October 05, 2008

Congressman Brad Sherman stood up against the banker bailout bill and the foreign investors who will now take our money. And he failed.

One day the truth will come out. It really won't matter by that point, but like the Iraq debacle, eventually the truth comes out.

Here's some background on the just-passed bailout bill:

* China and Bush's buddies the Saudis will sell their toxic waste to Paulson's buddies Goldman Sachs, who will then sell it to the US taxpayer, yet we'll never know it was China etc that got paid off

* They pulled the $700 billion number out of their rears. And my guess is that's just the opening bid. Precedent has been set. Resistance has been conquered.

* Same process as Iraq Debacle vote: 1) Create panic, 2) Block alternatives, 3) Herd the stampeding cattle

Folks, we got pwned. We are now The United Owned by Foreigners States of America.

Plan accordingly.


Anonymous said...

There were lots of similar congressmen. Rep. Gingrey of Georgia (who represents my district) voted NO both times. He was also adamantly opposed to the bill and appeared on a couple of cable shows espousing his views.

Another guy I saw a lot of on TV was Darrell Issa, Republican from California. He was also very passionately against the bill. And I'm sure there were others too.

Keith, I can understand your anger and your 'throw em all out' mentality. But please, don't throw the baby out with the bath water. There are plenty of good people in congress and they all deserve credit and re-election.

You should find more of these videos and highlight the good ones in Congress.

keith said...

Sorry, the only way to send a true message IS to throw the baby out with the bathwater.

All of 'em. Even Ron Paul. They can reapply for their jobs in 2 years.

Meanwhile, 95%+ will be re-elected. The fix is in.


Eric said...

The only time I've had a reason to be proud of being from Northridge.

Anonymous said...

Why should J6Ps be paying for corruption of Chinese Party Bosses who made millions on the side by buying these investments from Banks. Keith - keep up your good work.

Anonymous said...

Keith, you could do the country a great favor by compiling a comprehensive list of the guilty and detailing their crimes and contributions to this mess. I'm thinking of the playing card format that was used in Iraq. Aces are Greenspan (or is he the Joker?), Bernake, Bush, and Paulson. Face cards for Mozilo, Perry, Mudd, Syron, etc. Include the congressional culprits like Frank and Dodd, the leaders who should have done something but didn't (Pelosi, Reid) and work your way down to everyone that voted for the latest bailout.

My point is that we need to burn the names, faces, and crimes of those responsible into the public consciousness. Give the public well defined villains, so they will eventually demand accountability. The playing card format is great for getting everyone on the same page. If you leave it to the public or the legal system to identify the guilty, nothing will ever happen.

Anonymous said...

The votes are not enough - we need pitch forks and touches.

D. said...

So basically Americans made foreigners work for peanuts, spent more than they could afford and now want to default on their payables... and you're actually pissed off at this loss of freedom?

If America were to default on its foreign paper, don't you think China would be a tiny bit angry?

Anonymous said...

Keith, America is still the greatest nation in the world. Our word is backed by the full faith and credit of the most powerful entity in the world; the United States federal government.

Anonymous said...

To me Brad Sherman had one of the most intelligent oppositions to the
Bail Out Bill . I have been watching this guy for a long time and of course writing him and applauding him. Go to his web site and you get a lot of written details of his opposition . This politician is intelligent ,he has courage ,he voted against the bill ,he fought it openly ,he is a true American and deserves to be supported .I don't usually vote
for his party ,but now I'm going for the individuals regardless of party .This guy would make a great President ,you should of seen his attacks on the dream team .I know he looks like a book worm ,but this guy has guts .I say make sure this guy doesn't get ousted by the fat cat lobbyist .

Anonymous said...

So let me get this straight - the Chinese sell their worthless securites to a US Bank at face value, then lend the proceeds to the US government, which are then used to buy the securities from the bank. The Chinese end up with good securities instead of worthless paper and the national debt is $700B greater.

How exactly does that make US banks more willing to lend to each other?

Am I understanding this correctly? Somebody jump in here, please.

wings said...

