Paulson didn't ask for oversight because he'd be, cough, cough, 'presumptious'
By John Amato Monday Sep 22, 2008 6:40pm
President Paulson didn't ask for oversight on our 700 billion dollar bail out of Wall Street because it would have presumptuous of him, but asking for the money in like a day with virtually no debate is supposed to be normal?
Paulsen: We gave you a simple, three-page legislative outline and I thought it would have been presumptuous for us on that outline to come up with an oversight mechanism. That's the role of Congress, that's something we're going to work on together. So if any of you felt that I didn't believe that we needed oversight: I believe we need oversight. We need oversight.
Sure, we believe you.
This week, the Bush administration is attempting to steal $700 billion and give it to Wall Street. Will they succeed?
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when will corporations rule america?
my guess is...
now!
I need a fucking bailout. And my needs don't even come close to $700b. Gimme now.
lewis stoole @ 1:
You'll probably have to go back further in time......
"The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said.
Ominously, he added, "I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way."
My company is already outsourcing jobs so what the hell do I care about the credit markets for? I'm already NOT IN THEM.
If this is all he can come up with, "Horror horror, more of what is already hapening! Run! Hide! It's the boogey man!" Then fuck 'em. No bail out. Period. And if the Chinese get screwed in the prosees, they can quit shipping their mops and brooms over here.
People like this need to be treated like John McCain in the opening of "Die Hard With a Vengence". It doesn't have to be the exact same, but just the same idea . . . preferably somewhere in a more hostile section of the Middle east. The Pay Per View revenues could be used to fund the bailout.
The Republicans' TRICKLE-DOWN THEORY has failed utterly. Now they'd like to introduce a new, improved theory: The TRICKLE-UP THEORY.
Of course, like the last one, it's unproven. But it's all we've got. We can't possibly let rich people be left holding the bag for their stupid mistakes, bad investments and egregious misdeeds.
What a lying cocksucker. He didn't ask for oversight because it would be presumptuous? What was that section eight all about then?
This whole thing stinks to high heaven.
You did come up with an oversight mechanism Mr. Paulson, it was that there would be no oversight. In fact in your proposal you specifically said "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.”
when will corporations rule america? if i was to hazzard a guess on that question, id say 911, usa usa usa !
Guess asking for $700 billion , without oversight or questioning , isn't considered
.........
Why are they so mean! think of the poor starving Wall Street bonuses, they are cold and shivering and need a good home.
miss_kitty @ 2:
Me first.
[elbow] [shove]
Same reason he did ask for a trillion.
Impolite.
Cripes. DIs anybody else having phantom sensations of a pistol shoved in the small of your back after you wandered too close to a dark alley?
It is now being disclosed that the bailout plan has been in the works for months. Were they working on this plan at the same time they were working on the stimulus plan? If so, they had to know that the stimulus plan would not work. Why in the months did they only come up with a 3 page plan. Something smells bad and it isn't something I can blame on the dog.
Bonkers @ 14:
*Is anybody else...
That was some pure double speak today coming out of Paulson. On Friday he was saying "quickly, quickly" with a gun to the heads of our Reps. He was clearly saying "let me use the keys to the Treasury NOW because it is only going to be worse later" Today he said sure he wants "oversight" but that "punitive measures" will "render their efforts ineffective" Double speak!
Remember this part of that legislation
"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."
Sure does not sound like a guy who wants oversight.
Paulson knows how to nail our nations (Reps and American taxpayers) balls to the barn floor and hand us a knife and matches and then says "choose"
If he is really going to look out for the taxpayers (and I don't think he gives a rats ass about the taxpayers) he needs to nail the balls of these CEO's to the barn floor and hand them the knife and matches and say "choose" NO BLANK CHECK, AND PLAY BY THE TAXPAYERS RULES
Here Amy Goodman describes the groundwork for Martial Law as of Oct 1.
bamboozled @ 6:
Trickle down in the Paulson fat cats world means PISS ON THE THEM
Why did no one in the room, right when Paulson finished that statement, ask him why he then felt presumptious enough to include the wording of Section 8...which makes it clear no oversight at all would be allowed?
After we (and Congress) have been lied to repeatedly by the administration on everything from Iraq to our economy, why on earth would these senators just roll over and take ANYTHING they are told without calling it into question.
It's like the boy who cried wolf. Maybe we are in real trouble now, maybe their proposal would actually save us; but why would anyone ever believe them?
Hey, Paulson and the crew need it now before they miss the chance to establish Neo- American Fascism, the alignment of government control solely with corporate interests. If not, the middle class might just make it with an Obama presidency and set back the last 30 years of planning.
lewis stoole @ 1:
No. I'm pretty sure the date was January, 20 1981.
Ron @ 15:
Unable to link to Firedoglake from this computer. Empty wheel has a great piece about this
Bonkers @ 12:
Watch it mac!!!11!! I was here first, and it was MY Idea! The line starts behind me, you greedy grasping bastid!!!1!!11
[elbow] [shove] [instep crush]
Tell Congress to piss in Paulson's water glass!
