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Paulson to Hire Private Contractors to Handle Bailout Billions

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posted on Oct, 6 2008 @ 10:31 AM

Originally posted by deeprivergal
I don't know if this is such a bad thing. Depending on who the private contractor is, 700 billion might be in better hands with them then anyone currently on capital hill.

I'm wondering the same thing, what if we are wrong but everything, this actually seems like a intelligent idea. It all depends on the contractors, the thing is that we'll never know....which I find sad.

posted on Oct, 6 2008 @ 10:33 AM

Privatization is one of the biggest scams ever pulled on the American people... private enterprise has no business profiting from this god forsaken mess.

[edit on 6-10-2008 by grover]

posted on Oct, 6 2008 @ 12:01 PM
I agree grover that is my big problem with this, already the Bush administration in his corporate agenda has pulled the big scam against the American tax payer, when he privatized part of the government to his cronies in the private sector.

What that has done to the nation, anybody that has eyes to see and ears to hear can tell and see catastrophic national debt that is weighing on everything tax payer in this nation.

But look what the bastards has done to themselves, they are bailing out again at the expenses of the tax payer in the nation.

Privatizing the peoples government for the benefit of corporate corruption.

Is not only anti constitutional but also a case for treason

[edit on 6-10-2008 by marg6043]

posted on Oct, 6 2008 @ 12:24 PM
Well I guess if anything goes wrong, (I haven't read every reply so I have no idea if this was covered) but if anything does go wrong it looks like he now has a way to point fingers and lay the blame. It seems excusable to me, since I don't quite know how these will work yet, how Paulson will be able to oversee etc.

posted on Oct, 6 2008 @ 12:48 PM
First point:
Wasnt it the privatization of our finances that got us into this problem in the first place? So, lets put our right hand on the fire, realize that it burns, the reach in with our left because it couldnt possibly happen again.

Second point:
They came up with the number 700 and the amount billion because it is more than half, but less than a whole trillion. So, there was no economic or scientific effort even put into it.

Third point:
The bill was proposed and killed. Ratified, resubmitted and passed. In that short, 10 day period of time, several of the companies that this bailout was designed for already had buyout intentions or contracts. This means that they no longer need bailing out. However, this was not considered in the ratification, rather they INCREASED the financial commitments in the bill.

Well, until we take action beyond chatting on these &^%*$(##)(% forums, we are getting what we deserve.

posted on Oct, 6 2008 @ 12:59 PM
my net is acting up, so i can't go back to todays history of sites visited by me... so i'll go from memory;

Paulson is rumored to have elected to put another former GS Goldman-Sachs elite banker manipulator in charge of the mega-Billion fund
that we know as the Paulson-Plan...
the continuing Goldman/Illuminati connection is a person named
(sounds like Cash-&-Carry doesn't it ?)

a fittingly ironic end to the free-market experiment huh

posted on Oct, 6 2008 @ 01:04 PM
[edit on 6-10-2008 by born²]

posted on Oct, 6 2008 @ 01:04 PM
Blackwater Financial.

What a world... Soon enough every teller will have a Uzi.

Can't rob the robbers I guess.

posted on Oct, 6 2008 @ 01:10 PM

Originally posted by spines

I blame every single American who was stupid enough to sit back and eat up the 'Oh my god, we need this bailout!' bull#.

Oh for goodness sakes, how many times has it been said already? Americans did stand up and say NO NO NO, and guess what? It happened anyway, so freaking stop blaming Americans. It is just a way to blame someone who was not responsible for this situation. HOLY CRAP!!! AMERICANS SAID NO, GOVERNMENT DID WHAT THEY WANTED, SO LET'S KEEP BLAMING JO AMERICAN.

posted on Oct, 6 2008 @ 01:43 PM
A classic case of over zealous czars sellings jobs to his cronie friends to spend our money any way he pleases.

Why can't he use his already created organization and augment it with all the experienced help that is readily available from the recent layoffs. That would help those people keep their house and pay their bills.

Again we give a crook the keys to the store and we will find it emptied out by other crooks.

posted on Oct, 6 2008 @ 02:49 PM
The first thing to remember is the more hands that touch the money- the less the money goes where it's suppose to. Heck, we have a military that cannot account for billions in funds. I guess it was just a matter of time before the billions became trillions...

posted on Oct, 6 2008 @ 03:30 PM
Paulson,is now hiring his buddies to insure that Wall Street and the golbal bankers get their cut,ah "drill baby drill" right in the collective @$$e$ of the world...

[edit on 7-10-2008 by mike dangerously]

posted on Oct, 6 2008 @ 04:34 PM
reply to post by amazed

I take it you missed my point:

I blame the Americans who sat back and bought into the crap. I realize that not every one of us did nothing, and that many at least attempted to get their voice heard.

But many more were pretty content with letting it take its course and not acting or thinking for themselves.

Calm down.

posted on Oct, 6 2008 @ 04:57 PM
A lot of the blame can be laid right on the US Treasury Department's doorstep for what is happening now.

After all, they are suppose to be the ones responsible for supervising national financial institutions.

