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About LinkBacksPaulson's and Bernanke's latest ploy is to include any "distressed" loan in the big bailout. That means everything from auto loans to credit card debt. This won't benefit you. It's corporate welfare for financial companies.
The most frightening part is 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.”
If you recall this is the exact same style we were spoon fed the Iraq war. An artificial sense of urgency was created and urged to authorize it without further review.
To give you a scope of the scam I would suggest you divide $7,000,000,000 by 5,000,000 houses and that is $140,000 per house. It's important to note there are not 5 million homes in foreclosure, but rather far less. It is quite apparent the amount of the bailout is far more than what would ever be needed.
....Welcome to the nation of welfare for the rich.....
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Including credit cards in bailout
Last edited by fffresh; Sep 26, 08 at 5:20 pm.
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Can we include my gambling addiction too? I mean it's no different than bailing them out for risky investments so I don't see why not!
Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
-Barack Obama
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What they need to do is divide that amount and give another stimulus check to everyone instead.
Eff bailing out big business!
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Stimulus check will not do anything... look what the last check it... it put a band aid on bleeding wound.
Originally Posted by Cucumber
What they need to do is divide that amount and give another stimulus check to everyone instead.
Eff bailing out big business!
The root cause of this "credit crunch" goes back to the early 2001. Right after the stock market hit the tech-bubble... Alan Greenspan and the company could not allow a recession to take place. So what did they do? They dropped interest rates to historic lows causing easy money... banks lent out the money, investment banks buddled the loans and sold them... while real estate market sky rocketed all across the nation....
Our economy is in trouble because our dollar is in trouble!!! We have a dollar crises but no one seems to know. If they write another stimulus check, the average american will be robbed by a hidden tax called inflation...
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A stimulus check is no different than using a cash advance on a credit card to replenish your checking account. It's still borrowed money you don't have and will ultimately have to pay back.
We are currently entering what I believe to be a stagflation environment; the economy isn't growing but prices are. We saw this in the seventies and we are starting to see it again.
The only solution to fixing the dollar is the creation of a North American currency similar to the Euro. On our own, our dollar is royally screwed.
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When the government has to issued so called stimulus checks to keep the economy shouldn't that be a clue that the tax brackets are way off and the middle class needs a break?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
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Folks they are about to vote on the details with this thing. I didn't see any details released to the public on the revisions. Wait and see I guess.
Last edited by AnthonyBarone; Oct 1, 08 at 5:36 pm.
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This passed. makes me wanna gag.
When am I getting my bailout too?
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The Senate passes the bailout overwhelmingly and the market is down 250 today!
So much for that 700 billion doing any good!Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
-Barack Obama
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Most likely we will see the bailout pass in the house tomorrow. I have not had time to review the revisions made but from what I hear this so called distressed credit will be included.
...We will find out tomorrow....
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