Congress Please Do not do
BY MICHAEL Webster: Investigative journalist 22nd September 2008 at 2:00 AM PDT
Among the comments:
The effort of the Treasury Department’s bailout scanning sounds more like a U.S. dollar 700 billion dollars of U.S. taxpayer theft.
congressional testimony continues to call with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson’s speedy approval of his plan is needed to purchase bad loans from financial institutions and restore stability to the market.
The controversial proposal, urged Congress to quickly approve raises many questions than answers.
hurry-up offense Paulson is playing with many members of Congress, but it’s not good to play with Main Street America, you and me. The Congress is now expected that the plan ignores almost entirely the voters whose taxes pay the entire bill will be approved.
Working Families, which still barely pay the bills and difficulty making monthly mortgage payments is outraged that their hard earned money go to bail out the rich and irresponsible lenders and marketers on Wall Street.
Reflecting the anger of many Americans, who pays with a great effort is on house payments and inflated to feel real pain at the pump and effort to put food on the family table are against the bailout.
Fred Harris of Los Angeles for another job Zimmermann said: “I am out of work for months, how many of my friends, we are already suffering. I think we as Americans suffer even more, and we are ready. We say, I do Busters and stay there on two feet as we do. The Americans are a strong nation we will survive.
John Vance of Washington State beginning of a new solar company Green said: “I and most people are small at some point not be able to obtain loans from banks. I wonder who they are when they say, credit and money aside, hell, who has always spoken out of my reach. I say let things take their natural course, I myself am Welling risk. They propose we pay for the mistakes of others, and while Congress is not in possession of those persons responsible. ”
Sharon Balcer of El Paso, Texas points out that they are fighting, their son and grandchildren. She said that credit markets are not functioning, that jobs will be lost, unemployment is rising, oil and gas increases, food is through the roof, more houses will be excluded from the debt of countries and increase the stratosphere Taxes will be satisfied. “What’s New World, Wake up America and smell the roses.”
The Bush administration is concerned about their tactics of the rescue plan, which clearly benefits the higher echelons of Wall Street and other financial institutions that have been reaping huge profits from the sale of ordinary small investors. These financial thugs have ripped America in the amount of billions. And now that investment fraud in the run, of course, and they seem to suck us up and dry and they want the very rich, they are now paying for her mistakes and yes even those with criminal activity, or one made additional 700 billion dollars of investment by the taxpayers to save him.
Treasury Secretary Henry Paulson said that if we do not pony up the money from 700 billion euros until the economy goes to hell in a hand basket. What he actually said, his friends burned the fat cats, if we do not receive bail. He wants us to help them out of trouble, while they continue to convince Americans and others continue to invest in their scams, so they continue to make a killing on the backs of American workers .
The fear of trying, they are creating is similar to the fear that Bush and Chaney created to justify the war in Iraq. Many people think that the 700 billion is not enough to cut the mother was like war, which only cost us an estimated $ 200 billion and we now know it has already cost us a lot more trillion. Well, the voters of the war many believe requested $ 700 billion is only the tip of the Ice Burg. It has 700 billion U.S. dollars from, but it will soon cost American taxpayers in the trillions of dollars. We can never repay the money as long as lobbyists for major banks and the big guys do not go to jail and they will continue to prevail.
This may help taxpayers bailout the best short-term support to create up tick, but if this amount is sufficient or not due to many uncontrolled factors and a number of current uncertainties, the ultimate size the enormous loss effects of 14 billion of securities affected doubtful. Some figures put out there, if you calculate the debt of the United States increased by more than $ 10 billion, our total debt to around 53 billion dollars, which, together, and only the cost to current ad does not know how the war or anything of a total of at least 75 billion dollars, of which every man, woman and child $ 10,000 or more the cost. Paulson’s current estimate provides taxpayers earn money, others believe, ultimately, the losses counted in trillions. Experts say that recent events have shown that the methodology of financial models on Wall Street for valuing securitized assets used completely broken. In addition, the credibility of rating agencies, the ultimate payments on its rating for asset-backed securities backed by assets and also evaluate bankrupt and out of wack. Ask the Wall Street veterans say no, as valuations, mark to model or even know what banks are currently using, God alone knows what is the value of these assets and what are really worth balance sheets of banks. The real assets and financial liabilities are based on management assumptions or expectations rather than on market valuations. Their market value is unknown. So how much money to buy 700 billion dollars U.S.? Nobody knows not even Paulson or Bernanke. What the taxpayers, it is probably not return, even if it was a miracle, most believe it is very unlikely that the taxpayer much less our children or their children will never see a penny. The real question is not asked much less answered is what impact this may have on the average American can appreciate, very dramatic. But you can be assured that the taxpayer anyway. If Congress fronts to demand $ 700 billion will certainly help the fat cats and help to enable them to grow at our expense. They say it is free and ready to open the door of credit and that, but I’m always a proponent of not buying what they can not afford to have. If you do not pay cash do not buy it. Your path is to bring us into debt through credit cards, so that we are living beyond our means. And that brings us to what he is really guilty and that they live beyond their means, but the difference is, they want us and expect us to pay the bill. Now they want us to pay, even with little or no benefit to our population. If we do not bail them out, they say we are doomed.
Unlike the intrinsic value unknown intrinsic value of securities and the currently alleged investment in difficulty and commercial banks, the issue is affected, what is the price of the proposed Mortgage and Financial Institutions Trust (MFI ), will pay for these securities? News reports of the so-called IMF is he said to some extent the path of the Resolution Trust Corporation, founded in 1989 for assets held by insolvent savings and loans companies to follow to liquidate. As too often this is likely to become a political decision. With Obama and McCain go to Washington for help is pure politics and the average American cook, not to be heard. Treasury secretary’s proposal provides that “In exercising the powers of this Act, the Secretary shall take into consideration means for (a) the stability or preventing disruption to financial markets or banking system, and (2 ) protecting the taxpayer. ”
The proposal – which is only about 850 words – is short of details on what we will pay for the purchase or what we do. Instead, there Paulson unlimited power to decide all that later:
“The decisions that are the secretary of the authority of this Act is not verifiable and necessary discretion, the agency can and will be examined by a court or administrative authority.”
If, as has already been approved, it will be a new paradigm shift in the world of capital, a new world order, if you? Paulson, who was not elected by the people will be fired on the largest federal spending in the history of the United States, as some financial czar or demigod, everyone chair unanswerable.
The bottom line of the middle class was already in decline and should this bailout the middle class are implemented to disappear, what will we do and know all the dust has settled and all is said and done, it runs out, the rich get richer and the poor will get poorer and the poor is who pays.
