The Financial Panic Act: An American Coup - Truckers' Trucking Forum

goldenequity · **^ Top** #1 09.21.2008

The Financial Panic Act: An American Coup

September 21st, 2008
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The Patriot Act of Finance, otherwise known as Paulson’s $700 billion bailout bill, if passed in its present form will be the nail in the coffin for an America by, for and of the people.

Just like the Patriot Act appeared to be written before 9/11, so does this Patriot Act of Finance appear to be written before the housing crash. And yes, both were rushed through a panicked Congress and complacent media in the middle of the night.

A nation founded by the people, for the people will be given to a very select group of bankers. Legally. Without a shot fired. Because Americans were too distracted and too dumb to know what was going on.
Brilliant.
Here’s how it will be done:
1) The key line in the proposed bill is this one:

“The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to 700,000,000,000 dollars outstanding at any one time”

What this does:
is give Hank Paulson, acting as an emperor with unchecked control over the nation’s treasury, a $700 billion line of credit in which he can buy up toxic debt for whatever price he’d like to pay, $700 billion at a time.
In other words - he could buy trillions. Trillions and trillions and trillions. Buying and selling, buying and selling.
He can sell the junk he buys from his banker friends for whatever price he wants, saddling the taxpayers with the loss. He keeps this process going, using his $700 billion credit card. Buy for 60 cents on the dollar, sell for 30 cents on the dollar. Buy for 80 cents on the dollar, sell for 5 cents on the dollar. He’s in charge.
$700 billion folks IS JUST THE LINE OF CREDIT. He can purchase trillions and trillions of bad debt with this credit card, as long as only $700 billion is OUTSTANDING at any one time.
2) Hank Paulson, CEO of Goldman Sachs on leave, has complete and total control over the nation’s treasure. He would be unchecked by Congress, unchecked by the President. He will be king. Here’s the text:
“The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation”
Using this power, Hank Paulson of Goldman Sachs could pay Goldman Sachs anything he wanted for their mortgage assets. Let’s say the market value was 20 cents on the dollar. Hank Paulson could pay them 100 cents on the dollar. Its his decision and his alone. No oversight. No limitations. Hank Paulson could simply give the nation’s treasure to Goldman Sachs.
Get it now?
3) Deputizing the banks and investment banks as “agents of the government”. Seriously. Here’s the text:

“Designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them”

4) Have no outside control over the firesale of assets and loss to the taxpayer. Again, Hank Paulson and Hank Paulson alone shall be in control. No auditors. No oversight. No multiple bids. No nothing. Hank Paulson and Hank Paulson alone. Here you go:

“Sale of Mortgage-Related Assets. The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.”

5) Hank Paulson has final say. Hank Paulson knows what’s best. Hank Paulson cannot be reversed. Hank Paulson cannot be sued. Hank Paulson is king.

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency”

So, what can you do? Normally here I’d say contact your corrupt Congressman or Senator. Contact the media. But folks, Congress has been bought. The media have been bought.
The American people have lost.
Deal with it.

Ronnocomot · **^ Top** #2 09.21.2008

Good Lord.

goldenequity · **^ Top** #3 09.21.2008

U.S. TAXPAYERS ALSO ON THE HOOK FOR FOREIGN BANKS

September 21st, 2008 Sure, Hank. Tell us another one.

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In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.

The legislative outline that went to Capitol Hill at 1:30 a.m. Saturday had said that an eligible financial institution had to have “its headquarters in the United States.”

But then, Treasury “Fact Sheet” released at 7:15 Saturday night sought to give the administration more flexibility, with an expanded definition that could include all of those banks: “Participating financial institutions must have significant operations in the U.S., unless the Secretary makes a determination, in consultation with the Chairman of the Federal Reserve, that broader eligibility is necessary to effectively stabilize financial markets.”

That could now include foreign-based institutions with big U.S. operations, such as Barclays, Credit Suisse, Deutsche Bank, HSBC, Royal Bank of Scotland and UBS.