Senate Banking Committee Contact Form:
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form
House Committee on Financial Services Contact Form:
http://financialservices.house.gov/contact.html
Sample letter
-------------------------------------------------
Regarding the proposed Bail out plan...
Senators,
I agree that we have to do something but this Secretary Paulson's plan is not it!
I read the provisions of Section 8 under this plan and it is appropriately located there because you'd have to be crazy to agree to give this administration a blank check while granting them no review by the congress, the courts, and placing them above the laws of the land.
That is insanity! NO! NO! NO! To grant them this would be the unforgivable sin!
Lack of oversight and deregulation is what caused this mess and I want full oversight and accountability for any such bail out deal!
Secondly, there is no guarantee that this will work and I want it to be split into smaller tranches that allow for quarterly review to see if it is working before committing to astronomical sums in a carte blanch form like what Secretary Paulson is proposing.
Thirdly, by committing the country to this huge bail out it would limit the next President’s ability to handle any other crisis. It is imperative that either it be split into quarterly segments with full review, or the Congress must come up with its own counter plan immediately.
This can not be allowed to be treated as a financial “Reichstag Fire.”
1. I want an independent group to be formed to do this much like FDR did with the RTC. I like Warren Buffet's Suggestion of Bloomberg for head of this agency.
2. I want taxpayers to receive the title of ownership to the companies that we bail out and guarantees that the tax payers will receive the benefits of later sale of these properties.
3. Assets purchased by this group should not be inflated beyond their market value. Companies should not be rewarded for bad decision making...
4. Not one penny of our tax dollars should go to the CEO and upper level staff for "golden parachute" exit packages.
5. Liquidity to the banks should be supplied by Federal Loans, not by purchasing assets at vastly inflated prices.
6. As a condition for any bail out or loans, the Glass-Steagall Act of 1933 should be reinstated.
7. Mortgage holders should be induced to renegotiate terms to keep single home owners in their homes.
8. A special loan facility should be created specifically targeted at small business owners to provide them with operating lines of credit.
This last point is vital. I know many CEO’s of small companies who have hundreds of thousands of dollars of orders but they can’t fill them because they can’t get credit lines to purchase the parts. Small business owners provide over 65% of the jobs in this country and need to be given priority over the financial institutions.
Ron @ 15:
It goes back to the saying that events just don't happen; they are created by the powers that be. :(
miss_kitty @ 24:
Ouch!
Yeah, you guys were right yesterday. They basically just took the Patriot Act, scratched out "wireless phone tapping" and scribbled in "no oversight, not reviewable by any court or government body." Which explains why they could slap it together so fast. Just recycle the same old fascist sh!t from the rolladex.
Now Reslugs willl have to admit that they will raise taxes, as they always did, on us little people.
Kathleen @ 23:
What are you saying? I should blame it on the dog?
Wow. the Repugs certainly forgot their mantra of 'Small Government'. Even Ron Paul said the banks should fail. If this goes through, our children and grandchildren will curse us. They are the ones who will end up paying for this mess.
Ron @ 15:
leaked contents of the three page plane;
page one
'give us 1 trillion dollars and we promise to pay it back after we arrive in Paraguay'
page two
'give us $500 billion and look the other way while we do something'
page three
'give us $700 billion or we turn off the economy'
they wisely chose page three's plan
john mccain will provide the kind of oversight that paulson's talking about.
The horrible downside of not doing the bailout?
Consumers and businesses would not be able to borrow as much money or get it as quickly as they used to. Imagine that - living within our means!
wow.....what happened i thought mccian said the
economy was 'fundamentally strong'...we're suppose
to have confidence in this guy. people didn't vote
for mccain in 2000.....why do people believe he has all
the answers now.
Screw bailing these banksters out. If they're bankrupt then we'll pay them what their shares are worth (about 10 cents on the dollar) and nationalize those companies. If "We The People" bail them out then we should own them. No bailouts without a transfer of equity for collateral. Take it or leave it.
Uppity Blue Lensman @ 34:
Is it time for a national boycott of paying off ones credit card bills !
Would they take notice of the little people then ?
Daisy Zimmerly @ 36:
So why is BoA buying Merill Lynch for twice its real value !!!!
Something stinks methinks.
Just Filling A Wording Requirement
At that point in the meeting, Paulson was just filling a word requirement so he can "sound" like he has covered all his bases. I think the only way Paulson and the Bush administration can accomplish their goals is to get our money and run.
You can call my assessment un-patriotic or un-American, but you will not get away with calling it stupid. The more I see of Paulson, the more I dislike him and don't trust where he is coming from. This is the last crook in Bush's arsenal of crooks. They have saved the worse for last. Say hello to Captain Crook -- no relation to Captain Hook.
