days?
While we're on the subject of books, the Vagabond Scholar wants to remind all filthy book-lovers and subversive Biblio-Americans that September 27th starts Banned Books Week (and the National Book Festival). Any and all bloggers are invited to a *very* informal blogswarm on favorite books, favorite banned books, influential teachers, intellectual freedom and that good stuff.
I have been using the swindle since day one and now I hear it elsewhere.
The greatest swindle in the history of the world is unfolding before our very eyes.
I have been using the word swindle since day one and now I hear it elsewhere.
The greatest swindle in the history of the world is unfolding before our very eyes.
I haven't had my coffee yet!
$700 Billion Bailout Plan Would Give Paulson Dictatorial Powers, Which CAN’T Be Reviewed by the Courts
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZ2aFDx8_idM&refer=home
Welcome to the final stages of the coup…
http://www.huffingtonpost.com/larisa-alexandrovna/welcome-to-the-final-s...
We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)
http://georgewashington2.blogspot.com/2008/09/we-have-days-to-stop-700-b...
In the wake of an epic financial meltdown that threatens to derail the U.S. economy for years, Barack Obama announced he was ending his run for President of the United States, declaring to a stunned nation, “Man, this is bullsh-it.”
http://www.1001words.com/2008/09/obama-to-nation-im-outta-here.html
I feel ya.
Terrorist][fist pound.
You just have to laugh at this insanity or burn one.
From the what has not gone wrong during the Bush Administration's reign: US inflation rate is still lower than Zimbabwe’s.
Give it time, that will soon change. Especially since Paulson has now said that foreign banks can unload their toxic debts onto the backs of U.S. taxpayers to. why is it, I get the feeling that the $700 billion figure will be going a lot higher.:
Paulson: Foreign banks can use U.S. rescue plan
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.
http://www.reuters.com/article/newsOne/idUSN2148303920080921
"BUSHCO needs to explain why this is supposed to work - not try to steamroll Congress into giving it a blank check."
Why should this be any different than the post-9/11 congressional rollover?
And since when has Der Fuhrer explained himself?
Ain't fascism grand. And now he wants to take on foreign bank debt as well.
And I can't even get a $5 loan from the Fed. Go figure.
CSTST is the new catchphrase. Corporate Socialism That Screws Taxpayers. Those poor banks and investors just didn't know the risks that they had taken. Homeowners? What homeowners?
Oh I forgot. Donald Trump said on CNN that now is the time to buy, buy, buy property!!! You can get really good deals!! Just go to the bank, and either take the money out of your account, or borrow it. Oh wait. No money in account? No problem. Just borrow it. Oh wait.
Gallop poll up in Obama's favor. Perhaps fear of black people and God's love for all Christians is no longer as important as not eating and facing winter without heat.
Somebody's going to profit from all this, and I don't mean just the financial institutions that get to sell worthless paper to the taxpayers.
I suspect the guys at Goldman Sachs have it all figured out.
I also suspect it will involve some combination of buying securities and shorting the market.
Study Monetary Policy and the Federal Reserve:
47 Minute Documentary ~ http://video.google.com/videoplay?docid=-1693084887024293324
3 Hour Masterpiece ~ http://video.google.com/videoplay?docid=-515319560256183936 (as long as a football game :)
Great Documentary ~ http://video.google.com/videoplay?docid=-1656880303867390173
Went to bed in the USA and woke-up in the USSR. State run finance, what a treat.
VietVet8666 @ 10:
You know it. The numbers were whirling in the heads of the financial people for months. What's best for us on this? What do we need to do to make sure we walk away wealthy?
VietVet8666 @ 10:
There were many people that STILL profited from the Great Depression. Many made millions.
http://www.dailykos.com/story/2008/9/21/9322/74248/245/602838
I though this was a good story
DaDawg @ 12:
It has been state run. They just disguise it in a thing called Wall Street.
Let's pause for a moment and think the unthinkable: namely, that the carnage we are witnessing is, in fact, deliberate. Many players in this fiasco will assume they are merely victims of some terrible, unforeseen turning of the tide. This is not the case. Absurd, you say? As J. Edgar Hoover once put it:
"The individual is handicapped by coming face to face with a conspiracy so monstrous he cannot believe it exists".
It is such a conspiracy that is blinding us to the real force behind current events. When Alan Greenspan 'confessed' that Iraq was really about oil it was merely a dishonest damage limitation excercise. It was about something much bigger, whose roots go back much further:
"We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent."
