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billionz dollar bail out

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The Bush administration's proposal to bail out some of Wall Street's biggest players with an unprecedented transfer of public wealth to the private sector sent shock-waves throughout the nation.

Already deep in deficit, the administration wants to borrow $700 billion dollars -- in addition to the $900 billion already spent this year to prop up troubled lending institutions and deal with the fall-out from the housing crisis -- and entrust it to Treasury Secretary Henry Paulson, fresh from a long run on Wall Street himself. He'd then buy up worthless paper from struggling banks.

Who would get the money? Nobody knows. Paulson says he wants to hire Wall Street firms to oversee the process.

Under Bush's plan, the taxpayer would get little, if anything, in return. The whole thing would happen without Congressional oversight, save for a semi-annual report on the process, and Paulson's actions would be beyond challenge in the courts.

It is an economic coup d'etat in the making. And people are talking about little else. Here's 10 things that have been on our radars ...

there's this now

Demand that the Bailout Legislation Be Rejected

We are witnessing a bankers' coup d'etat. In the name of saving the economy from a crisis created by their own greed and immense profits, Bush and the biggest bankers have taken a country and a people hostage.

"Give us your money and tear up what's left of your Constitution or we will sink your economy," is the message from Wall Street and the Bush Administration. "Give us the power and money we demand or you will be left jobless from a new economic depression."

Under the pretext of the banking crisis, the Bush Administration is changing the way this country operates. This is not simply taking trillions of dollars from the people and giving it to the richest bankers to do with as they see fit.

Click here to send your letter to Congress:

http://www.impeachbush.org/site/R?i=sjPOnjcYiWQh-ruFgNa6FQ..

Congress is poised to vote to give the Executive Branch of government, and specifically the White House's political appointees in the Treasury Department, the absolute right to take our money and give it to domestic and foreign banks and corporations without any oversight of elected officials, from the courts, or from the people.

The new legislation states: "Decisions by the Secretary [of the Treasury] 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." The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of trillions of our tax dollars.

We will not stand by and let the Bush Administration formalize its vision of a "government of, by and for the richest bankers."

The new system institutionalizes theft on a grand scale. Lehman Brothers bankers will receive $2.5 billion in bonuses after their company went bankrupt last week, but the new dictatorial authority under the White House and Treasury Department has ruled out any relief for the millions of working families who are being foreclosed.

We live in a $15 trillion annual economy. Instead of taking our tax dollars and giving it to the already rich and powerful, these funds should be used provide to decent paying jobs, affordable housing, health care and a good education for our children. There is another way!

Now is the time to hear the voice of the people. A spineless Congress authorized Bush's illegal war in Iraq and rubber-stamped the Patriot Act. Now they are being herded like sheep again to give the White House and Wall Street dictatorial control over the people's money.

[rant]this is some bullfuckinshit Again Bush admin is wipin its ass with the constitution No bail outs w/o some kind of fuckin accountability. Feds just printin more money. Rescue the insurance company, hmm.. not for you or me with our trivial investements, its for asshats like Larry Silverstien who profited from the towers. Where's all the money right? Its in the hands of a few and they're mismanaging it, us, the planet cuz of greed. College puts most ppl in debt and if you can get clear of that you might be able to get in even bigger debt for a house. Either way the minute you cut the apron strings you owe owe owe. this is bullshit we should just let the stock market crash, let the rich take one to the nuts. All us poor ppl alrady know how to deal w it cuz we pump our own gas. we'll be fine, we'll bounce back. I'm in favor of some riots and revloution in the streets. [/rant]

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[rant]this is some bull fucking shit Again Bush admin is wiping its ass with the constitution No bail outs w/o some kind of fucking accountability. Feds just printing more money. Rescue the insurance company, hmm.. not for you or me with our trivial investments. It is for ass hats like Larry Silverstein who profited from the towers. Where's all the money right? Its in the hands of a few and they're mismanaging it, us, the planet because of greed. College puts most people in debt and if you can get clear of that you might be able to get in even bigger debt for a house. Either way the minute you cut the apron strings you owe owe owe. this is bullshit we should just let the stock market crash, let the rich take one to the nuts. All us poor people already know how to deal w it because we pump our own gas. we'll be fine, we'll bounce back. I'm in favor of some riots and revolution in the streets. [/rant]

You pretty much summed up my insanity on why I do jack squat with my life.

"Cool. I always knew Atheists would someday save The World."

- Fantomex

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Mayor Quimby: I'll admit I used the city treasury to fund the murder of my enemies, but as Gabbo would say, I'm a bad wittle boy.

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Quote of the Day:

"Party is the madness of many for the gain of a few."

-- Alexander Pope

Subject: Messages to Congress running as high as 300 to 1 against the

bailout

First the Republicans were for it (the Big Bailout), and then they

were against it. What happened?

What happened is YOU, and others like you, pounding on Congress to

NOT pass the Big Bailout.

