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7 Comments
NetRunnersays...Inside that 3-page plan he refers to, is this:
I guess he was against it before he was for it.
rougysays...Paulson is a slimy, lying prick.
Crosswordssays...I was watching this asshat earlier this morning and had to turn off the TV so I didn't vomit in my mouth. What I saw he was basically saying they should work fast to pass the bill and not let it get tangled up in partisan bickering, and that it would be harmful to America if they spent any time debating any changes to the bill, blah blah blah the ole Bush my way or the highway same old tired shit that's been going on for the last eight years.
I am oh so glad they're getting called out for this, until now I'd not seen that anyone in congress had even noticed section 8. I spent last night looking for anything to see if Obama or McCain had mentioned it, didn't find anything, doubt I still will.
NetRunnersays...^ Obama's first response was to rattle off 6 principles, and #1 was "No blank check".
I think that's the nice way of saying "Fuck you, section 8".
demosthenessays...I'm sorry, but I have to speak up.
It seems like all the sifters here just love throwing brickbats at Washington politicians. That's fine if the arguments raised are valid, but Hank Paulson is doing a god awesome job of fixing and resolving the biggest financial crisis facing America since the Depression.
Yes, Wall Street messed up big time, but nobody in the White House seems to be interested or competent enough to do anything about this crisis. Hank Paulson and the Fed are trying to hold the system together and this is CRUCIALLY important to prevent America slipping further into a really bad recession.
Congress should be passing this bill immediately to stabilize the ship and not dawdling on whether they should be bailing out Wall Street firms. I'm all for making the idiots in charge at Wall Street pay, but shoot the culprits after the American economy is saved, not before.
This is not a situation where you are invading a country in the hope of looking for weapons of mass destruction. The financial weapons of mass destruction HAVE ALREADY detonated on Wall Street and all of America is going to pay a sorry price for this reckless regard for risk. The issue now is containment of the fallout and how to prevent America suffering more.
And to those who think American taxpayers should not be paying for Wall Street's mistakes, think again - YOU ARE going to pay for those mistakes even if this US$700b facility doesn't go through. The check is just not upfront, but paid later on when Americans start losing your jobs and homes in a deeper recession.
rougysays...>> ^demosthenes:
I'm sorry, but I have to speak up.
It seems like all the sifters here just love throwing brickbats at Washington politicians. That's fine if the arguments raised are valid, but Hank Paulson is doing a god awesome job of fixing and resolving the biggest financial crisis facing America since the Depression.
Paulson is one of the reasons we're in this mess to begin with.
...the (Paulson) committee warned that U.S. regulations were scaring away capital. New stock issues were increasingly being listed on European or Asian exchanges. Foreign companies were raising capital via private offerings instead of public exchanges, to avoid the disclosure requirements of the Sarbanes-Oxley Act of 2002 and the liability provisions of the 1933 and '34 Securities Exchange Acts. The risk of class-action lawsuits and high director insurance rates were frightening away foreign capital, too. The solution? Dismantle much of what's left of New Deal financial regulations and some of Sarbanes-Oxley.
Source
This didn't happen by accident. It was planned this way.
NetRunnersays...>> ^demosthenes:
Paulson also specifically singled out the banking industry as being very strong, and a reason for people not to panic about the economy just a month ago.
Now he's saying "give me $700 billion to buy things, with no review by agency or court, and do it now, without debate".
This is exactly the same tactic that has been used by these guys time and time again to subvert our government against us. They tell us the sky is falling, and that there's no time for debate, and to just hand over all authority to them.
I say absolutely not.
If we're going to write a trillion dollar check, it's going to be to give to the people who might lose their homes, jobs, and health insurance -- let all the companies who put themselves on a house of cards fail and die.
It won't be to hand it over to a Bush appointee who used to work at Goldman Sachs to do with as he sees fit.
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