GREEN BAY, Wis. - Republican John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions. The Republican presidential hopeful said the Fed should get back to "its core business of responsibly managing our money supply and inflation" and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign.
McCain made little mention of the massive proposal being crafted by Treasury Secretary Henry Paulson that could amount to a $1 trillion taxpayer bailout of the mortgage industry. McCain said simply that leaders should put aside partisan differences and "any action should be designed to keep people in their homes and safeguard the life savings of all Americans."
That m’fer insider wall street shill blood sucking parasite idiot!!!!! IS GOING TO GET AWAY WITH IT, AVG CONGRESS PERSON NOT TOO BRIGHT AND NEVER READ THE LEGISLATION!!!
Friday, September 19, 2008
HENRY PAULSON PULLS A FAST ONE
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A New Resolution Trust Corp. for the Bankers?
Kurt Nimmo
Infowars
September 18, 2008
Yo, commoner! Get ready to get stuck again, this time cleaning up the toxic housing-related bad debt that’s taking down the banks.
S&L depositors in 1985: Crooks in high places told us it would only cost a mere $50 billion to bail-out the savings and loan mess. All told, it was closer to $1.4 trillion.
Alan Greenspan, Paul Volcker, Barney Frank and others want to create something along the lines of the Resolution Trust Corp., a public boondoggle created during the fabled savings and loan “crisis” in the late 1980s. “Stocks would view the creation of some RTC-type solution positively because it would be viewed as something closer to a fundamental solution to the underlying problem that is afflicting financial markets now,” said Michael Moran, chief economist at Daiwa Securities American in New York, reports News for Yahoos.
Ah, yes, a “fundamental solution,” that is to say fleecing the commoners all the more. Last time around, crooks in high places told us it would only cost a mere $50 billion to bail-out the savings and loan mess. All told, it was closer to $1.4 trillion.
The S&L thing was all about “deregulation” — that is, allowing criminals and loan sharks to run things without oversight, sort of like allowing wolves to run a chicken coop — “imprudent” real estate lending, allowing insolvent savings and loan institutions to remain open for business, shady brokered deposits, risky lending, out-of-your-mind lending, the whole rotten ball of wax.
It was a great deal for the criminals, though, for instance the Bush crime family. Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan scandal. Jeb Bush defaulted on a $4.56 million loan from Broward Federal Savings in Sunrise, Florida. Neil Bush, as director of Silverado Savings and Loan, allowed that institution to go belly up at a cost of $1.6 billion to taxpayers. Neil allowed all kinds of bad loans to shady characters. One “investor” (criminal), Bill Walters, defaulted on a $106 million dollar loan Neil dished out, apparently like breath mints – and why not, he probably knew you’d be on the hook for the balance.
Try defaulting on your mortgage like Jeb did and see what happens. Jeb was eventually rewarded by the idiotic voters of Florida and elected governor. Go figure.
Now the bankers and Congress are itching to resurrect the Resolution Trust Corp.
Tony Crescenzi of the Boston Globe explains how this scam will work:
Basically the U.S. will end up buying the toxic assets from the banking system in a more comprehensive way then we’ve ALREADY been doing. Staring down the worst financial crisis in decades, U.S. lawmakers are strongly considering whether they need to dust off a 1980s-era plan to help save the banking industry and stabilize the economy more broadly. Both Democrats and Republicans have shown interest over the past two days in the idea of creating a government corporation to help deal with the toxic assets that have already brought down financial behemoths Bear Stearns Cos. and Lehman Bros., and forced the government to take over Fannie Mae and Freddie Mac.
In other words, in order to “stabilize the economy” deliberately wrecked by the banksters, “lawmakers” — that is, high paid whores for bankers and transnational corporations — will agree to crank up the already staggering national debt with this scheme.
Recall Chris Dodd saying there would be no more government bailouts for other banks or institutions after $80 billion AIG bailout. Man, that Chris is a funny guy… he also takes you for an idiot.
But of course, there will be bailouts and sweetheart deals for the bankers into the indeterminable future. Because the average American can hardly count on his fingers and toes, let alone understand Basic Economics 101. He does not know a predatory financial Mafia is running the country and his “representative” is on the hook to the international bankers. He’s clueless, and that’s why he keeps voting for Tweedledee Democrat or Tweedledum Republican.
