September 24, 2008

HANK PAULSON EXPOSED!!! Rep. Peter Defazio - "We should not be rolled by a Wall Street exec who is masquerading as the Secretary of the Treasury"



Finally.

Some OUTRAGE by one of the monkeys in DC.

Too bad it won't matter.

The looting of America by Hank Paulson, George Bush, Alan Greenspan, Chris Dodd and Goldman Sachs will happen.

The nation got gamed.

Plan accordingly.

37 comments:

Anonymous said...

Thank god someone has the balls to stand up and shout it out. Take note. Write the names down of the ones who are standing up and against this fraud and donate to their campaigns. Show them we care.

Doesn't matter what the party is. This is beyond politics.

Anonymous said...

This headline appeared in the Financial Times online edition from London early this AM. It doesn't seem to be there now. The new healine is about Buffet.
(FT.com)
BIG NAMES JOIN QUEUE FOR TOXIC ASSETS AUCTION
Many of the biggest names in US asset management –Black Rock, Pimco, GOLDMAN SACHS and TRowePrice among others – are lined up to bid for the contract to manage the toxic assets that will go into Hank Paulson’s Troubled Asset Relief Program...

I wonder if Hank will be working there in a few months.

Anonymous said...

You're right Keith. Let;s hand over power to a Chicago "community organizer" who's in bed with the Chicago Machine instead.

Brilliant idea.

Anonymous said...

Yes, Equity for Bailouts !!

From Yahoo Finance, AP Article:
Exec pay limits gain support as bailout questioned

"Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, was in intense negotiations with Treasury Secretary Henry Paulson on key elements of the plan."...
"Frank also has been pushing to allow the government to buy equity -- rather than just bad debt -- in companies it helps so taxpayers can benefit from future profits. That idea is also gaining bipartisan support, but Paulson argues it would hamstring the very companies the government is trying to help."

Anonymous said...

Next headline will be - Goldman Sachs to manage bailout money. (How did Buffet know?)

Anonymous said...

Bullseye. I'm seriously thinking about making a big sign that says "NATIONALIZE" and walking it around the Capitol mall (happen to live in DC area).

Anonymous said...

This is going through. If that old geezer from Omaha just spent 5 billion dollars while this was hanging in the air, you can be damn sure he knows the outcome. A giant bailout it will be. Paulson needs to go to prison for the rest of his life.

Anonymous said...

One person is speaking the truth. Funny how they really want to stick it to us before a new administration is in office. Where are the mavericks? Where is Sarah Palin speaking about this bailout to nowhere?
Thanks But no thanks, right Sara Palin?
Obama will win, that is why they are pushing hard for this to go through. It's a shift of wealth.
Disgusting, Disgraceful.
Everyone needs to contact their senate and congress, you have to speak up.
We sat quiet for everything else, the war.
They expect you to sit quiet and continue working 60-70 hours of hard labor.
There is an artical in India where laid off workers killed their CEO, its in Huffington. Chilling.
CEO's and corporation beware when you push people to their limits be prepared for what is about to happen. Keith this is a digrace of what politicians are today. I thought they all can't be corputed where are the good guys? We have been so programed that to us a good guy is a successful Man or Woman. Wow...look what has happened to us?
A nation of debt. A nation where we do nothing, we make nothing, we therefor are nothing.

Anonymous said...

Fuck republican
Fuck Democrat
I am looking for leaders.
I agree forget your party remember who stood up and who is going along with this disgusting GREED.
write write and write to media and congress. This is it folks.
The crisis is now with Americans workers. This is it.
Fuck politicians.

Anonymous said...

Its rigged its a game.
A few have admitted to this.
Insider trading, Didn't Martha Stewart go to jail. What a joke. Americans are as dumb as they come.
They go after Martha Stewart and we sit and laugh.
You bet you last dollar that asshole Buffet knows the decision was made.
Fuck them.
Buffet isn't Billions of dollars enough for you?
Greed my goodness its sickening to watch these assholes..Its just sickening.

Anonymous said...

I don't remember seeing that one on the financial channels yesterday - I wonder why?

Batman said...

They know people won't revolt until people can't buy food. Let's see if they can keep the people fed.

BB said...

.

DeFazio voted against the repeal of the Glass-Segal Act in 1999.

.

suomynonA said...

Here you go Keith - You might get your wish yet... Well, it's a start.

FBI investigating possible fraud by Fannie, Freddie, Lehman, AIG and their executives

http://tinyurl.com/4hcvfq

bitterrenter said...

DeFazio is one of the most liberal members of the House. But you brainstems don't like liberals. The liberals want to take all your money and give it to lazy blacks on welfare, right?

