Frightening!!!!!! (Draft Bailout Bill)

Originally posted by OhZone
But does it save my retirement money invested with AIG?
Or do I still have to go on welfare when present money runs out.

Honestly, my money's not even at a failed institution, but as of now, I'm pretty sure we're all going to be on welfare by the time I retire.

Not to be a buzzkill but I'd start thinking about what to do without welfare... We pay more for less every year and have it justified by the inflation that only exists when the people at the top want to hit us for another percentage or two of our meager earnings

I cannot understand why anyone would say it is to control the "worlds money supply". The US dollar is nothing anymore, I mean its about par with the canadian dollar. The Euro and Pound both eat US dollars for breakfast. It is IMO that this is the first step of trying to bring together the Republic of America in which North America will be acting as one solid country. Unfortunatlly, if Canada decided to close its borders with the US tomorrow, then Canada could become self sufficient, whereas US would whither and collapse. This is not my opinion, but fact.

And here's the spin:

Economists see financial bailout as necessary

But even with all these threats, economists said the government has to take decisive action because the alternative of letting the financial system slide into even deeper problems which could jeopardize the routine loans that businesses and consumers need was simply not an option.

"It was critical to arrest the downward slide in financial markets," said Sung Won Sohn, an economist at California State University, Channel Islands.

The dire situation was dramatically demonstrated this past week when the Federal Reserve, working with the central banks of other nations, poured billions of dollars into the financial system without any significant impact because of the fear keeping banks from lending

Okay, you have to read the article, but basically it says the budget deficit is so dire, we must do this. Then it goes on to explain how much worse the budget deficit will be when we do. It's full of contradictions if you ask me, but the bottom line is, from what I am reading is damned if we do, damned if we don't, so we must do it.

No mention whatsoever about all the questionable Constitutional issues of the draft of course.

*God bless America, My home sweet home..... sniff sniff*

This seems similar to the times of the american revolution. Government taking over our money and seemingly undermining the hard work of americans. If things don't get better. It'll be a

Call FOR REVOLUTION

Originally posted by Anonymous ATS
I have too many children to raise and NEVER, NEVER would have brought them into this world knowing they face such future adversity. DAMN I am mad. God help us. I cant even write here how I feel. The government playing with OUR hard earned money.

I cannot even say how much I agree with you. I have never agreed with someone more in my life.

I am serious, never agreed with something so much. I feel so guilty.

Being presented with Fait accomplii's and being told by our dear leader's that they don't like it either but we gotta do it is beyond getting old.

At the core though this is a problem that in no way relates to finance. The government and those that would use it to further their nefarious aims has quite simply stopped being afraid of us...

I'd love to think voting will change anything but really people even congress is so divorced from the core power structure that really runs america that when bernake drops them the news they have no idea what to do... and pass control back to a FED that CAUSED THIS PROBLEM.

What really sickened me is how short the sentence was that addressed the taxpayers:

Considerations:

..
(2) protecting the taxpayer.

That's it. WTF.

Oh, and lets think about that language. It is under CONSIDERATION that the taxpayer be protected. No guarantee of protection.



[edit on 20-9-2008 by ACEMANN]

reply to post by ACEMANN


Yep, that one is just a joke, because they absolutely could not be doing this AT ALL if they were having any consideration for the taxpayer. I suspect we shall never see consideration for the taxpayer again in my lifetime.

Well this whole mess started when congress let the Bankers have their own oversight and took congress out of the loop. We the average american that pays taxes just got screwed without a reach around kiss.

The FED also allowed this to happen.

What did we think would happen when we let people run for congress and they don't have a limit to the number of times they can serve. Hell the President can only serve two four year terms But members of congress can run until they are mentally not competent to hold office.

I want to know who is the moron that wrote this draft? I know one thing if the elected officials of my district vote for this Communist take over i'll vote there butts out of office in Nov. If we are even allowed to vote then.

You know the founder fathers are rolling in there graves right now. Its time to start stock piling guns ammo and food a revolution is coming soon to retake our country from these commie bastards!

hmm i wonder what the 'long title' will read for this act. The provisions do sound pretty undesirable and well the US economy is already having an impact here down under.

Ok, I don't want to bash the American people here but I have to say this.

The ultra rich, who have avoided taxation in any way they possibly could are being bailed out by the working class tax dollar. This is sooo unfair it disgusts me. Here is my point..

If the American people will not rise up and revolt to this bull# right #ing now... I dont think they ever will!!!!

