http://www.freerepublic.com/tag/treasury/ en-us Mon, 6 Oct 2008 16:02:10 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2098709/posts WASHINGTON – The president's top economic advisers are pledging to work with their counterparts around the world to restore confidence and stability to financial markets roiled by tight credit and worries about a global economic slowdown . The President's Working Group on Financial Markets said in a statement Monday it planned to quickly implement the expanded authorities granted to federal regulators by the $700 billion rescue package passed on Friday. The working group was formed after the 1987 stock market crash. The group, which includes Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, said it planned to move... AP on Yahoo http://www.freerepublic.com/focus/f-news/2098709/posts#comment Mon, 6 Oct 2008 16:02:10 GMT http://www.freerepublic.com/focus/f-news/2098494/posts WASHINGTON -- When Congress voted last week to bail out Wall Street banks and investment houses, members were also indirectly voting to repair damage lawmakers themselves had caused during a decades-long era of deregulation. As the blame game moves into high gear in Washington, there seem to be few winners. Already under scrutiny are lawmakers from both political parties, Presidents George W. Bush, Bill Clinton and their predecessors, and record amounts of money funneled to Congress from Wall Street and the two government-backed mortgage giants, Fannie Mae and Freddie Mac. In hindsight, members of Congress and administration officials such as... LA Times http://www.freerepublic.com/focus/f-news/2098494/posts#comment Mon, 6 Oct 2008 08:37:07 GMT http://www.freerepublic.com/focus/f-news/2097925/posts Did Hank Paulson subconsciously or consciously want to throw the election to Barack Obama. We don't know if the bailout will work as policy, but we know it worked as political theatre to turn the election. YouTube http://www.freerepublic.com/focus/f-news/2097925/posts#comment Sun, 5 Oct 2008 13:50:10 GMT http://www.freerepublic.com/focus/f-news/2097506/posts With all the tools and time at Secretary Paulson's disposal to solve the subprime crisis, why did he wait until 5 weeks before the election to stage a brilliant piece of political theatre with the Democrats? YouTube http://www.freerepublic.com/focus/f-news/2097506/posts#comment Sat, 4 Oct 2008 18:33:07 GMT http://www.freerepublic.com/focus/f-news/2097491/posts The Paulson-Pelosi plan was a bizarre and somewhat inexplicable economic proposal given the vast array of tools the government had at its disposal to respond to the subprime mortgage debacle. However, it was a brilliant piece of political theatre designed to take down the McCain Palin campaign that had a victory at hand. Watch: http://www.youtube.com/watch?v=y5p5XsZLxAo RedState http://www.freerepublic.com/focus/f-news/2097491/posts#comment Sat, 4 Oct 2008 18:04:36 GMT http://www.freerepublic.com/focus/f-news/2096723/posts In all of American history, it is likely that no government official besides a wartime president has ever been given as much power over taxpayer money as Treasury Secretary Henry M. Paulson Jr. would receive under the $700 billion financial rescue plan. If the House passes the bill Friday, the Treasury secretary will acquire broad authority to buy and then dispose of hundreds of billions of dollars in mortgages and mortgage-backed securities at his sole discretion. "They're appointing a financial dictator," said Ryan Ellis, tax policy director at Americans for Tax Reform. "Congress is giving a member of the executive... Washington Times http://www.freerepublic.com/focus/f-news/2096723/posts#comment Fri, 3 Oct 2008 16:32:23 GMT http://www.freerepublic.com/focus/f-news/2096879/posts Treasury Secretary Henry Paulson on Friday said the $700 billion financial rescue package protects Americans' jobs and savings and that the government is ready to begin buying up soured assets from banks. "We've been doing a lot of work, a lot of thinking getting ready for this, and once the legislation is signed, we're going to be going out and lining up some advisors from the private sector," Paulson told reporters at the Treasury. "There are a wide variety of tools that we have that come with this legislation, and which combined with the other authorities we have ... are... Reuters http://www.freerepublic.com/focus/f-news/2096879/posts#comment Fri, 3 Oct 2008 19:29:30 GMT http://www.freerepublic.com/focus/f-bloggers/2096518/posts “These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.” – Abraham Lincoln, speech to Illinois legislature, January 1837 In July, Treasury Secretary Henry Paulson said of his massive underwriting scheme for Fannie Mae and Freddie Mac, “If you have a bazooka in your pocket and people know it, you probably won’t have to use it.” On September 7, Paulson pulled out his bazooka and fired, effectively nationalizing the mortgage giants. Last week, Paulson... Web of Debt http://www.freerepublic.com/focus/f-bloggers/2096518/posts#comment Fri, 3 Oct 2008 11:52:25 GMT http://www.freerepublic.com/focus/f-news/2096149/posts (Fortune) -- Warren Buffett suggested Thursday that the U.S. Treasury team with private investors to buy the distressed mortgage assets at the center of the controversial $700 billion Wall Street bailout, and said the price tag of the rescue plan may have to rise. See http://www.youtube.com/watch?v=y5p5XsZLxAo Fortune Magazine http://www.freerepublic.com/focus/f-news/2096149/posts#comment Thu, 2 Oct 