Lawmakers, White House agree on $700B bailout

Finally an agreement. Now let's get it done. We don't need a depression, or chaos in the world markets.

The bailout is a republican NEW WORLD ORDER scam folks.

Stop being so fox stupid conservatives.

The Fed is a private company and not a gov agency.

Jeez folks. COme on already.

Well I guess we should rename our country Western France.

GREAT JOB REPUBLICANS! 8 Years of conservatives control and the end result is the largest welfare check in history.

THE $700 BILLION BAILOUT: SAVING THE RICH AND LETTING THE POOR SINK

By: S.R. Shearer
September 28, 2008

"Someone who lacks independent wealth has no claim to even the SMALLEST portion of food ..."

- David Ricardo,
One of the "originators" of
today’s system of capitalism, and
someone who called himself a Christian

The rich are those who "...devour widows' houses [and people's livelihoods], and for a pretense make a long prayer ..."

- Matt. 23:14

INTRODUCTION

Michael Hudson, author of the book, Super-Imperialism, calls the economic plan the administration is trying to implement a "$700 Billion Giveaway" to the rich. He writes:

"The banksters’ plan is to take Mr. Paulson’s $700 billion and RUN. It’s not a ‘bailout of the financial system’. It’s a giveaway - to insiders, to sell out all their bad BETS. Companies across the board will get rid of their bad mortgages, and also their bad car loans, furniture time payments, credit-card loans, student loans - all the debts that any competent actuary could have told them never could have been paid in the first place."

NOTE: These bad loans are called "TOXIC loans" because they can only be sold at a loss - A HUGE LOSS THAT CANNOT UNDER ANY CIRCUMSTANCES BE RECOUPED IN THE FUTURE, DESPITE ALL THE TALK BY WALL STREET PUNDITS AND THE ADMINISTRATION THAT SUCH A THING IS POSSIBLE.

This is the problem that Congress is not willing to come out and face. Many of these loans are just plain fraudulent. And they are being sold by crooks. Crooks who work for banks. Crooks who use accounting fraud - such as the fraud that led to the firing of Maurice Greenberg at A.I.G. and his counterparts at Fannie Mae, Freddie Mac and other companies engaging in Enron-type accounting. And one should be very clear here, it’s not so much those who have defaulted on their mortgages, as it is those who "pushed" this "bad paper" on these people - often using "bait and switch" tactics - that are responsible for most of the bad mortgages.

To Continu:
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strut2k wrote:

Finally an agreement. Now let's get it done. We don't need a depression, or chaos in the world markets.

It's far from over, even if the next $700 billion phase goes through.

To all the left wing liberals that believe that the republican party to completely to blame for all of our financial troubles. I hate to tell you, but your man Clinton made this so. He made it ok for people who had no financial backing but could put their name on a piece of paper get home loans. Now those loans are defaulting! It is simply the American people, republican, democrat, and everyone else wanting to live beyond their means. Now it is biting us in the Butt!!!

Let bush pay them. Economy is strong he always was saying.

Bush needs an enema.

Terry wrote:

The bailout is a republican NEW WORLD ORDER scam folks.
Stop being so fox stupid conservatives.
The Fed is a private company and not a gov agency.
Jeez folks. COme on already.
Well I guess we should rename our country Western France.
GREAT JOB REPUBLICANS! 8 Years of conservatives control and the end result is the largest welfare check in history.

Good post! Your words ring true in my ear! Truely who suffers by not posting bail? We the people, I don't think so, WALL STREET does and not many citizens, some may but not many. People have already lost their homes and have been forclosed on. Wake people please wake. What was the big rush! Hurry hurry and don't question because people need the help of Uncle Sam ASAP, get real, I am sumdumb but not plumdumb! Our government is corrupt!

Lance Winslow wrote:

<quoted text>It's far from over, even if the next $700 billion phase goes through.

Maybe, but we have to play well with others. The world economy will be impacted.

This bites. It's such a pity that we allowed one key ingredient to cause such a drastic decision; Greed.

That's all it took to create a near collapse of our entire country's economy.

I suppose in the grander scheme of things, adding $700 billion isn't too much of a difference from the trillions we're already in debt from.

"Just put it on our tab, Bob."

Oh well.

