According to the crap sandwich 2.0 legislation Chancellor Paulson can do anything he wants with the money. The only restriction was that he could only ask for $250 billion up front then had to go back to Congress to get more up to $700 billion. So NO he doesn’t have to buy a single bad mortgage he can do what he deems best for the economy because that is his real “mandate”. Accountability??? ABSOLUTELY NONE!! He also wrote that into the legislation as well.

The saving grace for the banks he is strong arming is that the stock isn’t voting stock. Would you really want a Bureaucrat VOTING on the direction of a bank?? Yeah, like that would be a good idea!!

I have my handbasket sitting by the door waiting to travel………

The plan is, start up an modest feel good program (like easy home mortgages for those who can’t pay for it or health care insurance with a few mandates) that the marketplace can handle. Then slowly add more and more mandates (You’ve got to 10%, then 20%, then 28% of mortgages must be unsupportable mortgages — or health care insurance without preconditions and with gold plated benefit mandates) until the marketplace system collapses because it can’t fiscally make sense.

Then take over the industry.

Will any conservative have the guts to sue the government, like they did after FDR formed monopolies?

Will any conservative have the guts to call for prosecution of the wrongdoers like Raines and Johnson to restore trust in the system?

#21
On October 14th, 2008 at 12:13 pm, right4life said:

GDSuffern said:
No, seriously. Can we do anything?

pray for the rapture to occur before they make us get the mark to buy and sell…

What do you think your account number with the World Bank & the New Unified World currency will be?

Goodbye “My Friends”!
We hoped he’d staighten-up,
but listen-up!
As Republican Goverence ends,
McCain won’t fight…
for what is Right,
Winning isn’t what he intends.

When out-of-sight,
the dream he dreams at night,
is “sticking it” to Patriotic Men.

He’s nurtured since the 2000 run,
A “go to he11!” for everyone,
who was of Conservative taste
ran him out of that Primary Race.

Now, his purpose almost compete:
The Party, dying at his feet.
He spits: “No Earmarks!”
Then he smiles and mocks:
“Except, for the bipartisen ones you Lox!”

On October 14th, 2008 at 3:40 pm, happy2behere said:
Small well-managed local banks are part of the answer, at least for now.

I have been a depositer in one of those for years. Fantastic…… It is healthy as can be. Based on their activity, you would never know there was a financial crisis.

Our goal is to see a wide array of healthy institutions sell preferred shares to the Treasury, and raise additional private capital, so that they can make more loans to businesses and consumers across the nation.

They want us in more debt to save the economy? WTF??

“The borrower is slave to the lender.” We’re already slaves to the gov’t at least 3 months out of the year just to pay our current taxes. And they want us to slave away even more for them?

And what do you think will happen if you default or are late with payments on a government-owned mortgage, car loan, business line or even just a credit card?