Emergency Economic Stabilization Act of 2008 (FULL TEXT)

reply to post by Realtruth


Good will indeed but not if taxes are increased, every body will be on their own finding ways to feed their own families.

People like me that live in the country or small towns have enough backyard to grow some of our food, but how about people that live in cites.

When taxes increases and money is short is going to be hard to help others in need.

Specially financially.

I will have no problem sharing tomatoes, peppers and potatoes, but darn I will have to learn how to can food.

reply to post by marg6043


Marg I think that the economic system we are all use to has run it's coarse. I am not sure if taxes will even apply. Not sure what type of system but a good one for sure.

Here is my prediction thread.

www.belowtopsecret.com...

My only prediction.

I know the the US stock market will hit 14,000+ mark by the end of the year the market has no reason to be this high, so it will start to slowly fall by early 2008.

In 2008 we will see a massive worldwide economic scandle the started in the USA and will make the dollar crash, in turn the rest of the worlds financial systems will fail. There will be confusion for a few months but out of the ashes will come a new system that is not based on money. I am not sure what this will be but it will happen. I whole new paradigm will come by 2012 it will be in full effect, a golden age and a new way of life.

Here is what Dennis Kucinich says about the 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?"

reply to post by Realtruth


Well it seems that some experts are voicing that the is actually about 7 trillion dollars of hidden debt that is not been talk about and that the 700 billion bill will not even start to covert the trillions hidden under the table still unacounted.

Interesting.

Also It seems that the bill be no pass today after all!!!!!!!!!!!!!!!!!!!!!

Some senators are coming clean and voicing this also.

That more time is needed.

So I am crossing my fingers so the bill will not pass today.

I think that one of the reason for the markets downturn today is to instill fear on the congress so they pass the bill.

But this becoming very interesting.

One thing I've noted, as I continue to read through this, is that there are "contractor" budget provisions for about every branch of government interactive with this bill from the FBI on down. This is going to make lobbyists and government contractors who are the heavy campaign contributors very happy as one of their favorite roles is contractor.

Also, the protections which require minimums for the use of minority and women owned business as contractors have been waived under this act (I think) which will allow white male owned businesses to proceed unencumbered in securing more than their fair share of contracts.

ADDITIONAL CONTRACTING REQUIREMENTS.—In
9 any solicitation or contract where the Secretary has, pur10
suant to subsection (a), waived any provision of the Fed11
eral Acquisition Regulation pertaining to minority con12
tracting, the Secretary shall develop and implement stand13
ards and procedures to ensure, to the maximum extent
14 practicable, the inclusion and utilization of minorities (as
15 such term is defined in section 1204(c) of the Financial
16 Institutions Reform, Recovery, and Enforcement Act of
17 1989 (12 U.S.C. 1811 note)) and women, and minority18
and women-owned businesses (as such terms are defined
19 in section 21A(r)(4) of the Federal Home Loan Bank Act
20 (12 U.S.C. 1441a(r)(4)), in that solicitation or contract,
21 including contracts to asset managers, servicers, property
22 managers, and other service providers or expert consult23
ants.

[edit on 29-9-2008 by DancedWithWolves]

reply to post by DancedWithWolves

Yes, I posted this point yesterday on the other thread that is discussing this bill.
Here is the Bloomberg analysis of what this means:
bloomberg.com...

Perhaps we can somehow merge these two threads into one?
Is that possible, moderators?
I, and several others, seem to be bouncing back and forth between these two threads.
Here is the other thread:
www.abovetopsecret.com...

I agree this will open up a new era of working and living outside the current fixed rigged system, for most people they will be very unhappy when they realize they need to start growing their own food and living on less services, less dependency on the government and I think that will encourage people to be more responsible and we have to care for each other and stand up to those that want to seperate us and make us fight with each other.

I read this bill in the early morning hours and let some time sink in before I decided to mention a few things.

