Monday, Sep 29, 2008
Paulson Would Have Free Rein to Spend 700 Billion "As He Sees Fit"
Los Angeles "Times": Paulson Will Have No Peer
If the 700 Billion package - or a similar one - eventually makes it through Congress, one man will hold the power of life and death over everyone in the country. Certainly reading the phrase "unprecedented powers" in relation to Henry Paulsen makes the blood run cold. The reporter, Peter Gosselin explains -- "Under terms of the compromise announced Sunday, any firm selling troubled assets to the government would have to give Washington the right to take an ownership stake in the firm -- a more sweeping requirement than had been expected....Paulson's new powers will be almost breathtaking in their scope."
And further, Paulsen can spend the "bailout" fund on any financial instrument he sees fit to "promote market stability" giving him unlimited power to cut deals with foreign banks.
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11 Comments
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1. alan said...
Paulson will have incredible power. But, nobody voted for him!
Because of this, lots of folk in the USA have rebelled and called up their senators. Lots of news interviews are mentioning that, However the news channels (Bloomberg, CNN etc) go on to support the President.
2. mountain goat said...
If the deal he cut with AIG is anything to go by Wall Street banks should be terrified. The taxpayer got 80% of the company and 12% interest rate on the loan. The banks are on their knees and governments can make it pay back time.
3. inbreda said...
$700bn to spend as he sees fit?
Wow - with cash like that he could even buy a flat in London!
4. planning4acrash said...
Again, the $700bn is an infinitely replenishing coffer. The real bailout is the liquidation of most derivatives, and will be in the multi-trillions. The derivatives are only dangerous when liquidated, because they remain imaginary until that point, when they become a weapon of mass destruction and do their final deed by hyper-inflating the currency. They should simply be deleted as fraud and those who created them should be arrested and be banned from ever working in the financial sector with all their assets freezed and possibly with some getting hung for high treason.
The number is meaningless and was chosen a) because it is a big number (Paulston actually said that) - b) because it has the number 7 in it, representing the 7th day, occult symbol for Luciferians, who consider that they took over from god, after he rested on the 7th day. They are clearly acting playing God with the economy, and, going against natural orders by destroying free markets.
5. planning4acrash said...
p.s. I forgot to say that, they hyper-inflate when bought by the treasury, because the bankers then put all the money that was derivatives, into OUR commodities and real assets.
6. planning4acrash said...
7. planning4acrash said...
Ron Paul's reaction after the vote.
8. rotten tomato said...
Well done P4C, I agree with your first paragraph. On the Luciferian part of your argument, while I would agree that the stock exchange type species of human beings are most definitely closer to the demonic side, I will admit that it's a dicey thing to prove without a seance!
On the other hand, together with writing off the derivatives as illegal and hanging a few people in the main square for good measure, I would rather use the 700 billion as a long term credit line to build infrastructure, and create jobs. Not that the US isn't in dire need of infrastructure, the way they have underfunded maintenance and all things related to the actual physical economy.
And you're quite right too about what those bast*rd bankers will do if they get the liquidity they are asking for - they will speculate again and drive our basic necessities prices up once more. Scr*w them! Let's get some decent governments in power in the West if we can, governments which will actually do something for the average joes like me, except scr*wing us as they have done till now.
My last thoughts are for those idi*ts voting Obama, and his green follies: how do they reconcile the fact that his support for the speculators and their unlimited bailout package will drive up the costs of solar panel production (highly energy intensive) to levels of unaffordability heretofore unseen?
9. indiablue19 said...
Yes, regulate those couple of folks who own and benefit from the Federal Reserve. One hundred years of monkey business, playing dice off the backs of the American people. Get rid of the Federal Reserve, take back America's financial controls, regulate the government rather than giving them even more carte blanc [they can't do the jobs they've got]- and you've solved half the problem. And federal audit - crime they audit everybody else, what's their excuse for operating without oversight? Keep marching America - tell Bush to take his bogeymen and hit the road - it's the one and only chance.
10. last_days_of_disco said...
Smooth reflation never works in a democracy. Natural justice steps in every time and mucks up everything.
11. mark wadsworth said...
As FDR might have said "The only thing we have to fear is Hank Paulson himself".