Nice Bailout. Now Pay For It!

WALL STREET AND THE CONSTITUTION OF THE UNITED STATES.

CEO PREAMBLE.

We, the SUPER RICH of the United States, in order to form a more perfect SYSTEM OF CORPORATE GREED, establish CORPORATE BAILOUTS, insure FINANCIAL tranquility of OUR TOO BIG TO FAIL BUSINESSES AND OUR OWN PERSONAL WEALTH, provide for OUR COMMON defence AGAINST PAYING TAXES, promote OUR own general welfare, and secure the blessings of CONGRESSIONAL FINANCIAL ASSISTENCE to ourselves and our posterity, do ordain and establish this NEW Constitution for the United States WITH EMPHASIS ON BAILOUTS AND THE TWO DIFFERENT SETS OF RULES FOR THE SEPARATE CLASSES " THE SUPER RICH " AND THOSE " WE THE PEOPLE " WHO SUPPORT US WITH THEIR TAX DOLLARS.

More Trickle-Down Economics will NOT work. More corporate
tax breaks and deregulation mean executives are paid millions
of dollars, jobs are outsourced and creditors become loan
sharks!

Re-Unite and Rebuild!

Focus on Rebuilding Infrastructure, both physical and human.

The Physical Infrastructure that supports a society, such as
roads, bridges, water supply, waste water, power grids, flood
management, communications, etc.

The Human Infrastructure that supports and makes possible the
American Way of Life: The Middle Class, The Working Class...
The Middle Income!

Who will...

1) Stop job outsourcing?
2) Bring outsourced jobs back?
3) Make quality education and job training available to all citizens?
4) Make quality health care available to all citizens?
5) Promote, support and protect small business growth?
6) Protect consumers from banking, lending and credit bureau abuse?
7) Protect the Constitutional rights of all citizens?

Re-Unite and Rebuild!

Obama is getting a bump out of this because people are not being reminded of the whole history where the economy is concerned, and who did what when. Call it bias by omission. The media simply says that the economy is Obamas strong issue, but never discusses the facts in detail. Further, who had a majority when is rarely relevant. If the simplistic Party In Power model were true, then the Democrats would not have needed the House Republicans when they tried to pass the bailout bill, as Democrats have the majority in both houses and there is no threat of a veto. In theory, they do not need the Republicans to vote at all. In fact, something like twelve (12) Democrats from Barney Franks own banking committee voted against the bill. Obviously, it is not so simple and the media does the voter a disservice by doing little more than reinforcing the error. A similar argument would be to say that the economy appeared to be doing fine until the Democrats took over control of Congress and the power of the purse, then it tanked. As an aside, the media also misleads regarding the Clinton economy when they fail to mention that it also ended in a recession, requiring the first round of Bush stimulus checks immediately after he took office..


Do Obama and the Democrats deserve a lift in the polls as a result of the financial and mortgage problems? The answer from history is a clear NO. Here's the lead of a New York Times story on September 30, 1999:

"Fannie Mae Eases Credit To Aid Mortgage Lending" [link below]. That's 1999 folks. Clinton Administration, I believe.

Here's the lead of a New York Times story on Sept. 11, 2003:

"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. "[see link below] The Democrats killed the reforms.

McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190:

"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole. The Democrats killed the Bill.

What was Barney Frank and fellow Democrats saying at the time of these attempted reforms? According to reports, Representative Barney Frank(D-MA) claimed of the thrifts :

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Representative Mel Watt (D-NC) added of the reforms "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing." [ See Community Reinvestment Act, link bel

Where is the article about Joe Bidens longstanding relationship with the credit card industry lobby? Is that what you call looking out for the middle class?

The link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The last link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

http://article.nationalreview.com/print/?q=M2QwNDhkZTg2OGYzZjkzM2E2NDEwM2U5OGVkNTc0YzU=

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

http://www.businessandmedia.org/printer/2008/20080924145932.aspx

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080926

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

A Proposal to Resolve the Fannie Mae and Freddie Mac Financial Fiasco

In order to solve what has been termed the financial crisis, it is necessary to identify the cause of Fannie Mae???s and Freddie Mac???s catastrophic failure.

The cause of their downfall is the partisan democrat pressure put on those companies to grant sub prime mortgages to persons who would be unable to repay those loans.

The democrat senators and representatives, who mandated that financial background checks be considered unnecessary and unwarranted, facilitated that irresponsible granting of mortgages to those unable to repay. The motive of the democrat members of Congress was strictly and blatantly partisan - to buy votes, and to maintain years of party support.

In 2005, John McCain co-authored a bill to investigate and regulate the faulty business practices of Fannie Mae and Freddie Mac, but that was opposed and defeated by the democrats in Congress.

On many occasions, President George W. Bush introduced proposals to regulate the mortgage lending companies, but those calls for regulation were opposed, obstructed, and defeated by democrats who were obsessed with the continuance of faulty lending practices.

