The "Bailout"

[Nightgaunt]

Here is the full text of the "Bailout Bill". It seems like everyone has an opinion on it, but no seems to have actually read it. Page 180 alone oughtta be enough to make you fudge your frillies.

[Rev.Reverence]

Here is the full text of the "Bailout Bill". It seems like everyone has an opinion on it, but no seems to have actually read it. Page 180 alone oughtta be enough to make you fudge your frillies.

...I see what they did...they slipped a BUNCH of crap into a pile of words...(made a mountain out of a mole hill)...fuckers...(I know you don't expect ME to go swim through that...I'll drown)...so what is the gist of this? (someone must read it for us all...I'll pin a medal on them for it)

[Nightgaunt]

Apart from the extra $150 billion in unrelated pork barrel funding (like subsidies for manufacturers of toy arrows), this "Carbon Audit of the Tax Code" sounds innocuous enough, but when you consider that the Powers-That-Be have been pushing for a global tax on carbon emissions and McCain and Obama have both voiced their support for such a thing, it takes on rather ominous overtones.

The bill also basically names Henry Paulson Supreme Dictator of the Treasury, with the power to pretty much anything he wants with absolutely no oversight. This $700 billion (actually going to be closer to $5 trillion according to Bloomberg) is now NOT going to bail out the mortgage industry, but will be used to buy interest in various banks and bail out INDIVIDUAL bankers. To be selected by Paulson, of course.

The bottom line, for me, is Section 7 of the Constitution:

Section 7 - Revenue Bills, Legislative Process, Presidential Veto

All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.

It originated in the House, and the House said "Nay" in accordance with the will of the People. The Senate then proposed a new, inflated version and passed it, UNCONSTITUTIONALLY. Then the House passed it, UNCONSTITUTIONALLY. Still think you live in a Republlic?

[Rev.Reverence]

Apart from the extra $150 billion in unrelated pork barrel funding (like subsidies for manufacturers of toy arrows), this "Carbon Audit of the Tax Code" sounds innocuous enough, but when you consider that the Powers-That-Be have been pushing for a global tax on carbon emissions and McCain and Obama have both voiced their support for such a thing, it takes on rather ominous overtones.

The bill also basically names Henry Paulson Supreme Dictator of the Treasury, with the power to pretty much anything he wants with absolutely no oversight. This $700 billion (actually going to be closer to $5 trillion according to Bloomberg) is now NOT going to bail out the mortgage industry, but will be used to buy interest in various banks and bail out INDIVIDUAL bankers. To be selected by Paulson, of course.

The bottom line, for me, is Section 7 of the Constitution:

It originated in the House, and the House said "Nay" in accordance with the will of the People. The Senate then proposed a new, inflated version and passed it, UNCONSTITUTIONALLY. Then the House passed it, UNCONSTITUTIONALLY. Still think you live in a Republlic?

You know...the FNORDs told me things like this would happen.

[Nightgaunt]

Maybe if we send the CEO of Goldman Sachs a sack of bunless hot dogs, we can turn this thing around.

[Enishi]

Sadly, this is keeping with the trends of history. Republics tend not to last very long. They start out good, grow increasingly overbearing, combine corrupt policies with mass democracy, then degenerate into tyrannies. :(

[Nightgaunt]

Sadly, this is keeping with the trends of history. Republics tend not to last very long. They start out good, grow increasingly overbearing, combine corrupt policies with mass democracy, then degenerate into tyrannies. :(

The number one thing I hear from people when I rant about this stuff is...

<drumroll, please>

"That can't happen here."

[Rev.Reverence]

Maybe if we send the CEO of Goldman Sachs a sack of bunless hot dogs, we can turn this thing around.

By the way...I have discovered this is supposedly an Illuminati hand sign here-----> & it is my fav emote...

[Nightgaunt]

By the way...I have discovered this is supposedly an Illuminati hand sign here-----> & it is my fav emote...

LOL They didn't feel it necessary to point out that the "businessmen" were gathered around a statue of Moloch?

[Rev.Reverence]

LOL They didn't feel it necessary to point out that the "businessmen" were gathered around a statue of Moloch?

Ha...I missed that...which one was that in?

[Nightgaunt]

The first one. It's a miniature version of the statue at Bohemian Grove...

Could be Athena, but I doubt it.

[peelingchrome]

The number one thing I hear from people when I rant about this stuff is...

<drumroll, please>

"That can't happen here."

