Paulson didn't ask for oversight because he'd be, cough, cough, 'presumptious'
By John Amato Monday Sep 22, 2008 5:40pm
President Paulson didn't ask for oversight on our 700 billion dollar bail out of Wall Street because it would have presumptuous of him, but asking for the money in like a day with virtually no debate is supposed to be normal?
Paulsen: We gave you a simple, three-page legislative outline and I thought it would have been presumptuous for us on that outline to come up with an oversight mechanism. That's the role of Congress, that's something we're going to work on together. So if any of you felt that I didn't believe that we needed oversight: I believe we need oversight. We need oversight.
Sure, we believe you.
This week, the Bush administration is attempting to steal $700 billion and give it to Wall Street. Will they succeed?
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when will corporations rule america?
my guess is...
now!
I need a fucking bailout. And my needs don't even come close to $700b. Gimme now.
lewis stoole @ 1:
You'll probably have to go back further in time......
"The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said.
Ominously, he added, "I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way."
My company is already outsourcing jobs so what the hell do I care about the credit markets for? I'm already NOT IN THEM.
If this is all he can come up with, "Horror horror, more of what is already hapening! Run! Hide! It's the boogey man!" Then fuck 'em. No bail out. Period. And if the Chinese get screwed in the prosees, they can quit shipping their mops and brooms over here.
People like this need to be treated like John McCain in the opening of "Die Hard With a Vengence". It doesn't have to be the exact same, but just the same idea . . . preferably somewhere in a more hostile section of the Middle east. The Pay Per View revenues could be used to fund the bailout.
The Republicans' TRICKLE-DOWN THEORY has failed utterly. Now they'd like to introduce a new, improved theory: The TRICKLE-UP THEORY.
Of course, like the last one, it's unproven. But it's all we've got. We can't possibly let rich people be left holding the bag for their stupid mistakes, bad investments and egregious misdeeds.
What a lying cocksucker. He didn't ask for oversight because it would be presumptuous? What was that section eight all about then?
This whole thing stinks to high heaven.
You did come up with an oversight mechanism Mr. Paulson, it was that there would be no oversight. In fact in your proposal you specifically said "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
when will corporations rule america? if i was to hazzard a guess on that question, id say 911, usa usa usa !
Guess asking for $700 billion , without oversight or questioning , isn't considered
.........
Why are they so mean! think of the poor starving Wall Street bonuses, they are cold and shivering and need a good home.
miss_kitty @ 2:
Me first.
[elbow] [shove]
Same reason he did ask for a trillion.
Impolite.
Cripes. DIs anybody else having phantom sensations of a pistol shoved in the small of your back after you wandered too close to a dark alley?
It is now being disclosed that the bailout plan has been in the works for months. Were they working on this plan at the same time they were working on the stimulus plan? If so, they had to know that the stimulus plan would not work. Why in the months did they only come up with a 3 page plan. Something smells bad and it isn't something I can blame on the dog.
Bonkers @ 14:
*Is anybody else...
That was some pure double speak today coming out of Paulson. On Friday he was saying "quickly, quickly" with a gun to the heads of our Reps. He was clearly saying "let me use the keys to the Treasury NOW because it is only going to be worse later" Today he said sure he wants "oversight" but that "punitive measures" will "render their efforts ineffective" Double speak!
Remember this part of that legislation
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Sure does not sound like a guy who wants oversight.
Paulson knows how to nail our nations (Reps and American taxpayers) balls to the barn floor and hand us a knife and matches and then says "choose"
If he is really going to look out for the taxpayers (and I don't think he gives a rats ass about the taxpayers) he needs to nail the balls of these CEO's to the barn floor and hand them the knife and matches and say "choose" NO BLANK CHECK, AND PLAY BY THE TAXPAYERS RULES
Here Amy Goodman describes the groundwork for Martial Law as of Oct 1.
bamboozled @ 6:
Trickle down in the Paulson fat cats world means PISS ON THE THEM
Why did no one in the room, right when Paulson finished that statement, ask him why he then felt presumptious enough to include the wording of Section 8...which makes it clear no oversight at all would be allowed?
After we (and Congress) have been lied to repeatedly by the administration on everything from Iraq to our economy, why on earth would these senators just roll over and take ANYTHING they are told without calling it into question.
It's like the boy who cried wolf. Maybe we are in real trouble now, maybe their proposal would actually save us; but why would anyone ever believe them?
