Why You Should Hate the Treasury Bailout Proposal (3 Viewers)

[1yearOlder]

I don't quite understand your question...If you're looking for guarantees, here's the only guarantee that I can think of...If the commercial paper market implodes, I guarantee that we will have the worst economy for the next three years that I've seen in my lifetime. I'm 46 years old. That's no hype, just fact.

At this point in the game, we're way beyond the problems of the mortgage markets. We're talking about saving the commercial paper market at this point.

I'm 46 as well as you can see .
We both were in high school when the "Washington Outsider" Carter
was elected over the "Too close to WaterGate , although never implicated" Ford .
And I've had my eye on every administration since , including how many executive branch agency secretaries
come from and go back to board member positions of investment banks
and trans-atlantic corporations usually tied into the military in some shape or form .
I could continue but , on to our present situation ...

These are rotten financial assets .
Paulson and Bernanke are trying to replay the approach used in the 80's
S&L crises but this situation is unprecedented , the debt is astronomical compared to the assets .
The failed S&L's had real assets , once sorted from the junk ,
that could be readily resold by the RTC at bargain prices .
This crisis involves etheral financial instruments - not just the notorius mortgage securites but
various derivative contracts and esoteric deals that could be virtually worthless .
And if there is any value , look what happened with the failed S&L's
and the RTC . The firms that financed the S&L's reckless lending
got to buy back the same properties for pennies on the dollar , profiting
on the upside , then again on the downside and guess who picked up the tab ?
Our government has been run by a criminal syndicate for decades now .
Our current crop of Republicans or Democrats , it makes little to no difference .
Now Paulson ( Goldman,Sachs ) ( Secretary U.S. Treas . ) is trying to bail out his buddies , after stealing our money ,
with our money again ,
while he and Bernanke are threatening us and the impotent congress
if we don't do it their way .

I am especially repulsed by Sec. 8 of the administrations proposal
( although it is in the same language as several directives , PDD51 and
the Patriot Act ) as follows -

Decisions by the Secretary pursuant to the authority of this Act are
non-reviewable

( meaning no-one dare try to look at or question what he is up to )

and committed to agency discretion , and may not be reviewed
by any court of law or any administrative agency .

Why would he need this kind of power and secrecy if he wasn't
up to something criminal ?

(meaning he in effect is emperor with complete liable immunity)

Just as PDD51 gives the current President or any future President
dictatorial powers if he or she deems it necessary .

" To preserve , protect and defend the constitution of the United States
of America . ":1zhelp:

Game Over !
Next ?

 

[BMOSaint4evR]

Called my congressmans office yesterday and voiced a no vote for this crud. Seems to much on the same vain that has been this administrations calling card for getting things done. "has to be done now", "failure to do so", fear. bunk.

I'll take my chances that the next president and a new administration will work with what is left of our 'financial' markets. We are all in debt about 35-39 K for the Iraq occupation, another 4k for the Fannie/Freddie/Aig and then tack on another 20K or so for this bailout and there still no Guarantee that it will end. We all have money problems that none of this BS addresses, except to add more debt where it's not deserved.

"Just say no".....we do have the power to stop this-phone, email the people that represent you where you live and let them know how you feel...

Old-Man steps down from soapbox now.

 

[Maxp]

I was gonna call you a dirty "Old-Man" and then I remembered that we are all just men. Nice sig pic. There certainly is a strong stench coming from this deal.

 

[BMOSaint4evR]

I was gonna call you a dirty "Old-Man" and then I remembered that we are all just men. Nice sig pic. There certainly is a strong stench coming from this deal.

Yeah, I was surprised my daughter let me use that pic. LOL

We have to try and stop this nonsense, only the big boys that brought the trouble are going to win. Get on your congressmen/women today and voice our concerns. We can stop it.

 

[desertsaintfan]

Called my congressmans office yesterday and voiced a no vote for this crud. Seems to much on the same vain that has been this administrations calling card for getting things done. "has to be done now", "failure to do so", fear. bunk.

