On Crying Wolf, Or, Why I Don't Want To Give You $700 Billion

by: fake consultant

Wed Sep 24, 2008 at 17:11:36 PM EDT

As this is being written we are in the midst of the second day of testimony before Congress by Ben Bernanke and Henry Paulson in support of the Administration’s proposed financial rescue package.

The basic sales pitch is that the Nation’s financial problems are at this moment so severe that the only solution is to expose to risk $700 billion dollars of taxpayer money to buy assets with a currently unknown price…and to give the absolute and total power over what those valuations are, what should and should not be bought, what repayment terms will be sought—and additionally, what happens to any money recovered--to one man, Henry Paulson.

There are those who are not on board. They have critics, who continue to stress the dire consequences of inaction.

With all due respect to those critics…we have been down this road before with this Administration—and last time, they weren’t so big on telling the truth…or getting the job done effectively.

We’ll cover that ground, we’ll talk a bit about “mark to market” issues—and on a positive note, we’ll address the role of “warrants”, the negotiating power of Warren Buffett, and how the taxpayer could actually see substantial recoveries of money down the road.

There's More... :: (1 Comments, 1885 words in story)

No bailout for Wall Street, only Main Street

by: William Allen Simpson

Mon Sep 22, 2008 at 13:43:20 PM EDT

Democrats want pay limits, loan aid in bailout

Our Federal legislators must refrain from buying into the Bushian "trust me" logic. We must not give them any more money with no strings attached.

Goldman Sachs, Morgan Stanley change status to holding companies

If the massive investment banks still have enough money to buy out other commercial banks, they don't need taxpayer funds to prop them up. Seems like they just want a handout.

Instead, we should look at our history for successful models. Remember that (Republican) Hoover failed, and (Democratic) Roosevelt succeeded.

Bailouts are common, but risk doesn't always pay off

Resurrect the Home Owners' Loan Corp. Fund only occupied primary residential real estate. That was a successful program, and actually made taxpayers a modest profit.

Big Financiers Start Lobbying for Wider Aid

We must not bail out commercial (speculative) ventures or pseudo-assets based upon speculative financial instruments.

We must not privatize handling this matter to external firms for their exorbitant management fees. That's how we arrived at this debacle.

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BREAKING: Wall St. Meltdown Culprits Revealed!!

by: Brainwrap

Sun Sep 21, 2008 at 00:38:57 AM EDT

Cross-posted at Daily Kos
(Just a little gallows humor appropriate for the times we're living in)

After an lengthy investigation (mostly consisting of my running a Google search for the appropriate still images and transcript), I've solved the mystery of who's really behind the Wall Street Meltdown that has wiped out Bear Stearns, Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, AIG and more to come.

Is it Phil "Nation of Whiners" Graham? John "Keating Five" McCain? Alan Greenspan? George W. Bush? Zombie Reagan?

Nope. Below the fold, I reveal the actual villians behind this dastardly deed:

There's More... :: (0 Comments, 368 words in story)

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