The Senate now has control over what is virtually the same bill as the one rejected by the House. A few new terms have been added, but in the overall scheme of things, they mean nothing. Prior to this morning, I was unaware of how the bill includes provisions that will not only bailout Wall Street but foreign bankers as well. This was largely brought to the attention of the pubic through comments from Brad Sherman (D-CA): “Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen”
So, how do we know this is actually the case? Take Karl Denninger’s latest column from this morning that details exactly what provision will do this (this language is directly from the bill):
“(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability;
and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.”
As Denninger and Rep. Sherman have noted:
“Notice that conspicuously missing from the definition is the requirement that the asset’s underlying thing (that is, the property that was mortgaged, etc) lies within the United States. Also note that Treasury must tell Congress if they add “new types” of debt, but that Congress has no right of review or censure.
That is, it is perfectly legitimate under the bill for a foreign bank to sell or swap any “crap sandwich” it may hold (irrespective of how or where it originated, so long as a mortgage is the basis for it somewhere) with a bank domiciled in the United States, and said bank may then “PUT” it into the TARP.”
Note also that Representative Sherman said on Kudlow last night that when this was raised with Secretary Paulson he was told that if Congress tried to restrict the ability of the Secretary to purchase assets “laundered” in this fashion from foreigners, that the bill would be vetoed.”
There you have it. Hank Paulson, George Bush and every single Representative in the House (in both parties) who voted for this bill either knowingly or through being coerced by the corrupt “leaders” in this country have and likely will continue to vote to utilize your tax money to put the bad debt of any banker WORLDWIDE on your tab – no questions asked.
If you do not comprehend the gravity of this I suggest you think for a moment about the devastating, ridiculously REAL affect this will have ON YOUR LIFE. The power grab, the debt YOU personally will face as a result (and this won’t likely end with $700 billion – this gives the Secretary of the Treasury to act at his discretion. Absolute power corrupts absolutely, does it not)? Furthermore, one of the most disturbing aspects is how both Presidential candidates have spoken in support of it. Obama offers change? SPARE ME. Let’s see how they vote (if they even do) tonight. I know that it’s easy for people to be comforted by the idea that we truly have a real choice here. Of course we do to an extent by the fact that we can vote (which is obviously something that should never be taken for granted), but on the most central issue of all (economy) we get to choose between absolute crap and a steaming pile of turds. Big government without a decentralization of power or respect for the rule of law offers no choices to the people, as we are seeing right now. We don’t have many legitimate decisions to make as voters directly in regards to this criminal bailout- at least not on the Presidential level at this juncture. We do however, still have a voice, and I truly do believe that voice is what prevented the House from passing the bill. In my opinion, as constituents we have the most pull with our Representatives, which is why I will not so much be contacting my own hack of a Representative (McGovern), but the list provided by FreedomWorks for the following reasons:
“You may be asking, “What can I do to help?” Well, I have an answer for you: spend a few minutes today and tomorrow calling the following 5 representatives that need to be flipped from “yes” to “no” on this bailout bill. These are all legislators who traditionally profess a belief in limited government, but for some reason they have decided to cast their lot with a huge government intervention in the free market.
Help us find out why this is, and ask them to change their vote from “yes” to “no” on the bailout. If enough of us speak with one voice, we can protect this victory by adding to the chorus against the Wall Street Bailout.
Below are the names of our carefully selected target list. Call the capitol switchboard at 1-866-928-3035 and ask to be connected to one of the following legislators:
Rep. Kay Granger
Rep. Adam Putnam
Rep. John Campbell
Rep. Greg Walden
Rep. Joe Wilson
Rep. Pete Sessions
We don’t have much time to convince these folks to do the right thing on the next vote, so please act right now!”
I think it is also wise to call your Senators, since they will be voting first, as they are the “higher-ups” and (I think) more susceptible to falling in line, whereas many of the Representatives feel more responsible to their constituents (as they should). You may also utilize the number that “FreedomWorks” provided to contact your Senator.
And this goes for the principled liberals too. Yes, I feel the most outraged because I think this is a disturbing power grab and an unfathomable affront to free market principles, but take for instance, this comment from Representative Jesse L. Jackson Jr. of Chicago: ‘We need to bail out the country, not the country club” – and he is right; this bill does just that. I know I would not ultimately agree with an approach that Rep. Jackson would come up with, but I do know one thing – all principled Americans in this country must rise up in opposition to this bill. If we do not, we will face very dire consequences and will keep allowing ourselves to be lied to by the likes of people like Secretary of the Treasury, Hank Goldman-Sachs Paulson.
Call Congress and stop it immediately. 1-866-928-3035. Ask to speak with the Senator or Representative of your choice.