Tuesday, September 30, 2008
A Short-Lived Victory
I thought You said this was a Slam Dunk... Sorry Boss...
I would encourage all readers to click this link about the behind the scenes arm twisting of this administration...
A Short-Lived Victory...
I encourage all readers to perform their Patriotic Duty as Americans and contact their Representatives immediately!
When Andrew Jackson threatened to end the Second Bank of the United States charter, the financiers threatened him with a Depression.
I had to pinch myself when the $700 Billion dollar bailout package failed. There was such certainty that this thing was a slam dunk. Evidently the Executive Branch felt as though it did not owe Main Street an explanation. Scare tactics? I don't know... and unfortunately, there is such a credibility deficit with our Chief Executive that people don't trust him. Whether it is Henry Paulson or Ben Bernanke delivering the message, if the message is connected with Bush it is now almost a certain loser. But the President's Administration has been filled with arrogance and double-talk... and while this could truly be a crisis, many think he could be crying wolf... and that ladies and gentlemen boils down to a lack of leadership!
So it appears that the Bailout will be revived in the Senate tomorrow. And, there will be a lot of pressure on the Senators to make something happen. Monday's 778 point decline was a message sent to Congress to pass this bill or else. Now, with only minor revisions, the largest spending package in U.S. history appears that it is in the process of being revived! Senator Dodd (CT)is in the hip pocket of the Banking Industry, and everyone knows it. His remarks to the House were typical... "See how the market reacted... Congress must pass this bill." Maybe just maybe Mr. Dodd, the bill should be revised and reviewed... I am certain this bill has been in the works for quite a while... evidently everyone knew it was coming... so honest money...if not smart money would beg this bill to be combed over. Instead, this was considered Treasury's gift to Wall Street all along... and no one did a thing to change that perception... Sure Main Street would benefit in some way shape or form, but everyone knew who this bill was designed to help. To call either one of the future Presidents of the United States elusive is an understatement.
Main Street wants to see the yo-yos who created this mess thrown out on their left ear. There is no moral compass on Wall Street... and it pains me as a tax payer to see another free ride given to these people. If the shoe was on the other foot, I think we all know where we would stand...
Brian's Bailout Plan
1. A company receiving bailout funds must make full financial disclosure of losses during a market's trading day. This must be done in order to receive any Federal Monies!
2. Remove all CEO's and Board of Directors from companies who are receiving bailout funds.
3. End lobbying by any company receiving bailout funds.
4. All firms receiving bailout monies must utilize STRICTER accounting standards...hell make this rule apply to any and every publicly traded company.
5. Companies must supply stock and warrants to the Federal government as collateral for any loans.
6. Treasury and Congress extend a line of credit to solvent banks... and allow these institutions to service the credit obligations of the insolvent banks.
This list could go on and on but I must make my final pleas to Congress to break-down and revise the bailout plan, looking for a fairer and more creative alternative!
Article I gives Congress... and only Congress the power to collect and appropriate monies.
Bailout Defeated...for Now...
Posted by at 5:50 PM