James Paul Warburg appearing before the Senate on 7th February 1950
This Hamburg-born, Harvard educated member of one of the great American banking families knew exactly from whence he spoke. He also happened to be chief financial advisor to the President of the United States.
"Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as "internationalists" and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that's the charge, I stand guilty, and I am proud of it. -David Rockefeller, Memoirs
There is nothing quite like crisis-creation to advance the agenda of the Globalist Banking Fraternity. The 'solutions' to our current predicament have already been worked out long in advance by the very same people who have brought us to this point. Understanding this allowed me to predict exactly the 'crisis' we are now in. For more that two years I have been telling people that their currency and their very economy would be deliberately destroyed. Needless to say, such predictions were heartily scoffed at - until now.
Know your enemy.
For more background on this, read the testimony of banker-turned-Congressional investigator Norman Dodd:
http://www.realityzone.com/hiddenagenda2.html
I saw Bloomberg on Meet the Press. He was interesting because he was explaining things from the point of a mayor and what this country needs to have to work properly. He told Tom Brokaw that taxes have to be paid or you don't have services or infrastructure or good schools. And the fella's on wall street use all those services too. If you're going to use them pay for them.
ConcernedCanuck @ 7:
Please give the "Corporate Socialism" thing a rest.
"Socialism," the real thing, has already gotten a bad enough rap.
What we've seen is the apotheosis of CorpoRatism. CorpoRatism is not "socialism."
Read Bill Greider's analysis, from the Nation.
Jeanne @ 16:
\
Well, that and the Fed, and all the semi-public corporations that front for the CorpoTat interests.
Somewhere along the line, someone has to get right down to the core of the problem that has brought us this crisis. The current group on Wall St and DC are of a single, fallacious philosophical approach to economics. Most simply stated, it is the crazy idea that you build economic strength and growth through consumption instead of production. In such a world everything is directed at promoting, incenting, and rewarding "buying" under the premise that this will stimulate production. What you get as a result are a flood of credit card offers starting at age 18, "no money down", "zero percent interest", sub-prime mortgages, upscale malls, celebration of the wealthy and constant messages to buy, buy, buy.
Not so bad if what was being produced is made here but because we dismiss production as a value it now occurs elsewhere and so do productive jobs. To spur more consumption, we put our talent and innovation into complex schemes to leverage every penny so it can be used for consumption. We taught a couple of generations that work was only a means to getting money so you can get more stuff. We became the "Bling Nation" where what we do with our lives is not measured by the value, the excitement, the innovativeness of the goods and services we produce but on what we "have." In the media, in the movies, in books we have been revering those of wealth and celebrity far more than those of talent, of contribution to society, of substance.
The search for more stuff for me yields a dismissal of everyone else's needs and concerns and the idea of the "common good" is shoved aside. In the end, the perceived "winners" are the ultra-wealthy - the new aristocracy who have simply either played the new game better than the rest or their parents have.
Tragically, "we the People" has been dumped in favor of "he who dies with the most toys wins". You know, like private jets and 7 houses and designer dresses.
Again, at the core, the reason that the Obama campaign has been so important is because of its essential struggle to get us to focus again on the "we" part of our heritage instead of the "me." Individuals have never been the force behind great societies, great companies, or great governments. It has always been about team/groups/communities working toward a common end that attain greatness. It clearly is time to get back to that and send the selfish and the greedy packing.
"Again, at the core, the reason that the Obama campaign has been so important is because of its essential struggle to get us to focus again on the “we” part of our heritage instead of the “me.” Individuals have never been the force behind great societies, great companies, or great governments. It has always been about team/groups/communities working toward a common end that attain greatness. It clearly is time to get back to that and send the selfish and the greedy packing."
Obama's main economic guy, already being considered for SecTreas is ...
a Republican....
who helped create the crisis as a CEO of Goldman-Sachs
Robert Rubin...yeah, the Clenis's guy...
Change? CHANGE? Yeah, well I could paradigm...
good luck widdat, folks...
Alice X - (Chomsky Nader) - status quObama - change you can pretend in - @ 2:
Thanks for the clarification. I was wondering if "Swindle" was a new e-book device by Amazon :-). Viva la caffeine!
Obama owns 1 car. Elitist McCain owns 13. http://www.newsweek.com/id/160091
I know, he was a POW and he didn't have an car so he's entitled to 8 houses, 13 cars and other extreme excesses his government salary, favors, and wife's heiress money will get him.
The old Maverick is broke down, I wonder about the rest of his cars?
