An Ol' Broad's Ramblings
To The Taxpayer: SCREW YOU!
Foreign banks want to be covered by U.S. bailout
It looks as if the American financial bailout may be going global, a move that could raise its cost and intensify scrutiny by Congress and critics.
Foreign banks, which were originally excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American branches to the U.S. Treasury, getting the same treatment as U.S. banks.
Whoa!!! Wait a minute! Does this mean OUR tax dollars are going to bail out banks in Paris? London? Who knows where else? Excuse me???? I really hope like hell I read that wrong, but if I didn’t, a LOT of someones better start hiding under their desks! Just who the hell is in charge? WE ARE! It’s about damn time they remember that!
There was no estimate on how much that might add to the $700 million proposal that some economists already say could top $1 trillion.
On Sunday, congressional Democrats also began putting their fingerprints on the proposal, pushing for assistance for distressed homeowners and for oversight authority of the bailout program.
$1,000,000,000,000? Do I have enough zeroes there? Just because they can print money at will, doesn’t mean that piece of paper is going to be worth the price of printing it.
“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests,” House Speaker Nancy Pelosi said. She added that the administration’s proposal did “not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.”
Since this woman is as clueless as the rest of her cronies, I wish she wouldn’t open her mouth. Let the grownups deal with the problems. Are there any grownups in D.C.? I’m starting to wonder.
“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,” Mr. Paulson said on Sunday.
The “One World” types have really done a job, haven’t they. While many thought it would be a ‘charismatic world leader’ who screwed us all over, it turns out to be banks. I suppose I shouldn’t be surprised.
“I’m skeptical of the bailout, the whole bill is only a couple of pages long,” said Rep. Scott Garrett, R-N.J., who is a member of the House Financial Services Committee.
Does he mean if a bill isn’t thousands of pages, with a lot of useless, or misleading language, it’s no good? Honestly, I’ve never understood why they can’t just say what they mean. Although, that of course, would have people who actually understand simple English up in arms. That aside, I’m more than skeptical of bailing out every company that screws up so badly they file for bankruptcy, even though their head honchos end up walking away with millions.
The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan Sunday, referring to its proposal to purchase so-called troubled assets, a change from its original plan for investments tied to home loans, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
The change suggests the inclusion of instruments such as car and student loans, and credit card debt. That may force an increase in the cost of the package.
This is not the country where I was born, where success or failure depended on hard work and honest business practices. Feckless ‘businessmen’ can now screw over the company, the stock holders, and the employees with the knowledge that the U.S. gubmint will take care of it all, not just within our borders, but world wide.
Wrong! Wrong! Wrong!
Did Pelosi actually utter the word ‘bipartisan’ without choking?
@Pastor John:
Well, y’see….her definition of ‘bipartisan’ is not exactly the same as the REAL definition. To her, it means everyone bows down to HER whim, and that’s what makes it bipartisan.
Pfft! What a putz she is! Has there EVER been a worse Speaker? Not in my lifetime.