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Bailout Would Come In Stages That Congress Could Halt
WASHINGTON - Congress and the Bush administration reached tentative agreement early Sunday on a sweeping $700 billion rescue plan to take bad assets off the books of banks and other financial firms. The deal is expected to be put on paper in the course of the day and sent to legislators for debate and a vote later in the week.
Demonstrators protest the U.S. Congress' proposed $700 billion bailout of the financial industry in New York's Times Square September 27, 2008. The U.S. Congress embarked on a weekend mission to strike a deal on a proposed $700 billion bailout of the financial industry before stock markets open on Monday in an attempt to end the greatest financial crisis since the Great Depression.
(Keith Bedford/Reuters) The two sides were racing a self-imposed deadline to get a deal by 6 p.m. Eastern time before Asian financial markets opened for business. A deal was announced in the wee hours by tired, puffy-eyed lawmakers that had been working almost around the clock to reach accord.
As lawmakers neared the tentative deal, staff members had their phones confiscated to prevent leaks in what had become a heavily politicized negotiation. Lawmakers pledged to post a copy of the deal online later Sunday for an angry American public to take a look at the compromise ahead of a congressional vote.
A tentative deal had been announced last Thursday, only to have House Republicans balk. The new compromise gives Democrats more restrictions on the pay of Wall Street execs and a taxpayer stake if the program actually makes money. Republicans tacked on a parallel insurance plan that can work as an alternative to taxpayer funding and killed provisions that would have let federal judges modify distressed mortgages.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have warned repeatedly that absent an urgent response, credit markets could collapse this week, punishing Wall Street and Main Street alike.
""The deal should go a long way to stabilizing financial markets and putting the financial system on what will be a long road to recovery," said Mark Zandi, chief economist of economic forecaster Moody's Economy.com.
Both Democrats and Republicans won language that they will trumpet on the campaign trail in weeks ahead, and the White House can breathe easier that a financial collapse may be averted, for now at least.
"Nobody got everything they wanted," said Rep. Barney Frank, D-Mass, chairman of the House Financial Services Committee and one of the architects of the compromise, in a C-Span appearance Sunday morning.
Specifically, the proposed compromise envisions:
-- $700 billion in a taxpayer rescue of Wall Street, with $250 billion available immediately, another $100 billion upon report to Congress and the final $350 billion available only upon action by Congress.
-- Money will be used to buy mortgage-backed securities and other troubled assets, taking them from investment banks, commercial banks, smaller community banks, pension plans and even local governments.
-- Government can use its power as the owner of the troubled mortgage bonds to facilitate modifications for the mortgages themselves.
-- Bipartisan oversight commission will monitor the program. If after five years there is a net loss to the taxpayers, president will have to submit legislative proposals to recoup funds from beneficiaries.
-- Democrats won new, unspecified restrictions on CEO pay and executive compensations for participating companies.
-- Republicans won language creating a parallel insurance program that companies can choose instead of giving up their bad assets.
-- Creation of warrants, which allows any windfall coming to participating companies to be shared with the government, thus the taxpayers.
-- Actions by Treasury will be posted online in real time.
--Judicial review of Treasury's actions.
The presidential campaigns welcomed the compromise on the Sunday talk shows and took credit for it - even though Senate staffers say neither candidate was instrumental in getting a deal done.
In a statement, Democrat Barack Obama said it met the four core principles he laid out - independent oversight, treatment of taxpayers as investors, measures to keep homeowners in their homes, and rules to prevent rewarding Wall Street CEOs from cashing in on the rescue.
"While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles," said Obama. He later echoed that in an appearance on CBS's Face the Nation.
Republican John McCain, speaking on ABC's "This Week," said, "This is something that all of us will swallow hard and go forward with."
Staffers warned Sunday that while they are confident the deal will pass, it's no certainty. House Republicans must be convinced that taxpayers will not somehow wind up paying billions to executives. The real test of the package's strength is likely later Sunday when GOP leaders, who have been a thorn in their president's side, present it to members.
While House Republicans do not have enough votes to scuttle the package - Democrats have a majority of House seats - House Speaker Nancy Pelosi, D-Calif., said she wants about 100 GOP members to vote for it. Not only would that give the plan a bipartisan sheen, it would also give the Democrats political protection.
Should the financial market meltdown worsen despite passage of the rescue plan, Pelosi does not want Republicans pointing fingers and saying the Democratic plan sought by the White House was responsible.
