New Draft Bailout - From 3 pages to 102 pages Edit: 106 Now

I don't understand something. Where are they going to get 700 billion dollars? In these hard up times, people are barely scraping by. If taxpayers are hit for this outrageously infinite amount of money, where exactly will it come from? I mean, I can't afford to have even more taxes taken out, I wont have anything to bring home especially after I elect for insurance or benefits. It isnt worth it to me to work for nothing, and I would try to become self supporting, so they cannot steal my money anymore.

Am I right that we are the ones funding this thing??

Originally posted by hotbakedtater
I don't understand something. Where are they going to get 700 billion dollars?

Why, by borrowing it, of course. And adding to the national debt.
Note that the bailout bill increases our national debt limit to some impossibly huge number that few people can even conceive of. It's kind of like a big, gigantic credit card with a $11.3 TRILLION limit, and Congress can increase that credit limit at any time.

How is the national debt paid back? Taxes.

I think my favorite part of the whole thing is the "insurance" aspect that the house republicans demanded for their support. Looks an awful lot like the derivatives that Buffet insisted his company stay severely away from. How much is that rumored to be, 60+ trillion?

You guys,really think these "oversight comittees" will even do the job? we all know that these comittees will be staffed by people who are in the international bankers pockets.

reply to post by mike dangerously
+

Nope!

I will be faxing this to my reps first thing this AM. It's simple and too the point.

www.tickerforum.org...

If you need to get the contact #'s for you Reps
look them up here:

www.senate.gov...

www.house.gov...

And don't forget our Presidential Candidates:

Senator McCain
Washington Office:
241 Russell Senate Office Building
Washington, DC 20510
Main: 202-224-2235
Fax: 202-228-2862

Senator Obama
Washington D.C. Office
713 Hart Senate Office Building
Washington, D.C. 20510
(202) 224-2854
(202) 228-4260 fax
(202 228-1404 TDD
Email our office









[edit on 9/29/2008 by Relentless]

reply to post by Relentless

England and Europe are buying, or nationalizing banks and they do not bother having a vote about it. I guess America has to comply to standards that are dictated to us by the bankers and just do it and shut up.
This seems to be orchestrated, to me. The so-called leaders in Congress have to made it look like it is inevitable, to make sure it happens in concert with the planned global takeover.
They just said it on MSNBC that all the lenders are not going to issue any liquidity, until this bill is passed. So, you see they are so bold as to admit to everyone that they are blackmailing by collusion, Congress into passing it.

[edit on 29-9-2008 by jmdewey60]

reply to post by TXMACHINEGUNDLR


Well get ready because is one littler clause on the bill and that means that taxes revenue will be maximized in other words regardless who puppet gets in the white house taxes are going up.

But is OK you already know how is to pay taxes. nothing new for you here.

reply to post by TXMACHINEGUNDLR

How many on here yelling about how wrong this is PAY ANY TAX AT ALL. I would bet that 98 percent of the people against this get money back every year, and this will cost them nothing. People like me who had to fork over almost 70K last year will have to pay. While the freeloaders and hippies sit back and whine like little girls. Grow up, this has to happen or it is 1929 again. Sorry, but the hippies and free thinkers lost.

I don't think you have a CLUE as to what you are talking about.
First of all, if someone gets money back from their tax return, it is ONLY because they had too much money held by the government (at 0% INTEREST) in the first place.
To say this will cost the taxpayer NOTHING is so off the mark, I hesitate to even answer you, but on the off-chance that you might actually learn something, here goes.
This bill will authorize the Secretary of the Treasury to ask for the Fed to PRINT an ADDITIONAL $700,000,000,000.00 AT A TIME. Note the "AT A TIME".
Every time the Fed increases the money supply, YOUR dollars and MINE because WORTH LESS. Plain English, cost of goods and services go UP, and YOU need MORE money to buy what you could BUY yesterday for LESS.
Get it?
In addition, there is hidden tax in this bill. Since the GOVERNMENT now has to HIRE CONTRACTORS to MANAGE the money, there are added expenses that go above and BEYOND the 700 billion dollars.
Furthermore, if you take the time to read my post above about hiring contractors (and PLEASE READ the entire post), you will see that they are HIRING the CROOKS that got FIRED because they BANKRUPTED their firms.
If you or a loved one needed heart surgery, would YOU hire a surgeon who lost his/her last ten patients? I know I wouldn't.
In addition, since the "Oversight Committee" is made up of the Secretary of the Treasury, and all the other crooks, HOW MUCH REAL OVERSIGHT do you think will be done?
THIS BILL WILL ONLY MAKE MATTERS WORSE, NOT BETTER. THAT IS CLEAR.
Bush is completely beholden to the BANKERS and his CRONY CROOKS, and yes, I voted for him, but I repent of my sin.
Don't BUY for a second the spin that the MSM is making of this bill. IT IS A POISON, DESTINED TO CRASH OUR ECONOMY EVEN MORE.
It is a license to CONTINUE the wholesale ROBBERY that is taking place, right under our noses.
I hope you have learned something.