There were constant reports on CNBC yesterday, and in other places,

<http://www.buffalonews.com/180/story/446693.html>

that calls and messages to Congress were running roughly 300 to 1

against the Big Bailout. This is what made the Republicans reverse

course.

Your messages and calls to Congress do make a difference!

But pressure from powerful special interests also has an impact, so

we must maintain OUR pressure.

It would also help to provide Congress with an alternative plan that

is better than the Big Bailout. Fortunately, we can do that. All

Congress has to do is remove the mark-to-market accounting rule, and

replace it with a "discounted cash flow" accounting rule. Doing so

would . . .

* Enable firms to record a more realistic value for their assets

* Boost balance sheets and restore credit ratings

* Provide useful information that would serve to create a liquid

market for these assets

In short, this one simple regulatory change would accomplish

everything the Big Bailout is supposed to achieve, with NO

expenditure of federal funds!

If you want to learn more about mark-to-market accounting vs.

discounted-cash-flow there's a good write-up of it here.

<http://www.aei.org/publications/pubID.28389/pub_detail.asp>

Please send another message to Congress right now. The message for

the campaign we're using for this purpose reads: "Please cut federal

spending." Use your personal comments to add something like the

following . . .

"The Big Bailout moves in the wrong direction, toward more spending

and more debt. Oppose the bailout! Instead, remove the mark-to-market

accounting regulation, and replace it with a discounted-cash-flow

accounting rule. This will free up the markets at no cost to the

taxpayer."

You can send your message here.

<http://www.downsizedc.org/etp/campaigns/104>

Thank you for being a part of the growing Downsize DC army.

Perry Willis

Communications Director

DownsizeDC.org, Inc.


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VoteNoBailout.org

100,000 letters sent to elected officials in 24 hours opposing bailout legislation

VoteNoBailout.org was launched on September 22, 2008, in response to the Bush Administration's attempt to rush Bailout legislation through Congress.

In an astonishing response to its appeal, more than 100,000 letters were sent to elected officials within the first 24 hours through the VoteNoBailout.org email advocacy mechanism. People are circulating this appeal all over the internet on web sites, blogs and between individuals.

A sample of the VoteNoBailout.org letter reads:

"Congress has no right to give the White House and its Secretary of the Treasury the power to transfer the people's money to the richest bankers in the country. Vote No to the Bailout legislation. The Bailout legislation is being rammed through Congress in a matter of days.

"This is an illegal power grab by the White House and their richest friends on Wall Street. The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of trillions of our tax dollars. It is also one of the biggest transfers of wealth from working families to the ultra-rich in the history of the United States.

"Congress should help families stay in their homes. Wealthy executives should be forced to disgorge their obscene profits, fees and bonuses that made them ultra-rich while they ran the economy into the ground."

VoteNoBailout.org was initiated as a project of ImpeachBush.org. There will be daily updates for the media about the number of people who have sent letters to Congress opposing this unprecedented handover of the people's money to the richest bankers and the assumptions of vast, new powers by the Executive Branch of government.


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D o w n s i z e r - D i s p a t c h

|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|*|

Jim Babka will be speaking in Connecticut this weekend. Details below

the signature.

Quote of the Day:

"The government broke it. I don't trust them to fix it."

-- Senator Jim DeMint, Republican, South Carolina

<http://ap.google.com/article/ALeqM5hFOJAEHZTvKpgkGzkroPOp7wPlnwD93D2A1G0>

Subject: Downsize DC commits suicide

We've heard the Treasury Secretary and the Federal Reserve Chairman

make their case for a $700 billion bailout of the financial markets.

We're not persuaded. Quite the contrary. We reject their predictions

of dire consequences if their plan doesn't pass. We're so convinced

of this that we're willing to stake our continued existence on it.

If the economy goes into a deep slump because they didn't pass their

bailout plan then charitable contributions will be among the first

things cut from family budgets. If we're wrong then we'll be among

the many institutions to fail. But we don't believe we're wrong. And

we don't believe we'll fail.

In 2003 dire warnings about "weapons of mass destruction" were used

to justify an unnecessary war in Iraq. We bucked the tide of public

hysteria and dared to claim that there were NO "weapons of mass

destruction" in Iraq. <http://truthaboutwar.org/claim1.shtml>

We were right, and popular opinion, driven by political fear

mongering, was wrong. Now we're being told that our economy is

threatened by "financial weapons of mass destruction," and we'll once

again buck the hysterical trend by predicting that . . .

There are no "financial weapons of mass destruction" threatening our

economy -- except for the $700 billion bailout plan.

We don't believe that mortgage defaults on a mere 3 million homes

<http://mjperry.blogspot.com/2008/08/current-subprime-mortgage-stats.html>

have the power to halt the mighty American economic engine. It's

really that simple.

Many wild claims are being made. Yesterday, on CNBC, Jim Cramer

predicted a Great Depression II if the bailout plan isn't passed.

