News and Politics | September 20, 2008 | 35 comments

Patriot Act II anyone?

source: http://www.nytimes.com/

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pissedoffinarkansas
The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.

Henry M. Paulson Jr., the Treasury secretary, made it clear that the upfront cost of the rescue proposal could easily be $500 billion, and outside experts predicted that it could reach $1 trillion.

The outlines of the plan, described in conference calls to lawmakers on Friday, include buying assets only from United States financial institutions — but not hedge funds — and hiring outside advisers who would work for the Treasury, rather than creating a separate agency. Democratic leaders immediately pledged to work closely with Mr. Paulson to pass a plan in the next week, but they also demanded that the measure include relief for deeply indebted homeowners, not just for banks and Wall Street firms.

At the end of a week that will be long remembered for the wrenching changes it brought to Wall Street and Washington, Mr. Paulson and Ben S. Bernanke, the Federal Reserve chairman, told lawmakers that the financial system had come perilously close to collapse. According to notes taken by one participant in a call to House members, Mr. Paulson said that the failure to pass a broad rescue plan would lead to nothing short of disaster. Mr. Bernanke said that Wall Street had plunged into a full-scale panic, and warned lawmakers that their own constituents were in danger of losing money on holdings in ultra-conservative money market funds.





I'm having deja vu all over again. Does this not sound suspiciously familiar to anyone? Scare the hell out of everyone, ram legislation through Congress without giving anyone time to read and understand said legislation,stuff all kinds of new powers for the executive, spend $100's of billions of OUR TAX DOLLARS, and PRESTO, UNPATRIOT ACT II.

I understand that something needs to be done about this crises but something of this magnitude CAN'T be done in a week!! It took years for the current situation to unfold, I don't think taking a few extra weeks to fully understand what needs to be done is really going to cause a complete meltdown of the economy. Have we not learned ANYTHING about how these crooked bastards work over the last 8 years?! Come on people, we need to keep our heads on straight.
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35 comments // Patriot Act II anyone?

  • akeneshea
    • 0
      akeneshea  

    • The more the U.S. Gov gets involved with the privately owned banks of capitalist America, the more we move towards a Socialist state. Think, now the Gov. owns homes. Weren't they talking about removing voting rights from citizens that lost their homes to the bank in Minnesota?

    • 3 years ago
  • Libertas
  • jimwiz3416
    • 0
      jimwiz3416  

    • Those who think (or wish) for change from within are continuing a deep level of self deception. The powers that be will not wake up one day to change the system back to what's best for the taxpayer - why would they?

      Whoever believes that elections make a difference is suffering an even deeper misunderstanding.

      Fraud and deception are built into the very structure of our economic, political and banking system.

      Only grassroots efforts will initiate any significant change - each of us taking a stand and demanding local, state and national changes; and that includes reducing spending and the use of credit, standing by your principles in daily life and staying united against the power brokers until an equitable system can be reestablished.

      Our greatest misconception is that we are free...

    • 3 years ago
  • Leonidis
  • AnthonyLook
    • 0
      AnthonyLook  

    • Tickle down neocon blank check economics is officially dead; from hence forth when ever a Republican runs on the non regulation stance of economics; we will have this tax hikes imposed on us by this ideology and this administration.
      A vote for McCain and the continuation of Bush policies is about as reasonable as a vote for the not remotely qualified Palin. Oh, I forgot the GOP vote isn't on reason it's based on racism. Kinda rhymes I guess therein lies the confusion. ( no pun intended with the word "lies").

    • 3 years ago
  • Thompson_Guevara
    • 0
      Thompson_Guevara  

    • Funny, I just watched V for Vendetta, the whole black hood thing is now a little more real for me!

      Remember, if a country were to attack itself it would create blind nationalism, allowing a politician with a strong presence to manipulate his way to the top

      remember 9-11-01

    • 3 years ago
  • travis892
    • 0
      travis892  

    • The other countries are probably laughing at us stupid Americans for actually believing we are free.

      Rest in Peace US Constitution.

    • 3 years ago
  • intelligenceisacurse
  • perlpunk
    • 0
      perlpunk  

    • We let Bush get away with things like this once and now they are doing it all over again. Its really too bad that 90% of America has its head up its ass. Honestly our government is becoming more socialist by the day. Lets spend billions on defense and keeping mega-corporations alive, but people start crying when another half proposes nation-wide health care. I want to see this system crash and burn!

    • 3 years ago
  • Marilynn_Murray
    • 0
      Marilynn_Murray  

    • I wonder how much of this could have been avoided if the lenders had been forced to give those people with adjustable rate mortgages a fixed thirty year loan instead of foreclosing on them?

    • 3 years ago
  • intelligenceisacurse
    • 0
      intelligenceisacurse  

    • the public asked for this.

      conservative voters argue for this and now they have it.

      hope you all enjoy your "imaginary recession" you whiners.

      oh boy am I laughing right now.

    • 3 years ago
  • leoniDb
  • grease_weasel
  • HolyCity2012
  • brad62
    • 0
      brad62  

    • Too bad FDR HELPED people through a recession, instead of this bullshit

      Wow, you should re-read your history books. He helped create it.

