The bailout is to rescue foreign bad debt

Discussion in 'Economics' started by fibonelli, Oct 1, 2008.


    "Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen." - Brad Sherman , D-California"


    Call your Congress and Senate representative NOW!
  2. FCCT


    I couldnt get through the video, the guy is an idiot. Maybe Benny Boy can confirm and lower dollar doesnt effect citizens. What a joke.
  3. mxjones


    Oh my God - that guy is terrible. I don't know if your video has and good information or not...I could not get past the three minute mark.
  4. indexer


    Of course this is the reason for the bailout. It is also why the credit market players are so panicky. They want to keep the foreign cash flows going into the US. They make their money off the skim.

    They recommend shutting down production in the US which makes overseas players rich. They must recycle their dollars back into the US to keep their currencies from rising. Basically, Wall Street has made its billions by shuttering Middle America and living off the skim of foreign money flows.
  5. > indexer

    agree. the other name for this is ponzi finance.

    Suggested Fax/Email Text

    Fax Title: Rep. Brad Sherman On Bailing Out Foreign Investors

    Dear senator/congress reporesentative

    Today I listened to Representative Brad Sherman on how the Paulson proposal will purposely bail out foreign investors.

    Here is the shocking text as translated from CNBC in an exchange with Larry Kudlow.

    Rep. Brad Sherman, D California:

    Larry I am glad you have a few seconds to talk to someone who voted against this bill. I am not changing my mind. I want to thank my colleagues who stood up to the purveyors of panic and voted against a very bad bill and voted with 400 eminent economists including three Nobel laureates who wrote to us and said don't panic, don't act hastily, hold hearings, work carefully. The fact is Larry if you read this bill, even you would have voted against it.

    It provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson's power. There is a critique board but not really a board that can step in and change what he does. It's a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries.

    Larry Kudlow:

    Let me just ask you one question. I think you are referring to foreign banks headquartered in the United States. I do not see how foreign investors get bailed out.

    Rep. Brad Sherman:

    Larry you have to read the bill. It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.

    The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday.

    Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury.

    Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.

    Senator, please scrap the Paulson proposal in entirety and try something that might work, that is constitutional, and does not put taxpayer money at risk.

    US citizens should not spending $700 Billion to bail out foreign investors. The actions of Treasury Secretary Paulson go far beyond disgusting, to outright betrayal of US citizens.

    I ask that you take a clear stand against this un-American bill by not only voting against it, but to Filibuster the bill until it is given up for dead. I cannot and will not vote for any legislator who votes for this bill, or even allows it to be brought up for vote.

    Senator, the United States of America is depending on you to block this bill for the good of the country.

    Your Name
    Your Phone Number
    Your Email Address
    Contacting the Congress
    Scroll down article for full list of contact numbers for congress and senate representatives
  7. fibonelli,

    kill all foreigners...?
    Taxpayers all over the world are paying for the US debt scams, but clearly they are not getting squeezed sufficiently. Also, if any USD is lost to the US, then those enemies stealing that USD must pay ten-folds, right?

    Why don't you cook up some plan to exploit the rest of the world...
    See these places for for good tips on how to do that:

    You should also ask Bush to change the constitution so that he can continue to guide the country in these challenging times of deep darkness. I am sure you can stage some coup or something with your other sympathizers, if you just organize yourself - you know, kill off the competition and all...

    Good luck to you.
  8. > Gringinho,

    You appear to have misinterpreted my viewpoint as you haven't read my main thread on the bailout.
    Wake Up America!

    The foreign creditor bailout is another angle (ie the patriotic angle) that needs to be exploited by US citizens to defeat the bill.
  9. #10     Oct 2, 2008