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never never band
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9/22/2008 11:28:49 PM
---- Updated 9/22/2008 11:30:16 PM
section 8 of the bailout
"DECISIONS BY THE SECRETARY... ARE NON-REVIEWABLE ... AND MAY NOT BE
REVIEWED BY ANY COURT OF LAW OR ANY ADMINISTRATIVE AGENCY"
It's the biggest cash heist in History...
we're screwed kids,
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Jeff Allen Myers
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9/22/2008 11:39:32 PM
---- Updated 9/22/2008 11:44:57 PM
What the heck does that mean? They can't even read it? "Review" is a broad term....
Please state your source so I can read it in it's entirety, what you posted is rather vague
Thanks,
Jeff
update
Sec. 8. Review.
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 still don't know what the hell "review" means in this context. They better think long and hard before signing into law. I assume the secretary is the Treasury Secretary....
This is rather Odd....My Son's son's will be paying for this mess.... They should bail them out on the terms they all go to Jail...Greedy Bastards royally screwed the Pooch.
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Jeff Allen Myers
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9/22/2008 11:48:36 PM
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.
Damn!!!! If this is true we are all bending over...
Paulson’s Blank Check
I've pasted the text of the bill below the jump. Everyone should read it. But here are the key points:
* No one who foresaw the crisis, such as Krugman or Stiglitz, is involved in making the plan to fix it.
* The man overseeing the bailout is the ex-CEO of Goldman Sachs, a Wall Street Company. He helped cause the crisis.
* Paulson helped obtain the SEC exemption which allowed brokerages to increase leverage to 60:1 from 12:1.
* The money is Paulson's to use for buying commercial and residential mortgages and mortgaged backed securities as he chooses. No one has any oversight over him, and he can pay any price he wants to, including face amount of the debt.
* Courts cannot review his decisions, not can any regulators. He has to report to Congress once every six months.
* He gets 700 Billion dollars to use as he sees fit, looking after the taxpayer is a "consideration" not a requirement.
* Bet on that 700 Billion dollars being gone before January 20, 2009. Bet on Treasury asking for more.
* That is $2,324 dollars per man, woman and child in America
* There is no bailout for mortgage holders. Banks get bailed out, but not ordinary people.
* Banks and brokerages made record profits these last eight years. Ordinary Americans barely broke even.
* In 2007 Wall Street paid itself bonuses equal to the raises of 80 million Americans.
* Banks bailed out by this plan need make no changes in how they do business.
* Banks bailed out need not replace the management which drove them into insolvency.
* Shareholders and bondholders of such banks do not lose a cent.
* The securities which caused this crisis are still allowed.
* Expect the 700 billion dollars to increase inflation, especially in oil.
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Art Factory
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9/22/2008 11:52:08 PM
I found this gem...
The bailout involves... "$700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office."
The Huffington Post
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Jeff Allen Myers
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9/22/2008 11:59:52 PM
This reeks! The Stench is awful!..... Damn executives got Rich by loaning Money to people they knew could never afford it...
Every fricken person who made money at these firms should have every asset they own impounded.....
That will not happen, they are getting away with robbery...they have screwed America...It borders on Treason in my book.
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Art Factory
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9/23/2008 12:10:48 AM
Really scary stuff - Seriously people need to wake up, the numbers are in the trillions!
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Jeff Allen Myers
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9/23/2008 12:39:27 AM
---- Updated 9/23/2008 12:40:44 AM
Ron Paul should Be The President...He tells it like it is, no Bullshit. His campaign never got traction because there is too much on the fringe behind the election. Special interests, religious conservatives,.... This is truly scary. I get the feeling no one really understands what the hell is going on, throwing money at it will not fix it...It will just exacerbate the problem. The Value of the dollar will plummet as the Federal reserve prints worthless Money, inflation will skyrocket, and foreign investors will literally swoop in and Buy America on the cheap. Companies, real estate...........all of it.
We are in trouble and the people behind the wheel are drunk.... Damn.
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Art Factory
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9/23/2008 12:40:29 AM
exactly.
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the perfect banana
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9/23/2008 1:54:57 AM
Ron Paul, I remember him. He did that song Missus Jones, Missus Jones Missus Jones Missus Jones .. we got a thi-ing goin on.
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Kevin White
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9/23/2008 5:47:38 AM
Yell at your congress people folks.
Do it quick, but that's the right place to write and complain.
Posting here does nothing to show them your anger.
They ALL have email, and I've already written ... go figure ...
Kev-
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Kevin White
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9/23/2008 6:20:21 AM
This is my letter to my congress folk ... feel free to copy and paste:
I don't mind the thought of a bailout so much as I mind the proposed terms of THE bailout.
However unpleasant, America must do what must be done to prevent wholesale financial meltdown.
That said ...
Putting that much unilateral authority in the hands of an administrator/administration who may potentially have a conflict of interest -- and putting them OUTSIDE OF ALL GOVERNING AUTHORITY, OVERSIGHT AND/OR LEGAL REPERCUSSION is ... well, just plain insane.
It's also highly suspect.
It appears to be a move designed to protect special interests w/o slightest regard for American taxpayers seeking justice after footing a HUGE bill for bad business decisions based on corporate greed.
