Posted on 09/21/2008 8:32:53 AM PDT by Flavius
Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.
"Yes, and they should. Because ... if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said on ABC television's "This Week with George Stephanopolous."
(Excerpt) Read more at news.yahoo.com ...
Where is that requirement established?
I said this is the “basis” for current market value. You got me that there will be no “requirement” to pay this price. I wouldn’t want that and you shouldn’t either. If Paulson starts with this bid, it is possible that free market investors can step in and bid a higher price.
If you are thinking that Paulson would be paying more than the market price these firms are currently using on their balance sheets, I really need to get out my tin foil hat. I don’t deal in these conspiracy theories!
Or 90 cent on the dollar for cronies. Or 100 cents. Or 200 cents.
No review + no accountability + blind panic = guaranteed corruption.
Of course the KOOKS will just keep babbling without any hard facts whatsoever to support their kook nonsense.
Where's that in the legislation?
No you are right. Paulson is just flat out lying TO EVERYONE. /sarc
Right, With one bidder: Hank Paulson. using our money? With no review?
No thanks.
We need to drop this bill like a hot potato. This is worse than Bush's 400 Billion dollar perscription drug swindle, At least there the taxpayer was buying something that I suppose had some kind of value. Here we're buying toxic CDO's. What are CDO's? They're like IOU's but they're worth less. You goofballs probably loved that bill too, Just like this one! What do you care? When Bush took office the debt was at 5.6 trillion . This bill will push the debt to 11.5 trillion!
What a disgrace!
PAULSON - you got everything else you wanted, NOT THIS!
Let's just give him $700,000,000,000.00 to spend however he sees fit. No strings attached. Let's exempt him from existing contracting laws. Let's remove all administrative reviews from him. Let's bar the the courts from considering any action he decides to take.
Ad hoc government without the rule of law.
And the socialists predictably cheer...
You notice how vague his apologists are?
What is vague about that? Do you understand what an auction is? Oh wait... Paulson just called on the phone and he told me the auction would begin at 2:00 pm on Wednesday and they would be serving small ham and swiss sandwiches.... Is that enough detail for you?
Sure. Which auction type is this? Or did your DU buddies forget till explain that to ya?
Will it be a foreclosure type auction on the California non-judicial model? Publication and recording specifying the properties to be sold by tax assessor number and property "legal description"? (Do you need me to explain what a legal description is to you?) Will the auction take place in a public venue at a time and date set certain? Who will be allowed to participate? What will be the payment type requirements?
Or will it be like the Florida model where all foreclosure sales are weighted by equitable concerns decided on by a judge?
You don't know anything, but you think that your vapid puffing counts for something. You're pathetic.
LOL!! Thanks for the humor. It really is amazing how all these posters rant “stop it, stop it” without offering any alternative. Part of me says, let it happen. I am somewhat protected and would most likely survive a depression better than them. The financial illiteracy is unbelievable!
Duh, auction...
Yep, it sure is.
Yes I am, and I am also aware that part of the problem is that we have now imposed "mark to market" after several years of using "mark to what we want our bonuses to be".
A two-year suspension of those accounting rules would be a much more rational approach to the current situation than the proposed plan of giving Hank Paulson powers that George III could only fantasize about.
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