Hidden Details of the Senate-OK'd Bailout
source: http://www.campaignforliberty.com/blog.php?view=892#.
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- kadugen
- added this
Section 101 (e) PREVENTING UNJECT ENRICHMENT -- In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent un-ject enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. The subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
The last line; yes, read it again. Those institutions that Paulson, the majority of the fed / treasury historically come out of, the "shadow banks" if you buy into that (I really don't) that have taken over the companies with the biggest exposure (Lehman, Baer, Wamu, Wacho, etc) will be able to sell their assets for as high as they want. Whereas everyone else pretty much has to grin, sell at high prices, take the losses, and probably go under.
Who survives? Paulson's friends and all the come out as among the only institutions left.
Among all the crummy stuff in the bill -- this scares me the most. You know me, I really don't buy into all the conspiracies, but this provision to the subsection is just insane. THIS WILL BE DEVASTATING TO THE BILL AND ALL THAT VOTE FOR IT.
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"When fascism comes to America, it will be wrapped in the flag and carrying a cross."
-- Sinclair Lewis
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alicynx
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This is just so wrong. So very wrong. Without some show of force we as the working poor, the struggling middle class and even some of those of us making enough to care for a large family will never be listened to by corporate government. I advocate strongly for resistance - passive, aggressive, whatever it takes to drive the point home. Its depressing, since I have young kids and am preaching violent resistance, its hard to reconcile the two, but its necessary. The Fed, the Govt; they wont listen to you or me because they don't have to. They can rape us economically, manipulate our nationalistic ideologies and take whatever they like with no fear of repercussions. That's our fault, since we NEVER take a stand against it all. Now's the perfect time too, really. If you think about it - where are most of our National Guard soldiers? Do you really think that the federal government could hold down a wide-scale domestic revolt? Too many people are afraid to get their hands dirty, and it makes sense - we don't count. If something happens to one or two of us, nobody's going to notice. The leaders of any revolt could be taken out of the equation easily without the Govt outwardly getting their hands dirty. Or at least they'd like you to think that. Stand up, and do more than vote. Do your part to take down the corrupt Establishment, and together we can ALL reform government instead of looking to someone else to do it for us...
- 3 years ago
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alicynx
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kadugen
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Bailout Bill Loaded with 'Pork:
Like Section 325 which provides essential tax breaks for the "wool research fund." Seriously.
Section 503 gives tax breaks for the manufacture of wooden arrows used in toys for children.
And Section 309, a tax credit for economic development, in America. Actually, American Samoa. Metro State Political Science professor Norm Provizer says putting in the goodies simply gets votes.
In Section 316: a tax break for railroad track maintenance.
And Section 317, a tax break for race tracks.
- 3 years ago
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kadugen