Hey, Paulson and the crew need it now before they miss the chance to establish Neo- American Fascism, the alignment of government control solely with corporate interests. If not, the middle class might just make it with an Obama presidency and set back the last 30 years of planning.
lewis stoole @ 1:
No. I'm pretty sure the date was January, 20 1981.
Ron @ 15:
Unable to link to Firedoglake from this computer. Empty wheel has a great piece about this
Bonkers @ 12:
Watch it mac!!!11!! I was here first, and it was MY Idea! The line starts behind me, you greedy grasping bastid!!!1!!11
[elbow] [shove] [instep crush]
Tell Congress to piss in Paulson's water glass!
Senate Banking Committee Contact Form:
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form
House Committee on Financial Services Contact Form:
http://financialservices.house.gov/contact.html
Sample letter
-------------------------------------------------
Regarding the proposed Bail out plan...
Senators,
I agree that we have to do something but this Secretary Paulson's plan is not it!
I read the provisions of Section 8 under this plan and it is appropriately located there because you'd have to be crazy to agree to give this administration a blank check while granting them no review by the congress, the courts, and placing them above the laws of the land.
That is insanity! NO! NO! NO! To grant them this would be the unforgivable sin!
Lack of oversight and deregulation is what caused this mess and I want full oversight and accountability for any such bail out deal!
Secondly, there is no guarantee that this will work and I want it to be split into smaller tranches that allow for quarterly review to see if it is working before committing to astronomical sums in a carte blanch form like what Secretary Paulson is proposing.
Thirdly, by committing the country to this huge bail out it would limit the next President’s ability to handle any other crisis. It is imperative that either it be split into quarterly segments with full review, or the Congress must come up with its own counter plan immediately.
This can not be allowed to be treated as a financial “Reichstag Fire.”
1. I want an independent group to be formed to do this much like FDR did with the RTC. I like Warren Buffet's Suggestion of Bloomberg for head of this agency.
2. I want taxpayers to receive the title of ownership to the companies that we bail out and guarantees that the tax payers will receive the benefits of later sale of these properties.
3. Assets purchased by this group should not be inflated beyond their market value. Companies should not be rewarded for bad decision making...
4. Not one penny of our tax dollars should go to the CEO and upper level staff for "golden parachute" exit packages.
5. Liquidity to the banks should be supplied by Federal Loans, not by purchasing assets at vastly inflated prices.
6. As a condition for any bail out or loans, the Glass-Steagall Act of 1933 should be reinstated.
7. Mortgage holders should be induced to renegotiate terms to keep single home owners in their homes.
8. A special loan facility should be created specifically targeted at small business owners to provide them with operating lines of credit.
This last point is vital. I know many CEO’s of small companies who have hundreds of thousands of dollars of orders but they can’t fill them because they can’t get credit lines to purchase the parts. Small business owners provide over 65% of the jobs in this country and need to be given priority over the financial institutions.
Ron @ 15:
It goes back to the saying that events just don't happen; they are created by the powers that be. :(
miss_kitty @ 24:
Ouch!
Yeah, you guys were right yesterday. They basically just took the Patriot Act, scratched out "wireless phone tapping" and scribbled in "no oversight, not reviewable by any court or government body." Which explains why they could slap it together so fast. Just recycle the same old fascist sh!t from the rolladex.
Now Reslugs willl have to admit that they will raise taxes, as they always did, on us little people.
Kathleen @ 23:
What are you saying? I should blame it on the dog?
Wow. the Repugs certainly forgot their mantra of 'Small Government'. Even Ron Paul said the banks should fail. If this goes through, our children and grandchildren will curse us. They are the ones who will end up paying for this mess.
Ron @ 15:
leaked contents of the three page plane;
page one
'give us 1 trillion dollars and we promise to pay it back after we arrive in Paraguay'
page two
'give us $500 billion and look the other way while we do something'
page three
'give us $700 billion or we turn off the economy'
they wisely chose page three's plan
john mccain will provide the kind of oversight that paulson's talking about.
The horrible downside of not doing the bailout?
Consumers and businesses would not be able to borrow as much money or get it as quickly as they used to. Imagine that - living within our means!
wow.....what happened i thought mccian said the
economy was 'fundamentally strong'...we're suppose
to have confidence in this guy. people didn't vote
for mccain in 2000.....why do people believe he has all
the answers now.