Cramer is even willing to let the Democrats cap CEO pay and take

ownership positions in troubled firms (socialism), if that's what it

takes to pass the bailout plan. Cramer, despite his great

intelligence and personal charm, is madly, hysterically, wrong.

In the Great Depression 40% of homes went into foreclosure.

<http://online.wsj.com/article/SB122186515562158671.html>

Today the foreclosure rate is only 6%, and the trend is toward fewer

foreclosures rather than more.

<http://www.builderonline.com/blogs/postdetails.aspx?BlogId=thompsonsblog&postId=85200>

We're far closer to the end of this problem than we are to the

beginning.

Of course, the fear mongers will claim that we had a 40% foreclosure

rate in the Great Depression precisely because the government didn't

intervene soon enough, and that current foreclosure rates will spiral

out of control if the bailout bill isn't passed. This reading of

history gets the true story of the Great Depression exactly backwards

. . .

The myth is that President Hoover did nothing after the stock market

burst in 1929. Nothing could be further from the truth. In fact,

Hoover actually began the kinds of interventions that are commonly

associated with FDR. <http://mises.org/rothbard/AGD/chapter11.asp>

Roosevelt was merely copying, and dramatically expanding on what

Hoover had already done, not setting a new course. And look at what

the results were . . . a Great Depression that lasted for 12 long

years!

Hoover and Roosevelt both tried to stop market prices from falling,

which is exactly what the current proposal aims to do. But the result

in the late 20s and early 30s was that the market never cleared, and

so the Depression went on and on and on.

We could have the same thing again today if we allow the government

to once again intervene in natural market processes.

The fact is that the politicians, the bureaucrats, and various

hysteria mongers, are misleading us. They tell us that the market is

frozen, but the fact is that commercial loans are at an all-time

high, and even real estate loans ARE HIGHER THAN THEY WERE LAST YEAR!

<http://www.independent.org/blog/?p=201>

The fact is that . . .

The current "crisis" is mainly centered among the highly leveraged

investment banks on Wall Street, but even there the market is far

from frozen. Merrill Lynch was able to sell its bad assets and was

then bought by Bank of America (which had earlier bought

CountryWide).

Does this look like a frozen market to you? It doesn't to us.

And would it really matter if the markets were "frozen?" Inactive

markets simply mean that buyers and sellers of assets have a

disagreement about what those assets are worth. We must not allow the

politicians and the bureaucrats to substitute their judgement for the

judgements of buyers and sellers who are, after all, SPENDING THEIR

OWN MONEY, whereas the politicians and bureaucrats are asking to

spend YOUR MONEY!

We've taken the time, and shown the courtesy, of hearing our

"leaders" speak, and having done so, WE REJECT THEIR CLAIMS! THEIR

MUST BE NO BAILOUT, OF ANY KIND!

Please be clear about what we're NOT saying. We're NOT saying that

things are rosy, or even all that good. As we explained Monday, we're

feeling the effects of a FED-generated bubble pop. We are very simply

saying that a bailout is wrong-headed and unnecessary, and could even

make things worse.

If you agree with us, please tell your elected representatives to

OPPOSE ALL BAILOUTS! You can use our generic campaign for cutting

federal spending to send your message. Use your personal comments to

reject the bailout and to make any of the points we've made in this

message, or additional arguments of your own. You can send your

message using our Educate the Powerful System.

<http://www.downsizedc.org/etp/campaigns/104>

But don't stop there. Please take the following additional steps . .

.

* Call your Representative and your two Senators after you've sent

your message

* Pass this Dispatch to others -- SOUND THE ALARM AND SPREAD THE WORD

* Register for a Digg account <http://digg.com/>

, and then Digg this message on our blog.

<http://www.downsizedc.org/>

Thank you for being a part of the growing Downsize DC army!

Jim Babka & Perry Willis

President & Communications Director

DownsizeDC.org, Inc.


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Five Dangerous, Disastrous Things About the Proposed Bailout and What You Can Do to Help Stop It

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt

The richest 2 percent of U.S. households do not need to be subsidized by American taxpayers.

Fight Bush, Fight the Bailout!!

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Bailout Backlash: Five Surprising Things That Happened on Thursday


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Updated: These photos were sent to us by Jeremy Scahill who attended the protests against Bush's bailout in New York City:

blogimage_img00193.jpg

Click for larger version.

blogimage_img00194.jpg

Click for larger version.Protesters confront corporate execs staring out the windows at the streets:

blogimage_img00195.jpg

Click for larger version."Greed Kills" ... "Paulson, Rescue My Two Kids From Their College Loans" ... "Bush & Co., Bailout the Real People, Not Your Rich Pals":

blogimage_img00196.jpg

Click for larger version."4.0 GPA, $90,000 in Debt, No Job ... Where's My Bailout?":

blogimage_img00200.jpg

Click for larger version.Click here to learn more about joining the nationwide protest against Bush's bailout.

