TITLE I - Authorizing the Treasury Department to Buy Mortgage-Related Assets
Sec. 1. Short title; table of contents. (21 Comments)
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SHORT TITLE.This Act may be cited as the "Act of 2008".
21 comments on Sec. 1. Short title; table of contents.
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I stand in opposition of this and any other like act or legislation. If I am to find that I am misrepresented by my elected officials I will do everything in my power to ensure that they are not in office the next term. This is a gross over step of our growing government is a further mismanagement of power.
posted by Brian Clay (Amercicans for Revolutionary Reform) at September 23, 2008
Those entities that have mismanaged their fortunes must meet the recourse of their actions. Removing their personal responsibility or shifting that financial responsibility is a civil travesty and has been met with opposition and revolution in decades past.
Washington has fallen a long way. The fundamentals of a free market are that losses will be had, and must be had. Hence the idea of free to succeed, free to fail.
God damn everyone who gives an aye in favor of this bill. You have lost the support of the American people and have lost grasps with your duty as our appointed officials. God damn you indeed. -
corporate profits or corporate bailouts you can't have both.
posted by Tears at September 23, 2008 -
THIS GOVERNMENT DOES NOT REPRESENT THE PEOPLE
posted by SMARTY SMART SMART at September 23, 2008 -
For $700 Billion, the taxpayers should OWN a controlling interest in ALL corporations partaking in this bizarre absurdity of legislation. If that is unacceptable to corporations, then do not gamble my money on the very same people who have allowed this to occur.
posted by Jack Oak at September 23, 2008
George Bush will simply attach a signing statement castrating any teeth you would put in this bill anyway. Only an idiot would TRUST them to follow the law when they have continually flaunted it because they consider themselves above the law.
Let the rich now suffer with all of us. -
The complexity of all of the transactions involved with this situation seems to lead legislators to the need for more regulation. The alleged abuse of these transactions are by those who use fake money (think naked shorts) to profit from transactions that are done in the name of a baseless currency. There is no amount of regulation that will fix this since those involved will simply find other loopholes to exploit as time goes on. The fix to this problem is contained in one simple action: convert back to an objective money standard such as the gold standard. The markets and money supply is being constantly manipulated by a government that is bankrupt. Let the markets clear and let these organizations fail. When the smoke clears, we will have a money system that can be trusted and cannot be fooled by leveraged credit swaps and the like.
posted by Daniel Hartensveld, Self Employed at September 23, 2008 -
I agree with all these people. The title of this bill is outrageous..... Let's call it the Act of 2007 to throw them off....
posted by Andrew at September 23, 2008 -
"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
posted by Egerton Y. Davis at September 23, 2008
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain inalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."
This current federal government has become destructive to our ends alright. -
I agree. The best chance that any of us have to influence this legislation is likely limited to creating a title for it.
posted by Nomad943 at September 25, 2008
The rest of the detail is being workerd out behind closed doors where lobbyists are buying our congresscritters votes one at a time.
I say we call this proposal the "Bush Administration Severance Package" as likely it is only being considered under the threat of what these goons will do if we dont fork over the payola (and quickly). Adds a whole new dimension to "talking down the economy".
Hmm, what woudl Elliot Spitzer have to say about all this ... oh wait he already said it, but noone listened ...
Its like a protection racket, give them some more gambling money so they can get back to the game or else ..
And they will play some more, immedietly, and we know it.
This isnt about fixing anything, its about prolonging the game, because every aspect of our society is driven by debt, from governments to corporations to individuals ... there is nothing holding this country together but a wad of debt.
We have no resources, no industry, no savings, and no leadership.
Give Bush his severance package and deport him and his goons today.
We can pick up the pieces once they are gone. -
Suggest a change: The Dispicable Act of 2008
posted by Anonymous at September 25, 2008 -
I Live In a Free Country. Part Of Being An American Is Not Supporting Socialism. I Condem with Malice all Who Support this Bailout to the depths Of Hell'!
posted by Richard Americans Agianst Illegal Aliens at September 26, 2008 -
Simple proposition hold those who caused the mess (the corporate mongols) responsible and take their money and assets,preferably all of it. I have lost much because of these scum it only seems right they deserve the same.
posted by Eye for an Eye at September 27, 2008 -
It can be called the "MAIBA" (Massive assistance in Banking Act) or more accurately, "My Ass is Bleeding Already".