I wish I were as optimistic as some about the death of the Republican philosophy. Politico just had a chat feature with a bunch of politicians. The topic "the Republican image is improving in recent polls. What's going on?" This AFTER the crash of the market last week and subsequent bailout. I fear we are the stupidest country on Earth. I guess it's going to take a nook-cular holocaust with Pakistan--with Palin's finger on the trigger, since McCain is clearly losing cognitive ground fairly rapidly here--and then I guess it really won't matter much which side you supported.
One poster in a different thread suggested that the Obama camp agreed to the protective debate concessions for Palin because the media would have a field day with it and it would be a black eye to the McCain ticket. Silly, silly poster. Expecting the corporate media to do its job. Here are the actual headlines: WaPo--"Format of Biden-Palin Debate Sets No Limit on Subject Matter" (you've got to be kidding me, right? What about the limits they DID set); NTY--"Pact on Debates Will Let McCain and Obama Spar" (not even a mention of the concessions to Palin in the headline--story obliquely refers to it); WSJ online--couldn't find anything about it, but loved their "Shock Forced Paulson's Hand" excuse for the bailout. You bet he was shocked. All of his friends were going broke quick. He needed to step in and stem the losses from his new personal piggy bank--the Treasury Department. One great headline on WSJ--"UK Prime Minister Wants Lehman Money Back." You go, UK Mr. Brown. If only our elected leaders were remotely interested in accountability...
Bush & Co don't need to explain anything. Everyone knows their agenda.
It's our stupid fucking Congress that should explain why once again
they are ready to roll over and get boned on our behalf. This is now different that going to war,
the patriot act, FISA, etc, etc. The fault lies entirely with the lame-o excuse for a Congress.
I've read the Paulson wants Congress to move quickly and pass the bailout proposal. It concerns me that not only I, as taxpayer, holding the financial debt bag, but also we don't know what consequences that this proposal will do in the future. Remember, we rush into war in Iraq and we, taxpayers are now holding the war debt bag, and are paying dearly for this mistake.
We deserve it.
Most still trust them to hold themselves accountable.
There is no movement from the people to hold them accountable.
They will never hold themselves accountable.
There is no oversight because of lobbyist influence.
Hell, there is no movement to ban lobbyists.
Orangutan. @ 3:
Yes and there is NO MONEY to give. The democrats are going to have to change their ideology now, the government can't help the people, it can't help itself anymore.
It's very important people understand this bailout is bipartisan LUV. Neither party knows what hell it's doing economically. I've said this 100 times here, I will say it 1000 times. The next president will NOT be able to fix this mess, it does not matter from an economic perspective who gets in office.
This bailout is going to destroy the dollar, all they are doing is printing paper and devaluing the dollar to nothing. In 2 or 3 years we will be in we be in the worst depression in history. Buy gold and silver now or suffer.
Right on, Mike. This $700 billion "bailout" is just another Bush giveaway of our money to the ruling class clowns.
Oh dear, oh dear, the sky is falling, the sky is falling.
Oh dear, oh dear, the stock market is falling, the stock market is falling…
The latest gift of $700 Billion dollars to the ruling class, the so-called "bailout" - the $700 Billion dollar one -is just a massive theft from the poor and the middle classes to our ever-greedy ruling class. We need to demand a return to stiff and comprehensive regulations of our financial markets, first. Second, we need to demand that all these greedy incompetent (sic) CEOs be fired immediately without any "golden parachutes." This bailout/gift should be paid for by a special surcharge on the incomes of the wealthy top two percent, since they are largely benefiting from it.
This whole show is rigged by the Bush & Co. gangsters. Just more fear-mongering by the Bush corporate crime family. The financial system is not collapsing, just because some of the bigger greedier financials got hoisted on their own petards. We should also demand that bank credit card and rates and bank mortgage interest rates be cut in half before any bailout of the top players... The Bush gangsters just want to hogtie Obama for 2009...
Orangutan. @ 3:
Yes and there is NO MONEY to give. The democrats are going to have to change their ideology now, the government can't help the people, it can't help itself anymore.
It's very important people understand this bailout is bipartisan LUV. Neither party knows what hell it's doing economically. I've said this 100 times here, I will say it 1000 times. The next president will NOT be able to fix this mess, it does not matter from an economic perspective who gets in office.
This bailout is going to destroy the dollar, all they are doing is printing paper and devaluing the dollar to nothing. In 2 or 3 years we will be in we be in the worst depression in history. Buy gold and silver now or suffer.