Screw bailing these banksters out. If they're bankrupt then we'll pay them what their shares are worth (about 10 cents on the dollar) and nationalize those companies. If "We The People" bail them out then we should own them. No bailouts without a transfer of equity for collateral. Take it or leave it.
Uppity Blue Lensman @ 34:
Is it time for a national boycott of paying off ones credit card bills !
Would they take notice of the little people then ?
Daisy Zimmerly @ 36:
So why is BoA buying Merill Lynch for twice its real value !!!!
Something stinks methinks.
Just Filling A Wording Requirement
At that point in the meeting, Paulson was just filling a word requirement so he can "sound" like he has covered all his bases. I think the only way Paulson and the Bush administration can accomplish their goals is to get our money and run.
You can call my assessment un-patriotic or un-American, but you will not get away with calling it stupid. The more I see of Paulson, the more I dislike him and don't trust where he is coming from. This is the last crook in Bush's arsenal of crooks. They have saved the worse for last. Say hello to Captain Crook -- no relation to Captain Hook.
Joseph
Faxing my reps a while ago:
___________
Representative Jon Porter: Fax 202-225-2185
Senator Harry Reid: Fax 202-224-7327
Senator John Ensign: Fax 202-228-2193
September 23rd, 2008
8210 xxxx xxxxx xx
Las Vegas, NV 89xx
702-xxx-xxxx
Gentlemen;
This hastily proposed Wall Street bailout is succinctly characterized by one word:
EXTORTION
The widely cited draft provision immunizing Secretary Paulson from any regulatory or judicial oversight is UNACCEPTABLE. For one thing, it glaringly violates Article III, Section 2 of the Constitution (though that didn’t seem to bother you with respect to the FISA immunity travesty). The sheer amount of financial criminality that has ensued in recent years is simply astonishing. It’s like our national officials have learned nothing from the S&L scandal and Enron, etc.
This mess goes way beyond poor judgment. Crimes have been committed, and this time there is no convenient “terrorism” cover for you to cite in excusing this conduct.
I will be watching closely. You vote for this latest, and by far largest sell-out of the American public, I will work tirelessly for your removal from office. We deserve real solutions and real ACCOUNTABILITY. I recall the 2000 campaign promise of this “CEO-in-Chief” “MBA President” who was going to come in and run a tight and proper businesslike ship. Instead, we got a Dilettante-in-Chief whose role, it inescapably seems, was simply to provide cover for the looting of the federal till by cronies. Mission Accomplished, indeed, and this Wall Street bailout will be his crowning achievement. Endless shame on you should you be complicit in it.
Respectfully,
Now that BushCo has succeeded in breaking and stealing virtually everything worth anything- what's next?
BennyP @ 41:
700 billion dollars.
Joseph
The legislation specifically states that there is to be no oversight.
Now he says they really wanted oversight all along?
Yeah. Right.
What does he care what the outcome is for this bailout shit, he made millions from his last job and made millions from this job. I want his millions back to help pay for the bailout. If he would do that, I'll think about it. Maybe.
Ain't it pert near time to be postsumptious?
Oh wait, that's what we've been all along.
ferrofluid (Obama + Biden = 2008) @ 38:
Duh, because they'll get that sweet bailout money from the taxpayers. That's like asking, "Why would Cheney want to start a war then give the company he has his retirement package is wrapped up in a no-bid contract for billions?"
Why don't ALL the bastards that got filthy rich, through cheating, stealing and profitting from middle and low income Americans, bail us out and pay it back by selling their mansions, yachts and airplanes for a start.
Maybe we can get the opinion of someone who does not have $500,000,000 in Goldman Sachs stock on the line.
Leftfield Lydon - Open Up
substitute Wall Street for Hollywood in this video, its uncanny how it fits the financial crash and scams.
"This week, the Bush administration is attempting to steal $700 billion and give it to Wall Street. Will they succeed?"
Not only will they succeed, but will be showered with flowers and chocolates.
Limp-Dick Blimpaugh @ 47:
The blank check / no oversight piece is the equivalent of FISA telecom immunity. Diff'rent Day, Same Shit. Paulons wants to be able to quietly "make it go away" (on the surface for long enough to buy political time).
ferrofluid (Obama + Biden = 2008) @ 49:
The job of the salesperson (Paulson) is to offer something that might not be acceptable at first, then ask you what you would accept. Then the negotiating begins.
ferrofluid (Obama + Biden = 2008) @ 37:
That is coming next. All those people who were using home equity loans before they lost their homes are charging and charging...
