POLITICS - Let the " NO " voters know where you stand.

[oldmax]

REF: The " Screw the Working Man Bill " AKA Bail Out

I have written my congressman " Mica " Florida that another NO vote is in order.

It seems like a good idea to encourage the Representatives that defeated the first Bill.
Both Dem's and Rep's.

[bunklocoempire]

Carrots and sticks, them mules work for US!

And don't any be duped by the drop from $700 Billion to $250 Billion talk, this bill is OPEN ENDED, there is no $ limit. The numbers are put up to make us think we're getting a deal, the REAL purpose of this bill is to give more unconstitutional powers to the Federal Reserve chairman, who IS NOT an elected government official. And be reminded his partner in crime the Treasury Secretary is an appointed, not elected, government official.

Here's an example of our appointed offical "trusted" to work with a Fed chairman (wikipedia sorry, references at site) http://en.wikipedia.org/wiki/Henry_Paulson
Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972.[7] He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.

He joined Goldman Sachs in 1974, working in the firm's Chicago office for Manmeet Taneja. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. 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.[9] Paulson has personally built close relations with China during his career. In July 2008 it was reported by The Daily Telegraph that: "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times.

Now get back to calling and writing! Sticks and carrots for our mules!

Bunkloco

[Rusty]

It's all run by the World Bank. Someone needs to just pull the handle we're ready to be flushed.

[drboomboom]

I've already written to both senators and my rep. I've let them know that voting yes for this would guarantee my vote for their opponent in their next election. Both sides pander to the middle class, but then neither side does anything for the middle class. The Dems aren't interested in anyone but fellow commies, and the Repugs have lost all vestige of conservatism.

[Gun Smith]

I have listened to enough of this debate to maybe offer my two cents worth. I don't believe most of us realize how many different areas of finance will be affected. Think about this: When you go for a car loan, when you want to borrow for a small business loan, when you want to buy a home, when you might like to lease a new car, your 401K, your mutual funds, if you have any, the slowdown in people buying a product your company makes. These and many more things in our daily lives at any level of income will be severely hurt if this this measure is not passed. Yes, I know, Wall Street will benefit, but they are not the major concern here.
We are a global economy, whether we like it or not, and failure to pass this could create a recession that would not be limited to the US. I don't have a large retirement income, but let me tell you this, I have been hit already in the pocketbook with my investments, and we haven't gotten close to what may be before us down the road. Losing ten percent of your retirement income doesn't really hurt a millionaire, but hurts the average retired person a lot.
Most of us living today only know about the Great Depression of 1929-1939 from our parents or grandparents. But if you study it's effects on the average American of that time, you would never want to go through that again. There are many safeguards in place to prevent the worst parts of a depression, but there are many things that can happen that are not protected.
The little guy is going to be hurt by a non-passage as much, if not more, the the fat cat Wall Street banker.

[Idahoser]

Great job!

stuff sandwich with cheese just passed.

Want fries with that?

[bunklocoempire]

I have listened to enough of this debate to maybe offer my two cents worth. I don't believe most of us realize how many different areas of finance will be affected. Think about this: When you go for a car loan, when you want to borrow for a small business loan, when you want to buy a home, when you might like to lease a new car, your 401K, your mutual funds, if you have any, the slowdown in people buying a product your company makes. These and many more things in our daily lives at any level of income will be severely hurt if this this measure is not passed. Yes, I know, Wall Street will benefit, but they are not the major concern here.
We are a global economy, whether we like it or not, and failure to pass this could create a recession that would not be limited to the US. I don't have a large retirement income, but let me tell you this, I have been hit already in the pocketbook with my investments, and we haven't gotten close to what may be before us down the road. Losing ten percent of your retirement income doesn't really hurt a millionaire, but hurts the average retired person a lot.
Most of us living today only know about the Great Depression of 1929-1939 from our parents or grandparents. But if you study it's effects on the average American of that time, you would never want to go through that again. There are many safeguards in place to prevent the worst parts of a depression, but there are many things that can happen that are not protected.
The little guy is going to be hurt by a non-passage as much, if not more, the the fat cat Wall Street banker.

