700 Billion to 850 Billion. Stop The Bailout!
68Congress has now changed the $700 Billion Bailout to $850 BIllion. These people are insane. NOt to mention the fact that both candidates are going to approve this monstrosity of a Bill.
Here are a few comments regarding this Bailout:
This is scare tactics to try to do something that's in the private but not the public interest. It's terrible." -- Allan Meltzer, Carnegie Mellon School of Business
"It's a straight subsidy to financial institutions. You're essentially giving them money. -- Martin Baily, former Clinton Administration Council of Economic Advisers
"There's a tendency for people to think these are stocks and bonds and you know what the price is. The problem is people are operating in a world in which nobody knows what the hell is going on. There's some naïve assumptions about how this would function." -- Bruce Bartlett, former Reagan Administration economist
"This administration is asking for a $700 billion blank check to be put in the hands of Henry Paulson, a guy who totally missed this, and has been wrong about almost everything." -- Dean Baker Center for Economic and Policy Research
"If Wall Street gets away with this, it will represent an historic swindle of the American public -- all sugar for the villains, lasting pain and damage for the victims." --William Greider, The Nation
"I am concerned that Treasury's proposal is neither workable nor comprehensive, despite its enormous price tag. In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted." -- Richard Shelby (R-Ala.)
"It sounds like Paulson is asking to be a financial dictator, for a limited period of time." --Historian John Steele Gordon
"The plan is stupid...Voters will break against anyone who votes for it. I thought if [Russian Prime Minister Vladimir] Putin had written that, I'd understand it." -- Former House Speaker Newt Gingrich
Please go to http://www.nowallstreetbailout.com/ to sign a petition to stop the bailout. With IMF involved and every other Billionaire we have little to no chance if we don't get involved now.
Call your congressman. Make your voice heard.
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Comments
Right On Misha! :)
signed, and may I have your permission to add the link to one of my sites? (Or if you would like to please leave it in comments of my latest hub I will direct people there as well).
Would love to have you add the link to your websites! Power to the People!
This has just passed through congress.
Can't understand why the American people aren't tearing down the buildings that house the financial "masters of the universe" that concocted these schemes, instead of shovelling more money at them.
The scale of this travesty is just breathtaking, and if I was a US citizen, I'd surely sign the petition.
So - any truth in the rumor that there'll be another bill soon to swap the stars in the US flag for a hammer and sickle?
Passed the Senate 74 to 25. House votes on Friday! We have 2 days to get our point across! House stopped the first bill, they can do it again.
Well, I'm not a citizen either, but I lived in this country for almost 10 years, and I feel sort of obliged to do what I reasonably can to help to minimize the damage. :)
Eric, they don't ask you if you are a citizen or not, you just give your name and email, and you can opt out of future mailings :)
No, Amy, these people are not insane. They are totally subjective.
Yes its very interesting hub presented by you. Really i like it and more over here is an interesting hub which i posted recently http://hubpages.com/hub/MortgageCalculator
we need to petition to over turn this. it's bs and only going to make things worse!!!
Signed!!!! This new administration needs a spanking!!!!!!!!!!!!!
I would like to read what is in the 850 Billion bailout plan. Everybody talks about it but nobody knows whats in it. Its about 900 pages. I have looked on the web and can not find the FULL PLAN. Does anybody know were I can download the plan. Thanks
You are WAY off on your figures . it is actualy 8.5 trillion, not 850 billion http://www.youtube.com/watch?v=9nhkqbJKFAA
http://www.prisonplanet.com/cost-of-bailout-hits-8
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL
You see, everyone is parroting what they hear on the news, and we all know they lie. If you read the actual bailout bill called TARP, they do 700 billion at a time. It also gave more power to the privately owned federal reserve than the president has. It also states that they can not be reviewed by any court, judge, congress, president. NO ACCOUNTABILITY! that is why they told congress to get lost when questioned about where the money went.
• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.• Then there's this: "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." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.There goes your country.
Misha says:
15 months ago
Signed the petition :)