Most of you voted republican for years and now you whine.

Again, I hope you suffer for your years of republican voting. And you likely will.

Anonymous said...

hey, I see this as Buffet on Obama's side. He is showing the whole country(at least those that are looking) that hey, if you want to help these companies, here is exactly the price that should be paid and the equity we should expect if we help bailout these people.

Anonymous said...

that brings the total number of incumbents that can stay to 4

Anonymous said...

Cheney's staff to be deposed

Anonymous said...

Buffet is a Democrat and has been his whole life.

Anonymous said...

Expose the fraud!

patrat said...

Ohhh CNBC - are they under the gun. All one voice. Even Joe has been stifled. Didn't enjoy watching it this morning.

k.w. - Southern Ca. said...

Excellent speech - short, and to the point.

I wouldn't say this doesn't matter ... as more and more US tax-payers realize what's really going to be done with this money, there will be more and more outrage.

This is just the beginning.

Anonymous said...

NATIONALIZE
Now is the time for big signs around the Capital. Every tax payer should be out there with one before this deal is actually closed.

Anonymous said...

You know its funny...In my neiborhood once upon a time we had middle class americans living in a nice well maintained neighborhood. People who were making 50.000 a year income, mothers who stayed home. Houses that sold between 80.000 to 150,000 before the bubble. We live in south Jersey, nice school.
Now you see soccer moms driving Range Roves, esclades, a few 150,000 Mercedes Box (remember the Brad Pitt and Jennifer Aniston SUv)
Soccer Moms...
I sat for the last years wondering how all the homes in my neighborhood were demolished and McMansion being built one by one.
I sat in my neighborhood looking at the designer clothes, furniture, 2nd and 3rd homes purchases.....
Where was this money coming from?
Investments....
Hedgefunds for some Dr.s and lawyers...
More investments...
Lottery Ticket homes.
Wow, its amazing what happened to our town?
Bush supporters, Oh how they loved the tax cuts...How how they loved Bush.
I still see some McCains signs, but people seem as though they are not fazed at all by what is happening.
I would love if some of your readers would share stories about the towns they live in and how the past 8 years effected them.
I am sure we will hear more and more stories of Greed.....
By the way who is minding the children? No one seems to stay home anymore raising their children. Sad....No one has that choice.
Thank you Bush, But I really will not waste my time listening to your address of the Bailout.
I can not stand you.
Good bye and don't let the door hit you in the ass.

Yoski said...

Don't blame Buffet. It's his job to make money. At least he doesn't ask for bailouts when one of his investments goes south.
Of course he knows the outcome of this. I know it. Anybody with half a brain knows it. Let me spell it out for you.
The fat cats on Wall Street are going to get a trillion dollars from us taxpayes. So, now you know as well. Any questions?

Benji Franklin said...

Let's not forget Warren Buffett, the Wall St Wonder who had the nerve to say this economic crisis was like Pearl Harbor! WTF?

Uh, Pearl Harbor was a SURPRISE ATTACK by our enemies, and for the most part, it WAS a surprise.

This meltdown of financials has been discussed on public forums like these for YEARS. What was the first clue? Uh, what WASN'T a clue? Rampant and irrational run-up of prices, fueled by a Wall St. credit bubble? Perhaps Buffett missed the collapse of 170 lenders since Feb 2007, including New Century, Countrywide, etc, etc?

What a buffoon (or he thinks WE'RE buffoons for not questioning his statement and integrity). If the old saying WERE true, this old fool and his money would soon be going separate ways. Maybe it will, if his experience is anything like the sovereign wealth funds that lost their appetite for American debt after getting screwed on their loans.

Anonymous said...

BB said...
.

DeFazio voted against the repeal of the Glass-Segal Act in 1999.

.

September 24, 2008 2:50 PM

Interesting. He certainly has been vindicated, and you know what, FDR has also been vindicated.

Anonymous said...

Letting Judges cram down loan in BK will just make the crap the government wants to buy of less value .
Also , the Feds act like you can hold paper on vacant property and
damaged homes and they won't lose value every month . This idea that the Feds can hold bad paper and than it will become valuable is a joke .

Anonymous said...

A very good trader said that this auction process is a joke for selling this toxic waste because the government has to buy it first at a over-price ,

Now if the Auction is a case where
the government is just a auctioneer
and they don't already own the paper ,than thats another matter and than why would the gov. have to pledge funds of 700 billion .

This is a con job folks on this bail out BS on getting the paper at anything but a over-price .

WTF1920 said...

See, another true American! Peter Defazio has courage to come up there and tell it like it is...AND THAT'S THE WAY IT DAMN WELL SHOULD BE!!

