Kill The Bailout! (Michelle Malkin: Ten Reasons To Oppose The Bipartisan Rape Of American Alert)

Michelle Malkin.com ^ | 9/28/2008 | Michelle Malkin

[YoungRenaissanceMan]

here’s a reason to support it:

WILL STOP PANIC THAT LED PEOPLE TO GO FOR OBAMA!

[The Duke]

If provisions related to minority contracting are waived, the Secretary must develop alternate procedures to ensure the inclusion of minority contractors.

Oh...I get it now. Why don't they just cut to the chase and exile all white males to Alcatraz(?)

[Liz]

Investment banking firm Goldman Sachs has managed to ride out the current crisis while a number of its competitors have vanished. Perhaps GS has luck, or better management, but they have another asset going for them — lots of allies in Congress.

Goldman Sachs bankers have been the country’s top political campaign contributors this year and have given $29.5 million in contributions since 1989, according to the Center for Responsive Politics.

GS “invested” in this year's race.......John McCain took $208,000 from GS employees, making GS his fourth-largest source of income, and his top 5 contributors all come from Wall Street.

However, Barack Obama has more than tripled McCain’s take, hauling in over $690,000, making GS the largest single source of contributions for Obama. Citigroup and JP Morgan Chase come in #3 and #4 for Obama as well. Interestingly, over the last 20 years, Goldman Sachs has favored Democrats over Republicans by almost 2-1. They’ve produced over $4 million in this cycle alone, 73% of which went to Democrats. Over $1.1 million of that went to Obama and Hillary Clinton alone.

How well connected is Goldman Sachs? Current Treasury Secretary Henry Paulson ran it as CEO from 1998 until he took his current position.

Clinton’s Treasury Secretary, Robert Rubin, was co-chair at GoldSachs. The White House chief of staff, Josh Bolten, was an executive in their London offices. With Congress deliberating about putting $700 billion in taxpayer money at risk, the contribution patterns of the beneficiaries of those contributions certainly seems interesting.

ABC News reports that GS spent more than $43 million in lobbying and campaign contributions over the last twenty years.....especially active in this cycle: The embattled Goldman Sachs and its employees have spent more than $43 million dollars on lobbying and campaign contributions to cultivate friends and buy influence in Washington, DC since 1989, according to an ABC News analysis of campaign finance records compiled by the Center for Responsive Politics.

[RebelTex]

I wonder how much Paulson is going to get under the table for buying all of GS bad loans, if the bailout passes.

Kill or suspend the ‘mark to market’ rule. The president could do that in an executive order for National Security. That would immediately provide all the liquidity needed and solve this mess. No bailout needed.

[Liz]

I wonder how much Paulson is going to get under the table for buying all of GS bad loans...........

You got that right.......he's on his knees as we type.

The president could kill or suspend the ‘mark to market’ rule in an executive order for National Security.

That's the galling thing here---there are many other options not being considered. BTW, I have heard that ‘mark to market’ rule batted around.