US agrees to Wall Street bail-out!

reply to post by Crakeur

J.P. Morgan bailed (bought) out WaMu, it is in the news as I write. Since the bailout has not been voted on, there is still time to write, threaten, coerce your representatives to vote "NO!" on this welfare to Wall Street.

It's bad enough that American taxpayers are paying for the entitlements given to lazy crack heads and whores, along with the millions of illegal aliens that enjoy a free ride on our hard work. Now we are asked to bear the burden of greedy investment bankers and mortgage lenders as well. If we as a people are to survive with freedoms and a real FREE MARKET system, we have to allow the banks to fail. We have to end the Fed's stranglehold on America. And we have to stop the IRS from enforcing unconstitutional tax codes.

That's my story, and I am sticking to it.

Elect Libertarian Bob Barr for President.

Fact one: The 700 billion dollar figure is totally random, based on nothing ( www.forbes.com... ):

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

To clarify and as Chris Martenson ( www.chrismartenson.com... ) writes:


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.

Whoa! Stop! What is this "at any one time" language?? This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.

More alarming than this, though maybe not quite as alarming as section 8 of the bill, "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." is the fact that, aside from another $125bn of liquidity to be given to foreign central banks, now, in a change from the original proposal sent to Capitol Hill, private foreign banks could qualify for the Treasury Department's mortgage bailout as well.

The legislative outline that went to Capitol Hill at 1:30 a.m. Saturday had said that an eligible financial institution had to have "its headquarters in the United States." That would exclude foreign-based institutions with big U.S. operations, such as Barclays, Credit Suisse, Deutsche Bank, HSBC, Royal Bank of Scotland and UBS.

But a Treasury "Fact Sheet" ( www.ustreas.gov... ) released at 7:15 Saturday night now says: "Participating financial institutions must have significant operations in the U.S., unless the Secretary makes a determination, in consultation with the Chairman of the Federal Reserve, that broader eligibility is necessary to effectively stabilize financial markets."

That's about some bull#e, huh?

So...zero accountability, a blank check and the end of national sovereignty- good plan, good plan.

Smells like Fascism to me.

What kills me is that most sheeple truly believe that this whole "solution" was conceived at the last minute, you know, AFTER all these financial events forced it.

Yeah....right...kinda like The Patriot Act, huh?

You guys surely know what I think, right? Of course you do: It's all by intent. Everything has and is going according to plan. This "rescue" has been in the works for years.

post coninued

Writer Larisa Alexandrovna of The Huffington Post ( www.huffingtonpost.com... ) has been friggin' CRUCIFIED lately, though, for even suggesting that the current "financial crisis" is not only intentional, but part of a coup to transfer unprecedented power to the Executive Branch and to put public funds in the hands of the global corporate elite.

That's exactly what's happening, though, man. At least that's what I think. Hers is a great article and well worth the five minute read.

She compares the current "crisis" to the little-known "Business Plot" of 1933 ( en.wikipedia.org... ), a previous attempt at a coup in order to install fascism in America. The coup attempt was revealed a year later when General Smedley Butler informed the Congress that a group of wealthy industrialists, including Prescott Bush, the current president's grandfather, had attempted to get on their side high ranking military figures in order to overthrow the government of President Franklin D. Roosevelt. The BBC did a great story on BBC Radio about this at www.bbc.co.uk...

She writes: "It seems this time around, the Bush family is trying the more subtle approach to open bloodshed: first create a crisis, then under the guise of addressing that crisis, overthrow democracy. Yes, it does sound terribly conspiracy-theory-esque when explained just this way. But what else does one call a criminal conspiracy to destroy Congressional powers permanently, alter Judicial powers permanently, and steal public funds?"

