Posted on 04/20/2010 8:49:34 AM PDT by opentalk
Talk about taking another giant leap in the wrong direction.
Fresh off his successful (for now) effort to ram through an unpopular healthcare “reform” law, President Barack Obama is now fighting for legislation on Capitol Hill that would set up a permanent fund to bail out companies in the financial sector.
Of course, that’s not how his team is spinning things. On the White House Blog, Jen Psaki claims that “under the Senate bill, the taxpayers will never be asked to foot the bill for Wall Street’s irresponsibility.” But that’s simply not true
If you liked the bailouts in 2008, you’ll love the Dodd bill,” Sen. David Vitter (R.-La.) tells HUMAN EVENTS. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”
Vitter is right to note that Wall Street supports this measure. Why? Because big investment houses realize they’ll get bailed out and would have less reason to worry about risky behavior.
(Excerpt) Read more at humanevents.com ...
There's no way that scumbag would show his scrawny face on wall street without bearing some big gifts.
In 2008 America was determined to elect an ahole. We ran the 2 best we had, and in the end 0bama, the better ahole one.
But don't worry, after 0bama and Biden, we had 535 runners up.
— Benito Mussolini
This will be the final nail in the coffin. Too many tentacles that will never be able to be fully severed.
Once the American people realize that the treasury has been looted and all that they have worked for has been lost there will not just be a revolt against the government but all of the corporate players involved.
There will eventually be a violent reckoning for this. They will not be able to suppress the truth forever. And when you have so many who will have lost everything except their anger and fear......Then they have nothing left to lose. I hope I am wrong.....But I don't think so.
Obama-Dodd Financial Bill Would Further Enrich Goldman Sachs
http://www.freerepublic.com/focus/f-news/2495783/posts
Goldman Sachs: Summary (Goldman Gave Dems 75% Of Its Campaign Donations In The 2008 Election Cycle)
http://www.freerepublic.com/focus/f-news/2496032/posts
follow the money...
Give the bama unlimited authority to dole out taxpayer funds, and how long before he trades bailout money for campaign contributions? He gives Goldman Sachs $15 million for a bailout, they contribute $10 million to his campaign. Sweet.
They push the talking points about how Wall Street needs to be regulated yet they’re the biggest recipients of donations.
Dems don’t want to regulate, they want to confiscate!
deceptive con to control US tax dollars and people
The list, ping
Great links! thanks
Take over auto ind.,health ind.,banking ind.=unlimited power
Agree anything Soros backs is a bad thing.
“deceptive con to control US tax dollars and people”
The Obama legacy.
The Dodd “Financial Reform” Bill Lets Soros Off the
Soros and his collaborators have an anti-capitalism agenda, an anti-industrialized nation agenda, and a far-left liberal, Marxist radical agenda. Most hedge fund short sellers are not capitalist. They are anti-capitalist and they are not investors. They are anti-investors. They succeed when companies (or countries) fail.
The Dodd bill does not mention anything about regulating the hedge fund short sellers. The Dodd financial reform bill punishes the victims and rewards the looting bandits and basically sets up the publicly traded companies, the shareholders and the American families to be victimized again. The Dodd bill doesn't offer any protection for the invested capital and assets of the shareholders, but instead allows their wealth to be seized and confiscated by the Treasury Secretary and distributed to MFA members, the hedge fund short sellers.
This Dodd bill represents the biggest effort so far by the hedge fund short sellers to have the government seal of approval, to cover their role in engineering the economic collapse which has ravaged the American economy
The Dodd “Financial Reform” Bill Lets Soros Off the Hook
shakedown
ping
There is a special level in Hell for this type of corruption and deceit. Our elected wretches in Congress are soulless bastards. They profit handsomely while pushing the enslavement of the American people. They can all drop dead.
Here's how G/S and the Wall Street predators operate.
COMING TO A TOWN NEAR YOU Mother Jones magazine circa Feb 2007 reported on the activities of Mark Florian, Chief Operating Officer of Goldman Sachs' municipal finance division.