Get pissed-start talking! We as a nation need to start talking - to everyone we know, to jolt one another into the reality of the situation we are ALL in. We need to wake up...For God's sake put the bag of cheetos down and start talking! Fuckin' A!

Do something, stock up on food, or buy a gun, or get out of debt, or learn survival skills-I don't care-JUST DO SOMETHING!!

Anonymous said...

I've had quite a strange and wonderful thought today.

Taking into account the demand for complete unaccountability for exactly HOW the $700 billion gets spent, I have a vision of old hankie sitting at his desk shortly after junior the wonder monkey signs the carte blanc bill. In this vision hank has a suitcase next to him and a airplane ticket(1st class of course) to Switzerland in his coat poket. He proceeds to write out a single check for $700 billion to one Hank Paulson. In the memo field he writes, "SO LONG SUCKERS!"

chrisanthemama said...

Peter DeFazio rocks--proud to be an Oregonian.

mitack said...

Money dont disappear, only change hands. Here is a solution to make money for the taxpayer(enough fleecing already):
Retroactively tax the profits from speculative CDO (i.e. ones not used for hedging, i.e. where the party does not own the underlying asset) at 101%. Yes! Make them pay more than they make! And make sure the sancity of contracts is enforced. With the proceeds, buy failing financial institutions, stabilize them and sell for profit later. O, and retroactively tax the executive pay for any such institution for the last 10 years at 100%.
Yeah- something along these lines...

Anonymous said...

When I heard Bush's bailout plan last night it reminded me of speech to make the case for war in Iraq. A BIG SCARE TACTIC.

Anonymous said...

Our problem is not about housing any way. Housing is a consequence to the real problem, ENERGY.

HIGHER ENERGY PRICES CAUSED PEOPLE TO DEFAULT ON THEIR LOANS.

$700 BILLION WILL GO A LONG WAY TO DERIVE AND IMPLENENT CHEAPER ENERGY ALTERNATIVES.

END THE WAR AND COME HOME. THERE IS YOUR $700 BILLION, BITCH.

Anonymous said...

I hear many folks saying Paulson Plan is the robbing of America, etc.,etc..

I would disagree. I am saying the plan is very necessary. I'm not saying it is right but necessary.

My only point is the seeds to this disaster were sown several years ago. The bailout is now just a formality.

It is still recent enough that I remember well seeing it unfold just after the dot.com crash. I remember well as I was just new to investing, packed with a wad of cash, an MBA degree, and just entering the market in Dec 99. Great timing eh. Of course you all know the rest of the story. I remember Blodgett and Abby Joseph Coen saying the Nasdaq is finally getting the respect it deserves. The Nasdaq just crossed 5000. I remember at 5100 just two weeks later Coen saying perhaps it was overheated. My life was over then. Everything I had worked so hard to earn the previous 10 years was gone. I remember oil spiking to $35.00/barrel. The market recovered from that but just for short time. An ominous sign of things to come.

Just as all hope was lost in the economy lo and behold there was still Real Estate. I know this 'cause my brother was heavily into real estate and living in NV. He made his money from land he had purchased 25 years earlier but we watched as it grew in value over a four year period from 80,000/acre to $425,000/acre.

You thought you lost all your money in stocks. No problem. There was still one more place to go to access funds. The equity in your home.

Do your own math and figure how many homes were purchased in the last 8yrs with no money down. Figure out the down pmt x houses sold representing the equity we should have had built up. All the while the signs were all around us. Payrolls weren't getting any fatter. Jobs weren't getting any more plentiful. In CA only 14% of the population could afford a home yet home values continued to skyrocket, over 30%/yr in areas.

All this while the government was telling us everything was great. Continue to spend money and we did even though unwittingly we were dipping into reserves. The gov. went from surplus to deficit spending and Americans continued to consume everything including oil at an astounding rate rather than save the money towards that down payment on our home. Even if we had equity already and were living beyond our means. No problem. Just take out a HELOC. It was easy.

All this was fine so long as home prices were increasing but no one noticed the parabolic move in home values beginning in 2001 and as we know now eventually the money would run out and home values would not continue upward but adjust back down toward the historical trendline. When it was all said and done Americans squeezed every penny out of their reserve capital to maintain a lifestyle they couldn't afford and the government persuaded us to do so to maintain the illusion that everything was fine. More than persuading us they developed policy to fuel the fire by actively pushing flexible lending standards. Do your homework on legislation passed in 2001. Check out the re-investment credit act I think it was called. As one senator pointed out, the government was doing everything it could to strongarm lending facilities to open the floodgates.

