Thread: A Question of Outrage

Look, we're getting screwed here. Nobody questions that. But that said, should we really allow these companies to tank completely, taking along with them the lives and dreams of millions of innocent people?

Look at it this way: The Great Depression was nothing more than a market adjustment.

I only hope that once government is in control it can re-negotiate the severance packages of the people who got us into this. After all, those people have done the same with the retirements of their employees.

j

We as taxpayers are writing a blank check to Treasury Secretary Paulson to spend $700 billion as he sees fit. The Bush Administration wants to rush through a congressional authorization as quickly as possible, no questions asked. It's actually over $1 trillion when you add fannie mae and fredie mac, and don't forget AIG. This will crush the dollar. The dollar already fell against the euro and 14 of the world's most traded currencies on Sept. 19 as Paulson unveiled this plan. What does the American tax payer get from this? Looks like a case of legalized extortion to me from all the reports I've read so far. The media is also keeping silent about much of this scandal. A friend that I chat with sent me a list for Wall Street with certain conditions in return for the blank check. I thought this was good.

1. The government (i.e. taxpayers) gets an equity stake in every Wall Street financial company proportional to the amount of bad debt that company shoves onto the public. So when and if Wall Street shares rise, taxpayers are rewarded for accepting so much risk.

2. Wall Street executives and directors of Wall Street firms relinquish their current stock options and this year's other forms of compensation, and agree to future compensation linked to a rolling five-year average of firm profitability. Why should taxpayers feather their already amply-feathered nests?

3. All Wall Street executives immediately cease making campaign contributions to any candidate for public office in this election cycle or next, all Wall Street PACs be closed, and Wall Street lobbyists curtail their activities unless specifically asked for information by policymakers. Why should taxpayers finance Wall Street's outsized political power - especially when that power is being exercised to get favorable terms from taxpayers?

4. Wall Street firms agree to comply with new regulations over disclosure, capital requirements, conflicts of interest, and market manipulation. The regulations will emerge in ninety days from a bi-partisan working group, to be convened immediately. After all, inadequate regulation and lack of oversight got us into this mess.

5. Wall Street agrees to give bankruptcy judges the authority to modify the terms of primary mortgages, so homeowners have a fighting chance to keep their homes. Why should distressed homeowners lose their homes when Wall Streeters receive taxpayer money that helps them keep their fancy ones?

I think if the administration wants to ram this down our throats no questions asked we should just say screw em all and let the system resolve itself. After all thats the capitalist way isn't it?

How many here looked up their Congressman today and made the calls??? Waddayawaitingfor??? the Amero?? or the October Surprise???
Here's the link again: Contacting the Congress

Originally Posted by denmason

How many here looked up there Congressman today and made the calls??? Waddayawaitingfor??? the Amero?? or the October Surprise???
Here's the link again: Contacting the Congress

Done and done, of course.

One thing that they're really being sneaky about is, if you notice the language and fine print, this is an open account on revolving credit. The wording is that they will use UP TO 4 billion at any given time, not that the total amount will equal 700 billion. Slight, but telling, difference there. Right now I'm too mad to think clearly. I never, ever, ever, ever thought I'd see the day...

I might also ad: Those who fail to learn history probably aren't doing too well in science and math, either.

Looks like both sides of Congress are pushing back hard against the bailout and so are the Taxpayers. Seems the phone lines at Capitol Hill haven't stopped ringing all day today. I just read this and was surprised by what section 8 of the plan stated... Bush and his boys really do think we're all stupid:

Members of Congress point to a severe lack of oversight in the proposed Bush administration plan. Section eight of the draft bailout plan states: "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," essentially stripping Congress of its responsibility to oversee the how these tax dollars could be spent.

Representative Dennis Kucinich is all over this. He has also come up with this proposal:

"Since the bailout will cost each and every American about $2,300, tomorrow I will offer legislation to create a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, at market value and not higher, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American. The Wall Street financial disaster is an opportunity to create a genuine ownership society. If Congress invests $700 billion in the market, then the American people must get something of real value for their investment."

Sounds good to me, but we really need to hear more about this proposal. Can't afford to forget that we are dealing with a very crafty lot, to say the least.

Originally Posted by denmason

How many here looked up there Congressman today and made the calls??? Waddayawaitingfor??? the Amero?? or the October Surprise???
Here's the link again: Contacting the Congress

I just wrote all three of the dirtbags who claim to represent me this morning. To your other post Dennis, it's good to see we may be helping to win this one!! I'll also try calling their offices if I get a chance to today.

Let's all keep pushing harder!

Originally Posted by denmason

Representative Dennis Kucinich is all over this. He has also come up with this proposal:

"Since the bailout will cost each and every American about $2,300, tomorrow I will offer legislation to create a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, at market value and not higher, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American. The Wall Street financial disaster is an opportunity to create a genuine ownership society. If Congress invests $700 billion in the market, then the American people must get something of real value for their investment."

Sounds good to me, but we really need to hear more about this proposal. Can't afford to forget that we are dealing with a very crafty lot, to say the least.

Holy crap, I actually agree with something Kucinich said...

those of you on the East Coast... you didn't happen to see a 7 headed, 10 horned dragon rising with the sun this morning, did you?

Originally Posted by jockeys

Holy crap, I actually agree with something Kucinich said...

those of you on the East Coast... you didn't happen to see a 7 headed, 10 horned dragon rising with the sun this morning, did you?

HAHAHAHAHAHAHAHAHAHAHAHA

First off, I'm reminded of a quote by H. Ford, "if I owe a bank $1,000 that's my problem, If I owe a bank $1,ooo,oo, that's tha banks problem".
This is a rehash of the "too big to fail" theory,(I hope I don't get slammed for using the word theory).This may be true enough, but..If an entity is too big to fail and the the casino like risk leads to a bail out then they need to be regulated.
Banks (and lending institutions) fail due to non payment of loans,so protect them against their worst selves, make sure they make good loans by regulating and enforcing prudent reserves.
I'm embarrased to say I used to be in favor of deregulation and open markets; boy was I wrong, Remember utility deregulation in Ca.?
Al