I seem to remember reading that the Germans said the same about Hitler...

[peelingchrome]

Damn, that bill is DRY. Like chewing on raw flour in the desert wearing sandpaper clothing. I started reading, making notes along the way, and I need a serious break after only 34 pages. I thank the powers that be that I never went to school for this crap. I'd have dehydrated within the first week.

[Rev.Reverence]

Damn, that bill is DRY. Like chewing on raw flour in the desert wearing sandpaper clothing. I started reading, making notes along the way, and I need a serious break after only 34 pages. I thank the powers that be that I never went to school for this crap. I'd have dehydrated within the first week.

I couldn't do it! I am looking forward to wading through the notes though...

[peelingchrome]

Chew on this, then.... and make sure you're wearing your flood pants.

Creates another Assistant Secretary of Treasury.

Empowers AST to do what they need and hire anyone to help do their job.

AST must publish program guidelines either 2 days after first purchase or 45 days after

start of act, whichever comes first.

Guidelines include: mechanisms for purchasing troubled assets, methods for pricing and

valuing troubled assets, procedures for selecting asset managers, criteria for identifying

troubled assets for purchase.

AST is allowed to charge a premium on any purchase, and is allowed to set that premium

based on the risk of the purchase.

Troubled Assets Insurance Financing Fund is where the "bailout" and premiums charged will

be held and will effectively be the Act's bank account.

AST isn't supposed to discriminate on bank size, geography, form of organization or the

size, type, and number of assets eligible for purchase under this Act.

This Act creates an oversight board named The Financial Stability Oversight Board to

oversee the new AST and their actions.

FSOB shall meet 2 weeks after first purchase authorized under the Act and monthly

thereafter.

FSOB shall report at least quarterly to appropriate committees of Congress and the

Congressional Oversight Board.

FSOB shall be terminated at the end of a 15-day period beginning on the date that the last

asset purchased under the Act is transferred out of govt control or the date of expiration

of the last insurance contract issued under the Act, whichever comes last.

The AST is to report to various committees within 7 days of the first $50billion of total

purchases and within 7 days of each subsequent $50billion.

the AST is to review the financial markets and regulatory system and report no later than

30 April 2009.

All reports are also to be submitted to the Congressional Oversight Board.

The reports are not required after the date that the last asset purchased under the Act is

transferred out of govt control or the date of expiration of the last insurance contract

issued under the Act, whichever comes last.

AST can sell any asset purchased under this Act. Sale of these assets go directly to the

Treasury to reduce public debt.

AST should try to include as many minorities and women in their operations as possible.

It is suggested that the FDIC manage assets and be compensated by AST for any services

provided.

AST is supposed to minimize conflicts of interest relating to potential employees.

AST is supposed to try to minimize forclosures on residential real estate, including

multi-family homes.

Federal Housing Finance Agency is the conservator for FNMA and FHMC.

Any financial institution that sells assets to the AST under this Act shall be subject to

the executive compensation requirements under Internal Revenue Code of 1986, and also

subject to: a provision for the recovery by the financial institution of any bonus or

incentive compensation paid to a senior executive officer based on statements of earnings,

gains, or other criteria that are later proven to be materially inaccurate; and a

prohibition on the financial institution making any golden parachute payment to its senior

executive officer during the period that the AST holds an equity or debt position in the

financial institution.

Senior executive officer is defined as one of the top 5 highest paid employees at the

financial institution.

The AST is allowed to purchase from foreign banks, excluding foreign-govt-run banks.

The AST shall hold the assets until they mature to the point that they maximize benefit

for taxpayers.

The AST shall encourage the private sector to help by investing.

END OF PAGE 34

[Gaf The Horse With Tears]

LOL They didn't feel it necessary to point out that the "businessmen" were gathered around a statue of Moloch?

*sigh*

with the thumb extended, thats the International Sign Launguage hand shape for "I love you".

[Gaf The Horse With Tears]

damn, qouted the wrong one.

[SaGa]

shit ronnie james dio must of been a huge illuminati fan

[Hellion]

And here is another example of bullshit CEOs getting comp bonuses

linky

http://news.yahoo.com/s/nm/20081021/bs_nm/...CcEpVzgAx6s0NUE

[Rev.Reverence]

*sigh*

with the thumb extended, thats the International Sign Launguage hand shape for "I love you".

..quit trying to cover for them...

(edit to add: we MAY have Illuminati amongst us...LOOK) ...See his hand?