The markets just opened and the Dow is down over 300 points. CNBC is saying that the markets have already decided that this SELLOUT bill will NOT do anything to help the deteriorating meltdown.
So, US taxpayers, your pockets will be robbed by this bill, but as many of us said, your money is squandered. Empty your pockets, people of the WORLD, you are next.

we need to vote every Dem/Rep congressman out of office that is up for re-election that passed this bill. no excuses, no lies show them the door.

THIS bailout does nothing to solve the fundamental problems in the market, THAT is why it's pathetic, it is a life boat to the INSIDERS

those that stood up against this plan are PATRIOTS showing there colors while the others showed their colors GREEN $$ , it IS OUR responsibility to VOTE them OUT!! if we DON"T we deserve the gov't we get. it's that simple.


bloomberg video/audio interview of economist Nuriel Roubini who has been on top of this mess for a long time (there is a 15 sec commerial to start)

www.bloomberg.com...'&clipmms://media2.bloomberg.com/cach e/vxrau3idUKsI.asf



[edit on 29-9-2008 by cpdaman]

Dennis Kucinich is strongly against this bill:
rawstory.com...

As the Wall Street bailout talks continue, a critical Congressman Dennis Kucinich (D-OH) is not confident that House will pass the legislation, as he told The Hill. "If the votes were there, this would be on the floor," he said. "The votes aren't there."

"Is this the United States Congress or the board of directors of Goldman Sachs?" Kucinich asked today. "Why aren't we helping homeowners directly with their debt burden? Why aren't we helping American families faced with bankruptcy. Why aren't we reducing debt for Main Street instead of Wall Street? Isn't it time for fundamental change in our debt-based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks?"

Kucinich attended a meeting of the "Skeptics Caucus," organized by Rep. Brad Sherman (D-CA) and consisting of House Democrats skeptical of the bailout effort. The meeting's speakers included economic professor James Galbraith of the University of Texas and former FDIC chairman William Isaac. Sherman called the legislation a Bush administration "power grab" and a handout to Wall Street. "This is greatest shift of power to the imperial presidency and the greatest shift of wealth to a still wealthy Wall Street that anyone could imagine," Sherman said.

"None of this has been subject to a critical analysis," charged Rep. Kucinich. "We haven't had access to the books to the people who are claiming they are going broke."

"They rushed this Congress into the Iraq resolution and look what happened," he added, comparing the rushed tone behind the bailout effort with the push to invade Iraq, "Catastrophe for this nation as well as for the people of Iraq."

"The $700 billion bailout for Wall Street is driven by fear, not fact," Kucinich said on the House floor Sunday. "This is too much money in too a short a time going to too few people while too many questions remain unanswered. Why aren't we having hearings on the plan we have just received? Why aren't we questioning the underlying premise of the need for a bailout with taxpayers' money? Why have we not considered any alternatives other than to give $700 billion to Wall Street? Why aren't we asking Wall Street to clean up its own mess? Why aren't we passing new laws to stop the speculation, which triggered this? Why aren't we putting up new regulatory structures to protect investors? How do we even value the $700 billion in toxic assets?"

Yes is a lot of people opposing the bill and more and more are coming out and telling the media that they do not see this bill passing today.

Please keep sending E-mails to your representative to stop this bill

reply to post by marg6043


Don't just e-mail, call the bastards, fax them if you are able.

Tell them that you will never vote for anyone who votes yes on this bill. If they do and you are a partisan (Indy who leans slightly repub here), hold your nose and vote for their opponent this November. All house members are up for re-election this November. Even in the "safe" districts a 10% swing will unseat almost anyone.

When I called my rep's office this morning I was sure to let them know that I had looked into his opponent and could in good conscience vote against him in November if he votes for this bill.

[edit on 29-9-2008 by jefwane]

reply to post by jefwane


I applaud you for your dedication, I think we are making quite a stir in congress with the opposition.

First time posting, but reading heavily. Seems that the Fed managed to find $630 Billion to inject into the markets anyway

Bloomberg Article

Since the markets all over the world are still dropping, it appears that another $700 Billion might not make any difference anyway

reply to post by redhatty


They already had injected 900 billion since the market mess started, so if we add that to what they have injected now and what they want, top that with the bail out of the foreign bankers and we see that that 700 billion is nothing more than an illusion, lets talk about trillion here.

For those that have been working together on this thread, I have tried to summarize and post all the analysis and information that I found on the following thread, which was created by someone after this thread was established:
www.abovetopsecret.com...'

Marg, Relentless, and others that have contributed so greatly in our effort, if you want to add your information to that thread, that would be great. Neither thread is mine, and I'm not trying to kill anyone's thread, but if we can put everything on one thread, I think it would help in our efforts.

This fight is not over. We have won the first round, but you know that the crooks will be back, and we need to be ready to fight.

Congratulations to all of you for your great efforts, in fighting ignorance, and advancing Freedom and Liberty.

Great Job. Let's continue the fight, and be vigilant.