Not One Dime!

[WorseBeforeBetter]

By Mike Whitney

01/10/08 - -- The mystery has been solved.

For nearly a year, we have been asking ourselves why the investors and foreign banks that bought up hundreds of billions of dollars of worthless mortgage-backed securities (MBS) from US investment banks have not taken legal action against these same banks or initiated a boycott of US financial products to prevent more people from getting ripped off?

Now we know the answer. It's because, behind the scenes, Henry Paulson and Co. were working out a deal to dump the whole trillion dollar mess on the US taxpayer. That's what this whole $700 billion boondoggle is all about; wiping out the massive debts that were generated in the biggest incident of fraud in history. Rep Brad Sherman explained it like this last night to Larry Kudlow:

"It (The bill) provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson's power. There is a critique board but not really a board that can step in and change what he does. It's a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries....... It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.

(more)

http://www.informationclearinghouse.info/article20915.htm

[Greyhound]

1. The fear mongers are still getting all the notice. K&R. n/t

:kick: & R


WAKE UP AMERICA!

[WorseBeforeBetter]

3. Yep. And Obama just told me I need to sacrifice.

Fuck that. I didn't create this problem.

I agree that there is a colossal problem that needs to be 'fixed', but ramming $700 BILLION legislation through this week ain't the answer.

[Greyhound]

7. Yeah, like the last decade has been so fucking luxurious.

It's a good thing the election isn't today, 'cause this shit would make me vote for anybody else.

:grr:

[WorseBeforeBetter]

8. Kucinich/Sanders.

Democracy NOW!

“Is this the United States Congress or the Board of Directors of Goldman Sachs?” Rep. Dennis Kucinich Rejects $700 Billion Bailout

http://www.democracynow.org/2008/9/29/is_this_the_united_states_congress

“REP. DENNIS KUCINICH: This is a copy of the bill which will provide for a $700 billion bailout of Wall Street. It has provisions in it where it talks about helping homeowners, but when you read the fine print, you see it has language like “may” instead of “shall” and “encouraging” instead of “mandating” help for the millions of homeowners who are worried right now about whether they’re going to lose their home. There’s no help for them in this.

So what we have here is a rescue plan that essentially gives all the speculators a bailout and puts the bad debts in the custody of the government. The president of the Dallas Federal Reserve Bank has said that this plan could create a fiscal chasm, says that the problem isn’t tight monetary policy, it’s the reckless behavior of some of these investors who have now found themselves in a position where a government bailout is going to help reward their bad behavior."

[Greyhound]

24. If only...

I think things are nearly bad enough for the flock to start looking at something that "different"
:kick:

[dkofos]

2. Some people think the BAILOUT is for US.

Jokes on them!!

[WorseBeforeBetter]

6. Hey... it's a "rescue" plan!

Don't you want to be rescued?11!!!

[dkofos]

9. I don't use RW talking points.

[malaise]

21. They will learn

The treasury is being looted for the criminals by the cronies they finance and it is being covered up by M$Greedia who always get their share of the loot via the ridiculous pricing of ads.

[SammyWinstonJack]

4. Not ONE DAMN DIME!

[polpilot]

5. DON'T LET THIS BECOME A 'MUSHROOM CLOUD!' Give us the $$$$ now!!!

[WorseBeforeBetter]

10. Or the dog gets it!

[baldguy]

11. If that shit pile they call a "rescue package" passes

No rescuing will be accomplished, and we'll be right back where we started 6-10 months from now - only with a couple more billion dollar banks failing and a few hundred thousand more foreclosures.

And $700B missing, of course.

[WorseBeforeBetter]

17. "Shit pile" sums it up beautifully.

Crap (hah!)... 8:48! Gotta watch the vote...

[LBJDemocrat]

12. Not one dime!

Otherwise, the risk of such assets will be artificially lower in the future, due to implied government bailouts.

[WorseBeforeBetter]

14. Excellent point... future "implied government bailouts." (n/t)

[barbtries]

13. the more i learn

the less i like it. too bad the fucking repukes are so greedy and power hungry that they won't allow any reform, oversight or meaningful help for average americans. i could have lived with that, as long as henry paulson resigned before hand.

[WorseBeforeBetter]

15. That one of my big issues with it--Paulson shouldn't be ANYWHERE near this thing.

No one person should have this much control, and I'd say the same damn thing if it were Obama's Treasury Secretary.

[barbtries]

22. and that's not even all of it

he's failed as treasury secretary. wasn't it just a few weeks ago he was touting the good health of the economy? was he lying then or is he lying now? he has a conflict of interest, goldman sachs.

i've had the senate hearings on forever it feels like, and bernie sanders is the only one i've heard bringing up the inappropriateness of having paulson at the helm of this - let alone that he's still maneuvering for virtual absolute power!

rerun of last week: write and call, make some noise. the senate's about to pass this piece of shit.

[WorseBeforeBetter]

23. Lying then AND now.

I tuned in to the hearings long enough to hear Obama say we all need to make sacrifices. FUCK THAT. I didn't cause this problem.

[dana_b]

16. such a damn scam

and the Senate likes it. f***

[WorseBeforeBetter]

18. Are they voting now?

Gotta tear myself away from Keith and hit C-SPAN.

[dana_b]

19. sorry. I don't know - I just read earlier that they were leaning towards passing it. n/t

[WorseBeforeBetter]

20. Me too. That's why I'm half-afraid to tune in. (n/t)