SECOND BAILOUT BATTLE IS WEDNESDAY NIGHT
Senate leaders, both Democrat and Republican, have said they intend to bring a revised version of the so-called Bailout Bill to a vote Wednesday night, October 1st.
According to an updated report from the pro-globalist Bloomberg.com news service, the Senate version will have only minor or even cosmetic changes to it. But it will still give over $700 billion in taxpayer's money to the Wall Street elites. And it will still give the Secretary of the Treasury's office unaccountable power to regulate the economy.
And according to the Washington-based news site The Hill, the House will be limiting the amount of e-mails voters can send to their Congressmen. It is claimed that this will reduce strain on their computer systems, so as to avoid crashing it. Others believe this is only to limit the amount of protest e-mails Congressmen are getting over the horrendous Bailout Bill. I tend to believe the latter is the case.
Finally, according to the left-wing news website What Really Happened, thousands of people protested against the Bailout Bill outside Wall Street itself! But as is typical with the globalist so-called "mainstream media", they barely gave it notice at all. And this in their own home neighborhood as well.
In other words, the elitists in government and media and both "mainstream parties" are doing all they can to destroy the economy in the disguise of saving it. Centralizing economic power into ever fewer hands, as well as rescuing the Wall Street bankers from the effects of their greed, violates the basic tenets of Distributism.
So that being the case, if you can send an e-mail to your Senator and it gets through, do so. Otherwise, call your Senator's office on Wednesday. Be brief and be polite, for it is a given their offices will be - we hope - flooded with calls. Tell your Senators to vote "NO" on this version of the Bailout Bill.
By the grace of Almighty God and your calls and e-mails, we won in the House. We can do the same in the Senate too. But we need your prayers, e-mails and phone calls. This bill must be stopped cold. There can be no surrender to the globalists and the Wall Street elitists.
Tell your Senators to vote "NO" on the so-called Bailout Bill. Remember, the next vote on this is Wednesday night, October 1st.
Don't let the bad guys win! Thank you.
3 comments:
The Crooks are at it again,
We live in a freemarket democracy, or so the President himself said not to long ago.
There is nothing democratic happening if this bill passes on wednesday, congress rejected it representing their constituents on monday with the fear of not being re elected.
If this bill passes on wednesday, with tax cuts and other shady under the table dealings.
There is nothing freemarket happening if this bill passes, the basis of any freemarket is ACCOUNTABILITY, (that is and simplified for the people that think accountability means going to Jail) accountability means that in order to survive you have to run your business properly, whatever business it is. If you run your business recklessly, make bad investments etc.. you will have no business, clearly means no to bailouts regardless.
The Taxpayers did not create CDO's, Credit swaps, and all these funny derivatives based on credit, these were created and or bought by the companies going broke, so that could turn $1 dollar in asset into 20 or 30 or 40 or 50 dollars in credits (debt instruments), on which they could get a huge returns, yes and they earned huge returns. Record earnings and bonuses, were paid by these now bankrupt companies, not to long ago, and now they want our money.
Promises to the taxpayers by analysts, that we will actually make money on the these investments, private equity firms ready to buy these intruments from the taxpayers. Why dont they buy buy these investments from the banks directly?
Do they really think we are a bunch of fools???????????????
The bailing out of Bear Sterns did not stem the flow, we need more Lehman Brothers and alike going out of business, otherwise that 700 Billion will will be used up by January and they will be coming back for more maybe 1 Trillion next time.
What we see is the unwinding of these instruments freemarkets at their best, these provided so much credit that even these companies did not know what to do with it, extended loans to people and corporations that did not have the ability to repay it creating a so called property bubble both in housing and commercial markets.
Unfortunately it's time to face reality it is not a property bubble it is a credit bubble.
Yes we are facing the credit bubble exploding, and we are just in the first round, we still have the 2nd round to go (the commercial real estate market), and the 3rd Round (the personal and corporate unsecured debt), are we going to bail all of them out?
whats it going to take 3 trillion dollars???????
so that we can keep the credit markets open for business???
by giving money to the same people that put individuals and corporations at risk by inflating property values, as a result of extending to much credit.
where is the accountability?????????
These companies should go bust.
There is no such thing as too big to fail.
Including the United States.
Next thing you know GM gets bailed out, everybody gets bailed out.
You are no longer alowed to short financial stocks, because its bad for the economy.
How about this Mr Cox,how about banning speculators going long on oil contracts, the high price of energyis affecting every Americans pocket and the economy.
Whats next Mr Paulson? you said it twice on TV, credit and the ability to make payroll, I suggest that any company that has to borrow to make payroll is bankrupt no need to bail them out mate. Maybe you tried to scare the janitor?
And Mr Chairman throwingmoney at the problem does not solve it,
and yes we do not need more regulation we need more accountability
less regulation and more representation.
We are supposed to live in a democratic freemarket.
Truth be said the the democracy is controlled by the guys with the biggest checks and the freemarket is controlled by the guys with the biggest checks whatever happened to the constitution?
When everything fails the little guys pay, but the guys with the biggest checks walk with their wealth and are not accountable.
It is time to set set an example the American people, are not stupid.
Let the example be wallstreet.
It's time to rescue the credit markets not bail them out.
It is time for congress and the senate to agree we will do whatever it takes to rescue the financial markets at no matter what cost, to ensure we have Proper and functioning credit markets, the US taxpayers will support a bill, giving the federal goverment, complete authory to extend as much credit that the banking system needs for a proper banking system.
Nevertheless such a bill will come with accountability should any institution accept such a rescue the institution will be liable for the losses incured by the taxpayer no matter what, not withstanding and including management, presidents, officers and what not, they will be held responsible for any losses and personally liable for any losses incurred by the taxpayer.
Seems like a good bill right???
sounds like the banks own medicine you file for bancrupcy, should you still have outstanding debts with us? if you have assets later we will come and collect! Why is their even a personal bancrupcy law??
sounds like the IRS too a corporations officers are personally liable for taxes and social security payments due by the corporation. even if you declare bancrupcy
Now why is a bill like that not on the table?
Exactly ask you congress or senate representative
copy and paste it email it
Non Citizen Investor
Cannot vote and imparcial
Hate seeing the American people that I love getting screwed again
Good luck, because I have the choice to live else where
This would be a good time to call for thinking about what a General Strike could do to install John's Pro-Life Economy.
Emailing the enemy usually doesn't do too much other than frustrating the emailers.
But every call for action - even it's as nearly useless as begging - should include advancing the pro-Life Economy as the Solidarity alternative.
Tom Laney
Roy,
First I just want to thank you for your continued updates on the situation, I've become accustomed to seeing excellent work from the contributors to this blog and the bailout situation has certainly been no exception. John's article on economic terrorism the other day was spot-on.
Second, even though I'm not generally a strong believer in the so-called "democratic process", I did send my Congressman a letter on the issue. He wrote back, though I'm sure it's a stock response as the actual reply does very little to address the specific things I said in my letter. Unfortunately, I am a part-time grad student and working part-time while trying to put together my applications for law school, and I don't have enough time to really vet what he's saying. I'm not familiar enough with the differences between the bailout as originally proposed and as it stands now to be able to comment on what his letter says.
I was wondering if there was any way anyone here could offer some comment on that. I have posted my letter to him as well as his reply on my blog.
As an alternative, if I'm asking too much, links to cogent analysis of the currently-proposed plan would be amazing. I just don't have time to crawl the web between now and class tonight. :-/
Again, thanks for everything you all do, and keep up the good work.
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