Rep. Frank acknowledged the vote is unlikely to be wildly in favor of the rescue plan.
"I think it will get a majority, but it won't get a huge majority because this is not an easy thing to do," said Frank. He noted that from the standpoint of a lawmaker, doing the right thing will not get an angry public off their back. "In politics, if you keep something from getting worse, you don't get a lot of credit for it."
David Lightman contributed to this report.
- Posted in
147 Comments so far
Show AllParrallel insurance plan??
Could there please be real outrage at this bailout?? Sustained outrage that leads to a rejection of the duopoly - once and for all??
We need to have a general strike like the one in Paris, May 1968.
After 911, when Bush's advice to America was; "go shopping" I stopped shopping.
These are the things I have not had for eight years:
Car
Television
Refrigerator
Camera
Microwave oven
Washing machine or dryer
Cell phone,.. I won't go on but all I have is a used computer and a used stove.
All else acquired at yard sales or from free boxes.
How else can we resist? Demonstrations?, letters?... been there done that.
If you must shop, buy locally made arts and crafts. Locally grown food.
Support your community and starve the corporate beast - what else can we do?
any ideas?
Thanks. My wife and I have followed a similar plan for nearly 8 years... no major purchases... shop used and locally. Have not driven once since the monkeypuppet's coup.
As a modest proposal, I suggest abstaining from *any* holiday shopping. No candy... no turkey.... no "gifts". Do not consume above and beyond the call of duty. Think survival.
Protest in the streets.
Withdraw your funds from finincial institutions.
Protest in the streets.
Tax revolts are a integral part of our history.
Protest in the streets.
Vote out anyone who kisses CheneyOilCo's ring by signing this travesty... work against "The Party"... volunteer to work for political opposition or run yourselves.
Protest in the streets.
View this act as nothing less than a corporatist takeover of the US and an imposition of taxation without representation. Do NOT accept spin, revision and lies.
Protest in the streets.
Stop repeating the lie to your children that they can be anything they wish by applying themselves.
Protest in the streets.
Give to food banks if you can spare an extra can or two.
Protest in the streets.
Walk and bike.
Protest in the streets.
Develop and maintain a level of outrage that leaves no doubt about your opinion on our stolen future.
Protest in the streets.
Spill the "tea".
PEAK OIL will force more people to follow these excellent ideas. It's still a shame when those who are truly frugal get condescended at by the ignorant masses.
As for protesting, I'd start local and then help build it up from there. Nail the pols at the local levels such as your cities, towns, and districts and bring more people on bored to force them to listen to the people and not the corporate/military/religious rightwing elites. Over time, there will be success. This is how the NRA and the "conservative" movement succeeded starting in the 1970s and by 1980, they were ready to take over big time. And let's counter infiltrate Corporate America. Another article on this site pointed out Green Jobs as a perfect example of counter infiltration.
Good luck to us all.
When you have a thesis, it is better to not believe it until it is absolutely proven.
Any ideas? How about a class action lawsuit on behalf of the citizens of the U.S vs. Wall Street criminals and the people in Congress that voted for this bail out?
Good idea!
Problem is, Bush has already thought of that...twicky wabbit!
This is from the American Bar Association website:
"Treasury Secretary Henry Paulson would be insulated from lawsuits under the $700 billion Wall Street bailout plan advanced by the administration."
I tried to get the full text of the bailout plan as it stands right now- but the website it was posted on has been collapsed.
Simple: DON'T PAY INCOME TAXES!!!
"Crack open a cynic and you will find an angry idealist!"
'Nother good idea!
In fact,...Let's just stop working!
And..." breathing "
i've actually thought about that.... communities need to form to reject the corporate money making machine that's running this country.
nope, you pretty much covered it all apparently. oh another thing, this must include food too. none from factory farms as they are a huge party of corporate america.
i've decided to not get another care after mine broke down.... i can get by. next step, withdrawing funds and and not paying back loans.
Good plan, Revenge Girl.
I wish I had had as much foresight, but have managed to keep my consumption down - below the American median, but still too high. I'm working on it.
I think you're spot on - economic resistance is our last, best hope. Perhaps, our only hope.
One more thing for the list: I'm organizing a local resource sharing group. People join up and we all share what we can - be it tools, food, expertise, time, etc. Kind of like a time bank without all the credits and tracking. Just, "this is what I have, you're welcome to borrow it." It won't be THE answer, but added to your list may help us get out of the dependence on the corporate system.
