Paulson: Foreign Banks can use US rescue plan

Comment #8

time*treat — Mon, 22 Sep 2008 21:40:27 GMT

The D-vs-R game is like two crooks who go out and rob a bank. When they get caught, each one tries to make himself look 'less guilty' than his accomplice. We've had a permanent central bank since 1913. Since then, each party has had presidencies where they controlled the House, Senate, *and* Executive branch. Neither party has ever seen fit to rid us of the central bank. Now, they break their fingers off pointing at each other when things go bad. Like the two crooks, they should both be found guilty. I distrust both Global-tax Obama and Keating-five McCain to provide a *fix* that isn't worse than the original problem. :-)... [ More ]

Comment #7

Rick G — Mon, 22 Sep 2008 16:47:49 GMT

McCain and his economy "guru", Phil Graham were behind repealing a law for stock market regulation in 1999 that was put in place in 1933 to prevent another catastrophic market collapse. Here's the video: http://thinkprogress.org/2008/09/21/mccain-deregulation/ <br

Comment #6

konane — Mon, 22 Sep 2008 15:37:42 GMT

" How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett Source Bloomberg.com Sept. 22 (Bloomberg) -- .........." Turning Point Take away Fannie and Freddie, or regulate them more wisely, and it's hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened. It is easy to identify the historical turning point that marked the beginning of the end. <b... [ More ]

Comment #5

Rick G — Mon, 22 Sep 2008 02:30:44 GMT

I agree with Todd. This is not really a current political issue. It's a faulty monetary policy that's been in place for many years. The Federal Reserve is at the heart of the problem and should be abolished.

Comment #4

Todd — Mon, 22 Sep 2008 01:14:29 GMT

- Barack Obama was the *second highest* recipient of FreddieMac/Fannie Mae campaign contributions for the last nine years combined -- and Obama was only there for three years out of the nine. - McCain never appears to be overly strong with the economy. Even though he is correct that the fundamentals are strong, it never sounds good when the next day one of the nation's biggest investment banks gets sold on the cheap. I suppose Obama technically gets a little help fro... [ More ]

Comment #3

Todd — Mon, 22 Sep 2008 01:03:26 GMT

It is a vicious circle formed between Congress and the financial institutions. Members of Congress are given big bucks in campaign contributions in exchange for their unwavering support of these greedy executives. Then the members of Congress responsible for oversight not only look away, but actively defend the banking practices that led to this disaster: giving thousands of no-doc mortgage loans to people who have no ability to pay them. Do you know what a no-doc mortgage is... [ More ]

Comment #2

Rick G — Sun, 21 Sep 2008 20:09:47 GMT

I'm just waiting for the other shoe to fall. Usually it happens in quick succession...and usually the second shoe is the one that really hurts.

Comment #1

time*treat — Sun, 21 Sep 2008 18:50:03 GMT

Six months ago, lying Bernanke and stooge Kudlow were telling us it was all 'contained' to the subprime market. People were warning about this thing in 2003 (some even managed to get their concerns read into the congressional record) but they were ignored. Now we are supposed to believe that the world has suddenly changed in the last 2 weeks. $3,700 won't be the final tab. The not-so-big 3 automakers are lining up next.

Original Blog Entry: Paulson: Foreign Banks can use US rescue plan

Rick G — Sun, 21 Sep 2008 17:25:37 GMT

If you weren't mad already that you and your children just got stuck with $3,700 each of bad debt from bad businesses, now we're told that foreign banks can line up at the US taxpayer trough as well.

Just as the Iraq invasion and the Patriot Act were rushed through without debate on the basis of FEAR and LIES, so may be this economic solution. I know nothing about the economy but I have enough street smarts to know when I'm getting screwed. Since 9/11, I don't believe one word that comes from the mouths of this administration, its cabinet members, its Justice Dept., its spokesmen, its military, its intelligence services, its cohorts in congress, or its news channel. Lying to the people has grown to be the norm. Scaring the people is their not-so-secret weapon and is so overused that it is destroying the fabric of society.

Don't even think about grabbing your pitchforks and taking to the streets burning our leaders in effigy as the original Revolutionaries did. They have those annoying tactics taken care of already with the Patriot (???) Act and the Military Commissions Act. Martial law can now be declared for an economic crisis . Voting can be canceled and congress can be dissolved. Anyone dissenting can be arrested without charges and held indefinitely. The US military can be called in to preserve order. Folks, we're not taking baby steps towards tyranny any more, we are taking giant leaps.

I think we're watching the biggest swindle in history unfold. When the people realize they've ALL been ripped off big time, then we'll understand why these draconian laws were put in place...to quash the rebellion that is sure to follow.

http://news.yahoo.com/s/nm/20080921/bs_nm/financial_bailout_paulson_dc;_ylt=A0wNcwLIR9ZInOEAlz9Z.3QA

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