Oh look! It's Blame Clinton Day!
Was reading the editorial section of our local paper today, and what do I see at the top?
An article from Investor's Business Daily entitled:
"Clinton's social engineers helped create Wall Street crisis."
Highlights:
- Clinton's obsession with multiculturalism dictated where mortgage lenders could lend.
- He put the Community Redevelopment Act (a Carter-era law) on "steroids" to encourage minority homeownership.
- This originally helped create the market for the high-risk subprime loans.
- "Tough new regulations forced lenders into into high-risk areas where they had no choice but to lower lending standards." Previously, sound business practices guarded against this.
- Clinton crony Franklin Delano Raines took the helm of Fannie Mae in 1999 and was "accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses." He and fellow Clinton crony Jamie Gorelick padded their pockets to a tune of $175 million in compensation. The article states that Fannie had to pay a record $400 million civil fine for SEC and other violations.
- "The Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households."
I went to IBDeditorials.com for the complete article so that I could source the rest of this, but the closest article I could find in the archives after searching on "Clinton" was one entitled The Real Culprits In This Meltdown.
NOTE: I would provide a direct link, but when I do my posts always get caught by the spam filters.
NOTE: After a little Googling, it looks like the actual law was entitled the Community Reinvestment Act, not Community Redevelopment Act, which looks to be a law passed by the state of Florida.
Let's try this:
ibdeditorials.com/IBDArticles.aspx?id=306370789279709&kw=clinton
However anyone looks at this weeks change in the way Wall Street does business, one fact in this election cycle is dominant. Both candidates will be broke; there will be precious little change to make the changes both fellows are positing. In short we are fucked. And they are loathe to speak of it; when the second shoe falls maybe they will be.This past week both obama and McCain seem not to realize the epochal moment they were living in, maybe because they were/are powerless to do jack about it. I am scared; and very glad my mortgage is done in December. This is not a time to be greatly leveraged--- anyone agree?? or have wisdom to share?
WC @ 32:
Here is Krugman's take:
http://www.dailykos.com/storyonly/2008/9/21/10485/5683/675/605451
Again, the proxies for the elite like Bernanke and Paulson, see this as a supply-side economics issue. Supply side economics is a farce and so is all the crap that we've heard from Conservatives for 50 years now. Read Adam Smith and forget those that came after.
If you do NOT bail out the home-owners --- who is going to buy any of this crap in the near future? Will bailing out AIG mean that people buy insurance (I know, they were underwriters)? There will be no market for any of this stuff. With no market, where will this money go? Into offshore accounts. The bailout is merely to replace the cash of the Robber Barons that is in jeopardy of being harmed by their own failed business model.
THE ONLY solutions that will work, start with the middle class. Without people able to buy products, and insurance products and all this stuff that makes the economy hum -- you can never GIVE enough money to the businesses to make them invest. It doesn't matter if banks close -- they don't do anything but move around paper -- someone will eventually buy that debt, because god forbid, some Kleptocrat lose your debt as easily as they lost your investments.
>> I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
VitriolAndAngst @ 35:
Worth repeating:
I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
I warn everyone, that this bailout is the minstrels playing on the Titanic as the upper class board the life boats.
In case anyone is starting to believe the media again -- since they are starting to tell some of the truth, and noticing the economy, after your deaf dog noticed it, here is clear evidence that Paulson is NOT GOING TO HELP YOU, nor was the AIG bailout intended to help you. From;
Max Keiser lays down reality on the Wall Street mess as clear as it can get, watch it.
http://www.youtube.com/watch?v=WMUN9I0VMok
Oh oh......sensing things to come??
"Executive Order: Executive Branch Responsibilities with Respect to Orders of Succession "
http://www.whitehouse.gov/news/releases/2008/09/20080911-4.html
Please don't link to TalkLeft on this site.....there couldn't be a more anti-Obama site on the Web that pretends to support Democratic ideals.
Read the "Emergency" provision that Bush has made for Paulson to "solve this crisis." You know, the one they created? On purpose. Any adult with a bankround in finance could see that reducing reserve requirements and allowing corporations to double their leverage THIS YEAR, after it was clear that citizen credit was tapped out, is clear evidence of a conspiracy.
They could have made this happen in Obama's administration, if Bush could have gotten his greasy piggy fingers on Social Security. Make off with the loot, and once again blame Jimmy Carter -- Oh, I mean, Banko, no um, whichever Democrat is handy.