Good plan, Revenge Girl.
I wish I had had as much foresight, but have managed to keep my consumption down - below the American median, but still too high. I'm working on it.
I think you're spot on - economic resistance is our last, best hope. Perhaps, our only hope.
One more thing for the list: I'm organizing a local resource sharing group. People join up and we all share what we can - be it tools, food, expertise, time, etc. Kind of like a time bank without all the credits and tracking. Just, "this is what I have, you're welcome to borrow it." It won't be THE answer, but added to your list may help us get out of the dependence on the corporate system.
Good plan, Revenge Girl.
I wish I had had as much foresight, but have managed to keep my consumption down - below the American median, but still too high. I'm working on it.
I think you're spot on - economic resistance is our last, best hope. Perhaps, our only hope.
One more thing for the list: I'm organizing a local resource sharing group. People join up and we all share what we can - be it tools, food, expertise, time, etc. Kind of like a time bank without all the credits and tracking. Just, "this is what I have, you're welcome to borrow it." It won't be THE answer, but added to your list may help us get out of the dependence on the corporate system.
Good plan, Revenge Girl.
I wish I had had as much foresight, but have managed to keep my consumption down - below the American median, but still too high. I'm working on it.
I think you're spot on - economic resistance is our last, best hope. Perhaps, our only hope.
One more thing for the list: I'm organizing a local resource sharing group. People join up and we all share what we can - be it tools, food, expertise, time, etc. Kind of like a time bank without all the credits and tracking. Just, "this is what I have, you're welcome to borrow it." It won't be THE answer, but added to your list may help us get out of the dependence on the corporate system.
There are already a few catchy acronyms floating around the internet
that I think more accurately describe the bailout plan.
Here are two of them.
"TARP" might become RAPED
as in (Rotten Assets Purchase to Erase
Debt)
“CRAP” (Corporate Recapitalization Asset Purchases)
The average taxpayer, you and I, will be getting the shaft no matter what happens. Bail out or not, WE will be footing the bill. I say that we let the rich and ultra rich pay the majority of this, and if there is anything left to pay, THEN we will cough up. Otherwise, I say let the "free market" do it's business and tank the greedy and selfish. We have been paying for the free ride the rich have been getting for the last 28 years, now the chickens are back home with nowhere to roost. The republicans and their benefactors have sold or stolen it.
How is it that we aren't seeing a total repudiation of the REAGAN policies that got us into this? Is there NO ONE in congress who is smarter than those of us out here who have been saying this would happen for the last quarter century? It's time to stop giving to the rich and start taking it FROM them instead. THEY now own 90% of everything in this country, why the hell are WE still having to pay for THEM to have and have more? What about OUR kids, OUR futures, OUR homes and jobs? They already have far more than they can ever hope to spend, and we have less and less. And still, it's WE who are coughing up in this situation.
NO bail out for the rich. THEY made this mess, and it's only rigfht that THEY pay to fix it. And if that means NO CEO pay for the next 28 years, so be it. If that means confiscating everything they own and selling it on the open market, fine. If that means NO paycheck for those who caused this, I'm all for it. It's time that they understand that Karma is a real bitch, and it's payback time. Make THEM pay it back for a change. We're tapped out. This bail out is a reward to those who wanted to destroy our gov't and to drown it in a bathtub. They are getting everything they want, and are being given even more for having done it. I say NO. Take it back and restore the FDR policies that gave the rest of us a fighting chance at a future.
Make the republican party pay for their treason and make it illegal to be a republican. And an ass kissing democrat, too. If you have no goal other than your own power and enrichment, you should be in jail, not in office. NO BAIL OUT! We get screwed either way, but with no bail out, the rich will get theirs, too, not JUST us. With the bail out, WE are the only ones to take it up the ass. Without it, THEY get it too, and we won't be that much worse off. They are asking for the biggest heist in the history of man, and can't even say that it will do anything but screw us all for more than we have left. That is NOT acceptable.
Not yelling..just posting in caps to distinguish my comments......Do not get me wrong, I am still totally against the bailout, I'm just pointing out flaws and questions from the common mans point of view.......
Specifically, the proposed compromise envisions:
-- $700 billion in a taxpayer rescue of Wall Street, with $250 billion available immediately, another $100 billion upon report to Congress and the final $350 billion available only upon action by Congress.
