Section 8 of the Bailout

[sealybobo]

A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8

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.



Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter



In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.

 

[editec]

Dodd of Connecticut has just complained about that fact, Seal.

Does the press get it?

The press is structured not to get anything until the government tells them what to get.

The press is useless.

 

[sealybobo]

Dodd of Connecticut has just complained about that fact, Seal.

Does the press get it?

The press is structured not to get anything until the government tells them what to get.

The press is useless.

Thats why I always thank God for Air America and Nova M Radio. If it weren't for Randi Rhodes, I would not know about this.

And that's why Republicans always talk so bad about those stations. Because the mainstream media isn't telling us, most people think I'm making stuff up or I'm getting my information from what they equate to the left's version of Rush Limbaugh.

Big difference is Limbaugh is a liar.

 

[rayboyusmc]

This is total bullcrap from Paulson and Company.

We do whatever we want and we aren't responsible later. Sort like how we got into the kettle of stinking fish.

 

[sealybobo]

This is total bullcrap from Paulson and Company.

We do whatever we want and we aren't responsible later. Sort like how we got into the kettle of stinking fish.

In his last days in office, George Bush is trying to scare Congress into giving away the treasury to Wall Street.

Those are extreme words, but not as extreme as the reality -- over the weekend a plan was concocted to give away $1.8 trillion dollars of tax money with NO limits on how it's spent, and no guarantees we'll ever see it again.1 And the Treasury Secretary had the gall to say limiting payouts to executives who created this mess would be a "deal breaker."2

This is a deal which SHOULD be broken. Or at least re-negotiated. Economists have already made clear that this is a bad deal for everyone except the corporations and wealthy investors whose greed created the crisis.3

Tell your Senators to oppose George Bush's corporate bailout:
Take Action: TrueMajority.org <http://act.truemajority.org/dia/track.jsp?v=2&c=H5J3WuAq5wS38KZAsGcSPte3GJMhXp89>

The Bush administration is trying to ram this through in only 72 hours by claiming there will be dire consequences if we don't pass the bailout exactly as written. Once again they're using fear to scare Congress and the American people into submission. We have to stop them.

Here's a suggested script:

I am a TrueMajority member calling to urge the Senator to oppose the Bush corporate bailout. It's time that the Government support ordinary Americans instead of bailing out their corporate cronies.

 

[gonegolfin]

Thats why I always thank God for Air America and Nova M Radio. If it weren't for Randi Rhodes, I would not know about this.

Actually, I wrote about this on Sunday night. Did you not read my post?

http://www.usmessageboard.com/economy/58812-financial-market-coup-detat.html

And by the way, conservatives are rebuffing this bill from the Treasury. I am a conservative and I am firmly against it and have expressed that opinion here and to my reps and senators.

Brian

 

[sealybobo]

Actually, I wrote about this on Sunday night. Did you not read my post?

http://www.usmessageboard.com/economy/58812-financial-market-coup-detat.html

And by the way, conservatives are rebuffing this bill from the Treasury. I am a conservative and I am firmly against it and have expressed that opinion here and to my reps and senators.

Brian

Me too. And glad we are all on board with this. This is like the time they tried to sell a port to Dubai. If they can't sell the idea to either side, they won't do it.

Yes I do remember that thread.

What do you mean rebuffing this bill from the Treasury?

 

[gonegolfin]

Me too. And glad we are all on board with this. This is like the time they tried to sell a port to Dubai. If they can't sell the idea to either side, they won't do it.

I am firmly on board with declining the sham of legislation being proposed by The Treasury (Paulson and the Administration's plan).

But I am also not for any of the other bills being proposed by our legislators, most of the other proposals being from Democrats.

Yes I do remember that thread.

Well, I was wondering because you stated "Thats why I always thank God for Air America and Nova M Radio. If it weren't for Randi Rhodes, I would not know about this.".

This is not true because I mentioned it (Sunday) before Randi Rhodes did yesterday. You heard it from a conservative.

What do you mean rebuffing this bill from the Treasury?