United States Department of the Treasury


The basic functions of the Department of the Treasury include:
# Supervising national banks and thrift institutions;
# Advising on domestic and international financial, monetary, economic, trade and tax policy - fiscal policy being the sum of these, and the ultimate responsibility of Congress.
# Enforcing Federal finance and tax laws;

(Thrift institutions are savings and mortgage companies)

Problems started with the "thrift institutions" back in the 1980's with the "Savings and Loan Crisis". And one of the causes blamed for this crisis is the lack supervision from the Treasury Department.

Savings and loan crisis

Major causes according to United States League of Savings Institutions

The following is a detailed summary of the major causes for losses that hurt the savings and loan business in the 1980s:
14. Federal and state examination and supervisory staffs insufficient in number, experience, or ability to deal with the new world of savings and loan operations.

So here are people from the United States League of Savings Institutions telling the government that the people they have in charge of supervising them are "inexperienced" and unable to do their jobs.

So, as far back as the 1980's the banking industry has been saying that the Treasury Dept. has been inept.

So, then in the years following, federally insured savings and loans companies fell from 3,234 to 1,645.


While not part of the savings and loan crisis, many other banks failed. Between 1980 and 1994 more than 1,600 banks insured by the Federal Deposit Insurance Corporation (FDIC) were closed or received FDIC financial assistance.[13]

From 1986 to 1995, the number of US federally insured savings and loans in the United States declined from 3,234 to 1,645.[7] This was primarily, but not exclusively, due to unsound real estate lending.

If the Treasury Dept. had been doing its job efficiently, shouldn't they have stopped this "unsound real estate lending"?

After all, they are SUPPOSE to be supervising these banks and thrift institutions!

So here we are, years later and the same thing happens again! A major mortgage crisis! The Treasury Department is there to prevent this.

Of course this time it took a bunch of deregulating to help this crisis happen, but shouldn't the head of the Treasury Dept. stood up and stopped it?

And who helped in getting all these deregulations that helped cause this crisis, none other than our own Secretary of Treasury Henry Paulson while he was working for Goldman-Sachs!

Some of the dereguating Paulson helped with!

Net capital rule

As Chairman of the SEC, Mr. William H. Donaldson presided over the April 2004 meeting. It was held at the request of the major Wall Street investment houses, including Goldman Sachs, then headed by future Treasury Secretary Henry M. Paulson, Jr.. The firms requested the release from the net capital rule. The complaint that was put forth by the investment banks was of increasingly onerous regulatory requirements -- in this case, not U.S. regulator oversight, but European Union regulation of the foreign operations of US investment groups.

In the immediate lead-up to the decision, EU regulators also acceded to US pressure, and agreed not to scrutinize foreign firms' reserve holdings if the SEC agreed to do so instead.

BUT, Paulson didn't want SEC (Security Exchange Commission) oversight either, so he pushed to have that removed also!

Henry Paulson

The 1999 Gramm-Leach-Bliley Act, however, put the parent holding company of each of the big American brokerages beyond SEC oversight. In order for the agreement to go ahead, the investment banks lobbied for a decision that would allow "voluntary" inspection of their parent and subsidiary holdings by the SEC.

During this repeal of the net capital rule, SEC Chairman Donaldson agreed to the establishment of a risk management office that would monitor signs of future problems. This office was eventually dismantled by Chairman Cox, after discussions with Paulson. According to the New York Times, "While other financial regulatory agencies criticized a blueprint by Mr. Paulson, the [new] Treasury secretary, that proposed to reduce their stature — and that of the S.E.C. — Mr. Cox did not challenge the plan, leaving it to three former Democratic and Republican commission chairmen to complain that the blueprint would neuter the agency."[11]

In late September 2008, Chairman Cox and the other Commissioners agreed to end the 2004 program of voluntary regulation.

Does Paulson really sound like somebody who REALLY has a grasp on how the economy works and what is in the future for the economy?

Views Expressed by Paulson as Secretary of the Treasury

In Spring 2007, Secretary Paulson told an audience at the Shanghai Futures Exchange that "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention." [18]

In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades. [19]

On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.” [20]

On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac.[21] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.

It's hard to believe Paulson is in the position he's in, and no wonder why he wants to have private companies handle the $700 billion bailout!

The man is clueless, just rolls with the flow!

In my opinion, I think he's in over his head!

Why wasn't an economics professor given the job of Secretary of Treasury?

[edit on 10/6/2008 by Keyhole]

posted on Oct, 6 2008 @ 06:06 PM
reply to post by Keyhole

Its simple why he is in that position. He does what he is told. When his handlers tell him to give them 700 bil, he does it. He will hire private assessment firms to allocate all this newly created money because he was told to. It will all go to the same corrupt corporations that helped put us in this mess and now they want to bilk as much out of it as they can before the house of cards comes tumbling down.

posted on Oct, 6 2008 @ 06:49 PM

Originally posted by spines
reply to post by amazed

I take it you missed my point:

I blame the Americans who sat back and bought into the crap. I realize that not every one of us did nothing, and that many at least attempted to get their voice heard.

But many more were pretty content with letting it take its course and not acting or thinking for themselves.

Calm down.

