Posted on 09/30/2008 6:32:57 PM PDT by rabscuttle385
could the Senator be as wrong about this as he was about illegal alien amnesty?? - just wondering!
When that didn’t happen, we go the countdown to:
“WE NEED THE MONEY BY 4:00 P.M. FOR A SUPER SECRET MEETING WITH THE PRESIDENT ON THURSDAY OR WE’RE ALL GONNA DIE!!!”
And all the while Paulson is chomping at the bit for control of that money.
NO! No! no! to the bailout/rescue/ransom...what part of no doesn’t DC understand! NO damn it!
History is not going to treat this Congress kindly if they act against the people’s will!
Read on:
The Great Bank Robbery of 2008
Daily Article by Robert P. Murphy | Posted on 9/30/2008
Henry Merritt “Hank” Paulson, Jr.A.K.A. “The Treasurer”The Paulson bailout failed in the House. If it isn’t a death blow to the plan, it should be. This is not an economic plan: it is a heist.
It will go down as The Great Bank Robbery of 2008.
The economics behind it are nonsense, but we are naïve if we spend much time even considering the “arguments” for it. This is a money and power grab, pure and simple.
Just as magazine covers today feature scantily clad women that would have been scandalous a generation ago, in the same manner Paulson’s proposal — made in broad daylight and on national TV! — is almost naked in its audacity.
Austrian economists tend to be libertarians in their political views, and they are often chided for not keeping these systems hermetically sealed and separated in their minds. Fortunately, this alleged vice is a virtue in our present situation. Because of all the mumbo jumbo thrown around to show why the plan is necessary, some very sharp academic economists are in a tizzy trying to treat this as an extra-credit question, rather than a crime scene. That is a waste of time.
In this article, we will of course cover why the Keynesian justifications — coming from a “free-market” administration — are nonsense. But in the grand scheme, that’s not entirely relevant. People didn’t seriously consider the testimony of the tobacco company CEOs about the nonexistent dangers of smoking, because everyone knew those executives stood to lose billions from the settlement. So by the same token, no one should pay much attention to the official statements made by Henry Paulson, since he stands to personally be put in charge of doling out hundreds of billions of dollars to some of the most powerful people on the planet.
read more at:
http://mises.org/story/3132
Read this: The Great Bank Robbery of 2008
The Paulson bailout failed in the House. If it isn't a death blow to the plan, it should be. This is not an economic plan: it is a heist. It will go down as The Great Bank Robbery of 2008. The economics behind it are nonsense. This is a money and power grab, pure and simple. Paulson's proposal — made in broad daylight and on national TV! — is almost naked in its audacity.
perhaps it's because, as others have said, we saw it coming. More to the point if it's not painfully obvious that the only reason Chicken Little (Bush) and her flock of chicks (Frank, Dodd, Blunt, and Pelosi) are still running around screaming bloody murder about the sky falling is because they know if there are many more failures the cover is going to come off all the nasty little deals that kept these insolvent companies floating this long.
Secondly, most of the people on here realize that if this recovery is aloud to run it’self it will A) come out much better than if the government screws it up and B) it will finally rid the US economy of a bunch of badly run companies that are dramatically over extended on credit. A country less depend on credit is not at all a bad thing.
Here's preying this drags out a little longer. A week or two more ppl will start to realize that the sun is still shining and maybe we don't need to spend 700 Billion and trash Capitalism to save the world.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I heard about that today it may have been on Rush or a local radio talk show. Simply put, the banks are withholding loans at this time in order to bring about panic, so they can STEAL trillions from Americans. It's an economic war on middle class America and congress and President Bush is fighting against their own damn country. How stupid can they be? Don't they know that if they have no country, then they have no power.
Graham is a liberal RINO idiot. I’m so sick of hearing this “another Depression” BS. Of course, McCain is a complete RINO idiot and that’s why he likes Lindsey so much.
The plan WILL NOT keep banks from folding, it just slows down the process until after the election.
Here is what it will do.
The money will come in to pay down the subprime mortage derivative paper debts. This will ad value to the Banks' books. The value of banks stock will go up.
Holders of the majority of banks stock ( mostly bank executives and directors, majority stock holders who control the banks) will then sell the stocks back to the bank at their inflated value. Then they will walk as the bank folds, as it would anyway, bailout or no bail out. They will get their money OUT. If they did so now, they would only get a very little of their money because bank stock is devalued by the debt.
All you have to do is understand that banks are going to fold in the USA, no matter what, take overs, buy outs, mergers, and outright failures will decrease the number of major banks in the USA.
Japan is a clear example in the 1990s.They went through the same process with bad mortgage lending and too loose credit. Its interesting to read about, simply because now the US will have to go through the same process, but it will be much faster. Japan survived, and flourishes. They went from 20 major national banks to 4. The same will happen here in the USA regardless of the bail out. Its not the end of the world or a depression or a catastrophe.
All this bail out does is line the pockets of those who helped the federal government do its subprime affirmative action lending. The bail out will not stop this process.This is a quid pro quo return of favors using tax payer money. Its Bushes swan song, just like presidential pardons.
NO BAILOUT
President Bush has an MBA, didn’t you hear?
He’ll fix it.
President Bush has an MBA from Harvard, didn’t you hear?
He’ll fix it.
I’ll trust anything congress says the day I see a bill submitted for consideration that has been totally stripped of pork, earmarks, handouts whatever.
On the one hand Bush, Pelosi, Reid, Frank, and the rest talk about what an existential threat to our country we are facing.
On the other hand the solution is an orgy of giveaways, spending, payouts to every interest group, union, political ally etc.
If this crisis is as serious as they say it is, why not dignify it with a serious attempt at serious legislation? The whole thing stinks like 3 day old fish.
Do I really want to vote for this guy in November?
Thanks for my new tagline.
ping
This is a GOOD thing, right Senator? Sheesh. Idiot. You ought to resign, before you are tarred and feathered and run out of town on a rail like the old days of America.
He’ll fix it.
That reminds me of another one: He's not real smart, but he'll surround himself with smart advisor's.
Lindsey (Light in the Loafers, the F(r)agmeister) Gramnesty
Juan Bohica-McCain
Larry Craig
Ted Stevens
...all US Senators...
...all Rinos...
Will someone please flush these turds?
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