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well well, it looks like those up for re-election have listened to all of the people calling writing emailing against the bill and lo and behold the fucker fell flat in the house yesterday. The press' immediate response to the failure - create panic to change the voters mind and get this billion dollar golden turd to pass. No stock brokers are leaping from 50 floors up, people are not running to the bank to take out their life savings to go bury it in mason jars in the back yard and already this morning the DOW is up over 200 points. Makes ya wonder if we really should panic ne?

Well, if you're a person who has been living beyond your means on borrowed money; maybe you have 7 houses, a shiny new car every year, a big fat portfolio investing all your imaginary money in stocks and bonds and... wait a minute, that doesn't sound like anybody I know around here O_O

I know very few people that pay a mortgage as apposed to renting, especially here in CNY. Why? Outrageous property taxes for starters. We have no cap and taxes have steadily increased. I know a recently retired couple that have lived in the same house over 30 years that they currently have on the market. They don't want a place with stairs anymore and their taxes jumped up to $20, 000 yes twenty thousand dollars a year. Thats a new car a year right? in taxes for the same house.... The once dirt road they originally bought the place on is now a 5mph private road and the old nurse and contractor are surrounded by millionaires and homes so elaborate it makes their place look like a summer camp; which it probably was to begin with when it was built. Did I mention that he has MS and she's a breast cancer survivor and that out of pocket health care costs have them trying to decide if they want to try to live in a small 1 story on their own or just choose their old people village now.... now I have.

There's the bad credit crowd; people who are struggling every month to get payments into the electric and phone companies. Late payments go on your credit report. Its not that they don't pay its that they pay late.

People with student loans. Community college around here isnt gawd awful expensive but SU is. Most reputable colleges cost you out the ass. People are still paying for their education years after they get it, most of the time their full time job isn't related to their education its the quickest buck to get the bills paid on time get out of debt and try and nurture your credit back to health.

People paying for a car. Most people are going to have dealings with a lender for (if not tuition) a car loan before they worry about a mortgage.

Pretty much all of the above are strapped for cash the minute they move out of mom n dad's. How the fuck are poor and indebted bad credit saps supposed to go by $100,000+ homes? Predatory lenders who will start you off at a great rate and then double your mortgage payment in ten years. In the meantime either your neighborhood has turned to shit and your home is worth half of what you bought it for or property values have gone up and your uncapped taxes reach rediclious heights. All that while the house you're paying for is aging and needs to be kept up so you might need another lone for that new roof and siding...

Sure main street needs to be rescued from their hopeful stupidity, god forbid anybody try to live the American Way, two kids two cars a picket fence and college education followed by a career in your field, but the financiers that put so many in this position need to be put on a leash with a choker collar. Revise some corporate tax laws (We were supposed to have better ways to deal with huge corps after the Enron bullshit) and you'll have enough money to get the fucks to bail themselves and us out. If the American people do gotta eat this shit taco then somebody's fucking ass better go to jail. Its absolutely not enough to just legislate this shit away unless you don't mind a return to serfdom. In the richest country in the world last year 37 million people were living below the poverty level.


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Damn it. So the time in my life when I have the time to go back to school and the fucking economy takes a shit. So this means I can't get a car loan for that newer car I wanted after mine DIED, I can't get a grant for college now, and who knows I may not have a job here in a few. Sounds like the damn apocolypse. Maybe now the american people can take back control of our lives. after all the constitution says "we the people'

Oh yeah...and FUCK Palin for saying polar bears are not endangered. Dumb ass can't even manage her own fucking state, let alone her tiny town of butt fucking nowhere, so she sure can't handle being VP.

Edited by HKofsesshoumaru
Oh yeah..P.S. as for Palin

[sIGPIC][/sIGPIC]

"Well, Toutousai...don't you think it's a pity for Tessaiga? All Inuyasha can do is wave about a sword with all his strength...it's the same whether it's a famous sword or a log."

-Sesshoumaru

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Update: House votes no on Paulson's bailout

Friends,

Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.

No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday's New York Times and you can see what the real deal is:

"Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.

"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.

"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.

"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial institutions."

Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to "consult" in the bailout.

The problem is, nobody truly knows what this "collapse" is all about. Even Treasury Secretary Paulson admitted he doesn't know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can't figure it out nor can he explain it to anyone.

And yet, they are screeching about how the end is near! Panic! Recession! The Great Depression! Y2K! Bird flu! Killer bees! We must pass the bailout bill today!! The sky is falling! The sky is falling!

Falling for whom? NOTHING in this "bailout" package will lower the price of the gas you have to put in your car to get to work. NOTHING in this bill will protect you from losing your home. NOTHING in this bill will give you health insurance.

Health insurance? Mike, why are you bringing this up? What's this got to do with the Wall Street collapse?