It’s really too bad, though. Thomas Jefferson was spot on when he wrote: “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”
He also said that if we allow the bankers to run roughshod over the republic — er, excuse me, former republic — our “children will wake up homeless on the continent their fathers conquered.”
As for the latter, it is already coming true. “From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation,” reports MSNBC. “Nearly 61 percent of local and state homeless coalitions say they’ve experienced a rise in homelessness since the foreclosure crisis began in 2007, according to a report by the National Coalition for the Homeless. The group says the problem has worsened since the report’s release in April, with foreclosures mounting, gas and food prices rising and the job market tightening.”
It’s past time to storm the castle, that is to say the whorehouse in the district of criminals. Unfortunately, far too many Americans are clueless about what is happening to them and even if they had an inkling they’d be hard pressed to find the district on a map.
Mike Allen
Politico
September 19, 2008
Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system.
Paulson announced plans Friday morning for a “bold approach” that will cost hundreds of billions of dollars. At a news conference at Treasury headquarters, he called for a “temporary asset relief program” to take bad mortgages off the books of the nation’s financial institutions. Congressional leaders had left Washington on Friday, but Paulson planned to confer with them over the weekend.
“We’re talking hundreds of billions,” Paulson told reporters. “This needs to be big enough to make a real difference and get to the heart of the problem.”
Stock markets soared around the world in anticipation of the rescue, with British and Chinese indexes recording their biggest gains ever.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) said on ABC’s “Good Morning America” said lawmakers were told last night “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications, here at home and globally.”
“What you heard last evening is one of those rare moments — certainly rare in my experience here — was that Democrats and Republicans decided we needed to work together, quickly,” Dodd said.
The solution being proposed by the Bush administration is the most expensive bailout in the nation’s history, sharply curtailing the ability of the next president to push for tax cuts or new spending.
Congressional leaders tell Politico that to expedite the rescue, Treasury plans to seek additional authority rather than creating a new entity. The plan involves buying up hundreds of billions of dollars in bad mortgages to take them off the books of financial institutions that otherwise might fail.
Sen. Richard Shelby of Alabama, the ranking Republican on the Banking Committee, told “Good Morning America”: “I figure it will be at least half a trillion. But if you look at what the Fed has already done [by rescuing insurance giant AIG], and the extension of power to Treasury to deal with Fannie Mae and Freddie Mac, I believe we’re talking about a trillion dollars.”
Some Republicans are expressing concerns about writing essentially a blank check to the Bush administration.
“They’re lurching from one crisis to another,” Shelby said. “They don’t seem to have a superplan to deal with this. … We want to see the plan. This is not a done deal yet. But we know there’s crisis, there’s stress, in the financial markets that we haven’t seen in, say, 70 years.”
Some conservatives are balking even more bluntly.
Sen. Jim DeMint (R-S.C.), a member of the Joint Economic Committee, told the Los Angeles Times: “What is missing from it and from the recent string of bailouts is a commitment to return to a free enterprise economy. … What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts but pro-growth policies that allow our markets to correct and start growing again.”
Marvin P. Bush
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Marvin P. Bush
Born October 22, 1956 (1956-10-22) (age 51)
Texas
Education University of Virginia
Spouse(s) Margaret Conway Molster
Children Marshall and Walker (adopted)
Parents George H. W. Bush and Barbara Bush
Marvin Pierce Bush (born October 22, 1956) is the youngest son of George H. W. Bush and Barbara Pierce, and brother of George W., John (Jeb), Neil and Dorothy. He is named for his maternal grandfather. He and wife Margaret (nee Molster) have two adopted children from the Gladney Center in Ft. Worth, Texas: a daughter, Marshall, and a son, Walker.
[edit] Biography
Marvin graduated from Woodberry Forest School in 1975, and also holds a B.S. from the University of Virginia, where he was a member of St. Elmo Hall. He spent most summers and holidays at the Bush family estate.
From 1993 until June 2000, he was on the board of directors of the Sterling, Virginia company Stratesec (formerly known as Securacom),[1] which had contracts to provide security for United Airlines, Dulles International Airport, and the World Trade Center. The Securacom/Stratesec company was publicly traded and backed by an investment firm, the Kuwait-American Corporation.[citation needed]
Pat Buchanan gives his take on the current financial crisis.