Joseph
Faxing my reps a while ago:
___________
Representative Jon Porter: Fax 202-225-2185
Senator Harry Reid: Fax 202-224-7327
Senator John Ensign: Fax 202-228-2193
September 23rd, 2008
8210 xxxx xxxxx xx
Las Vegas, NV 89xx
702-xxx-xxxx
Gentlemen;
This hastily proposed Wall Street bailout is succinctly characterized by one word:
EXTORTION
The widely cited draft provision immunizing Secretary Paulson from any regulatory or judicial oversight is UNACCEPTABLE. For one thing, it glaringly violates Article III, Section 2 of the Constitution (though that didn’t seem to bother you with respect to the FISA immunity travesty). The sheer amount of financial criminality that has ensued in recent years is simply astonishing. It’s like our national officials have learned nothing from the S&L scandal and Enron, etc.
This mess goes way beyond poor judgment. Crimes have been committed, and this time there is no convenient “terrorism” cover for you to cite in excusing this conduct.
I will be watching closely. You vote for this latest, and by far largest sell-out of the American public, I will work tirelessly for your removal from office. We deserve real solutions and real ACCOUNTABILITY. I recall the 2000 campaign promise of this “CEO-in-Chief” “MBA President” who was going to come in and run a tight and proper businesslike ship. Instead, we got a Dilettante-in-Chief whose role, it inescapably seems, was simply to provide cover for the looting of the federal till by cronies. Mission Accomplished, indeed, and this Wall Street bailout will be his crowning achievement. Endless shame on you should you be complicit in it.
Respectfully,
Now that BushCo has succeeded in breaking and stealing virtually everything worth anything- what's next?
BennyP @ 41:
700 billion dollars.
Joseph
The legislation specifically states that there is to be no oversight.
Now he says they really wanted oversight all along?
Yeah. Right.
What does he care what the outcome is for this bailout shit, he made millions from his last job and made millions from this job. I want his millions back to help pay for the bailout. If he would do that, I'll think about it. Maybe.
Ain't it pert near time to be postsumptious?
Oh wait, that's what we've been all along.
ferrofluid (Obama + Biden = 2008) @ 38:
Duh, because they'll get that sweet bailout money from the taxpayers. That's like asking, "Why would Cheney want to start a war then give the company he has his retirement package is wrapped up in a no-bid contract for billions?"
Why don't ALL the bastards that got filthy rich, through cheating, stealing and profitting from middle and low income Americans, bail us out and pay it back by selling their mansions, yachts and airplanes for a start.
Maybe we can get the opinion of someone who does not have $500,000,000 in Goldman Sachs stock on the line.
Leftfield Lydon - Open Up
substitute Wall Street for Hollywood in this video, its uncanny how it fits the financial crash and scams.
"This week, the Bush administration is attempting to steal $700 billion and give it to Wall Street. Will they succeed?"
Not only will they succeed, but will be showered with flowers and chocolates.
Limp-Dick Blimpaugh @ 47:
The blank check / no oversight piece is the equivalent of FISA telecom immunity. Diff'rent Day, Same Shit. Paulons wants to be able to quietly "make it go away" (on the surface for long enough to buy political time).
ferrofluid (Obama + Biden = 2008) @ 49:
The job of the salesperson (Paulson) is to offer something that might not be acceptable at first, then ask you what you would accept. Then the negotiating begins.
ferrofluid (Obama + Biden = 2008) @ 37:
That is coming next. All those people who were using home equity loans before they lost their homes are charging and charging...
Lets Play WallStreet Bail Out
http://www.youtube.com/watch?v=S27yitK32ds&eurl=http://www.dailykos.com/...
Wait a minute....presumptious? That's total bull. He specifically asked for NO oversight. If he felt it was up to congress to provide the oversight specifics, then why did he ask for NO oversight?
Let's use the Treasury Department OIG anonymous tip hotline:
File complaints against Paulson for his obvious conflict-of-interest self-dealing.
I've got an idea:
As Bernie Sanders pointed out the other day, under Bush, the richest 1% have gone from owning 50% of the wealth to 90%.
The richest 0.1% now own 50% of the wealth.
That's not that many people. Excluding kids, probably less than 100,000 people.
Let's take THEIR money!
Sacrifice the few--remember, many of whom have harmed America in awful ways--to save the many.
huckleberry paulson is an INCOMPETENT moron who doesn't know shit about anything, let alone the markets. this dumb fuck makes no sense during interviews, does not speak in the detailed technical terms a treasury secretary should and is another bush admin neocon psycho who's just as greedy and stupid as the rest of them. hmm he wants taxpayers to give him $700 BILLION with NO OVERSIGHT? uhh yeah ok! fuckin asshole..every one of those neocon bastards should be tried, convicted and executed immediately for their sick demented desires to fuck the world over for no reason.
The strange upside to this whole mess is that for the first time since 911, a majority of Democrats and Republicans seem to actually have come together-with public consensus-working as a unity against the Paulson plan.
I find nothing ironic about the fact that what brought the two parties together for this brief, shining moment was money.
Sorry, I want to see all of these assclowns destitute and out on the streets with their families.
Just kidding!
I'm not a bit sorry...
these people are now skirting the ragged edge of disaster.