But I am absolutely sure that Bush's emergency measures were written well in advance of this "Emergency" which a lowly little blogger like me knew was happening like waiting for a crash with a Clown Car in slow motion. They basically make this financial Guru the emperor of the United States, above any court or oversight. No vote, no military hunta, just a quiet whimper and the our Democracy is no more (kind of died in 2003 anyway). We will be too busy trying to do something useful with our massive ability to shuffle paper around and turn that into food.
And everyone thought it was pointless to impeach this mother fucking bastard. Paulson can declare martial law if it helped keep AIG solvent. I'm sure someone will say "but that is unconstitutional." Sure, if you can get someone in the justice department to look into it -- after hell freezes over. The Hockey Mom, Karl Rove, and a dozen others are fugitives from justice, and they just simply ignore it. Bush starts wars, enters into treaties, and you know, he's just special that way. We've been off the founders script since Reagan.
And now King George has other plans.....by Executive Order. Something wicked this way comes?
Tom A @ 41:
Nothing is shocking anymore is it?
Ruthless People @ 24:
All 13 have the left blinker permanently on.
Limiting CEO compensation is a must for the Paulsen bailout package. Retroactively. The CEO's compensations were based on their judgement which was faulty for so many reasons. Any fraud should be pursued, but meanwhile the enormous compensations need to take the same hit as everyone else. Give these CEO's $25. per hour for their time only. Every penny needs to be put back into the mix, not the pockets of these losers.
Subroutine @ 39:
Jeralyn's a bit of a shrew, but not all the commentors are jerks...
Everyone in the US needs to read this... and call every one in Congress tomorrow!
Everyone in the US needs to read this... and call every one in Congress tomorrow!
Everyone in the US needs to read this... and call every one in Congress tomorrow!
Wall Street bailout plan explained, universally reviled
http://www.dailykos.com/story/2008/9/21/11359/7555/652/605498
This is a compilation of leading economists responding on why this nightmare Act must not be allowed to pass!
So basically the criminals are running the show and holding the key to the vault. They're handing out cash as door prizes for criminal behavior. And in spite of ALL of this there are still people dumb enough to think these worthless thugs are trustworthy and they will vote to keep these mongrels in charge.
What mental malfunction allows a person to continue to vote for the guy with his hob nail boot on their throat?
VegasRage @ 44:
Let me put it to you this way...
If dumbya and his criminal buddies decided to sell prison inmates as a source of meat I would only pause to wonder what took them so long.
Nada @ 50:
To be sold to the public by Rove as a cost-saving way to avoid having to build new prisons while still keeping the streets safe...
But, overheard in white xtian homes at Thanksgiving dinner: "But Daddy, I don't like dark meat.."
Some good points made in these comments - too bad the masses don't agree. I think what most fail to understand is that since the start of all this - the good ol' Enron days - "they" have been privatizing wealth and socializing debt. We're in a bad way, and w/o leadership or direction. And, We the People, seem to thinks that's OK. Sigh...
are we enjoying life under the sword of damocles, yet, my fellow americans?
got stockholm syndrome?
as we tuck our children in bed at night, do we feel confident the small pack of charlatans, gypsies and black magicians calling the shots will do what's best?
do we feel safe that the vampires will run an honest blood bank?
Naturally, it's "blame Clinton" day, but in fairness, he (and all other "leaders" for the past three decades) do share culpability. He's the one who signed Phil Gramm's onerous legislation essentially repealing the Glass-Steagall Act from 30s and the Bank Holding Act from the 50s (http://query.nytimes.com/gst/fullpage.html?res=9C0CE4DA1230F937A25756C0A...). Notice that it only passed the House by a one vote margin. Apparently there were some lawmakers back then who recognized a stinker when they saw one.
Since our markets carry worldwide investor accounts, bailing wall street is necessary.
I am sure we are going to face economic meltdown, that meant we may be carrying a euro dollar instead of a u.s.dollar. Any comments?
The taste of globalization fiasco is seen in Sweden's strike in the streets. The weltweite or the worldwide gloablization will be introduced soon, since our leaders are incompetent and greedy. What a bait!
Wasn't Bush bailed out during Reagan admin. (SEC) by his father, Sr. Bush? Wow, this runs in the family. What did he spend the funds on?
Bush is going to sell the U.S. to the muslims, I suppose.
Thanks for spreading the word!
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Why is the McCain campaign governing Alaska now?
Alaskans are getting pissed.