It has everything to do with it. This so-called "collapse" was triggered by the massive defaulting and foreclosures going on with people's home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it's because too many working class idiots were given mortgages that they really couldn't afford. Here's the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage "crisis" may never have happened.

This bailout's mission is to protect the obscene amount of wealth that has been accumulated in the last eight years. It's to protect the top shareholders who own and control corporate America. It's to make sure their yachts and mansions and "way of life" go uninterrupted while the rest of America suffers and struggles to pay the bills. Let the rich suffer for once. Let them pay for the bailout. We are spending 400 million dollars a day on the war in Iraq. Let them end the war immediately and save us all another half-trillion dollars!

I have to stop writing this and you have to stop reading it. They are staging a financial coup this morning in our country. They are hoping Congress will act fast before they stop to think, before we have a chance to stop them ourselves. So stop reading this and do something -- NOW! Here's what you can do immediately:

1. Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they've made. Tell him we know he has the smarts to slow this thing down and figure out what's the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.

2. Take to the streets. Participate in one of the hundreds of quickly-called demonstrations that are taking place all over the country (especially those near Wall Street and DC).

3. Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.

When you screw up in life, there is hell to pay. Each and every one of you reading this knows that basic lesson and has paid the consequences of your actions at some point. In this great democracy, we cannot let there be one set of rules for the vast majority of hard-working citizens, and another set of rules for the elite, who, when they screw up, are handed one more gift on a silver platter. No more! Not again!

Yours,

Michael Moore

MMFlint@aol.com

MichaelMoore.com

P.S. Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parachutes. It says NOTHING about what these executives and fat cats will make in SALARY. According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar-a-month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion-dollar handouts. A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.

P.P.S. From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we'll start blowing up are the pension funds and 401(k)s of your middle class constituents. The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years. The Dems handed a stolen election over to Bush. The Dems gave Bush the votes he needed to invade a sovereign country. Once they took over Congress in 2007, they refused to pull the plug on the war. And now they have been cowered into being accomplices in the crime of the century. You have to call them now and say "NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.

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Tuesday, September 30th, 2008

Congratulations, Corporate Crime Fighters! Coup Averted for Three Days! ...from Michael Moore

Friends,

Everyone said the bill would pass. The masters of the universe were already making celebratory dinner reservations at Manhattan's finest restaurants. Personal shoppers in Dallas and Atlanta were dispatched to do the early Christmas gifting. Mad Men of Chicago and Miami were popping corks and toasting each other long before the morning latte run.

But what they didn't know was that hundreds of thousands of Americans woke up yesterday morning and decided it was time for revolt. The politicians never saw it coming. Millions of phone calls and emails hit Congress so hard it was as if Marshall Dillon, Elliot Ness and Dog the Bounty Hunter had descended on D.C. to stop the looting and arrest the thieves.

The Corporate Crime of the Century was halted by a vote of 228 to 205. It was rare and historic; no one could remember a time when a bill supported by the president and the leadership of both parties went down in defeat. That just never happens.

A lot of people are wondering why the right wing of the Republican Party joined with the left wing of the Democratic Party in voting down the thievery. Forty percent of Democrats and two-thirds of Republicans voted against the bill.

Here's what happened:

The presidential race may still be close in the polls, but the Congressional races are pointing toward a landslide for the Democrats. Few dispute the prediction that the Republicans are in for a whoopin' on November 4th. Up to 30 Republican House seats could be lost in what would be a stunning repudiation of their agenda.

The Republican reps are so scared of losing their seats, when this "financial crisis" reared its head two weeks ago, they realized they had just been handed their one and only chance to separate themselves from Bush before the election, while doing something that would make them look like they were on the side of "the people."

Watching C-Span yesterday morning was one of the best comedy shows I'd seen in ages. There they were, one Republican after another who had backed the war and sunk the country into record debt, who had voted to kill every regulation that would have kept Wall Street in check -- there they were, now crying foul and standing up for the little guy! One after another, they stood at the microphone on the House floor and threw Bush under the bus, under the train (even though they had voted to kill off our nation's trains, too), heck, they would've thrown him under the rising waters of the Lower Ninth Ward if they could've conjured up another hurricane. You know how your dog acts when sprayed by a skunk? He howls and runs around trying to shake it off, rubbing and rolling himself on every piece of your carpet, trying to get rid of the stench. That's what it looked like on the Republican side of the aisle yesterday, and it was a sight to behold.

The 95 brave Dems who broke with Barney Frank and Chris Dodd were the real heroes, just like those few who stood up and voted against the war in October of 2002. Watch the remarks from yesterday of Reps. Marcy Kaptur, Sheila Jackson Lee, and Dennis Kucinich. They spoke the truth.

The Dems who voted for the giveaway did so mostly because they were scared by the threats of Wall Street, that if the rich didn't get their handout, the market would go nuts and then it's bye-bye stock-based pension and retirement funds.

