Tuesday, September 30, 2008

The Thing That Won't Die

The taxpayers won the first battle with the Fat Cat Bailout. But like most horror movies, the monster is not dead. One battle victory does not win a war. Congress will vote on a revised bailout bill Thursday. They're throwing a few superficial bones to taxpayers, but not changing the most onerous parts.

The Demopublican establishment and their Mainstream Media lackeys are applying the full court press. The McBama Ocain puppet, up to its eyeballs in Wall Street, Fannie Mae and Freddy Mac money, is pitching the Fat Cat Bailout at every campaign appearance. All the PTB has to do is twist 12 arms with enough bribery or threats.

Since Big Money controls most Senators and Representatives, and since PTB have the ability to threaten loss of funding for special projects, military bases, and even worse, it will take an all out effort by taxpayers to hold their Congresspeople in line. This is no time to sit back in distracted apathy!

Please call your Congressperson today! If they voted against the Bailout the first time, thank them and ask them to hold the line again. If they voted for it, ask them to vote against it this time. Here's all for all the information you need about this -- phone numbers, how they voted, etc. We've already seen how making your views known can kill this bailout. When politicians feel the heat, they see the light!

Alex Jones noted today that every major TV show was spouting the same talking points in favor of the "new and improved" version of the Fat Cat Bailout, now called a "rescue." They're going for the jugular, with blackmail using the fear factor to threaten our IRAs, pensions and 401-Ks. Don't fall for it.

Folks, depression or deep recession is already in the cards. There will be pain. The only question is how we can minimize the pain and get over it quickly, while retaining what's left of our freedom. If we lose our freedom, all we really care about will be lost.

The worst part of the Fat Cat Bailout is that "Treasury Secretary Paulson wants the absolute, unchecked and unlimited authority to buy or sell ANY mortgage related asset at ANY price he deems 'appropriate.' The man asked Congress to
a) Give him a $700 billion blank check, and
b) Let him be a law unto himself.

Lest we forget how much $700 billion is, the entire Department of Defense has the largest budget by far of any government agency -- the dollar figure was $479.5 billion for FY2008. Can you imagine the Secretary of Defense asking for the authority that Paulson wants? [Here's another view of what $700 billion can do.]

Whatever deal (if any) the Congress reaches, nothing in it matters more than whether Paulson got the degree of authority he asked for."

Paulson, who is reported to have walked away from Goldman Sachs with several hundred million dollars, would get a blank check and unconstitutional, unlimited power to do do whatever he wants to! Ben Stein shows the absurdity of this situation and proposes more commonsense measures. And you won't believe how they came up with the figure $700 billion!

Lest you find yourself being swayed by all the fear-mongering, see why Lew Rockwell says the defeat Monday of the Fat Cat Bailout is not only the precondition for a speedy readjustment and recovery, but also to maintain our freedom.

Harvard economist, Jeffrey Miron, was one of the 166 economists who sent a joint letter to Congress opposing the bailout. He writes that "In contrast [to bankruptcy], a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This 'moral hazard' generates enormous distortions in an economy's allocation of its financial resources."

Main Street is finally telling Wall Street they're mad as hell and not going to take it any more! For more pertinent information on the real nature and dangers of the Bailout, see here, here, here, here, here, here, here, here, here and here (speculative, but plausible).

Perhaps you heard about how Nancy Pelosi imposed martial law in the House of Representatives to ram through the Monday vote in less than the required time. It's bad enough that too many elected officials don't read the bills, but when the leadership won't even give them time to read and consider them, you know we're in trouble.

Speaking of martial law, the announced stationing of US Army troops for stateside patrols is generating lots of concern. Bush's successful efforts to do away with the Posse Comitatus law prohibiting the use of the military for domestic duties was not done to combat "terrorism." It was for martial law. Let your friends know about this.


Anonymous said...

We need to be vigilant right now. They are determined to lay the brunt of this load on the American people one way or another. I am very concerned about the Army Brigade Tour that begins today as much if not more so than even the financial mess. You are absolutely right on. We will suffer the fall either way. We must keep our freedoms intact no matter what or that will be the end of it.

It is difficult to get a hande on the entire martial law business through all of the noise about the bailout, but I am trying.


Anonymous said...

Porter, thanks for heads up. Here's my take: A Trap for the Congress
A lot of prominent people are yelling "Smoke!"
But where's the heat? Pass it quick - quick! "When all about you are losing their heads and blaming it on you..." The credit junkies around the world are screaming for a fix from Uncle Sugar. But we see that the dollar is up and the the gold price is capped. Sounds like an orchestrated PR campaign to stampede the Congress into signing on to a power grab. It's not about the money per se. The Fed has already pumped over a trillion dollars into the world financial system without a Congressional vote. It's about extortion. The tattered credibility of the Congress is needed to keep the American public at bay. Otherwise the imperial power elite run the risk of open rebellion right in the heart of Rome - I mean America. No matter what bill the Congress capitulates to the paper will be hung (the electrons will flow).

"When all about you are losing their heads and blaming it on you...", it probably means you shut down their party.

Once the Congress blows the last remnant of their credibility with the people, they will be of no further use to the power elite. May as well declare martial law put them under house arrest. Who will speak up for the discredited expendables?

Buy Gold! Abolish the Federal Reserve! Clean Your Weapons!

Okcitykid said...

I tried to call the last time but no one answered the phone, it just rang and rang and rang. But apparently I sent a lot of emails because I got 7 replys from Mary Fallen and thankfully she voted no.

This is so wrong in so many ways. They can bail themselves out.