What's exciting about this is that I get to bail out communist Chinese totalitarian leaders, while they ship my job to Red China and China laughs at me as I eat their poisoned ramen and choke and get real sick.

Boy, I love being a masochist.

Can I wave my flag now? You know, the one that says, "Made in China?"

hp fan said...

They aren't called Neocons for nothing.

They con you into handing them your hard earned money out of fear by propaganda and scare tactics.

They must be removed from power, vote em all out!

Anonymous said...

Remember the politicians that voted against the Bill .Remember the ones that took a political risk to be
ousted by the lobbyist and not supported in the future .

Keith Swanson said...

Actually they didn't pull the number out of thin air. Here is an excerpt from the Asia Times online that gives Paulson's number...

Three-month dollar LIBOR was trading at 2.75% as of July 11, 2008, 75 basis points above the Fed funds rate. It means banks are not willing to lend short-term money to each other for fear of counterparty default.

Also, as part of general tightening in the current credit crisis, banks have been hoarding cash to respond to the frozen asset-backed commercial paper market. Many European banks have committed to credit lines to big issuers of this paper, and because nobody wants to take on more of that paper, those paper-issuing companies are forced to borrow from banks using their bank credit lines - making banks need more cash to build up required reserves.

With more than $1 trillion of commercial paper set to come due every six weeks since August 2007 and more than $700 billion as of June 2008, banks are reluctant to tie up their reserves lending to other banks even at rates that would normally seem extremely attractive.

Anonymous said...

I don't feel very good at all about the Senate . 74 to 25 votes in the Senate for the Bail Out . Senator Shelby and Senator Bunning voted against it and have also been very vocal about the opposition ,so they are walking their talk ,along with the others .

I would like to know why Senator Dodds is always the guy running the show on Senate hearings and hes always the guy pushing Bail Outs from day one.If you go back to when the melt down first started with Countrywide you will see that Mozilo was the guy who first started screaming the government has to do something talk .
Mozilo makes junk loans so he can pump and dump his company stock and it blew up before he could get out of Dodge .How many other creeps are using politicians to change their position in the blow up .

Anonymous said...

Why did way more Democrats than Republicans in Congress just vote for it??

That's going to come back and haunt them...

Afterthought said...

Main Stream Media + Everyday Joe Stupidity = Third World Cess Pit

I' nobody. I knew this shit. Therefore everyone can know this. It's thumb-sucking regression.

Anonymous said...

Bill Clinton admits on National TV that the Democrats are at fault with the housing ponzi scheme:


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

Sherman speaks as if the people (us who pay our non-representatives) have a choice as to whether the bill passes or not - we have none.

Anonymous said...

Keith, no one distrusts this administration more than I, but can you please site a source to turn to for a confirmation of the China/Saudi connection. This is grounds for immediate impeachment. Oh wait would that make a bigger nightmare (Cheney) president.

t boondoggle pickens said...

This is scandalous too.

T. Boone Pickens proposing a plan based on wind, THAT HE KNOWS IS INFEASIBLE.

Why would he do such a thing?
Good Question.

His concern is that twenty years from now we're still as dependent on oil, of which he owns a shitload of assets. Think about it.

Anonymous said...

This week banks will close. Get prepared.

Anonymous said...

God damn them to hell! The one worlders are selling the people into slavery. They need to be put up against the wall. This will not stand. In the end these vile cowards will be found and they will pay for their greed and treachery.

Anonymous said...

Kagen of Wisconsin voted "no" both times. But his opponent, a career politician, makes it sound like he voted "yes" both times. I think it is one hell of a political foot ball.

Them that have, get more. Those who have little will get to pay for this crazy business.

The conservatives (including Ron Paul)are the ones who created this mess with all their deregulation. I hope the Democrats can fix it.

Anonymous said...

Brad Sherman is my congressman, thank god.

By sticking to his principals, he gets my vote in november.

As for Boxer and Feinstein, bupkiss. I won't 'spoil' my ballot, but I'm not crossing any boxes for the Sentaors, nor their opponents.

