The endgame is here.
$700 billion more for the bankers who enabled rampant mortgage fraud and lost.
$700 billion more for bankers who enriched themselves for short term gain, leaving the taxpayer with the problem while they keep their billions in bonuses and commissions.
That's $2,333 for each and every American. Rushed through a corrupt and incompetent Congress in a weekend before anyone can think about what we're about to do. Before the media can ask questions. Before hearings could be held. The most important event in American financial history, the biggest hole ever blown in the budget, the biggest increase in US debt ever imagined, in a matter of hours.
Why? Because millions of Americans, enabled by bankers, brokers and idiot realtors on commission, gambled on housing, committed rampant mortgage fraud, lied about their incomes, 'bought' homes they could never afford, and lost, taking the nation and the world to the brink of a Great Great Depression. And oh, to save the butt of Paulson's former firm Goldman Sachs of course.
And now, each and every American has to pony up. Or make that, the kids of each and every American will have to pony up.
America. A once great land, ravaged, pillaged and raped beyond redemption in eight short years by an unchecked gang of thieves.
HOUSINGPANIC CALLS FOR THE GOVERNMENT TO SEIZE THE BONUSES, COMMISSIONS AND ACCUMULATED ASSETS OF THE CHAIRMEN, CEO'S AND CFO'S OF FANNIE MAE, FREDDIE MAC, RATINGS AGENCIES, MONOLINE INSURERS, NATIONAL ASSOCIATION OF REALTORS, BANKS AND INVESTMENT BANKS FOR THE YEARS 2003 - 2007 IN ORDER TO HELP PAY FOR THIS OUTRAGE.
Rescue plan seeks $700B to buy bad mortgages
WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained Saturday by The Associated Press.
The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance.
"We're going to work with Congress to get a bill done quickly," President Bush said at the White House. Without discussing details of the plan, he said, "This is a big package because it was a big problem."
Administration officials hoped the rescue plan could be finalized this weekend, to lend calm to Monday morning's market openings.
[UPDATE - HERE'S THE MONKEY IN CHIEF.]
September 20, 2008
FLASH: Bush and Paulson to increase national debt by $700,000,000,000+ so that the taxpayers can buy the crap home loans of fraudsters and gamblers
Posted by blogger at 9/20/2008