Better Talk To Your Representatives Today

Adam Weinberg

Adam Weinberg

Goldwater Republican
Senate and House everybody. Do it now before you're stuck with another massive expansion of government you spend the next eight years complaining about and suffering from. A Patriot Act-esque moment is upon us with the two major candidates showing general agreement and meeting today with FDR--I mean, George W. Bush.

Democrats especially should contact their reps because it seems many of them will be among the first to comply with the President's fearmongering along with that of the Fed Chairman and Treasury.
 
Adam Weinberg said:
Senate and House everybody. Do it now before you're stuck with another massive expansion of government you spend the next eight years complaining about and suffering from. A Patriot Act-esque moment is upon us with the two major candidates showing general agreement and meeting today with FDR--I mean, George W. Bush.

Democrats especially should contact their reps because it seems many of them will be among the first to comply with the President's fearmongering along with that of the Fed Chairman and Treasury.
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From everything I have read and heard on this, they are going to do a debt for equity swap. Not to mention they are likely to get a great buy on the bad debt. They do this and the taxpayers will benefit in the long run.

Also... if you think this is "fearmongering" think again. The worst story, the one that likely spooked Congress, is the one that hardly anyone has mentioned in the media. The one that even the Congressional tools aren't talking about with the public. Banks stopped loaning each other money (essentially done by jacking up their interbank rates to the point that no one could afford to borrow). This is a time bomb.

The sense of urgency stems from Congress's planned recess after Friday. They need to get something done soon or you will see WaMu topple next. Which will put a huge strain on the FDIC.... which will cost taxpayers money for which they will NOT have equity or debt in exchange.
 
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If after all we've been through with these people, if you trust them to fix this situation by approaching the subject with the logic that "the market is not functioning properly", you are out of your mind.

The taxpayers will lose no matter what.
 
Adam Weinberg said:
If after all we've been through with these people, if you trust them to fix this situation by approaching the subject with the logic that "the market is not functioning properly", you are out of your mind.

The taxpayers will lose no matter what.
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I disagree. The taxpayers made money off the S&L "bailout" in a similar fashion. They stand to make even more off of this deal. With this plan, the taxpayers win, the shareholders lose.... as it should be.
 
I'm out of my league on the economic component of this subject, but on the political one it is abundantly clear where this is headed. This is a serious issue of precedent.

How much more government do you want to introduce to this country for the sake of the temporary security Washington is promising us?

At least if the FDIC has to spend the money saving smaller banks they won't create any new departments in the process! You know the saying, giving the government the permission to expand in size will mean it will never volunteer to get smaller after the "crisis" is over.
 
Superfreak said:
I disagree. The taxpayers made money off the S&L "bailout" in a similar fashion. They stand to make even more off of this deal. With this plan, the taxpayers win, the shareholders lose.... as it should be.
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That is bullshit. YOu explain how bad mortgages suddenly become more valuable, when nobody in the private sector wants them as is, right now.
 
Because not all of the debt we are buying is subprime.

This will not likely make us scads of tax revenue but it could help pay for its self.

There has to be oversight on how its done though.

We can not just give Paulson 700 billion to do what ever he wants and no one is allowed to ever review the actions.
 
Desh said:
Because not all of the debt we are buying is subprime.

This will not likely make us scads of tax revenue but it could help pay for its self.

There has to be oversight on how its done though.

We can not just give Paulson 700 billion to do what ever he wants and no one is allowed to ever review the actions.
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Nobody believes that they will agree to no oversight, Desh. That's a dead duck you are trying to tell me is quacking. That was the first thing that died in Bush's capitulations.
 
Adam Weinberg said:
Senate and House everybody. Do it now before you're stuck with another massive expansion of government you spend the next eight years complaining about and suffering from. A Patriot Act-esque moment is upon us with the two major candidates showing general agreement and meeting today with FDR--I mean, George W. Bush.

Democrats especially should contact their reps because it seems many of them will be among the first to comply with the President's fearmongering along with that of the Fed Chairman and Treasury.
Click to expand...

I'll contact my Rep! Thanks for the reminder, Adam. I wouldn't want ignorance to get us into a depression.
 
Desh said:
Because not all of the debt we are buying is subprime.

This will not likely make us scads of tax revenue but it could help pay for its self.

There has to be oversight on how its done though.

We can not just give Paulson 700 billion to do what ever he wants and no one is allowed to ever review the actions.
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The authority, I believe, has shifted from Paulson to a board consisting of him and several people appointed by congress.
 
I hope it includes provisions that make it impossible for any CEOs to profit off of this and reinstates the proper regulations over the industry.
 
cawacko said:
What regulations would those be?
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To start with, any entity that takes government money must comply with strict leverage controls. Leveraging the shitty debt out the wazoo is one of the main underlying problems and why the problem is so widespread.
 
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