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The Rajon Blog » Blog Archive » USA bail out plan

USA bail out plan

This is not a good idea. Basically gives money to those who did the economy in in the first place. If you consider that before bush came in the USA economy was loads better. Then Bush came in and we had terrorism, economic collapse and now this. After thousands of deaths in wars and trillions of dollars vanish in bad deals and all during Bushes era and all the vote rigging that went on you have to start to think that it all comes down to that greed scenario and with greed comes corruption and with corruption comes collapse.

Now we see the thieves panicking as they are about to see all their cash vanish unless some rescue plan is implemented.

And so the greed continues and the tax payer has to pay for it.

I don’t know about you but I smell a very big rat!

6 Responses to “USA bail out plan”

  1. moryah4 Says:

    (Comment from general public at Huffington Post on 09/23/2008 )

    “I don’t know that there is any salvation for the American people. If you look at the polls McCain is still almost even with Obama. Either there are still a ton of pure racists out there, or, more likely, the trend of Americans just not liking the smart guy has continued. I know of no other way to explain how Americans can still support a McCain candidacy. McCain/Gramm contributed mightily to this current mess. McCain was involved in the original S&L scandal that bore considerable similarity to this current mess. He wants to not only continue Bush’s (and his) Iraq policy, which is costing billions of dollars per month and has had a direct impact on this economy, but has his eyes set on a catastrophic war with Iran, and even wants to get Georgia admitted to NATO.

    I would like to just postpone this whole bailout bill until after the election. The world markets can wait that long. I don’t trust anybody right now in this caustic political environment to do the right thing, not even Obama, really. I’m voting for Obama not out of ideology but because he’s simply the smarter, more coherent candidate. It’s the same reason I voted for Gore. Until Americans stop voting stupid people into the Oval Office, things will continue to spiral out of control. No more stupid presidents.”

    http://www.huffingtonpost.com/dave-winer/theyre-bluffing-unless-bu_b_128117.html

  2. moryah4 Says:

    (This from Bob Barr who is the Libertarian Party’s presidential nominee, and represented the 7th District of Georgia in the U. S. House of Representatives from 1995 to 2003.)

    “In the name of restoring economic confidence, the Bush administration is demanding unlimited authority to implement a massive financial bailout. The Secretary of the Treasury would become an economic dictator, empowered to re-engineer the economy as he sees fit. These powers fit Kim Jong-il’s North Korea, not the American republic.

    The economy is in trouble, but the wrong policy could make things much worse. With the public deeply divided over the proposed bailout, and the future structure of our economy at stake, Congress must stop and take a deep breath before rushing such a far-reaching plan into law.

    Rep. Barney Frank, Chairman of the House Financial Services Committee, claimed: “The private sector got us into this mess, the government has to get us out of it.” In other words, “Let’s just put Sen. John McCain or Sen. Barack Obama in charge and everything will be fine.”

    This is nonsense. This is irresponsibility of the highest order.

    The financial crash is not a “crisis of capitalism.” It is the result of foolish federal policies manipulated by private interests — precisely how Washington always operates. Giving Washington more power is no solution.

    The federal government cannot eliminate financial losses and should not attempt to do so. It can only shift the burden — in this case from irresponsible borrowers, lenders and investors — to taxpayers. Keeping the walking dead on economic life support will only slow down necessary adjustments. The federal government’s principal responsibility at a time of financial stress should be to maintain liquidity for use by otherwise sound institutions.

    Congress certainly should reject an unrestricted, economy-wide purchase of mortgages and mortgage-backed securities, as well as “other financial instruments” at the Treasury’s discretion. Interest groups already are lining up with their hands outstretched, including mortgage lenders and insurance companies, municipalities and foreign banks. The congressional Democrats even want to include home heating assistance and another wasteful “stimulus” package.

    If the administration believes there are financial institutions so critical that their failure would put the entire economy at risk, then the president should identify those institutions and make the case for aiding them to Congress and, more important, to the American people.

    In any case, Congress should emphasize accountability. The administration has proposed a bare, two-page law including an extraordinary provision declaring: “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.”

    The secretary would be able to decide which assets to buy from whom at what price and in what manner. Both the Republicans and Democrats would benefit from Treasury’s unreviewable power to hire consultants and choose firms to implement the bailout. This is a prescription for extravagant waste, incompetence and abuse.

    The Bush administration played this game before, using 9/11 to ram the Patriot Act through Congress, and then misused its authority while resisting court oversight. Never again should Congress allow itself to be duped in this way.

