The Mother of all Bailouts

by: WaketheHerd

Thu Jul 24, 2008 at 22:44:56 PM EDT

The U.S. House passed the "Foreclosure Prevention Act of 2008" Thursday by a vote of 272-152. Check the roll call of who voted for the bill HERE

Here is some of the bill's fine print, as outlined by Congressman Paul in the above video:

- $2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”

- The U.S. Treasury now allowed to buy all ‘F & F’ housing securities

- Congress no longer involved in appropriating funds (the Treasury now does)

- National Debt Ceiling moved up another $800 BILLION

- Treasury Bills being exchanged for unwanted ‘F & F’ securities (Treasury Bills are the asset which “backs up our currency.”) This bill will breed inflation and place more pressure on the already deflated U.S. Dollar.

- Mortgage industry workers “will now have to be fingerprinted.”

- ALL credit card transactions will now be reported to the IRS.

Are you mad yet? The bill now moves to the Senate, where a vote is expected Friday or Saturday. The President has said he will sign the bill into law if it reaches his desk.

Contact Senators Carl Levin and Debbie Stabenow and let them know if you are upset about the "Mother of all Bailouts."

Debbie Stabehow (D - MI) 133 HART SENATE OFFICE BUILDING WASHINGTON DC 20510 (202) 224-4822 

Mid-Michigan Office
Senator Debbie Stabenow
221 W. Lake Lansing Road, Suite 100
East Lansing, MI 48823
Phone: (517) 203-1760

Southeast Michigan Office
243 W.Congress Suite 550
Detroit, MI 48226
Phone: (313) 961-4330

Western Michigan Office
3280 Beltline Court, Suite 400
Grand Rapids, MI 49525
Phone: (616) 975-0052

Flint/Saginaw Bay Area Office
2503 South Linden Rd.
Flint, MI 48532
Phone: (810) 720-4172

Upper Peninsula Office
1901 W. Ridge
Marquette, MI 49855
Phone: (906) 228-8756