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Right Wing Says No to Bailout

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Anonymous

Guest
This is what the very conservative John Birch Society is sending out on e-mails:

Tell Your Representative and Senators to Vote NO on the $700 Billion Bailout Proposal

September 23, 2008: Congress is poised to vote on an unprecedented $700 billion Wall Street bailout bill late this week.

For background on this complex, high-stakes situation see this seven-minute video from a couple days ago of Ron Paul on CNN.

The Deception We're Being Fed

Congress must decide between:

Voting NO and allowing the destruction of the global financial system;
or
Voting YES and saving the global financial system by empowering the Treasury Department and Federal Reserve to provide bailouts for troubled financial institutions up to a cost of $700 billion (more likely trillions of dollars ultimately).


The Reality

Congress must decide between:

Voting NO and allowing the free market to liquidate bad debts and unviable companies through allowing market prices to prevail;
or
Voting YES and empowering the Treasury Department and Federal Reserve to provide bailouts for troubled financial institutions with $700 billion (more likely trillions of dollars) created out of thin air, leading to rampant inflation of the dollar at best and the destruction of the dollar at worst.


Take Action! Email and/or phone your representative and senators immediately and tell them to stand up for the Constitution, the free market, and the dollar by voting NO on the $700 billion Wall Street bailout bill.

Take Action! Visit your congressman's local office this Thursday (September 25th) in opposition to the $700 billion Wall Street bailout bill and to help get the ball rolling to End the Fed.

Tell your representative and senators to stand up for the Constitution, the free market, and the dollar by voting NO on the $700 billion Wall Street bailout bill.
 
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Anonymous

Guest
Looks like the Independents back up the right wing too...

Lou Dobbs QuickVote
Do you believe Congress should write Secretary Paulson and Chairman Bernanke a $700 billion dollar check with no understanding or oversight of how it will be spent?
Yes 6% 500
No 94% 7599
Total Votes: 8099
 
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Anonymous

Guest
Newt says NO!!!!
Gingrich: Bailout Backers Will Lose in November

Tuesday, September 23, 2008 4:01 PM

By: Jim Meyers



Former House Speaker Newt Gingrich called the Bush administration’s $700 billion bailout plan a “dead loser” and predicted that any lawmaker who backs it will face defeat in November.

Speaking to reporters on Tuesday, Gingrich said he believes Treasury Secretary Henry Paulson is attempting to frighten legislators into backing the bailout package quickly and without careful study.

“I think what Paulson hopes to do is say, ‘If you don’t do exactly what I want you to do, the whole world’s going to collapse,’” he said.

Gingrich said he opposes the bailout plan because of its lack of specifics and the huge amount of money it gives to the federal bureaucracy, The Hill newspaper reports.

He also opined that if the plan passes, its flaws will be apparent by November and voters will “break against anyone who votes for it.”


http://www.newsmax.com/insidecover/gingrich_bailout_backers/2008/09/23/133670.html
 

nonothing

Well-known member
I heard that GW does not want the CEO's of these finacial institutions to lose any of thier money..How can you expect these bank leaders to keep thier money yet ask all americans to pay taxes for a bail out they helped create...What is GW thinking?...
 

aplusmnt

Well-known member
nonothing said:
I heard that GW does not want the CEO's of these finacial institutions to lose any of thier money..How can you expect these bank leaders to keep thier money yet ask all americans to pay taxes for a bail out they helped create...What is GW thinking?...

You heard? You have a relative working at the White House or something? :roll: Or maybe you and OT PM each other back and forth so you can claim you heard stuff, with out an regards for the truth. :lol:
 

kolanuraven

Well-known member
Think about it. A 3 page....THREE PAGE....bill for $700B and one of the ' requests' or ' stipulations' of the bill is no oversight/no questions asked???



Come on.....somethings fishy here!!!!

I agree that things are BAD....prob REALLY BAD...as the whole financial systems is just smoke and mirrors on a good day at best.

But, if it IS this bad right now...this very moment.....would it have not already hit rock bottom? It's not and it's been several days since the ' doom & gloom' statements came out.



I mean, Bearn Sterns crashed in one wknd. What does it say that when some of our major financial institutions seem to have operated 48 hrs from implosion as normal procedure ????

Makes ya wonder if this ' bail out' isn't a last raid on the hen house, and what an opportune time also, before they all get evicted with the new president, whomever that may be.

Ya gotta wonder.


If they sign this bill....as is....it will be more money with one stroke of a pen than ALL that has been spent in the 2 wars to date.
 

backhoeboogie

Well-known member
kolanuraven said:
If they sign this bill....as is....it will be more money with one stroke of a pen than ALL that has been spent in the 2 wars to date.

And the successful business and working people will have to pay for it.

Those who get tax refunds for not working or paying taxes need not concern themselves.
 

MBW61

Member
I understand how this bail out helps these large poorly managed banks. But I'm not sure I understand how it helps America. It seems to me that there is a lot of money going to protect the status quo.

Possibly, If these giant banks went down, it would leave room for smaller better run banks to fill the vacume and and the country might be better off

I realize there is a lot about this I don't know so mabey sombody who know could explane it [/quote]
 

TSR

Well-known member
MBW61 said:
I understand how this bail out helps these large poorly managed banks. But I'm not sure I understand how it helps America. It seems to me that there is a lot of money going to protect the status quo.

