Posted on 09/21/2008 7:31:49 AM PDT by Brian S. Fitzgerald
In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.
(Excerpt) Read more at news.yahoo.com ...
Shut down the Federal Reserve, Treasury and IRS. The world’s new tools to rob the American taxpayer.
Paulson resists calls for added help in bailout
WASHINGTON - Treasury Secretary Henry Paulson is resisting a Democratic push to add additional help for households to the $700 billion bailout bill.
I don't think people realize how close to the abyss we came on Wednesday and Thursday morning. Morgan Stanley and Goldman Sachs were about to fail. The credit markets were frozen. Other brokers and banks stopped taking assets. You couldn't move good securities from Morgan to another prime broker before it went bankrupt. There were no buyers and sellers were taking any price in the market. Money market funds were going to fail. I try to refrain from the breathless hyperbole that runs rampant in times like these, but I was truly fearful that the system was about to collapse.
Some may say that this is how the system cleanses itself and they may be right, but if everything is allowed to unwind in a haphazard way the results will affect every person in this country in a substantial way. You simply cannot take that much cash out of a leveraged economy all at once without serious consequences. Companies will not have cash to make payroll, factories will be shut down immediately, there will be no severance and no paycheck on no notice, credit cards will be cancelled, car loans and mortgages will cease to be available, home equity loans will be called in.
I'm not pretending to know what the answer is, but the problem is that serious.
Don’t worry, it will be in tonight’s version!
It was only supposed to be for US entities.
It’s time to hoist your family flag above the country’s flag. Do whatever it takes to secure your family’s well-being. Get some money in a banking institution outside the US, and outside the US dollar (Yen is good, so is Swiss Franc). Currency controls are on the way.
Maybe we should just skip the money and start using the wheelbarrows as the medium of exchange.
Paulsen-the Andrew Lesko of wall street
Bush asked Congress to put it on his desk.
and it probably will anyway!
All I know is the same crowd that brought us the problem is trying to come up with an imposed solution!
Illustrious Captains of Finance and Ivory tower economists? They are simply crooks!
Let's stop this thing before we have no legal recourse to stop it!
“Money itself isn’t lost or made. It’s simply transferred from one perception to another.”
Wall Street 1987 Michael Douglas
They better start up the detention camps then.
Who know what else they will add before tomorrow morning.
You may be right - it may collapse. Just be aware that if the building collapses rather than being taken down one floor at a time its going to substanially change the standard of living in this country for a long time and there will be enormous collateral damage.
Then he is a thief and a robber.
I think we as loyal Americans need to think about maybe going into our human resources department and filling out new W-4 forms and claiming "EXEMPT".
I wonder what Congress would do if they suddenly had about 50% less money to work with.
Where did it say anything about Free Money?
We want the foreign banks to be taken out because otherwise the lawyers will be back in the picture. The point is to bypass the lawyers and endless layer on layer on layer litigation.
Keep in mind the collateral is American real estate.
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