It has become accepted as fact that there the $700B plan must pass or we face Armaggedon. This Armageddon theory is a canard. This is nonsense. The debate in Washington apparently seems to be over the issues of : exec compensation, relief to homeowners, so-called "strong oversight", etc. That is NOT the key issue. The key issue is that this plan will not work. Yes there should be an auction to force these financial instituions to rid themselves of these assets, but the auction should have private market bidders, paying market prices NOT a govt fixed above-market price. What is wrong with America? Why isn't anyone in authority telling the truth??
Because they are not bother anymore to hide the ugly truth. It is and it always been about screwing taxpayers. In the past it was done sercetly , now it is done in open. Congress legalized corruption long time ago and it will legalize theft. Only when they doing it of course .
Everything is phrased with the intent of helping the taxpayer. The government is always coming to save us. First from terrorists now from an economic collapse and every time the dust settles we realize we have been lied to and the people are closer to living in a police state. From what I have read, section 8 of the "bailout" plan says: 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. I could be wrong but it seems we are doomed if we do and doomed if we don't.
These guys are magicians... slight hand tricks, distraction / deception. #1. 600B defense bill slid through while everyone is worked up over this bs. #2. Let the Free market rule.. #3. Banks that fail will be picked by other banks for 10 cents on the dollar. #4. Foreign cash is on the sidelines waiting for the right time to jump in. #5. This is a pardon and bail out of criminal enterprises. Let the giants fall and more agile players will emerge. Watch them slide in this big fat white elephant... right before your eyes. packed with all sorts of political bs. This administration over the past 8 years has spent over $100K per man woman and child. It does not take an economist to find out that paper thats bad is the US treasuries. We're broke folks. thats the bottom line no matter how you want to spin it.
The most revealing interviews that I have seen on the bailout have come from so-called rank-in-file congressman. Yesterday on CNN, a Republican Representative from Texas said that he was not voting for the bill even though he had voted with the President 96 per cent of the time. This morning a Democrat from California predicted that this bill in its present form had NO chance of passing if was not passed BEFORE congressman were able to get back to their districts. He said if they got back to their districts before it passed they would realize how much the public is against it. The Democrat from the Socialist Republic of California said that phone calls in his office were 300 against to 2 for. Democrat leadership has joined hands with Bush on this one similar to the coalition that attempted to pass Comprehensive Immigration Reform against the will of the people. In an election year in which every House member's seat is up for election, I have to wonder how this bailout will play out. Nancy, Barry, and Harry seem to be putting some political risk to the Democrat undecard by sleeping with Bush on this one, a guy who they cannot find usually find enough words in their vocabulary to villify.