The Washington Post tells us that we are about to pay for the abuses of the ultra-rich. We are being held accountable for their thievery. I hope you understand this.
Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation’s financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.
House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.
Full details of the plan were not immediately available. Lawmakers said their staffs would be working through the night to assemble the package and post it on the Internet.
“We’ve made great progress, but we have to commit it to paper before we can formally agree,” said House Speaker Nancy Pelosi (D-Calif.), who has pledged to make the plan available to the public for at least 24 hours before the House votes on it. A vote could come as early as tomorrow in the House, with the Senate expected to follow soon after.
“We’ve been working on this a long time. We’ve still got more to do to finalize it, but I think we’re there,” Paulson said. “So far, so good.”
Let me interrupt here to say that if that crooked bastard, Paulson thinks this is a good idea, we should do precisely 180 degrees different. “So far so good” means that they feel like they have duped us.
Think about this again, they provided an absolutely atrocious plan to get it all taken care of by the tax payer. By doing this, by asking for it ALL, they knew that they would end up with enough to sink us and bail them out.
I say fuck them and that horse they are riding in on. But before we nasty our dicks on the skank, let us look at what HAS been agreed to and how that equates to my insistence that they are getting exactly what they want because they asked for what they knew would not be given to them. Anything less is a win for Big Money and a loss for real Americans.
… A senior administration official, who requested anonymity to speak freely about the plan, said both sides had made significant concessions to achieve compromise. The Bush administration has agreed to accept a number of Democratic demands, including:
· The money would be dispersed in segments, with Paulson receiving $250 billion immediately, $100 billion upon White House certification of its necessity and the final $350 billion only after Congress has been given 15 days to object.
· Firms participating in the bailout would be required to grant the government warrants to obtain nonvoting shares of stock, so taxpayers can benefit if the companies return to profitability.
· Firms taking advantage of the bailout would be required to limit compensation for senior executives, with especially severe limits on “golden parachutes” at failing firms. The compensation limits will be enacted primarily, but not solely, through the tax code by reducing tax deductions for firms that pay executives more than $400,000 a year.
Thanks goodness for the acceptance of the Bush Administration of the Dem plan. He is such a leader. With his record of leadership, the Dems should be falling all over themselves to do anything he and his crooked administration asks for.
Think about this. Every day for the last week, these firms have been borrowing $188Billion per DAY. How far do you think that &00Billion will go at almost $200B per day?
Then this, “so taxpayers can benefit if the companies return to profitability”
What a god damned big assed “IF” in that sentence.
Or this, “Firms taking advantage of the bailout would be required to limit compensation for senior executives”.
What a god damned big assed “limit”. Let me explain a better plan. You fire those fuckers, put their asses in jail and put new ones in. Any person who has received any compensation regarding these firms that have failed or have been taken over by the FDIC should be forced to return ALL monies and be charged with the theft and the destruction they have caused.
The administration also agreed to Democratic demands that the financial services industry should help pay for the program. Under the agreement, the president would be required to propose a fee on the industry if the government has not recovered its money through sales of the assets within five years.
Democrats also made a number of concessions, abandoning demands that bankruptcy judges be empowered to modify home mortgages on primary residences for people in foreclosure. They also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said
Really? The people who did this should have to help pay for it? I will be damned. What an amazing leader. But wait 5 years (just long enough for the entire system to crash and become a barter system).
And you Dems. Gave up on helping the people who are going to pay for this? Just like a dime-store pimp, who beats the fuck out of the people paying his bills, we the American people are now the country’s elite’s hos.
…Bush attempted to address criticisms from the right and left that the plan would bail out irresponsible financiers while doing nothing for regular Americans. Echoing frequent comments by him and his aides, Bush said allowing Wall Street to collapse further would pose greater dangers to the economy, perhaps triggering a “deep and painful recession.”
“The rescue effort we’re negotiating is not aimed at Wall Street — it is aimed at your street,” Bush said. “And there is now widespread agreement on the major principles. We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets.”
Democratic leaders have emphasized to rank-and-file members that Paulson has told them that he could only spend about $50 billion a month on the securities purchase program. Of the $700 billion figure, House Majority Leader Steny Hoyer (D-Md.) said: “Nobody believes that’s going to be the final cost.”
Really, Harry? No one believes any of this shit except you complicit thieves who are putting the final death knell on this Wall Street rip-off of enormous size.
Like I said before, if George W Bush says something, please do the opposite. If you want to save yourselves and this country, you MUST insist that we stop the bail out, completely. Bush said it was good. You know it is bad.
BuelahMan
Lynda
kelsosnuts