You all might as well pull down your little panties and bend over right now!

reply to post by Mercenary2007


Yeah, I really want to know who drafted this thing too. Don't we have anyone on the inside here that can leak something?

Seriously, it is like they had it drafted before they sat down to talk about it. I WANNA KNOW WHERE IT CAME FROM!

Originally posted by ACEMANN
What really sickened me is how short the sentence was that addressed the taxpayers:

Considerations:

..
(2) protecting the taxpayer.

That's it. WTF.

Oh, and lets think about that language. It is under CONSIDERATION that the taxpayer be protected. No guarantee of protection.



[edit on 20-9-2008 by ACEMANN]

Not to mention what may happen to those unable to actually be taxPAYERs.

That was my first thought.

reply to post by Relentless

It wouldn't suprise me if they had this drafted in 2001 and was just waiting for the right moment to pull it out.

If this bill passes and people wake up and see what it really means to them there will be riots in the street and the elections will be postponed I can see it happening now.

Well we got one line ... the people that are supposed to run this country got one line...

As far as the calls to revolt and take back our nation, let's see if you're an aussie you need to revolt too your country is just as screwed up as ours ran by the same people ya know? OH WAIT YOU CAN'T they took your guns... Uk... DITTO

THe cognitive dissonance and arby's based sluggishness will wear off in time and then you'll see the tables turn VERY quick here. Not everyone is as asleep as they seem. But at the same point preemptivelly going berserk will solve nothing.

Ummmm.

Y'know, I could be off base here maybe, but something about this has been stuck in my craw for a few hours now, and I mean something beyond the bullpoo at the surface just from reading the text.

Lehman Bros filed for chapter 11 on Monday after the Feds refused to give them backing to help secure a sale .

Yesterday, Barclay's bought up a huge chunk of Lehman's holdings....EXCLUDING 95% of the mortgage holdings.

Now today the gov't has put forth this proposed legislation.

Who's going to be first in line, waving $700B, ready to buy Lehman's mortgage holdings for pennies on the dollar? Who indeed?

The gov't has control of about half of US mortgages already thanks to the Fanny/Freddie conservatorship. Now they're free to buy up whatever Lehman was holding for a steal.

Why did they refuse to back Lehman, yet rushed to bail out AIG, who has insured $441 BILLION in policies on mortgage-related securities?

Something stinks....something stinks real bad.

reply to post by Relentless


Who else but the same people that brought us the first bail out bill, the one that was supposed to help the homeowners?

The wall street investment banks the same people that are the ones that will benefit from this bail out and totalitarian powers.

This is the story from the first bail out bill.

Ding-a-Ling Brothers and Barney Bailout's New Act

Federal Reserve chairman Ben Bernanke's Monday night call for Rep. Barney `Bailout' Frank's "American Housing Rescue Act." But already in February, the LaRouche Youth Movement in Washington, D.C. exposed the "Ding-a-Ling Brothers and Barney Bailout Circus," that teams up the desperate Fed chairman, with the corrupt sidekick of MsLeadership Nancy Pelosi, in pushing to set up Federal bailouts in the hundreds of billions of dollars for collapsing debt-bubble securities. In fact, Wall Street's CNBC-TV has claimed the Frank mortgage bailout bill, reporting in March that Wall Street investment banks drafted the bill with their willing agent Barney Frank.

www.larouchepac.com...

This people are the same ones that as not scrupolous screwing the american tax payer.

Actually looking at it I will say that our congress is not so naive and they may have been up to their neck on this new bill also after all.

The same way that this take over and power grab was already in the making so probably was the bill now in congress this weekend.

reply to post by roguetechie



Of course, the way this thing is written, with the financial institutions becfoming agents of the government, can't they just cut us off financially? Seriously, I know a lot of people in the past 6 months that have their checking accounts bounce when the money was there. It's become so frequent I swear I am starting to think it is some sort of test. The most frequent Bank I'm seeing it at is BofA (BAC). It's really been bothering me that the one Bank that is suppossedly sound is the one pulling this.

I know it's only anecdotal, but seriously, I've seen it happen to my clients (the company I am employed at is the one the bounced checks are being written to). Everytime, the client comes in afterwards with a statement from the bank proving it was not their fault the check bounced - the money was there. They even have the gall to tell the account holder to tell me to just redeposit the check. I think not! I don't even get bounced checks back in the mail for 3 weeks now, I'll be darned if I'm going to wait that long to get the bounce on my side cleared up. If the money is there I have to insist they withdraw it and bring it to me immediately to cover the check.

So, with these new developments on top of what I've already been dealing with.....that particular part of the draft just really struck me.