Dirty Secret Of The Bailout: 32 Words That None Dare Utter

Dirty Secret Of The Bailout: 32 Words That None Dare Utter

www.huffingtonpost.com

A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. It reads, in its entirety:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

(visit the link for the full news article)



[edit on 23-9-2008 by DimensionalDetective]

AAARRRGGGHHH!!! HERE WE GO AGAIN!!

This SAME exact pattern just repeats itself ad infinitum, over and over and over again with these DICTATORIAL criminals!!

This 'executive branch' has raped this nation completely, and made a complete mockery of the rule of law and the constitution! And now they're using it again to ram this through UNCONTESTED! And we are going to be their tax slaves indefinitely because of this!!

I am SO SICK of this!!

In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office.

www.huffingtonpost.com
(visit the link for the full news article)

[edit on 23-9-2008 by DimensionalDetective]

It's a necessary evil or else the free market would instantly be politicized and made inoperable. The secretary would only be able to act if everyone agreed and that never happens in Washington.
The Administration always holds the upper hand as the President could fire the Secretary, Congress can also presure the President to fire the Secretary. If the Congress finds the Secretary to act so poorly, they could impeach the President. There is ultimate accountabillity in place, they just cannot interfere with the nuts and bolts of the job position which is good.

Star and flag DD. Great post as usual. This must get out of everyone. I've already emailed the article to some family members. It's obvious why Paulson and Co. are pushing this to be passed ASAP, so no one can realize how unconstitutional this is.

Your link wasn't working so I went to huffington post directly and found it. Hopefully this link works.

www.huffingtonpost.com...

reply to post by SectionEight


I am sure if they pay enough people, impeachment will be the last thing on Congress' mind. Congress are part of the "In"- Crowd and I am sure they will have a hell of a party.

It is criminal. Plain and simple.

Originally posted by SectionEight
It's a necessary evil or else the free market would instantly be politicized and made inoperable.

Uh, the "free market" is dead, my friend. It died the day the fed decided to bailout Bear Sterns & the sweater started unraveling. This bill is merely the final nail in the coffin of free market capitalism. As for it being "politicized" that ship sailed many, many years ago when big business was given a pass on any of their miss-deeds after greasing the right palms inside the Beltway.

reply to post by Lebowski achiever


Incumbants to Congress do not get reelected if they sit on their hands against overwhelming public opinion or act against overwhelming public opinion. There is a large opposition to this by quite a few Republican Senators, this is why.

reply to post by burdman30ott6


Politicians hands have always been greased from time immemorial. Nothing new under the sun here.

reply to post by SectionEight


Where is this overwhelming public opinion? People are lead to believe that this is the best for America and for us. I have spoken to many people about this in 'real life' and most are worried but happy that something is seen to be done.

You have too much faith in the general populace finding truth and protesting. Or in Congress for that matter.

reply to post by SectionEight


That don't make it right. It is time to draw a line in the sand!

I've been fuming since I first read the draft on Sunday! Couldn't believe my eyes. Necessary evil? Whatever....

It was reading this rough draft on Sunday, and I, a top shelf professional in the mechanical engineering field, not at all prone to paranoia, was finally inspired?... scared?...I don't know, but something changed inside me. I read it to my wife, absolutely one of the most logical and level headed people I know, and she changed too.
I became very angry and rather frightened.
I began making preparations for myself and my family, getting us ready to "bug out" if necessary.
I oiled my guns.
Started gathering the essentials.
Purchased backpacks. Emergency rations.
She thanked me for caring about them (her, the kids) enough to make these preparations.
When the time comes, we're ready.

Knee-jerk reaction? Maybe.....Maybe not. I'm not prepared to gamble on that.

edit to add:

I also mailed my representatives for the first time in my life because of this travesty.







[edit on 23-9-2008 by tjack]

reply to post by SectionEight


Funny how your screen name is section 8 and yet you are for section 8. plucky smells conspiracy! Reveal yourself, Secretary Paulson! We here at ATS are smarter than that!

Originally posted by burdman30ott6

Originally posted by SectionEight
It's a necessary evil or else the free market would instantly be politicized and made inoperable.

Uh, the "free market" is dead, my friend. It died the day the fed decided to bailout Bear Sterns & the sweater started unraveling. This bill is merely the final nail in the coffin of free market capitalism. As for it being "politicized" that ship sailed many, many years ago when big business was given a pass on any of their miss-deeds after greasing the right palms inside the Beltway.

Bear Stearns wasn't "bailed out," The Fed found them a buyer, remember? JP Morgan? The Treasury bailed out Fannie and Freddie, though they were initially government entities. They bailed out AIG, they let Lehman fail, and they did all of this to stop a systematic failure. Allowing the market to be free would have resulted in "hoovervilles" that make the "tent cities" look like a camping trip. I don't agree with all of the bailouts but I know what the Treasury is trying to do, which is to prevent systemic failure that would make your ability to make posts impossible, because you likely wouldn't be able to pay for your internet.

Originally posted by tjack
I became very angry and rather frightened.
I began making preparations for myself and my family, getting us ready to "bug out" if necessary.
I oiled my guns.
Started gathering the essentials.
Purchased backpacks. Emergency rations.
She thanked me for caring about them (her, the kids) enough to make these preparations.

I think the Treasury plan is knee-jerk, but so was your reaction, people will profit from your fear one way or another. You were probably quite susceptible to such thinking...since you do have an ATS account.

[edit on 23-9-2008 by yellowcard]

Congress has made it pretty clear that they will not allow this to go forward without comprehensive oversight.