WHERE'S THE JUSTIFICATION FOR THIS $700B TO BEGIN WITH?
WHO'S DOING THE "REPORTING"?
IS THERE A GUARANTEE THAT THIS WILL NOT GO OVER $700B?
-- Money will be used to buy mortgage-backed securities and other troubled assets, taking them from investment banks, commercial banks, smaller community banks, pension plans and even local governments.
WHO NOW OWNS THESE ASSETS?...THE UNITED STATES OF AMERICA, INC...OR THE PEOPLE?
IT'S TAXPAYERS MONEY, CORRECT?
-- Government can use its power as the owner of the troubled mortgage bonds to facilitate modifications for the mortgages themselves.
AH! THE GOVERNMENT OWNS THEM! SO, WE THE PEOPLE HAVE NO SAY AS TO THE "MODIFICATIONS"?
-- Bipartisan oversight commission will monitor the program. If after five years there is a net loss to the taxpayers, president will have to submit legislative proposals to recoup funds from beneficiaries.
A BIPARTISAN COMMISION?...MADE UP OF WHO? ARE WE THE PEOPLE INCLUDED IN THE MONITORING? THIS IS BULLSHIT WITH A CAPITAL B! AND WHO IS DOING THE ACCOUNTING??
-- Democrats won new, unspecified restrictions on CEO pay and executive compensations for participating companies.
UNSPECIFIED? SPELL IT OUT! WE WANT TO SEE THE FIGURES!
-- Republicans won language creating a parallel insurance program that companies can choose instead of giving up their bad assets.
MORE MONEY FOR THE INSURANCE COMPANIES! ARE THEY INSURING THEMSELVES?
-- Creation of warrants, which allows any windfall coming to participating companies to be shared with the government, thus the taxpayers.
YEAH, SURE! AGAIN, WHO IS DOING THE ACCOUNTING? AN ENRON SUBSIDIARY?
-- Actions by Treasury will be posted online in real time.
--Judicial review of Treasury's actions.
SURE, BY A JUDUCIARY CONTROLLED BY THE NEOCONS AND THE CORPORATOCRACY!
What a farce and a sellout. Please keep calling your reps and senators and object to any bailout. It's a lie and the biggest theft in world history.
A bit more to YELL ABOUT.
The line about restricting CEO's compensation is a throwaway in that it only applies to companies that have to be bailed out to avoid bankruptcy, not to those whose worthless garbage we the taxpayers have to buy. This adds up to....none of the companies involved! Just another piece of propaganda supposed to assuage an angry and in the dark public.
We see things, not as they are, but as we are.
Anais Nin
This is not difficult to figure out. $700 BILLION will be borrowed to bail out the actions of a select very few extremely wealthy Jews on Wall St. What do Shalom Benjamin and Henry have in common????
This has airhead Pelosi written all over it.
She's not an air-head, Pelosi's a calculating, scheming, corrupt Bush prostitute.
I CURRENTLY MAKE ALL MY PYMTS ON TIME...SHOULD I STOP PAYING SO THE GOVERNMENT CAN RESTRUCTURE MY LOAN AND I CAN SAVE SOME MONEY AND GET PART OF MY 700 BILLION BACK???????
The best part I read was "This will stave off an economic collapse, AT LEAST FOR NOW". Sounds like when it comes, it will be even worse for having thrown $700 billion into a hole. There are some very good ideas about how that money could be invested in our future instead of Wall St. Including creating investment funds for small businesses. Why are we buying a bunch of rotten apples instead of investing in something that would give us a return? And I'm outraged that it's illegal for the rich and poor alike to sleep under bridges, steal bread and beg in the streets, but only the rich are entitled to welfare.
I guess we have to wait for a new Congress to pass a real mortgage relief law. That better be their first act in Jan 2009, considering that I read a report that 4 million mortgages are in default or behind on payments. That's the real tsunami coming. Not the million already defaulted.
And biwee, it's ridiculous to say it's the Jews. Limiting the ultra rich to Jews is thinking like a flatlander.
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
Staving off collapse "at least for now" is right, but it will make it worse.
Paulson’s solution, goaded by fear itself, only compound foreign debt without any real economic surgery. His “firebreak” is a gasoline-filled ditch that could ignite a contagion with little left but ashes.
Outright nationalization of banks that would otherwise fail completely in a real free market is the only moral (and likely constitutional) solution to this gamblers’ mess. It would rightly mean TOTAL losses for controlling stockholders (casino managers and speculators) but could be done with a socially responsible workout for “innocent shareholders” such as pension funds and small investors.
