King Paulson speaks

[Gonz]

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

I "heart" the USSA.

source

 

[2minkey]

and let's just keep in mind at all times that this is corporate welfare.

 

[nalani]

and let's just keep in mind at all times that this is corporate welfare.

Yeah .. they must have shitloads of plasma tvs ...

 

[2minkey]

Yeah .. they must have shitloads of plasma tvs ...

they do! and tons of bullshit expense accounts and other ways of sleazing tax free perks.

 

[catocom]

but, but , Pelosi said the party was over???

 

[2minkey]

only the party in her pants.

fortunately, none of us were invited.

 

[Gonz]

and let's just keep in mind at all times that this is corporate welfare.

Welfare is welfare.

 

[chcr]

We're fucked. Of course, we were always going to be.

 

[GrandCaravanSE]

[sarcasm]can't rich people be happy without spending all of our money?[/sarcasm]

 

[Gonz]

This thing is a prime example of what happens when the government does anything. Unintended consequences. You want a group capable of this kind of outrageous nonsense running your healthcare, much less your government.

The "Emergency Economic Stabilization Act of 2008" actually does, in effect, turn Paulson (or any Treasury Secrectary) into King.

SEC. 2. PURPOSES.
The purposes of this Act are—
(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system
of the United States;

Lawyers wrote this openended shit?

Complete bill

 

[chcr]

Lawyers wrote this openended shit?

Lawyers with a vested interest.

 

[GrandCaravanSE]

well if they were to wordy then there could not be exceptions to the rules.

 

[catocom]

The problem is ....that they are meddling in the market with cash....period.

 

[catocom]

I was just listening to bernanke.
He said the same thing again, without challenge....

He said he didn't want to discourage banks from taking the moneys because of
saying who they are....
basically.

Why is no one asking what all options there are besides taking the money?
Will they just take the money they can and leave? Who are "they".

We've gotta start having these Names.
These Extortionist.