First this creates layers of governance structure that actually slow and prolong the bleeding, which in my opinion just makes this collapse slow down, since these people ran it up in so few years they now want to control the collapse, but I think it maybe to late, we are watching it reverberate around the world and through banks that existed for 100 plus years. We are in uncharted waters here and any FAST action could screw it up worse since these people did things to cause this so they most likely not capable of fixing this. This seems like it will appear intergenerational....debt being transfered to the children of the boomers....here kids you figure this mess out we want to retire now, so maybe you can figure this out, we give up. I think this also means further consolidation until it blows over, but maybe this could become a permanent reality of this century, and we will likely look outside to find blame for the pain we will feel, they the (politicians) will use this to channel the anger into a war of some sort, I hope not, but if you think Iraq was bad, I really can't imagine what WWI and WWII would be like in world of advanced tech and WMD's. It makes me sick to think that they think this will stop this massive iceberg from sinking us.

They will establish a Troubled Asset Relief Program.

Give powers such as c) NECESSARY ACTIONS.—The Secretary is authorized to take such actions as the Secretary deems necessary

That seems fairly amazing.

Another group called...FINANCIAL STABILITY OVERSIGHT BOARD

And guess who runs that? The people that brought us to this crisis? Are they crazy?

comprised of—
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 Devel9
opment.



The chairperson of the Financial
11 Stability Oversight Board shall be elected by the members
12 of the Board from among the members other than the Sec13
retary.

The Federal Reserve decides who regulates themselves?

Then they create something called a Credit Review Committe that they appoint to oversee there actions.

The most Orwellian part then comes up right here...

STREAMLINED PROCESS.—For purposes of this
22 Act, the Secretary may waive specific provisions of the
23 Federal Acquisition Regulation upon a determination that
24 urgent and compelling circumstances make compliance
25 with such provisions contrary to the public interest.

"URGENT AND COMPELLING CIRCUMSTANCES" if they find that they need to hurry up they can change the rules and say it was needed to protect the public?

Well, maybe it will get shot down for a change in the house and never make it to senate, I've heard it can't pass the House come out of a few politicians mouths, something like 60 plus percent against this bill, if McCain wanted to be president he would get on the side of the voters, I'm starting to wonder why either one would want to inherit a mess such as this? Would you want to be a President or Senator at atime when things are looking this bad? I know I wouldn't want the job, maybe they will both try to mess up their own campaigns, maybe that was why McCain tried to cancel his. To be honest I don't see why he would want to be president now, and Obama must be just plain power hungry if he still wants what appears will be a depressed economy.

I'm watching this on C-SPAN 2 and I can't believe how many people are in opposition to this! Democrats and Republicans are actually working for the American people. I guess today is when the free ride of a congress seat ended, huh? I've seen very few people in support of this, and it seems they're in favor for dumb reasons or Democratic part alliances.

I just have to add that what this whole thing reminds me of is how public companies will "allow" their stock to tank by withholding new products and services so that the owners can buy back the shares at lower rates that they sold for high dollars. After the buy-back is complete they will then release the "good news" and allow the stock to climb again, essentially manufacturing money via their stock. What these banks and others appear to be doing is using our capital to buy back stocks at reduced prices, sell them back to the bigwigs at bargain basement prices using the same money we just gave them and then manufacture more money for themselves. Just saying....

reply to post by bubbabuddha

Another group called...FINANCIAL STABILITY OVERSIGHT BOARD
And guess who runs that? The people that brought us to this crisis? Are they crazy?

I know that was a rhetorical question, and we both know that they are not crazy. They are sly and crooked.
Unfortunately, unlike most of us here on AboveTopSecret, who actually have READ the bill, and understand it's implications, many other citizens are listening ONLY to what the MSM is spinning about this bill. For instance, this morning on Foxnews, CNN, and MSNBC, all of the talking heads are saying that this bill has limits on executive pay, and golden parachutes. That is an OUTRIGHT LIE. There is nothing to stop execs from making tens and hundreds of millions of dollars in salary and bonuses. The bill ONLY SAYS that anything above $500,000 will not be able to be DEDUCTED from the COST OF DOING BUSINESS of a troubled Corporation. Do you think the EXECUTIVES give a hoot? They'll take what they want, and stick the corporation with a bigger tax bill. THERE IS NO LIMIT TO WHAT AN EXECUTIVE CAN MAKE. PERIOD.