As for illegality, there will be many grounds on which to legally challenge this bailout, any of which could stop it in the bud. To help understand, these loans are sold in tranches and then broken out and sold to numerous private investors. If there are 1000 different investors in a mortgage issue then each owns 1/1000 of each mortgage. It makes it really hard to agree on any action or price concerning that tranche. Thus the newly created enterprise will have to have the power for prices it negitiates to stickwithout legal challenge. In this respect I am in favor of shielding the enterprise from certian laws. I am not in favor of giving the ability to violate every law in existence.

Most Americans don't like the idea of this $700 billion bailout!

Only 28% Support Federal Bailout Plan

Most Americans are closely following news reports on the Bush Administration’s federal bailout plan for the country’s troubled economy, but just 28% support what has been proposed so far.

Over one-third of voters (37%) oppose the $700-billion plan, and nearly as many (35%) are undecided, according to a new Rasmussen Reports national telephone survey taken Sunday night. Details of the plan were made public on Saturday.

Among non-investors, only 15% support the plan, while 41% oppose it. A plurality of non-investors (43%) are not sure yet what they think of it (full demographic crosstabs are available for Premium Members).

This is just going to be another one of the Bush administrations "I don't care what anybody else thinks" programs.

This one will go down in infamy just like their warrantless wiretapping program.

Only this time instead of just being able to listen to our communications without a warrant, he's stealing our tax dollars right in front of us and giving it to the big banks and lenders!

I read this quote somewhere, but I can't remember where:

"Never have so many given to so few!"

Here's another article that shows how pissed most Americans are about this.

Mad as Hell - Taxpayers Lash Out

CNN Money asked people what they thought about the bailout, this article is full of their, shall we say "unhappy" responses.

"NO NO NO. Not just no, but HELL NO," writes Richard, a reader from Anchorage, Alaska.
******SKIP******
Don't hand me the tab

Readers focused most of their indignation on having to foot the bill for irresponsible lenders and borrowers.

"Companies, like individuals, should be held responsible for their decisions," wrote Jorge from El Paso, Texas. "This buyout does not address the other problems in the pipeline such as personal credit default and market slowdowns in most industries. No new jobs will be created."
******SKIP******
"It is time for the financial institutions of this country to be called to the mat. We should be expecting and demanding responsible and ethical business practice, not rewarding it at the expense of taxpayers."
******SKIP******
"The government does not have $700 billion dollars. WE have $700 billion, and it is being taken from us. If this is passed then the next administration and the next will be extracting this one from the people who are supposedly being protected by this bailout."

And this one was my favorite!

"Why not take the billions and ... make funds available to home owners stuck in the loans these idiots created, marketed and sold," asked Don from Coarsegold, Calif. "It will put the money where it should be with the little guy who made a mistake, instead of the big guy who created the problem."

[edit on 9/23/2008 by Keyhole]

Originally posted by yellowcard
Bear Stearns wasn't "bailed out," The Fed found them a buyer, remember? JP Morgan? The Treasury bailed out Fannie and Freddie, though they were initially government entities. They bailed out AIG, they let Lehman fail, and they did all of this to stop a systematic failure. Allowing the market to be free would have resulted in "hoovervilles" that make the "tent cities" look like a camping trip. I don't agree with all of the bailouts but I know what the Treasury is trying to do, which is to prevent systemic failure that would make your ability to make posts impossible, because you likely wouldn't be able to pay for your internet.

Oh?
www.bloomberg.com...

April 2 (Bloomberg) -- The Federal Reserve was forced to rescue Bear Stearns Cos. last month because the securities firm faced bankruptcy and its failure could have led to a ``chaotic unwinding'' of investments throughout the U.S. economy, Fed Chairman Ben S. Bernanke said.

not to mention:

www.marketwatch.com...[79C94AFF-EC37-44AC-A93C-721E276B8495]

WASHINGTON (MarketWatch) -- The Bush administration's efforts to subtly distance itself from the bailout of Bear Stearns Cos. ended Tuesday as documents were released detailing the extensive role played by Treasury Department officials.

Market Watch doesn't post crap, my friend. The Bear Stearns deal has been called a federal bailout from the get-go.

Had the market been allowed to be free from the beginning, this would not have happened. Free market capitalism works, as long as the feds keep their damned grubby little hands out of things. The minute FDR started screwing with stuff, regulations happened. When those regulations were rightfully dropped, the S&L crisis happened and the fed, once again, bailed out the banks. Had they left things alone, the banks would have learned a lesson and this would have gone differently. Instead, the banks learned "The US tax payer will foot the bill for our bulls..t, so let the good times roll!"

This buck can only be passed so many times, man. The last time it was passed onto this generation with the S&L bailout, now we're passing it onto my kids. What a great gift to give them, huh? Now not only will they have to spend the earliest years of their lives watching daddy's hair turn grey and his waistline grow due to stress about the uncertainty of his 401(k) and the overall market & it's effects on the price of life, they get to deal with almost impossible to obtain mortgages, car loans, student loans, skyrocketing college costs, and an overall decreased quality of life brought on by all this crap. Then, in 20 or so years, they get to experience their own banking/government circle jerk when the banks, having learned absolutely nothing aside from "Big Brother will help us!", will find themselves in the exact same mess, only on a scale even worse than this.

...and the circle of dumbasses making dumb decesions with our tax dollars goes on...

reply to post by SectionEight


It's funny that section 8 is the part in question. But I'm afraid that the passage of this bill means the end of free market capitalism, and ushers in a new age of fascism.

So you are incorrect, again.

Originally posted by SectionEight
reply to post by burdman30ott6

 

Politicians hands have always been greased from time immemorial. Nothing new under the sun here.

Can people stop using this excuse to try and justify what is going on here. I'm sick of the whole " nothing new here, this is how it's always been" talk being shoved down my throat. It is unconstitutional, immoral, and a scam.