Bernie Sanders speech to Senate opposing bailout

in the history of this country!

from being stuffed up the Dems ass!

sticking us with the bill while saving their sorry asses.

I just wish you would say so, so I wouldn't keep wasting my time.

what can I say....I just dont trust them. Money amounts this large will corrupt all the the purest of hearts. And most of the politicians are NOT pure.

We need more people in DC like him.

:loveya:

I'm tired of these corporatists.

Regards

eom

It's like a Rage video

eom

on whose shoulders the consequences of not acting will fall.

I'm proud of the guts the Dems are showing in doing the hard work. Time will vindicate the wisdom of their legislation.

You all repeating the same stupid mistake you all made in rushing in support of PATRIOT and IWR.

Key provisions of the bill

Doling the money out: The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use. Authority to use the money would expire on Dec. 31, 2009, unless Congress certifies a one-year extension.

Protecting taxpayers: The ultimate cost to the taxpayer is not expected to be near the amount the Treasury invests in the program. That's because the government would buy assets that have underlying value.

If the Treasury pays fair market value - which investors have had a hard time determining - taxpayers stand a chance to break even or even make a profit if those assets throw off income or appreciate in value by the time the government sells them. If it overpays for the assets, the government could be left with a net loss but would get something back on the open market for the assets when it eventually sells them.

If it ends up with a net loss, however, the bill says the president must propose legislation to recoup money from the financial industry if the rescue plan results in net losses to taxpayers five years after the plan is enacted.

In addition, Treasury would be allowed to take ownership stakes in participating companies.

I pulled this from here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=7235889&mesg_id=7235889

enabling him to rail against politically unpopular, albeit necessary legislation which time will vindicate.

And frankly, someone needs to speak out about this. This is a blatant transfer of wealth from the middle and working class to the wealthy. I'm not even sure if we need to do the bailout in such a matter. We're literally giving money to the people who bankrupted the system in the first place without doing a proper job of fixing that which caused these Wall Street numskulls to muck up the works in the first place. Nothing that this administration has wanted to rush through has turned out to be remotely decent. I don't see that streak breaking at this late stage of the game.

Regards

and we could laugh as it sank. But it doesn't. It's tributaries lead straight to our doorsteps in complex, albeit well-vascularized, ways.

The legislation is crafted in such a way that if, indeed, Congress invests $700B by the end of 2009, through equity options 2/3 of that is recoupable provided real estate value stabilizes. The social psychological stopgap to stock value loss should be immediate, and immediately apparent in the value of my 401k and my parents' pension, which has taken a huge hit the last several weeks. I'm middle class, and so are they.

based on what exactly?

All they did was put a few minor conditions on giving taxpayers dollars to companies that were basically ripping people off without actually fixing causes of the problems. There's no provisions to stop speculation, there's no regulations about holding mortages, they haven't even reinstated the Glass-Steagall act. This is free money. Yet another instance of industry privatizing the profits and socializing the losses. It's a band-aid and your 401K will still end up tanking.

This is bullshit and I see that quite clearly despite my concern for my 401K.

BTW Wall Street does exist on an island but I guess that is being a bit literal.

Regards

Democrats also opposed the Bush/Paulson plan.

What's his position on the deal negotiated today? Sanders isn't opposed to a bailout, he simply wants specific things addressed.

It's been posted several times on this board today regarding the new provisions, and everyone is still operating under the assumptions of the original Paulson deal!

Kucinich opposes bailout and asks: "Is this the United States Congress or the board of directors of Goldman Sachs?”

Washington, Sep 28 -

Congressman Dennis Kucinich (D-OH) today made the following speech on the floor of the House of Representatives regarding the proposed Wall Street bail out:

“The $700 billion bailout for Wall Street, is driven by fear not fact. This is too much money in too a short a time going to too few people while too many questions remain unanswered. Why aren't we having hearings on the plan we have just received? Why aren't we questioning the underlying premise of the need for a bailout with taxpayers' money? Why have we not considered any alternatives other than to give $700 billion to Wall Street? Why aren't we asking Wall Street to clean up its own mess? Why aren't we passing new laws to stop the speculation, which triggered this? Why aren't we putting up new regulatory structures to protect investors? How do we even value the $700 billion in toxic assets?