Publicly-owned banks could be run competitively as credit unions chartered to recharge a bottom-up economy a la FDR. $700 billion in these banks, at typical reserve ratios, could cumulatively fuel up to $7 trillion in liquidity to literally catapult production toward vital national goals---re-igniting real free enterprise, ending the trickle-down drought, and rebalancing a dangerously top-heavy society screeching toward a stagnant plutocracy. Imagine sidelining the parasitic militarists and malefactors of great wealth on Wall Street while unleashing mass innovation in energy, arts, healthcare, education, livable communities, and regenerative ecosystems.
Your solution is the sane way to do it because otherwise the situation will continue until the cost to the losers (all of us) is even higher.
The financial system has been set up for the convenience of the participants. If they can invent a new instrument - a piece of paper - that can distort the value of the assets underlying it, they will. Playing with money has serious consequences for everyone, thus justifying much more stringent control of banks (and S&Ls, mortgage companies, etc.). The fact that the mortgage business was allowed to balloon into such a big problem indicates either neglect or incompetence on the part of leaders of that industry both public and private. In fact, running the world economy into the ground should carry severe penalties - say, confiscation of 90 % of the culprits earnings in the financial industry with a little hard time on the side.
The "free market" ideal is not even applicable in the real world. Adam Smith did not envision credit swaps, CDO's, and a world economy run on fiat money. It shouldn't surprise us that those who are best at gaming the system can rack up huge wins that don't necessarily reflect their contribution to the economy or society.
But, alas, there is not the political will. Our government is run on compromise which essentially means that radical solutions, though sensible and necessary, haven't a rat's chance of being chosen - too many entrenched interests that overrepresent themselves to lawmakers. To a lawmaker 95% of the populace has no face and their views are known through polls - the other five percent give them money and ask for specific things that they might be able to accomplish.
SOMEBODY DIAL 911! The perps were a bunch of old guys wearing suits, in chauffeured black sedans. Last seen in the vicinity of Wall Street, and headed in the direction of Fort Knox, Kentucky.
Too late for Ft. Knox, "Freewheelin"....that gold has been l-o-n-g gone. Of course, we could DEMAND an inventory. That would bring one hell of a laugh from both aisles!
They are going to do whatever the hell they want. They always do. There is going to be a severe recession and the rich will be sitting back laughing their asses off.
That's what happens when there is NO OPPOSITION PARTY.
They steal. They loot. They carry on endless war & murder.
The real war is not at the polls, its in the streets and its the rich against the people.
A huge KUDOS to those patriots in NYC Times Square. YOU guys are the heros.
Vote NADER.
"I think it will get a majority, but it won't get a huge majority because this is not an easy thing to do," said Barnie Frank.
Typical Democrat talking point from another Democrat sell-out criminal.
Now that Congress has decided to sell We-The-People down the river into economic slavery they are simpling haggling over when, how many and how far to send us.
Egad, can't they sell the Louisiana Purchase back to France and Alaskia back to Russia?
Most of the 'American' South West where so many of these banking problems (crimes) were comitted was stolen from Mexico at gunpoint. Mister Bush, tear down your wall and return the land to Mexico. Or to the First Nations...
Time for a tax-payer revolt.
Visit http://ThanksHank.org
Send your unpaid debts to the Treasury and spineless citations to Congress.
SPREAD THE WORD!
No matter how the plan works out, one thing is for sure. Other countries have lost trust in the America’s financial institutions.
After all that gobbledygook, Will foreclosures stop? Will house sales contracts be modified to ease pressure on homeowners and make payments affordable?
Trash Wall Street and the super rich cunts. Most countries in the world don't have wall streets, and their citizens live more comfortably.
I have a request when referring to female politicians: please refrain from words like "whore" and "prostitute" and any other sexist garbage. I dislike Pelosi, that's not the point.
In the case of politicians, the perjorative "whore" applies to both sexes. Yes, Pelosi is a whore but so is Reid and the rest of the corrupt pigs (male or female) that have betrayed us.
Yeah, Calling Pelosi a whore or a prostitute is an insult to whores and prostitutes everywhere.