She ends by saying:

No time needs to be wasted on hearings as we already now have in writing, formally as presented to Congress, the intentions of this administration to nullify Congressional powers permanently, to alter Judicial powers permanently, and to openly steal public funds using as blackmail the total collapse of the US economy if these powers are not handed over. You do see how this is blackmail, do you not? You do see how this is a manufactured crisis precisely designed to be used as blackmail, do you not? The other option, the one I have long prayed we would never need to even consider, is a total revolution. But, If Congress won't act in its own self-defense, in the defense of democracy, in defense of us - the people who have elected them to protect us from this very danger - then what is left for us to do? I don't want to see it come down to this, but I fear that it will. Put your party politics aside right now. We are in a crisis so dangerous that should these people succeed in their coup, your party affiliation will no longer matter, your American flag will be a nice collectible item of something that once was, and your version of God will be worshiped in secrecy because your freedoms will be owned by the few. "You are no longer Republicans, Democrats, or any shade of voter. You do not live in a swing state or a solid colored state. You are simply this: an American. That is the only side that matters. So call your members of Congress and demand, no, declare that unless they do their duty to the Constitution and to us, we will move to the streets - not because we want to, but because our founding fathers demanded this duty of each and every citizen in the face of such a domestic enemy. Demand - as is your right - that this bill be voted against and demand - as is your right - that the people plotting this treachery be held to account. We are either a nation of laws or we are no longer a democracy. Pick a side, because there won't be another time, another moment, another chance to be a patriot."

reply to post by leaderof theTFHbrigade

post continued

As Steve Watson from Prison Planet points out: In a remarkable example of the Orwellian society that has continued to grow around us like a cancer, none of Alexandrovna's detractors care to focus on the fascist treachery she describes but instead accuse her of being the traitor and the one that should be locked away.

Today, finance ministers from the G7 countries applauded the bailout proposal as Henry Paulson, the US Treasury Secretary called for other countries to follow America's example. ( business.timesonline.co.uk... )

"I'm going to be pressing our colleagues around the world to design similar programmes for their banks and institutions. Our system is a global one." Paulson stated.

Effing chilling, man.

Endgame.

All the pieces are in place and there is almost nothing we can do about it.




"If it looks like a looting operation, smells like a looting operation, and behaves suspiciously like a looting operation, it might just be a looting operation."
-Chris Martenson-



"So this is how democracy dies... to thunderous applause"
-Sen. Amidala, a.k.a. Padme Naberrie-Skywalker, Revenge of the Sith-


I'm scared #eless, brothers...

faculty.chicagogsb.edu...

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.


Signed (updated at 9/25/2008 8:30AM CT)

See site for full list of signatures.
faculty.chicagogsb.edu...

All this talk makes me want to get my pitch fork! We can rant and cry all day but unless we are willing to protest, march, and rattle the cages what have a accomplished? I'd rather die "free" then live a long life a slave.

Ok I'm getting really confused w/ all these news reports and which means what, so please forgive me... But this was just reported less than 15 minutes ago on Skynews.com.

US Senator Judd Gregg has said that politicians have agreed the key details of a $700bn (£380bn) financial rescue package.

The Republican negotiator said the Wall Street bail-out plan would probably be voted on by the House of Representatives, the lower house of Congress on Monday.

The upper house, the Senate, could vote on it the same day or as late as Wednesday.

Excuse me if this is severely old news...

Source: news.sky.com...

Edited to fix URL.

[edit on 28-9-2008 by A55A551N]

Question for everyone following this -

Did anyone manage to download the 106 draft proposal that was released a few hours ago?

CNN had the newly revised draft in pdf format on their website but abruptly yanked it. (in the middle of my download mind you)

Every other website is running with Pelosi's bs talking point paper but I am looking for the 106 page draft.


B.

reply to post by Bleys


I've got it downloaded, but it's too big to upload to ATS. Let me find somewhere else I can upload it.

EDIT: Here is the Sendspace link. You can download the PDF by clicking on firstdraft.pdf by the red arrow.

[edit on 9/28/2008 by anachryon]

EDIT: Here is the Sendspace link. You can download the PDF by clicking on firstdraft.pdf by the red arrow.

[edit on 9/28/2008 by anachryon]

Sorry anachryon, the file is incomplete (159KB). I'm still amazed the bail-out went through, but I know I shouldn't be. What happened to the good guys?

[edit on 29-9-2008 by TylerKing]