Frightening!!!!!! (Draft Bailout Bill)

reply to post by ACEMANN


They don't need to protect you they just take it out of your earnings just like they always have. Now it isn't just from earnings they will have to take it out of your hide now it seems. Protect the tax payer that's the only asset they have in hopes that you will work 10 times as hard at 20 times less and your still able to live and function and feed yourself and family. This is getting really ugly and soon people will be standing in the soup bowl line. What good is your money if it has no value? If you have any money left. I would suggest that you trade your money in now for assets like gold and hide it. Don't put anything of value in banks safety deposit boxes etc. The only place safe is where you hid it in a jar somewhere. This is no joke.

This is what has me most concerned:

1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

Does this mean they can hire Blackwater or other armed groups to collect money and run camps?

We have a link to a full analysis of the ramifications posted in this thread:

www.abovetopsecret.com...

Anyone who isn't sure, or has any doubts about what is going on should read it.

I stopped using banks in 1997. I got sick and tired of going rounds with them about fees, charges, and missing money. No matter what, it was always MY fault, my oversight. U.S. Bank is notorious for stealing money straight out of my checking. I pulled all my money out and keep it out. I started buying and collecting gold where and when I could. My friends told me I was crazy. My sister wised up and got all her money out of washington mutual last week, and they also have screwed her over more times than she can recall.

I'm angry as hell about this draft. I have written to my representatives. I have yet to receive a response other than some form letter. If I can't live beyond my means, then tell me, why should anyone else get to... and have someone bail them out of their messes.

They can sit back and say they don't have monies to rebuild cities like nola, but they can cough up money for this?

I'm sick to death. Ever since 9/11 it has never been the same. I'm tired of apathy, and people who turn a blind eye. Apathy is one reason why there's no one in the street creating a major upheaval about this. The war isn't enough.... nor will this be. Everyone is content to sit on the computer, read their reality/celebrity gossip rags while this country is falling apart.
I'm an avid protester/activist, who has seen my share of the inner walls of the jail house, and I'll gladly go back and back again. But I'm tired of watching other people, watching me from their comfortable chairs....We ALL have to do something, before it's too late.

Here's anothe analysis of the Bailout Draft:

William Greider Analysis

Another one worth a read.

Originally posted by Asherah

I'm tired of apathy, and people who turn a blind eye. Apathy is one reason why there's no one in the street creating a major upheaval about this.

What do you suggest? Leave our jobs and jump over the White House walls?

I just remembered there were rumors last week about "financial terrorists" possibly being responsible for the market manipulation. I don't think anything substantial came of it and quite frankly, though it implied that outside terrorist forces were actually manipulating the markets (like Al Quaeda, the truth of the matter is that no one bought it anyway.

The current "financial terrorists" as I see it are the banking magnates themselves.

But, I bring this to your attention, because in light of how this Bill is drafted, I'm wondering down the road how many US citizens risk being labled "financial terrorists" once this is in place (and I doubt it will be the big guys who are responsible for this mess).

As with any DICTATORSHIP,

the goal is to put up with whatever is dished out, or you die.

Originally posted by Mainer

Originally posted by Asherah

I'm tired of apathy, and people who turn a blind eye. Apathy is one reason why there's no one in the street creating a major upheaval about this.

What do you suggest? Leave our jobs and jump over the White House walls?

No. The question here is, what are you willing to do, and how far are you willing to go for it?

Maybe when people start to feel hungry enough.

Are we hungry enough yet?

Jobs? The jobs are leaving us, my friends.

I won't stop fighting. Hell, I'll go down fighting.

Originally posted by TXMACHINEGUNDLR
reply to post by dgtempe

 

Really, can you explain why small stock (banking) is going nuts? I have a few friends go from nothing to rich beyond belief this week. No news on that though. Seems like that should be the real story. If my stock going up 18-20 dollars in a week is commie...call me a red

I really have to comment here. This is exactly what they are counting on after years of programming the US to be selfish and greedy individuals.