And guess what? That's exactly what Wall Street did! The largest, single-day drop in the Dow in the history of the New York Stock exchange. The news anchors last night screamed it out: Americans just lost 1.2 trillion dollars in the stock market!! It's a financial Pearl Harbor! The sky is falling! Bird flu! Killer Bees!

Of course, sane people know that nobody "lost" anything yesterday, that stocks go up and down and this too shall pass because the rich will now buy low, hold, then sell off, then buy low again.

But for now, Wall Street and its propaganda arm (the networks and media it owns) will continue to try and scare the bejesus out of you. It will be harder to get a loan. Some people will lose their jobs. A weak nation of wimps won't last long under this torture. Or will we? Is this our line in the sand?

Here's my guess: The Democratic leadership in the House secretly hoped all along that this lousy bill would go down. With Bush's proposals shredded, the Dems knew they could then write their own bill that favors the average American, not the upper 10% who were hoping for another kegger of gold.

So the ball is in the Democrats' hands. The gun from Wall Street remains at their head. Before they make their next move, let me tell you what the media kept silent about while this bill was being debated:

1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street's spending of the $700 billion;

2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people's money;

3. It did NOTHING to force banks and lenders to rewrite people's mortgages to avoid foreclosures -- this bill would not have stopped ONE foreclosure!;

4. It had NO teeth anywhere in the entire piece of legislation, using words like "suggested" when referring to the government being paid back for the bailout;

5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the "financial crisis" and cause even MORE of a meltdown.

Put a fork in this slab of pork. It's over. Now it is time for our side to state very clearly the laws WE want passed. I will send you my proposals later today. We've bought ourselves less than 72 hours.

Yours,

Michael Moore

MMFlint@aol.com

MichaelMoore.com


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Friends,

The richest 400 Americans -- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined.

400 rich Americans ( http://www. forbes. com/2008/09/16/forbes-400-billionaires-lists-400list08_cx_mn_0917richamericans_land. html ) have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion.

During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion ( http://www. sanders. senate. gov/news/record. cfm?id=303313 ) -- the same amount that they are now demanding we give to them for the "bailout.

" Why don't they just spend the money they made under Bush to bail themselves out? They'd still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that -- at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do -- spend it and never look back. Now we have a $9.5 trillion debt.

Why on earth would we even think of giving these robber barons any more of our money?

I would like to propose my own bailout plan. My suggestions, listed below, are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one too many times: There... is... no... free... lunch. And thank you for encouraging us to hate people on welfare! So, there will be no handouts from us to you. The Senate, tonight, is going to try to rush their version of a "bailout" bill to a vote. They must be stopped. We did it on Monday with the House, and we can do it again today with the Senate.

It is clear, though, that we cannot simply keep protesting without proposing exactly what it is we think Congress should do. So, after consulting with a number of people smarter than Phil Gramm, here is my proposal, now known as "Mike's Rescue Plan." It has 10 simple, straightforward points.

They are:

1. APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Before any new money is expended, Congress must commit, by resolution, to criminally prosecute anyone who had anything to do with the attempted sacking of our economy. This means that anyone who committed insider trading, securities fraud or any action that helped bring about this collapse must go to jail. This Congress must call for a Special Prosecutor who will vigorously go after everyone who created the mess, and anyone else who attempts to scam the public in the future.

2. THE RICH MUST PAY FOR THEIR OWN BAILOUT. They may have to live in 5 houses instead of 7. They may have to drive 9 cars instead of 13. The chef for their mini-terriers may have to be reassigned. But there is no way in hell, after forcing family incomes to go down more than $2,000 dollars during the Bush years, that working people and the middle class are going to fork over one dime to underwrite the next yacht purchase.

If they truly need the $700 billion they say they need, well, here is an easy way they can raise it:

a) Every couple who makes over a million dollars a year and every single taxpayer who makes over $500,000 a year will pay a 10% surcharge tax for five years. (It's the Senator Sanders plan. He's like Colonel Sanders, only he's out to fry the right chickens.) That means the rich will still be paying less income tax than when Carter was president. This will raise a total of $300 billion.

B) Like nearly every other democracy, charge a 0.25% tax on every stock transaction. This will raise more than $200 billion in a year.

c) Because every stockholder is a patriotic American, stockholders will forgo receiving a dividend check for one quarter and instead this money will go the treasury to help pay for the bailout.

d) 25% of major U.S. corporations currently pay NO federal income tax. Federal corporate tax revenues currently amount to 1.7% of the GDP compared to 5% in the 1950s. If we raise the corporate income tax back to the level of the 1950s, that gives us an extra $500 billion.

All of this combined should be enough to end the calamity. The rich will get to keep their mansions and their servants, and our United States government ("COUNTRY FIRST!") will have a little leftover to repair some roads, bridges and schools.

