US in dire peril if Congress dithers on debt rescue, Paulson warns

US in dire peril if Congress dithers on debt rescue, Paulson warns

news.yahoo.com

NEW YORK (AFP) - The US economy is in imminent peril if Congress delays approving a 700-billion-dollar rescue, Treasury Secretary Henry Paulson warned Tuesday as global markets rang the alarm.

(visit the link for the full news article)

Okay I know this is not an "alternative" resource but this is the most factual conspiracy I have ever seen on this board. All predictions over the last year are coming true and the predictors should get their cake and eat it too.
America we are in peril with or without this very expensive bandaid. We are being led, once again, down the wrong path during a dire crisis.

news.yahoo.com
(visit the link for the full news article)

[edit on 23-9-2008 by SEEWHATUDO]

The head of the Federal Reserve Ben Bernanke also piled pressure on lawmakers to vote the debt rescue "urgently ... to avert what otherwise could be very serious consequences for our financial markets and for our economy."

In other words do it or we will all perish.
Yes very serious but do you really expect us all to believe that you just now figured that out so we must rush, rush, rush to approve your bandaid. You are telling us that you did not know this would happen a year ago, 2 years ago, 10 years ago??? So you wait until the last minute so you can push this crap through without speculation or hesitation.
Our country is great, it's leaders suck

Exactly. The very people who were asleep at the wheel and allowed this to happen are expecting us to trust them to fix it? I call shenanigans.

After 9/11 the Administration rammed the Patriot act and war funding through Congress saying that if you didn't support it (and wear the required lapel pin) you were not a Patriot and the country would be invaded by nuke-wielding terrorists.

And here we are again. We are so, so stupid.

Merrill Lynch Chief North American Economist David Rosenberg said the US economic rescue package would provide only limited relief for markets.

"We do not think it seriously changes the endgame -- the US economy is in recession and likely to remain so," he said.

"At best (it) merely removes what was looking like the worst case scenario: the entire collapse of the global financial system and a deep global depression."

Speaks for itself.
Honestly I believe this "bailout" is only buying time, money and more power for the people who caused this whole mess.
Eventually we will have to deal with the "dire" and " peril" and now we will also have a $700 billion monkey on our backs.

Is it me, or is the meme of $700 billion being developed to make everyone blind to the reality that it is $700 billion at a time!

People seem to be posturing their content (accidentally or otherwise) to 'overlook' the fact that this is not a 'one-time' 700 billion dollar check. It's anytime, at their whim, as long as each time it is no more than $700 billion.

Am I wrong?

At least this is no longer a closed door issue as seen in this thread:
Congressional Leaders Stunned
It is very scary when a conspiracy theory becomes bold fact.

reply to post by Maxmars


I don't know because the wording in the bailout is hard to comprehend.
Congress is due for their 4 month holiday so they will most likely pass it without understanding or reading it (Patriot Act anyone?)
Perfect timing!

[edit on 23-9-2008 by SEEWHATUDO]

Originally posted by SEEWHATUDO
reply to post by Maxmars

 

Congress is due for their 4 month holiday so they will most likely pass it without understanding or reading it (Patriot Act anyone?)
Perfect timing!
[edit on 23-9-2008 by SEEWHATUDO]

Don't forget the Federal Reserve System legislation on December 22, 1913! Same deal. We all wanna go home, just vote!

Their playbook is kinda thin.

So, in his statement to the Finance Committee just now, Paulson fired another shot across the bow by publicly stating that NON-FINANCIAL companies were having liquidity problems which would affect every aspect of our economy.

Extortion.

reply to post by jtma508


Were they asleep or just plotting?
I find it very hard to believe these supposed well educated experts were asleep or not paying attention. If Americans would just open their eyes and ask themselves the easiest of questions they would see this is not an "Oh poop we messed up" moment, they would see this is and was a planned and orchestrated event.
My 5th grader sees this.

reply to post by kosmicjack


It's the economic version of "Vote for me or the terrorists win!"

reply to post by kosmicjack


Exactly!
All the pieces fit together so perfectly.
I know my opinion may be in the minority but I say let it fall and let it fall now. America will take a huge hit but we will be better for it. The anger and bitterness that so many will feel while watching their children suffer may finally stand up and grow a few.

