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

Bailout Plan---Rescue Plan

Or is it a rescrew scam



i hear very, very little about the actual mortgage remedies to be made or the cost.

but i hear lots about 'Complex Securities'
last i knew, mortgages, even custom mortgages are not 'Complex Securities'... they are pretty much bread-&-butter, everyday contracts.


I determined the other day listening to Paulson & company,
that the Treasury & the Fed are talking around the bad mortgage issue,
because that aspect of the 'crisis' will slowly be remedied as home buyers get refinanced through the Nationalized Freddie/Fannie mortgage writers


The Fed & Treasury are talking in circles, so we link mortgage-related-assets and 'Complex Securities' with the Banks & Financial Corporations massive holdings of CDS and other exotic Derivatives,
which are the assets clogging up the credit markets
Whereas the 'mortgages' themselves are only a tiny element in the credit market freeze up....

i'd say the mortgages are only $50billion part of the $700billion Crisis.


both the Fed & Treasury do not have the taxpayers or the nation above fixing the bank-credit system...
fact; Bernanke said this (again) this morning...
We need the ability to buy the 'Complex Securities' at very near the 'book' price

iow, all the overpriced, inflated valued securities that are no longer marketable, but are on the 'books' and thus causing the credit system freezing up....
Will be bought by the rescrew scam (formerly: rescue plan) at near 'book value'... that's why the $700bn package is needed & not because of sub-prime mortgage loans

[edit on 24-9-2008 by St Udio]

The fact that nothing has happened yet and the markets are sill okay proves Paulson is nothing more than but kissing liar...


I say arrest him and his buddies, try them for fraud, if convicted, put them away for eternity..

[edit on 24-9-2008 by GrndLkNatv]

news.yahoo.com...;_ylt=AnbwdBPvSWPXCFbfIKfSLxtv24cA

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."

That is exactly my feeling. We on the bottom are going to feel this crunch regardless of whether or not we bail out Wall Street. The question to me seems to be, are we, the taxpayers going to suffer alone? Or are we going to let the big players who orchestrated this train wreck take their lumps with the rest of us?

We are going to suffer. We need to decide if we want to have it hard, ugly, and get started on cleaning the mess up as soon as possible;

or-

We want it with a little relief up front, the relief mostly for the wealthy, and a much deeper hole to climb out of over the course of much more time.

I vote for the lets get it over with scenario. It has to happen, putting it off isnt going to make it more pleasant, and it will only make the recovery slower.

Originally posted by St Udio
both the Fed & Treasury do not have the taxpayers or the nation above fixing the bank-credit system...
fact; Bernanke said this (again) this morning...
We need the ability to buy the 'Complex Securities' at very near the 'book' price

Isn't the problem that these securities aren't worth anything near the 'book price'? Sounds like the US taxpayer isn't just buying a bunch of lemons but stupidly overpriced lemons at that.

Does everyone on ATS think this thing is going to pass no matter what?
or do some think it will not pass?
Just wondering where we are at on this thing.
With such a low approval rating I cannot possibly see how they can push it through based on American reactions.
We did vote these people into office for a reason and it wasnt to walk all over our views and opinions.

Like I said in another thread, I am fine to let them fail. I understand all the scare tactics and they may or may not come true. But I believe that this needs to happen. People here on ATS have been saying it for years. It's time.

I have a large family, lots of friends, and am really close with my nieghbors. We will do just fine if it all goes to sh*t.

This is truly the time for Americans to stand up and band together. People do it during weather disasters, terrorists attacks (9/11), and the crash before and depression. They emerged stronger and helped to shape this country into one that we love. It's our turn now! It's time to show this government what kinds of Americans we really are. It's time to come together and help one another through the roughest time in our lives and emerge bigger, better, and stronger. We can do it, and we will do it if given the opportunity.

The government doesn't want us to have that opportunity. If regular Americans ban together and weather this storm and emerge stronger that scares the hell out of them. Too bad, it's time for them to be very AFRAID. We have the opportunity to suffer a bit and take our country back, LET'S DO IT!!!!

Call or email your representatives and tell them NO BAILOUT!!

NO BAILOUT!

I'm thinking that the bail out will only be a bandaid on a much larger wound,just a matter of time before we have an economic collapse,without the bailout we will see a domino effect,with one it will just give a little more time,to me it's just basic math,how do you make more money by borrowing more,sounds to me that this is an attempt to get their buddies some time to try and recoup some of their bad debts,all it takes is someone with big money to alter the stock market,then pull the rug out from everyone,this is a no win situation,no Democrat or Republican can't avoid this upcomming disaster

Originally posted by SEEWHATUDO
Does everyone on ATS think this thing is going to pass no matter what?
or do some think it will not pass?

I do think a bailout will pass no matter what we say.

I think the reason to fight is to make sure it isnt simply a handover of authority to the Fed with no oversight.

I also, like Cowgirlstraightup, wish there were NO bailout. I think with one, or without one, we at the bottom are going to suffer, and I think it is only a matter of a lot of suffering up front, and hopefully we get the kind of changes we need made due to the desperation of the issue that will ensure this kind of crap doesnt happen again. Or it will be marginally less suffering for us at the bottom up front, with a LOT less suffering for Wall Street, with the taxpayer ultimately paying a much greater price over a much longer period of time.

Read; More regulation, enforcement of anti trust laws, campaign finance reform that REALLY keeps corporate money out of our electoral system, etc.

Because our politicians are bought and paid for, and we the voters are so marginalized by the main stream media being allowed to lock out third party candidates, which in essence takes away our ability to choose outside of the two corporate puppets they present for us, there really is no possible way that we would have seen NO bailout. Your politicians know which side their bread is buttered on and as a hint, you dont have a butter knife.

What we can hope and pray comes from this is a grass roots movement to force, from the bottom up, beginning at the local level, more responsiveness from our leaders. We need to stop pandering to corporate interests. Period. We need to get corporate money OUT of the electoral system, and we need to recognize that sucking up to them and their interests is not in our interest. We also need to figure out a way to ensure a media that is not so concentrated that third party candidates and other news of importance to we the people is not withheld.

I am encouraged by the response from the people in this crises. Standing up, making sure they were heard. I am certain that that one thing is what has prevented this from being a pure give away of power to the Fed. It isnt enough however, we need to back up that action at the polls. This needs to be a sustained revolt against business as usual in Washington and on Wall Street.

[edit on 25-9-2008 by Illusionsaregrander]