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Draft of the Treasury's Proposal for Toxic Debt


Business  (tags: finance, business, politics, money, Treasury Department )


- 459 days ago - cnbc.com
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Comments

Blue Bunting (855)
Sunday September 21, 2008, 12:08 am
There are going to be Congre$$ional hearings ... right?

Just ask why this is going to work. Paulsonl say he hopes so. Then ask him the chances of success. IF he's honest he will say slim. If he lies and says 90%, a certainty, he will eventually be proven a fool.

Then ask him how it is going to work.

Then ask him when he discovered that the gigantic edifice of American finance was going to collapse. Ask if that collapse indicates fundamental problems with the system. If he says no, lies, then the American people will know it's a lie. If he says yes then he indicts himself and the entire world of Pigmen.

Obama better get back to DC right now. If he doesn't we are in extra deep doodoo.
 

Blue Bunting (855)
Sunday September 21, 2008, 12:20 pm
TAKE ACTION NOW:



I just sent the following letter to my congressional delegation, the congressional leadership, and the committees with oversight. I urge everyone to send their own.

"I just read the administration’s plan for the Wall Street bailout. My initial reaction is, “You are out of your tiny little minds!” This is a monstrously bad plan with no guidelines for dispensing the money, no protections for taxpayers, and explicitly prohibits any oversight. Any member of Congress brain dead enough to vote for this proposal deserves to be tarred and feathered, placed in the stocks, and pelted with rotten produce, before being run out of the country.

If we have learned anything over the past eight years, it is that you never give any member of the Bush administration a blank check for anything. This administration, best noted for gross incompetence and pervasive corruption, cannot be trusted with spare change, let alone $700 billion, without intensive, detailed oversight. It would not be unreasonable given their record to require specific direct congressional approval for each and every expenditure (including for postage). Strict controls and oversight by both Congress and the courts must be in place before even considering any proposal from this administration.

Any acceptable proposal must include detailed guidelines for spending the money including mandatory discounting of financial instruments purchased, replacement of all of the senior executives and boards of institutions receiving assistance, implementation of strict regulations and oversight of these institutions, and guarantees that the taxpayers will be the primary beneficiaries of this program. Anything less is simply rewards, stupidity, incompetence, and unbridled greed. I urge you in the strongest possible terms to reject this and any other bailout proposal which does not meet these standards."

We need to flood their offices so they are more afraid of us than of Wall Street or the presidunce.

start here:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

 

Past Member (0)
Monday September 22, 2008, 10:03 am
I did it blue!! i've contacted them all. thank you so very much for doing all this hard work. and making it so EASY on the rest of us to do our part!!!
 
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