Yet, still, the promises of the politicians come. Barack Obama will give us national health insurance and tax cuts for all but that 2 percent of the nation that already carries 50 percent of the federal income tax load.
John McCain is going to cut taxes, expand the military, move NATO into Georgia and Ukraine, confront Russia and force Iran to stop enriching uranium or “bomb, bomb, bomb,” with Joe Lieberman as wartime consigliere.
Who are we kidding?
What we are witnessing today is how empires end.
Ron Paul: This Bailout Won't Be the Last
September 19, 2008 05:35 PM ET | Luke Mullins | Permanent Link
I recently chatted with Rep. Ron Paul (R-Texas) about the gigantic financial bailout that the government is preparing to undertake.
Some excerpts from the interview:
What's your take on this huge financial bailout?
"It's more of the same. More debt and more inflation and more pressure on the dollar. Ultimately, although the markets are responding very favorably at the moment, I think it is going to be devastating to the dollar and to our financial situation in this country."
But don't we need to get these toxic assets off banks' balance sheets?
"Sure, they need to be removed. Somebody needs to suffer the consequences [but] not the taxpayer. Everybody knows that they have to be removed. They are priced too high. The assets don't have real value—some have zero and some have 10 cents on the dollar.
The people who had been making profits for all these years and dealing in all of this debt creation and derivatives—that now is becoming unwound—are claiming that it would be so painful if somebody went bankrupt and therefore we have to put so much burden on the taxpayer and on the dollar because the alternative is worse. But quite frankly, if they destroy the dollar and the dollar system, then they have a much bigger problem that they are going to have to deal with and it would be the collapse of the whole international monetary system—which is conceivable."
So instead of having taxpayers buy the bad debt, the market should take care of it by itself?
"Sure, prices need to go down. Bad debt needs to be eliminated. The taxpayer ought to be protected. Taxes ought to be lowered...We are following the same routine that we did in the Depression, and that is artificially try to keep prices up. People were starving in the Depression and the only thing they did was try to keep wages artificially high and keep food prices high. We are doing the same thing now—we are trying to keep housing prices high. Low prices for houses mean poor people could buy a house. This is the most important part of a free market economy and that is free market pricing. Without free market pricing, the market can't work. And this is in a way a major effort to price fix."
So you think the government should not have bailed out an y companies during this crisis?
"That would have been the best thing. It would have been painful, but housing prices would have come down sharper and faster, and it would have been over by now. But this whole idea of price fixing—that's what they are doing—has been trying to keep housing prices up and trying to stimulate home building. Well, if you have 100 percent more homes than the market really wants, you can't keep prices up and you can't stimulate home building. If the prices go down, then people will go out and buy homes again. So they should allow the liquidation of debt.
Before the Depression, [the government] generally allowed these kinds of problems to unwind. They were very severe. They would last six months or a year—a lot of liquidation of debt would be wiped off the books. And then it would go back to work again. What we've been doing now—especially since 1971—is preventing the real liquidation of the malinvestment and the excess of debt . . . If this process continues, we're going to own General Motors and Ford, then we will have to own the airlines. We are socializing our country without even a vote by the Congress. It's a horrible situation."
Will this bailout stabilize the crisis?
"I personally don't think so. It might be temporary, but no, there is much more involved. I mean, we are talking about trying to unwind trillions of dollars of derivatives . . . You have to get rid of all that stuff."
Will this bailout be the last?
"No, no. This won't be the last one. There will be something else later on. But that doesn't mean you might not have a few months of a reprieve. But it will continue."
Will we have to bail out the auto makers?
"Oh I think so. We are not going to let them fail. Our policy is such that everybody gets bailed out. It's like a drug addict, they've got to take their fix. It's too tough getting off these drugs. And the drug here is easy credit.
We end up with this scenario, it's ALL IN. This doesn't work there is nothing else.
Rather than let the OPEN FAIR?? markets restore order we have a FEW PEOPLE who hold ALL THE CARDS...MAKE ALL THE RULES.
IS PAULSON "COMPETANT" or IMPOTENT? who knows....
Look we voted in a PRes that cheated to get diploma....
Many are comparing this to 1998 crisis, I compare this to 2001 911 attack...that tells me all is not clear but I haven't read this weekend's Lowry's to see what they say and plan to share sometime tommorrow with more inclusive post.
How we found our way to this spot I do not know....can we repair damage?
D
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