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No one has said that the Paulson plan will solve the problem. No one, not even Paulson. All he said yesterday was: give me the 700 billion, and then I will hire a bunch of no bid consultants to figure out who I should give it too
No one has said that the Paulson plan will solve the problem. No one, not even Paulson.
All he said yesterday was: give me the 700 billion, and then I will hire a bunch of no bid consultants, to figure out who I should give it too.
Paulson admitted yesterday, that he has not figured out who should give the money too, and how much he should give to each of them.
Given that, then how the hell can he claim that he will need 700 billion, when he does not even know what he is going purchase and how much to pay.
It is more Bush bullshit. Time for the nation to get off of that diet.
All he said yesterday was: give me the 700 billion, and then I will hire a bunch of no bid consultants, to figure out who I should give it too.
Paulson admitted yesterday, that he has not figured out who should give the money too, and how much he should give to each of them.
Given that, then how the hell can he claim that he will need 700 billion, when he does not even know what he is going purchase and how much to pay.
It is more Bush bullshit. Time for the nation to get off of that diet.
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On Sunday, I posted my initial reaction to Henry Paulson's 700 Billion extortion note.
Here is a link to it.
http://tpmcafe.talkingpointsmemo.com/talk/2008/09/wall-st-vampire-henry-paulson.php
After watching Paulson's testimony, for five hours yesterday, I am more convinced that ever that he is just trying to con us into letting his vampire cronies, from his more than thirty years at Goldman Sachs, suck the life blood out of our Treasury.
He insists that he has to bring in a bunch of very expensive consultants, that he will select, to figure out who to lavish the 700 billion of our dollars on.
Guess where Paulson will get those so called experts from, and pay them enormous amounts, through no bid contracts. This is how they ripped us off in Iraq.
That is right; he will get them from Wall St, and most likely he will bring in many of those who are now out of their plush jobs, because they destroyed the financial institutions where they used to work.
This is an attempt at the biggest bank hoist in history, and Paulson is the inside man who is plotting to let the Wall St. Robber Barons into the bank vault.
September 24, 2008 3:04 PM | Reply | Permalink
The no bid contract was my first though also.It is just presented in a new and improved way.My question is why should we trust the people that broke the system to fix the system?Is that not the definition of insanity?
September 24, 2008 8:48 PM | Reply | Permalink
On Fox "News" on Sunday Paulson said that that he had to wait for things to get this bad to ask for these powers. Today I heard it mentioned that the adminstration had this plan prepared and was 'waiting to use it'. WTF!!??
Then Paulson said he didn't know if it would work...
Okay but there are some real circumstances occuring to back up their 'sky is falling' strategy and something does need to be done.
I started writing congress as I am sure many of us have and demanding a better proposal.
I felt a little better when I heard that there would definitely be oversight but based on the make up of a review board discussed didn't feel it would be tough enough.
I like Schumer's suggestion that we just give them $150 billion and see how they use it and if it looks like this is going to work and the process is moving along fairly they can allocate more. Paulson seems to feel any less than $700 billion all at once would be meaningless which sends off really loud alarms in my head!!
Today in the house finance committee hearing I heard a congressman suggest that we needed a 'co-signor' so Paul couldn't just purchase and sell these assets on his own. I used to be in accounting. I really like the idea that if we have to do this thing... there is a co-signor or a team of co-signors for every purchase and sale. The point he made was that a board for oversight could only review money that was already spent or assets already sold and they might find error but by then it's too late to really do anything about it. Oops you overestimated those assets from Goldman Sachs... better not do that again, of course would be meaningless.
I think they could pick a republican and democratic memeber of the senate as co-signors and make it a three man purchasing/selling team.
The review board also has to have teeth. If they decide this solution is not working they should have the authority to shut it down and send everyone back to the drawing board. They also need to keep all of the transactions very transparent.
They are going to pass some form of action so I am focused on the checks and balances rather than the 'to bail out or not bail out' argument.
Extraordinary problems call for extraordinary solutions.
September 25, 2008 2:56 AM | Reply | Permalink
All good questions, Liam.
Yet again, both parties in Congress sell out taxpayers for big donors. And Bush will happily take the blame on his way out to ensure that the fleecing of Americans continues, while too many taxpayers continue to wallow in the feel-good-denial that says their party in Congress is not rubber stamping each and every fleece.
Despite the fact that the public is up in arms about this brazen grab for more corporate welfare, Congress clearly intends to come up with enough votes to push through this latest raid on the empty treasury. Congress members with talking heads from the corporate media are busy trying to reassure taxpayers that we should just trust Congress to come up with a good plan and look out for our interests. (Really, trust Congress..they are smarter than everybody else? They are going to make sure this is a good bill. Look at where their recent track record has led if you need any more assurances.) And democracy? participation?checks and balances?
The rush is to prevent voters from having enough time to take a close look at this because the voters won't go for another transfer of taxpayer wealth for corporate welfare.
And since there is effectively no transparency at all when bills are rushed through Congress, I'm expecting a statement against this rush-job from Obama. After all, this election is about us, right? And it is about change and changing the way things work in Washington, right? (this looks like more of the same) And Obama will ensure the people are at the table when important issues are decided, right?
Is the public really dumb enough to go for the latest media brainwash? ("it is either a depression or a trillion to crooks---take your pick.") Geez...if that's the choice, which one should we pick?
Bruce Marks who founded NACA.com (a nonprofit org that has successfully negotiates tons of predatory loans down to below market rates) is the most believable and sensible opinion I've heard yet on this latest "crisis."
www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/24/bailout_must_address_the_foreclosure_crisis/
September 25, 2008 9:54 AM | Reply | Permalink