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.
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
I knew that something sneeky was going on as when BUSHY DEMANDS is a COVER-UP!
Is China & Iraq hidden in this Bailout? We can't hurt China as they own us! Where is money for Bailout from other countries?
Something STINKS and the smell is comming from ROTTEN BUSHY & REP>!!!!!!
But not the American homeowner. After eight years of looting the treasury, these thugs and thieves want to seal the deal befor they leave office by asking congress for a blank check to line the pockets of the crooks who created the crisis. Instead of bailout, we need to spend some time talking prison.
There should be no bailouts for homeowners and chronically late mortgage payers who bought homes way beyond their means, income and credit ratings. I do favor a bailout provisions for first time buyers who were blinded and maybe got suckered by greedy mortgage providers. It's always been an American dream owning your own home. Screening should and must be a part of any bailout provisions.
At 20, I had my first mortgage - $ 105,000 row home. There were times peanut butter and jelly would suffice, but 4 years later with lots of improvements, I sold it for $ 210,000, bought my 2nd home - single at an acre land. I am now 27. I paid my mortgage 2x a month which was challenged, but I prevailed. By my calculation, I have pre-paid 18 months of mortgage payments and paying the principal by just doing that. Everyone should take responsibility.
I've no faith, reliance, confidence on either Repugs and Demogs - all flat out liars. On a crisis like this, their solution is fix it- your fault- finger-poi
That's a rant from a 27-year-old who would inherit the brunt of this meltdown and the national debt. So EFF you all - the spend, spend, spend zero saving generations. You have no rights to complain.
After you're finished admiring yourself and patting yourself on the back, think about the collusion in all this of the greedy realtors, banks and mortgage companies who ALWAYS KNEW these people couldn't afford these homes and sold them to them anyway. Think about people who haven't seen any decent wage increases in 30 years, but have seen job losses to outsourcing and illegal immigration exploitation, deunionization, loss of decent benefits and safety standards, yet having to work harder, longer and send more family out to work. Think about corporate America and the credit card mafia's collusion with lying tv ads and junkmail onslaughts constantly pounding it into your head that you need their products/services or you're a loser. GWB told people to "go shopping!" Yes, many people were stupid to believe them, and greed for things they couldn't afford was wrong, but the real culprits in all this are rich beyond belief and the dumb consumers who made those mistakes will never recover.
This is the shock doctrine ! Why not do some temporary emergency things and take the time to figure out the bigger picture. Just like Iraq and the Patriot Act, which was a blue print that simply was dsuted off at the right time, we are rushing into something that will cost us all and benefit a few.
Who cares about a rescue plan if China and the Arabs own us and the dollar collapses ?
The problem is the ecomomy was not based on real valuations and wages but fake valuations and cheap money. I am sorry to say, but we cannot and should not lock in mortgage valuations if they are too high. That will keep people out of the market and put the country on the hook for a devaluing asset.
We need to return to common sense !
BTW, how do you securitize credit card debt.
Been there, done that. Check AMEX, Mastercard, Visa bond offerings.
----------
America, brace yourself
Hey everybody. I just watched Obama live in Charlotte, NC. He said he was 'Hot under the collar" about this Wall Street mess and he acted like it.
I've never seen him beat his message home like this. Please watch it where ever you can.
P.S. Trolls crawling throughout this site. while you are spreading lies on Huff Post... Obama is out fighting for your right to be included in the Bailout..
Get impeachment back on the table.
Impeachment can be done in as little as a day. What took so long in the Clinton impeachment was that it was intended as political theater. The articles can go to the House in the morning, be voted out and out by lunch, sent over to the Senate. The Senate can take it up after lunch, hold the trial, reach a verdict by cocktail hour. The administration can be removed before anyone sits down to dinner.
Can we survive four more months of this?
Enough is enough.
This is a swindle. Paulson demands a "clean" bill with no limitations on CEO salaries or restrictions on golden parachutes. The legislation includes nothing about the cause of the problem, nothing to fix it or prevent it again, and nothing to help the American citizens who are drowning in debt&losing their homes.
The legislation includes a paragraph unheard of before this. It gives Paulson, a prime player in this crisis, who has been asleep at the switch, the man who told Congress last year, "Subprime problem? No way!", it gives him total & complete authority and autonomy in handling this crisis. He is to be subjected to NO OVERSIGHT OR REVIEW WHATSOEVER. Not by any administrative agency, not by any court.
This is the Bush administration squeezing the last dregs from the middle class on its way out of town.
In another segment of Stephanopoulos's show, ChrisDodd&
Cokie Roberts speculated that some (not her, just the "conspiracy minded") think this crisis is being manufactured, pre-election, to shift more massive wealth to the cronies.
See Naomi Klein suggest it's more "shock economy" on Friday's Real Time with Bill Maher.
http://www
Cokie may be on to something. An early October surprise! It may be a means to prevent the wealthy from extreme losses. That is not to say that the crisis is not real, but publication of it now, and putting the thumbscrews on may well be. The baronesse de Rothschild just bailed out of the Obama camp and joined the McCain camp right before we had the main annnouncements. Did she know something? In any case, those who vote for Barack know that for now most of the programs we want, such as universal healthcare, equal pay for equal work, etc. may well be put on hold. Including international banks with original basis abroad is of course part of the deal. They have U.S. depositors in the U.S. and dollar deposits in the U.S. from foreign holdings and enterprises. Banking secrets are not revealed. that is not unusual. Part of the crisis may also have been caused by foreign pressue on the U.S. government. We have been selling our assets abroad, giving away the store, the dollar, the ports, and we have enormous international debts. Winning a war in the ME, or elsewhere, if we even did that, does not compare to the larger catipulation.
