Emergency Economic Stabilization Act of 2008 (FULL TEXT)

Wow! Talk about red tape and bureaucracy! Why all this language to basicly tell us one thing:

"We are bailing out these banks with your money because we are heading down the road to Socialism."

The Democrat-driven "Affirmative Action for the Housing Market " is NOT cheap, is it?

[edit on 29-9-2008 by CreeWolf]

reply to post by Justin_Case

Ill have to take a while to digest the legalese of this document. This doesn't look good on the onset of it. I still can't believe that congress would go behind the majority of Americans backs like this even with the amount of people that supposedly demanded their representatives not bail out wall street. They went ahead and did it anyway!



I don't think they will like my vote this election when it comes to the representatives in my state. Because I will not vote for them. I will be voting for the opposition no matter who it is because of this deal.

oh well......when the fuel oil I use to heat my home goes up so high I can no longer afford it, maybe the gov't would be willing to give me some of these worthless papers that they've bought in my name to burn in my fireplace at least??

I haven't read the whole thing, which, well I guess is okay, doubt if many of the representatives will have read the whole thing before the vote comes up either......quick, someone, change the wording in the bill, have them all pass the law stipulating that they are all fired...due to negligence on their part....for not reading the danged bill!

some of those who I guess have read more of it than me seem to be thinking that it doesn't really do much to keep the homeowners in their homes...if they can't keep the homeowners in their homes....much of the paper will be worthless long before the market picks up enough to enable them to sell that paper for a profit....
can we make it part of the HEAP program, distribute it to help the people heat their homes this winter?

This is huge and its gonna take me a while to read through the whole thing and maybe longer to understand it... What time is the vote taking place?

I love the Maximizing taxes revenue so I guess we are to have increase in taxes ?

After all this bill can not survive without the generosity of the tax payer.

reply to post by marg6043


Then we won't pay. 300,000,000 citizens are calling the shots, not 500. I've been deciphering this bill for two hours and all it's saying is "Well, of course we're doing it." It's just a gradual version of the first one. Tons of red tape. I wish I was a lawyer so I could better understand some of the provisions. The language is awkward in parts of the bill.

reply to post by CreeWolf
You speak with blinders on. If you're saying that the Democrats persuaded conservative Republicans such as former Goldman Sachs investment banker and CEO Henry Paulson to invent sub-prime mortgage derivatives, credit default swaps, and collateralized debt obligations, all of which were unregulated (fitting in perfectly with the core conservative market philosophy of Republicans like Paulson, Ben Bernake, Ronald Arnall, George Bush Sr and Jr, and John McCain) and all of which led to the demise of AIG, and investment banks such as Lehman Brothers and Bear Stearns, and commercial banks such as Washington Mutual, then you are most uninformed.

You are guessing, propagandizing, and you are wrong.

Originally posted by CreeWolf
"We are bailing out these banks with your money because we are heading down the road to Socialism."

Who was first in line asking for the bailout?

[edit on 29-9-2008 by Areal51]

A message from Michael Moore this morning...

Rich Are Staging A Coup This Morning

Friends,

Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.

Follow the money...

Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to "consult" in the bailout.

This is just sickening...

reply to post by CreeWolf

Originally posted by CreeWolf
"We are bailing out these banks with your money because we are heading down the road to Socialism."

The Democrat-driven "Affirmative Action for the Housing Market " is NOT cheap, is it?

And another thing: Using "Affimative Action for the Housing Market" as a proxy for your racism or prejudice is weak.

Why don't you just come out and say what you really feel.

[edit on 29-9-2008 by Areal51]

reply to post by DancedWithWolves


Like I always said, you don't need a totalitarian government or a dictator to rob the nation and its citizens dry.

All you need is the same robbers making the laws and passing the laws to make the stealing leagal.

So... I'm watching CSPAN this morning and Rep. Louie Gohmert of Texas just stood before the mic on the House floor requesting the House be adjourned "before we do this to the American people". Yea's and Nay's.... The Nay's have it.

He then went on to request a recorded vote on whether the House should adjourn... This will be a 15 minute vote...

I guess we know what his vote will be.

There seems to be a significant amount of opposition to this bailout bill from Both sides...

Thanks for this thread...

One of my personal favorites is:

23 (b) MEMBERSHIP.—The Financial Stability Over24
sight Board shall be comprised of—
16


1 (1) the Chairman of the Board of Governors of
2 the Federal Reserve System;
3 (2) the Secretary;
4 (3) the Director of the Federal Home Finance
5 Agency;
6 (4) the Chairman of the Securities Exchange
7 Commission; and
8 (5) the Secretary of Housing and Urban Development.

Accent mine.

This is their answer to lack of oversight? Put the clowns who are benefitting from this in the oversight position?

Now excuse me, I have to go see if I can find a fox... I just got a new henhouse and a bunch of chickens that need guarding...

sheesh.

The one ray of good news is, when I called my 'representatives' this morning to register my extreme opposition to this... 'stuff', they sounded quite resigned, like I was not the first to do so.

Of course, they don't seem to much care what their employers think...

Edit to fix thumb-down tag...

[edit on 29-9-2008 by Open_Minded Skeptic]

reply to post by 12m8keall2c


Occurs is opposition, only those that have some remorse and know exactly what this will do to the nation will be in the opposition.

But like everything else in our government they are at the mercy of the bankers, they are the masters here.

And the reluctant members of congress knows that.

reply to post by Open_Minded Skeptic


I'm sure you noticed that the overseers are listed in order of importance.

Assholes.

reply to post by Areal51


Yeah...

Funny you would use that particular adjective for these guys... this whole thing is starting to remind me of a particular scene from "Deliverance"...

they can pass whatever BS they want, it can read, say, dance around, jump in the air, be on the news, on the net, etc.....

This is like putting a band-aid on someone that got their head cut of, it's just a matter of time till they bleed to death.

Fear drives people to do strange things, can we ever get to a point of pure wisdom, ethics and courage?

This is only short term, we haven't even seen the tip of the iceberg.

reply to post by Realtruth


We are going to face the worst inflation that ever had hit this nation and its tax payers.

That is going to happen when the national debt be increased to unreachable hight.

When the Fed starts to inundate the markets with fake liquidity base on the dollar, our dollar will die.

Already is rumors that our nation is been compare to the worst nations in the world that are facing inflation.

We are heading for hard times indeed, no for the bankers they will get their money, but the tax payer and hard working America.




[edit on 29-9-2008 by marg6043]

i personally think that this whole thing will just be a bandage ... if the US bailed these companies out once ... what prevents the companies from doing whatever they please knowing that they'll just get bailed out....

here's another link to the whole text no odd characters or anything it will open up perfectly in acrobat
Emergency Economic Stabilization Act[189KB]


[edit on 29-9-2008 by baseball101]

reply to post by marg6043


Inflation won't mean a thing when people start to barter and help each other, good will come out of all of this.

Most are tired of the fear and control. I made a prediction a while back and it was my only ATS prediction, in fact it was my first thread I believe. It is exactly the way I said it would unfold.


[edit on 29-9-2008 by Realtruth]