Emergency Economic Stabilization Act of 2008
"To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes."Wouldn't you like to know what "other purposes" are intended?
Read the bill - it's here. It's also 110 pages long. I got this link from a congressional staffer - but this is a working draft - who knows what the bill actually says in its final form.
Sen. Jim Bunning, R-Ky., said, "This massive bailout is not a solution. It is financial socialism and it's un-American."
and here is Rep. Marcy Kaptur (D-Ohio)
1. There is no authority vested in the Congress by the Constitution to offer such a bill.
2. Secretary of the Treasury Paulson, was the highest paid Wall Street CEO in 2005 at $38.3 million. He is a man who earned $492 million in common stock, $75.2 million in restricted stocks, options for 680,474 shares, and he avoided a 20% tax on stock that he had to get rid of due to ethical reasons over at Goldman Sachs. He has known full well what was coming with this sub-prime mortgage debacle, and told us 2 weeks ago that everything was fine. He will be given the authority to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, to purchase any other financial instrument which is necessary to promote financial market stability. (H/T Blonduxo)
That means he can take any financial institution he deems, whether the company is in trouble or not, and hold unbridled power to destroy it and the U.S. economy.
3. Foreign financial institutions will also be funded/helped with this bailout money.
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 101.4. Money is also committed to fund other activities other than "rescuing Wall Street"
The Sunday Herald reported:
"THE ROYAL Bank of Scotland is to be one of the biggest beneficiaries of the planned $700 billion bail-out that comes courtesy of the American tax-payer if the US Congress gives the financial rescue package the go-ahead this weekend.
The bank’s share of the bail-out will enable RBS to offload billions of dollars of questionable assets."
We should vote out any person who votes in favor of this bill. Not only is it unconstitutional, most representatives are not listening to the people that voted them in office.
Rep. Marcy Kaptur (D-OH) warns the American people about Constitutional enemies of the Republic and the fraudulent trillion(s) dollar bailout…5. The American people - their hard earned tax dollar - is being used to buy up bad debt - instead of Wall Street eating their failed investments. Tell me who bails YOU out when you have a personal loss? or when you make a bad business decision? When you can't pay your IRS bill they just seize your assets - they don't bail YOU out!
“My message to the American people don’t let Congress seal this deal. High financial crimes have been committed.”
“The normal legislative process has been shelved. Only a few insiders are doing the dealing, sounds like insider trading to me. These criminals have so much political power than can shut down the normal legislative process of the highest law making body of this land.”
“We are Constitutionally sworn to protect and defend this Republic against all enemies foreign and domestic. And my friends there are enemies.”
“The people pushing this deal are the very ones who are responsible for the implosion on Wall Street. They were fraudulent then and they are fraudulent now.”
This plan will not help anyone except Wall Street, if you are unemployed, after this plan you will still be unemployed, if your house is being foreclosed, after this bill, it will still be foreclosed, if your 401k and other other stocks are worthless, after the bail out they will still be worthless. In the end the markets will be just fine without our money, it may fall a bit and it may be a shock , but it will rebound. Other companies will buy up failed companies. They will all find a way to muddle through the mess they have created. And I will tell you now, that this infusion of cash will not solve the problem that created this. It will just prolong the pain.
Call Congress NOW and let them know you oppose this bill and their actions to support this bill. Let your Congressional Representative know that if they vote YES for this bailout then you will not vote for them on Nov 4.
Link HERE to your Congressman's phone number
Capitol Hill Switch Board - 202-224-3121
Judd Gregg is the spokesperson for the House Republicans 202-224-3324.
Obama and McCain don't have the guts or integrity to give a clear stance on how they feel about this bill either. Perhaps it is time we vote for candidates that do.