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

[starleo146]

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.

[starleo146]

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

[starleo146]

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.

[starleo146]

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.

[babooph]

He mentioned the S&L crime,but did not bring up his brother Neil-another "uncharged " crook -WHO SAID CRIME DOES NOT PAY!!!!

[babooph]

No "takeover" just pure giveaway -"SOCIALISM TO THE RICH IN ITS PUREST FORM"!!!

[txgrouch2007]

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.

[wherenextnow]

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.

[txgrouch2007]

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?"

[latrocinor-2009]

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.