    • 3 years ago
  • huntre
    • 0
      huntre  

    • When the upper 10% is effected by the lower 90, we'll see some true change take place.
      High stakes gamblers just hate to lose.

    • 3 years ago
  • CaptB
    • 0
      CaptB  

    • Trickle down economics do not work. You have to have some sort of oversight. You just can't let the wealthy corporations manage themselves. Look where greed has gotten us.

      Are we better off then we were 8 years ago? Can anyone honestly say yes, except for the wealthy.

    • 3 years ago
  • hsm
  • synclaire
    • 0
      synclaire  

    • This is all on borrowed chinese money. If they have money for corporate socialism there is no fucking reason we can't have socialized health care.

    • 3 years ago
  • 1percent
    • 0
      1percent  

    • Don't worry sheeple, keep grazing.

      There's nothing to see here, keep moving, move along.

      Could this possibly be the beginning of "The New Deal 2.0"

      Just waiting to hear the orders to confiscate (steal) the American peoples privately owned gold and silver, just like FDR did.

      Steal the citizens gold to back the new dollar...

      You are free... Free to do what you are told!

      Bring on the Chaos!

      Ride on!

    • 3 years ago
  • Conniepae
  • argyle_kitten
  • JanforGore
  • HolyCity2012
  • jimwiz3416
    • 0
      jimwiz3416  

    • Hmmm, an in depth solution magically appears fully fleshed out that will save us from impending doom and gives the Bush Administration (even more) far reaching emergency powers...

      Haven't we already learned this lesson the hard way?

      President Bush has already warned us:
      "There's an old saying in Tennessee -- I know it's in Texas, probably in Tennessee -- that says, fool me once, shame on -- shame on you. Fool me -- you can't get fooled again."

    • 3 years ago
  • AveryMoore
    • 0
      AveryMoore  
    • jimwiz3416:

      Until these clowns get thumped at the polls it doesn't matter whether anybody is fooled any more, effectively all are hostages to idiots.

      Change the management, the cuffs come off, and we can all get back to work.

    • 3 years ago
  • Conniepae
    • 0
      Conniepae  

    • Manipulators being paid for manipulating? How many small businesses were lost due to funny money being moved around by manipulators? Now those same individuals who were making large salaries, living large are able to keep living large, at the expense of ordinary Americans.

      We get to see their lavish lives every night on American television. They are living the American Dream, but they didn't have to earn it, they were able to manipulate it. No wonder America is so off course. This isn't a fix, its a reward for bad behavior.

      Rewarding bad behavior sets a bad example.

    • 3 years ago
  • AveryMoore
    • 0
      AveryMoore  

    • How different are father and son?

      Anybody remember Bush senior frequently saying -

      "Nope. Won't do it. Wouldn't be prudent. Not gonna happen. Not on my watch."

      Now this from his son? Gotta hurry, can't think, can't talk - just do it.

      The Big Plan is "to buy hundreds of billions of dollars in distressed mortgages" with zero likelihood of recovering the money except by socializing the entire debt and further tanking the economy with another trillion in debt?

      Why not just take over the indebted companies lock stock and barrel and forgive the debt? Period.

      "Nope. Won't do it. Wouldn't be prudent. Not gonna happen. Not on my watch. Not Republican."

    • 3 years ago
  • WhiteNoise
  • NeoDotCom
    • 0
      NeoDotCom  

    • I totally trust these people and have faith in them
      Their judgment has led us this far
      I believe in the war in Iraq, Iran and Russia
      Al-Queda and Saddam Hussein planned 9/11
      We must free the Iraqui people from this dictatorship
      It will only cost $50 billion
      In a post 9/11 world we can afford to lose some privacy for our freedoms
      No one knew that wall street would collapse
      We should bail out the good people at wall street
      Drill for more oil
      No welfare
      But big subsidies

      You want to know the tragedy. People really believe this shit.

    • 3 years ago
  • WhiteNoise
  • WhiteNoise
    • 0
      WhiteNoise  
    • Image

    • DISASTER CAPITALISM 101
      http://www.thenation.com/doc/20050502/klein

      CHAOS = OPPORTUNITY = $$$$$

      with a slight variation...

      TAKEN TO THE CLEANERS...HANDCUFFED & WITH NO RIGHTS LEFT !

      While our so-called leaders sail into the sunset to their fiscal paradise in Bermuda...

      "The history of mankind is a history of the subjugation and exploitation of a great majority of people by an elite few by what has been appropriately termed the 'ruling class'. The ruling class has many manifestations. It can take the form of a religious orthodoxy, a monarchy, a dictatorship of the proletariat, outright fascism, or, in the case of the United States, corporate statism. In each instance the ruling class relies on academics, scholars and 'experts' to legitimize and provide moral authority for its hegemony over the masses." : Ed Crane

      Meanwhile...

      "We are watching a poorly staged rendition of Wag the Dog , interpreted for the morbidly stupid and performed by the criminally insane." - Jules Carlysle

    • 3 years ago
  • asherp
    • 0
      asherp  
    • WhiteNoise:

      You know that American Union that the conspiracy theorists have been talking about (and that Spain has been buildnig that Trans Texas international corridor for here in the USA)?

      If that was real, this engineered crisis would be the perfect opportunity to enact it.

    • 3 years ago
  • brad62
  • Leonidis
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