Paulson resists calls for added help in bailout

Paulson resists calls for added help in bailout

news.yahoo.com

Treasury Secretary Henry Paulson said Sunday that the nation's credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms. But key Democrats said the legislation needs changes to provide better protections for taxpayers and homeowners in danger of losing their homes.

"The credit markets are still very fragile right now and frozen," Paulson said in an interview on NBC's Meet the Press. "We need to deal with this and deal with it quickly

(visit the link for the full news article)

Did a quick search and didn't see this posted yet.

And now it starts the treasury and the president are spinning the fascist take over as a good thing.

AT least some members of congress see this for what it is and and changes to the bail out bill to protect the little guy the tax payers. whether its just a show on their part or not only time will tell.
Your thoughts?

news.yahoo.com
(visit the link for the full news article)

[edit on 9/21/2008 by Mercenary2007]

I love how this administration uses the we must do this fast mentality. Dont read the crap we want to pass just pass it and worry about the "details" later. The fact is if your going to bailout Wall Street there is no reason why at the same time we cant pass some additional measures to protect the taxpayer. Also put something in there to make the banks negotiate with the homeowners in foreclosure. To me I think this is only fair.

My optimism about the market was kill on thursday and friday, and I really don't see how we can dig ourselves out of this situation now. The debt that this program would take on is just too great for our government to take on so quickly. If this bill doesn't pass, the gains made over the past two days will go in full fledge reverse and in a fast way. As a result that kind of drop will cause a panic.

It is obvious that the Fed had no interest in just slowing down the falling market to make it able to get through. They have screwed themselves in their refusal to let the market suffer any sort of recession. That or they purposely did this to try and take over the market with support of the US government.

Either way, I'm extremely disappointed, and my faith that the market/government will just suffer a slow recession is out the window. They either want full power and constant growth or failure, and they are only creating the latter.

King George doesn't think that we common people are smart enough to realize That he is taking away our last freedoms. He thinks the taxpayers are an unlimited supply of money that he can use to save his corrupt buddies in big business. They get to walk away with millions of dollars for running their companies into the ground and leaving the taxpayers to pick up the tab.

I say round up all these people seize their assets and use them to pay for their bankrupt companies. then throw them in a room of 100 people That were directly hurt by their business practices and see what happens to them. (hey atleast we won't have to pay to feed them.)

Like almost everyone here i read the leaked plan Bush, Paulson and Bernanke Are trying to push down our throats. I saw it for exactly what it is. This gives the government Absolute control of all the financial institutions without congress and judical oversight. The taxpayers will have no legal recourse if they are wronged by Paulson's implementation of this bill.

This bill will do more harm that good to the U.S. and global economy. They can only keep $700 billion on the books at any one time. there is nothing to stop them from reaching the $700 billion selling the assets and running it up to $700 billion again and continuing to do that for the 2 years that this bill will remain in effect if its not extended.

This bill is going to cost the American taxpayer a lot more than $700 billion over the next 2 years. It wouldn't supprise me if the actual total was around $6 trillion considering freddie and fannie have over $5 trillion in assest.

[edit on 9/21/2008 by Mercenary2007]

And it just keeps going

The U.S. Treasury late yesterday modified its proposal to allow for purchases from institutions outside of the U.S., a step Paulson today said was needed to mute the impact of the credit crisis in the U.S. ``As you think about this, if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institutions,'' he told ABC News.

SOURCE

Originally posted by mybigunit
I love how this administration uses the we must do this fast mentality. Dont read the crap we want to pass just pass it and worry about the "details" later. The fact is if your going to bailout Wall Street there is no reason why at the same time we cant pass some additional measures to protect the taxpayer. Also put something in there to make the banks negotiate with the homeowners in foreclosure. To me I think this is only fair.

Hey, it works!

I mean, that is how the Patriot Act was passed..

And every member of Congress was antsy to sign this new pos bill .. I think a few are taking their time to read this one though .. a few anyways. I think also, only because it's no where near as long as the patriot act lol .. had to many words, not enough pictures..

Pay not attention to fascism behind the curtain.

It will pass. Congress has no idea what to do. We are all doomed.

Originally posted by pluckynoonez
Pay not attention to fascism behind the curtain.

It will pass. Congress has no idea what to do. We are all doomed.

Yup it will pass because the agenda must continue. BTW in your avatar you need to plug your ears and close your eyes to. Thats what all the sheeple of the world do If your going to impersonate then impersonate them right

Why should the american taxpayer have to bailout greedy corporations going under? Seems illogical to me and unfair. Let them sink. They certainly deserve it!

If I remember correctly a few days ago the bush administration said it would NOT rescue any firm with the exception of AIG. Did they change their minds? And $700 billion dollars is no miniscule amount.

reply to post by EarthCitizen07


Ummm yes he changed his mind he found a hidden bill from the 90's and decided to have congress pass it just to screw us over really good. Then add insult to injury COngress is going to give him his Crown and he'll change his name to King George I and we'll never be rid of him.

Sorry i've been to serious the last 24 hours i need to relieve some stress.