Bailout Update: They Are Lying to You (Bloomberg)

Breaking- Bailout Update: They Are Lying to You
by Ilya Sheyman
Sun Sep 21, 2008 at 08:11:29 PM PDT

Bloomberg just broke the story:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXtwpG9mw9g&refer=home



They're lying about the scope.



more at:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXtwpG9mw9g&refer=home
http://www.dailykos.com/storyonly/2008/9/21/23929/8880/81/606045

Even Newt Gingrich, comes out in opposition to this massive transfer of authority to the Secretary of the Treasury and calls for Congressional hearings into the bill.
http://corner.nationalreview.com/post/?q=ZGE5MmE0YmRiODA3YTRiNzFlN2FmNDU5N2I0ZDc3YTE=

Remember when Rumsfeld said that the Iraq war would only last days, weeks, maybe months, but definitely not for years?

Of COURSE they're lying to us. They're the mob. It's what they DO.

How incompetent they are...

They're criminals. Competent criminals.

Bush & Company should be arrested for gross negligence. NOW!!

to their rich buddies.

these guys. They need to shut this down quick and go back to the drawing board. K&R.

I want to know which of the little grey men or pink elephants gave him this brilliant idea.

and ready to whip out immediately after one of their disasters?

And then later we find out the plan had been designed months before the "crisis".

The Patriot Act..ink wasn't even dry when it was announced.

Invasion of Iraq

and now the "rescue" of the banking system.

2000: "We can't count all the votes in Florida or else it will lead to a Constitutional crisis. Dear God, it's December -- WE'RE RUNNING OUT OF TIME!"

2001: "First 9/11, then the Anthrax scare. Pass the prepped-ahead-of-time PATRIOT Act now -- WE'RE RUNNING OUT OF TIME!"

2002: "We can't wait for mushroom clouds as proof of Saddam's WMDs. Pass the Iraq War Resolution now -- WE'RE RUNNING OUT OF TIME!"

2008: "Our intelligence agencies can't work with outmoded FISA regulations. Gut the Fourth Amendment now -- WE'RE RUNNING OUT OF TIME!"

2008: "Give the investment bankers and Secretary Paulson everything they ask for. The global economic system could collapse if you don't, and...

WE'RE RUNNING OUT OF TIME!"

The thing is, with November's elections fast approaching, "they" really are running out of time riding on their rape-and-pillage gravy train. However, they're trying to play chicken with all of us. Screw them. Call their bluff. And if the economy falls to crap because of their malfeasance, well, there are plenty of lamp posts on K and Wall streets that can be appropriately adorned.

Its an old truck, maybe 7 yrs old.

If I could put $7,ooo into it,
it would look Nice.

I Don't fix it unless it is completely broken.
I knew it was going to break eventually.

but I would have the money to fix it THROUGH EVERY MEANS possible, when absolutely Necessary.

And as we know Bushb is almost gone.

It wasn't long before I decided they were doing it deliberately so they could then spring their master plan to save us from the latest pile of manure they dropped America into. Then they only need to herd the panic stricken congress into blindly following the Bush Admin's lead like a bunch of lemmings going off a cliff.

to be the next over-ambitious dummy. She has just the mix of sadism and stupidity that attracted Rove to GWB. They will be able to sell her on any fascist suck-the-life-out-of-the-populace program that they tell her is good for Party, country, and the power of her Presidency, and be surprised when no one loves her.

And now the "Treasury" Dept is adding "troubled assets" to the list! Greed has no bounds.

K & R

:nuke:

Thanks :hi:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4053517&mesg_id=4053517

of all the families. "Guido, you talkin' to me?!?"

Or Mobsters.

:mad: what the hell is going on?????????!!!!!!!!!!!!!!!!!

:grr:

lets cover bad decision by lenders in ALL sectors.

Lets oover foreign lender for bad decisions for lenders in all sectors.

Let the majority of American taxpayers who have NOT participated in this game of greed increase their debt load by an unlimited amount (given the growing expansion of this UNACCOUNTABLE bailout).

This is getting ridiculous.

TODAY, WE ARE ALL BANKERS

Socializing the economy.

Now these hucksters want us to bail out ALL their swindler friends?

That's it. SHUT IT DOWN.

I swear to everything sweet and dear left in this country, which ain't much and so has more significance -- the Dems better not sign onto this Great American Heist. They had better NOT.

Something's fishy!

IMO, This will cost US taxpayers at least $4-$5 TRILLION!

this is pure bullshit. make noise!

:kick:

Congress Joint Economic Committee meets on Wednesday to craft the actual bill that will go to Congress for approval. The key players are the co-chairs of the Committee--Sen. Charles Schumer, and Rep. Carolyn Maloney, both of NY. Everyone else gets to vote on the bill, but in the current crisis atmosphere, there will be little debate and most likely no amendments offered.

The expansion of the assets to be bought indicates that this is not a situational bailout of some institutions, but a bizarre effort to fix the tanking economy by trickle down. All these things--credit cards, student loans, loans in general, are failing because the economy, "Main St.", is failing. Trying to fix it this way will make things immeasurably worse. It will destroy the dollar, making everyone's savings, especially Baby Boomers who have an entire lifetime of savings, worthless just when our largest demographic is aging out of the shrinking job market. It starts a vicious cycle where the "rescue" while temporarily bailing out investment houses and banks makes the economy worse, so people can't pay back more loans, so more "assets" need rescuing, and so on. In a shockingly short time there will be no way to save the financial institutions, and the money needed for a proper rescue of the economy will be gone.

The only feasible way to rescue the financial system is to do the leanest of rescues while re-regulating, restoring taxation on the ultra-wealthy, corporations, and estates, and providing direct help to the people by job creation including support for the manufacturing sector, which would stem the flow of defaults. This is also the only way to prevent the slashing of vital gov't programs like Social Security and public schooling.

Go to website of the Joint Economic Committee and see if your one of your Congressmembers is a member--Senators <http://jec.senate.gov/index.cfm?FuseAction=About.SenateMembers>, Representatives <http://jec.senate.gov/index.cfm?FuseAction=About.HouseMembers>. If they are, contact them today.

I will contact everyone on the committee today.

Buy all the bad debt out there(and if we're going to get into CC debt, that's a monster), bail out Wall Street, let the wealthy few float off on golden parachutes, and stick the US economy with enough debt so that our Treasury bonds are downgraded, hyperinflation runs rampant, and our economy and country go into complete meltdown with at least a decade long recorvery period.

This is the ultimate neocon power play, drown the government in red ink, transfer a huge amount of wealth to the rich few, and screw the rest of us.

This is insane, and frankly we need to vote against anybody on the Hill who votes for this.

This has the potential to wipe out a huge amount of debt -- but for whom?
Has anyone asked where that number $700 billion came from, anyway?!
Pumping $700 billion into the economy WITHOUT OVERSIGHT OR REGULATORS could become an outright party!
Boy, this could win an election for somebody!

and they were worried about gaudamn inheritance tax.