Reminds me of back during the Vietnam war when if you wanted a federal research grant that had the words “war” or “soldier” in the application, head to the bank and cash the check. But want to study something useful, go away. We’re at war!
In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.
The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.
Treasury Secretary Henry Paulson confirmed the change on ABC’s “This Week,” telling George Stephanopoulos that coverage of foreign-based banks is “a distinction without a difference to the American people.”
“If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution,” Paulson said.
“That’s a distinction without a difference to the American people. The key here is protecting the system. … We have a global financial system, and we are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will. But, remember, this is about protecting the American people and protecting the taxpayers. and the American people don’t care who owns the financial institution. If the financial institution in this country has problems, it’ll have the same impact whether it’s the U.S. or foreign.”
This is obscene. I’ve already written my congressional reps and pleaded with them to vote NO!
#30, yes. I do this once a month. Costs have doubled in the last couple of years. Of course I am not feeding at sustenance levels but just above it. My new budget is around three each per day because I’ll include fresh fruit. The real costs are meat and dairy but the rest is rapidly catching up.
Over the weekend the foreign banks came to a realization that we (the U. S.) already knew: If we go down, they all go down, and we’re no worse off than them in the end.
That’s why the amount of debt our nation has does not matter.
(I’m not saying this is good, I’m saying that’s how it is.)
#33 – With the billionaires who are their friends, just like every other administration, silly.
#30, Yes, give or take.
Is the last couple of years, prices really shot up. When I got the cash register, I was shocked to discover what I normally pay had almost doubled. The cost of meat and dairy were the main contributing factors.
The bailout is a classic maneuver intended for the redistribution of wealth.
The only surprise is that it’s been proposed by a Republican administration….
So, we bail out the banks that got into trouble making high-risk loans of large sums of money with high-risk loans of large sums of money?
Here is a what a trillion dollars gets you:
* To buy everybody living in Los Angeles at least one Lamborghini Gallardo.
* To buy 88,052, 394′ custom mega yachts; enough to stretch around 1/4 of the world.
* To buy everyone living in Belize and Malta a Manhattan apartment.
* To get half of the Democratic Party into a fundraiser for Barack Obama at the $28,500 admission price.
* To give one out of every two men in the United States a Men’s Presidential Rolex watch.
* To buy every woman in the United States a Tiffany Diamond Starfish Pendant.
* To get two Mitsubishi 73″ HDTVs for every household in America.
* To buy four copies of The Office: Season Four on DVD, to every person on earth.
* To send everybody in America on an all-inclusive vacation to Tahiti (and some people can stay a few extra days).
AND…
$1 trillion is enough money for everyone in Buffalo, NY to buy their own 65-acre island in Panama.
This is how much the government is going to cost you (roughly $3,278 for every man, woman and child in the United States).
Barack Obama is for it. John McCain is for it.
http://tinyurl.com/54lfnd
Don’t all these type of financial problems root from the private bank having charge of the money supply?
I wonder what type of economy and financial dealings this country of the United States would have if we followed Section 1 Article 8 of the United States Constitution?
I wonder what it would be like if, we the people, removed the mistake of Congress in delegating their authority of issuing our currency to private banks, and we issued our own currency, interest and debt free, and we stopped using a credit/debt based system of money?
Would it be better or worse?
And yes, I do believe that this is fully designed, and the diabolical work the Federal Reserve System and their owners.
We never had a Federal Income Tax due to it being a direct tax ruled by the Supreme Court to be unconstitutional until 1913, why then?
We had a national debt of around 1 Billion dollars before 1913, now it’s approaching 10+ Trillion dollars, why?
Simple answer:
Article 1 Section 8
The Congress shall have power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Article 1 Section 10
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Firt
The Congress gave away our, the people’s, authority, to private banks, to issue our money.
Second
Then, they allowed that money to be fiat paper and not gold or silver based interest free money.
Third
Once that was accomplished in 1913, and Federal Income Taxes were implemented as a guaranteed interest payment, we have only continued to go deeper in debt and this is the collapse of so much debt.
Unless, we the people, allow our Congress to give them all the money they need to keep their house of cards from falling. But, as any good economist knows water never runs up hill forever.
Let it fall we’ll rebuild it, without the Federal Reserve and their debt credit system. We’ll do it with interest free US Notes backed by Silver or Gold or Cowdung, makes no difference, as long as we stop using a debt based system.
Not one person on this blog even mentioned the Federal Reserve’s involvement or why they have so much control.
We all should learn all we can about the Federal Reserve System and it’s tight gripped hand on our money supply.
As a kid I figured out that it didn’t make any sense in the world for anyone, much less any country to go to someone else to borrow it’s own money.
We have the authority to print our own currency, interest and debt free, but we borrow from the private bank at the Federal Reserve.
We pay a private bank interest on our own money.
No wonder Thomas Jefferson said what he did, and now we are witnessing what he said would happen. How did he know then, and most still don’t understand?
The Federal Reserve System and it owners are the cause, the problem, and removing them from this country is the solution.
No Bail out will solve anything, just transfer more wealth out of the country and out of the American workers, and investors pockets, nothing more.
Good luck to us all.