2008 22:16:39 GMT http://www.freerepublic.com/focus/f-news/2094294/posts Since the $700 billion bailout plan went down in the House of Representatives by a 228-205 margin, talking heads and politicos have been looking for ways to circumvent Congress and give the executive branch the authority to perform a bailout without their consent. Republican presidential nominee Sen. John McCain, R-Ariz., first made the suggestion to NBC News correspondent Kelly O’Donnell. His senior economic adviser, Douglas Holtz-Eakin, later confirmed to MSNBC that McCain said Congress has already given the Treasury Department authority to bail out Fannie Mae and Freddie Mac to the tune of a trillion dollars. ..more (w/video).. businessandmedia.org http://www.freerepublic.com/focus/f-news/2094294/posts#comment Tue, 30 Sep 2008 21:21:50 GMT http://www.freerepublic.com/focus/f-news/2093456/posts Paulson should be kicked out of his office forthwith and all his papers and e-files locked down so the Feds can see the full extent of his corruption. And anyone else who signed off on that original blatantly unconstitutional bill should be identified and fired as well. It was the well-earned bad faith created by these acts that were the final nails in the coffin of this attempted “shock doctrine” coup.. Pajamas Media http://www.freerepublic.com/focus/f-news/2093456/posts#comment Mon, 29 Sep 2008 22:47:28 GMT http://www.freerepublic.com/focus/f-news/2092456/posts A source close to House Republicans has put out a Myth vs Fact rundown of the bailout compromise, announced early this morning.  This may answer some questions that have come up in the comments over the last few days: Myth:  Windfall for ACORN. Fact:  The Frank-Dodd proposal created an affordable housing slush fund and directed 20 percent of net benefits from the program to be directed to ACORN-type organizations.  The proposed compromise does not include any affordable housing slush fund and directs all net benefits back to the Treasury to pay down the national debt. Myth:  Tax increase on... hotair http://www.freerepublic.com/focus/f-news/2092456/posts#comment Sun, 28 Sep 2008 17:22:15 GMT http://www.freerepublic.com/focus/f-news/2092458/posts Republican leadership is also sending this around: Following is myth/fact document regarding the current draft of the economic rescue legislation. Myth: Windfall for ACORN. Fact: The Frank-Dodd proposal created an affordable housing slush fund and directed 20 percent of net benefits from the program to be directed to ACORN-type organizations. The proposed compromise does not include any affordable housing slush fund and directs all net benefits back to the Treasury to pay down the national debt. Myth: Tax increase on financial industry. Fact: The proposed compromise imposes NO tax on the financial services industry. The proposed compromise simply requires a... NRO-The Corner http://www.freerepublic.com/focus/f-news/2092458/posts#comment Sun, 28 Sep 2008 17:22:50 GMT http://www.freerepublic.com/focus/f-news/2092123/posts The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added. “What’s being put around behind the scenes is that we’re looking at 1930s stuff. We’re looking at catastrophe, huge, amazing catastrophe. Everybody is extraordinarily scared. It’s going to be really, really nasty.” Investors fretted about contagion into Europe, where Fortis, which was part of the consortium that bought ABN Amro last year, fired its chief executive after liquidity concerns pushed shares down more than 20pc to a 14-year low. Holland’s ING and BNP Paribas are looking... Telegraph http://www.freerepublic.com/focus/f-news/2092123/posts#comment Sun, 28 Sep 2008 02:21:32 GMT http://www.freerepublic.com/focus/f-news/2091892/posts WASHINGTON -- Eyebrows at the Treasury were raised last Tuesday when Secretary Henry M. Paulson Jr. named a major Democratic fundraiser to an important advisory role. On the next day, eyebrows were still elevated when Under Secretary Robert K. Steel participated in an event spearheaded by Bill Clinton's two Treasury secretaries. A longtime Republican office holder now in the Bush administration noted these developments and e-mailed a fellow Republican outside the government: "This leads some to wonder whether this Treasury has become the pre-placed Hillary Clinton team." Real Clear Politics http://www.freerepublic.com/focus/f-news/2091892/posts#comment Sat, 27 Sep 2008 18:34:13 GMT http://www.freerepublic.com/focus/f-news/2091814/posts At its very foundation, every document has a drafter. Likewise, every document has a first draft. When was the first draft of the present Treasury Bailout Plan created? Some have said it has been in existence for more than a year. Who is the grunt that actually wrote it? Did anyone from Goldman Sachs, Henry Paulsen's former firm, or any other Wall Street firm, render any advice about it? Now look at campaign contributions to the Democrat Party by Wall Street. A campaign contribution is deemed under the law to be speech. What are they saying - something about getting... none http://www.freerepublic.com/focus/f-news/2091814/posts#comment Sat, 27 Sep 2008 16:26:16 GMT http://www.freerepublic.com/focus/f-news/2090786/posts Congress is moving rapidly to enact a gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. We believe, as Justice Brandeis said, that "Sunlight is the best of disinfectants," and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact. So, as a public service, we're posting the eight-page text of the "Legislative Proposal