The concerns mentioned are very real, yet until the cause is actually dealt, giving more power to a private chairman and throwing money at it is futile and more dangerous to our economy and Liberty. The way our "leader" has approached this is unforgiveable, essentially screaming fire and wanting to throw gasoline on a burning fire.

Our "leader" is either incredibly stupid or deliberately trying to destroy the dollar. The same can be said for any leaders who would support this. Giving the lobbying support they all get from financial institutions, one could assume they know exactly what they're doing.
Prepare your family and friends now. I do not look forward to what is coming, yet I'd rather be dirt poor and free than dirt poor and more enslaved. I think opinions will vary on how prepared one is already.



I prefer this: EDIT: prefered and still prefer.



SOMETHING WICKED THIS WAY COMES

By Darrell L. Castle

Constitution Party 2008 Vice-Presidential Candidate



Crystal water turns to dark

Where ere it’s presence leaves it’s mark

And boiling currents pound like drums

When something wicked this way comes.

(Original poem by Ray Bradbury)



Laws, originally evolving out of the New Deal legislation written in response to the great depression, once protected the American financial system. Starting in the 1990’s, in response to intense lobbying efforts by the financial industry, those laws were stripped away. The most important one was Glass Steagall which separated commercial banking from the type of investment work of a stockbroker. Glass Steagall was signed out of existence in 1999 by President Clinton and less than 10 years later the entire financial system is bankrupt. Another law, known as The Uptick rule, prevented companies from crashing due to large scale shorting of company stock. A company’s stock could not be sold short as long as it was in continuous decline. Short sellers had to wait for an uptick in the stock before shorting. The Uptick Rule ended in 2007 just about one year ago.



The end of the laws protecting the American public from unscrupulous speculators disguised as bankers caused changes in the way our banks do business. The banks decided that simple banking, that is loaning money at interest, was not profitable enough so they began investing in risk paper. This changed them from banks into something akin to casinos. Now that the gamble has finally failed these new casinos are asking the American taxpayer to pick up the tab for their greed and excess.



Now all this risk paper, known in the financial world as “the derivatives market” is collapsing. Derivatives are not stocks or bonds or anything else substantial. They are simply paper derived from other paper such as futures and options. Futures and options are exchange traded derivatives, but the largest group of derivatives is not even traded on the exchanges. These are called “counterparty derivatives” and consist of such things as collateralized debt obligations, mortgage backed securities, and credit default swaps. It is estimated that total derivative exposure of the financial system is between one quadrillion and one and a half quadrillion. A quadrillion is 1000 trillion. To put that in perspective, the entire GDP of all the world’s countries in 2007 was approximately 60 trillion. GDP is basically everything that is produced for sale. The American people are now being asked to shoulder the risk of the entire derivatives market and if they do, 700 billion will prove to be a drop in the bucket.



The rapid increase in the price of fuel during the last year is a good example of the destructive nature of the derivative market. Much of the price increase was due to speculation in futures especially by Goldman Sachs (Henry Paulson’s company) and Morgan Stanley. These companies, it is believed, are responsible for about 50% of the speculative price of oil. What that means is that every time we buy gas we subsidize the parasites who feed off us so they can continue their existence. We are now being asked to accept increased taxes to cover their losses.



Now that this mess has been created, what should be done to resolve it with the least amount of pain for the American People?