The major change in the suggested eligibility requirements is the biggest change that Treasury publicly made after a day of briefings and conversations with Capitol Hill, and is likely the first of many.

goldenequity · **^ Top** #4 09.21.2008

Scared people are the easiest to lead - in any direction.

danc694u · **^ Top** #5 09.21.2008

I realize(I think) how much 700 billion could buy, in assets.

But lordy...give me a credit card that size

And there wouldn't be a safe place in Boys Town for the next 10-15 years. Mexico, South America, China, and The Bunny Ranch would be devoid of virgins. You guys would only get to hear about virgins...from your great grand children.

^&#$%# now I'm starting to sound like a Congressman...I better stop

Truckerjo · **^ Top** #6 09.21.2008

You related to Clinton?

danc694u · **^ Top** #7 09.21.2008

Quote:

Originally Posted by Truckerjo

You related to Clinton?

Do go there...I was down here screaming at the top of my lungs prior to his first term. They/Yall didn't listen then either.

I got even more active when the other loser from Arkansas decided to run on the Republican ticket...even did a few radio shows.

What happened there? *&^$# Fox news hired the sorry SOB as a political consultant/commentator.

Acer12 · **^ Top** #8 09.21.2008

When I'm wrong, I'm wrong. I really thought Hurricane Ike was a distraction while plans were being made to attack Iran. The plan was to attack the American people. Is it a coincidence that Galveston Island and the hardest hit areas are Ron Pauls Congressional District 14?

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When will enough be enough?
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Ronnocomot · **^ Top** #9 09.21.2008

Quote:

Originally Posted by goldenequity

Resolution Trust: The Mother of All Scams

September 21st, 2008

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In what is both the single most socialist move ever made by the US government, and the biggest robbery of US taxpayer since the creation of the union, the Fed and the Treasury have quickly realized who pays the government and acted quickly to ensure the survival of all the crooks on Wall Street. If anyone was at all confused about the puppet and master relationship between big business and DC, this shocking slight of hand should leave no doubt whatsoever who’s in control.

As my good friends at the Housing Timebomb pointed out, the last time this amazing scam was pulled off was during the savings and loans crisis, and the RTC cost the taxpayer $124.6 billion, or roughly $400 for every person living in the US of A. But this meltdown makes the S&L blip look like the boom era, since we’re already $6 trillion in the hole, and that’s just the tip of the iceberg ($20,000 per person already).

Um, the original cost to tax payers for the old RTC was $75.6 billion, of which, more than 90% was recouped.

FSLIC and RTC combined cost $123 billion.

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Just as a point of reference, the Credit Default Swaps market is approximately 45 TRILLION dollars.

The average DAILY FX market is approximately $4 trillion.

goldenequity · **^ Top** #10 09.21.2008

Not even counting the potential losses from gambling in derivatives, by these same people.... This present financial crisis was triggered by loose credit and the drunken orgy of packaging and selling trillions of dollars of mortgage-banked garbage all around the world.

This was fraudulently (there's the criminal offense!) represented as Triple A rated bonds and sold around the world, by the very same people who now claim to need unprecedented and dictatorial powers to fix the problem. Don't think for one minute that they were "caught off guard" by this collapse..... these are SMART people (at the top). This was Phase one.

Phase two is Paulson/Bernanke now merely trying to inject new "printed" money to keep prices, not supported by any fundamentals, from falling.

The only way to keep the price of worthless assets high....... is to lower the value of money.

And that is exactly what is happening here. We're not fixing the problem. Oh no.

It is an absolute prescription for hyperinflation and currency collapse. Ask Argentina. And this is phase three.

None of this will recapitalize the bank's balance sheets or mop up the ocean of red ink which is, and will continue flooding the financial system in the coming months.

Instead of shackles and jail time, lavish treats now await the Banksters.

We, of course, will all just watch....
dumbfounded; when interest rates finally soar, pension funds collapse, housing markets plummet, and the dollar does a last, looping swan-dive into a pool of molten lava.

Thanks, Hank. Thanks Ben. Thanks Congress. Anybody want to guess what Phase four is?

Quote from the movie Armageddon:
"This is like some kind of ####### Greek tragedy"

btw.... Palin is meeting with Henry Kissinger this week. Welcome to the club Sarah!

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