3. BAIL OUT THE PEOPLE LOSING THEIR HOMES, NOT THE PEOPLE WHO WILL BUILD AN EIGHTH HOME. There are 1.3 million homes in foreclosure right now. That is what is at the heart of this problem. So instead of giving the money to the banks as a gift, pay down each of these mortgages by $100,000. Force the banks to renegotiate the mortgage so the homeowner can pay on its current value. To insure that this help does no go to speculators and those who have tried to make money by flipping houses, this bailout is only for people's primary residence. And in return for the $100K paydown on the existing mortgage, the government gets to share in the holding of the mortgage so that it can get some of its money back. Thus, the total initial cost of fixing the mortgage crisis at its roots (instead of with the greedy lenders) is $150 billion, not $700 billion.

And let's set the record straight. People who have defaulted on their mortgages are not "bad risks." They are our fellow Americans, and all they wanted was what we all want and most of us still get: a home to call their own. But during the Bush years, millions of them lost the decent paying jobs they had. Six million fell into poverty. Seven million lost their health insurance. And every one of them saw their real wages go down by $2,000. Those who dare to look down on these Americans who got hit with one bad break after another should be ashamed. We are a better, stronger, safer and happier society when all of our citizens can afford to live in a home that they own.

4. IF YOUR BANK OR COMPANY GETS ANY OF OUR MONEY IN A "BAILOUT," THEN WE OWN YOU. Sorry, that's how it's done. If the bank gives me money so I can buy a house, the bank "owns" that house until I pay it all back -- with interest. Same deal for Wall Street. Whatever money you need to stay afloat, if our government considers you a safe risk -- and necessary for the good of the country -- then you can get a loan, but we will own you. If you default, we will sell you.

This is how the Swedish government did it ( http://www. nytimes. com/2008/09/23/business/worldbusiness/23krona. html ) and it worked.

5. ALL REGULATIONS MUST BE RESTORED. THE REAGAN REVOLUTION IS DEAD. This catastrophe happened because we let the fox have the keys to the henhouse. In 1999, Phil Gramm authored a bill to remove all the regulations that governed Wall Street and our banking system. The bill passed and Clinton signed it. Here's what Sen.

Phil Gramm, McCain's chief economic advisor, said at the bill signing:

"In the 1930s ... it was believed that government was the answer. It was believed that stability and growth came from government overriding the functioning of free markets.

"We are here today to repeal [that] because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.

"I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future, and I am awfully proud to have been a part of making it a reality.

"

This bill must be repealed. Bill Clinton can help by leading the effort for the repeal of the Gramm bill and the reinstating of even tougher regulations regarding our financial institutions. And when they're done with that, they can restore the regulations for the airlines, the inspection of our food, the oil industry, OSHA, and every other entity that affects our daily lives. All oversight provisions for any "bailout" must have enforcement monies attached to them and criminal penalties for all offenders.

6. IF IT'S TOO BIG TO FAIL, THEN THAT MEANS IT'S TOO BIG TO EXIST. Allowing the creation of these mega-mergers and not enforcing the monopoly and anti-trust laws has allowed a number of financial institutions and corporations to become so large, the very thought of their collapse means an even bigger collapse across the entire economy. No one or two companies should have this kind of power. The so-called "economic Pearl Harbor" can't happen when you have hundreds -- thousands -- of institutions where people have their money. When you have a dozen auto companies, if one goes belly-up, we don't face a national disaster. If you have three separately-owned daily newspapers in your town, then one media company can't call all the shots (I know... What am I thinking?! Who reads a paper anymore? Sure glad all those mergers and buyouts left us with a strong and free press!). Laws must be enacted to prevent companies from being so large and dominant that with one slingshot to the eye, the giant falls and dies. And no institution should be allowed to set up money schemes that no one can understand. If you can't explain it in two sentences, you shouldn't be taking anyone's money.

7. NO EXECUTIVE SHOULD BE PAID MORE THAN 40 TIMES THEIR AVERAGE EMPLOYEE, AND NO EXECUTIVE SHOULD RECEIVE ANY KIND OF "PARACHUTE" OTHER THAN THE VERY GENEROUS SALARY HE OR SHE MADE WHILE WORKING FOR THE COMPANY. In 1980, the average American CEO made 45 times what their employees made. By 2003, they were making 254 times what their workers made. After 8 years of Bush, they now make over 400 times what their average employee makes. How this can happen at publicly held companies is beyond reason. In Britain, the average CEO makes 28 times what their average employee makes. In Japan, it's only 17 times! The last I heard, the CEO of Toyota was living the high life in Tokyo. How does he do it on so little money? Seriously, this is an outrage. We have created the mess we're in by letting the people at the top become bloated beyond belief with millions of dollars. This has to stop. Not only should no executive who receives help out of this mess profit from it, but any executive who was in charge of running his company into the ground should be fired before the company receives any help.

