There are three unconscionable parts of this federal bailout plan.
1. It now includes not just US banks, but nearly all of the major international banks. Why should the United States taxpayer single-handedly pay off all of these bad loans? If these foreign banks want our help, they should ask their governments to chip in. No deal until they do.
2. The lobbyists have already gotten their claws into this and the bill has been expanded from bad mortgage assets to all of their bad loans. That's insane. Wall Street is about to dump every bad mistake they have made in our lap and run for the hills. I guarantee you all of these companies, and the executives running them, will be back to making a tremendous amount of money very shortly. But we'll be stuck with their "toxic assets." This should be our response to this proposal -- Hell no!
3. The executives of these failed companies still want to make millions of dollars upon their exits from the companies they sunk. They're threatening not to play ball if they don't get to keep their millions. Great, go away. Deal with your own mess in your own way then.
They are in no position to threaten us. They're the ones coming for the bailout. If the Republicans want to make a stand on this issue, be our guest. Make our day. Please argue that these failed CEOs should get tens of millions of dollars as we spend $700 billion in taxpayer money to bailout their companies. Please make that case to the American people and see how that works out for you.
In the video below, I explain why we should say "No Deal" to these bankers, even if the Democratic proposals are completely adopted:
Follow Cenk Uygur on Twitter: www.twitter.com/TheYoungTurks
The Repubs are about to raise our taxes by $700 BILLION or else just run up more debt. The fiscal Repub conservatives must be furious. They should stop this lunacy. Where or where are all the sensible Repubs now that their 30 year deregulation mantra has been thoroughly debunked. Time to rethink Economics 101 Repubs. Sensible regulations work and are essential to the health of the economy.
Now here we go again. Once again we're being told that the world as we know it will implode if we don't hand over all authority to Bush and his gang. We're being told that the situation is so bad that there is no time to debate, no time to consider, no time to investigate other options. The only solution is to put all of our trust in the very same officials who just weeks ago were telling us that the worst is over. And we're being asked to bail out the greedy bastards that have made billions while working class wages slipped and millions of Americans went without healthcare. And we know that the same foks sounding the alarm now will make a united stand against universal health care labeling it "socialism." WTF!
• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.
• Then there's this: "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." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.
There goes your country.
Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don't make me laugh.
Dear Friends,
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress' throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It's bailing out the financiers, the banks, the Wall Streeters."
That describes the current bailout package to a T. And we're being told it's unavoidable.
cont...
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
This is not for national disasters. This is for the inevitability that the people are going to be ticked off enough to rise up and say, "NO MORE!"
Welcome to the United Police State of America.
I am shopping and will not quit until i drop
i am american and do not have time for politics
and give me my irs check so i can shop some more
my point nations deserve their politicans
until we figure that one out and quit blaming our politicans nothing will change in america
few will understand these words: universal law demands that capitalism self destruct
we are living through that self destruction and all we can do is blame politicans
myself included
the demos will fold like a deck of cards always have always will
jefferson time in america
Consider this: This bad debt held by foreign banks probably originated from US mortgages brokered and securitized by investment banks and sold on to foreign banks "guaranteed" by the investment bank and a US rating agency.
Paulson & Bernanke will then probably forced to do this. Ever considered what standing the US has left within the international community.?
NEOCON in lying with respect to Iraq, Georgia. Conventions of Geneva. Nearly breaking the world financial system for the second time in a decade and this time by mismanagement and ideology. Refusing to adapt while using 25% of world energy with less than 5% of world population.
That's a red herring issue.
Every second spent there is a distraction.
Next, of course they are throwing all of their liabilities at the taxpayers.
Why not?
Did you not hear Paulson yesterday actually admit something that no one has ever said before.
THE TAXPAYERS ARE ALREADY ON THE HOOK FOR ALL US DEBT !!
It's a little complicated.
But most important, Cenk, is the point about the foreign "bank" debt being helped.
This is step one in a well-designed plan to transfer the public money power contained in the U.S. Constitution to an offshore banking cartel, made up NOT of nations really, but of private central bankers throughout the world.
That's where you want to focus here.
And, the ONLY solution to getting that power back into our hands is to move as quickly as possible to abolish the private US banking cartel known as the FED, and most importantly, its debt-money creation powers (the SOURCE of all this problem), and replace it with a government-issue, debt-free money creation mechanism, making Treasury-issue credits legal tender in this country again.
Like Abraham lincoln did when the bankers wanted 36 percent interest to fund the Civil War effort.
read this.
http://www.monetary.org/amacolorpamphlet.pdf
Monetary reform NOW!
All of the western (BrettonWoods) central banks are modeled after the FED in their money creation powers.
That is private-banking, and debt-money based.
The problem with trying to address this problem on its global scale are several.
The greatest of which are the facts that WE have a Constitutional right to have a public money system in THIS country, and the other that, although I consider myself a global citizen, I do not elect a global Congress that gives me that global power all over again.
I have written elsewhere, this is just the latest episode in a well-written script to divest the American people of that Constitutional right.
Once we see the trans-national, private central bank proposals, they will UNDOUBTEDLY contain a transfer of my present monetary rights to the worlds central private bankers.
So, to me, acknowledging the global nature of the problem is one thing.
Trying to ADDRESS it globally would require a non-existent geo-political structure, and until that structure is created by free people acting in an informed manner, in which I still have my right to public, debt-free money, I want to stick with solving my part of the problem first.
For .7 trillion you could set up a bunch of new banks.
.