In order to reform the financial sector, it is necessary that the sleazy politicians and top administration of those 2 mortgage companies who perpetrated fraudulent activity be publicly identified, investigated, and severely punished for their undermining the national economy.

It is only reasonable to expose the corrupt financial practices and their facilitators, and to remove them from any further activity, before any effort can be made to resurrect the American economy.
Otherwise, any attempt to do so will be useless, because the problems and perpetrators would still be present to frustrate and obstruct any meaningful remedial action.

Continued - A Proposal to Resolve the Fannie Mae and Freddie Mac Financial Fiasco

The first step toward economic recovery would be to isolate all sub prime mortgages from the assets of Fanny Mae and Freddie Mac, and to group the remaining viable ones into several stock options to be offered for sale to the public, and also as a bailout measure.

That would result in an immediate infusion of cash into the banking sector, thereby ensuring that credit could be granted to qualifying loan applicants.

Individuals or organizations who choose to buy those stock options should benefit additionally from any profits later realized by their investments.

Also, any profits resulting from the bailout option should be refunded to the INCOME TAX PAYERS only, since they would be the ones who would have financed the bailout.

Likewise, but separately, the various questionable sub prime mortgages should be bundled together into other stock options which would be structured to contain a mixture of both somewhat and less redeemable loans.

Those sub prime mortgage packages should be offered first to democrats, especially wealthy ones, who might be attracted to them by their being valued at a price of 80 cents on the dollar, based on the face value of the mortgages.
.
That would afford them the option to support what democrats viewed to be a noble cause (home ownership for the unemployed), and besides, it might enable the stock option buyers to profit by 20 percent if all of the sub prime mortgages would be somehow repaid by the homeowners.

Thus democrats, especially the likes of George Soros, Barack Obama, Ted Kennedy, Chris Dodd, Nancy Pelosi, Harry Reid, and Charlie Schumer (who supported the granting of sub prime mortgages irrespective of demonstrated ability to repay) would be able to ???put their money where their mouths are???!

Lastly, there should be a guarantee that no further sub prime mortgages be granted.
Home ownership is a GOAL for many financially responsible Americans - it is not a government sponsored RIGHT for all persons living legally and illegally in the US!

The DEMOCRAT party has demonstrated its complete disregard and disgust for the prosperity of the American population and its economy.

It has put partisan politics above the welfare of the nation by its demonstrated sinister plan to decimate the financial industry.

By infiltrating the administration of Fanny Mae and Freddie Mac with its own DEMOCRAT operatives and sympathizers, it has encouraged and even forced those 2 companies to grant mortgages to party sympathizers who could not afford to repay those loans.

It managed to achieve that end by forcing those 2 entities to avoid conducting background financial checks and assessments into the status of applicants to repay those loans. As a result, mortgages were given to the unemployed, those on welfare, and even undocumented illegal immigrants.

In effect, a significant sector of the housing industry became a deceptively subsidized housing market.

Just as the radical group ACORN has schemed to flood the welfare system with applicants in order to undermine its ability to function, so also the DEMOCRAT party has schemed to undermine the ability of the financial markets to perform their vital roles.

But the American public DOES HAVE AN OPTION TO REGISTER ITS DISGUST WITH THE DEMOCRAT party that is hell-bent on stealing this election in order for it to decimate the capitalistic system which has facilitated American prosperity throughout its history.

Only 5 percent of the mortgages which have been granted by those 2 lending companies are uncollectible. They have become the financial sector???s Achilles heel because they have been repackaged several times as stock options, thereby multiplying their accumulative detrimental effect.

The remaining 95% of those mortgages are held by families which have bothered to assess their financial positions, optimistically apply for and obtain their mortgages, and continue to repay them.

But the responsible 95% are furious that whereas they have been financially responsible, they must now also subsidize the default mortgages of the irresponsible 5%.

The DEMOCRATS have forced them into an untenable corner, but they can show their disgust for the oppressive DEMOCRATS by voting them out of office in the House and Senate, and by electing a REPUBLICAN president and VP who will reform Washington so that another disgusting massive DEMOCRAT extortion scheme can never be perpetuated on American citizens.

Hallelujah!

During the presidential debate 2 nights ago, I was astonished to notice that Barack Obama has finally ???seen the light.???

He did ???a one hundred and eighty degree,??? by acknowledging in several instances that John McCain has, in what he has either said or done, actually been RIGHT!
It???s about time that Barack Obama began to resort to speaking the truth.

Was that a demonstration that the junior senator, who has merely 143 days of experience in that capacity (less the actual number of days that he spent scheming to enter the race for the presidency), has finally realized that John McCain greatly surpasses Obama???s capability to lead the nation as its president?

