Financial Market Coup d'etat

Discussion in 'Economy' started by gonegolfin, Sep 21, 2008.

  1. gonegolfin
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    gonegolfin Member

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    I sent the following note to a couple of professionals that I respect, just to get another take on a question ...

    XXXX,

    I believe we are probably on the same page in that there are numerous things in this bailout plan that we both find distasteful (I am opposed to any sort of bailout, but my distaste goes far beyond that). But as soon as I saw the plan description for the first time on Bloomberg, I became a bit pale. Specifically the part of the plan that specifies that actions by the Treasury under its authority are unreviewable by the judicial branch (in fact, any court or government agency). This is dictatorial power, the likes of which you would find in a totalitarian state. In this context, I would like to get your opinion on something ...

    The proposal states that the Treasury has the authority to purchase a range of assets, including mortgage loans, mortgage backed securities, and commercial mortgage related assets. But it also states that "other assets", in consultation with the Fed Chairman, can be purchased as deemed necessary to effectively stabilize financial markets. Might this new absolute power by the Treasury, in conjunction with the authority to purchase anything it sees fit, open the door for a potential precious metals confiscation by the government (the second in our nation's history)? I did not think we would see it in this day and age, especially considering the sophistication of communications today and the loud protests that would ensue. But this type of language makes me wonder.

    Is the price of freedom all of a sudden too high?

    Thanks,
    Brian
     
    Last edited: Sep 21, 2008
  2. Paulie
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    Paulie Platinum Member

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    Just going on gut instinct here, but I think you and I both know they'll take our metals if they want to.

    I like how no one comments on these kinds of threads. Too scary for most people to digest.

    How is it even constitutionally legal to exclude judicial review?
     
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  3. sealybobo
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    sealybobo Diamond Member

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    Yes, we are bailing out the top 1 percent and foreign banks. I don't even believe we are in a crisis. This is consolidation of power.

    The top 1 percent own 33 percent of the wealth.

    Let the market renegotiate the value of the homes, not bail out the rich.

    and the gop will tell conservatives that this is dem. socialism.

    ps. see how much power bhank paulson is getting. his actions will be secet and non reviewable by any court in our land.

    Americans better wake up.

    Let homeowners renegotiate. It will free up money and fix the problem. Only the rich bankers don't like this because then they don't get bailed out.

    This is like when they lied us into iraq. Disaster capitalism.
     
  4. Richard-H
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    Richard-H Gold Member

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    This bailout is a REALLY bad plan all around. What can we do to stop it?
     
  5. Paulie
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    Paulie Platinum Member

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    Get off your ass and lobby your neighborhood to get off THEIR asses, and all of you lobby your representatives.

    It really is the only way. Our apathy and laziness is what the government depends on to gain their control.
     
  6. sealybobo
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    sealybobo Diamond Member

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    They want to put all the power in one mans hands and his decisions are not reviewable by any courts. Henry Paulson could tell the supreme court and congress to fuck off. Read the details of the proposal.

    This is the gop practicing desaster capitalism. Look it up if you don't know what that is. They created the mess, now they'll pretend to save us but really this is what they wanted all along.

    Plase conservatives. Together we can stop them. Forget what they did. Lets deal with what they want to do next.

    Don't cry about bailing out homeowners. You are homeowners. You aren't rich but if you defend them,they will bail themselves out and it won't fix what's wrong.
     
  7. Paulie
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    Paulie Platinum Member

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    I'm having a real hard time understanding how the administration could possibly push through a piece of legislation and just simply say "no judicial review".

    This isn't even America anymore. This is insane.

    And some of you STILL don't care.
     
  8. gonegolfin
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    gonegolfin Member

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    Write your representative and senator (very important since a filibuster can stop this). I can send you the letter I wrote if you are interested (feel free to use it as is or modify). Simple send me your email address in a private mail. This is an open invitation for anyone.

    Brian
     
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  9. Richard-H
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    Richard-H Gold Member

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    I'm just emailed my two senators, Congresswoman and the Obama compaign. Not that I believe anyone will read it....I'll look at your letter...maybe we could print out copies and leave them in all of our neighbors mailboxes asking that they copy them and distribute it to everyone they know...a chain letter approach?
     
  10. LordBrownTrout
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    LordBrownTrout Gold Member

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    I'm working on several letters. I've been emailing and receiving emails from friends in other states to take it to their own neighborhoods, streets. I'd probably say there are about 40 million people who are about to snap from anger. We need to get that number up to about 100 million to demand what WE want to get this country back.
     
    Last edited: Sep 22, 2008

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