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


A quick synopsis of what will happen if it doesn't pass for those who don't seem to understand.


Money will tighten up, ie banks will stop giving people/each other loans, people will cut way back on spending. Stock values across the board will continue to plummet, further reducing the the net worth of individuals & corporations. This means 401K plans also.

There will be an ever increasing failure of banks due to mini runs on them. People in every business sector will start losing jobs as cuts will have to be made to keep meeting payroll expenses etc.

The value of gold & silver will rise to unprecedented levels as people seek a sound "shelter" for the falling value of the dollar. Opec countries who now allow oil to be purchased only in dollars, will seek to allow trading in other currencies, like Euros, after they have dumped all of their own dollar reserves/assets.

The financial turmoil in our country will spread throughout the world, and we are already seeing evidence of it today in the falling stock prices of banks and other mutual fund investment houses in Russia and Britain etc.

It is a huge snowball effect, and although it doesn't seem fair to those who have worked hard all their lives, it is necessary I to stave off another great depression.


[edit on 29-9-2008 by TH3ON3]

reply to post by ProfEmeritus


Those bastards in the media are as guilty as the people trying to ensure our fate by shoving it down our throats. CEOs are looking at pay in the millions each month. If that's not a "golden parachute," I don't know what is.

THANKS EVERYBODY AT ATS who have read the bill and are being very thorough in their research and assessments! This is what being a citizen of the United States is all about!

reply to post by TH3ON3


You sound just like the politicians trying to steal with the biggest scam in history at the exoenses of the tax payer in this nation.

people in this boards are not stupid and ignorant of the doings going on in this nation in favor of the federal reserve aka shadow government and their pursue of totalitarian powers inf favor of the global bankers that control our Federal reserve that happen to be a private entity.

We the tax payer do not vote for this crocks.

We will survive what ever will come to us if this bill doesn't passes as a nation, the hell with the bankers and the dirty tricks that brought us this crisis.

But we the tax payer will never ever be able to get rid of this power grab if it gets passed the way it is.

Deny ignorance.



[edit on 29-9-2008 by marg6043]

reply to post by marg6043



That's your right to oppose it I'm only thinking about all of the p[eople who live paycheck to paycheck love.

reply to post by TH3ON3


There's no way to stave off a great depression at this point. If you want the dollar to nose dive, you'll be in this support of this bill. If they release this 700 billion as they plan to do with bull#ters for "oversight," you are ensuring the collapse of the dollar. The final nail in our collective monetary coffins.

reply to post by TH3ON3


And you think that this crocks behind this bill cares about the tax payer, the incredible and catastrophic increase on the national debt that will be passed to us and our children and the unborn?

All they want is their money and the hell with us the citizens.

Many of us live pay day to pay day, My friend and you think that adding more debt unto our backs is going to make it easier?

Or adding more credit to already a debt to us the citizens is going to make our lives better?

How about when taxes be increased in order to find a way to fix the mess that this crocks are creating with this bill trying to fix the mess that they already have created with their greed and bad deals.

Sorry to tell you this and burst the bubble but this bill has nothing in it to help the tax payer and their depleted pockets.

reply to post by DeadFlagBlues


No only that but the inflation followed by this bill is not going to help anything the tax payer living pay check to pay check and neither does that are losing their homes due to foreclosure brought to them for losing their jobs to out sourcing.

Originally posted by DeadFlagBlues
reply to post by TH3ON3

 

There's no way to stave off a great depression at this point. If you want the dollar to nose dive, you'll be in this support of this bill. If they release this 700 billion as they plan to do with bull#ters for "oversight," you are ensuring the collapse of the dollar. The final nail in our collective monetary coffins.

Could you briefly explain how boltering the dollar and helping financial institutions to stay afloat will drop the value of an already low dollar.

If we don't take action, the value of the dollar will be worthless as other countries will lose faith in it and depeg away.

reply to post by marg6043


Well I hope you have plenty of gold and property. Hope you have plenty of guns and ammo too, because you will have to defend your food/gold if we fail to rescue our economy and things go from bad to much much worse.

Watch out what you wish for, you might just get it.