What was he hoping to achieve by reversing his established daily propensity to lie?
Did he think that John McCain, in his demonstrated ability to work in a bipartisan manner, would be generous enough to appoint Barack Obama either to his cabinet, or else to some other government position?

Maybe he expected that John McCain would take pity on him, and thereby appoint him to the position of ambassador to Kenya. In that capacity, maybe Barack Obama would be instructed to donate at least $10.00 to his half brother George Obama in order to raise his standard of living. What a noble and compassionate gesture that would be!

n a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.

McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.

Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?


The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.

He believes people will vote against their own interests.

Let's teach him we are smarter than that .

Hold them accountable NOW! while it will still help.

Elect Obama Biden 2008

I think the US will be foreclosed by China in about 30 years or after 2 more financial collapses which are envitable because Americans and many other nationalities have come to the conclusion you can make money from nothing. Inflation in house prices was a result of easy credit rather than more money earned through higher productivity or innovation.

Middle and lower class Americans have not seen any real growth in their income for decades, because they have allowed their manufacturing industries to move overseas and concentrated on selling stuff to each other, most of it made in China. But at the same time wanted to live as though their income has gone up and the only way to do that was credit/debt.

Wall Street simply did this on a massive scale.

Actually, big business may be receiving the money we will save when Obama takes office (and end the war). Should that money go to them. I believe it should not.

How about a $200B bargain bailout, and a $500B loan? What about that...

I think its all a scam.

Instead of answering all questions, Paulson says, trust us. Therefore, I say its a scam. No way can he be so sure that he can tell people to just trust them.

POOF! THE BAILOUT DRAGON
(to the melody of Puff the Magic Dragon, Peter, Paul & Mary)
Adapted by WilliamBanzai7

POOF!, the bailout dragon lived by the subprime sea
And frolicked in the autumn mist near a land of Wall Street greed,
Little Hanky Paulson loved that rascal POOF!,
And brought him mortgage backed securities and other fancy finance stuff. oh

POOF!, the bailout dragon lived by the subprime sea
And frolicked in the autumn mist in a land of Wall Street greed,
POOF!, the bailout dragon, savior of all deadbeats,
And frolicked in the autumn mist in a land of Wall Street greed.

Together they would travel on a workout boat with billowed sail
Hanky kept a lookout perched on POOF!s gigantic tail,
Finance kings and princes would bow wheneer they came,
Pirate ships would lower their flag when POOF! roared out his name. oh!

POOF!, the bailout dragon lived by the subprime sea
And frolicked in the autumn mist in a land of Wall Street greed,
POOF!, the bailout dragon, savior of all deadbeats
And frolicked in the autumn mist in a land of Wall Street greed.

Wall Street lives forever but not so little boys
Without leverage and quantitative finance you can't make make fancy toys.
One grey night it happened, Hanky Paulson came no more
And POOF! that mighty dragon, he ceased his fearless roar.

His head was bent in sorrow, greenbacks ceased to rain,
POOF! no longer wanted to play financial legerdemain.
Without his life-long friend, POOF! could not be brave,
So POOF! that mighty dragon sadly slipped into his bailout cave. oh!

POOF!, the bailout dragon lived by subprime sea
And frolicked in the autumn mist in a land of Wall Street greed,
POOF!, the bailout dragon, savior of all deadbeats
And frolicked in the autumn mist in a land of Wall Street greed.

SAVE AMERICA
OPEN DOORS
AMERICA IS A COUNTRY OF IMMIGRANTS
IMMIGRANTS WILL SAVE AMERICA
GIVE CITIZENSHIP FOR EVERYBODY WHO BUY A HOUSE BY CASH

Differences in the 2 Candidates Approaches Toward Solving the Financial Crisis:

John McCain
- Intuitively ready to lead!
- I will postpone for the balance of the week my political campaign in order to participate in helping to solve the national financial crisis by investigating the proposals, and then accepting, rejecting, or modifying them.

Barack Obama
- Bewildered as to whether and how to respond!
- Why isn???t this darn teleprompter working?
- What - you expect me to actually make a decision? Can???t I just say ???Present????
- Bill Ayers is providing my talking points - I hope they don???t ???bomb???.
- Come on mainstream media - cover for me!
- Oh ...err ... ah ... Did I tell you that I received an affirmative action (no, STRIKE THAT) law degree from Harvard?
- How do you like my new empty suit?
David Axelrod thinks that it actually makes me look competent.
Barbara Streisand gave it to me.
- Did I tell you that I, let???s just say, acquired some new lipstick to give to Michelle, my belle?
It should help her to look somewhat presentable, but nowhere near as good as that intelligent capable hot babe - Sarah Palin.
- I need a vacation - can I take another one now? I never did like America.
- You???re just being racist by expecting me to help solve this financial crisis.
- Let???s just CHANGE the subject, and HOPE that I can look competent next time.