My recommendation: Don't give them a fucking thing. Let them burn. The America I was raised in can handle a recession.
I want to believe my fellow Americans won't let Paulson even make it to the bank with his 700bn check if this goes through.
Let's face it. Amerika is screwed. We can thank the 'genius' of Gee Dummy Butch, McPow and their GOPig acolytes.
Torches and Pitchforks
http://www.youtube.com/watch?v=Lg4pXE5vf1E
MISSION ACCOMPLISHED!
Bush was appointed to office to provide cover for the looting of the federal till by cronies and handlers. The Wall Street bailout will be his crowning achievement.
I heard this on WTOP (Washington DC radio news station). The same crooked ass Carlyle Group can't wait till our gubment gets it's corporate welfare grant from congress it seems.
http://www.bizjournals.com/baltimore/stories/2008/09/22/daily15.html
This shit will never end.
The White House has been planning this for months!
They sat on the plan...
This is classic shock doctrine maneuvering and has to be opposed.
http://www.rollcall.com/news/28599-1.html?type=printer_friendly
Time to write your senators, people- they need to hear from that dying breed, the Middle Class. Here's what I sent to mine:
Dear Senator Schumer- Members of the Senate and Congress were rushed into passing the Patriot Act, the resolution to invade Iraq,
and now this 700 Billion bailout for Wall Street. You and your fellow Senators need to spend a bit more time on this one.
I'm self employed, not wealthy, and my business has weathered 9/11, a divorce, fire and economic downturn, yet when it is time to pay my taxes, the government's line is shut up and pay.
Like many of your constituents, I am extremely angry about bailing out the creators of this massive Ponzi scheme, who will sail away with the profits (and get a nice low Capital Gains tax rate on it) while leaving suckers like me with the bill.
Your constituents are watching, Sir- please don't let us down!
This "emergency" was engineered by Wall Street and the Bush Administration.
The criminal prosecution of NY Gov. Spitzer's escort service was a political hit on Spitzer. Spitzer was making noise about possible illegal practices in the financial industry.including the Bush Administration's efforts to override individual state's attempts to prosecute predatory lenders.
How insane is it to trust the people who have created this scenario to fix it.
Talked about getting robbed twice!
gopcrooks @ 67:
Private equity? Hell no. They will buy the good stuff but not the crap. The taxpayer gets the crap.
mikeyrstx @ 69:
Yep. See my #40.
Just saw on Hardball. The investigations have begun by the FBI.
And John McCain is dodging again...waffled on the vote for the bill. Such decisiveness!
Yeah, ok. I recognize that. It's a lie.
Why does this guy still have a seat at the table? First order of business should be to kick his ass to the curb.
What next? Well they picking the meat off our carcasses? Sarah Palin would be perfect.
An interview w/ Richard Andrew Grove, an AIG insider
http://www.youtube.com/watch?v=wpl503nxeac
Jack Blood of gcnlive.com interviews Richard Andrew Grove, an AIG insider and whistleblower. This is an insider expose of the AIG / Kroll spook company, their ties to 9/11 and their new financial 9/11.
Paulson not mentioning oversight because he didn't want to appear presumptuous is like a burglar claiming he didn't ring the doorbell because he didn't want to wake you up.
We need to go ahead and bail them out because that money will trickle down and create jobs for the great unwashed masses.
We also need to get government off business' back and get rid of all regulation and oversight. Excessive regulation is the cause of these problems. Corporations will do the right thing if government would just get out of the way.
The money that is currently being spent on Marxist socialistic programs like Social Security, Medicaid, infrastructure, and public education would be better utilized by our masters of Wall Street. We should cut the socialist programs and funnel this money to the Enrons, Goldman Sachs and a larger military budget for the War On Terriers.
Let the churches take care of all those other social safety nets. You know the old saying, "I'm from the government, and I'm here to help you". That is a terrifying thought. If I ever need help I'm sure the Pat Robinsons and James Dobsons mega churches will save me.
I'm a proud capitalist. Socialism bad. Bad Bad Bad I say. God bless George Bush and the USA./snark
Uppity Blue Lensman @ 34:
As someone who has not had a credit card or 15+ years, let alone a mortgage, the biggest impact on me from this whole debacle is watching family and friends twist and crawl, as if they're trying to kick drugs. It sucks, but when you have little financial resources to begin with, you don't have as far to fall. And I can still afford ammo to guard my cardboard box...
Janet @ 7:
The White House thought Section 8 would be overlooked due to their projected "Urgency"... but what they did not realize was that Senator Dodd and his panel would actually read it, at about 11:15 or so Chairman Dodd clarified section 8 to Paulson. I think in review of this session both Paulson's and Bernanke's facial expressions stated it all...NO BLANK CHECK!
bamboozled @ 58:
Mick Piobr @ 61:
I'm not kidding. It's what they deserve.
Can we impeach Bush and/or Cheney now?