I should have said "proposal" instead of bill. The conservatives (and most Republicans) are speaking out against the Treasury bill. Democrats are as well, but they are still in favor of some sort of proposal (just not like the one proposed by the Treasury). There are many Republicans, on the other hand, that are against any sort of bailout.

A good article from Ron Paul on this crisis ...
Commentary: Bailouts will lead to rough economic ride - CNN.com

Brian

 

[sealybobo]

I am firmly on board with declining the sham of legislation being proposed by The Treasury (Paulson and the Administration's plan).

But I am also not for any of the other bills being proposed by our legislators, most of the other proposals being from Democrats.


Well, I was wondering because you stated "Thats why I always thank God for Air America and Nova M Radio. If it weren't for Randi Rhodes, I would not know about this.".

This is not true because I mentioned it (Sunday) before Randi Rhodes did yesterday. You heard it from a conservative.


I should have said "proposal" instead of bill. The conservatives (and most Republicans) are speaking out against the Treasury bill. Democrats are as well, but they are still in favor of some sort of proposal (just not like the one proposed by the Treasury). There are many Republicans, on the other hand, that are against any sort of bailout.

A good article from Ron Paul on this crisis ...
Commentary: Bailouts will lead to rough economic ride - CNN.com

Brian

I liked Randi Rhodes idea. Let every home owner go in and re negotiate with their banks. If my home is worth $30k less, drop my mortgage $30K.

That will put $30k in every Americans pocket to go out and spend.

The government won't have to spend $70 billion.

The banks will not go out of business

The economy won't crash

And you conservatives can't complain because it won't be just the irresponsible borrowers that benefit.

If your home is paid off, you go get your taxes lowered.

But this solution means the banks don't get to keep all the good loans and socialize all the bad ones. They don't like this plan.

Your thoughts?

PS. I like you and a few other conservatives I have talked to lately. The nut jobs seemed to have left the forums. They aren't smart enough to do anything other than repeat Rush/O'Reilly's bs. You seem to be an old school conservative who is willing to be intellectually honest, and I appreciate that.

 

[gonegolfin]

I liked Randi Rhodes idea. Let every home owner go in and re negotiate with their banks. If my home is worth $30k less, drop my mortgage $30K.

That will put $30k in every Americans pocket to go out and spend.

Your thoughts?

I have always favored the banks renegotiating the loans to their borrowers, provided they choose to do so and are not forced to by the government (such as Hilary's proposal that loan contracts be changed). This is not a new idea proposed by Randi Rhodes. This has been suggested by a number of folks for some time and is currently being done in some parts of the marketplace. But it has not fully caught on yet because both banks/financial institutions and homeowners are awaiting some sort of bailout. Why go renegotiate when the government is going to intervene (again) and "take care of us"?

Again, it should be done in a free market manner without the intervention of government.

I encourage you to read Paul's (my previous post) missive on the crisis. His points are exactly what I have been saying concerning the need for prices to correct and the excesses and mis-allocation of capital (malinvestment) to be purged from the system. If we pass any sort of bailout, we are going to make the problem worse (somewhat better in the short term, much worse in the long term). Government intervention into our markets will create more instability in the future. And I would also classify Ron Paul as an "old school conservative", as you say.

Brian

 

[Paulie]

It's really good to see the conservatives and the liberals agreeing on this. That fact ALONE could be a huge boost in stopping it.

No administration should EVER be granted absolute power with our economy, or ANYTHING for that matter.

I hope this is helping to wake up the ones who still think Bush is somehow doing something good for this country.

I'm a conservative, and I hate the man.

 

[gonegolfin]

It's really good to see the conservatives and the liberals agreeing on this. That fact ALONE could be a huge boost in stopping it.

No administration should EVER be granted absolute power with our economy, or ANYTHING for that matter.

I hope this is helping to wake up the ones who still think Bush is somehow doing something good for this country.

I think the Treasury Plan is going to be stopped. The Section 8 language will be removed and there will be some level of oversight. But unfortunately, I think that in the end, a bailout bill will be passed and the number will grow as the Democrats will force the bailout of homeowners as well. Thus, it will be a horrible bill (bailing out both the irresponsible financial institutions and irresponsible homeowners). But it will not contain the unlimited powers clause.

Brian