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U.S. Treasury Is About To Be Robbed. Secretary of The Treasury Paulson is the Head Gun Man
Ohio Governor Ted Strickland was on Ohio University's campus Friday at 5 p.m. His support for Obama had the crowd going. But when he addressed the bailout crisis his words were grim. He had talked with Senator Sherrod Brown (D-OH) and what ever Senator Brown had heard in the meeting with Paulson and Bernecke had shook him to his core. All I heard out of Governor Strickland's mouth was how important everyone thought it was to move quickly QUICKLY. That same evening I turned on MSNBC and there was Senator Dodd saying "quickly" we need to move "quickly" to bail these companies out. Dodd went onto say that "the oxygen had left the room" when Bernecke and Paulson let our Reps know just how serious it is claimed to be. WTF
As I watched and listened to Secretary of the Treasury Paulson on Meet the Press and This Week I thought to myself the U.S. Treasury is about to be robbed, cleaned out by the very same people who take stands against a national health care program, equity in education etc. The banking thugs who bundled bad loans and passed them on (so they would not be held accountable) to Insurance companies that entangle the American taxpayers pensions, retirement funds etc. I feel like the American people are sitting in their living rooms about to watch one of the biggest bank robberies of all times. The U.S, Treasury and Paulson the key holder to the treasury is holding a gun to our Reps heads and to the American taxpayers heads " better give in now or it's going to be worse". Paulson would not support any suggestions being made to hold these corporate thugs accountable. No severance packages, investigations etc. Paulson stated that "it pained him" that the American taxpayer was going to be left holding the bag. But the bailout was the best way to "protect the American taxpayer" Where the hell have Paulson and Bernecke been? Where the hell have they been?
The only person to say "whoa, what's the rush" was Donna Brazille, with a bit of support from George Will. (could hardly believe that one)
It seems we are about to witness the biggest robbery of all times and the American taxpayers are sitting and watching the robbery from their living rooms.
CALL YOUR SENATORS AND CONGRESSPEOPLE THIS WEEK AND SAY NO TO THE BAILOUTS. HOLD THESE THUGS ACCOUNTABLE. AT THE VERY LEAST INVESTIGATE EVERY CEO AND THEIR PERSONAL HOLDINGS AND MAKE THEM PAY FOR THESE VERY SERIOUS MISTAKES.
Call write, email QUICKLY QUICKLY QUICKLY before these thugs rob the U.S. treasury
MAKE THEM PAY FOR NATIONAL HEALTH CARE FOR THE 40 MILLION UNINSURED FOR SEVERAL YEARS.
Rasputin @ 48:
thanks. Stop Secretary of the Treasury Paulson from robbing the U.S. Treasury
http://www.salon.com/opinion/greenwald/2008/09/20/bailout/index.html
UPDATE: Here is the current draft for the latest plan. It's elegantly simple. The three key provisions: (1) The Treasury Secretary is authorized to buy up to $700 billion of any mortgage-related assets (so he can just transfer that amount to any corporations in exchange for their worthless or severely crippled "assets") [Sec. 6]; (2) The ceiling on the national debt is raised to $11.3 trillion to accommodate this scheme [Sec. 10]; and (3) best of all: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency" [Sec. 8].
Put another way, this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.
SECRETARY OF THE TREASURY PAULSON IS THE GUN MAN ON THE INSIDE HE IS ABOUT TO OPEN THE U.S TREASURY TO THE BANKING THUGS AND WILL NOT BE HELD ACCOUNTABLE.
CALL YOUR REPS TOMORROW AND ALL WEEK. SAY NO TO THE BAILOUT UNDER THESE TERMS
Kathleen @ 61:
Update: Paulson said on Meet the Press this morning that he needs the power to even bail out Sovereign Nation Funds and Foreign Nations!!!
You heard that right... he wants to put not only US corporations bad debt on the back of the US tax payers... but whole countries as well!!! WTF!!!
Better News. Obama's plan
First, there must be no blank check when American taxpayers are on the hook for this much money.
Second, taxpayers shouldn't be spending a dime to reward CEOs on Wall Street.
Third, taxpayers should be protected and should be able to recoup this investment.
Fourth, this plan has to help homeowners stay in their homes.
Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.
Sixth, we need to start putting in place the rules of the road I've been calling for for years to prevent this from ever happening again.
And finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street.
http://www.huffingtonpost.com/2008/09/21/obama-on-bailout-this-pla_n_128...
Rasputin @ 63:
Paulson is he head gun man working on the inside to open the U.S. Treasury to these banking thugs. Will U.S. Taxpayers sit in their living rooms and watch this bank robbery of their money?
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