Posted on 10/01/2008 12:50:40 AM PDT by politicket
Excerpt...
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
(Excerpt) Read more at fedupusa.com ...
There has been a lot of noise from overseas encouraging US politicians to pass the bailout bill......amazing stuff.
The USA taxpayer bails out the global bankers....
Adding link to here:
Timeline Project — link page of Fannie/Freddie
http://www.freerepublic.com/focus/f-bloggers/2093845/posts
Consider:
Bush signed a $300 billion dollar mortgage rescue bill on July 30, 2008. It takes effect today, October 1st. Nobody on Capitol Hill is talking about it.
The US just increased their credit swap line to their foreign partners up to $630 billion dollars a few days ago.
Apparently, Secretary Paulson has threatened a presidential veto if this language gets taken out of the bill.
The prime minister of Britain was in Washington, D.C. over the weekend begging for bank bailout money. Britain's laws do not allow a bailout option.
The Credit Default Swap crisis has overwhelmed the worlds financial systems. The US is the only economy in the world large enough to make an effort at tackling this problem.
Here’s a great idea. How about them bailing out the American tax payers. That $700 billion could do a lot of good in America. We have become foreigners in OUR OWN country! It seems to belong to everyone but Americans because they sure as heck are the ones who count, and NOT us! THAT has got to change, and darn soon, or it will be too late.
I guess this money got borrowed by Americans before. To buy large screen tvs, SUVs, huge refrigerators with integrated icecubemakers, houses, aircraft carriers etc.
Now it’s time to pay back.
Nothing like whipping up a bit of xenophobia to get people to oppose the bailout...
You were just presented the text of the bill - and all you can respond with is a 'xenophobia' comment?
You clearly don't understand the Credit Default Swap issue that's causing this economic turmoil.
“Nothing like whipping up a bit of xenophobia to get people to oppose the bailout...”
Huh???? Okay, I get it, you can’t even balance a checkbook.
Sorry, the boat left without you...LOOOOOOOOOL!!
as if Americans weren’t pi$$ed off enough! I read an article from an Brittish paper saying their banks could get US funds yesterday....this is getting out of hand.
Here is the update that I just sent out:
The pieces of this economic bailout puzzle have been swirling around my mind and they are now beginning to make complete sense, and it may sound bizarre-so hold onto your seats.
First, let’s review a few ‘odd’ things that have happened over the last four days or so:
The prime minister of Britain was in Washington D.C. over the weekend begging for hundreds of billions of dollars to bail out their banking infrastructure. Britain’s laws prohibit their government from creating a bailout plan on their end. Instead, they nationalize the failed bank. I personally thought that this was highly newsworthy, but didn’t see it talked about very much, if at all. It was very strange to me, so I just stored it away in my mind.
Next, we all know that the world’s central banks have been pumping hundreds of billions of dollars into the worlds markets in an effort to create some form of liquidity. It hasn’t worked. One other very interesting piece is that the US Fed has increased what are called ‘credit swap lines’ with other countries to about $630 billion dollars in the last few days. I thought that was very interesting as well, but wasn’t quite sure why. Understand that a ‘credit swap line’ is like a funnel where money can be transferred between nations.
Thirdly, President Bush signed a $300 billion dollar mortgage bailout bill on 7/30/2008. It takes effect today, October 1st. Nobody is talking about it.
Fourthly – When the House rejected the bill on Monday then it was strange how other nations were acting like we had done them a large disservice.
Fifthly – President Bush, Fed Chairman Bernanke, and Treasury Secretary Paulson have been very persistent – some would say terrified – to get this bailout pushed through at all costs. Yesterday, if possible.
All of that information was sitting there, but not coming together into a coherent meaning – until now.
Brad Sherman, a Democrat Representative from California provided the missing link.
Please follow this closely folks – it’s VERY important – but will seem strange:
The current bailout plan allows for bailing out any mortgage or mortgage-related investment product. A lot of people would say “Great – we need that to save the US economy”.
But, notice that I didn’t say that these mortgages had to have originated in the United States.
In fact, would you consider it odd if I told you that Treasury Secretary Henry Paulson has promised a presidential veto on the bailout bill if language were added to the bill in order to make it apply only to US properties? This means that President Bush must be behind that threat as well.
Folks, it is now my sincere belief that this bailout plan that is about to go through will be used to funnel toxic debt from foreign countries through the ‘credit swap lines’ and into the American economy.
The Credit Default Swap crisis has hit worldwide, and the US is the only economy in the entire world with enough capital to try and fight it.
I know that this sounds like a conspiracy theory on steroids – and I may very well be wrong – but all of the pieces now fit together like a well-formed jigsaw puzzle.
We need to do everything we can to stop this bill. The US Senate will be debating it tomorrow and casting their votes around 9 PM EST. I’m hearing that they will attach it to a popular piece of legislation and send it to the House.
The House will consider it on Thursday and vote that same day.
Call, get your friends to call, and call again.
I’ve tried to find the quote I heard today on the radio from our good Senator Grassley; you will just have to trust me...I about died laughing.
He said (paraphrasing); that he thought that the perpetrators of this fiasco should, since they were asking for a bailout, at least have the good grace to go in front of the American people. He suggested that they do so in the manner of disgraced Japanese executives with their heads bowed in dishonor (and this part I can actually quote) “at least those who didn’t go ahead and commit suicide.”
Check out his website for some interesting documents...they were working on this MONTHS ago. It will tell you why he would say such a thing:
http://grassley.senate.gov/news/Article.cfm?customel_dataPageID_1502=17404
I think you may be only partially right; only in the sense of how did Americans acquire the global credit and leverage of their currency.
But, we BOUGHT what we purchased with what the sellers accepted and from each item purchased to each financial system leveraged investment held overseas there is no direct line of responsibility.
On the other hand, in the category of securitized mortgage backed securities originated by or passed through Freddie and Fannie, their “toxicity” in the present crisis is not a failure of “free markets” but it is a failure of government (Congress) to supervise the two government enabled elephants - Freddie and Fannie - that the government gave a credit card to play with in the markets. That alone may be rationale enough for our assistance in cleaning up the mess to go beyond just domestic recipients of the virus.
US ‘Casino’ Mentality Blamed For Planet’s Meltdown
http://www.freerepublic.com/focus/f-news/2094698/posts
Bingo....and duly noted.
I just sent your entire post to family members, friends and etc through email. I sent a copy to my Rep. and I will follow up with a call in the morning.
Thank you for your hard work.....
these mortgages had to have originated in the United States.
In fact, would you consider it odd if I told you that Treasury Secretary Henry Paulson has promised a presidential veto on the bailout bill if language were added to the bill in order to make it apply only to US properties? This means that President Bush must be behind that threat as well.
Folks, it is now my sincere belief that this bailout plan that is about to go through will be used to funnel toxic debt from foreign countries through the ‘credit swap lines’ and into the American economy.
.
point, there’s been no real good explanation, thanks President Bush. The longer it takes to find a solution, the closer it becomes a fiscally conservative one
That’s some rather interesting, and frightening stuff... [And, it’s definitely not the same kind of (false) fright caused by the doom and gloom talk of those who wanted this bill to go through on Monday. To hear a few of them talk on the House floor Monday you would believe that banks would literally just empty people’s checking accounts and we would find absolutely no money in those accounts by next week when we went to the ATMs.]
I think the best we can hope for at this point is a reach around.
My question is: why would Bush look terrified and expect Americans to take on the bad debts from around the world??
“I think the best we can hope for at this point is a reach around.”
Funny, sad and true, all at the same time.
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