With Treasury decisions outside of all governing jurisdiction, potential criminal injustices become sacrosanct -- courtesy of rubber stamped approval by the U.S. Congress. Do you believe that that is what Americans really want?
It needs to not be approved as proposed by an administration with rather questionable track record at "doing the right thing".
We need more congressional oversight and control of the situation, not less.
Please work tirelessly towards defeat of the proposal as presented.
Oversight and Punishment for wrongs inflicted upon the public need to be included in this massive draining of public dollars by private interests.
Regards,
Your name here
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Art Factory
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9/23/2008 7:22:47 AM
you would be wasting your time with that letter Kev... Congress does not even know the real issues. People need to wake up, stop medicating the symptoms, (non issues).
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never never band
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9/23/2008 9:11:16 AM
You know, It's not that I don't support the theory of Libertarian Candidates..
I mistrust an unregulated market of course for the very reasons we are seeing now (this fiasco IS the result of de-regulation) but worse that that I mistrust these bailouts which have become standard fiscal policy, they really amount to organized crime.
what pisses me off about you libertarians is that you're only a party on election years!
If you had built up your damn party and your base year round for the last 8 years you might have gotten the nomination or drawn so huge a base that a write in could actually win this thing.
As it is you're spoilers..
Neither Candidate is all I'd hoped for, I'll give you that. But one is DECIDEDLY better than the other on all of these issues.
If you vote based purely on R-V-Wade, and have no other care for the country, vote for Palin/McCain
If your interests in American Society run deeper than that, well, you know what to do.
---}-@
Obama 08
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Kevin White
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9/23/2008 9:40:17 AM
It may be conceptually above the heads of congress, AF ... but at least it's doing something other than whining about the state of affairs on a bbs and not directly addressing those who make the laws that purported are made to protect us.
If they let this go through ... we'll know that we've lost any say in our own government. It would be clear that it's owned lock, stock, and barrel.
K-
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srm
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9/23/2008 10:18:58 AM
It wasn't clear already?
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Bob Elliott
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9/23/2008 4:59:34 PM
800 billion to give out???? There's gonna be a lot of fraud.
Kind of a perfect punctuation to a wonderful Bush era.
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Art Factory
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9/23/2008 5:12:50 PM
---- Updated 9/23/2008 5:26:21 PM
(sent twice)
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srm
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9/23/2008 5:12:57 PM
His parting gift to "his base".
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Art Factory
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9/23/2008 5:15:25 PM
it's estimated in the trillions (per video)
yes it is quite the punctuation, read this again, and re-read again, I can hardly believe it..
"the bailout will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch".
..if it's true (press source above) then sending a letter to your rep won't be worth the time to hit send. Thank you for sharing your letter though Kev. Of course it's not my blog and there were at least 3 others floating yesterday which were related, and I have not posted on political threads until more recently. However, this topic as well as other real issues have not been addressed as clearly as what I've seen from the press conference Ron Paul held recently with the 3rd party candidates. NNB, perhaps I should not have posted a video of a republican congressman who is also a write-in for the presidency, knowing you are voting for Obama, my apologies.
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Bob Elliott
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9/23/2008 6:23:02 PM
Hey, anyone remember any other times this admin told us the situation was so urgent there was no time to think it through: hurry and give us complete power...?
Vote Republican..they're against regulation.
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LyinDan
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9/23/2008 6:44:15 PM
Um, excuse me, but the Judicial branch ALWAYS has review powers over what the Executive and the Legislative have wrought, under our Constitution, no matter what privelege the Executive claims. When that ends, it's time for another revolution.
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SILVERWOODSTUDIO
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9/23/2008 7:16:21 PM
---will this be the first time in history a democratically elected government demands a blank cheque from its constituents?
this is more like a dictatorship ----??
where will the golden handshakes go?
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never never band
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9/23/2008 8:12:18 PM
""Hey, anyone remember any other times this admin told us the situation was so urgent there was no time to think it through:""
unm, yea actually..
I think it was called the "Patriot Act"
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the perfect banana
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9/23/2008 9:39:16 PM
Also the Iraq War.
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never never band
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9/23/2008 11:04:41 PM
Oh Yea!!
shit, I'm starting to see a pattern....
I think.
I don't want to resort to strong language but...
I wonder of these guys are trying to have one over on us?
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Art Factory
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9/24/2008 7:41:25 AM
I don't know that it is as much a demo vs repub issue - there are reasons tied to big money for power and control to get any candidate to the final election, at this point we won't see the emphasis on taking stronger positions towards ending the war or how to address the economy because we are down to a very narrow point of voting, and truth be told I believe either party will be at the mercy of those special interests who got them where they are.
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Holo Lukaloa
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9/24/2008 10:12:25 AM
Not true. McCain's campaign is run by lobbyists. Obama tosses people out of his for even indirect connections. He did so with one of the guys he brought in only to help pick a VP.
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Art Factory
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9/24/2008 10:39:04 AM
I speak generally to the election process. Unless we know the politician personally I don't see how a definitive statement can be made... the media can only give their point view, then you have to determine for yourself what you believe to be true.
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