These guys have gutted the Federal Government, lied us into a war, wrecked the economy, sunk us under a mountain of debt, violated laws, outed a CIA agent during a time of war, ignored the Constitution, devalued the American dollar and destroyed America's credibility and respect in the global community.
Wtf do you have to do in this country to get impeached?
It would be a big mistake if this BAIL-OUT is going to go forward. These proponent for the bailout are the SAME people that were trying to do away with SOCIAL SECURITY and/or put it at the hands of PRIVATE industry in the unsecured gaming of the WALL STREET betting. Social Security are the last resort (the cushion, if you will to financial collapse). These Private Corporation should also have their OWN INSURANCE to be paid in to a CORPORATE SECURITY.
Corporation should....Practice what you preach. Buy what you sell. Perhaps corporation will think differently from doing away with the Social Security.
$700 billion bailout is just buying time with Tax-Payers money for the sins of the corporation. Tax-payer bail-out should go to save tax-payer from foreclosures. The people are the once who are victims of the corporate schemes and lack of government oversight from protecting the public and their interest.
Recession will happen with or without the Corporate bailout. Help the people stay in their home instead by extending, restructuring and/or modifying their loan even if it means giving the tax-payer 50 years instead of 30 to pay for their mortgage. That would be the right thing to do.
CEO and corporate individuals, responsible for the banking crisis should be replaced by government should intervention and take-over the operation temporarily.
With 700 billion dollars of asset, Government can create their own quasi-banking operation, much like the credit union, that are OWN by the people rather than by a few corrupt bankers. Allow the dead-beat bankers to collapse; then the real-estate pricing correction will settle and allow the victims of foreclosures with the financial means to get financing for these foreclosed homes with a more realistic, clear-cut, good ole fashion kind of financing.
When WE allow ill-practices of the greedy drown in their own misfortune; another ONE will GROW in its place. And when it does, we can hope going forward that the NEW breed of bankers would have learned a valuable lesson from other's mistakes.
Whoa, whoa,whoa, whoa, WHOA! Wait a minute! Didn't wanna be presumptuous?
From the Draft Proposal for Bailout Plan:
Sec. 8. Review.
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.
That's not unpresumptuous, Hank, that's downright...uhm...hmm...what's the word?....FUCKING WRONG!
mikeyrstx @ 69:
Good--short and to the point.
Remember that most of our elected officials are, ostensibly, busy people. A short, clear letter is more likely to get read than a tome.
Face it folks, they're gonna' do whatever they want, one way or another. And what they want is for the middle class to be squashed, and anything lower to go away. If that means a bigger October Surprise, then that's what we'll get, financial or otherwise. The Bush Crime Family, brought to you by Dick Cheney and
The Fed.......and Osama bin whatshisname...
I would like a couple of hundred thousand that would bail me out and I would not need more next year.
Fuck these people let these companies go under America will get over it but bail them out and we will have to burn washington down.
Never will I believe BUSH (or McInsane ftm) on anything. In Fact you can ... almost always... (count on the exact opposite of what ever he says)... to be exactly the Truth...
You know The Bailouts are becoming popular fodder for the masses (that think these guys are JUST trying to steal the public blind ...again... when someone Parody's an African Phishing Letter....l
-------------------------------------------
CONFIDENTIAL BUSINESS PROPOSAL
Dear Mr. American,
Good day and compliments.
I am HENRI PAULSON, the Ministry of the Treasury of the Republic of America, and the personal financial adviser to GEORGE W. BUSH (the eldest son of the former ruler of America, GENERAL GEORGE HUSSEIN WALKER BUSH).
This letter will definitely come to you as a huge surprise, but I implore you to take the time to go through it carefully as the decision you make will go off a long way to determine the future and continued existence of the entire members of my country.
It is with deep sense of purpose and utmost sincerity that I have the privilege to write you this letter knowing full well how you will feel as regards to receiving a mail from somebody you have not met or seen before. There is no need to fear, I got your address from a Wall Street business directory which lends credence to my humble belief. I also assure you of my honesty and trustworthiness. I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
During the last Military Regime here in America, the Government officials set up companies and awarded themselves contracts which were grossly over-invoiced in various ministries. My country has had great crisis that has caused the need for large transfer of funds of US$800,000,000,000.00 (eight hundred billion US dollars) in cash for safe-keeping. If you would assist me in this transfer, it would be of most profitable for you.
I am working with the honourable MR. PHIL GRAMM, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As Senator, you may know him as leader of the American banking deregulation movement in the 1990s.
This is a matter of great urgence. We need a immediate blank cheque. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because as civil servants we are constantly under surveillance by Democratic members of Congress, the media, and the American public. My family lawyer, MR. RICK DAVIS, advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please note that this transaction is 100% safe and we hope to commence the transfer latest seven (7) banking days from the date of the receipt of the following information: all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. This way we will use your country's name to apply for payment in your name. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds. That's all. Let me know what you think about this.
We are looking forward to doing this business with you and solicit your confidentiality in this transaction.
May Allah show you mercy as you do so?
