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Socialist Dictatorship: Taxpayers to Pay $700B Bailout

U.S. Treasury Proposes $700B Bailout Plan For Wallstreet

Reuters
September 20, 2008

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation’s housing crisis.

Under the program, the U.S. Treasury Department would buy, or commit to buy, “mortgage-related assets from any financial institution having its headquarters in the United States,” said a copy of the Treasury Department’s draft legislation obtained by Reuters.

The department could hire asset managers to handle the securities, which could include residential or commercial mortgages and related instruments that were originated or issued on or before September 17, 2008, the draft said.

Congressional committees were to be briefed on Saturday on the legislation, which could be considered by the U.S. House of Representatives and Senate as early as next week.

The plan also calls for raising the federal government’s borrowing authority to $11.315 trillion. The debt limit is currently $10.615 trillion.

The government is moving aggressively to soak up billions of dollars of hard-to-sell mortgage-backed securities and related assets that have been choking world capital markets since the bursting of a historic U.S. home price bubble.

 

We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)

George Washington’s Blog
September 21, 2008

Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

In case you haven’t heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

Don’t believe me?

Well, as the Bloomberg article notes: “The bill would bar courts from reviewing actions taken under its authority.”

Bloomberg includes the following quotes by people who understand the significance of the bill:

It sounds like Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon . . . .

***

The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

This power grab is so serious that investigative reporter Larisa Alexandrovna calls it “the final stages of the coup“.

We have days to stop this bill. March on Congress. Educate and motivate everyone around you. Do everything you can to prevent this disaster before it is too late.

 

Krugman: ’Look, this is really scary. This is really bad, This could be 1931’

http://www.youtube.com/watch?v=FKMy8pf9qY8

 

Keiser: US dollar “backed by bananas”

http://www.youtube.com/watch?v=Vhf9KwSUQYw

Recent News:

7 percent of U.S. voters back bailouts
http://www.bizjournals.com/phoenix/stories/2008/09/15/daily63.html

Bush Compares Financial Crisis To 9/11
http://thinkprogress.org/2008/09/19/bush-economy-terrorist/

Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
http://www.prisonplanet.com/nobel-p..epression-or-worse.html

The Market is Now Pricing In the Genuine Possibility that the US will Default on Its Debt
http://georgewashington2.blogspot..-pricing-in-genuine.html

Fury at $2.5bn Lehman bonus
http://business.timesonline..nd_finance/article4795072.ece

Almost Armageddon: Markets Were 500 Trades From Meltdown
http://www.nypost.com..armageddon_130110.htm

Bailout plan is vast patronage under cover of martial law
http://www.gata.org/node/6647

Dodd: US financial system near meltdown
http://www.presstv.ir/detail.aspx?id=70011&sectionid=3510203

Reid Says `No One Knows What to Do’ to Solve Crisis
http://www.bloomberg.com/..VWYw&refer=home

U.S. to Sell $100 Billion in Bills to Fund Fed Moves
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ58hpS0fRH8&refer=home

‘Tent Cities’ Spring Up In The US
http://uk.news.yahoo.com/sk..es-spring-up-in-the-us-3fd0ae9.html

Central Banks Offer Extra Funds to Calm Money Markets
http://www.bloomberg.com/apps/news?pid=20601068&sid=aW2z_iiBnF2E&refer=home

U.S. Turning Into U.S.S.R.A
http://www.presstv.ir/detail.aspx?id=69774&sectionid=3510203

Worst Crisis Since ’30s, With No End Yet in Sight
http://finance.yahoo.com/banking-..-No-End-Yet-in-Sight

Federal bailout of U.S. auto industry
http://www.cyclelicio.us/2008/09/federal-bailout-of-us-auto-industry.html

The Fed Runs out of Money
http://ftalphaville.ft.com/blog/2008/09/17/16019/the-feds-run-out-of-money/

No bank is safe in this alarming atmosphere
http://business.theage.com..phere-20080917-4inu.html

Dollar Might Get Crushed
Hundreds of Lehman investors protest in Hong Kong

U.S. Economy Collapse News Archive

 


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