    Congress must address the causes of the current crisis; most of which stem from government missteps.

    Take the Federal Reserve, for example, which has untrammeled discretion–of the sort being sought by Treasury Secretary Henry Paulson–to mismanage the money supply.

    The Fed’s easy money policy helped create an economic bubble. Everyone from consumers to investment banks over-extended themselves. Prices for commodities, and especially houses, rose dramatically. We must hold the Fed accountable–or even replace it–to ensure sound money that is safe from political manipulation.

    Second, Fannie Mae and Freddie Mac were used by Congress to simultaneously expand mortgage lending and enrich politically influential interests. The two entities must be fully privatized, and left with no federal support, guarantees, or dictates.

    The Community Reinvestment Act is used to force banks to make bad loans to poor credit-risks in inner-city neighborhoods. Some of the politicians who now denounce “predatory lending” previously attacked those same banks for not lending. The CRA should be repealed.

    Finally, expansive but disjointed regulation has failed to deliver transparency, which allows firms and investors alike to know their exposure. In fact, some regulations have been counterproductive.

    For instance, the Securities and Exchange Commission enforces “mark to market” accounting rules that requires firms to write down assets–even those held for income rather than trading purposes, to current values. In today’s unstable circumstances, one fire sale of an asset of uncertain value can ruin an entire industry’s balance sheet. The SEC should suspend the rule’s enforcement until accounting agencies and regulators can reevaluate its impact.

    “My first instinct was to let the market work, until I realized, while being briefed by the experts, how significant this problem became,” lamented President George W. Bush. So, he would turn capitalism into a government-protected enterprise and Uncle Sam into an ATM machine for economic failures. Congress must say, “No.” Why should we, the taxpayer, believe the people who got us into this mess when they say bailing them out is the only solution? “

    —————
    Bob Barr is the Libertarian Party’s presidential nominee, and represented the 7th District of Georgia in the U. S. House of Representatives from 1995 to 2003.

    http://www.huffingtonpost.com/bob-barr/the-bailout-from-hell-mus_b_129190.html

  3. moryah4 Says:

    JOHN CAIN’S TOP ADVISORS LOBBYISTS FOR AMERIQUEST MORTGAGE

    By: Nicole Belle on Monday,
    ( March 31st, 2008)

    John McCain’s Top Advisers Lobbyists For Ameriquest Mortgage

    When Sen. John McCain addressed the nation’s burgeoning mortgage mess last week, he insisted it was time for a little “straight talk.”

    “I will not play election-year politics with the housing crisis,” the GOP presidential hopeful insisted while unveiling his plan, which many have since described as friendlier to the mortgage industry than the Democrats’ proposals.

    What McCain did not say - which some believe smacks of politics - is that two of his top advisers were recently lobbyists for a notorious lender in the mortgage meltdown.

    John Green, the senator’s chief liaison to Congress, and Wayne Berman, his national finance co-chairman, billed more than $720,000 in lobbying fees from 2005 through last year to Ameriquest Mortgage through their lobbying firm, disclosure forms reviewed by the Daily News show.

    Ameriquest, which since has been bought out, was forced to settle suits with 49 states for $325 million. More than 13,680 New York homeowners got taken for a ride by the company, records show.

    “They would be defined as the most blatant and aggressive predatory lenders out of everybody,” said Bruce Marks, head of the nonprofit Neighborhood Assistance Corporation of America.

    But will the media bother to confront McCain about this derailing from his “straight talk” against special interests and lobbyists? Nah, I don’t think they will either.

    http://www.crooksandliars.com/2008/03/31/john-mccains-top-advisers-lobbyists-for-ameriquest-mortgage/

  4. moryah4 Says:

    CASCADE OF WORLD MARKETS CONTINUES:

    Bailout, Banks and More Collapses

    …In Europe Belgium’s Fortis looks like becoming the first large European continental bank to fall victim to the credit crunch, as the global chaos continues with Britain’s Bradford & Bingley mortgage lender and American regional bank, Wachovia also teetering on the brink.

    The Belgian central bank and the country’s regulator are paving the way for a bailout of the huge banking and insurance group, which has a balance sheet of well over $A1.1 trillion and a market value at last Friday of just over $A25 billion.

    The Belgian regulator is thought to be considering the creation of a “bad bank” for assets similar to the controversial scheme proposed in America as a means of ensuring a deal.

    There were reports this morning that french bank, BNP, might mount a bid for Fortis.