I'll take my chances that the next president and a new administration will work with what is left of our 'financial' markets. We are all in debt about 35-39 K for the Iraq occupation, another 4k for the Fannie/Freddie/Aig and then tack on another 20K or so for this bailout and there still no Guarantee that it will end. We all have money problems that none of this BS addresses, except to add more debt where it's not deserved.

"Just say no".....we do have the power to stop this-phone, email the people that represent you where you live and let them know how you feel...

Old-Man steps down from soapbox now.

Yep...Add more debt and devalue the dollar to bailout the banks that made billions when they developed this ponzi scheme.

 

[mb504]

Yep...Add more debt and devalue the dollar to bailout the banks that made billions when they developed this ponzi scheme.

Like the one run by the same Treasury Secretary -- "Mr. Risk" -- now seeking authority to administer the bailout with no oversight whatsoever?

http://www.businessweek.com/magazine/content/06_24/b3988001.htm

Think of Paulson as Mr. Risk. He's one of the key architects of a more daring Wall Street, where securities firms are taking greater and greater chances in their pursuit of profits. By some key measures, the securities industry is more leveraged now than it was at the height of the 1990s boom. It has also extended its global supremacy since then.

Yep, a guy who pocketed $700 million dollars through the same schemes that led to this mess should be the one in charge of cleaning it up. We know he'll have the common U.S. taxpayer's best interests at heart.

 

[desertsaintfan]

Like the one run by the same Treasury Secretary -- "Mr. Risk" -- now seeking authority to administer the bailout with no oversight whatsoever?

http://www.businessweek.com/magazine/content/06_24/b3988001.htm



Yep, a guy who pocketed $700 million dollars through the same schemes that led to this mess should be the one in charge of cleaning it up. We know he'll have the common U.S. taxpayer's best interests at heart.

Not to mention by going from head of Goldman Sachs to Treasury Secretary he was able to cash out his 700 million in Goldman stock and pay no capital gains tax. Now he is bailing out his banker buddies on Wall Street...Goldman Sachs would of went under last week now after a few rule changes they are a commerical bank and still might not survive. Must be nice to make billions in a ponzi scheme they created by lobbying to get the glass-steagall act repealed. Bottom line is the system is broke. If the original bill gets passed or not we are screwed either way. Pass the bill and the dollar will be significantly weaker and other coutries will stop financing our debt, leading to higher borrowing cost and inflation. If it doesn't pass and the bankers are on the hook, than the Fed takes their ball and goes home.

 

[gboudx]

Can Paulson be impeached for even attempting to get this kind of power?

 

[desertsaintfan]

Can Paulson be impeached for even attempting to get this kind of power?

Here is something he slipped into the bill that tells you all you need to know.

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.

 

[gboudx]

Here is something he slipped into the bill that tells you all you need to know.

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.

Section 8 is exactly why I bring up impeaching him. He should not be seeking that kind of power for himself, or that position.

 

[Maxp]

Section 8 is exactly why I bring up impeaching him. He should not be seeking that kind of power for himself, or that position.

Maybe this whole cabal should be run up on treason. Could this blatant power grab be any more ill timed? Maybe it was perfectly timed, but Bushco couldn't ram this one through.

 

[varanook]

Give it to the people with the issues not the bankers at the very least.

 

[Saintsorz]

Can Paulson be impeached for even attempting to get this kind of power?

My little brother asked (half-seriously) if it was an attempt at a coup.

IMHO, with it looking like the bill will pass by tomorrow (although anything can still happen), I think we are going to look a lot like Japan for a long time with a long protracted recession. I've heard people calling the bailout a controlled crash as opposed to a crash landing, but I still tend to think that a shorter market correction would be better than dragging this out for years like the bailout will do. I'm afraid that the dollar won't be worth anything in about 10 or 15 years.

 

[varanook]

some bailout is going to pass it appears. Wonder if we get an equity stake in any complany we help? hahahahah

This may actually change my vote for Landrieu if she votes yes on this one.

 

[gboudx]

None of the talking heads on any of the networks I watched last night even mentioned a change to Paulson's King-like Section 8. They talked about other changes to CEO compensation and crap like that, but nothing about Section 8. Maybe I'm reading into it too much.