My first thread here. Just thought I'd through this out for discussion.
This 700 Billion dollar bailout that is being discussed in the US and the original bill that was to give unquestionable authority to Secretary Paulson
and Mr. Bernanke seemed like an attempted coup of sorts to me. Section 8 of the original draft was to allow for no investgation into any actions that
these two men took because of the fianicial meltdown that is occuring.
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.
Seems to me that they were looking for power that far exceeded anything that the Constitution gives them. That would be a lot of centralized power.
The President wanted this original draft passed in a hurry without any discussion. That seems very suspicious to me.
I watched this video that loam posted. By the way, whats a FSME? I noticed the tag in his avatar and it linked to "Fragile Earth".
It's Ron Paul talking about how bad this bailout would be. There are many other Congressman/women and Senators saying the same thing. If this is so
bad, why the rush to get it passed with no discussion? Congress has now slowed the passing down by doing the right thing and discussing it. I haven't
read the new draft yet but I would hope that section 8 has been removed.
Anyway, as I watched this unfold this week, that's what came to my mind. This looks like an attempted silent coup. Remember. Paulson was former head
of Goldman-Sachs and it was one of the original global bankers who said...
Give me control of a nation's money and I care not who makes her laws.
Mayer Amschel Rothschild
Does anyone know if section 8 ended up being cut out? I just have a horrible feeling in my stomach about this bailout. This feels like 9/11 again,
only on a more subtle level. I am afraid that nothing will be the same again.
Thanks for the reply Karl. As far as I know, that section was removed from the bill that was just shot down by congress. I guess noone else sees this
the same way as I do. The centralization of power still concerns me.
Most US savings are now consolidates between three banks: JP Morgan, Citigroup and BofA. I just don't see a light at the end of the tunnel.
It's way too early to judge. The Fat Lady hasn't even started towards the stage yet. My hunch is that we are in the middle of the beginning.
There is alot more to come and it's unlikely to be very pleasant.
The way I see it, this isn't over by a long shot. President Bush has come forward two days in a row to address the Nation about how crucial this
package is. Yet, the Federal reserve just pumped 630 billion dollars into the flow to help increase liquidity. (I think). This isn't the first time
this has happened this year either. So what's the difference between the 630 B and this 700 B that the President, Treasury Secratary and the Chairman
of the Fed so desperately want for Wall Street.
Is it the money or the power that this money and subsequently, the bill it's attached to, give them. Even with the new provisions added to this
bailout package, there is still an enormous amount of power going into these mens hands. Moreso than what they already wield. Also, from what I have
been reading, there aren't many that believe that this money is going to solve the problems. Yes it will buy time for the this president to get out
of office and maybe even the country before it truly collapses but what I have heard and read says that this will only delay the inevitable.
This reminds of that John Perkins book. " Confessions of an Economic Hitman" and some of the things he talked about being done to third world or
emerging nations is being done right here in America.
Also this cover from Newsweek last week just adds to my paranioa.
Originally posted by Isthisthingon
By the way, whats a FSME?
That is "Forum Subject Matter Expert", they are members who have proven via posts and or threads that they have a keen understanding of the material
in said forum/s.
Great thread, the financial trauma that is occuring is perhaps, in my opinion at least, just as bad as the old market crash, even worse. Lot more
market is on the fall with more investors at risk.
With todays inflation and with outsourceing on top of it, there is just nothing left for the people. No economy, at least before Detroit was still
motor capitol, and textiles were not as imported. The list could go on, but I know every one sees the point.
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