Your faithfully,
Dr. Minister of Treasury Paulson
------------------------------------------------
I wouldn't give these guys change for a dollar- just because [Bush is pushing] to get it done this week...
While You Were Sleeping
http://www.liveleak.com/view?i=ff6_1222168976
The FEDERAL RESERVE prints money and lends it to the American government.
It costs the FEDERAL RESERVE $0.3 (3 CENTS) to print a one dollar bill.
That's $.97 automatic profit to the FED on every dollor they print.
A massive interest is then added on the loaned money.
The American taxpayer has now paid, a PRIVATE bank to print the money.
JFK passed a law which would enable the government to print it's own money.
This would move the printing of money from private banks into the hands of the US government.
Executive Order 11110 was issued by JFK on June 4, 1963.
They killed JFK.
After JFK was killed, president Lyndon Johnson issued Executive Order 10289.
It gave the authority BACK to the private bankers,...the FEDERAL RESERVE.
Hmm, then why did Paulson's simple document have a Section 8 in it that explicitly forbid Congressional or judicial oversight?
No bailout! "The words of Patrick Henry. ‘Trust it not sir, it shall prove a snare and a delusion."
Alert to C&L bloggers!
Chris Matthews had Steven Pearlstein on his program tonight as a supposed neutral economic journalist trying to explain this bailout situation to the peasants. He was supposed to bring us "clarity". This guy was one of the biggest spinners I have heard so far. He was throwing out Paulson's lines "alternative is terrible" etc.
But his most twisted line was that these "bailouts are the means by which we are saving ourselves" This guy kept referring to the CEO's , as "we're". This guy Steven Pearstein seemed like an inside player for sure. Both Jim Kramer and Pearlstein were screaming "go along with the bailout, go along with the bailout" Not finding any clips of this evenings news up at Hardball yet. Matthews needs to be hammered for only presenting one perspective on this bailout.
Chris Matthews needs to stretch the perspective a bit and have Naomi Klein or Nomi Prinz on for some diversity some balance.
rhl @ 91:
Because he is so concerned about the American taxpayers....right
Today I witness 2 thieves going into a building trying to extort 700 billion dollars from the USA. Not only that they tried to lie and say, "It's my way or the highway." They also tried to create an artificial melt down of the current economy to ensure that we'll pass the bill. When asked why 150 billion isn't enough they went off topic about the on coming crisis.
I have a few words for you goons, we lived through the Great Depression caused by the banks and we'll live though this economy melt down with or without you.
P.S. have a nice day in hell when u kick the bucket.
the "rotten child" stomping around impetuously at the top of the pyramid might mind his manners, as well as his step, for all the ruckus may cause the whole structure to collapse, or become reduced to the size of a "spinal tap" stage prop.
"president paulson" is pretty good, amato, but i plan on making out my check to "count paulson".
too bad they didn't have cameras back in the middle ages.
i would have loved to have seen the look on rumplestiltskin's face when the princess said his name.
We don't care why you didn't ask for oversight. We care about why you asked for no oversight.
Leave it to the corporate media and obfuscate the whole matter. I first heard about the matter 6 months ago on British television. There are non-performing mortgages, an instrument secured by collateral (the real estate) and then there are these derivatives, especially the "credit default swap", the instruments that aren't backed up with any assets, the leveraged instruments that essentially was gambling.
I can see the government acquiring the mortgages, because then, with a little forbearance, the government can keep people in their homes. And being collateralized, thegovernment will get least 60¢ on the dollar. But I don't see how paying the gamblers off for the derivatives will help keep people in their homes. Ben Stein thinks the costs of the mortgages is around $250B. The figures I heard was $500B for the mortgages and $750B for the derivatives from the Great Britain show. Those *may* include U.K totals as well. So, no matter whose figures you're using, it seems the majority of the proposed bailout is to pay gambling debts, not underlying mortgages. All brought to you by a government that says you shouldn't be allowed to bet a nominal amount with a website located in Antigua.
I think we should send a message to our Representatives and Senators that we need a clearer explanation why the tax payer should be picking up any obligations not secured in real estate.
QG@56 says "Wait a minute….presumptious? That’s total bull. He specifically asked for NO oversight. If he felt it was up to congress to provide the oversight specifics, then why did he ask for NO oversight?" and
_PK_@77 says "Paulson not mentioning oversight because he didn’t want to appear presumptuous is like a burglar claiming he didn’t ring the doorbell because he didn’t want to wake you up."
He did come up with an oversight mechanism. Section 8 of the proposed legislation flat out stated “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.”
He was, in fact being very, very presumptous by heading the legislators off at the pass. (Sorry, its the Gene Autry movies coming out) He flat out told them he thought about oversight and flatly proposed that one one, including a Court of Law, could review his agecy's actions.
And by a verbal slight of hand now calls actually being very, very presumptous "not presumptous!" Smoke and mirrors. To make things smokey and hazy, he has now professed that in fact he welcomed oversight, he now becomes the regulator, one of the new republicans, followers of the mavericks.