Now the gov is pretending to be mad acting as if they were caught off guard by the chain of events. What they are really doing is trying to shift the blame to those evil titans of Wall Street. They are easy targets with their multi-million dollar comp packages. While I don't necessarily think their comps are fair and equitable you will never get me to believe that it is anyone's fault but the current politicians and the public for voting for them.

Paulson isn't trying to rob the country. The country was already robbed over the last eight years. Some of it went to fund the war. A lot of it went to the oil companies and most of it went towards creating the illusion that everything in America was fine to maintain support of the policies of the current administration.

We have no choice now. Reject the bill and pay more than you could ever imagine or support the bill and pay a defined amount. Stablize the situation and then move on to the real culprits -- the current politicians.

We are in a new world now and rather than fighting over who is more patriotic or our god given right to drive a Ford F-150 pickup truck it would be nice to see someone named John or Jane Smith at the head of our math class rather than Kim Park, or Jamal Almasri, or some other foreigner. It would be nice to see Made in the U.S.A. If China wants to grow, let them. Let's sell them some stuff rather than trying to figure out what we can buy from them.

Anonymous said...

I hear many folks saying Paulson Plan is the robbing of America, etc.,etc..

I would disagree. I am saying the plan is very necessary. I'm not saying it is right but necessary.

My only point is the seeds to this disaster were sown several years ago. The bailout is now just a formality.

It is still recent enough that I remember well seeing it unfold just after the dot.com crash. I remember well as I was just new to investing, packed with a wad of cash, an MBA degree, and just entering the market in Dec 99. Great timing eh. Of course you all know the rest of the story. I remember Blodgett and Abby Joseph Coen saying the Nasdaq is finally getting the respect it deserves. The Nasdaq just crossed 5000. I remember at 5100 just two weeks later Coen saying perhaps it was overheated. My life was over then. Everything I had worked so hard to earn the previous 10 years was gone. I remember oil spiking to $35.00/barrel. The market recovered from that but just for short time. An ominous sign of things to come.

Just as all hope was lost in the economy lo and behold there was still Real Estate. I know this 'cause my brother was heavily into real estate and living in NV. He made his money from land he had purchased 25 years earlier but we watched as it grew in value over a four year period from 80,000/acre to $425,000/acre.

You thought you lost all your money in stocks. No problem. There was still one more place to go to access funds. The equity in your home.

Do your own math and figure how many homes were purchased in the last 8yrs with no money down. Figure out the down pmt x houses sold representing the equity we should have had built up. All the while the signs were all around us. Payrolls weren't getting any fatter. Jobs weren't getting any more plentiful. In CA only 14% of the population could afford a home yet home values continued to skyrocket, over 30%/yr in areas.

All this while the government was telling us everything was great. Continue to spend money and we did even though unwittingly we were dipping into reserves. The gov. went from surplus to deficit spending and Americans continued to consume everything including oil at an astounding rate rather than save the money towards that down payment on our home. Even if we had equity already and were living beyond our means. No problem. Just take out a HELOC. It was easy.

All this was fine so long as home prices were increasing but no one noticed the parabolic move in home values beginning in 2001 and as we know now eventually the money would run out and home values would not continue upward but adjust back down toward the historical trendline. When it was all said and done Americans squeezed every penny out of their reserve capital to maintain a lifestyle they couldn't afford and the government persuaded us to do so to maintain the illusion that everything was fine. More than persuading us they developed policy to fuel the fire by actively pushing flexible lending standards. Do your homework on legislation passed in 2001. Check out the re-investment credit act I think it was called. As one senator pointed out, the government was doing everything it could to strongarm lending facilities to open the floodgates.

Now the gov is pretending to be mad acting as if they were caught off guard by the chain of events. What they are really doing is trying to shift the blame to those evil titans of Wall Street. They are easy targets with their multi-million dollar comp packages. While I don't necessarily think their comps are fair and equitable you will never get me to believe that it is anyone's fault but the current politicians and the public for voting for them.

Paulson isn't trying to rob the country. The country was already robbed over the last eight years. Some of it went to fund the war. A lot of it went to the oil companies and most of it went towards creating the illusion that everything in America was fine to maintain support of the policies of the current administration.

We have no choice now. Reject the bill and pay more than you could ever imagine or support the bill and pay a defined amount. Stablize the situation and then move on to the real culprits -- the current politicians.

We are in a new world now and rather than fighting over who is more patriotic or our god given right to drive a Ford F-150 pickup truck it would be nice to see someone named John or Jane Smith at the head of our math class rather than Kim Park, or Jamal Almasri, or some other foreigner. It would be nice to see Made in the U.S.A. If China wants to grow, let them. Let's sell them some stuff rather than trying to figure out what we can buy from them.