Possibly, If these giant banks went down, it would leave room for smaller better run banks to fill the vacume and and the country might be better off

I realize there is a lot about this I don't know so mabey sombody who know could explane it
[/quote]

Imagine the outcry if these banks were allowed to fail (and as we all know, the top dogs would still walk away with their millions). But if we bail them out they will still get their millions with minimum public out cry. I am beginning to believe what Kola said they may be trying to rob the henhouse before its torn down.
 

kolanuraven

Well-known member
MBW61 said:
I understand how this bail out helps these large poorly managed banks. But I'm not sure I understand how it helps America. It seems to me that there is a lot of money going to protect the status quo.

Possibly, If these giant banks went down, it would leave room for smaller better run banks to fill the vacume and and the country might be better off

I realize there is a lot about this I don't know so mabey sombody who know could explane it
[/quote]


That's just it.......NO ONE can explain it all.

Even the " ones in the know" can't begin to explain it.


Really with all this going on...it's like dominos and rumors can't start nasty trends and even SECURE ( if there is such a thing) banks can fail for many reasons.

Maybe GMother was right, bury it in jelly jars in the yard!!!!
 
A

Anonymous

Guest
So much for having any principles or platform to stand on..They have been and are living in a fantasy world that only exists in their minds....


This is taken directly from the 2008 Republican Platform:

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.
 

TexasBred

Well-known member
Oldtimer said:
So much for having any principles or platform to stand on..They have been and are living in a fantasy world that only exists in their minds....


This is taken directly from the 2008 Republican Platform:

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.

OT...ok..no cut and pastes....give me YOUR idea of how this should be handled in such a way as to minimize loses, preseve the American economy and way of life and not use any federal money????
 
A

Anonymous

Guest
TexasBred said:
Oldtimer said:
So much for having any principles or platform to stand on..They have been and are living in a fantasy world that only exists in their minds....


This is taken directly from the 2008 Republican Platform:

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.

OT...ok..no cut and pastes....give me YOUR idea of how this should be handled in such a way as to minimize loses, preseve the American economy and way of life and not use any federal money????

Actually I think things are so bad that something needs to be done...Its just sad GW's crew was "asleep at the wheel" and kept echoing "the fundamentals of the economy are strong" while things kept tumbling around them and a High School econ student could see what was happening... :(
They were probably too busy spending their time trying to teach GW the "R" word... :roll: :wink: :p

I don't know what the entire $ Trillion deal actually is- and I don't think Congress or the Paulson/Bernanke do- as its evolving daily...

But I do know some things that Congress needs to put in as absolute requirements:

No US taxpayer funds to foreign owned companies.

No Golden Parachutes -- Taxpayer dollars should not be used to reward the irresponsible Wall Street executives who helmed this disaster. Boards wanting money- need to re-examine and restructure their executive payment stucture....

Main Street, Not Just Wall Street -- Any bailout plan must include a payback strategy for taxpayers (stock in the company?) who are footing the bill and aid to innocent homeowners who are facing foreclosure-including a foreclosure freeze for a period of time- and including the changing of bankruptcy laws that don't allow a judge to negotiate down the value on single home owners- but does on multiple owners (like the McBusch's :roll: )

Bipartisan Oversight -- The staggering amount of taxpayer money involved demands a bipartisan board to ensure accountability and oversight.

Probably lots more- but even D.C. doesn't kwow exactly what is going to happen or where this will go- the reason for the BIPARTISAN committee/new Bureaucracy (?) to watch over it...Some are now suggesting Warren Buffet as the Chairman- altho thats another Fox in the Henhouse- same as Paulson is...
 

fff

Well-known member
Buffett just sunk $5billion into Goldman Sachs. He's probably not going to be an impartial observer in this situation. :)
 

TexasBred

Well-known member
Oldtimer said:
OK Texasbred- what is your plan?

Main Street, Not Just Wall Street -- Any bailout plan must include a payback strategy for taxpayers (stock in the company?) who are footing the bill and aid to innocent homeowners who are facing foreclosure-including a foreclosure freeze for a period of time- and including the changing of bankruptcy laws that don't allow a judge to negotiate down the value on single home owners- but does on multiple owners (like the McBusch's

Wow...right from the American Communist Party handbook. "Main Street, not Wall Street".... But I agree there needs to be a payback strategy. As for "innocent homeowners". These folks are ok with their loans whether they are conventional or subprime...as long as they make one payment per month. Foreclosures are a fact of life. Like removing a blight from a tree..Foreclose, get rid of the dead wood and lend to qualifying borrowers who WILL make monthly payments on a loan with 100% ammortization. The temporary glut in the housing markets will bring property valus back in line with their true value. Investors with multiple houses must pay their payments or lose it. No ifs, ands or buts about it. As for bankruptcy....I beleive you still can only keep one home and it must be declared as your homestead and is still subject to any liens attached to it.

Get back to the basics of good lending...tuff underwriting policies. Have a qualified borrower, a property that is worth what the sellers is asking for it and don't never lend over 90% of sale price or appraised value...whichever is less....NO SECOND LIENS....NO CO-SIGNERS. Banks should hold and service the loans themselves rather than selling into the secondary market. Raise liquidity requirements at all banks and mortgage companies. Increase the number of truly qualified state and federal bank examiners and examine banks and mortgage companies more regularly. Prosecute those that do not comply. Set precedents now with hearing, subpoenas, indictments and prosecutions from the "fat cats" all the way down to the local good old boy if he violated banking laws. Return banking to banking and get rid of speculation.
 
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