Hopefully there are more people waking up to this, than there are still sleeping. So some made a killing last week and have no clue why? I hope you don't think by a long shot this will not come crashing down. If you are an active trader and know what you are doing, fine, don't worry, be happy. Otherwise, you better be watching that nice little gain because it can disappear as quickly as it came, being that it was basically market manipulation on the hopes of the government bailout.

Now that we've seen the government bailout, is it worth it? Don't get me wrong, I am happy for your friends, but the attitude that if I made a killing off of traders and hedgefunds going under - totally dessimated by the gov't changing the rules in the middle of the game, I for one am seriously concerned. All that's going on now is the shifting of wealth, and for the most part, it's the middle class that is funding it.

I don't have any problem with a proposition to find a way to help the financial system and that includes the hateful bankers.

But what I don't agree with the bill is the totalitarian powers that will be given to an entities that is not part of the government but a private entities, that is UNCONSTITUTIONAL

That is the part of the whole deal I can not digest, they don't need all the powers they seek.

It should be an agency run by the people and for the people not private entity run by the same bankers that make the mess our economy is right now.

Plain and simple.

[edit on 21-9-2008 by marg6043]

reply to post by Cynic


You are so right. to let the system collapse would lead to transparency. we must intervene for the good of ourselves,if only someone would stop this thing..the derivatives are the problem, no one knows what they are worth. the insurance part of aig was good , it was the other stupid WMD derivative part that screwed it up. no body knows what they are worth and they wont be able to sell them..

The only Congress personal that would vote for this are the complete corrupt ones. If they sign this they will have no oversight, and therefore give up all their power. That’s the job of Congress to control the purse strings “hence Checks and Balances.“ and the mere fact that any of them would entertain this notion gives credence to all the doubters as to whether who is in charge of our government. Not to mention you would be flushing the Constitution down the commode.

How can any of them in good conscious past this debt on to the people. Anyone one of them that vote for this should be charged with treason, and held accountable. Its amazing how this country will lock away people for years for possessing marijuana, but you can milk billions from people and not spend a day in jail. Congress signs bills like Nafta/Cafta and don’t think twice about the impact on the people. Can’t they see the Fed Reserve is destroying the value of the dollar. Its common sense. The more money you put into the open market the less value it has. Something is only valuable if it is desired, and if we keep defacing the dollar it will no longer be in demand. Ron Paul has been trying to tell them this for yearssssssssss, would they listen, NOPE.

I should have paid more attention to Alvin Toffler when I read Future Shock. He had this depicted years ago. They are selling us down the river if they pass this. If they do pass this, they better know this, when the sh*t hit’s the fan in this country, people are going to have a long memory of who and what happen. Congress needs to learn that life is not about profitability, is about sustainability. I once read “Treat the earth well for we do not inherit it from our Ancestors, we borrow it from our Children” and I hold that to be true. Can't they think of their kids and grandchildren, and how many years it will set them back.

In closing, one can only hope that Congress is not so far gone that their backbone has withered to dust. they need to do what’s right. The people know it will be hard, and will struggle for sometime. But we are willing to make this sacrifice, just save our Constitution. For without it we will never be a great nation again.

Love and Light

Originally posted by Mainer
No court may review their decisions? Does that not circumvent the checks and balances of the Constitution?

My first thought is that they can't be sued for losses imposed by a mandatory selling of assets of a bank or company regardless of price. This would impose an immune blind trust on the Sec. of Treasury or his agent with these dealings.

Instead of putting the money in the hands of more bureaucracy, why don't they just take a small portion of the funds and payoff the failing loans, reduce the price of the mortgage payment according to what people can realistically repay due to the ever increasing cost of food, insurance, taxes and utilities and then allow people to in essence start over?
This way people are able to keep their homes and not have to become homeless or pay the ridiculous rents that slum lords are now asking for their rentals?

reply to post by antar


Finally, a counter-proposal begins to emerge.....Thank you.

