They Want How Much?

September 24th, 2008

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have asked the congress to approve a $700BB Bail-out of the banks. They had the gall to want this with no strings attached.

I’m a conservative republican, but that doesn’t mean I agree with the administration lock, stock, and barrel.

Thankfully, Congress is asking good questions and suggesting logical and intelligent modifications to the request.

Some of the key things they have asked to be added:

  • No Golden Parachute Packages for executives of banks that sell their Toxic assets to the Fed
  • Limits on their overall compensation if they are receiving Federal help
  • Having a potential equity stake in the institution, so that the Tax Payers have a chance of not footing the entire bill. In theory, these institutions will return to being profitable. If we are helping them get there, we should receive some of it
  • Creating a trust for the profits and proceeds of the eventual sale of the toxic assets to go into. Congress may not touch these funds. They are soley for the benefit of paying off the debt incurred for the bail-out and if money is left, it would be returned to the Tax Payers.
  • Allowing judges to re-write the parameters on the Toxic Debt the Fed buys. If possible, give the distressed homeowner some relief.

I encourage you to contact your representative and let them know how you feel. Frankly, I’m not for the bail-out at all, but I believe there is too much momentum for something not to happen.

What are your thoughts?

cd :O)

-- By +Chris Duncan

One Response to “They Want How Much?”

  1. Archangel Says:

    Joe a poor sinner writes: $700B not a word about stopping the corruption, leaks and violations of many laws.
    Congress, PHD and other B.S. corrupt or stupid Leader telling Americans. Must Bail out. The world is flat. Cars frame bent, engine block cracked, gas leaking, spend $700B to fix the car or Replace with new car at much less. Congress has disrespectred their position for much to long. Time to judge them as they have judged if for no other reason but for God,our country, our children.
    Americans to stupid, to scared, to weak, to enforce the Laws to stop
    Financial Disaster.
    CEOs Fed Congress make statements they conspired took bribes and unjustly
    enrich them self. Corruption believe the few American that will demand
    Justice can be over looked or payed off. To many violation to count. Here
    Are 2. From CEOs Fed and Congress own mouth
    . 1] ” Many parties are to blame” Law Dictionary; A conspiracy exist when
    the parties use legal means to accomplish an illegal result
    2] “The Bail Out is Bribery” Encyclopedia; Any item of value to
    influence the actions of an official in discharge of a public or legal duty

    Solution ; Unjust Enrichment
    Knowledge is immaterial under the law of unjust enrichment
    Wed, 4 Jan 2006 17:23:00 -0500
    Re: Unjustly enriched executive
    “Former HealthSouth Corp. chief executive officer Richard Scrushy has been
    ordered by a judge to repay his former company more than $47.8 million in
    bonuses, according to published reports. … Judge Allwin E. Horn III of
    Jefferson County Circuit Court in Birmingham, who made the ruling as part of
    a summary judgment in a shareholder lawsuit, determined that Scrushy is not
    entitled to the payments whether or not he participated in the fraud or knew
    about the scheme.”
    Prosecution evidence
    Fed lowers Interest to prop Fannie and Freddie
    2001 to mid 2003 the Federal Reserve lowered its interest rates 13 times,
    from 6.25 to 1.00% overnight rate averaged 0.68% June 2004,
    the Federal Reserve System target interest rate continued to do so 17
    straight times
    In March 2006, the Federal Reserve ceased to make public M3, arguably the
    most reliable means of measuring the money supply.
    Fed declared that the costs of collecting this data outweighed the benefits
    Here’s the kicker
    The Fed needed to increase rates not lower them
    Quote”. overnight overdrafts (more than three occurrences in any 12-month
    period), the overnight overdraft rate increases by one percentage point for
    each additional occurrence.”
    American Demand Law Enforcement and Remove ,the Corrupt CEOs, Fed,
    .Recover $500+B, Honor and make corruption look stupid.
    American have no choice but to take the Law in there own Hands or the
    corrupt have take control of America
    Rem; Congress did not fail they scammed,
    Rem; Congress had many red flags about the credit problem
    Use the war to decoy American focus
    Congress , Falsely accused, made statements of treason and stopped much
    funding to protect our Military.
    Congress disrespected the position they held to the point of treason.
    The rule ; one is judged on how they have judged then they need to go to
    prison for life and hell for eternity.
    Rem; Corrupt CEOs, Fed and Congress believe they are above the law and
    Americans to stupid, to scared, to weak to enforce the law..

    article by Poor Sinner

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