You're saying all that to say what? Just read what the 700B bailout would mean in Paulson's words!
http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html Read the "32 words", that this THIEF wants to ram down our already parched dry throats! Each of us would be liable for $2300 of this 700B dollar debt, with no guarantees of any returns. Great deal for us, huh? Keep the legalese, just give me "plain talk"! We're not buying assets, he's unloading a horde of failures with no questions asked! --- In AsburyPark@yahoogroups.com, "justifiedright" <[EMAIL PROTECTED]> wrote: > > According to the enabling legislation for Paulson's plan, we are > buying assets. > > We are going to sell Treasury Bonds to fund it, but that's not a debt > unless the assets we are buying don't cover. > > To say we are buying debts of the mortgagees is a terrible misnomer > of the plan. > > Here's the plan: > > > Published: September 20, 2008 > LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY > > TO PURCHASE MORTGAGE-RELATED ASSETS > > Section 1. Short Title. > > This Act may be cited as ____________________. > > Sec. 2. Purchases of Mortgage-Related Assets. > > (a) Authority to Purchase.--The Secretary is authorized to purchase, > and to make and fund commitments to purchase, on such terms and > conditions as determined by the Secretary, mortgage-related assets > from any financial institution having its headquarters in the United > States. > > (b) Necessary Actions.--The Secretary is authorized to take such > actions as the Secretary deems necessary to carry out the authorities > in this Act, including, without limitation: > > (1) appointing such employees as may be required to carry out the > authorities in this Act and defining their duties; > > (2) entering into contracts, including contracts for services > authorized by section 3109 of title 5, United States Code, without > regard to any other provision of law regarding public contracts; > > (3) 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) establishing vehicles that are authorized, subject to supervision > by the Secretary, to purchase mortgage-related assets and issue > obligations; and > > (5) issuing such regulations and other guidance as may be necessary > or appropriate to define terms or carry out the authorities of this > Act. > > Sec. 3. Considerations. > > In exercising the authorities granted in this Act, the Secretary > shall take into consideration means for-- > > (1) providing stability or preventing disruption to the financial > markets or banking system; and > > (2) protecting the taxpayer. > > Sec. 4. Reports to Congress. > > Within three months of the first exercise of the authority granted in > section 2(a), and semiannually thereafter, the Secretary shall report > to the Committees on the Budget, Financial Services, and Ways and > Means of the House of Representatives and the Committees on the > Budget, Finance, and Banking, Housing, and Urban Affairs of the > Senate with respect to the authorities exercised under this Act and > the considerations required by section 3. > > Sec. 5. Rights; Management; Sale of Mortgage-Related Assets. > > (a) Exercise of Rights.--The Secretary may, at any time, exercise any > rights received in connection with mortgage-related assets purchased > under this Act. > > (b) Management of Mortgage-Related Assets.--The Secretary shall have > authority to manage mortgage-related assets purchased under this Act, > including revenues and portfolio risks therefrom. > > (c) 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. > > (d) Application of Sunset to Mortgage-Related Assets.--The authority > of the Secretary to hold any mortgage-related asset purchased under > this Act before the termination date in section 9, or to purchase or > fund the purchase of a mortgage-related asset under a commitment > entered into before the termination date in section 9, is not subject > to the provisions of section 9. > > Sec. 6. Maximum Amount of Authorized Purchases. > > The Secretary's authority to purchase mortgage-related assets under > this Act shall be limited to $700,000,000,000 outstanding at any one > time > > Sec. 7. Funding. > > For the purpose of the authorities granted in this Act, and for the > costs of administering those authorities, the Secretary may use the > proceeds of the sale of any securities issued under chapter 31 of > title 31, United States Code, and the purposes for which securities > may be issued under chapter 31 of title 31, United States Code, are > extended to include actions authorized by this Act, including the > payment of administrative expenses. Any funds expended for actions > authorized by this Act, including the payment of administrative > expenses, shall be deemed appropriated at the time of such > expenditure. > > Sec. 8. Review. > > 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. > > Sec. 9. Termination of Authority. > > The authorities under this Act, with the exception of authorities > granted in sections 2(b)(5), 5 and 7, shall terminate two years from > the date of enactment of this Act. > > Sec. 10. Increase in Statutory Limit on the Public Debt. > > Subsection (b) of section 3101 of title 31, United States Code, is > amended by striking out the dollar limitation contained in such > subsection and inserting in lieu thereof $11,315,000,000,000. > > Sec. 11. Credit Reform. > > The costs of purchases of mortgage-related assets made under section 2 > (a) of this Act shall be determined as provided under the Federal > Credit Reform Act of 1990, as applicable. > > Sec. 12. Definitions. > > For purposes of this section, the following definitions shall apply: > > (1) Mortgage-Related Assets.--The term "mortgage-related assets" > means 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 September 17, 2008. > > (2) Secretary.--The term "Secretary" means the Secretary of the > Treasury. > > (3) United States.--The term "United States" means the States, > territories, and possessions of the United States and the District of > Columbia. > > > > > > > --- In AsburyPark@yahoogroups.com, Jersey Shore John > <jerseyshorejohn@> wrote: > > > > Debt. The equity position your thinking of is Socialist Sweden, > who > > the Bushies looked to to see how they handled a similar bank > failure. > > The Paulson plan includes no equity for the taxpayer. > > > > On Sep 23, 2008, at 10:06 AM, justifiedright wrote: > > > > > --- In AsburyPark@yahoogroups.com, "Gabrielle Obre" > > > <gabrielleobre@> > > > wrote: > > > > > > > > thanks for this..I would add that we are ALL as Americans > saddled > > > with > > > > the 700 bil debt. > > > > > > Is it debt or an equity position? > > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! 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