Not to be a pain or anything but as to the MSM crisis spin and the current proposal on the table i have to ask.......REALLY?

I'm assuming most American have a mortgage which they will now all owe the government. You bought a bigger, better house than you could afford betting that you would have more tomorrow than you did today. I didn't.

I'm assuming most Americans have loans for toys they bought they couldn't pay for at the time. I don't.

I'm assuming you have banked on tomorrow to pay for today. I didn't.

I'm assuming you put your money in a market hoping to make more from the people who lost in the market that day. There is no new money. You gambled that someone would lose that day so that you could win.

Now you want us that didn't overextend to take on the bad debt? Let the big businesses fail. If you don't think we should do this proposal...then give Gools verbage he can copy and paste that would solve this problem. Offer a counter proposal solution that doesn't put my children and grandchildren on the hook for bad debts we never incurred.

My family, for generations now, has preserved what little we had and made due. Basically we didn't buy eggs...we bought chickens to make our own eggs. We don't spend more than we have.

Let the banks fail or offer a better solution. If you are going to write outraged letters....send a new proposal along that ends this madness. Instead of tearing up the copy of the proposal on the table....let's use posts to write a new one and send that because the one on the table now is WRONG and believe me, they ARE going to pass something this week.

How about mandating within the proposal that all profits made by these banks would also be nationalized along with this debt. Take the assets with the debts or let them fail.

It makes me sick that my children are getting saddled with debt they didn't get any benefit from. We have got to seize the assets along with the debt or no deal.

Let em fail. I feel like I have been an unknowing player in the game of monopoly and ended up in jail while the monopolies got dealt all the get out of jail free cards under the table.

Disgusted.

Sorry for the rant....but....REALLY?

Let's come up with a better solution.....the minds are here.....
If we don't like what is on the table then offer an alternative. All the MSM is talking about is tweaking what is being proposed.

Is it really accurate to refer to this as a "bailout", when it seems that is more like a treaty signifying the dismantling of the old financial system?

A bailout suggests that the government will help preserve the nature of the system that has existed, while what actually seems to be the case is that the financial system has been completely destroyed and will now be transitioned to a new type of system of a totally different nature.

I am also confused because so many people have been up in arms over the way that newly deceased system functioned and now that it is gone forever I sense a bit of sadness. Isn't this what everyone wanted?

I have been watching the R. Paul videos and I must say that he said he wanted the system changed but now he seems to be upset that it is changing. Am I missing something here?

reply to post by Relentless


This is more complex than just about any one person can understand.

I wasn't that worried about any of this for a variety of reason, but now my interest has been piqued.

Foriegn banks may get help has me concerned as a taxpayer. Apparently the thought process is the USA can afford to buy the world's entire banking system, or at least the bad parts of it.

There is no appeal process or oversight built in the bill, so the bureaucrats can buy what they want with no repercussions.

Originally posted by Relentless
I just remembered there were rumors last week about "financial terrorists" possibly being responsible for the market manipulation. I don't think anything substantial came of it and quite frankly, though it implied that outside terrorist forces were actually manipulating the markets (like Al Quaeda, the truth of the matter is that no one bought it anyway.

The current "financial terrorists" as I see it are the banking magnates themselves.

I have lately been acting under the assumption that the banking magnates are Al qaeda. I always figured that our system has been infiltrated and if these bankers were acting on behalf of a foreign terrorist organization, its not like they'd admit it. But their actions support this idea.

reply to post by hinky
I heard that too. Are we going to be made to pay for the entire world?

Hinkey, what an awakening, huh. Just think our fate is being decided right now by the now defunct most powerful nation in the world.
I think by tomorrow we are going to see some natives lighting their torches and gathering....

This is unbeleivable- and to think when i look at all the positive media people....they keep saying it will all be ok.... I hope just once they are telling the truth.