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Mister, can you spare a billion?
Author: Raine
Date: 09/22/2008 12:31:17
So when is a bailout not a bailout? When the Bush Administration tells you it is. This "bailout" is truly one of the greatest scams ever. It includes no new regulations. Seriously... That amazingly is not the worst part.
The Saving and Loan Scandal, the one that John McCain helped create (at the very least) had new regulations put in place to prevent things like that from happening. However, it should be noted that since then. John MCCain has been a cheerleader for the current economic mess we have. As BobR pointed out, succinctly, ...all these financial institutions were trading debt like it was an asset. However, a lot of the debt was "bad". The numbers are shocking and - to a point - terrifying. Banks bought way more debt than they could cover if the loans defaulted, and when the loans started to default they were screwed.
McCain supported the deregulation, and put the person responsible (Gramm) on his campaign as his economic adviser. As the writer states - either McCain supported this knowing how bad it would be, or supported it in ignorance. Which is worse?
When John McCain talks about regulation and Bush (via his Treasury Sectretary Paulson) talk about a bailout... they mean the exact opposite. This is not spin. This is, quite simply, a lie that is being fed to America. It is not a John McCain Flip Flop, but rather: this is a pure unadulterated lie he is telling people. This Bailout is set to cost 700 BILLION dollars. $700, 000,000,000.00 of TAXPAYER Dollars, debt that will - like the war in Iraq - be left to our children and grandchildren.
This bill has no protection to the American people that it will not happen again. There is no security to it at all. John McCain helped - ENCOURAGED - this to happen, Bush is not preventing this from happening again, and STILL - that is not the worst part. Lehman Bros Top Brass is set to get 2.5 BILLION dollars in Bonuses. Bear Stearns? Their CEO walked away with a 61 Million Dollar exit package. Merrill Lynch's top boys are walking away with 200 million. Some bailout, huh?
I haven't gotten to the worse scenario yet... John McCAin wants for HEALTHCARE what he gave the Banking industry.
It is time, NOW to make a choice. Draw a line in the sand and say no more to this neo-conservatism that has destroyed our economy. Too many people are watching their hard earned money disappear... Actually. it isn't disappearing, it is going right into the pockets of the very people that created situation. For them it isn't a problem. The only problem is how to make it look like they are fixing it, when they are not, and THAT is the worst part. It is the greatest scam I have ever seen.
Call your representatives today, and tell them NO to this bailout. Even Barack is drawing that line in the sand. His basic oppositions:
No Blank Check: Paulson doesn't get money without oversight or legal responsibility.
There Must Be Regulatory Changes: The practices that caused the crisis have to be ended at the same time.
Taxpayers Need More than Consideration: If a huge bailout is to occur, it has to be done in the way that costs taxpayers the least possible.
No Bailout For Foreign Banks From US Money: Instead, all countries should work together to help everyone.
Ordinary People Get Help Too: It can't just be a bailout for Paulson and Bush and McCain friends, it has to help ordinary Americans too.
Call your congress critter today.
:peace: and :heart:
Raine
The plan, which is still being hammered out with Congress, raises a number of red flags. First and foremost, unlike the process then, there’s no accompanying re-regulation of the financial services industry.
"We educated ourselves enough — we were able to build a competent structure,” says Donald Riegle, who chaired the Senate’s Banking Committee at the time. "We built a legislative package that worked quite well. FIRREA (Financial Institutions Reform, Recovery and Enforcement Act) included creation of a regulator as well as the RTC.”
Though history shows the S&L crisis was resolved successfully, there was considerable skepticism about the FIRREA law, the new regulator it created, the Office of Thrift Supervision, and the bailout entity, the Resolution Trust Corp., at the time of their creation.
It also wound up costing less than many expected.
In the current rescue plan, the absence of regulatory reform is no small matter, given the size of the problem and the complexity of investment instruments today.
by 1999 Phil Gramm--who had entered the Senate only a couple of years after McCain and become friends with the Keating Five maverick--put forward the Gramm-Leach-Bliley Act. This act passed out of the Senate on a party-line vote with 100 percent Republican support, including that of John McCain. (To be fair, the bill eventually passed again with a wide margin following revisions in the House.)
This act repealed part of the Glass-Steagall Act. This may sound like a bunch of Congressperson soup, but the gist of it is that Glass-Steagall was put in place in 1933 to control the rampant speculation that had helped cause the collapse of banking at the outset of the Depression, and to prevent such consolidation of the banks that the nation had all its eggs in one fiscal basket.
Gramm-Leach-Bliley reversed those rules, allowing not only more bank mergers but for banks to become directly involved in the stock market, bonds and insurance. Remember the bit about how S&Ls failed because they didn't have the regulations that protected banks? After Gramm-Leach-Bliley, banks didn't have that protection either.
Gramm wasn't done. The next year he was back with the Commodity Futures Modernization Act, which was slipped into a "must pass" spending bill on the last day of the 106th Congress. This act greatly expanded the scope of futures trading, created new vehicles for speculation and sheltered several investments from regulation.
As with both Gramm-Leach-Bliley and Garn-St. Germain, large parts of this bill were written by industry lobbyists. This included the "Enron loophole" that exempted energy trading from regulation, and was written by (big surprise) Enron lobbyists working with Gramm. Not coincidentally, Senator Gramm, the second-largest recipient of campaign contributions from Enron, was also key to legislating the deregulation of California's energy commodity trading.
McCain supported the deregulation, and put the person responsible (Gramm) on his campaign as his economic adviser. As the writer states - either McCain supported this knowing how bad it would be, or supported it in ignorance. Which is worse?
When John McCain talks about regulation and Bush (via his Treasury Sectretary Paulson) talk about a bailout... they mean the exact opposite. This is not spin. This is, quite simply, a lie that is being fed to America. It is not a John McCain Flip Flop, but rather: this is a pure unadulterated lie he is telling people. This Bailout is set to cost 700 BILLION dollars. $700, 000,000,000.00 of TAXPAYER Dollars, debt that will - like the war in Iraq - be left to our children and grandchildren.
This bill has no protection to the American people that it will not happen again. There is no security to it at all. John McCain helped - ENCOURAGED - this to happen, Bush is not preventing this from happening again, and STILL - that is not the worst part. Lehman Bros Top Brass is set to get 2.5 BILLION dollars in Bonuses. Bear Stearns? Their CEO walked away with a 61 Million Dollar exit package. Merrill Lynch's top boys are walking away with 200 million. Some bailout, huh?
I haven't gotten to the worse scenario yet... John McCAin wants for HEALTHCARE what he gave the Banking industry.
"Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."
It is time, NOW to make a choice. Draw a line in the sand and say no more to this neo-conservatism that has destroyed our economy. Too many people are watching their hard earned money disappear... Actually. it isn't disappearing, it is going right into the pockets of the very people that created situation. For them it isn't a problem. The only problem is how to make it look like they are fixing it, when they are not, and THAT is the worst part. It is the greatest scam I have ever seen.
Call your representatives today, and tell them NO to this bailout. Even Barack is drawing that line in the sand. His basic oppositions:
No Blank Check: Paulson doesn't get money without oversight or legal responsibility.
There Must Be Regulatory Changes: The practices that caused the crisis have to be ended at the same time.
Taxpayers Need More than Consideration: If a huge bailout is to occur, it has to be done in the way that costs taxpayers the least possible.
No Bailout For Foreign Banks From US Money: Instead, all countries should work together to help everyone.
Ordinary People Get Help Too: It can't just be a bailout for Paulson and Bush and McCain friends, it has to help ordinary Americans too.
Call your congress critter today.
:peace: and :heart:
Raine
Comments:
Order comments Newest to Oldest Refresh Comments
Comment by 
starling310 on 09/22/2008 12:37:05
starling310 on 09/22/2008 12:37:05
Fristy Pants!
Fristy Pants!
:banana:
Fristy Pants!
:banana:
Comment by 
Scoopster on 09/22/2008 12:37:51
Scoopster on 09/22/2008 12:37:51
Morning :hug:
:hug:
Comment by 
wickedpam on 09/22/2008 12:41:14
wickedpam on 09/22/2008 12:41:14
Morning :hug:
Comment by 
TriSec on 09/22/2008 12:52:33
TriSec on 09/22/2008 12:52:33
Morning, Comrades!
Comment by 
Random on 09/22/2008 12:54:20
I want to complain!
Why doesn't my firefox browser display that audiocon, or most audiocons for that matter.
Random on 09/22/2008 12:54:20
Quote by Raine:Quote by Random:
From the department of no sh*t Sherlock
I want to complain!
Why doesn't my firefox browser display that audiocon, or most audiocons for that matter.
Comment by starling310 on 09/22/2008 12:55:19
Hiya Scoop!
And, mala and raine.
Tri.
Random.
Good day.
starling310 on 09/22/2008 12:55:19
Quote by Scoopster:
Morning
Hiya Scoop!
And, mala and raine.
Tri.
Random.
Good day.
Comment by starling310 on 09/22/2008 13:02:14
starling310 on 09/22/2008 13:02:14
Gas lines in Atlanta? Are you freakin' kidding me?
Comment by TriSec on 09/22/2008 13:08:03
TriSec on 09/22/2008 13:08:03
I'm going to make my own bumper sticker...
WHAT ABOUT ME?
PLEASE....VOTE FOR MY FUTURE!
Comment by wickedpam on 09/22/2008 13:08:46
wickedpam on 09/22/2008 13:08:46
Sponsered by the Cuteness for Obama
Comment by starling310 on 09/22/2008 13:09:08
starling310 on 09/22/2008 13:09:08
OMG Tri...he is so cute!
Don't tell him I said cute. He's handsome. very handsome!
Don't tell him I said cute. He's handsome. very handsome!
Comment by 
Grumpymann on 09/22/2008 13:10:00
Grumpymann on 09/22/2008 13:10:00
Ok this new keyboard SUCKS!
Comment by 
Shane-O on 09/22/2008 13:10:29
Shane-O on 09/22/2008 13:10:29
This whole bailout sounds so familiar.
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
Comment by starling310 on 09/22/2008 13:12:20
starling310 on 09/22/2008 13:12:20
If one of the Fundamentals of America is the Constitution, Lars Larson would still be incorrect. The Constitution is no longer strong either. ( tragically )
Comment by Grumpymann on 09/22/2008 13:12:52
Read Shock Doctrine have you?
Grumpymann on 09/22/2008 13:12:52
Quote by Shane-O:
This whole bailout sounds so familiar.
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
Read Shock Doctrine have you?
Comment by TriSec on 09/22/2008 13:17:03
TriSec on 09/22/2008 13:17:03
*snork*
See now, Mrs. TriSec holds a Master's in Criminal Science...we've always watched prison documentaries. I find them rather interesting, actually.
But, I digress.
See now, Mrs. TriSec holds a Master's in Criminal Science...we've always watched prison documentaries. I find them rather interesting, actually.
But, I digress.
Comment by Shane-O on 09/22/2008 13:17:31
Actually - no - but I need to!
Shane-O on 09/22/2008 13:17:31
Quote by Grumpymann:Quote by Shane-O:
This whole bailout sounds so familiar.
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
Read Shock Doctrine have you?
Comment by TriSec on 09/22/2008 13:18:38
TriSec on 09/22/2008 13:18:38
Say now, Palin is indeed "Thatcher-esque" in that they are both air-breathing mammals.
Comment by wickedpam on 09/22/2008 13:20:24
weird segway - I noticed the Shock Doctrine on sale at Costco a couple of weeks ago.
wickedpam on 09/22/2008 13:20:24
Quote by Shane-O:Actually - no - but I need to!Quote by Grumpymann:Quote by Shane-O:
This whole bailout sounds so familiar.
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
Read Shock Doctrine have you?
weird segway - I noticed the Shock Doctrine on sale at Costco a couple of weeks ago.
Comment by Scoopster on 09/22/2008 13:20:27
You need to install the Quicktime plugin for them to work.
Scoopster on 09/22/2008 13:20:27
Quote by Random:Quote by Raine:Quote by Random:
From the department of no sh*t Sherlock
I want to complain!
Why doesn't my firefox browser display that audiocon, or most audiocons for that matter.
You need to install the Quicktime plugin for them to work.
Comment by 
velveeta jones on 09/22/2008 13:20:57
velveeta jones on 09/22/2008 13:20:57
Morning everybody! Worked late. Work sucks ass.........why can't I be as rich and powerful and evil as gwbush?
:kickcan:
:kickcan:
Comment by Scoopster on 09/22/2008 13:21:31
Scoopster on 09/22/2008 13:21:31
Did anyone else happen to see this week's episode of Real Time with Bill Maher? Fantastic stuff! Andrew Sullivan was on fire, and I'm not really a big fan of his (well that might change now)..
Comment by 
m-hadley on 09/22/2008 13:24:08
m-hadley on 09/22/2008 13:24:08
Mornin' Kids,
How's everybody doing this Mondee morning? Scrolls down through the blog, stops, does a double take - who is this adorable young man, saluting the country? Is he your son TriSec? You must be one very proud papa :D
Cheers,
mfaye
:hug: & :dance:
How's everybody doing this Mondee morning? Scrolls down through the blog, stops, does a double take - who is this adorable young man, saluting the country? Is he your son TriSec? You must be one very proud papa :D
Cheers,
mfaye
:hug: & :dance:
Comment by 
Raine on 09/22/2008 13:24:39
There are a fair amount of stations with no gas...
Raine on 09/22/2008 13:24:39
Quote by starling310:
Gas lines in Atlanta? Are you freakin' kidding me?
Comment by TriSec on 09/22/2008 13:25:28
TriSec on 09/22/2008 13:25:28
In case you missed it last night....The Miracle of the Radio, or "Why TriSec is single-handedly responsible for the Red Sox winning in 2004"
Comment by Raine on 09/22/2008 13:27:19
My new fave quote is now this, From Einstein
Raine on 09/22/2008 13:27:19
Quote by Shane-O:
This whole bailout sounds so familiar.
1. A crisis occurs as a direct result of Bush/Republican negligence;
2. The crisis (according to Boehner, yesterday) threatens the "American way of Life";
3. Bush asks for an unlimited amount of money and a vast expansion of executive power - with no checks; and
4. Claims that it will pay for itself (even though we can only estimate the cost and returns).
Trickle down made this mess -- and Bush's solution is trickle down.
Just about everyone in Congress said that their Iraq vote was the most important vote in their careers. This one will top it. And they can't just push it through without deliberation (see the FISA extension vote last August).
"No problem can be solved from the same level of consciousness that created it."
Comment by TriSec on 09/22/2008 13:28:44
TriSec on 09/22/2008 13:28:44
Caramel Apples are "fungible".
They're fun and edible, so....
They're fun and edible, so....
Comment by 
BobR on 09/22/2008 13:28:47
It could happen (except the evil part) - your blog post from yesterday has gone viral - it's got 42 Diggs as of right now! :clap:
BobR on 09/22/2008 13:28:47
Quote by velveeta jones:
Morning everybody! Worked late. Work sucks ass.........why can't I be as rich and powerful and evil as gwbush?
:kickcan:
It could happen (except the evil part) - your blog post from yesterday has gone viral - it's got 42 Diggs as of right now! :clap:
Comment by BobR on 09/22/2008 13:30:02
There is no way she came up with that on her own. Someone fed her that so she could sound "intelligent".
BobR on 09/22/2008 13:30:02
Quote by TriSec:
Caramel Apples are "fungible".
They're fun and edible, so....
There is no way she came up with that on her own. Someone fed her that so she could sound "intelligent".
Comment by wickedpam on 09/22/2008 13:31:27
I thought it had something to do with mushrooms.
wickedpam on 09/22/2008 13:31:27
Quote by TriSec:
Caramel Apples are "fungible".
They're fun and edible, so....
I thought it had something to do with mushrooms.
Comment by BobR on 09/22/2008 13:34:07
BobR on 09/22/2008 13:34:07
I reported this on the board, but go here and note the last name on the list of >$50K donors.
FYI - the Reform Institute is one of John McCain's babies...
FYI - the Reform Institute is one of John McCain's babies...
Comment by BobR on 09/22/2008 13:35:16
deep-fried mushrooms...
.... with chocolate sauce.
BobR on 09/22/2008 13:35:16
Quote by wickedpam:
I thought it had something to do with mushrooms.
deep-fried mushrooms...
.... with chocolate sauce.
Comment by starling310 on 09/22/2008 13:37:19
:thud:
starling310 on 09/22/2008 13:37:19
Quote by Raine:There are a fair amount of stations with no gas...Quote by starling310:
Gas lines in Atlanta? Are you freakin' kidding me?
:thud:
Comment by wickedpam on 09/22/2008 13:38:50
ick! :p
wickedpam on 09/22/2008 13:38:50
Quote by BobR:Quote by wickedpam:
I thought it had something to do with mushrooms.
deep-fried mushrooms...
.... with chocolate sauce.
ick! :p
Comment by TriSec on 09/22/2008 13:40:47
TriSec on 09/22/2008 13:40:47
*non-sequitir*
A skonk went off under my bedroom window at about 3am....the stench woke me up, and it was so strong I went hunting to make sure it wasn't a gas leak. (We also have the main inbound gas line under the same window.)
Anyway, I only catnapped until the alarm went off. But the stink produced some bizarre dreams, including one where I almost took out the President while I was rollerskating down a hill...(don't ask).
Your Loyal TriSec, ever proper, asked him after the near-miss, "Mr. President, are you allright?" He only gave me that goofy grin and shook my hand.
Then I woke up again.
A skonk went off under my bedroom window at about 3am....the stench woke me up, and it was so strong I went hunting to make sure it wasn't a gas leak. (We also have the main inbound gas line under the same window.)
Anyway, I only catnapped until the alarm went off. But the stink produced some bizarre dreams, including one where I almost took out the President while I was rollerskating down a hill...(don't ask).
Your Loyal TriSec, ever proper, asked him after the near-miss, "Mr. President, are you allright?" He only gave me that goofy grin and shook my hand.
Then I woke up again.
Comment by m-hadley on 09/22/2008 13:51:34
m-hadley on 09/22/2008 13:51:34
Lucky Rebekah :P
who needs Reverend Dan?
Cheers,
mfaye
who needs Reverend Dan?
Cheers,
mfaye
Comment by BobR on 09/22/2008 13:53:03
:rofl:
BobR on 09/22/2008 13:53:03
Quote by TriSec:
*non-sequitir*
A skonk went off under my bedroom window at about 3am....the stench woke me up, and it was so strong I went hunting to make sure it wasn't a gas leak. (We also have the main inbound gas line under the same window.)
Anyway, I only catnapped until the alarm went off. But the stink produced some bizarre dreams, including one where I almost took out the President while I was rollerskating down a hill...(don't ask).
Your Loyal TriSec, ever proper, asked him after the near-miss, "Mr. President, are you allright?" He only gave me that goofy grin and shook my hand.
Then I woke up again.
:rofl:
Comment by wickedpam on 09/22/2008 13:53:45
wickedpam on 09/22/2008 13:53:45
Faye! Got my sticker Sat and now it's proudly stuck to my car :D
Comment by Scoopster on 09/22/2008 13:53:47
As long as they weren't the trippy kind of mushrooms..
Scoopster on 09/22/2008 13:53:47
Quote by BobR:Quote by wickedpam:
I thought it had something to do with mushrooms.
deep-fried mushrooms...
.... with chocolate sauce.
As long as they weren't the trippy kind of mushrooms..
Comment by starling310 on 09/22/2008 13:56:50
starling310 on 09/22/2008 13:56:50
Oh Momma...citing Nobel Peace Prize winners.
Isn't that code for Uppity Elitists??? :wacko:
Isn't that code for Uppity Elitists??? :wacko:
Comment by velveeta jones on 09/22/2008 13:56:52
velveeta jones on 09/22/2008 13:56:52
Comment by velveeta jones on 09/22/2008 13:59:32
I'm poopular! :D
velveeta jones on 09/22/2008 13:59:32
Quote by BobR:Quote by velveeta jones:
Morning everybody! Worked late. Work sucks ass.........why can't I be as rich and powerful and evil as gwbush?
:kickcan:
It could happen (except the evil part) - your blog post from yesterday has gone viral - it's got 42 Diggs as of right now! :clap:
I'm poopular! :D
Comment by TriSec on 09/22/2008 13:59:54
TriSec on 09/22/2008 13:59:54
Comment by starling310 on 09/22/2008 14:01:51
starling310 on 09/22/2008 14:01:51
Laptops make really good blankets.
Comment by TriSec on 09/22/2008 14:01:54
TriSec on 09/22/2008 14:01:54
Quote by Scoopster:
As long as they weren't the trippy kind of mushrooms..
Comment by starling310 on 09/22/2008 14:03:19
starling310 on 09/22/2008 14:03:19
I wonder if Barack Obama sits and listens to Sara's criticisms of him and just thinks "Is this b*tch kiddin' me? Seriously?"
Comment by starling310 on 09/22/2008 14:03:45
:drool:
starling310 on 09/22/2008 14:03:45
Quote by TriSec:Quote by Scoopster:
As long as they weren't the trippy kind of mushrooms..
:drool:
Comment by wickedpam on 09/22/2008 14:06:09
fungus eater
;)
wickedpam on 09/22/2008 14:06:09
Quote by starling310:Quote by TriSec:Quote by Scoopster:
As long as they weren't the trippy kind of mushrooms..
:drool:
fungus eater
;)