Posted on 01/14/2009 7:56:02 AM PST by SmithL
Why rush to throw another $350 billion of taxpayer money at the Wall Street bandits and their political cronies who created the biggest financial mess since the Great Depression? And why should we taxpayers be expected to double our debt exposure when the 10 still-secret bailout contracts made in the first round are being kept from the public?
We don't have time, President-elect Barack Obama's key economic adviser Lawrence Summers insisted in a letter to Congress on Monday, promising that the new infusion would not be squandered as was the first installment. But given that Summers is personally as responsible for this meltdown as anyone, why should we trust him on this? Yes, it sounds wonderfully bipartisan that Obama is backing President Bush's request for spending the money now, short-circuiting congressional inquiry, but it was just that sort of bipartisan politics that created this nightmare.
How insulting that we must now accept Summers' assurance that the Obama administration will "move quickly to reform a weak and outdated regulatory system to better protect consumers, investors and businesses." This from the guy who, as President Bill Clinton's Treasury secretary, pushed the deregulation legislation making the subsequent financial crimes of Wall Street legal. The "toxic derivatives" that we taxpayers are now forced to purchase from the Wall Street hustlers were deliberately shielded from all government regulation, thanks to the Commodity Futures Modernization Act, which Summers got Congress to pass in the closing days of the Clinton administration with the same urgency that he now pushes for the new Wall Street handout.
Back then, Summers was a disciple of Robert Rubin, who just last week resigned from his director's position at Citigroup, the financial conglomerate that grew to unmanageable and corrupt proportions thanks to the empowering legislation that Rubin initiated when he was Clinton's...
(Excerpt) Read more at sfgate.com ...
Oh no! I agree with some of what Robert Scheer is saying! Where’s my gun, I’m going to end it all right now.
I am beginning to think we need 3 things in Washington to get us out of this mess: tar, feathers, rail.
Where is the openness and accountability that Obama promised? Why not pause for a few weeks for congressional hearings on how to spend the new money? We don’t even know where the last batch went. On Monday, the Treasury Department finally agreed, only after a subpoena threat, to turn over to Sen. Carl Levin and his Permanent Subcommittee on Investigations the 10 secret contracts that it had signed with top Wall Street firms in the first round of the bailout. Unfortunately, an aide to Levin was quoted in the New York Times as saying the subcommittee has no plans to make those contracts public.
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Because Washington is being run, not by the rule of law, nor by a government for and by the people, but by a mob of liberal thugs whose arrogance and hatred for the law, the Constitution and the individual citizen, has never before been seen in American government.
It really distills down to witnessing the difference between the rule of law, and mob rule. The latter being what we are witnessing.
My thoughts exactly! But, even a broken clock etc....
That’s why those of us who believe in a representative Republic call democracy a ‘Mobocracy’!
No kidding. What frikking planet do we live on where this can happen.
I guess this is the proverbial stopped clock being right twice a day or squirrel looking for nuts.
I sense three levels of degradation when it comes to respect for the law of fear or it.
1. Liberal democrats who openly violate and thumb their noses at the law.
2. A liberal media that aids and abets their unlawful manipulations by ignoring its responsibility to inform the public of malfeasance on behalf of those they support politically.
3.People in congress who were elected by using an (R) to identify their political constituency but, will confront neither the law breakers nor the media.
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Well, you are spot on. This is the primary mechanism that the RATS use to hold on to power. If it were not for the leftist media, they would not have won in 2006 or 2008...assuming there would have been true balanced journalism. A joke, I know. That has been long gone from our so-called media for decades now. Until the citizens of America insist on a return to the RULE OF LAW, none of this mob-rule and lawlessness will change — why should it?
Once upon a time a man appeared in a village and announced to the villagers that he would buy monkeys for $10 each.
The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.
The man bought thousands at $10 and, as supply started to diminish, thevillagers stopped their effort. He next announced that he would now buy monkeys at $20 each. This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so scarce it was an effort to even find a monkey, let alone catch�it!
The man now announced that he would buy monkeys at $50 each! However, since he had to go to the city on some business, his assistant would buy on his behalf. In the absence of the man, the assistant told the villagers: “Look at all these monkeys in the big cage that the man has already collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.”
The villagers rounded up all their savings and bought all the monkeys for 700 billion dollars.
They never saw the man or his assistant again, only lots and lots of monkeys!
Now you have a better understanding of how the
WALL STREET BAILOUT PLAN
WILL WORK !!!!
It doesn’t get much clearer than this..............
Let me save you from yourself. Scheer’s a guy who got very wealthy pimping communism, going back to his days writing for Ramparts and happily licking Panther boots.
The answer to the question of where that great wealth was developed and grown should be enlightening. I’m guessing the Wall St. bandits were somehow involved, however peripherally.
The guy’s a fraud. You’d be better off aligning yourself with Madoff.
And in the San Fran Chron to boot.
Who would’ve thunk it?
I’m witchoo. Scheer is an onanist. But no one can be 100% wrong 100% of the time - that would require a sort of perfection beyond human capability. Scheer is wrong 99.98% of the time. This is part of the .02%.
“Oh no! I agree with some of what Robert Scheer is saying! Where’s my gun, I’m going to end it all right now.”
Hold on..maybe Sheer decided not to get drunk while writing today.
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