Protest! Protest! Protest
"More than 150 prominent U.S. economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely."
"In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a ``subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation."
" ``It doesn't seem to me that a lot decisions that we're going to have to live with for a long time have to be made by Friday,'' said Robert Lucas, a University of Chicago economist and 1995 Nobel Prize winner who signed the letter. ``The situation may get urgent, but it's not urgent right now. Right now it's a financial sector problem.'''
So Why the RUSH? (the million dollar question, right?)
Because if they don't rush and the public gets wind of the actual details they will discover it is a raw deal for the taxpayer and only a great New Deal for Wall Street.
"One opponent to the $700 billion financial rescue plan is Allan Meltzer, a former Fed economist and a professor at Carnegie Mellon university in Pittsburgh, Pa. Meltzer tells Steve Inskeep he's against the proposal because he thinks if Wall Street created the problem, then Wall Street should solve it."
NO MORE DEALS FOR WALL STREET. Punish the Incompetence by NOT rewarding them for being so good at it!!!
Seriously. They are asking for a blank check. A $700 billion blank check for the likes of Goldman Sachs (GS), JPMorgan (JPM), Citigroup (C), Morgan Stanley (MS) and their cohorts that participated in reckless gambling and fraudulent mortgage lending schemes.
"U.S. Treasury Secretary Henry Paulson's proposed $700 billion bank rescue aims to help "poorly run" companies and the primary beneficiaries would be Goldman Sachs Group Inc. and Morgan Stanley, said BB&T Corp."
"Chief Executive Officer John Allison in a critique of the plan.Treasury "is totally dominated by Wall Street investment bankers" and "cannot be relied on to objectively assess" the impact of government policy on the financial industry, Allison wrote in a Sept. 23 letter to Congress. The letter was verified by Bob Denham, a spokesman for BB&T, North Carolina's third- largest bank."
The very guys asking for the bailout have padded their own pockets, feathered their own nests and and handed out billions of dollars in bonuses to their rank and file, all based on the ponzi scheme that has been the housing market. This is no surprise to them. They all read here. They read Ben's blog. They read Mish's blog. They read us all. They had full knowledge of what they were doing and they kept spiking the punch because there was nobody to stop them. The politicians, the Fed, Greenspan, Bernanke, Paulson... they were all in their pockets. These guys were nothing but the band on the Titanic.
Now these INCOMPETENT BOOBS are asking U.S. taxpayers to bail out their bad lending practices to the tune of $700 billion. Just Say NO TO CRACK!
Protest! Protest! Protest!
Give her a call!
Washington D.C. number (202) 225-4965.
district number (415) 556-4862
(from LA TIMES)
"As congressional leaders struggled to craft a bailout plan for the nation's troubled financial system Thursday, angry protesters mobbed Wall Street, telephones rang off the hook in House and Senate offices and a group of prominent economists sent off e-mail blasts critiquing the proposal."
"More than 1,000 protesters clogged the street in front of the New York Stock Exchange on Thursday, bearing signs calling the bailout a "class war crime."'
"A spokesman for Sen. Dianne Feinstein (D-Calif.) said her five offices had doubled staffing to deal with the constantly ringing phones. Through late Thursday, Feinstein's offices had received a total of 39,180 e-mails, calls and letters on the bailout, with the overwhelming majority of constituents against it."
"Rep. Linda T. Sanchez (D-Lakewood) was also hearing it from her district, which includes parts of the city of Los Angeles and unincorporated L.A. County. "My constituents are telling me loud and clear that they aren't convinced," she said in a statement."
"Typical of the tone of such contacts, Sanchez's office said, was a missive from a constituent in Whittier: "The bailout legislation is being rammed through Congress in a matter of days. This is an illegal power grab by the White House and their richest friends on Wall Street."'
"Jason DeMatteis, an engineer who bought a home north of Burbank in 2005---."You have to hold people responsible to some extent," he said. "I find it a very hard pill to swallow that I have to work my butt off to pay my mortgage and other people get bailed out."
Who stands to gain? Only Wall Street.
'"I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout," said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory."
Last night WaMu became the latest and largest bank to fail. There have been 7 bank failures this year, all of them announced on a Friday. WaMu was announced on a Thursday- during a hairy debate on this so called "financial rescue plan" that the majority of the PUBLIC that these politicians represent!!!!
hmmm something doesn't pass the smell test. I smell Game playing to create a sense of urgency.
There should be NO RUSH into a $700 billion package when 190 economists, a current Fed governor, and a former Fed Governor are screaming that this bailout is: A bailout of Wall Street that will cost at a bare minimum $2,000 for every man woman and child in the United States. (thanks Mish)
They have socialized loss in this nation. The Wall Street Crooks have bankrupted this nation and now they want a $700 billion dollar cookie?
Letter from Ron Paul
With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it.
Call them! Let them hear from you!
Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom?
Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for?
Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
If you do not have internet faxing get MetroFax. 1000 pages at a very cheap price. You can afford $12.
Sign up today and fax these bums your middle finger!
Please fax everyone on this list.
Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862
Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282