    Any uncertainty around the future of Fortis is likely to hit Royal Bank of Scotland, its partner with Santander of Spain in the consortium that bought ABN Amro last year for 102 billion euros just as the credit crunch was breaking.

    They refused to withdraw the bid, and were allowed to continue by the UK, Belgium and Spanish central banks and regulators.

    The Dutch banking assets that Fortis bought as part of the deal are yet to be transferred out of the special company used to execute the deal, which is legally a subsidiary of RBS, which raised over $A24 million and has sold more than $A10 billion in assets in the past four months.

    Fortis, which has 2,500 branches across Europe, replaced its chief executive last week which worried markets.

    The Belgian government, regulators, and the Dutch central bank are all involved in the talks and a deal is expected to be announced over the next day to prevent a crisis of confidence that could spark public panic and a run on deposits across parts of Europe;something that would be a replay in Britain where Fortis is Britain’s third-largest private car insurer and the fourth-largest travel insurer.

  5. moryah4 Says:

    WALL STYREET LOSES A TRILLION ON BLACK MONDAY.

    Michael Grynbaum
    (October 1, 2008)

    IT WAS the Black Monday of 2008. Stocks on Wall Street fell by nearly 9 per cent on Monday in New York - the worst single-day drop in two decades and the market’s first-ever $US1 trillion ($1.2 trillion) one-day loss- after the US Government’s bail-out plan failed to pass the House of Representatives, setting off a fresh wave of anxious selling.

    In yet another day that has shaken the embattled canyons of Wall Street, the Dow Jones industrials index fell 777.68 points , or nearly 7 per cent, after it became clear that the legislation could not muster the support it needed to be passed.

    The broadest measure of the American sharemarket, the Standard & Poor’s 500-stock index, fell 8.77 per cent, its biggest drop since October 1987. The Nasdaq composite index fell by more than 9 per cent.

    The loss was most pronounced incredit markets, considered gauges of investor anxiety. Yields on US Treasuries plummeted after the House rejected the plan, with the one-month Treasury note yielding virtually zero.

    Banks were charging enormous premiums for short-term financing; the difference between the cost of a three-month loan from a bank and a three-month loan from the Government rose to the widest point since at least 1984. Other lending rates stayed high.

    On Wall Street, the drops were sharp and swift, catching many by surprise. They had expected the measure to be passed in the House, and legislators in Congress had suggested as much earlier in the day…

    Read more…

    http://business.smh.com.au/business/wall-street-loses-a-trillion-on-black-monday-20080930-4r7r.html

  6. moryah4 Says:

    THE MESS ON WALL STREET: FOUR TRILLION DOLLARS DOWN THE DRAIN.

    by Erick Schonfeld on September 16, 2008

    http://www.techcrunch.com/2008/09/16/the-mess-on-wall-street-four-trillion-dollars-down-the-drain/

    As this calamity will end up affect many of us most across the globe from impoverishing many,to the rising price of groceries to the loss of all ,most ,or some of our material possesions,including homes,vehicles,savings we still possess one thing that cannot be taken away from each and evrey individual,and that is the choice as to how we react to to these market influences on our lives.
    Dr Jon has a saying”You always get the negative before the positive”-
    And the bigger the fall in your life the bigger the rise you can make.Because what goes up does go down and vice versa.
    In terms of acquisition of material wealth the Chinese have a saying (I believe Confucian in origin ),something akin to :”The wisest rich man is the one who has had a fortune lost a fortune four or five times”
    But if you want to look more philosophically at the Wall Street plunge you will see the influence it creates towards human civilization is a restructuring of values,a healing process.
    With all healing done in its correct form ,once again, you will always get the negative effect-pain etc., before the healing process is completed(i.e. the positive aspect of the process ).
    The ‘negative’ part in the healing process occurs after the healing process is occured to a patient,in this case the whole of human civilization.
    This is the emotional release which occurs from the human form from the cells in the body form the neck down.This emotional energy(is energy of an inconclusive nature) and in this instance will be associated will similar past material loss you have experienced in your past or connected to how you injured yourself in the first place being released.The key is how you can use your breathing pattern to adjust you realize your energy potential is vast(even unfathomable) and you can overcome this ’seeming’ challenge and heal,and re-plant new seeds,a different approach.This time I will think of others in my endeavours .How can my actions benefit the rest of the world ?
    A new foundation-new challenges.I am not letting this disaster beat me as long as I am living and breathing,there are others counting on me and what about the future generations that sile out at me through that babay’s smile.To much to live for.I can do this!I can prevail!
    What can I achieve! I will do this!

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