These wizards of the financial sector are starting to sound like drug addicts.
Its been a while since they have had their last fix and are desperately looking for another to stave off the withdrawal pains.
Its all about them. We know that another fix will only last so long before another is needed.
Time for cold turkey in MHO.

reply to post by wayno


I can't find the link but there is a blogger comparing Wall St. to a crack addict.

It's not the first time they say this.

Last time it was in 06 and 04... vote republicans or the terrorists are gonna get you. And in september 01, vote for the patriot act or we're all gonna die.

This is terrorism. Threats to influences politics.

Treasury chief Paulson on verge of historic new powers

Washington - In recent weeks Henry Paulson Jr. has become one of the most famous and, perhaps, consequential US Treasury secretaries since Alexander Hamilton assumed the office on Sept. 11, 1789.

Secretary Paulson is not the sole architect of the Bush administration's bailout strategy for the US economy, of course. By all accounts he is part of a troika of top policymakers with Federal Reserve Chairman Ben Bernanke and New York Fed Chief Timothy Geithner.

But as the public face and dealmaker of the plan, Paulson is the one most in the spotlight. Moreover, bailout legislation submitted to Congress by the White House over the weekend would transform Paulson's office into that of temporary overseer of America's entire financial system.

Under the proposal, the United States Treasury would have the power to buy virtually any financial instrument from any institution, as a means to relieve it of bad assets and pump credit back into the economy. New Treasury staff would help manage this program, although the administration foresees contracting with private firms to manage its new asset holdings.

news.yahoo.com...;_ylt=Aq47UbnhjPP3Z_dQ63XbBO2s0NUE

Ah yes more power is exactly what these people need.
Really? Are Americans really going to stand by and let this happen? Are we really going to give up all of our freedoms? control over our own lives? Are we really going to leave our children this future? What happened to us?

Look we voted these politicians into office to do our bidding, how ironic that they are now going to take away all of our rights and give all the power to those that screwed it all up to begin with. If only 28% of Americans agree with the bailout then there should be absolutely no question as to whether or not it is passed.

Originally posted by Maxmars
Is it me, or is the meme of $700 billion being developed to make everyone blind to the reality that it is $700 billion at a time!

People seem to be posturing their content (accidentally or otherwise) to 'overlook' the fact that this is not a 'one-time' 700 billion dollar check. It's anytime, at their whim, as long as each time it is no more than $700 billion.

Am I wrong?

Yes and no. If you read the bill it grants the Fed and Treasury the ability to raise the federal deficit limit to 11.3 trillion. This ultimately gives them the power of printing 1.8 trillion or so to cover this. Scary stuff...

Problem, reaction, solution: The system is crashing! Fear! Give us control!

Here's another example:

Gun to your head! Fear! Give me your damn wallet bitch!

The only diference between this example and reality is the US government has far more than one gun to the head of it's people.

There is peril on whichever path we take, bailout or no bailout:

theautomaticearth.blogspot.com...

..the American government, at best, plays double or nothing, with all the money you have, and that of multiple generations of your offspring, in a bet on the crap table that they very well know they can’t win. You know who will win the bet? The bank.

The only money left in the US is the $8-9 trillion in customer deposits at commercial banks, plus whatever is left in pension funds, money funds etc. And they’re coming for it. Just watch them.

What we see is that Goldman Sachs and Morgan Stanley are the by far biggest beneficiaries of the $700 billion plan, which will provide them with the credit space to buy up hundreds of smaller banks. Paulson will get the authority to let those banks fail, and he will do so. The customer deposits in those banks will subsequently be used to keep the game rolling.

I vote we don't pass this mess on to our children and grandchildren. LIHOP... they probably did.