- This topic is empty.
-
AuthorPosts
-
September 23, 2008 at 3:39 am #588147
WSMomParticipant“The passage is stunning.
“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,” the original draft of the proposed bill says.
And with those words, the Treasury secretary — whoever that may be in a few months — will be with vested with perhaps the most incredible powers ever bestowed on one person over the economic and financial life of the nation. It is the financial equivalent of the Patriot Act.
Treasury Secretary Henry M. Paulson Jr.’s $700 billion proposal to bail out Wall Street is both the biggest rescue and the most amazing power grab in the history of the American economy.”
This makes me very nervous…I don’t trust the Bush administration to have my best interests in mind. Is anyone else concerned that the fox is minding the henhouse and now we’re giving the fox an extra set of teeth and spreading the welcome mat at the henhouse door??
September 23, 2008 at 3:57 am #640702
JanSParticipantin a word, YES. And this will be on our backs, and our children’s backs, and their children’s backs…WSMom, “concerned” is a mild term. I don’t trust any of them !
September 23, 2008 at 4:35 am #640703
JoBParticipantThis does not look good.
September 23, 2008 at 4:45 am #640704
TrickParticipantTreasury Secretary Henry M. Paulson Jr,
Goldman Sachs resume.
From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;[8] eventually succeeding Jon Corzine (now Governor of New Jersey) as its chief executive. His compensation package, according to reports, was US$37 million in 2005, and US$16.4 million projected for 2006.[9] His net worth has been estimated at over US$700 million
Didn’t he just give a hand-out to Goldman Sachs?
The grave concern I have is that universal healthcare could be off the table with this bailout.
What next dipping into Social Security?
September 23, 2008 at 5:13 am #640705
JanSParticipantso how do we all feel about communal living? All of this makes me think that we , in our dotage, will have to resort to that, in order to make ends meet. BUsh is secure, Paulson (so it seems) is secure, McCain and the Ice Queen are secure….with all their millions. Us? not so much…unless, of course, I find a sugar daddy who is also a physician – lol…
September 23, 2008 at 5:20 am #640706
TrickParticipantI am curious to hear from the deregulation supporters (Republicans) on how they feel about this classic example of the failure of “laissez faire”?
September 23, 2008 at 6:12 am #640707
charlabobParticipantI’ve already heard it described as an attempt to socialize wall street. Big Bidness always prefers socialism when they’re failing and unfettered capitalism when they’re succeeding.
September 23, 2008 at 4:25 pm #640708
JoBParticipantWhat this is not is regulation.
inform your congressman today that any bailout has to be accompanied by immediate regulation…
otherwise we the people will be like those who had their pensions tied up in Enron stock.. SOL while those who perpetrate the fraud enjoy the fruits of their deception…
now.. who still thinks it is a good idea to privatize social security?
our pensions are already in the hands of those who created this mess.. in our retirement accounts.
Anyone checked a balance lately?
September 23, 2008 at 4:31 pm #640709
rs261MemberI think privatization of social security is a good idea….IF the person wants it. I dont think it should be across the board. I would love to be able to invest my social security money the way I want. You, or my neighbor may not want to though…
September 23, 2008 at 5:44 pm #640710
KenParticipantThe grand unified theory on how we got into this mess.
http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838
And Swiss bank UBS (VP Phil Gramm) wants a share too.
http://www.dailykos.com/storyonly/2008/9/22/11402/1601/76/606074
And Hunter uses humor to cut to the heart of the matter
http://www.dailykos.com/storyonly/2008/9/22/162342/399/407/606744
September 24, 2008 at 12:11 am #640711
charlabobParticipantMore questions about the bailout:
September 26, 2008 at 7:35 am #640712
AnonymousInactiveWell, the most important question is, how did we end up here?
This is a pretty accurate assessment, IMO:
September 26, 2008 at 7:44 am #640713
JanSParticipantoh, yes, Ann Coulter, the all-knowing magnificent Ann Coulter…the Dems did it all…what crap…it’s simply her opinion…and I’m being nice. I think it’s probably a little more complicated than that, but if she…and you…feel this way…have at it :) And if she has all the answers, let’s get her in there to fix it…someone has to, and John McCain certainly didn’t have anything to add today. oh, but that’s not her job, is it? Her job is just to spout off a lot, the way I see it.
NR…you’re becoming more to the right than I ever thought you would…
September 26, 2008 at 7:47 am #640714
AnonymousInactiveJanS – How about debunking what is actually charged in the article instead of just the author?
I read links daily on this forum that are extremely left. You will never see me attacking an author. If I can argue with the opinion or accusation, I will try, but attacking the author does nothing.
