Massive Taxpayer Bailout - Act Now!!

[ChicagoMark]

Our politicans are at it again. This time they are about to perpetrate one of the great frauds ever on the American taxpayer. From Henry Paulson (self-serving piece of total crap) on the right to Barney Frank (one of the true idiots in the House) on the left, we as taxpayers are about to take a serious hit to our wallets. A $300 billion rescue bill for Fannie/Freddie, housing, mortgage, Treasury, Fed, Wall St, Washington, rich investors and foreign governments. It has the following provisions:

• raising the Federal debt ceiling to $10.6 trillion from the current $9.815 trillion.
• make unlimited equity purchases in Fannie and Freddie.
• “unspecified” increases in their lines of credit, from $2.25 billion each. (he spoke of $300 billion)
• $3.9 billion to communities for the purchase of foreclosed properties. Officials have said it would aid lenders who now owned the vacated properties rather than struggling homeowners. (In the state of CA alone last month banks took back $10.2 billion so this is just a waste of money)
• provides for the Federal Reserve to consult on Fannie Mae and Freddie Mac finances
• help an estimated 400,000 Americans with subprime home loans refinance into 30-year, fixed-rate mortgages backed by the government (a larger subprime dumping ground)
• new, higher cap on the size of mortgages they may purchase. The new limit would be $625,000, or the median home price plus 15 percent, whichever is lower (artificially supports pricing making it longer for the market to clear)
• States would be able to offer an additional $11 billion of mortgage-revenue bonds to refinance subprime loans
• create a version of Europe’s market for covered bonds in the U.S. (sales of this same debt have fallen to a six-month low and prices have dropped 2.5 percent this year)

Lawmakers Agree on Outline of Big Housing Pact - WSJ.com

When will this nonsense end!!! Are we going to tolerate this from our elected representitives. Paulson now says the global economy depends on the US taxpayer. If the man had a shred of integrity, he would say that it is his power group that depends on it. The fact is that China, Russia, and India, which have never been allies of the Paulson group, are enjoying the fruits of strong economies, despite America, and they really don’t need the largesse of the US taxpayer. I feel like I am about to get raped.

A call to arms -- as a US taxpayer, call your federal representatives today and tell them that if any of them voted for the Paulson package, you wouldn't be voting for or financially supporting them ever again. To help understand more about the issue, follow the attached link.

The Market Ticker

[LoneWolfSparty®]

If ChicagoMark is against it then I am for it.

[ChicagoMark]

I'm telling all of you who read this board and who have followed my posts on the real threat of a Great(er) Depression that this bill is a first big step toward that end. The history books on the Great Depression and other economic collapses around the word are replete with examples of how government policies exacerbated the problems.

As I have said, this housing and economic collaspe will last another 2-3 yrs. unless the governement gets involved. It will then last for 10.

[ChicagoMark]

Originally Posted by LoneWolfSparty®

If ChicagoMark is against it then I am for it.

Then you are either a communist or a socialist. If you believed in free markets you would oppose this with every cell of your being. Peerhaps all the liberal bashing is a ploy.

[SpartanStu]

Originally Posted by ChicagoMark

Then you are either a communist or a socialist. If you believed in free markets you would oppose this with every cell of your being. Peerhaps all the liberal bashing is a ploy.

Yea, LWS is all for increased taxes.

[Spartytruth]

Originally Posted by SpartanStu

Yea, LWS is all for increased taxes.

No but he is quite ignorant

[Lenin's Tomb]

Originally Posted by ChicagoMark

Then you are either a communist or a socialist. If you believed in free markets you would oppose this with every cell of your being. Peerhaps all the liberal bashing is a ploy.

LWS is even to the left of me on this. I still don't agree with your characterization of this as a move towards communism/socialism. But I don't support this bailout whatever you want to call it.

[Dr. X]

Originally Posted by ChicagoMark

Our politicans are at it again. This time they are about to perpetrate one of the great frauds ever on the American taxpayer. A call to arms -- as a US taxpayer, call your federal representatives today and tell them that if any of them voted for the Paulson package, you wouldn't be voting for or financially supporting them ever again. To help understand more about the issue, follow the attached link.

The Market Ticker

Thanks Mark. Your a great American.

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