Lets Play WallStreet Bail Out
http://www.youtube.com/watch?v=S27yitK32ds&eurl=http://www.dailykos.com/...
Wait a minute....presumptious? That's total bull. He specifically asked for NO oversight. If he felt it was up to congress to provide the oversight specifics, then why did he ask for NO oversight?
Let's use the Treasury Department OIG anonymous tip hotline:
File complaints against Paulson for his obvious conflict-of-interest self-dealing.
I've got an idea:
As Bernie Sanders pointed out the other day, under Bush, the richest 1% have gone from owning 50% of the wealth to 90%.
The richest 0.1% now own 50% of the wealth.
That's not that many people. Excluding kids, probably less than 100,000 people.
Let's take THEIR money!
Sacrifice the few--remember, many of whom have harmed America in awful ways--to save the many.
huckleberry paulson is an INCOMPETENT moron who doesn't know shit about anything, let alone the markets. this dumb fuck makes no sense during interviews, does not speak in the detailed technical terms a treasury secretary should and is another bush admin neocon psycho who's just as greedy and stupid as the rest of them. hmm he wants taxpayers to give him $700 BILLION with NO OVERSIGHT? uhh yeah ok! fuckin asshole..every one of those neocon bastards should be tried, convicted and executed immediately for their sick demented desires to fuck the world over for no reason.
The strange upside to this whole mess is that for the first time since 911, a majority of Democrats and Republicans seem to actually have come together-with public consensus-working as a unity against the Paulson plan.
I find nothing ironic about the fact that what brought the two parties together for this brief, shining moment was money.
Sorry, I want to see all of these assclowns destitute and out on the streets with their families.
Just kidding!
I'm not a bit sorry...
these people are now skirting the ragged edge of disaster.
My recommendation: Don't give them a fucking thing. Let them burn. The America I was raised in can handle a recession.
I want to believe my fellow Americans won't let Paulson even make it to the bank with his 700bn check if this goes through.
Let's face it. Amerika is screwed. We can thank the 'genius' of Gee Dummy Butch, McPow and their GOPig acolytes.
Torches and Pitchforks
http://www.youtube.com/watch?v=Lg4pXE5vf1E
MISSION ACCOMPLISHED!
Bush was appointed to office to provide cover for the looting of the federal till by cronies and handlers. The Wall Street bailout will be his crowning achievement.
I heard this on WTOP (Washington DC radio news station). The same crooked ass Carlyle Group can't wait till our gubment gets it's corporate welfare grant from congress it seems.
http://www.bizjournals.com/baltimore/stories/2008/09/22/daily15.html
This shit will never end.
The White House has been planning this for months!
They sat on the plan...
This is classic shock doctrine maneuvering and has to be opposed.
http://www.rollcall.com/news/28599-1.html?type=printer_friendly
Time to write your senators, people- they need to hear from that dying breed, the Middle Class. Here's what I sent to mine:
Dear Senator Schumer- Members of the Senate and Congress were rushed into passing the Patriot Act, the resolution to invade Iraq,
and now this 700 Billion bailout for Wall Street. You and your fellow Senators need to spend a bit more time on this one.
I'm self employed, not wealthy, and my business has weathered 9/11, a divorce, fire and economic downturn, yet when it is time to pay my taxes, the government's line is shut up and pay.
Like many of your constituents, I am extremely angry about bailing out the creators of this massive Ponzi scheme, who will sail away with the profits (and get a nice low Capital Gains tax rate on it) while leaving suckers like me with the bill.
Your constituents are watching, Sir- please don't let us down!
This "emergency" was engineered by Wall Street and the Bush Administration.
The criminal prosecution of NY Gov. Spitzer's escort service was a political hit on Spitzer. Spitzer was making noise about possible illegal practices in the financial industry.including the Bush Administration's efforts to override individual state's attempts to prosecute predatory lenders.
How insane is it to trust the people who have created this scenario to fix it.
Talked about getting robbed twice!
gopcrooks @ 67:
Private equity? Hell no. They will buy the good stuff but not the crap. The taxpayer gets the crap.
mikeyrstx @ 69:
Yep. See my #40.
Just saw on Hardball. The investigations have begun by the FBI.
And John McCain is dodging again...waffled on the vote for the bill. Such decisiveness!
Yeah, ok. I recognize that. It's a lie.
Why does this guy still have a seat at the table? First order of business should be to kick his ass to the curb.
