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Backlash Over Bailouts Grows in Congress, Wall Street (Update1)

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posted on Sep, 21 2008 @ 08:57 PM
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reply to post by Bugman82
 


Just remember that you go down with the system. They crash, the way you live life is over.

If you are a survivalist and can live without currency and modern technology, then I can see why you want the crash. Otherwise, you are in for a huge surprise when the banks come tumbling down and take your way of life down with it.




posted on Sep, 21 2008 @ 09:35 PM
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Originally posted by grimreaper797
reply to post by Bugman82
 


Just remember that you go down with the system. They crash, the way you live life is over.

If you are a survivalist and can live without currency and modern technology, then I can see why you want the crash. Otherwise, you are in for a huge surprise when the banks come tumbling down and take your way of life down with it.


Good point to make but slavery is not my choice of living and thats what we are just about to be in. Congress needs to make sure that this bailout scam does not get through or we are going to see our economy collapse for sure and then here comes the Amero and borderline poverty for all but the elite.



posted on Sep, 21 2008 @ 09:54 PM
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Originally posted by 2stepsfromtop
I know a guy with a small machine shop, maybe we can get him a contract to deliver Guillotines to Wall Street?


I laughed when I read your comment. I like your mode of thought...

I was thinking, right before I read that, that perhaps a humorous message would be a box full of nooses, and a note...
"Here, we've given you enough rope..."



posted on Sep, 21 2008 @ 09:55 PM
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If i ahve said it once i've said it a hundred times just this weekend alone.

They only way change is going to come about is to let it all come crashing down. Why should the american taxpayer pay for the F'UPs of a few corrupt pigs in wall street. they knew exactly what they were doing when the lobbied Congress to change the rules on government oversight. ANyone who thinks this "bailout" is anything but a power grab by Bush and his corrupt friends is sadly mistaken.

Yes a crash is going to hurt. But would you rather have the crash now so we know what its going to cost and we can get thru it faster? Or do you want to put it off for a month?

The market is going to crash. it tried to correct itself and the and the Fed stopped it. Now the only thing left for the market to do is crash. i seen a few hours ago on Bloomberg that futures were already down -181 points and they will probably continue down thru the night and morning until the opening bell then completely crash! I hope it doesn't But it sure looks like it will.

Anyone that isn't prepared after all the warning we have gotten just this month alone deserves a swift kick in the seat of their pants!



posted on Sep, 21 2008 @ 10:12 PM
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reply to post by grimreaper797
 


I could care less if things monetarily come crashing down around me if it comes down to a choice between freedoms or prosperity.

We may go through another depression. We may experience hard times and lose luxuries we so enjoy and take for granted. I am willing to sacrifice those things in order to keep my country based on the ideas the original founders had. The United States will rebound eventually if it allows the markets to fail. The generations after ours will be proud of what our generation sacrificed in order to keep their freedoms and they will thrive as a result.

Our country is founded on principles that go against everything this bailout presents itself as.

Apparently this simply looks like a staged power grab by the FED that even congress is beginning to notice. Even CNN had a headline earlier referring to the anger building about all of this being placed on taxpayers.

I'm serious when I say take a look at this forum:

www.tickerforum.org...

There are some seriously wealthy people there who know the markets and understand economic issues. However, these people care for our country and the people of this country more than the corporations.



posted on Sep, 21 2008 @ 10:50 PM
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reply to post by Bugman82
 


Honestly, it doesnt bother me personally. I will survive it. I can go off into the woods and Ill make it out alright. I know how to build traps, build fires, etc.

Many people don't though, and many of them still call for a collapse, not realizing just how bad its going to get for us middle to lower class citizens. You won't be able to find food in this kind of depression we are talking about here.



posted on Sep, 22 2008 @ 01:06 PM
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reply to post by grimreaper797
 


Here is a link to videos explaining the inherent problem and a solution. This solution stays true to the founders through openness and hiding no secrets about true assets.

www.fedupusa.org...



posted on Sep, 22 2008 @ 01:58 PM
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reply to post by Bugman82
 


Thanks for the link. I haven't watched/listened to it yet.

I have been reading what I can find about the 44 page response/new bailout bill that Chris Dodd is proposing. Washington Post and WSJ have articles about it, as do other websites. Don't know how to take a snippet of the articles to post here.



Now, off to listen to Karl. I'm quite sure his solution is much better than Dodd's, but I'm also sure that the chance of Washington actually coming up with a "good" solution is slim to none.

edit: can't seem to get the Washington Post link to that article to work.
to the home page.

Hehe! Seems I haven't quite learned how to post links properly either. ATS is, as they say about Texas, "a whole 'nother world!" I'm learning, bit by bit.



posted on Sep, 22 2008 @ 03:00 PM
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reply to post by Bugman82
 


Thanks for those links, pretty interesting.


The text of the bill contains some scary stuff:


Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time


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.


Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.


So this bill means not only that the national debt will be able to be increased to 11 TRILLION DOLLARS, there'll be no oversight and it's framed such that 700 billion is all they can have outstanding at any time.

As the guy on tickerforums speculated, it doesn't mean they can only spend 700bn, they could keep buying debt and selling it off as long as they don't hold more than 700bn at any one time.

I'm not even a US citizen and I find this pretty distasteful. Nothing more than overt theft coupled with an old fashioned power grab.



posted on Sep, 23 2008 @ 06:43 AM
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I watched Paulson talking about the need to get this bill through. Something doesn`t set right with me about this guy. Yes, things need to be propped up for the time being, but the rush he`s in to get this passed is way overboard. The economy is not going to fold as fast as he is saying it will. It will if it is drawn out for weeks, but not in just a very few days. Congress is just trying to make sure this is not a grab fest for power, something I see that this just may be. Paulson is being very doom and gloom about this, trying his best to get Congress to pass it without taking the time to read it through like they should.



posted on Sep, 23 2008 @ 07:33 PM
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reply to post by FiatLux
 

by what I understand, there's not that much to read through, the whole bill I think is something like 5 pages, no details, ect...
to me it's like economic blackmail or something, give us $700 billion dollars, or more, or we will crash your economy on ya...

I say...let them crash it. they have more to lose than I do.
this attitude of the fed, the treasury, and bush that it must be passes quickly, without any changes whatsoever, blah, blah, just kind of gives me the impression that the whole thing is just one big bluff or something, ya know texas holdup, do they really have aces in their hands, or is it just a pair of dueces... the more they insist on getting the money now, and working out the details later, the more I think that they j ust want the money, and the details will go the same way as our border security. we passed the patriot act in the same environment and are still finding out little tidbits with that we don't actually like.

on the side note, have any of you heard what happened to the ceo in india in charge of the company that was making "the world's cheapest car". guess their employees weren't actually the world's cheapest workers, they started to demand raises and such, got fired. an angry mob of them beat the ceo to death.....




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