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Perma-Chill for America: "Insulated" Bailout Puts America's Keys in Wall Streets Pockets

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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:04 PM
Original message
Perma-Chill for America: "Insulated" Bailout Puts America's Keys in Wall Streets Pockets
Edited on Sun Sep-28-08 04:23 PM by Land Shark

"Insulating Main Street from Wall Street" Means America's Keys in Wall Street's Pocket



The modified bailout plan, purporting to "insulate Main Street, and everyday Americans," from the crisis caused by Wall Street, actually

(1) puts Wall Street in control of its own reform and bailout, and

(2) removes any chance of taxpayer and voter accountability -- specifically through its creation of a deceptively named "Financial Oversight Board" (FOB).

The lack of accountability in the modified plan agreed to by congressional leaders is much worse than the original unaccountable proposal (featuring a prohibition on judicial review), because, by setting up a three-headed hydra of independent agency heads above the Secretary of the Treasury (acting like a Board of Directors to the Treasury Secretary as "CEO" so to speak) it means that

(a) 2 or 3 major independent agency heads would have to be fired, instead of just one (the SEcretary of Treasury, under the original proposal) but

(b) limits the right of replacement by the President of these "independent" (by law) Wall Street "regulators" to a requirement of "good cause" -- a standard quite unlikely to be met under the circumstances. (for reasons discussed in the oped link below)

This is all being sold to the American people as a protection of their interests. Instead, it is a permanent chill for American democracy, in which Americans PAY, but Wall Street Controls via the heads of the Wall Street friendly TROIKA of the FED, the FDIC and the SEC, who are, in turn protected from removal.



Is the answer to the problems of deregulation an unregulated and deregulated bailout of Wall Street by the very "regulators" who failed to do anything or even warn the American people about the problems in the first place?



on edit: A FOB is a small trouser pocket to hold keys, money, etc. See www.dictionary.com Thus, it is a fitting acronym for this travesty of representative government.

America: Wake up soon, or wake up Dead.


More and fuller reasons in the opednews exclusive. Please check out this short url for opednews at: http://hotshorturl.com/rp05
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:25 PM
Response to Original message
1. The real villain isn't the bail-out, it's the conditions that led to it
I know next to nothing about economics beyond my business spreadsheet, but it seems to me we're focusing on the wrong thing. The real error was the economic conditions that led us into the ditch.
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:32 PM
Response to Reply #1
2. REGARDLESS of the merits of the bailout (or its wrongs) power giveaway adds Insult to Injury.
Perhaps that should have been addressed or stated more clearly in the full oped? http://hotshorturl.com/rp05
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:33 PM
Response to Reply #2
3. There's not just ONE "real villain" - the point is that the villains get to bailout themselves nt
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:37 PM
Response to Reply #3
5. And this is only the last act in a 30 year robbery and pillage
Yes, we're bailing out the villains but if we DON'T, we all go down with them.

So, we need to have a bail out and THEN widespread prosecution.
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:09 PM
Response to Reply #5
11. Point is: If bailout REWARDS the culpable, nothing americans can do about it
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:11 PM
Response to Reply #11
12. Can it be more CLEAR: This discussion applies REGARDLESS of need for bailout
In fact, the very need for the bailout, real or perceived, is the stampede to give away the power of accountability because folks keep focusing on the "crisis" -- real or not. This discussion applies regardless of whether the other terms of the bailout, to the extent defined at all, are perfect, or not...
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:20 PM
Response to Reply #11
17. Point is: our strongest hope is the Democratic Party
Anything else is just pissing in the wind.
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-29-08 02:06 AM
Response to Reply #17
25. Query: who are the party elites then that get free speech and input on these things?
You seem to suggest the rest of us foot soldiers all have to fall in line, no matter what the leaders do. This smacks of some spirit other than a democratic spirit. Or can you clarify what you mean?
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 07:05 PM
Response to Reply #2
19. Injury to injury, too, Paul.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:36 PM
Response to Original message
4. F*ck the Wall Street Loving Democrats! - Vote these assholes OUT in their next Primary.
Edited on Sun Sep-28-08 04:37 PM by ShortnFiery
Tell them that tomorrow. You're OUT if you vote for this in TWO YEARS max. You are TOAST Congress - everyone who votes for this figurative - financial RAPE of TAX PAYERS. DAMN THEM! :grr:
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:39 PM
Response to Reply #4
7. That's right, target the Democrats who are the LEAST responsible ones
We need to focus our anger on the real problem -- the GOP.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:40 PM
Response to Reply #7
9. This is not Partisan. It's the RICH (including the Reps) against THE WORKING CLASSES. eom
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:12 PM
Response to Reply #7
13. Sure, GOP more culpable -- doesn't mean American people's power should get flushed. nt
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:18 PM
Response to Reply #13
16. No, but it does mean we need to support the strongest remedy
The GOP is the course of destruction -- our only hope is in the Democratic Party. When you attack the Democrats,
you do the work of the GOP for them.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:39 PM
Response to Original message
6. Frank's says "don't blame the victim" .... yeah, go ahead and RAPE "the victim" (American Taxpayer)
AGAIN! :grr: F*ck the Corporate Demcrats!!!
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lurky Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:39 PM
Response to Original message
8. "Fob off"
fob off,
a. to cheat someone by substituting something spurious or inferior; palm off (often fol. by on): He tried to fob off an inferior brand on us.
b. to put (someone) off by deception or trickery: She fobbed us off with false promises.


http://dictionary.reference.com/search?q=fob+off

What's in a name, indeed?
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:13 PM
Response to Reply #8
15. THANKS MUCH for reminding "Fob off" means to cheat someone by substituting spurious/inferior thing
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 06:09 PM
Response to Reply #15
18. I think it takes on a slightly new meaning in this context, though. FOB OFF:
privatizing public power; to irresponsibly and unaccountably give away responsibility or authority to someone else, either to avoid responsibility or to enrich friends; to substitute something inferior while claiming the opposite.