Now to completely turn his spell-bound audience around, he starts the distractors. Blame Barney Franks, a Democrat, for standing in the way of oversight like the way they, Republicans, wanted all along. It doesn't matter that you are leaving things out, you know, falsehoods, half-truths, misstatements and omissions of fact such as Barney Franks' proposed regulatory oversight legislation, the more the better.
http://colorado.mediamatters.org/items/200809230001
Now, everyone knows that the folksy, bumbling republican types are really, really the reformers.
Bill O'Reilly says so!
John F A@82
Oh, you misunderstood! I was just kidding when I said "sorry."
They deserve all of that and more.
no one!
You guys are reading too much into Section 8, in fact, you weren't supposed to read it at all.
That look on Bayh's face said it all.
Couldn't agree more.
This is how the MSM manufactures consent. Here we have a perfect example of everything that is wrong with "free trade", deregulation, trickle down economics and 99% and the most dissent you get on the MSM is pseudo-populist-main-street bullshit--no real analysis. Where's the discussion of the history of bailouts and results (which prove they don't work)? where's the discussion of the derivatives market and their role in collapse? where's the discussion of lobbying groups and their role in deregulation? Where's are interviews with the real journalists who have been stating for years this is where we were headed? The answers to these questions and the other vital ones all lead to a system of crony capitalism that the major networks and news organizations are a huge part of, you'd see all the major networks showing a huge pot and kettle with a caption by the pot stating "I'm calling you black."
How many news stories have you seen on the "liberal Hollywood elite" and how many have you seen on the paper trail of money into support for deregulation?
Anyone who states the MSM is "liberal" is either ignorant, a political operative, or both.
Kathleen @ 93:
the best way to fix this economic crisis would be for the feds to round up all the crooks on wall st. and in the beltway and throw them in paddy wagons.
don't they say the best way to kill a hydra is to chop off all 9 heads, in one fell swoop?
keep your eyes on that grandstanding blowhard chriss dodd. he's already preaching conformity of thought on the dems side and expediency, when everyone in america knows we need to proceed with extreme prejudice.
is dodd's job to swing the stopwatch and hypnotize his side of the aisle?
and i am not kidding, barney frank and steny hoyer should be under 24/7 surveillance, under suspicion of cutting themselves deals with economic terrorists.
JUST SAY NO!
i don't trust chuck schumer or dianne feinstein either.
so my list of dems i don't trust is up to:
CHRIS DODD
BARNEY FRANK
STENY HOYER
NANCY PELOSI
CHUCK SCHUMER
DIANNE FEINSTEIN
the vampires probably wouldn't have tried so brazen a manuever if the fix wasn't already in.
ask for the insane, hope for the outrageous, settle for half and MAKE OUT LIKE BANDITS.
I now know why Bush & Co don't tell us anything. They can't lie worth a damn. Now we know they not only lied to the People and to Congress, they even lied to the closest of Bush's Congressional supporters. Lies of omission. They have and will continue to leave ALL of us in the dark.
Will we ever know what they have done? I doubt it. Because, before Bush and Cheney turn out the lights on their reign, shredders will shred and hard drives will be erased. Too damn bad impeachment was taken off the table on these demigods. The greatest criminals in American history are going to walk away with their own special platinum parachute. A tragedy beyond all words.
i heard an interesting rumor the other day:
even the AI robots are now advising u.s. intelligence to arrest the crooks on wall st. and in the beltway.
who'da thunkit? is R2D2 gonna save old glory?!
Warren Buffett puts $5B into Goldman Sachs today.
He receives perpetuity preferred shares w/10% dividend, plus $5B more in options priced at 8% below the close.
Can anyone here explain why if a bank like Goldman is stable enough for the world's pickiest investor to put money in today, why we need to give $700 billion of taxpayer money for free, no strings, no dividends, no equity, no options?
Warren Buffett saves the day
If Warren would up his investment to $7B, we'd only need to find 99 more private investors like him and we'd be at $700 billion. Or we can give half of 2007's personal income tax from every taxpayer in america to the banks for free.
Outrageous. This crisis is a sham.
dba@104
Exactly right. The Neofrauds thought they could stampede Congress and the public into accepting their fascist crap ass bill by using the bums rush they used for the Patriot Act. Bullshit. These people are despicable liars and frauds and this Sec 8 MUST GO!
I have no doubt they left out the oversight because
1. They don't plan to abide by any
2. Any oversight they came up with would be way tougher than what the toothless Dems would propose.
Example: B. Frank we are going to have an independent board look at each transaction after it happens...
you mean after it is too late to change it.
Remember these fools don't ask for permission, they ask for forgiveness and by the way did I mention trust me.
How does this oversight committe keep them from doing the same thing over and over?
How...we can't even get these assholes to show up for a congressional subpeona....
NO BAILOUT!!!
Steal a little and they call you a thief. Steal a lot and they call you a King.
With no oversight or review they can "redirect" whatever portion of the dough to just about anything they please. No one would ever know. Where do you think this mob would spend the money of no one was watching?