September 26, 2008 at 8:17 am #640715
JanSParticipanthey, I suppose my opinion of her makes anything that she says tainted. I have no use for Ann Coulter, and think she’s a meanhearted blowhard who simply loves to put the blame for everything on the Dems. Who she is (IMO) and what she says are linked, IMO…I laugh at what she says, have no reason to debunk anything and make what she says seem in any way credible. Sorry, I know that doesn’t carry on the conversation…but it’s how I feel about her.
I guess I’m just a little surprised that you would take her at her word..she’s just another pundit, and not much of an expert on anything..again, my opinion of her.
September 26, 2008 at 9:31 am #640716
TrickParticipantSeptember 26, 2008 at 4:00 pm #640717
WSMomParticipanthttp://www.thedailyshow.com/video/index.jhtml?videoId=186052&title=clusterf#@k-to-the-poor-house
Thank you Jon Stewart for clearing things up for us…
September 26, 2008 at 5:31 pm #640718
KenParticipantOne of the things we can always expect from Ann Coulter is no links to “facts” cited.
Googling a phrase from one of those “facts” turns up a half dozen reprints of the column and a couple dozen articles by other wingnut pundits using the same phrase. All are on or near the same date. This seems to indicate a talking point was propagated in the usual fashion and using the standard “cherry pick” method to obscure its larger context.
Here is one of the links to a cut n paste excerpt (no original document linked as usual)
http://blog.360.yahoo.com/blog-mbwmaNo8eadCAWyseANuAr1.4A–?cq=1&p=206
Searching for the 1993 Boston fed document locates a different document in the bibliography from a report from Bernake in 2007.
http://www.federalreserve.gov/newsevents/speech/Bernanke20070330a.htm
This speech by Bernake dances around the repeal of the Glass-Stegal act and other overt deregulation moves sponsored by and written by Banking industry lobbyist since then.
Coulter as usual ignores the melding of banking and investment industries and the creation of credit swap instruments as a result of the republican push for deregulation, which exposed bank and FED regulated (and insured) CFR loans (and even poorer fly by night mortgage broker/ house flipper ARM loans) to the larger market as if they were on equal footing with properly capitalized securities.
As usual, Coulter makes stuff up, skews and obscures facts and delivers racist bs to her all to willing base. Links would be counter productive.
If you want to read a realistic assessment of the situation and the proposed bailout, check here:
http://www.dailykos.com/storyonly/2008/9/26/1001/19511/833/610378
September 26, 2008 at 8:28 pm #640719
AnonymousInactiveGot this in my email this morning and thought it entertaining enough to share with you all (sorry, it’s a little long):
“Here’s a new twist on our financial crisis..
I’m against the $85,000,000,000 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in
a ”We Deserve It Dividend”.
To make the math simple, let’s assume there are 200,000,000
bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.
My plan is to give $425,000 to every person 18+ as a
‘We Deserve It Dividend’.
Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500 in their pocket.
A husband and wife has $595,000.
What would you do with $297,500 to $595,000 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it…instead of
trickling out a puny $1000.00 (‘vote buy’) economic incentive that is
being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult
U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can ‘never work.’
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
‘We Deserve It Dividend’ more than I do the geniuses at AIG or in Washington DC.
And remember, The Family plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh…I feel so much better getting that off my chest.
Kindest personal regards,”
September 26, 2008 at 10:55 pm #640720
mellaw6565MemberActually NR – Lou Dobbs was talking about this type of plan last night. It would be a massive economic stimulus – but not for Bush’s cronies – so it will never go through.
September 26, 2008 at 10:59 pm #640721
ZenguyParticipantThis would be like taking a cash advance on a credit card in our children’s name.
September 26, 2008 at 11:03 pm #640722
mellaw6565MemberZen, not if the money was used to pay off mortgages and put back into the economic system. It’s a bottom up theory as opposed to a trickle down one. And it’s cheaper.
I see the $700 billion bailout as the nail in our children’s coffins.
September 26, 2008 at 11:05 pm #640723
mellaw6565MemberActually, Lou Dobbs is talking about it right now on CNN
September 26, 2008 at 11:08 pm #640724
ZenguyParticipantBut where do you think the money comes from? They do not just print more you know.
September 26, 2008 at 11:11 pm #640725
mellaw6565MemberZen – duh! I realize that. Are you advocating that the government sit back and not do anything?
My point is that if they are going to bailout anyone, it should be the individual citizens, not the corporate ones.
-
AuthorPosts
- You must be logged in to reply to this topic.