No Treason

Paulson – Bernanke FAIL (please DIGG)

The next one had me spitting all over my keyboard. Fantastic stuff.

REQUEST FOR URGENT BUSINESS RELATIONSHIP – LRC

MsDoodahs at RonPaulForums has lists of how the House and Senate voted on The FRE/FME bailout.

See how YOUR Senator voted on Fannie/Freddie bailout

See How YOUR House Rep vote on the FANNIE/FREDDIE bailout

Bernanke and Paulson are liars. That is beyond doubt. They are ripoff, fractional reserve banking, regulatory cartelizing, welfare for the rich stealing, con-men technocrats.

And sadly the only people who keep buying their lies, are the mainstream media and the representatives of the people in Congress. This is why democracy fails. Positions of representation or leadership inevitably attract the least qualified people, typically the best liars and schmoozers.

Morons like Chris Dodd, who has banks like Countrywide write his signature legislation, while patting him on the back with sweetheart deals.

One man continues to speak truth to power. Ron Paul. CNN actually gave him a column today.

Even Democrat Radio Host Bill Press is on the “Stop the Bailout” bandwagon now. From an email I received this morning,

No Bailout! Make One Call.

202-224-3121
Call the US Capitol. Ask to speak to your Congressman or Senator – and tell them…
NO BAILOUT! NO BLANK CHECK!

George Bush is demanding a blank check.

Treasury Secretary Hank Paulson is demanding a $700 billion bailout of Wall Street.

And Democrats in Congress must deliver both by Friday, September 26, they say – or else.

To which Democrats should respond: No, no, no!

We gave Bush a blank check after September 11. We gave him another blank check for the war in Iraq. We’re not going to give him another one now, for Wall Street.

Let Democrats tell the President: No Blank Check and no Bailout. Unless….Unless there’s some real relief included for working Americans…And unless there are some tough new rules for Wall Street.

For starters:

* No CEO of a company we bail out should be able to make more than the President of the United States.

* No golden parachutes for executives of Lehman Brothers, Freddie, Fannie, Merrill-Lynch, or AIG.

* Homeowners about to lose their homes should get their mortgages bought down to a level they can afford.

* There must be new limits on how much interest banks can charge on credit cards.

* And a percentage of bail-out funds should go to states and cities for new construction projects and new jobs.

And that’s just for starters.

If Congress is going to bail anybody out, they must bail out all Americans – not just the crooks on Wall Street.

Forward this email to your friends!

Bill Press

I don’t agree with everything in the email, but I do believe in activism and awareness.

Now more than ever, we need to explain sound money, free markets, and use this opportunity to awaken and activate as many liberty loving people as possible. Whether the bailout goes through or not, this is a time when millions of ambivalent citizens around the world are focused on fiscal and monetary policy. This is a time when we can shine.

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Monday’s updates on the Great Fascist Bailout Package designed by criminal technocrats, Ben Bernanke and Henry Paulson.

A fantastic analysis,

This is clever and nobody in the mainstream media has figured it out.

If you think the cost of this bill is $700 billion, you’re wrong. The cost is actually infinite and the entire bill constitutes a giant money-laundering scheme.

Paulson can (and presumably will) buy up to $700 billion of these “assets”, then sell them. Let’s say he decides to buy them at 60 cents on the dollar and sell them for 10. You, the taxpayer, will eat the fifty cents, for an immediate cost of $350 billion dollars.

Having done so, he is then authorized to do so again, since the $700 billion is no longer on the government’s balance sheet.

In fact, he can do this without limit, other than possibly due to the federal debt ceiling, which of course Congress will raise any time we get close to it. Oh yeah, this bill does that right up front too. No need to bother with it the first time around.

Folks, $700 billion isn’t even close to the total cost of this monster.

If Paulson and his successor decide to, they could literally cycle all $5.3 trillion of Fannie and Freddie’s debt through this scheme, potentially sticking the taxpayer for 20% or more of the total, plus as much private debt on various bank balance sheets as they can manage to nationalize until (and possibly beyond) the point where the bond market tells him to go to hell.

Bottom line: This bill gives Paulson the ability to nationalize an UNLIMITED amount of private debt and force YOU AND YOUR CHILDREN to pay for it.

How Much Will the Bailout Cost You?

Assuming 150M taxpayers in the U.S., that works out to about $5,000 per person. That’s the right now cost. If it had to be paid for right now, it couldn’t be done. Unfortunately, the government isn’t going to pay for it right now, they’re going to finance it, putting up your productivity and acquiescence as collateral.

Those $5,000 will be compounded by invisible inflation that will mysteriously be “adjusted” away in the officially reported core inflation Index du jour, and a crushing tax burden sure to follow.

And hardly anyone has noticed, that the investment firms, have now become banks.

Goldman, Morgan Scrap Wall Street Model
Become Banks in Bid to Ride Out Crisis End of Traditional Investment Banking, as Storied Firms Face Closer Supervision and Stringent New Capital Requirements

The Federal Reserve, in an attempt to prevent the crisis on Wall Street from infecting its two premier institutions, took the extraordinary measure on Sunday night of agreeing to convert investment banks Morgan Stanley and Goldman Sachs Group Inc. into traditional bank holding companies.

With the move, Wall Street as it has long been known — a coterie of independent brokerage firms that buy and sell securities, advise clients and are less regulated than old-fashioned banks — will cease to exist. Wall Street’s two most prestigious institutions will come under the close supervision of national bank regulators, subjecting them to new capital requirements, additional oversight, and far less profitability than they have historically enjoyed.

Already, the biggest rivals of Goldman Sachs and Morgan Stanley — Merrill Lynch & Co., Lehman Brothers and Bear Stearns Cos. — have merged into larger banks or sought bankruptcy protection.

“This fundamentally alters the landscape,” a Goldman Sachs spokesman said Sunday night. “By becoming a bank holding company and being regulated by the Federal Reserve, we have directly addressed issues that have become of mounting concern to market participants in recent weeks.”

I wonder what the fallout in Canada will be like. So far, it is all quiet on the northern front. Although I did find this interesting perspective.

Domestic banks may join bailout list

Charles Geisst, professor of finance at Manhattan College, said in an interview yesterday that he thinks foreign governments have good reason to resist stepping up to the plate.

“It’s an American problem,” he said of the financial crisis. U.S. subprime mortgages wound up in a number of complicated financial instruments that banks around the globe were holding. “The U.K. was the closest to it, simply because of the interbank connection,” Mr. Geisst said. But “the German banks who bought these mortgage-backed securities just as investments have got to be wondering what the hell they were sold, as would the Chinese and folks in Singapore. And I think they’re right.”

As usual, FSK is following the money,

Anybody who knew about this bailout ahead of time could have profited immensely. They could have bought the shaky subprime mortgage bonds before the bailout was announced. Now, they can sell those bonds back to the Federal government for a nice profit. As usual, politically connected insiders profit at the expense of everyone else. Only politically connected insiders may do this, because they need to make sure the bonds they bought qualify for the bailout.

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