What an arrogant prick.
"Just close your eyes, give us the money and the boogieman under Wall Street's bed will go away"
Everytime one of these snake-oil salesmen like Paulson opens his mouth and says "Don't worry about it", I check my pocket to make sure my wallet is still there.
Jesus Christ on a cracker, how dumb do they think we are?
AMERICA,
Would YOU actually bail-out and lend MORE of our money to those that NOT ONLY stiff us big-time NOT one or TWICE but for the THIRD TIME?
AMERICA if YOU allow this INSANITY to HAPPEN, again, then there is no one more CRAZY than YOU.
SAYING "NO!" IS tough LOVE but is necessary at this point in time. AMERICAN people collectively are resiliant and WE WILL OVE$RCOME this. WE HAVE DONE IT BEFORE and WE WILL do it again. WE JUST NEED to clean HOUSE and bring back dicipline back into the MIX. The clean-up must start from the TOP where the failed leadership (if you would even call it leadership, more like a crooked scheme and the greatest CON perpetrated by the High-paid crooks).
Don't buy into this bailout. This is AN OPPORTUNITY for AMERICA to show that WE the people (the Consumers, the Tax-payers) collectively STILL has the upper hand. When they WIN our CONFIDENCE, our market will RECOVER.
When OUR government and our employer DIS-REGARD the well-being of their people and their employee; and disregard the internal control policies to keep the industry operation well greased with regulation ; and to keep those WE rely on and entrusted our WEALTH to and livelihood secured by STRENGTH, INTEGRITY, and HONESTY......ONLY then will WE the people be ready to participate in fueling the ECONOMIC MACHINE. Till then, we will RESIST any frivolous SPENDING and only spend for NECESSARY goods.
TAX-PAYERS money should be USED for the good of the GENERAL PUBLIC and NOT for CORPORATE BAIL-OUT.
Why are there constant Banking and Financial Commericals on TV during the "crisis" new? Business as usual.
Yeah that's why the bill had written right in it , not reviewable , no over sight by any court or committee , another Bushlerite scum bag . Like I have said before when you listen to one of these devils , take the opposite of what they say and there is the truth , you can count on it .
This must be the Shock and Awe the Bushlerites were talking about .
Paulson: "I'm an investment banker! I design derivatives! I don't know nothin' 'bout this lawmaking chit!"
So, you thought it would have been presumptuous to put oversight IN, but not presumptuous to put in clauses that specifically exclude it? Only in Washington.
Don't give these idiots ONE STINKING NICKEL!!!!!
TO HELL WITH GOLDMAN SACHS, LEHMAN BROTHERS ETC.
Let 'em financially die!
Golly....then they'd learn what it's like to be someone in debt who can't pay the damn bills....
hmmm let's see....
Give Bush a blank check to fix the 9/11 terrorist threats he blatantly ignored and....
==>Major FUBAR of corruption and ineptitude
Give Bush a blank check to bailout his economic failures and squandering of our national surplus and...
==>Major FUBAR of corruption and ineptitude
What's the definition of insanity?
fool me once, shame on you. fool me twice, shame on me!
Bush and his pals are out to steal... everything. Every dollar in the US economy. Everything that isn't nailed down.
Bernake bankrupted the Federal Reserve after Greenspan spent years getting it to the point of extreme vulnerability where it _could_ be emptied without alarms being triggered, or without the FBI, the Congress, or any other part of government able or willing to intervene. And now Paulson is doing his damnedest to empty out the Treasury as well. That $700B so called 'bailout' has no plan, no oversight, and places Paulson outside the law. He could hand a $700B check to Osama and legally noone could stop him from doing it, nor prosecute him after the fact. And whats going to happen to all these goons post-election? Nothing, they will already have fled.. all thats going to be left is the odor of Coke on the bills they are whisking out the door.
This is the End Game for the United States.
This is very suspicious. First they railroaded us into the Iraq War, and who made a lot of money? Cheney's buddies in the defense industry (especially Halliburton). Who made out in the gas crisis? The oil companies. And now with a few months left in his presidency, Bush (and Paulsen) want $700B without any strings. My crystal ball says that there will be some accounts in Switzerland and the Caymens by January, 2009. The whole Bush era has been a massive money grab.
Why should Wall Street or any other company worry about whether they are making a mistake in their day-to-day decisions when they see this kind of bailout? This is maddening.
Slacktivist on How not to apply for a grant
The would be emperor is naked as a jaybird. Has a little dick, too.
If it was not so serious, it would be funny. I think this is just part of Bush's "No Dollar Left Behind" policy!
Typical double talk by conservatives/Republicans. Not asking for oversight is VERY differnent from expressly prohibiting oversight (as the section 8 provision mandates). The Admin truly didn't want to be "presumptuous," then when they wrote their plan 15 months ago (as we are now learning), they could have said nothing about oversight. Stinkin' liars.
It's not that Paulson didn't ask for oversight, the problem is that the language of his bill prohibits oversight.
We're being bamboozled.
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