QG said...

I'm from the UK and I suspect that at least a little bit of the $700bn will be used to buy up bad UK debts. I would just like to offer my condolences to the US taxpayers and also feel that it would be ungrateful not to say this:

Thank you!

Anonymous said...

January 8, 2008


"Here are some quotes from the 2007 Financial Report to highlight just how dire the US government’s financial condition really is. Let’s start with some comments by the Comptroller General of the United States:"

“Certain material weaknesses in financial reporting and other limitations on the scope of our work resulted in conditions that, for the 11th consecutive year, prevented us from expressing an opinion on the financial statements...”


Mike Hunt said...

Hmmmmm. Doesn't this keep the value of the dollar up at least in the short term? Is that why the dollar has been rallying so hard as of late? Because the Chinese and Arabs are going to keep buying our debt since we are repaying them on the CDO's? Sounds fair to me. The dollar's day of reckoning has just been pushed back.


Anonymous said...

Well, look at it this way: the Chinese and other countries suppied America with real goods for many many years. Now they want to be paid with real money or real goods. Is this too much for them to ask for?

michael said...

i figured china was the main reason for this bill all along.

i am not surprised.

George L said...

brad represents my district,he needs to go as well.he's just as crooked as the rest of them.he only voted against the bill because there was nothing in it for him.

Anonymous said...

Has anyone heard how the deployment of US troops poised to kill/beat the shit out of any Americans who protest when the final depression deal goes down?

You know the one redeployed to Colorado from the mid east war to the Bush-Cheney financial collapse war in America?

Remember Kent State?

Anonymous said...

Keith, where was your messiah to stop this? I thought your messiah stood for change?? And hope?

Anonymous said...

This guy Nick who posts here pisses me off. I get angry reading about how this guy exploited the system, made wrong/immoral choices and now he will end up getting a lower mortgage out of all of this!

Nick is the Casey Serin of our time. He represents millions of Americans who lived beyond their means and now they are "struggling homeowners trying to keep their home".

So the lesson HP'ers is that honesty and integrity does not pay in America. We should all become like Nick/Casey Serin.

Anonymous said...

Keith, where was your messiah to stop this? I thought your messiah stood for change?? And hope?

October 05, 2008 6:25 PM


I HOPED Obama would CHANGE his mind and vote against the bill.

He didn't. No surprise there. Yet the HP lemmings will vote for him.

Anonymous said...

"Our word is backed by the full faith and credit of the most powerful entity in the world; the United States federal government."

This is a joke, right?

Anonymous said...

Shoes! U.S. imports 2005 about 2 b
pairs / yr $70B, 40% from China.
(US once supplied all its
own shoes and exported some).

Daphne64 said...

"Hmmmmm. Doesn't this keep the value of the dollar up at least in the short term? Is that why the dollar has been rallying so hard as of late?"
-Mike Hunt

A lot of us have been wondering about that. I have read/heard through the Financial Sense website that the reason is that the European banks don't lend to each other anymore so they have to trade their euros for dollars to unwind various assets. And no, I don't understand it.

The upshot is that this is a temporary phenomenon that will end soon.

Daphne64 said...

If I understand this right, the US banks would have little or no incentive to buy crap from China, they have enough crap on their own books to get rid of.

The only way significant amounts of securities from foreign countries would be bought up would be if the treasury made backroom deals with US banks to do this, and warned them that this bailout was not for them. (Of course other bailouts will be for them).

It is very suspicious that Paulson and Bernanke specifically refused to allow a clause that require securities being bought to have been in the possession of US banks as of Sept 20.

Anonymous said...


Just wanted you know that Rep. Christopher Shays (R-CT),feels your rage, even if he voted for the damn thing anyways (from the Hartford Courant):

"In some districts, it was literally 1,000-1," Shays said. "Nobody wanted it."

"Some of my constituents would sooner walk the bread lines than to see wealthy Wall Street tycoons not pay for what they've done. There was a real sense that these folks have to feel some pain," Shays said.