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"The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care? When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media? Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be."
Several of us here at Fedup are very well versed in finances and the economic crisis that is going on. We have noticed an alarming trend. The Federal reserve is not renewing loans it has made to banks.
They have repeatedly taken the stance that this is a crisis of liquidity and have injected hundreds of billions into the financial system and they are asking for another $700 billion to do the same.
However in the last several days they have removed over $110 billion dollars; or approximately 1/3rd of all the money they have lent out short term.
Many members of the U.S. Senate blasted the Bush administration's Wall Street bailout plan Tuesday, but no senator has come forward so far with an explicit pledge to kill the $700 billion proposal. The rules of the Senate, unlike the House, give individual lawmakers substantial power to delay or halt legislation, but three Senate aides said there were no clear signs yet of that power being exercised. As the Senate Banking Committee held a hearing on the plan put forward by the Treasury Department, aides said much would depend on Alabama Sen. Richard Shelby, the committee's top Republican, who was sharply critical at the hearing. The outlook for Treasury's plan would dim greatly if Shelby were to move to block the bill that is expected to emerge soon from congressional debate over the plan, the aides said. Other senators, including Republicans Jim Bunning of Kentucky and Jim DeMint of South Carolina, have expressed strong concerns. But the aides said these lawmakers also have stopped short of warning they would work to block the bill.
I respectfully request that you send me and my family my bail-up package immediatly. You can start by sending us $7,000. We might request more if we find that you haven't sent us enough money the first time around.
By my reckoning $700 Billion divided by 100 million taxpayers comes to $7,000 each. You are not allowed to ask me how I will use the money. I might use it to buy guns, gold and ammunition or I might use it to pay off some of my creditors. Again it's my damn business.
Seeing as how money is so tight for some of these money lenders I might just hold a reverse auction and let them offer to reduce the balances due them in exchange for a complete payoff.
For example one credit card company might offer me .20 cents on the dollar for a payoff on the balance due and another might only offer me .40 cents on the dollar. Obviously I would offer to payoff the credit card that offered me the 20% payoff first. Let the other credit card company continue to make interest off of my debt but only on 40% of the debt.
BUt then again it would be my call on who I decide to payoff first.
WASHINGTON -(Dow Jones)- U.S. congressional Republicans remain reluctant to throw their support behind a $700 billion asset-buyout plan, and instead presented alternative plans Thursday afternoon. One would allow banks to purchase insurance for mortgage-based assets, while another would boost the resources of the Federal Reserve and the Treasury Department to allow them to extend loans to banks. A House GOP working group organized by House Minority Leader John Boehner, R- Ohio, presented the plan, which would create a new entity that Rep. Eric Cantor, R-Va., compared to Ginnie Mae. "We charge them the premiums, they finance the insurance, and they unclog the system and Wall Street bails itself out," said Rep. Paul Ryan, R-Wis., the top Republican on the House Budget Committee and a member of the working group. Separately, Sen. Richard Shelby, R-Ala., presented a plan that would increase the total resources of the Fed and the Treasury Department to enable them to extend loans to banks, rather than grant new authority to purchase assets. Shelby is the ranking Republican on the Senate Banking Committee.