Calm down? Basically I think I am pretty calm in regards to the situation. What I get frustrated about is blaming Joe/Joeann American.

What I do know is that 90% of the people in my area were calling for a no vote on this issue. I am not sure what the % for all America was, anyone have that number? I heard something like 80% were calling for a no vote.

Personally I contacted multiple people during the second go around who were surprised and called in on the last day requesting a no vote, they had done this the first round, which did not pass. These people that I contacted thought the situation was dealt with. Personally I think this was passed far too quickly for the majority of Americans, much less the senate/house to understand the ramifications of this bill.

I posted the following info on a related thread, and I think will fit here as well.

Oct 3, 2008 1:22 PM House
On Motion to Concur in Senate Amendments: H.R. 1424 Emergency Economic Stabilization Act of 2008
Passed 263-171

Oct 1, 2008 9:07 PM Senate
Dodd Amdt. No. 5685
Amendment Agreed to 74-25, 1 not voting (3/5 required)

Senator Dodd completely changed this bill that had already passed the house, doing so then means that the house got a chance to view the new and improved bill (sarcasm). If I am understanding it right, this was the first house vote that we Americans realized what was happening and started calling in on, and did not pass.

It was co-opted by the Senate as the "vehicle" for the quick passage of the economic stimulus bill, by replacing the entire text of the measure with the stimulus bill.

Therefore, this was a completely DIFFERENT bill that had passed the house, but not the senate, that the senate took over and rewrote 100%, so we now have this bailout package, oh no "stimulus package".

[edit on 6-10-2008 by amazed]

posted on Oct, 6 2008 @ 07:06 PM
reply to post by deeprivergal

All you have to do is check out how they handled the savings and loan debacal. Thieves bringing in more thieves.

posted on Oct, 6 2008 @ 07:33 PM
reply to post by amazed

Same here. The top talk radio call in show for the state was barely able to talk about anything else leading up to this. People who did not know what was going on wanted information, those with the information ALL...every person that called in...requested, some demanded, a NO vote. These radio hosts are also very good about holding people accountable for their votes, so they openly and repeatedly reported the rollcall from the first vote that failed. They continued to follow the issue and more and more people called in supporting a NO vote. They had politicians on the air trying to explain why it was important, even when they didnt agree with most of the verbage. People still said NO.
The Senate pass was followed by a mixed feeling since we all wanted a NO vote and even though it passed, our senators voted NO. In the house, when that passed, the rollcall came down and the rep that voted YEA both times was branded with his scarlet letter over the radio.

The people of America knew. The people of America voted NO. The politicians, with pressure from the corrupt, self serving president and the PTB behind him, had little choice than to pass this.

Sadly, this thing was inevitable. If the house had voted it down, there would have been congressional martial law and the prez would have pulled an end-around to pass this into action. He spits on the constitution (figuratively speaking), flips off the country, makes his bed with oil execs, and cares not what the people of the US think. He is the "Decider" and he decided a long time ago that this country would be run into the ground on his watch, one way or another.

posted on Oct, 6 2008 @ 07:46 PM
I can not find fault with those of you who feel that the burden of responsibility for this abuse by banker and corporatist criminals can be laid at the doorstep of every American

Perhaps you believe that what you see here is a representation of our nation.

It isn't.

The bottom line is, if every American was as engaged and earnestly interested in the stewardship of our national economy, as you see reflected here, we most assuredly would not be in this mess.

We, my friends are entirely outnumbered. And I reserve the right to make a similar observation when, should the occasion arise, your local events turn as ours has here. Of course, no base disrespect intended, but it is my opinion that we ALL are in this mess, and it was a SINGLE institution, (and perhaps a single organization,) that brought us to this point.

Everyone knows who it was, and everyone knows what barriers were actively destroyed to make it possible. It will require no grand feat of juris prudence to make a case that this is a conspiracy theory transformed into reality before our very eyes.

There is no justification for the utter ruination of a planetary economic system for non-sustainable profit. It is utterly illogical, and undeniably destructive to the well-being of the species.

Sorry to rebuke, but we ALL share the blame; for this parasitic beast, this profit whore, has tendrils that extend into the leadership of nearly every nation.

This is no game that we may indulge in finger pointing. As a whole, our global community must rid itself of the credit religion, and its high priests or we will be stunted and crippled. It is for their benefit that they will keep us from reaching our total technological and cultural potential - all for the sake of control and wealth.

posted on Oct, 6 2008 @ 08:19 PM
reply to post by SuperSecretSquirrel

Keyhole makes great points Paulson clearly has a long history of incompetence but it’s you SuperSecretSquirrel that has hit the nail on the head. You are so right Paulson’s objective was never to serve the Treasury Department and the people. Paulson’s sole purpose is to serve Paulson and whomever he is told to serve he is little more than a spineless, mindless, puppet.

So while it appears Paulson has failed the US beyond measure he has served those he intended to serve quite well.

We see how Paulson’s corruption and greed paved the way for this financial crisis yet our government in it’s vast wisdom is leaving this “financial correction” up to him and his wall street buddies. What is wrong with this picture?

Thanks Keyhole great thread. The more I read the more surreal this is getting.

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