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The Mother Of All Frauds

They are working overtime, warning all that this must all be done and complete by tomorrow morning. It's mind bending.

“They are working overtime, warning all that this must all be done and complete by tomorrow morning. It’s mind bending. “

I don’t think they want the public to get a chance to hear what all of this plan really is. They want to get it done before any backlash can start. One can say that they want to “Protect” the markets. But this bill goes so far past all of that even if you think that it will protect US economy long term. This bill gives us Paulson the power of a king in the economy...And with taxpayer money.

After the bankers dump all of this onto the taxpayer then they don’t want the markdown to count against them either. Christmas for the bankers. Breadlines for the taxpayer.

“The Financial Services Roundtable is pushing for key refinements to the Treasury’s market rescue proposal. It’s calling for the Securities and Exchange Commission to suspend mark-to-market accounting rules for all mortgage related assets, even if temporarily. It wants to ensure the government bid for assets does not count broadly for accounting purposes, so that auditors cannot force banks to mark down their mortgage-related assets to the government-set price. It also wants home equity loans, construction loans and securities issued by Fannie Mae and Freddie Mac included in the deal.”