Did Bank Of America/CFC Write The Housing Bill? (Are taxpayers hooked for $3 Trillion?-my title)

The Market Ticker ^ | June 21, 2008 | Karl Denninger

[AdaGray]

This absolutely outrageous. These guys made bad loans and they need to pay the price. It is the only way to shake things out. Government intervention is only going to make this worse. I hope someone, somewhere in the MSM has the guts to make a really big issue of this.

[the invisib1e hand]

You can also go here and do this.

[saganite]

Since the only politicians on the hook so far are Dems I wouldn’t count on it. If a juicy Rep Senator shows up maybe it will get some play but I bet the coverage omits the bailout aspect of the bill.

[Clintonfatigued]

Bank of America is known for knowingly giving mortages to illegal aliens.

[allmost]

I had my fill when they were ‘Nations Bank’.

[the invisib1e hand]

Bump.

The plot thickens.

[lilylangtree]

Another reason why the American people don’t have any reason to like Congress varmints.

[Sociopathocracy]

Per the MSM, there’s nothing to see here, just move on.

I’m sure this isn’t the Christopher Dodd, that Obama knew.

[sheana]

I am shocked! Shocked I tell ya to learn that special interests write MOST of the bills for our idiot congresspeople.
La Raza was in the room and negotiating on the amnesty bill too.
The American people should be outraged that special interests are running the country. Unfortunately, most don’t seem to know or care.

[B4Ranch]

I am confident that BofA and quite possibly half a dozen other banks had their fingers in this Bill.

It is common for every industry in America to write the Bills pertaining to them for Congressional staffers. The legislatures and staffers do not know the fine details of any industry. If they attempted to write these Bills, most assuredly that industry would be bankrupt in mere weeks.

[usastandsunited]

Is it this same Bank of America that seeks a patent on offshoring because American labor is overloaded with high salarys and good benefits ?

[Chode]

and the RATS, take another one in the..................HA ha!!!

[Gritty]

Frankly, I think it’s we taxpayers who are the ones that are getting it stuck where the sun doesn’t shine...

[Chode]

agreed...

[givemELL]

Denninger is read daily by a lot of observers. He is usually especially informative. Paulson and the Fed are essentially one and the same. By proposing expansive Fed powers to more effectively treat the ills brought about Fed policy, Paulson betrays the interests of the US govt by giving the Fed complete control over the SEC also....nothing is left of national sovereignty. Bush should fire Paulson on the spot and begin questioning the retention of the Fed. Apparently the Fed is ‘too big’ for political and monetary accountability.

[the anti-liberal]

Is this the same bill?

Bill Requires All Credit Card Companies to Report ALL Transactions to the Government

Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America's small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.

[givemELL]

http://globaleconomicanalysis.blogspot.com/2008/06/2-trillion-reduction-in-credit-card.html

This link from today details the announcement that $2 trillion of credit card credit is being withdrawn by banks from the middle class. This is on top of the $3 trillion mentioned so prominently by this post article. Consider that the middle class is also going to lose up to 50% of its home equities over the next 3-4 years as the mortgage crisis and unemployment mature. The middle classes’ homes are worth, rounded down, about $20 trillion...we are going to lose $8-10 trillion before this is over plus the $3 trillion mentioned above by Denninger, PLUS whatever we lose in the stock market crashes worldwide as anticipated by this Sept. by several major sources in the last week of articles. Conclusion, the middle classes’ financial ability to contribute to its political future in the US is fading rapidly, realilzing that our political parties and representatives ‘follow the money’....we are not going to have any money. Congress deserves a credibility rating of ZERO. Maybe that is coming. I dread it. A Congress not liked, as socialists who are not liked, will bite back on an unapprecicative audience.

[ninonitti]

Let them eat cake

[mathluv]

When this was first on H&C. Alan kept focusing on the one republican - former housing secretary Alfonso Jackson. 9 out of 10 are dims, but he wanted to talk about the one with an R after his name.

Congressman Jeb Hensarling, R-TX, has asked for hearings.