Depression - Unconstitutional Bail Out - Communist State - YOU DECIDE?

[Menthol Patch]

Which would you rather have?

I would rather we go through a depression than have 700 billion tax dollars dollars stolen from us again and again.

Before you vote read this...

http://housingpanic.blogspot.com/2008/09/end-of-america-as-you-knew-it-is-at.html

The end of America as you knew it is at hand. It was a good 232 year run. But it is about to be stolen in the night.


America is about to be legally stolen from the people, and given to a very small group of powerful men.

Yes, HP can be a bit dramatic sometimes.

This is not one of those sometimes.

The Patriot Act of Finance, otherwise known as Paulson's $700 billion bailout bill, if passed in its present form will be the nail in the coffin for an America by, for and of the people.

Just like the Patriot Act appeared to be written before 9/11, so does this Patriot Act of Finance appear to be written before the housing crash. And yes, both were rushed through a panicked Congress and complacent media in the middle of the night.

A nation founded by the people, for the people will be given to a very select group of bankers. Legally. Without a shot fired. Because Americans were too distracted and too dumb to know what was going on.

Brilliant.

Here's how it will be done:

1) The key line in the proposed bill is this one:

"The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to 700,000,000,000 dollars outstanding at any one time"

What this does is give Hank Paulson, acting as an emperor with unchecked control over the nation's treasury, a $700 billion line of credit in which he can buy up toxic debt for whatever price he'd like to pay, $700 billion at a time.

In other words - he could buy trillions. Trillions and trillions and trillions. Buying and selling, buying and selling.

He can sell the junk he buys from his banker friends for whatever price he wants, saddling the taxpayers with the loss. He keeps this process going, using his $700 billion credit card. Buy for 60 cents on the dollar, sell for 30 cents on the dollar. Buy for 80 cents on the dollar, sell for 5 cents on the dollar. He's in charge.

$700 billion folks IS JUST THE LINE OF CREDIT. He can purchase trillions and trillions of bad debt with this credit card, as long as only $700 billion is OUTSTANDING at any one time.

2) Hank Paulson, CEO of Goldman Sachs on leave, has complete and total control over the nation's treasure. He would be unchecked by Congress, unchecked by the President. He will be king. Here's the text:

"The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation"

Using this power, Hank Paulson of Goldman Sachs could pay Goldman Sachs anything he wanted for their mortgage assets. Let's say the market value was 20 cents on the dollar. Hank Paulson could pay them 100 cents on the dollar. Its his decision and his alone. No oversight. No limitations. Hank Paulson could simply give the nation's treasure to Goldman Sachs.

Get it now?

3) Deputizing the banks and investment banks as "agents of the government". Seriously. Here's the text:

"Designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them"

4) Have no outside control over the firesale of assets and loss to the taxpayer. Again, Hank Paulson and Hank Paulson alone shall be in control. No auditors. No oversight. No multiple bids. No nothing. Hank Paulson and Hank Paulson alone. Here you go:

"Sale of Mortgage-Related Assets. The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act."

5) Hank Paulson has final say. Hank Paulson knows what's best. Hank Paulson cannot be reversed. Hank Paulson cannot be sued. Hank Paulson is king.

"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"

So, what can you do? Normally here I'd say contact your corrupt Congressman or Senator. Contact the media. But folks, Congress has been bought. The media have been bought.

The American people have lost.

Deal with it.

So unless there's rage in the street, which there won't be - the new Fall TV season is starting - it's over. They win. In eight short years, they took everything they wanted. And nobody could stop them.

The only hope, for the hopeful? That we can run out the clock, and this bill doesn't pass until Bush and Paulson are gone. But if that's the case, and the bill does pass after January 2009, then the question is - who do you trust more - the outsider or the insider. And with this much on the line, will the outsider be allowed to win?

If this bill does pass ASAP, well, then watch Paulson get busy with his new credit card as fast as he can. He only has four more months. He'll be buying up crap as fast as he can in a desperate and reckless orgy of greed.

Regardless of how this plays out, prepare the best you can. Know what is happening in your former country, and do what is best for you and your family to survive.

I'm off to go find my tin foil hat now. I'm not usually one for conspiracy theories.

Until now.

[Menthol Patch]

Lets keep this thread bumped up.

[fedup100]

IRS world power!
Now they will show u the law!

[Menthol Patch]

Would you explain what you mean in the signature?

