Politico:
In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department's mortgage bailout, according to the fine print of an administration statement Saturday night.
The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.
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Sounds like American citizens are going to be hosed again - just like with Iraq.
I might have missed something, but, sounds like the Administration is asking for another blank cheque, Congress' blessing, no oversite, constraints, measurements nor accountability.
If the foreign entities made bad decisions and they go bankrupt, let other countries bail them out. Those countries will be facing similar job losses, etc.
Gotta ask who's getting paid what from these foreign companies or its top employees.
And, while Secretary Paulson says "[p]ay should be for performance, not for failure," he simultaneously suggests that "[key employee compensation] reforms need to come afterwards
These people all ready sunk their companies, and in many cases are all ready out the door. Limiting their compensation will have no impact on their performance with these companies - otherwise, there could be legal recourse against them and the company.
If limitations on executive compensation are not incorporated into the pakage b/c it might act as a disincentive to participate in a program that will save the company and bolster the economy - then the companies and their executives are effectively holding the US and world economy hostage.
Globalism is a bust - panicked foreign people stuck with unwanted ethanol products, World Bank pushing poor countries into the ground, failed foreign capital adventures. We are being left in the dark to hide these colossal failures. Who wants globalism anyway? A few bankers?
the sooner they find plan B, the better. THESE PEOPLE ARE DUMB. Can they make this thing work with an infinite cash supply? The answer is no.
Paulson needs to go! No bailout for foreign banks.
UBS - Phil Gramm.
This is crazy!!!! No bail out and put all those people in prison. the prez the vp paulson and the list could go on and on.
We got pushed into War the patriot act now this bailout on the quick. Think we are being duped again
We need to deal with what got us here and change our ways.
Its time to take our licks and learn from all these mistakes
That's makes perfect sense in the "Conservative" International Socialist agenda..!
"We're all Bilderbergers now..!"
And what will be next? Multi-national corporations who moved their factories (and our jobs) out of the States and into China or Mexico or India -- or who knows where -- have a few bad quarters and they ask the U.S. government for a bailout and the U.S. taxpayer is then forced to bail those (_ _ _ holes) out, too???
I am a taxpayer and I think this should be placed to a national vote at the polls this November and when we all vote the Repbublicans out of office we can vote "NO" to this bailout as well. Why should we hold the burden of bailing out a company and CEO's that's made millions off of ripping people off and now we have to pay them to stay afloat. This is not right and someone needs to go to jail. What are the reasons for the rush all of a sudden? Something doesn't sit right with this and someone should be held accountable.
I say "NO" to any bailout except bailing out those who owe students loans and those who have been foreclosed on and have bad mortgages. The hell with Wall Street and the rich cronies of BUSH!
The problem is, Republicans think that the average citizen is too stupid to know what is good for them so not only would they not want our vote on this, they do not want the representatives that we voted in office to have their say either.
I think alot of average citizens are too stupid to know what's good for them. Have you seen the poll numbers? Obama should easily be cruising to victory but he's not. Why? Because he's black. When has a black man ever stolen $700 billion? Never. Get over it bigots.
You raise very interesting points. Frankly, if there is a crisis that was brought about by the actions of individuals operating as leadership in companies, and the American people now need to "bail them out," then some people should be doing the perp walk. Seriously. McLameBrain says the SEC chair should be fired, which is scapegoating a public servant because he's a visible target. But where is the front page list with photos of the CEO, CFO, and COO of the banks and entities we're now expected to bailout? Bail is what you use to get out of jail. Those clowns should be going to jail, and we can then decide if we want to post bail.
They had better not include FOREIGN BANKS in this deal!!!!!!!!
People will get so fed up with the "System" that I wouldn't be surprised if there were mass riots in the streets. Of course, Bush and Cheney would probably welcome that. Then they could usurp control and extend their administration and steal some more on the way to bankrupting our country and destroying our way of life. What a sorry state of affairs we are in -- and it's all because we allowed the Republicans to steal not one, but two elections!
How different would everything be today had Al Gore been our president?
What???!!!! Is that fool serious???? We're now supposed to bail out foreign banks, too? Are you kidding me?!!!!!!!
UNITED STATES OF THE WORLD. NICE!
No way jose. This is a D.O.A. this is a no go They are trying to rush this thru before people can make up their minds about it. If you were going to buy something for $700 billion, shouldn't you think about it first.
They say it is a done deal.
Senate is going to vote yes.
If they include foreign banks, we are done for.
Paulson said straight face that taxpayers may make a profit from the $700 billion in bad loans. I wish I could have grabbed his scrawny neck and got my penny's worth.
Paulson wants this to be quick, before anybody can think about it . GO SLOW!!!! This could be really just a lot of money for nothing that somebody gets rich off from. When my wife and I lost $300,000 in the tech bubble, no one was there to rescue us.
Are these the new "Welfare Queens " of the 21st century.
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First Posted: 09-21-08 09:27 AM | Updated: 10-22-08 05:12 AM