"Tired, puffy-eyed lawmakers." Who gives a shit about the crooks in D.C.? So what, they had to finally work on something for more than a sustained 4 hours. Boys 'n girls, mommas 'n papas, dogs 'n cats, puppies 'n kittens, camels 'n dromedaries, it is now time to buy yourselves some of those Constitution gar in teed rifles and pistols because the crooks are banging at your front door without a warrant. They want their money, and they have Tasers & guns adorning their squeaky black-leathered batbelts as they knock down your door and force you to cut a check to bail out their friends. We get nothing. We get nothing. How about a provision in there to pay off all the student loans accumulated in the past 15 -20 years. That would put a nice chunk of change into the struggling economy. How about renegotiating some of those horrible loans the fucking Wall Street Raptors conned some people into? Nope, the U.S. govorporation does not worry about the little people. And now that the election system has been corrupted, they don't even worry about who gets into office anymore, because their guy always gets in.
"Staff members had their phones confiscated," because the motherfuckers don't want any more protests against the fascist pricks until the ink is nearly dry. How much shit are we going to take? What will it take for Amerikans to get off their collective duffs & really, really, really protest? I've been to numerous anti-war protest here on the west coast and we are lucky to count 1500 heads during a march.
Are there any banks giving away rifles for opening an account?
Peace
Every congress person should have to stand in front of a live camera during prime time and list off the assets in their portfolios positively affected by this horrendous bailout. They should not be able to complete any deal that makes money for themselves but not the average citizen by their vote while in office. Any deviation form this means prison time and confiscation of their assets. Let's see this written into the bailout deal.
Dead on.
The B.S.-ing Machine seems to have come off the rails now, doesn't it?
I thought that "meeting" photo-op was also bizarre. The Prez. is negotiating with Congress, so of course the Speaker and the Majority Leader are there, but why in hell are McCain and Obama there too?
The Emperor has no clothes, just a TV appearance.
Hehehe exactly.
Well, well! Regarding the failing economy, Bush said that the public needs to take a deep breath, while McCain said that it will be a hard swallow. I now expect an official follow-up to the public that this is also just crap!
Notice, as I've been alone in pointing out, this "bailout" scheme is strictly a "how to spend OUR $700 billion," an arbitrary number that we know will at least double before Christmas, without a single word about where this money is coming from. Oh, right - we're supposed to believe that asset sales and insurance premiums and profit-sharing will recoup our "investment," and even turn a profit - as if this government has ever accomplished such a thing on behalf of We The People, ever.
What happened to the conservatives who, in their "Contract With America" called for restoring "fiscal responsibility to an out-of-control Congress, requiring them to live under the same budget constraints as families and businesses?"
Why aren't We The Taxpayers demanding that "bailout" money must first be raised before printed? Why aren't we demanding the closing of 500 military bases and golf courses, a $200 billion cut in the Pentagon's $1 trillion budget, the closing of off-shore tax shelters and all other loopholes, immediate collection of all outstanding oil lease royalties, an IRS auditing of the top 1%, and the filing of RICO charges against all of the top bank robbers?
Why are we accepting the basic premise that the very f**king liars and thieves who deliberately created this emergency can be trusted with another trillion of our freshly printed, ever-less-valuable money?
NOOOOOOOOOOOooooooooooo!!!!!
Tell me I'm in the middle of a nightmare and that this bailout isn't real.
They're gonna vote for it and by the time we ever get a chance to read the fine print, it'll all be over (if it isn't already).
WHY aren't we in the streets?
Penelope..That is THE question! Conditioning. Fear. Indifference. Arrogance. De-education. Drugs. TV. Ignorance. Media control. Plausible deniability. The price of gas. Lack of passion. Isolation. Shall I go on?
"NOOOOOOOOOOOooooooooooo!!!!!
Tell me I'm in the middle of a nightmare and that this bailout isn't real.
"They're gonna vote for it and by the time we ever get a chance to read the fine print, it'll all be over (if it isn't already).
WHY aren't we in the streets?"
Why do we allow ourselves to constantly be LIED into murdering and dying for foul SOB's who give a DAMN about us? Why did we not take em out of the gene pool the FIRST time they tried to shut us up 100 years ago? Why do we call troops who are too cowardly or murderous heroes instead of TEACHING them to question motive?
Well, let's see;
Cowardice
Hooray for me, screw you syndrome.
Gullibility......
Need I continue?
Long post, but please read:
It is critical, ABSOLUTELY CRITICAL that we stop discussing this and thinking of it in the terms as presented.