Yep. Another example of BushCo moving to extend his America-hating into the next administration.
Wall Street screwed 'em so not its time for the America taxpayer to kiss them.
Can ANYBODY intelligently provide a reason why the US will allow FOREIGN BANKS to USE THE RESCUE PLAN, but there will be NO help for US CITIZENS???!!!???
Paulsons REFUSAL to include US CITIZENS, but to allow FOREIGN BANKS to use OUR TAXDOLLARS in this crisis in N-Sane!
Is there NOTHING we, as the citizens WHO ARE FOOTING THIS TRILLION DOLLAR BILL (what, you think the money is just going to "magically" appear?) can do to let the idiots in Washington know that This IS NOT ACCEPTABLE?
We truly have no voice in this situation, do we?
Phil Gramm's USB surely was at the front of the line with its hands out
Nice for those banks.....
Write to your congresscritter. I did. In long and painful detail, I laid out the history of the 3 bailouts: the old S&L, the tech bubble, and this one. I explained to my Republican congresslady that she might consider voting for this flawed piece of legislation. But if she was smart, she would read it, rather than voting like she always does, blindly. Note, I said, that there is no oversite at all. If Congress does not oversee what the Secretary of the Treasury is doing, what's the use of Congress? Doesn't it approve spending for things? If the Secretary takes ALL the money the Treasury has, and there is no one watching how and why he's spending it, why don't they just turn off the lights in the Capital, and go home.
That's the best we can do. But it's something.
You can write a better letter to your CongressFailure. Give it a try. If we don't say something now, we might as well give up on it.
I just finished writing to my reps in Congress and insisted on help for home owners, too.
Go here to find your rep in the House:
http://www
and here to find your Senators:
http://www
I agree with everything Mr. mad just said. Obama please respond to this.
Let it fall. Do not let them steal another trillion dollars.
*
Bank of China.
*
oops! There you go...
How can we be sure this is not another WMD story...A last ditch effort to raid our Treasury one last time?!
All the same suspects!
BINGO!
WE are being played again!
Jeb Bush allowed KNOWN FELONS to get certificaton as MORTGAGE BROKERS in Florida during his time as governor.
http://www
MOST OF THE JUNK LOANS CAN BE TRACED DIRECTLY TO THESE PEOPLE.
You tell ME BUSHCO hasn't pulled one again.
Exactly.
Last roll of the dice before the McBushCasino closes.... place your bets.... OH! MY!!! Mr. Paulson, such a large bet.... Double down?
"Roll'em sucker..."
The little drunk from Texas is throwin' it all in on one last roll of the dice.... "You in, Johnny Mack?" Johnny Mack says "Gay Marriage/L
On that second line to the last of yours, am reminded of some old comedy movie script, "We're gonna f**k ya, and were gonna f**k ya HARD!
This is the Shock Doctrine at work. They are hoping that the public will be so shocked and scared that it will say, do what ever you want, just save us please! The public cannot be that gullible and stupid but Hank Paulson, the Fed and the Administration is betting that we are and it seems to be working. Asked to describe why the room was in stunned silence after Paulson's presentation, Dodd and his Republican counterpart could only mumble and did not answer. Are they afraid that it will drive the market down again? The smart money knows the truth already. Our politicians have to be accountable and level with the public with facts. The market knows that these financial institutions are broke and now we are about to add ignorance to the lies. They will be winners and losers, and they have been trying to pick the winners -albeit unsuccessfully so far trying to prop up a system that is broken by overpaying for illiquid assets. 70's- Auto; 80's&90's- S&l's; 2000- The financial system. How smart are these guys? VERY. They pick your pocket for your own good.
This whole action by Paulson is to calm the nerves of the foreign investors that buy our debt, hold our bonds and hold our currency. The US Treasury, the Bush Administration, and the Republican Party are trying to send a message that they are willing to garrote the American People is order to protect the foreign investors. The problem is, the foreign finance ministers are savvy and likely have a better handle on the situation of the US Economy than we do.
Remember ... China, one of our major debt and currency holders, is Communist. They have a structure in place that insulates their population from the crashing of the US Markets. China has now, what the United States had at the end of WWII and squandered away ... the World's manufacturing base,
China, the Opec Nations, India and for that matter Russia, don't need Paulson's bailout so his offer may fall on deaf ears.
the whole action by all of them is to instill FEAR in US
again
Paulson has to say this or the rest of the world may stop buying our debt. If they did that then we'd have to start manufacturing the junk that is currently made in China... WAIT!! wouldn't that create jobs here? And if OPEC stopped taking dollars for oil then we'd have to figure out how to live on alternate energy.
Sounds like a plan to me.
The bailout cover's foreign banks like UBS; I guess they could call this the Phil "foreclosure" Gramm amendment!
I wonder who he had to whine to in order to have this in the bill?
What we do to do is do a fifty state protest! Then cap it off with a march on Wash D.C. I'm sick and tired of being fuked over. ENOUGH!!!
Loading comments…
First Posted: 09-21-08 09:27 AM | Updated: 10-22-08 05:12 AM