EXAMPLE:
Are you going to fob off the Defense Appropriations Committee to defense contractors?
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bluesmail Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 04:56 PM
Response to Original message
10. THEY put their money into certain politicians and DAMMIT
Edited on Sun Sep-28-08 04:58 PM by bluesmail
they want a 'return' on their investment. We Are So Cooked. On Edit Head Hurts
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bluesmail Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 05:13 PM
Response to Original message
14. I wonder if the filthy rich, when they got tired of buying
expensive whatevers, moved on to control of America NOW wants a revolution to replace the idleness after they do have control of America, (America defined as the rest of the planet) I'm no sociopath So I don't know what the endgame is for them. It was a thought popped into my wondering (hurting) head. :evilfrown:
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 07:11 PM
Response to Original message
20. Well, it sounds like an invitation to continue as before, and hence
extending a welcome to a more precipitate, total beakdown of the economy and of American society, instead of, at least, deferring those for a while. What's that saying about the definition of insanity...? They seem to be expecting a different outcome.
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2 Much Tribulation Donating Member (522 posts) Send PM | Profile | Ignore Sun Sep-28-08 08:06 PM
Response to Reply #20
21. yeah, same path, same "guardians" -- same CLIFF in the end...
what do multinationals cARE about the USA? Not a 'tall.
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-08 11:49 PM
Response to Original message
22. If in doubt, whip it out: Section 119: If Treasury violates Const, congress stays any relief
Edited on Sun Sep-28-08 11:58 PM by Land Shark
Conclusions:

1. The Sec. of Treasury can violate all statutes with impunity, & no one can sue.

2. Even if you prove a constitutional violation in court, Congress stays any order in your favor PROVING A CONSTITUTIONAL VIOLATION until the secretary is done appealing -- or doesn't want the stay.

3. So, in effect, after you take a Constitutional whipping for months or years in appellate courts, and if you finally win in the trial court and the final court of appeal, you will get no money -- just an equitable order for the Secretary to stop violating your CONSTITUTIONAL rights (an equitable injunction).

4. But, even then, he can always keep on violating your statutory rights, forever.

As a practical matter,

Congress is staying, or stopping actions even where constitutional violations are PROVEN. In fact, that's the ONLY time the stay in section 4 below applies, and only Constitutional claims are allowed.



Read it for yourself, and weep, comparing especially section 2(A) with section 4, (square bracketed items are my shortenings or explanations):




Section 119: Judicial Review and Related Matters



(a) JUDICIAL REVIEW.
(1) STANDARD.Actions by the Secretary pursuant to the authority of this Act shall be subject to chapter 7 of title 5, United States Code, including that such final actions shall be held unlawful and set aside if found to be arbitrary, capricious, an abuse of discretion, or not in accordance with law. {N.B. only equitable actions challenging administrative agency decisions under Title 5, section 7, are allowed, and not claims for money damages. (Title 5, section 7 also provides that its relief is further limited under any other terms provided by any other law, including this new bill, if passed) so the limitations on equitable relief below constitute limitations on the entire field of judicial relief available}

(2) LIMITATIONS ON EQUITABLE RELIEF.

(A) INJUNCTION.No injunction or other form of equitable relief shall be issued against the Secretary for actions pursuant to section 101, 102, 106, and 109, other than to remedy a violation of the Constitution.



(B) TEMPORARY RESTRAINING ORDER. {If allowable for constitutional violation, it has to be} granted or denied by the court within three days of the date of the request.

(C) PRELIMINARY INJUNCTION.{If allowable for constitutional violation, it has to be} considered and granted or denied by the court on an expedited basis {}

(D) PERMANENT INJUNCTION.{If allowable for constitutional violation, it has to be} considered and granted or denied by the court on an expedited basis. Whenever possible, the court shall consolidate trial on the merits with any hearing on a request for a preliminary injunction, {}

(3) LIMITATION ON ACTIONS BY PARTICIPATING COMPANIES.No action or claims may be brought against the Secretary by any person that divests its assets with respect to its participation in a program under this Act, except as provided in paragraph (1), other than as expressly provided in a contract with the Secretary. {i.e. unless the Secretary agrees to be sued in writing, and signs it, and gets some consideration in return for that, the necessity of a valid contract}

(4) STAYS.

Any injunction or other form of equitable relief issued against the Secretary

for actions pursuant to section 101, 102, 106, and 109, {N.B. and ONLY constitutional violations are allowed to be heard, per Section 2(A) above]

shall be automatically stayed.

The stay shall be lifted {only if the Secretary doesnt promptly appeal, seeking a stay}.



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scarletwoman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-29-08 12:04 AM
Response to Original message
23. k&r (nt)
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Land Shark Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-29-08 02:02 AM
Response to Original message
24. My new thread, all on sec 119's insulation from liability for CONST violations
see the automatic stay on proven constitutional violations, anlaysis at
http://www.democraticunderground.com/discuss/duboard.ph...
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