from Treasury Department for Authority to Buy Mortgage-Related Assets" for public comment. As this bill is amended and further drafts come to light that receive... PublicMarkup.org http://www.freerepublic.com/focus/f-news/2090786/posts#comment Fri, 26 Sep 2008 02:55:57 GMT http://www.freerepublic.com/focus/f-bloggers/2090440/posts Unlike all of the previous managed collapses and bailouts, this one would remove the distressed assets from Goldman's balance sheet, which would immediately make it much more profitable and cause its stock price to rocket upwards. Searching for the Truth http://www.freerepublic.com/focus/f-bloggers/2090440/posts#comment Thu, 25 Sep 2008 19:29:36 GMT http://www.freerepublic.com/focus/f-news/2090043/posts Why should we believe them? Ben Bernanke and Hank Paulson, that is. What have they done to earn our trust? Nothing they have done has seemed to work, and their policies allowing the dollar to weaken drastically in recent years quite arguably played a big role in causing the current economic troubles. But let's look at their crisis management. First they bailed out Bear-Stearns. A very wise man who is "in the know" told me about six weeks ago that all the government should have done with Bear was to step in just long enough to stop the panic, while... American Spectator http://www.freerepublic.com/focus/f-news/2090043/posts#comment Thu, 25 Sep 2008 11:18:30 GMT http://www.freerepublic.com/focus/f-news/2089913/posts Why Paulson is wrong Luigi Zingales 21 September 2008 This weekend’s decisions will shape the type of capitalism we live with for the next fifty years. Here one of the world’s leading financial scholars, Chicago Business School Professor Luigi Zingales, argues that bailing out the financial system with taxpayers’ money is wrong. He discusses an alternative – forced debt-for-equity swap or debt-forgiveness. When a profitable company is hit by a very large liability, as was the case in 1985 when Texaco lost a $12 billion court case against Pennzoil, the solution is not to have the government buy its assets... VOX EU http://www.freerepublic.com/focus/f-news/2089913/posts#comment Thu, 25 Sep 2008 03:20:41 GMT http://www.freerepublic.com/focus/f-news/2089998/posts Billionaire Warren Buffett, calling turmoil in the markets an "economic Pearl Harbor," said his $5 billion investment in Goldman Sachs Group is an endorsement of the Treasury's $700 billion bank rescue plan. "I am betting on the Congress doing the right thing for the American public and passing this bill," Buffett said on cable channel CNBC Wednesday. "I certainly have a vote of confidence in Goldman and vote of confidence in Congress." Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are pushing Congress to quickly approve the proposal to remove illiquid assets from the banking system. Buffett is... Houston Chronicle http://www.freerepublic.com/focus/f-news/2089998/posts#comment Thu, 25 Sep 2008 07:53:45 GMT http://www.freerepublic.com/focus/f-news/2089286/posts My syndicated column today tackles the bailout angle no one wants to talk about: Open borders and the home loan debacle. You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration. They screwed us. Now, they want us to fork over a trillion dollars. Screw... michellemalkin.com http://www.freerepublic.com/focus/f-news/2089286/posts#comment Wed, 24 Sep 2008 14:21:17 GMT http://www.freerepublic.com/focus/f-news/2088869/posts As an portfolio manager for a hedge fund, I have been watching this meltdown from the inside. There is a little something that Hank Paulson and President Bush (D - NY) don't want you to know: In order to fund the $700 billion bailout fund, Paulson will issue, you guessed it, $700 billion in new Treasury bonds and notes. In other words, he will borrow $700 billion from the capital markets to buy mortgage-backed securities, CDOs, and CMOs. The bailout only makes sense if there isn't enough private capital that the market can solve this problem itself. But if we... http://www.freerepublic.com/focus/f-news/2088869/posts#comment Tue, 23 Sep 2008 23:09:45 GMT http://www.freerepublic.com/focus/f-news/2088867/posts Nobody has ever lost money by betting on the federal government to overreact to a crisis. And as Congress weighs a bailout of the financial markets, it looks as if that’s where the smart money should go yet again. Any day now, lawmakers are expected to agree to invest some $700 billion -- more than the country spent on the first five years of the Iraq war -- to restore the financial markets. But lawmakers should also be careful to protect taxpayers. Let’s begin by noting that there is a legitimate federal role in extraordinary circumstances. There are things Washington... realclearpolitics.com http://www.freerepublic.com/focus/f-news/2088867/posts#comment Tue, 23 Sep 2008 23:06:08 GMT http://www.freerepublic.com/focus/f-bloggers/2088243/posts The US Financial system needs a bailout. Only the govt. aka the US taxpayers can do this. It needs to be done as fairly as possible. The solution is to give $7000 (about 700 billion) to each taxpayer but with the following restrictions. If you are in default on any debt (auto, home, credit card, student), then the 7000 will first go to repaying the loans. This helps keep people in their homes, cars, schools, etc. and helps liquify the lenders with payments on loans. If you are not in default, the money will be held in a self directed... self http://www.freerepublic.com/focus/f-bloggers/2088243/posts#comment Tue, 23 Sep 2008 03:47:08 GMT