Foreign Banks are eligible for the 700 Billion

[whottt]

http://fedupusa.org/



$700 Billion American Taxpayer Dollars to go to Foreigners!

10/1/2008



More at The Market Ticker


That's correct, Brad Sherman (D-CA) was on Kudlow and explained to the world that the $700 Billion wasn't meant for the US, it was meant for foreign investors.

Are you on the phones to your congressmen yet??? More will be coming shortly; just remember, use House.Gov and Senate.Gov to find your Congressmen and Senators...

"Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury.

Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen."

YOU ARE GOING TO GET FLEECED FOR HUNDREDS OF BILLIONS OF DOLLARS IF THIS BILL PASSES - THAT MONEY IS GOING TO GO IMMEDIATELY OUT OF THE COUNTRY!




SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.



From the National Journal:
Rep. Robin Hayes, (R-NC), took issue with the provision that would allow foreign banks and investment firms to qualify for assistance from U.S. tax dollars.

"The initial draft of the proposal that came from the Treasury was fundamentally limited to U.S. financial institutions," Hayes said. "During the course of negotiations, this changed, and now foreign banks and financial companies are just as eligible to receive U.S. taxpayer dollars as an American company."

[whottt]

By the way this is not propaganda at all...

[whottt]

More:

Sec. 114. MARKET TRANSPARENCY. (3 Comments)
PRICING.To facilitate market transparency, the Secretary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this Act, within 2 business days of purchase, trade, or other disposition.

DISCLOSURE.For each type of financial institutions that sells troubled assets to the Secretary under this Act, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions. If such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional disclosure requirements to the relevant regulators.




Oh well shit...as long as Paulson's the one who gets to decide :tu

[whottt]

BTW, here's the text of the bill:

http://publicmarkup.org/bill/senate-emergency-economic-stabilization-act-2008/

[SnakeBoy]

YOU ARE GOING TO GET FLEECED FOR HUNDREDS OF BILLIONS OF DOLLARS IF THIS BILL PASSES - THAT MONEY IS GOING TO GO IMMEDIATELY OUT OF THE COUNTRY!


Stop fooling yourself by saying "IF". The bill is going to pass. I'll be shocked if the house has enough balls to kill it again.

Something I've been wondering about. I'm no economist so I'll do my best a expressing this thought that's been rolling around in my head. The idea behind this whole bailout is to buy up bad paper to stabilize things and then later they will work on the policy changes that will prevent this from happening again. Right?

So as Paulson buys up bad paper what will stop more bad paper from being created since they aren't going to deal with those regulations/policies until later? Later will be how long? 6 months, year or more.

Isn't this approach kind of like if you have a guy pouring fuel on a fire until it gets out of control and deciding that the best way to deal with it is to throw a big bucket of water at the fire and just hope the guy pouring the fuel stops doing it because he learned his lesson.

Once it passes there should be a gambling thread on how long before they say we need another bailout package.

[cool hand]

Stop fooling yourself by saying "IF". The bill is going to pass. I'll be shocked if the house has enough balls to kill it again.

Something I've been wondering about. I'm no economist so I'll do my best a expressing this thought that's been rolling around in my head. The idea behind this whole bailout is to buy up bad paper to stabilize things and then later they will work on the policy changes that will prevent this from happening again. Right?

So as Paulson buys up bad paper what will stop more bad paper from being created since they aren't going to deal with those regulations/policies until later? Later will be how long? 6 months, year or more.

Isn't this approach kind of like if you have a guy pouring fuel on a fire until it gets out of control and deciding that the best way to deal with it is to throw a big bucket of water at the fire and just hope the guy pouring the fuel stops doing it because he learned his lesson.

Once it passes there should be a gambling thread on how long before they say we need another bailout package.



whats amazing is the congress would have overwhelming support from the people, but you say they don't have the balls.........who are they afraid of?

[whottt]

It's probably not even all about fear....some of it's probably about their investments.

[whottt]

If they were so afraid...it wouldn't take all this pork to get it passed. And they wouldn't be allowing Paulson to protect himself so much.


They'd want to be able to see what he was doing as much as we do.

[whottt]

boutons...even the socialist in congress is against it. He doesn't like the welfare for the rich aspect of it.

[boutons_]

"who are they afraid of"

China, Arabs, etc hold 100s of $Bs of debt owed by USA.

I read that it was China that forced dubya to ne-nationalize F&F. The super-indebted USA is not in control of its own fate, anymore than Congress is under the control of The Great American People.

http://en.wikipedia.org/wiki/United_States_public_debt

"In Fiscal Year 2006, the U. S. Government spent $406 Billion of your money on interest payments* to the holders of the National Debt."

http://www.federalbudget.com/

So $700B going to foreign lenders is really not that much when compared to the USA's annual and dramatically increasing interest payments on the national debt, much of which alread goes to foreigners. The debt is kinda fake-y, but the interest payments, hard cash, have to be paid on time.

The Repug/neo-c*nt objective for decades, with bogus wars, lowering taxes, gifting subsidies to the needy energy cols, etc, has been to destroy, not hurt, BUT DESTROY, the US govt, because their ideology is that govt is the problem, not the solution.

Paying $700B to buy worthless paper is the lazy solution. Nobody in Congress has to work on it, just vote yes, and keep on truckin.

Paulsen will hire his corrupt, interest-conflicted financial buddies to help him spend it, paying them 100s of $Ms in fees. Congress won't be involved, accountable, responsible, their hands washed of the whole business.

And if the $700B doesn't work? Nobody will be accountable. That's the new American ethics.

$700B one time really isn't that much, compared to the 100s of $Bs wasted EVERY FUCKING YEAR by the nation's biggest polluter, the US military.

[boutons_]

Of course a socialist would be against the bailout, since it bails out only The Evil Capitalists, not The Noble Comrades of the Citizenry.

The Big Hole, other than our bail-out-expanded anuses, is that the millions of foreclosures that will not be averted, guranteeing that the MBS remain worthless, and robbing the lenders of capital/cash inflows. NO money flowing from the foreclosed homeowners to the lenders. It would be better to cut the home "owners" a deal, keep them in their houses, keep them paying at least something rather than nothing.

[SpursFanFirst]

I think Aggie pointed this out a week or so ago.
I wasn't happy about it then, and I'm not happy about it now. :depressed

[temujin]

So Saudi banks can apply.

No wonder their man in the white house is so active about it.

[smeagol]

I think Aggie pointed this out a week or so ago.
I wasn't happy about it then, and I'm not happy about it now. :depressed

And I pointed out that Citibank is owned by the Arabs . . .

[TDMVPDPOY]

im fkn piss, put money in a deposit fund, now its fukn parent company in england is consolidating and thinkn of sellin its assets...fukn bs. i want my money back