“Why aren't we helping homeowners directly with their debt burden? Why aren't we helping American families faced with bankruptcy. Why aren't we reducing debt for Main Street instead of Wall Street? Isn't it time for fundamental change in our debt based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks? Is this the United States Congress or the board of directors of Goldman Sachs? Wall Street is a place of bears and bulls. It is not smart to force taxpayers to dance with bears or to follow closely behind the bulls.

http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentID=103918

The bankers demanded that provision be dropped, and Pelosi and Reid bent over and reached for their ankles in submission.

Doling the money out: The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use. Authority to use the money would expire on Dec. 31, 2009, unless Congress certifies a one-year extension.

Protecting taxpayers: The ultimate cost to the taxpayer is not expected to be near the amount the Treasury invests in the program. That's because the government would buy assets that have underlying value.

If the Treasury pays fair market value - which investors have had a hard time determining - taxpayers stand a chance to break even or even make a profit if those assets throw off income or appreciate in value by the time the government sells them. If it overpays for the assets, the government could be left with a net loss but would get something back on the open market for the assets when it eventually sells them.

If it ends up with a net loss, however, the bill says the president must propose legislation to recoup money from the financial industry if the rescue plan results in net losses to taxpayers five years after the plan is enacted.

In addition, Treasury would be allowed to take ownership stakes in participating companies.

Screw them, and their allies among the investor class!

Many more are invested than fat cats. The complexity of the financial infrastructure and the quality of life it confers on the middle and working class belies your analysis.

This is nothing more than corporate welfare at our expense.

Mortgage leveraging is connected to stock value is connected to 401k's and pensions, is connected to liquidity, is connected to credit, is connected to employment, and around again.

The fearmongering is just that, fearmongering.

While our Treasury Secretary was offering to provide funds to them. This whole thing stinks to high heaven. We are getting screwed again.

Regards

An investment that's comparable to our $700B relative to its GDP. Belgium and Luxemburg are drafting legislation to do the same.

We're bailing out greedy Wall Street people in order to take over bad loans. Which country will end up with something that will pay back the government? We're getting nothing but bad paper in return with no fixes to prevent this from happening again. We're not even getting a stake in the bank which could be sold off once the bank is profitable again. This bailout is another disaster.

Regards

Federal dime funneled to Wall St. constitutes a loan.

Read the legislation, please.

Oh, and this AM, at band camp, Germany and Iceland respectively extended loans to bailout Hypo Real Estate Holding AG and Glitnr Bank. That makes five European countries, in response to your earlier post.

But it's all just a vast corporate conspiracy; right? Which is why our guy, Obama, and the rest of Congressional Dems support the bailout legislation and Congressional Repubs nominally oppose it. It's not too late to change your vote, you know!

This is not only happening in America. I wish people would think GLOBALLY on this.

would clue them in as to its necessity.

I'm starting to wonder for whom some posters here intend to vote for Nov. 4th. :eyes:

The underlying causes of the problems have not been addressed. What's the point of giving them the money in order to pump it into the same corrupt system. A tax on Stock transfers would be a good place to start.

Regards

Let's have hearings and an open debate on the proposed bailout and the underlying issues. Why rush a vote?

a line of bullshit.

From my reading of the article about this stupid bailout I see nothing in it that would prevent the same thing from happening again. What's the point in that? How hard should it be to convince our party that free money for corporations is bad? This is absolutely ridiculous!

Regards

This bailout won't work, and it will cost us lots of money we sorely need for social programs.

"we don't have the money."

We've been down this road before.

Privatize the profits socialize the losses that's how corporatists roll. I'm tired of this shit. These people have pulled this crap before! Stop falling for it!

Patriot Act
Medicare prescription program
FISA

What do these programs have in common? Wake up people before it's too late!

Regards

or money for education and infrastructure. Voting for the bailout is voting against Democratic programs.

that this would happen. We need more Progressive Senators like Bernie.

If you hadn't seen this video it is a must see: http://www.youtube.com/watch?v=tWDO9JukmvU