1. All failed and at risk financial companies, not just those we constantly read about, should be seized by the F.D.I.C. (Federal Deposit Insurance Corporation) and put into involuntary Chapter 11 Bankruptcy. The money people have on deposit would carry the same FDIC guarantee as before so there would be no need for panic. The Chapter 11 trustee would examine the assets of these institutions and all derivative paper should be discharged in bankruptcy. The American people should not accept one penny of risk for derivative paper. The real assets such as mortgages on residential real estate should be separated and foreclosure should be indefinitely frozen. The at risk mortgages, whether subprime or not, could be written down to the current value of the property and re-amortized for a payment the homeowner could afford. The mortgage could then be returned to the bank for service or referred to Fannie and Freddie if the bank did not survive Chapter 11.



2. The Federal Reserve Banks should be seized by Congress under Article 1 Section 8 of the Constitution. The FED banks could survive as Clearinghouse banks but the Federal Reserve that has robbed the American people for 100 years would cease to exist. The debt owed by the American people to the FED banks would be discharged in bankruptcy. Congress would take monetary policy from the FED and would simply stand in place of the FED through a monetary board. The FED credit computers would be transferred to Congress who would issue new credit (money) because under our present system 97% of all money originates as credit. This new credit would keep the system going and prevent collapse. It could all be done without interest and without debt. The backs of the international banking cartel would be broken forever and the American people through their elected representatives would control monetary policy i.e. money in circulation, interest rates, and credit availability.



3. Glass Steagall and the Uptick Rule should be returned. Speculation in the futures markets of essentials such as fuel, food, and medicine should be banned or at least have a punitive tax say 50% attached.



4. The Chapter 11 Bankruptcy Trustee would immediately move to seize any assets taken by the CEO’s and Boards of Directors from the bankrupt companies during the prescribed time period. No bankruptcy system would allow the CEO of the bankrupt company to keep hundreds of millions as in some of these cases. At the same time, the U.S. Attorney should be directed to examine the process for criminal sanctions where laws have been violated.



In conclusion, this plan would return our monetary system to the American People and ignite a new wave of prosperity and liberty. Every crisis presents opportunities if we only look for them. This is an opportunity for the American people to throw off the yoke of debt bondage that has enslaved them for 100 years and gain direct control of monetary policy through representatives answerable directly to them. No particular philosophy has been respected or spared in this plan. I am more interested in saving the system for the American people than I am in respecting anyone’s philosophy of money or government. This is intended to be a simple, easy to understand, explanation of our banking crisis with a Consitutional solution.
__________________________________________________________________________________________

Bunkloco

[Hobie]

It is done and the market started another dive. I don't know why but I can see Slim Pickens riding a bomb right about now...

[bunklocoempire]

It is done and the market started another dive. I don't know why but I can see Slim Pickens riding a bomb right about now...

Yee Haw!!



Bunkloco

[Tennessee Hayre]

Ya Know (Hobie) we must think the same, I almost posted the slim pickens thing the other day in reguards to this matter. WoW!!

[spaceman spiff]

It is done and the market started another dive. I don't know why but I can see Slim Pickens riding a bomb right about now...

I queried my congressman on the market tanking even after the bill passed. He voted no earlier in the week and changed his mind.

What a drag.......

Regards,

Troy

[tman]

probablly the ones that voted no are up for re-election, or in a tight race. the yes votes know their seat is safe. wouldn't matter if they all were conseratives or liberals, the vote would pass. i used to watch wrestling as a kid even knowing that the outcome was rigged. at least some of the westlers were more beleiveable. okay its done, whats next??????????

[Idahoser]

aren't congressmen always up for re-election? Two year terms?

My congressman voted no both times.

[AJMD429]

The little guy is going to be hurt by a non-passage as much, if not more, the the fat cat Wall Street banker.

Socialism is like heroin - just a little makes you feel sooo good, but then the problems begin. Now what to do to 'fix' them?
Of course - MORE socialism. Even more problems? Try still more; at that point it is the ONLY thing that will make the hurting stop.
The end is never pretty. Sooner or later there has to be de-tox, and our 'pushers' aka Democrats and 'enablers' aka Republicans want to postpone that until the next regime.

[OD*]

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford