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U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 05 Oct 2008 at 12:45:21 PM GMT is: Read More »
I've also noticed a few special treasury 20 yr bonds that are bought and sold the same day, or bought one day, sold the next. It definitely looks like Congress not only helped to increase their own wealth but actually promoted such actions.
In addition, if this is true... and with the known illegal wiretapping, as well as claims by those voting no on the 1st bailout that threats were made if they didn't vote yes in the next vote on the bail out... That if such activity were occuring, the President would have used that information to blackmail congress. Not only to proceed with a bailout, but impeachment. Most democrats believe Bush is guilty of many wrongful and unpatriotic acts which necessarily should be investigated, which due to lack of cooperation of the Executive staff, the only way to force the information is impeachment which an executive privilege assertion would mandate a YES to Impeach for not cooperating when such information is absolutely mandatory to be disclosed.
Sadly, conspiracy theories don't seem to be so improbable anymore. This is the country we have allowed to enslave us. You get paper that is worthless unless the Government says it has value. More paper to live on a day by day basis to survive in order to ensure maximum productivity.
Only difference now from slavery in the earlier years is there was always guaranteed work and housing and food for slaves, and today we can read better and snooty tooty masters in Congress.
Congress created Fanny & Freddie and used tax dollars in order to realize profits and have campaign contribution made in order to increase the likelihood that incumbents who align themselves with the financial interests will be re-elected, and those who don't, their opponents receive the contribution.
Regardless of how you look at it, any contribution made by corporations or people that represent/work for that company. If media coverage and even commercials were restricted to factual rather than speculative, and all candidates received an invitation to any broadcasted debate, then perhaps we might have a better choice then.. the person most likely to beat the guy I won't support.
Oh, btw... there are many people in Congress that have a large number of shares in the companies that were lucky enough to be bailed out. There were also many that sold those shares in 2006... before information was released about financial instability. Read More »
Apparently, you have yourself mixed up with the aristocracy and no wonder considering your incomes: U.S. senators had a median net worth of approximately $1.7 million in 2006, the most recent year for which your financial data is available, and 58 percent of the Senate’s members could be considered millionaires. In the House of Representatives, the median net worth was about $675,000, with 44 percent of members having net worths estimated to be at least $1 million. By contrast, only about 1 percent of all American adults had a net worth greater than $1 million around the same time.
WE WON'T HOLD YOUR WEALTH AGAINST YOU, BUT YOU WERE ELECTED TO BE THE VOICE FOR THE PEOPLE--NOT THE VOICE FOR YOURSELF, AND NOT THE VOICE FOR THE RICH.
In a Democracy it is the MAJORITY RULE. Both Houses should be ashamed of themselves. I have heard it reported all the way from 3 to 1 to 100 to 1 that calls were coming into your offices to vote no on the Wall Street bailout.
Instead of following the CLEAR directives from your constituents, you were deciders and decided to vote as 'you saw best." We did not vote you into office to vote against the majority.
WE THE PEOPLE WERE CLEARLY ASKING YOU TO SAY NO, JUST AS WE THE PEOPLE HAVE BEEN CLEARLY ASKING IN AN OVER 60% MAJORITY OF US TO GET OUT OF IRAQ FOR THE PAST TWO YEARS. . .
WHO DO YOU REPRESENT ANYWAY? It is becoming clear to me that it is not the majority.
Congress OKs historic bailout bill
By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers
5 minutes ago [Oct 3rd, 2008 at 1:43 pm EDT]
http://news.yahoo.com/s/ap/financial_meltdown
WASHINGTON - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.
The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act. Read More »
When I asked the government for help with my case, which is fully documented and researched so that there should be no doubt in the matter. However, the process given to me to resolve the issue is write a letter, and someone will get back with me in 6-8 weeks.
Congress is trying to claim that their responsibility is to vote how they think best. NO SIR. Perhaps if I could trust a congressional representative whose party received over $50 Billion in "Campaign Contribution/Deregulation Bribe" money. The actions of Congress in 1909 is equivalent to what they are doing now. It allowed for long term investors to pull their money out as soon as their obligations were clear, and in 1929 began the Great Depression.
Had the actions before 1909 leading to deregulation of the real estate market in order to fulfill more dreams of Americans, Hoover encouraged a Federal Mortgage lending system to Guarantee Credit availability such as was done recently. The Banking Interests weren't happy with Federal competition... So they froze credit, which shut down competition, allowed banks to buy up smaller banks that became too competitive. (JP Morgan...)
This all happened before. Congress seemed to be the only ones who could afford retirement. That Depression was the purpose for creating the Federal Reserve. It was to ensure that never happened again. Well.... No Sh*t! Then why are we being blackmailed into getting this bill passed? Fraud? Read More »
I wonder if the members of Congress, the Bush Administration, Paulson and Bernanke will remember the words of Abraham Lincoln: You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time.
It does seem that several million American chickens are beginning to remember that this is not the first time we have been threatened to “act or else be prepared for dire consequences.”
Considering the dire consequences that we suffered anyway and still continue to suffer in spite of the fact that we elected a Democratic Congress two years ago to repair the mistakes of the Iraq War, this chicken is willing to take her chances and say no to Wall Street and their $850billion dollar bailout. Bail yourself out–try a little of your own economic neo-liberal theories on yourselves. After all, “individual” responsibility as opposed to community is one of your cornerstones. You are the people who make fun of welfare. Stop asking for it. The American people have already given more far more than you deserve.
The Senante is supposed to vote on the Bailout today.
I was able to get an email out to Cornyn this morning, but Hutchison's is broken.
I don't know where you stand on this Bailout of Wall Street and yes it is a bailout regardless what euphemism they come up with to call it next. I am against it. Yes, we will have a recession. Fact is we will a recession regardless whether they bailout or not. You can expect that recession to last throughout 2009--regardless the action taken by Congress. Many ordinary Americans are going to lose their homes.
What the Paulson-Bernake Plan Really Means to Americans
This plan will enable banks to sell off the homes of five million home mortgage debtors faced with default or foreclosure this year. Home-owners will lose their homes but the Fed will pump enough credit into the mortgage-lending agencies to enable new buyers to go deeply enough into debt to take the jumk mortgages off the hands of the gamblers who presently own them. If this sounds like a shell game, that’s because it is a shell game. AND IT IS A SHELL GAME TO BENEFIT WALL STREET. Where is the meat for the American people? It is not there. Increase of FDIC insurance to $250,000? When it the last time an ordinary American had $250,000 in the bank?
We are asked to allow the same group of crooks who warned the country about weapons of mass destruction in Iraq to be the ones to move the shells on the table. How many times do the American people have to be asked to bend over by the Republicans before we say no?
ABOUT THE JUDGMENT OF THIS ADMINISTRATION AND ITS FINANCIAL EXPERTISE–EXTREMELY LACKING
Remember when Bush and Alan Greenspan informed the American people that there was no money left to pay Social Ssecurity (and Medicare) because at some future date the system might run a deficits of a trillion dollars spread over many many ears. Their “sound advice” was that if we can’t figure out how to pay, let’s plow the progam under right now.
Bush and Greenspan actually suggested that the Treasury could turn Social Security and medical insurance money over to Bear Stearns, Lehman Brothers and other financial corporations to invests at the “magic of compound interest.”
Just think where Social Security would be today if we had listened to their advice. Then ask: Why the H is anyone in their right mind taking any suggestion from George Bush or Paulson or Bernanke with even a gram of consideration? Are you nuts?
I say that we send Wall Street to Gamblers Anonymous–and McCain with them. We need a lot more consideration before acting on this bail-out and yes it is a bail-out. The problem is that it is bailing out the wrong people.
There are several issues that clearly define and differentiate where I stand and what I believe in versus my two opponents. I've found that my stances on Health Care Reform, the future of Social Security, understanding the economic problems in the 5th district and, most importantly, fiscal responsibility by the federal government separate me from my two opponents. Read More »
BAILOUT BIL DEFIES WILL OF PEOPLE
Contact for your member of the House or Representatives. Image cc
White House and Congress Suspend Democracy
To Help Wall Street
(Wash. DC) The White House and Congressional leaders from both parties announced a tentative bill to bailout failed financial institutions. The bill is a response to the $700 billion initially request by the White House last week. The bill allocates $250 billion to start with a total authorized of $700 billion. The money will cover the losses of distressed Wall Street firms facing bankruptcy due to bad investments, primarily in risky real estate securities known as subprime securities and "derivatives."
There were no provisions announced to bailout citizens facing foreclosure or help with their bad investments.
Read More »I really hope lawmaker listen the people, I hope measure come up!
It’s very important to be clear that your right end where the right of the others begun, in that way if are your going to protest, do it, it’s your right, but does it respectfully of the law and order.
Percy H Florez
This is a very important decision and the people of this country can make the difference in November 4.
"THEY CAN BE AND SHOULD BE REMOVED with THE POWER OF THE VOTE"
Percy H Florez
It was a typical example of his conservative fear mongering. AND as for accountability, he didn't even come within yards of it. Bush doesn't even know the meaning of the word. But what is new? This is typical behavior for Conservatives and Bush in particular.
How similar is this to the time the Bush administration rushed Congress to sign the authorization to go to war!! "It's urgent! We have to do it now. Weapons of Mass Destruction. The time is of the essence. Sounds familiar, doesn't it? And again it was pulled off a few weeks before Congress recessed to go home for elections.
Well you know what? If may be "urgent" for Bush and his rich friends on Wall Street, but it's not that urgent on Main Street. Many Americans are already broke and have had our jobs shipped overseas. .
AND the notion that we need to fork over $700 billion is absurd! How the H. did they come up with that amount? I think they just pulled it out of their you-know-whats
What does need to be done is that the market needs to be stabilized but no one knows the dollar amount for that. I believe someone, perhaps Chris Dodd, has suggested we begin with an infusion of $150 billion and see what that does. TO FOLLOW THE BUSH BS FOR A SECOND TIME!!!!!!!!!!!! If Congress is stupid enough to do this then we should fire them all and elect people who know how to say no to conservatives who want to pass legislation for their pals.
Read More »1. Have each state setup a Banking Establishment. These banks will hire people to evaluate the properties that are in default. They will offer a loan at current market value of the home in question. At that point, a new contract with the original loan corporation will be written. They will no longer have a secured loan. They will have the opportunity to collect the remaining balance INTEREST FREE. A minimum payment will be required on that loan each month. The remainder of the loan can only be enforced after bankruptcy if all other loans made by the company reduces their interest rates to below 5%.
People may consider this unfair to the businesses who exist for the purpose of making money. To be honest, the fact is, these banks have made a tremendous amount of money. Most home loans are paid within 15-20 years from the day they were issued, the rest usually is compounded interest. For 10-15 years?
I notice the chairman of todays committee that is interviewing the Treasury Secretary, and Federal Reserve Chairman is short today on interesting conclusions by committee members that oppose the $700 Billion 'gift'. Ultimately, once these debts are removed from these corporations, their stocks will sky rocket. That's why they want to offload these bad deals. You make a bad deal, you and your stockholders are responsible for those decisions. If the financial markets are not stablized the situation could be severe. Okay... I agree there could be a severity... but the people would pay a great deal by offering $700 Billion toward these bad debts which are likely to be worth only $200 Billion at most. That's assuming the majority of them aren't fraudulently. Since 2001, there was a sudden increase in fraudulent loans made across the nation.
The truth of the matter is... The victims of greed are being asked to support an economical plan that has benefited the rich and wealthy investments. I wouldn't go as far as accusing the Secretary of the Treasury, or Federal Reserve Chairman of a conspiracy to commit fraud. I would say that if they aren't guilty of fraud, then they are guilty of ignorant actions. I'd hate to say it, but the Bush Administration, and many voters act on ignorant information.
If there's a hole in the boat because your boat is in a river of lava... trying to patch the hole would appear to me as being pointless. Hope is a powerful tool. Hope is more powerful than money itself. That is why our economy is based on hope. Some hopes are squashed, others are realized. Either way, somebody pays. There is not difference between going to the Casino and spending most of your money trying to become instantly rich. As we know, most of the winnings are held by the Casino... In this case, the Casino is owned by the banks. And they want government to back these poor choices... the fact is... The Casino will always make more than what they will give out. It's almost like Government, except government will always spend more than what they receive.
2. If the current $700 Billion is to go through, it needs to be passed so that taxpayers are no longer the source for taxation, except for sales tax. NO EXEMPTIONS. Instead, going back to the true tax model in the Constitution... There are direct taxes (which is a tax on property, or Capitation tax which is a per head tax.. and is unconstitutional.) and indirect taxes (Sales Tax, Tax on Services, tax on financial gains.). These two forms of taxation must be uniform throughout the United States. Direct taxation by apportionment throughout the United States. I would recommend that the division would be by the number of Representation within Congress that are elected by the people. Indirect taxation must be uniform throughout the United states. This means the total tax law must be either a firm percentage on all of the items being taxed. (Taxes are usually paid by the person paying for the service. So that should also include Labor which is considered a service, yet American people are expected to pay for their own sale of labor, which is necessary to support their families. In the case of direct taxes, the service we are paying for is Federal Defense, and General Welfare.)
The taxation process need to go to those who burden the government the most. Sales taxation is okay for me, because all people who need to buy ANYTHING is taxed equally. The current scheme is unfair and unequal. If people are taxed... they should be taxed equally, and that taxation could be avoided by growing or raising your own foods. Read More »
The Money Party (7):
Bailout Blackmail
Just Say No
(Wash. DC) We're being blackmailed into accepting the responsibility and debt for the worst managed financial institutions in the history of this country. The starting price, our debt, is $700 billion dollars.
What's really about to happen is that the failed financial institutions will be rewarded for their bad behavior. As a result, they and others will be encouraged to do it again. It's just a matter of time.
We're under the gun and told that we have just days to make a decision to bailout these mismanaged entities. The last thing they want is an open hearing on the problem. Deliberation is deadly for them.
Read More »Today, in an article in The Nation, “Goldman Sach Socialism”, William Greider points out what the Queen and others pointed out yesterday albeit Greider was more eloquent:
“Wall Street put a gun to the head of the politicians and said, Give us the money–right now–or take the blame for whatever follows. The audacity of Treasury Secretary Henry Paulson’s bailout proposal is reflected in what it refuses to say: no explanations of how the bailout will work, no demands on the bankers in exchange for the public’s money. The Treasury’s opaque, three-page summary of plan includes this chilling statement: [Greider then quoted the now famous bully passage, Section 8 from the three page ramson note that Paulson and Bernake have given to Congress.]
“Section 8. Review. 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.” In other words, no lawsuits allowed by aggrieved investors or American taxpayers. No complaints later from ignorant pols who didn’t know what they voted for. Take it or leave it, suckers. . .”
It is just one more example of extortion from the Bush Administration. The question still remains as to whether Congress will bend over one more time and take it.
Who knows? All I can say at the moment is that I am so disgusted both with the Bush Administration as well as with Congress that I am beyond angry.
This is exactly what happens when conservatives are put in control of our government–the people of our nation lose big time.Here is the link to the rest of Gerider’s article if you have the stomach to read any more about this farce.
1. The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion. Read More »
How in the world can we not see that this is bribery. Why would a corporation contribute to a political campaign? No reason except to get favorable votes in Congress.
At one time, there had been no lack of legal penalties to deter lobbyists from making corrupt approaches to members of congress. By section 5450 of the revised statutes every person who promises, gives, or procures to be offered any money or value to any member, with intent to influence his vote or decision on any matter pending in congress shall be punished by fine and imprisonment not exceeding three years. The same penalties are provided for any member of congress who asks or receives any valuable consideration to influence his vote or decision on any matter of legislation to which is added forfeiture of his office as a member, and permanent disqualification to hold any office of honor trust or profit under the United States. The true remedy however and the only safeguard against the corruptions of the lobby is to elect to congress none but tried and approved citizens who have shown themselves worthy of the confidence of the public. But it seems as if this law was quietly removed from the books.
But where in the Constitution does it empower congress to bail out corporations? I don't believe it is in there anyplace. The only people who benefit from the bailout are the bankers. And possibly those in Congress whose pension is all invested in the banking industry. Read More »
Finally John McCain will be welcomed in his strong and credible proposal of CHANGE ----- after all he's the only one claimed the head of all this craps involved in the most scandalous case of CORRUPTION in the history of this country ---- PERIOD!
There is no reason why this congress should be involved and compromise the TAXPAYER money. There are not excuses to do this!
Why Nancy Pelosi and Harry Reid come up quickly and suddenly endorse the Bush’s proposition to save and reward this institutions.
Why these two leader do not call and extraordinary session of the congress long time ago to approve BILLION OF DOLLARS in relief to the victims of the Hurricane Katrina and rebuild LA.
Why they don’t do it the same for all the people now are suffering in TX as a consequences of the last hurricane!
Why they want to endorse REWARDED and INSTITUTIONALIZE the CORRUPTION inside these corporations with the money of the TAXPAYERS!
There are millions of Small Business entrepreneurs, men’s an women’s who are working hard every single day to keep alive his companies, and a lot of Chairman’s and Ceo’s in this companies who work honestly dealing with the new reality of the market, also there are big companies playing by the rules, both, working with the best administrative proceeding, obeying the law. They are championing the honesty of the American culture.
This is the people who really need help to be more productive and successfully and no one can be compare and put at the same level of those who mismanaged his own companies and compromise and defraud the mandate they receive from his shareholders.
All this foolish Chairmen’s and CEO, Administrators and Accountants involved in this scandal deserve JAIL TIME for what they did!
Isn’t about of the country!
It is about BEST MANAGEMENTS PRACTICE!
It is about FREE MARKET!
It is about JUSTICE!
What the status quo want to do in the congress this weekend it is simple IMMORAL!
What the status quo want to do in the congress this weekend haven’t of JUSTICE!
Percy H Florez