posted by Tess, Conservative Republican at September 27, 2008 -
Yes, please crash our currency. That will benefit everyone greatly. That's exactly what this legislation is going to do.
posted by connedbythestate at September 27, 2008 -
No taxation without representation (and you are not representing the ME) NO to the BAIL OUT
posted by doctor011 at September 27, 2008 -
No to the bail out period no window dressing at all. You are either with the american people or ,,,You are with the terrorist ! Make up your minds
posted by doctor011 at September 27, 2008 -
CONGRESS: THINK BEFORE YOU ACT!
posted by ed briggs at September 27, 2008
You are being asked to pass a $700 billion “bailout” or “rescue” package and are told byyour leadership that it is “necessary” to prevent a catastrophe in the financial markets and, by extension, on Main Street.
Please think carefully about the following facts before you vote: ·
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Public opinion is running anywhere from 100:1 to 300:1 against passing this bill, according to sources on Capitol Hill. You must return home after you pass this package to ANGRY constituents with an election less than a month away. Given the massive size of this package, the fact that it rewards the guilty on Wall Street and does nothing to address the cause that anger is fully justified.
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Non-financial private debt is $32.4 trillion dollars1 as of 2Q 2008. Household debt is $14.0 trillion. Households lost 400 billion dollars last quarter. You wish to add $700 billion more in losses (via government obligations that taxpayers must cover) this quarter; this package is insignificant against the total bad credit outstanding. Federal capacity to “bail the system out” is insufficient.
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It will not and cannot work because the issue is trust, not money. There is lots of money (and credit) but it is being hoarded throughout the system. Consumer savings have gone from nothing to the highest rate ever in American history – in the space of a few months. Money is flying into Treasuries because of lack of trust, not lack of money. You must fix the cause of the problem, not apply band-aids.
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Commercial paper is being cited as the “lockup” that threatens an imminent financial train wreck. The truth is that commercial paper rates for “AA” rated non-financial firms is placing at a rate half that of a year ago as the Fed Funds target has been dropped from 5.25 to 2%2. With risk having increased the rate of return offered is lower? This is where the stress is coming from; at last summer’s rates this paper would roll. You are being gamed by Paulson and Bernanke; look at the table in the reference and you will see that even for “threatened sectors” rates are not materially higher than last year.
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If you pass this bill and the market implodes you will be held directly responsible. There are records of thousands of signatures across seven petitions faxed to you (at my expense) dating back to October of 2007 on this topic. Many experts, including Nouriel Roubini, “Mish” Shedlock, Dr. Faber, The Weiss Institute and over 160 economists have warned Congress that this proposed plan will not work. Are you prepared to face a full-page ad in the Wall Street Journal and/or USA Today exposing these facts?
DO NOT PASS THIS BILL AS IT DOES NOT ADDRESS THE CAUSE AND WITHOUT DOING SO YOUR EFFORTS ARE DESTINED TO FAIL. THE VOTERS ARE RIGHT AND WILL HOLD YOU TO ACCOUNT SHOULD YOU THROW $700 BILLION INTO A FINANCIAL HURRICANE. -
This is a bad bill and should not pass. I will be phoning as many legislators as I can to oppose this bill. This is honestly not that much difference from what Paulson presented originally. It has way too many loopholes he can slip though to do as he wants.
posted by Judith Weller at September 28, 2008 -
can someone point me to the provision that allows the federal government to recoup any money from this atrocity? if there is recoupment, where does the money go? are there any earmarks attached to this?
posted by jrterrier -- private citizen at September 28, 2008 -
Congress has NO credibility. We're being had (again). We need more time to take corrective action that will work at resolving issues at the root of this problem. If the terrorist's goal was to create financial instability and bring down our nation's infrastructure, then with the passage of this bill, they will have won. Charlene DeWitt, Broker Owner Realtor
posted by dewittconsultant@yahoo.com at September 28, 2008 -
Is this crony socialism? Well, it doesn't surprise me one bit. We made a bill stripping us of our own inalienable rights and called it the "Patriot Act." Now this nonsense? I'm in utter shock. Shame on our government and shame on the companies who have got us in this mess.
posted by Vince McClelland (private citizen) at September 29, 2008 -
This is NOT the full text of the bill i saw that was over 800 pages long. THAT bill contains language for excise tax on rum, wooden arrows, and a lot of other non-related issues that SHOULD NOT BE IN THIS BILL. But, ya know, it's a crisis and how else to get your pet project through. I am disgusted.
posted by sus at October 2, 2008