HowardKing George Says Bailout the Banks
Real Crash- Looking at the Financial System and the War Drive:
My Dear Lady Ann, I've Done all I can.
My Dear Lady Ann;
I've done all I can;
I pledge my fortune, to the Queen;
(rolling stones music spoof; Lady Jane)
President (King George II) Bush did his best to pledge allegiance to the Anglo-Dutch oligarchy. I suppose that in 1776, he would have bailed out the British East India Company. instead of having the Boston Tea Party and the American Revolution. See NY Times for more.
In his speech to the United Nations, Mr. Bush said, I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy. He added , And I'm confident we will act in the urgent time frame required.
Senator Charles E. Schumer, Democrat of New York, proposed limiting financing to $150 billion.
Sorry Chuck, a little $150 billion deal with the devil will not cut it. We need a bankruptcy reorganization, to see the crimes, to throw the bums out, and to freeze the bubble, then issue new credit for productive activity.
Along with Mr. Cheney and Mr. Bolten (another Goldman Sachs zombie), Mr. Bush dispatched Keith B. Hennessey, the director of Mr. Bushs National Economic Council, to Capitol Hill.
Tony Fratto, Mr. Bushs deputy press secretary, told reporters that it was imperative that Congress pass a bill this week. Asked what would happen if Congress fails to act this week, he said, You should think of that as unthinkable. Like your bailout of Fannie and Freddie
?
Translation: If we are not slaves to the financial oligarchy, we would have to be grown-up adults and actually think, which we have promised to never do.
I get some sense that were flying by the seat of our pants, said Senator Robert Menendez, Democrat of New Jersey. You want to come in strong and have the cavalry be there, but youre not quite sure what the cavalry does once it arrives. And thats part of my concern.
Translation: You guys are powerful and I am afraid of you, but everyone knows that you are full of shit.
Several senators said they thought the best way to protect taxpayers was by requiring the Treasury Department to take warrants, which are instruments that are convertible into shares, as it did in its rescue of Fannie Mae, Freddie Mac and the American International Group.
Answer: No, No guys. Bankruptcy now.
House Democrats were also reviving a push to grant bankruptcy judges the authority to modify the terms of mortgages on primary residences to lower payments for strapped borrowers.
Translation: More bribes to the masses, like the tax rebates, will not change the fact that you guys are a bunch of bl$$^*#*ing traitors.
Christopher Cox, the chairman of the Securities and Exchange Commission, also testified and said there were two major holes in the current rules: oversight of investment banks and of the market for credit default swaps, which, he noted had doubled in size since 2006, to $58 trillion.
Translation: This is really a $50 trillion plus bailout.
Senator Jim Bunning, a Kentucky Republican who is also one of the plans fiercest critics, said,, it would do nothing to stem the slide in housing prices or help people pay their mortgages. He said it was using taxpayer dollars to prop up and clean up the balance sheets of Wall Street.
Comment: Amen. Hope you like some of the links. Not everyone goes for this fascist bailout. Even some people at the Daily Kos are freaked out.
