Comments on: Bush: No Gov't Takeovers Via Bailout
Reassures Business Leaders That Feds Will Not Control Private Companies Through Purchase Of Stock With Public Money
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- n short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People''s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.
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- A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that''s so flat-out astounding that it ought to set one''s hair on fire. It reads, in its entirety:
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.How about that!!That is like the medicare bill and you can not try to bring the price down with pharmaceuticals LOOPHOLES don''t you love them they and LObbyist - Reply to this comment
- There is concern that the current plan creates a conflict of interest for Paulson. Paulson is a former CEO of Goldman Sachs and Goldman stands to benefit from the bailout. Paulson has hired Goldman executives as advisers and Paulson%u2019s former advisers have joined banks that will also benefit from the bailout. Furthermore, the original proposal exempted Paulson from judicial oversight. Thus there is concern that former illegal activity by a financial institution or its executives might be hidden.
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- According to CNBC commentator Jim Cramer, large corporations and institutions are pulling their money out of bank money market funds, in favor of government-backed Treasury bills. This move is slowly taking away the capital reserves the banks have grown to depend on. Cramer called it "an invisible run on the banks," one that has no lines in the lobby but pushes banks to the breaking point nonetheless. Bank runs are taking place under the radar, he said. Chief financial officers, lawyers, the wealthy %u2013 they%u2019re all pulling their money from savings accounts and asking for T-bills. As a bank%u2019s deposits evaporate, so too does its ability to lend and correspondingly make money. This will continue until Congress agrees on a bailout deal. %u201CThe lack of confidence inspired by Lehman%u2019s demise, the general poor health of many banks, this is going to turn this into an intractable moment,%u201D Cramer said, %u201Cif someone in the government doesn%u2019t start pushing for more deposit insurance.%u201D[46] Jim Cramer works for CNBC which is 80% owned by General Electric which also owns GE Capital (see NBC Universal. Because General Electric will directly and indirectly benefit from the bailout, Jim Cramer, MSNBC, NBC, Village, and CNBC have a conflict of interest in this bill.
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- He mentioned the S&L crime,but did not bring up his brother Neil-another "uncharged " crook -WHO SAID CRIME DOES NOT PAY!!!!
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- No "takeover" just pure giveaway -"SOCIALISM TO THE RICH IN ITS PUREST FORM"!!!
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- What''s the lowest gas price you''ve seen in your town?
Regular unleaded is down to $2.699 at some stations here.
NO NEWS ITEMS ABOUT THAT. I wonder why. - Reply to this comment
- Correct, Obama''''s stupid plan gives tax money to 47 million people who don''''t pay taxes. It''''s like back door welfare
Posted by codymac4 at 05:51 PM : Oct 17, 2008
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Yawn. You made that shiit up. Typical lying republican. - Reply to this comment
- Posted by FromTexwLove at 03:35 PM : Oct 17, 2008
I guess you do have a point maybe on what you said! maybe I''''ll convert myself!
Posted by Just-Kilaman at 04:18 PM : Oct 17, 2008
Now I wish I could read it and see what he said -
but it was DELETED.
Must have been JUICY. Very very juicy. Juicy juicy juicy.
That''s JUICY.
Can they delete a post for saying "juicy?" - Reply to this comment
- The Bush / McCain mantra -- free money for the RICH ONLY.
Posted by misha128
You are very ignorant. You don''t even know where the money is going. - Reply to this comment
- Posted by Kila_MaDDoGG
Spammer and moron - Reply to this comment
- The only thing that makes us the strongest power on this planet is our technology. If you are right, why is a complete takeover of Iraq taking so long?
Posted by bailmeout1
Because we are not there to take them over. Currently we are there to help themselves run their own show without a Dictator who will invade his or her neighbors.
Originally we were there to combat the spread of WMD''s but the American People have spoken and the USA will not be engaged in stopping the spread of WMD''s anymore. - Reply to this comment
- The Bush / McCain mantra -- free money for the RICH ONLY.
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- USA IS SCARED OF PAKISTAN SO BIG TIME THAT IT GIVES MONEY AND ALL KIND OF THINGS TO KEEP THEM FROM NOT ATTACKING USA.
PAKISTAN DOES NOT NEED AMERICA HELP IN ANYTHING ANYWAY. PAKISTAN CAN WIPE OFF AMERICA IN ANY MINUTE ANY TIME IT WISHES.....
NOW THE USA MIGHT BE LOOKING DESPARATELY FOR PAKISTAN''S HELP TO HELP THEM IN THEIR FINANCIAL CRISIS. - Reply to this comment
- I couldn''t give a chit on if Iraq was the right country or not - whether they had WMD or not. Frig it. You bluff that you have WMD and dont allow inspectors in and that is the price you pay. Every Arab country is put on notice - some of you wackos fly planes into our buildings and we are taking one of you out. Maybe the right one, maybe not. Let them police themselves. Lets see them risk their palaces for 70 virgins. Bush was an idiot for using ground troops and trying to rebuild that hellhole Holy Land into something that it is not. We bomb them from afar and risk zero American lives. Why send an 18 year old american kid into a one-on-one with a seasoned (since 9 yrs old) wack job that wants to die?
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- William, who are you talking to?
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- This stuff? According to you people.. Is ''''healthy'''' for a democracy.
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What would be healthy for democracy is for all the representatives in power now to step down and have fresh new minds (informed though) step up and present their cases and then have the people vote. But the process should take about longer than it does, so people will actually have time to see what the candidates would be about. No refering to outdated representatives, and none of the political bull we have now.
Also the only aid should be for travel and tech support (mics and speakers), and no other fund raisers let them get in with just their morals, logic, and ideas. - Reply to this comment
- USA IS SCARED OF PAKISTAN SO BIG TIME THAT IT GIVES MONEY AND ALL KIND OF THINGS TO KEEP THEM FROM NOT ATTACKING USA.
PAKISTAN DOES NOT NEED AMERICA HELP IN ANYTHING ANYWAY. PAKISTAN CAN WIPE OFF AMERICA IN ANY MINUTE ANY TIME IT WISHES.....
NOW THE USA MIGHT BE LOOKING DESPARATELY FOR PAKISTAN''S HELP TO HELP THEM IN THEIR FINANCIAL CRISIS. - Reply to this comment
- Who has the power to make things right at this point? If there be anyone honest in our goverment, please stand up and take control!
Posted by Stand4Justus at 01:00 PM : Oct 17, 2008
You are right - but the power is with still with us, for now. The vote. That is why Democrat and Republican has to get their hands out of the vote. They cant start it up, they cant organize it, influence it or give money to it. They also can not "Politically Correct" it. If anyone does not wish to vote, that is their right. They should not be told they are unpatriotic at all. That is ours and should stay ours. Obama is going to screw this country up big-time and McCain would also. They are only *** up different parts of it. The vote, and only the vote, is our power to clean house - whenever we feel the need to. This s_hit with Acorn (and plenty others) has to be put to an end. That "hanging chad" nonsense was years ago - and we still have problems. Leave everything else - good and bad about Obama and McCain - out of the equation and the vote should be a non-partson issue. These elections are so close lately, that without a pure vote - you might as well flip a coin. Anyone that feels disenfrancised (which never happens) only need to scream loud and clear that they are being prevented from voting and the entire country will back them up. We will not ask who you are voting for either. (Although we may ask if you have already voted 17 times) - Reply to this comment
- Read what the media is NOT telling you about Bush involvement in financial crisis:
http://www.Vaboomer.com - Reply to this comment