What next? Well they picking the meat off our carcasses? Sarah Palin would be perfect.
An interview w/ Richard Andrew Grove, an AIG insider
http://www.youtube.com/watch?v=wpl503nxeac
Jack Blood of gcnlive.com interviews Richard Andrew Grove, an AIG insider and whistleblower. This is an insider expose of the AIG / Kroll spook company, their ties to 9/11 and their new financial 9/11.
Paulson not mentioning oversight because he didn't want to appear presumptuous is like a burglar claiming he didn't ring the doorbell because he didn't want to wake you up.
We need to go ahead and bail them out because that money will trickle down and create jobs for the great unwashed masses.
We also need to get government off business' back and get rid of all regulation and oversight. Excessive regulation is the cause of these problems. Corporations will do the right thing if government would just get out of the way.
The money that is currently being spent on Marxist socialistic programs like Social Security, Medicaid, infrastructure, and public education would be better utilized by our masters of Wall Street. We should cut the socialist programs and funnel this money to the Enrons, Goldman Sachs and a larger military budget for the War On Terriers.
Let the churches take care of all those other social safety nets. You know the old saying, "I'm from the government, and I'm here to help you". That is a terrifying thought. If I ever need help I'm sure the Pat Robinsons and James Dobsons mega churches will save me.
I'm a proud capitalist. Socialism bad. Bad Bad Bad I say. God bless George Bush and the USA./snark
Uppity Blue Lensman @ 34:
As someone who has not had a credit card or 15+ years, let alone a mortgage, the biggest impact on me from this whole debacle is watching family and friends twist and crawl, as if they're trying to kick drugs. It sucks, but when you have little financial resources to begin with, you don't have as far to fall. And I can still afford ammo to guard my cardboard box...
Janet @ 7:
The White House thought Section 8 would be overlooked due to their projected "Urgency"... but what they did not realize was that Senator Dodd and his panel would actually read it, at about 11:15 or so Chairman Dodd clarified section 8 to Paulson. I think in review of this session both Paulson's and Bernanke's facial expressions stated it all...NO BLANK CHECK!
bamboozled @ 58:
Mick Piobr @ 61:
I'm not kidding. It's what they deserve.
Can we impeach Bush and/or Cheney now?
These guys have gutted the Federal Government, lied us into a war, wrecked the economy, sunk us under a mountain of debt, violated laws, outed a CIA agent during a time of war, ignored the Constitution, devalued the American dollar and destroyed America's credibility and respect in the global community.
Wtf do you have to do in this country to get impeached?
It would be a big mistake if this BAIL-OUT is going to go forward. These proponent for the bailout are the SAME people that were trying to do away with SOCIAL SECURITY and/or put it at the hands of PRIVATE industry in the unsecured gaming of the WALL STREET betting. Social Security are the last resort (the cushion, if you will to financial collapse). These Private Corporation should also have their OWN INSURANCE to be paid in to a CORPORATE SECURITY.
Corporation should....Practice what you preach. Buy what you sell. Perhaps corporation will think differently from doing away with the Social Security.
$700 billion bailout is just buying time with Tax-Payers money for the sins of the corporation. Tax-payer bail-out should go to save tax-payer from foreclosures. The people are the once who are victims of the corporate schemes and lack of government oversight from protecting the public and their interest.
Recession will happen with or without the Corporate bailout. Help the people stay in their home instead by extending, restructuring and/or modifying their loan even if it means giving the tax-payer 50 years instead of 30 to pay for their mortgage. That would be the right thing to do.
CEO and corporate individuals, responsible for the banking crisis should be replaced by government should intervention and take-over the operation temporarily.
With 700 billion dollars of asset, Government can create their own quasi-banking operation, much like the credit union, that are OWN by the people rather than by a few corrupt bankers. Allow the dead-beat bankers to collapse; then the real-estate pricing correction will settle and allow the victims of foreclosures with the financial means to get financing for these foreclosed homes with a more realistic, clear-cut, good ole fashion kind of financing.
When WE allow ill-practices of the greedy drown in their own misfortune; another ONE will GROW in its place. And when it does, we can hope going forward that the NEW breed of bankers would have learned a valuable lesson from other's mistakes.
Whoa, whoa,whoa, whoa, WHOA! Wait a minute! Didn't wanna be presumptuous?
From the Draft Proposal for Bailout Plan:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
That's not unpresumptuous, Hank, that's downright...uhm...hmm...what's the word?....FUCKING WRONG!