Unless major changes are made from the first draft to the final -changes which aren't apparent from this rather vague article- then this is not merely a "bailout" of Wall Street,
THIS IS A STATE CAPITALIST REVOLUTION!
Obviously we must wait to see the final language before we know for sure, but based on the initial language this bill would -in essence- set the U.S. Secretary of the Treasury (and therefore the U.S. Federal Govt.) up as the head of the supposedly "private" capitalist market!
Excess trade with, and investment by, the Communist Party Autocracy of China has obviously had an affect of Freidmanite "free-market" principles, has it not?
This bill creates a fund for the Treasury of the United States of America to act as lending bank and chumpiest of chump investors for the benefit of private companies who have swindled and bribed their way into a financial corner!
I'm not going to bother with an attempt to explain how the mortgage crisis and the derivatives market and all the B.S. paper that wasn't even paper created this mess -other can do that better than I. But I will tell you this:
TRUST YOUR INSTINCTS ON THIS, IT IS THAT BAD!
It is way, WAY worse than just another $700b of imaginary money leaving the Treasury and propping up the Fat Cats instead of the Common Joe. This is a gigantic change in the fundamental structure of our nation, equal to or greater than the similarly rushed through U.S.A.P.A.T.R.I.O.T. Act of 2001. This is the transformation of the United States into that unique form of "socialism" for the Wealthy and the Market that is properly named STATE CAPITALISM!
And all that the supposedly "oppositional" candidate for Prez. wants is for the "taxpayers to be treated as investors"!
Well we are not "investors" you slick, two-faced, bastard! We're dammit! CITIZENS!
And our voice neads to be heard, even if only by our friends, family, and neighbors.
To me the situation is analogous to the 3-15-03 rallies and marches. Yes "they" will go ahead with their nefarious plans, yes our gesture is just that: a gesture. But that does not make it worthless. The largest simultaneous gathering of the People -for a peaceful purpose- the planet has ever seen occurred on 3-15-03. That demostration can never be removed from history, even if it only ends up being wispered through prison bars by the dissenters of the future.
In the short period of time that we will be given until the final language is made public and the Congress (formerly of the People) votes on it, we must all endeavor to read it and know it (I suggest making a hard copy for yourself) and then let everyone we possibly can know our thoughts on it.
I have already seen one story (as sneeringly dismissive as possible) on cnn.com about the "Main Street" backlash to this State Capitalist Revolution. We need to have many, MANY more such reports!
Your voice needs to be heard!
Criminal financial enterprises lent out money they didn't have, then expected you to work and slave to pay back that "debt" (that they made by magic into an asset-for them) with REAL money. When you couldn't do it, they had you kicked to the curb. And now when too many of us have been screwed over in this way for them to pretend that these debts are really assets -they demand that YOUR Government use YOUR Treasury funds to bail them out!
But it won't stop there. Soon you will be working and slaving not just to earn money to payback B.S. loans to Criminal Bankers, but also to pay your Federal Taxes that go to support those SAME CRIMINALS!
This may be the most important event of our Lifetimes, we need to pay attention and take action. This MUST become the most important argument of the Election and in our Society.
Don't Panic,
-matti.
Matti...The sole answer at this juncture is a massive protest in DC. WE cannot allow this to go any further. WHAT IN THE NAME OF ALL THAT IS HOLY OR UNHOLY WILL IT TAKE TO GET A COMMITTMENT FROM CITIZENS TO MEET IN THE MILLIONS IN DC? WHAT WILL IT TAKE??
It will take some alliance of progressive groups and other popular groups to put aside their differences for a while and get together long enough to set a date and time, for starters. If no organized group takes the initiative....
How about this Saturday October 4th at 10 AM? Slogan - ROBBERY IN PROGRESS! STOP IT. Can anyone get a permit? I'll be there with bells on.
Joe
It is not just a robbery. It is a Revolution.
If this Act of Congress is made into law the United States of America will have become a State-Capitalist system a la the "People's Republic of China".
I think that a gathering in D.C. might be effective only if it was long-term or indefinite. Not a "protest march" but a Protest Camp!
The "discussion draft" of this bill runs to 110 pages on Adobe PDF and Pelosi wants Congress to vote on it TOMORROW!
This is the U.S.A.P.A.T.R.I.O.T. Act of 2001 times ten.
I think that in the end that protest will not be sufficient, things have gone too far.
These are dark, dark times, my friends.
Don't Panic,
-matti.