Thread: Should we activate our network to oppose the bail out?

Paulson: Foreign banks can use U.S. rescue plan

http://news.yahoo.com/s/nm/20080921/bs_ ... EAlz9Z.3QA

Originally Posted by Disillusioned

I don't mean to take this off topic, but this might be related and it might be important. I am posting a link about Morgan Stanley and another company changing their status. In the comment sections someone makes the following comment:

"Folks, We have just been sold out to China! Our government has made a closed door deal which gives China full access to the "bailout funds." China owns (or will shortly) 49% of MS and wil now be in a wonderful position to control all aspects of U.S. policy. Welcome to communism and being part of the great Chinese empire!!"

http://abcnews.go.com/Business/wireStory?id=5853422

THIS ISNT REALLY OFF TOPIC. UH OH.....THIS IS NOT GOOD.

Another problem is that if we oppose the bail out and other groups rally against it, no bail out happens and a crash occurs then our opposition will release propaganda blaming us Americans for the disaster.

Also, I have to warn you that many of our McCain and Palin supporters would be unhappy with us because they see the bail out as a way to stop the crash till after the elections. Any crash before the elections will fall hardest on McCain's campaign.

W

This is huge, to much for us to oppose. The United States has Become the NEW Toxic Debt Waste Dump to Stop Financial Armageddon

While I agree that the "Bailout" will, at bottom, consist of adding worthless dollars into the financial markets I don't think we can avoid doing something. But not $700 Billion. This will be adding that much without any real backing.

I like Judyweller's comments that there needs to be stringent conditions. Would a $200 Billion Bailout work?

If we do nothing, what good can come from this debt?

Crash or no crash?

FOX News has obtained a copy of the legislation Congress plans to move next week to avert a meltdown in the U.S. financial system. The following is the text of that legislation:

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.—The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.—The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) 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) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for—

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.—The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.—The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) 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.

(d) Application of Sunset to Mortgage-Related Assets.—The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

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.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.—The term mortgage-related assets means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.—The term Secretary means the Secretary of the Treasury.

(3) United States.—The term United States means the States, territories, and possessions of the United States and the District of Columbia.

http://www.foxnews.com/story/0,2933,425672,00.html

Originally Posted by ALIPAC

Another problem is that if we oppose the bail out and other groups rally against it, no bail out happens and a crash occurs then our opposition will release propaganda blaming us Americans for the disaster.

Also, I have to warn you that many of our McCain and Palin supporters would be unhappy with us because they see the bail out as a way to stop the crash till after the elections. Any crash before the elections will fall hardest on McCain's campaign.

W

I AM PRETTY SURE THAT "JUDICIAL WATCH" HAS FILED A LAWSUIT TO STOP THE BAILOUT.

What we should be screaming at the TOP of our lungs is this crisis was and is about giving loans to ILLEGAL ALIENS that defaulted and the Government wants us to pick up the Tab

At least at the bare bones level... the loans were then repackaged and sold from bank to bank

Created by Flim Flam Men to Bamboozel the American Middle Class

You can Pay For Illegal Alien Housing if you want.... Personally, I think it's time to take back America from the CRIMINAL POLITICIANS that have been been bought and paid for by the ELITE (At Least in They're Minds)

We're all very concerned about this and wondering what the future means for us and our descendants. A lot will probably happen this week so perhaps we should wait and see before making a public position on this issue.

One thing I do believe is, we can blame the greed of lenders to allow so many people to have loans who should not have qualified for them, including illegals. We know a lot of these foreclosures have to have been made to people who shouldn't even be in our country. So for now we ought to put emphasis on that part imo.