I will say though, I'm thankful that this bill prevents the bigwigs of these companies to get paid unneccesary and ridiculously high salaries by paying hefty taxes. Not one of these damn CEO's deserve a such a lucrative paycheck when they've been overseeing a company that they're allowing to go in the crapper.

Beware; Poulsens "cash for trash" plan is exactly that, a huge throw of dice that only taxpayers can loose.

you so seek to enslave Americans.

not gonna happen
I think both candidates should be waterboarded.

why?

( oh and congres to hahahha)

Because they agree with it , foremost. Secondly, because then we the People will extract intell on who made both of them barking dogs.

Yes..........they are both dogs, and so barking loudly.

1. I wonder what is happening to the United States of America. It used to lay down the laws and rules which the whole world must abide. If any country refuses then blacklisting, sanctions and even invasions by the US forces might ensue.
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2. It set the forms and standards for everything; systems of Government, human rights, economic transparency etc etc. Now it seems to be breaking or ignoring its own rules, regulations and laws.
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3. It had condemned the Internal Security Act as unjust and a violation of human rights. Following the shock and awe invasion of Iraq, it has detained alleged terrorists without trial and without rights and habeas corpus proceeings. Some detainees have been there for five years.
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4. Then in Abu Ghraib detention camp detainees have been tortured and humiliated. They were treated like animals. If it had happened in some weak Asian country, the US would demand for all kinds of punishment which the US is ever ready to inflict. But no one can drag Americans to court and punish them. If at all American courts would try these miscreants and the punishment would be very light.
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5. Because of the extraordinary greed of American financiers and businessmen, they invent all kinds of ways to make huge sums of money. We cannot forget how in 1997-98 American hedge funds destroyed the economies of poor countries by manipulating their national currencies.
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6. When as a result of the so-called trade in currencies the companies in the poor countries faced bankruptcy, the Governments were told not to bail out any company or bank which was in deep trouble. The Americans claimed that these companies or banks were inefficient and they should be allowed to go bankrupt and perish. Better still they should be sold at fire-sale price to American investors.
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7. Yet today we see the US Government readying US700 billion to brazenly bail out banks, mortgage companies and insurance companies.
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8. Where does the money come from? From thin air as no real money in cash or bullion or anything tangible are moved into the bankrupt banks. The money is just in the form of loan papers and entries in the books of the banks or companies.
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9. The US 700 billion has no backing whatsoever. No gold reserves, no foreign currency reserves as required for other countries. Without such backing the US Dollar is actually useless. Only the military power of the US is forcing the world to give value to the US Dollar.
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10. Desperate to avoid a serious recession the US has abandoned all its principles. It has now banned short selling, limited currency trading and insist that the accounts of hedge funds and currency traders to be open for inspection and be published.
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11. In the final spasm of fear, the Government has given itself the right to resolve the problem of bankrupt banks and companies by the Government taking over i.e. the great capitalist country has accepted what is nothing more than nationalisation which it had condemned so much before.
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12. The US now owes the world US 14 trillion. There is no way it can ever settle this debt. If other countries fail to repay or service their debts, the US would demand that they be made bankrupt. Now the US is literally bankrupt but it still insists that the pieces of paper, the famous or infamous greenbacks have some value. It actually has no value. Certainly it cannot be used to finance wars of aggression against Iraq and Afghanistan, to finance the CIA (Central Intelligence Agency) activities in undermining Governments and countries. But still the US' ability to threaten countries is undiminished.
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13. An attempt is being made even in Malaysia to achieve a regime change. Money has been funnelled to certain individuals and parties to ensure that a well-known candidate with extensive connection to the US Jewish lobby would somehow become the Prime Minister of Malaysia.
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14. US intervention in the politics of Malaysia is clear. I may not agree with the leadership of the present Government but I resent and object to US manipulations to make a satellite of this nation.
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I don't have to tell you things are bad. Everybody knows things are bad. It's a depression. Everybody's out of work or scared of losing their job. The dollar buys a nickel's work, banks are going bust, shopkeepers keep a gun under the counter. Punks are running wild in the street and there's nobody anywhere who seems to know what to do, and there's no end to it.

We know the air is unfit to breathe and our food is unfit to eat, and we sit watching our TV's while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that's the way it's supposed to be.

We know things are bad - worse than bad. They're crazy.