[nate895]

We are going to have a depression no matter what we do, and the longer they continue the bailouts, the worst it will be when it comes.

[D.H.]

Menthol Patch,

Good Post, your thoughts have echoed a lot of my fears.

Did you see Ron Paul on CNN this morning? He said that if we bail them out now the gov't will be doing the same thing they did during the depression.

I am not sure what he meant, and I am not sure if that is a good arguement as we apparently survived the Depression and people may actually get hope from this action.

I don't know what the gov't did before, and anyone who knows can give some insight, but I am afraid that this bail out will be rushed through over the weekend out of fear.

I obviously don't agree, as I see this as an expensive bandaid at best, putting the very dollar at risk longterm.

People I have talked to don't even seem to be very concerned about what is going on. Just business as usual, that is why I came to the boards, out of frustration.

There are hints that MSM is getting out, making comments like "Is Paulson our new President now?"

I also heard that China is mainly the one to be backing this line of credit and due to their growing military strength and population, that really scares me.

[Alawn]

The depression would have lasted a year instead of a decade if the government would have let things happen. Everything that schools tell you the government did to save the day during the depression made things drastically worse and prolonged. But unfortunately they have conned the public into thinking it helped people.

[malibuu]

The $700 billion bailout IS just another example of the American brand of fascism for sure.

And we are on the way to evolving into another sector of socialism - I guess we could call it "socialized banking".

[Menthol Patch]

The fact of the matter is that the government has no right to spend tax payer dollars to bail out private banks in the USA or elsewhere. It's completely unconstitutional. This is the FIRST reason why this bail out should not happen.

Secondly, this is taxation without representation. Under this agreement Hank Paulson would be able to spend and give away US tax dollars as he sees fit without any oversight. Not even congress or the courts could say anything about what he did! This is absolutely outrageous. Basically, Hank Paulson becomes the financial dictator of the USA.

Thirdly, bailing out all of these banks will help us in the short term but not the long term. It will just put the USA into much more debt.

What we really need to have happen is another great depression. The government should ABIDE BY THE CONSTITUTION and allow all of these banks to collapse.

[D.H.]

Yes, I agree it it totally unconstitutional and the banks should just collapse. When we pick up the pieces things could finally be better with the whole system revamped.

On one of the news shows in the last 48 hours (I think it was CNN) they compared our crisis and how we got in it in a way average people like me (who don't understand the economy - heck, at this point I don't think most in Washington understand) can relate to;

That is overspending on credit cards. The debt is similar. Spending money you don't have... Lines of credit backed up by foreign banks with nothing but our triple AAA credit rating keeping them doing it.

My point is I feel we are facing bankruptcy in a real way. People who are close to that point and see the inevitable, just go ahead and max their credit out. What do they have to lose? I am afraid this bail out may be a sign of bankruptcy rather than any hope which is what they are telling us. Much different than the Great Depression.

This line of credit with no checks and balances will be used to save their powerful friends, not what they say it is.

[Menthol Patch]

bump

[Otter Mii-kun]

With the way the mainstream media and political establishment is pitching the MUCH MORE THAN $700 BILLION bailout plan as "the only way out"-yet will spark Zimbabwean-style hyperinflation while delaying the inevitable-it appears just allowing a full-blown market crash and deflation of the credit bubble would be better for us... (even though the media and politicians claim that deflation is "always bad" and "must be prevented at all times!")

Besides, allowing a full-blown depression will teach those who abuse the economy by overextending their debt (Wall Street Keynesians, housing bubble participants, consumers who max out all their credit cards, etc.) a lesson-there's no such thing as "unlimited growth" (or "infinite abundance", for that matter).

If Paulson and Bernanke really think that printing more money to "save us" from "economic Armageddon" will solve anything-they should take a trip down to Zimbabwe and see the devastation down there.

[RJB]

We will end up with all three.

[Natalie]

we will end up with all three.

+1 :(

[tonesforjonesbones]

If it were only a depression that's one thing. It will be mass pandamonium. In 5 days there will be NO food and people will start rampaging..and even cannibalism will set in. This is not 1929 when there was some sembelence of MORALS left in this country....might as well be in BABYLON. You want that? People will start eating their young. FFS. TONES

[tonesforjonesbones]

You can count on martial law then. Ready for a FEMA CAMP? think people. tones

[thomaspaine23]

You can count on martial law then. Ready for a FEMA CAMP? think people. tones

The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is its natural manure.” — Thomas Jefferson


Maybe its time???