According to the report, Florian was traveling to statehouses across the US to convince state officials that selling state assets would be "mutually beneficial." One of the scams involved selling state roads then monetizing them via bonding----which would make billions for G/S til the end of time.
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REFERENCE Goldman Sachs opened an office in Princeton NJ 2006 when Corzine was elected (the better to loot the NJ Treasury).
Goldman Sachs Hedge Fund Partners
701 Mount Lucas Rd
Princeton, NJ 08540-1911
G/S Hedge Fund Partners advertises it seeks investments in traditional infrastructure sectors including transport infrastructure such as "monetizing" toll roads, airports and ports as well as regulated gas, water and electrical utilities.
Then-Gov Corzine (ex-Goldman head) stationed Goldman Sachs functionaries in state government as the issue of road monetization surfaced. Corzine hired four of his G/S buddies including G/S alumnus Bradley Abelow as state Treasurer. Corzine took a road show across the state to sell the monetization deal. However, monetizing NJ roads hit a large pothole and collapsed like a flat tire---b/c taxpayers were onto the G/S scam.
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FOR YOUR REFERENCE Jefferson County, Alabama decided to build an elaborate new sewer system with the help of out-of-state financial wizards with names like Bear Stearns, Lehman Brothers, Goldman Sachs and JP Morgan Chase. The result was a monstrous pile of borrowed money that the county used to build, in essence, the world's grandest toilet — "the Taj Mahal of sewer-treatment plants" is how one county worker put it.
Now Jefferson County is one of the most indebted municipal governments in US history, with a current debt of approximately $7,000 for each man, woman and child residing in the county. Two extremely controversial undertakings by the county account for the majority of this debt.
First was a massive overhaul of the county-owned sewer system, and second was a series of risky bond-swap agreements. Both have been scrutinized by federal prosecutors, with several former county officials convicted of bribery and corruption. In 1995, Jefferson County entered into a consent decree with the EPA regarding sewer overflows into the Cahaba River watershed.
A total of $3.2 billion of new construction was subsequently contracted, both to comply with the consent decree and to expand the system to newly-developing areas and increase the number of ratepayers financing the construction. Much of this work was awarded to inexperienced companies, many of which have since been convicted of bribery, along with several county officials.
A series of controversial interest rate swaps, initiated in 2002 and 2003 by former Commission President Larry Langford (removed as the mayor of Birmingham after his conviction, were intended to lower interest payments, but have, in fact, had the opposite effect, increasing the county's indebtedness to the point that officials have issued formal statements doubting the county's ability to meet its financial obligations. The bond swaps are at the center of an investigation by the SEC.
In late Feb 2008 Standard & Poor’s lowered the rating of Jefferson County bonds to “junk” status. In early March 2008, Moody's followed suit and indicated that it would also review the county's ability to meet other bond obligations. On March 7, 2008, Jefferson County failed to post $184 million collateral as required under its sewer bond agreements, thereby moving into technical default.......it is likely the county would enter into bankruptcy, which would result in one of the larger municipal bankruptcies in American history.”
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FOR YOUR REFERENCE Florida stands to lose $1 billion from Lehman Brothers' bankruptcy. In Florida, Lehman Brothers managed public assets, sold securities, underwrote bond deals and handled residential and commercial mortgages.
>>>>>>Local governments are stuck with about $556 million in tainted securities that they can't redeem.
>>>>>>Fla has $290 million less to pay for everything from hurricane claims to health care, community colleges and care for infants with disabilities.
>>>>>>> Counties, cities and school districts face a loss of more than $300 million for roads, sewers and schools.
>>>>>>>>>>The biggest casualty of Lehman's bust is Florida's giant public pension fund. More than $440 million disappeared from the pension fund that pays benefits for some 1 million retirees and public employees. The pension fund took a $230 million hit on Lehman stocks and bonds.
>>>>>>>>> The pension fund holds another $53 million in Lehman bonds that have lost most of their value and has $323 million tied up in tarnished mortgage-related securities purchased from Lehman. If the state sold those securities today, the pension fund would lose about $188 million more.
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