It's like everything everywhere is going crazy, so we don't go out anymore. We sit in the house, and slowly the world we are living in is getting smaller, and all we say is,'Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials and I won't say anything. Just leave us alone.

Well, I'm not gonna leave you alone. I want you to get mad!

I don't want you to protest.

I don't want you to riot.

I don't want you to write to your congressman because I wouldn't know what to tell you to write. I don't know what to do about the depression and the inflation and the Chinese and the crime in the street.

All I know is that first you've got to get mad.

You've got to say,'I'm a HUMAN BEING, Goddamnit! My life has VALUE!' So I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window.

Open it, and stick your head out, and yell,

I'M AS MAD AS HELL, AND I'M NOT GOING TO TAKE THIS ANYMORE!'

I want you to get up right now, sit up, go to your windows, open them and stick your head out and yell -'I'm as mad as hell and I'm not going to take this anymore!'

Things have got to change.

But first, you've gotta get mad!...

You've got to say,'I'm as mad as hell, and I'm not going to take this anymore!' Then we'll figure out what to do about the depression and the inflation and the oil crisis.

But first get up out of your chairs, open the window, stick your head out, and yell, and say it:

I'M AS MAD AS HELL, AND I'M NOT GOING TO TAKE THIS ANYMORE!

Something I learned about this bill

I does away with the "golden parachute" per say.

But here's the fine print. It does away with the "golden parachute" for "NEW" CEO's.
If you have been in the position for awhile your golden chute is still good to go.

I don't like that!!!

How come Warren Buffet knew and warned that implosion was imminent and nobody heard; not Government, not regulators, all were deaf. Are this same mob going to oversee the administration of the 700 billion.
God help you America if they are.
P.S. Pack your traps and come to Aus

I am really upset about the 700 billion dollar bailout. This is obviously another scam to pad executives retirement accounts. De-regulation simply doesn't work. If the government is going to step in, then these banks should become public entities like what is currently happening in England.

You should let Wall Street crash. A 'credit crunch', shrinkage and firing of these executives will clean up Wall Street, not a bunch of free money. This is the Republicans problem and they should suffer for it, not the tax payers. I have voted for you several times and like your ability to make tough decisions. Don't let this one get past you.

The key provision, the MOST important provision of the 'rescue plan'(read: bs):
It allows the gov't. to buy ANY security.
Don't be fooled for a minute that they are mostly buying mortgages.
The reason the banks will not lend has been hidden behind all the bs. And make NO MISTAKE, it's the BANKS who have delberately created the so-called 'credit freeze'.

They need to head off the impending disaster of Oct. 6.

On that day the credit default swaps come due for fannie mae & freddie mac. Estimated cost too the banks at somewhere between $500 BILLION and $1.4 TRILLION.

They need every last penny to pay the bill for what amounts to sheer stupidity.

Bush announced the 'crisis' on the SAME DAY,(Sept. 19 ), that the announcement was made that the swaps would have to be settled.

Fannie/freddie has had $200 BILLION to buy the bad mortgages SINCE Sept. 9. So far they bought $5 billion.

This is a government attempt to essentially 'hide' the mortgages that are bad so as to reduce the amount the banks will need to cover their BETS on the swaps, and alows the govenment the authority to buy the swaps to reduce the banks exposure.

EVERY member of Congress KNOWS this. They also know that they can't tell you. If you knew the truth, the 'anger' already expressed about the bailout would be NOTHING compared to the rage you would really feel.

Look at the Asian markets this morning. They KNOW that the plan won't work becaues it's only got $250 billion to start. It's not enough.

EVERY American needs to know about the 'swaps'. They need to DEMAND an explanation from their representative about the role 'swaps' played in the NEED for a bailout,and the true impact of the 'swaps' going forward.

I PLEAD with each and every one of you:

DEMAND the TRUTH.

strut2k wrote:

Finally an agreement. Now let's get it done. We don't need a depression, or chaos in the world markets.

depression, or chaos in the world markets....
lies. IT IS A RUSE TO LET THE d.c. CREW HAVE ALMOST TOTAL OWNERSHIP OF THE BANKING INDUSTRIES MONEY.

As with 9-11, another ruse to permanently disintegrate what was left of Americas articles of freedom.