The great bailout scam - just give the money away and hope for the best

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The great bailout scam - just give the money away and hope for the best

What the heck is going on? Have people seen the conditions of the $700 Billion bailout? No wonder there is such an uproar about it in Washington.

Did you expect some sort of detailed plan from someone in charge with the financial system of America?

Fat chance, check out the demand that Poulson gives while asking for the biggest loan ever.
... Quote:
When Mr Paulson announced his $700 billion “plan” last Friday, everybody in the financial world heaved a sigh of relief.

Finally, it seemed, the US Government was going to do whatever it takes to stabilise the world financial system. The universal assumption was that Mr Paulson would present a detailed plan of action over the weekend, putting a safety net under the value of homes, mortgages and related assets.

Yet all that appeared by Saturday evening was a three-page legislative outline, with no hint of the mechanisms to be used.

The only substantive clause in the draft was a swaggering demand for untrammelled power: “Decisions by the Secretary pursuant to this Act are non-reviewable and may not be reviewed by any court of law or any administrative agency.”

No wonder that the Democrats and even some Republicans didn't want to go along with the deal, the conditions really mean that you give the money over and trust its going to work.

It will be interesting seeing what eventuates.
By netchicken: posted on 25-9-2008

Stop being a political tool, Netty. All the Dems and some of the Reps? Please.

the real scene is this: Bluster-bluster, smoke and mirrors, and at the end of the day, the taxpayer picks up the tab. Any congressman beyond his first term knows this.

The American Joe Blow is being prepped for financial surgery. The media anesthesia is being administered. By the time the doctor comes in to amputate the wallet from the person, the person will believe it is so that the rest of the body can survive.

As I told you over at http://www.dangerousthought... get this book and read it thoroughly. You'll get over your idle fascination with American politics and will be able to see the real problem.
By Thomas_Crowne: posted on 26-9-2008

American politics at the moment is like watching a slow motion train wreck.

Every day you see another piece of the disaster unfolding, today the boiler exploded, and the engine is collapsing, tomorrow the following wagons of passengers will start jackknifing and the casualties will occur.

Its utterly fascinating, if it was a movie it would be considered B grade as so unbelievable.

Unfortunately I don't have time to get the book, but thanks for the idea.
By netchicken: posted on 26-9-2008

No need to get the book, I guess.
Here is the gist of the matter.
We were taken off the gold standard, along with everyone else. Because of this, the devious people in charge (beyond politicians) are able to manipulate and control the population while robbing them blind. This is done with the worthless funny-money we use. They then create a crisis and put the burden on the backs of the population after a big dog and pony show in Washington.

Summary of the book, what the author foresaw years before now.
By Thomas_Crowne: posted on 27-9-2008

Check out this for concern.....

More than 150 prominent U.S. economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely.

In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a ``subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation.

``It doesn't seem to me that a lot decisions that we're going to have to live with for a long time have to be made by Friday,'' said Robert Lucas, a University of Chicago economist and 1995 Nobel Prize winner who signed the letter. ``The situation may get urgent, but it's not urgent right now. Right now it's a financial sector problem.''

The economists who signed the letter represent various disciplines, including macroeconomics, microeconomics, behavioral and information economics, and game theory. They also span the political spectrum, from liberal to conservative to libertarian.
By netchicken: posted on 27-9-2008

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