8. STRENGTHEN THE FDIC AND MAKE IT A MODEL FOR PROTECTING NOT ONLY PEOPLE'S SAVINGS, BUT ALSO THEIR PENSIONS AND THEIR HOMES. Obama was correct yesterday to propose expanding FDIC protection of people's savings in their banks to $250,000. But this same sort of government insurance must be given to our nation's pension funds. People should never have to worry about whether or not the money they've put away for their old age will be there. This will mean strict government oversight of companies who manage their employees' funds -- or perhaps it means that the companies will have to turn over those funds and their management to the government. People's private retirement funds must also be protected, but perhaps it's time to consider not having one's retirement invested in the casino known as the stock market. Our government should have a solemn duty to guarantee that no one who grows old in this country has to worry about ending up destitute.

9. EVERYBODY NEEDS TO TAKE A DEEP BREATH, CALM DOWN, AND NOT LET FEAR RULE THE DAY. Turn off the TV! We are not in the Second Great Depression. The sky is not falling. Pundits and politicians are lying to us so fast and furious it's hard not to be affected by all the fear mongering. Even I, yesterday, wrote to you and repeated what I heard on the news, that the Dow had the biggest one day drop in its history. Well, that's true in terms of points, but its 7% drop came nowhere close to Black Monday in 1987 when the stock market in one day lost 23% of its value. In the '80s, 3,000 banks closed, but America didn't go out of business. These institutions have always had their ups and downs and eventually it works out. It has to, because the rich do not like their wealth being disrupted! They have a vested interest in calming things down and getting back into the Jacuzzi.

As crazy as things are right now, tens of thousands of people got a car loan this week. Thousands went to the bank and got a mortgage to buy a home. Students just back to college found banks more than happy to put them into hock for the next 15 years with a student loan. Life has gone on. Not a single person has lost any of their money if it's in a bank or a treasury note or a CD. And the most amazing thing is that the American public hasn't bought the scare campaign. The citizens didn't blink, and instead told Congress to take that bailout and shove it. THAT was impressive. Why didn't the population succumb to the fright-filled warnings from their president and his cronies? Well, you can only say 'Saddam has da bomb' so many times before the people realize you're a lying sack of shite. After eight long years, the nation is worn out and simply can't take it any longer.

10. CREATE A NATIONAL BANK, A "PEOPLE'S BANK." If we really are itching to print up a trillion dollars, instead of giving it to a few rich people, why don't we give it to ourselves? Now that we own Freddie and Fannie, why not set up a people's bank? One that can provide low-interest loans for all sorts of people who want to own a home, start a small business, go to school, come up with the cure for cancer or create the next great invention. And now that we own AIG, the country's largest insurance company, let's take the next step and provide health insurance for everyone. Medicare for all. It will save us so much money in the long run. And we won't be 12th on the life expectancy list. We'll be able to have a longer life, enjoying our government-protected pension, and living to see the day when the corporate criminals who caused so much misery are let out of prison so that we can help reacclimate them to civilian life -- a life with one nice home and a gas-free car that was invented with help from the People's Bank.

Yours,

Michael Moore

MMFlint@aol.com

http://www. michaelmoore. com/

P.S.

Call your Senators now ( http://www. visi. com/juan/congress/ ).

Here's a backup link in case we crash that site again ( http://www. congressmerge. com/onlinedb/index. htm ). They are going to attempt their own version of the Looting of America tonight. And let your reps know if you agree with my 10-point plan.

Join Mike's Mailing List ( http://www. michaelmoore. com/mikesmailinglist/index. php ) | Join Mike's Facebook Group ( http://www. new. facebook. com/pages/Michael-Moore/24674986856 ) | Become Mike's MySpace Friend ( http://www. myspace. com/mmflint )


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and the senate caves -_-;

adds more pork

and the fur starts to fly


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vTkcLvm4ZYE


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trykOppmfiE


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this should look familiar

FROM THE MOVIE "ZEITGEIST"

SEP. 29 2008 NEWS

The sale of Wachovia would further concentrate Americans bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup

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PLEASE SHARE THIS VIDEO SO MORE PEOPLE KNOW WHAT THE FUCK IS GOING ON! WHAT THE FUCK IS HAPPENING TO OUR COUNTRY! HOW DID WE GET HERE!

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I agree with Ron Paul, but a lot of the other stuff you put up wanting universal health care or the stuff suggesting replacing this big government with another big government is bad.

I just want small government & let the market decide the rest.


"Cool. I always knew Atheists would someday save The World."

- Fantomex

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The senate just put in a bunch of frilly stuff we want so the people will chill and let this piece of shit pass. we should get all of those frills anyway and the bankers should bail themselves out.

I will continue to oppose this socialistic legislation and I encourage everyone reading this to do the same. Call or email your representatives. Let them know if they want to keep their comfy govt job they better say no.


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This bill does not effectively address the issue of what the taxpayers of our country will actually own after they invest hundreds of billions of dollars in toxic assets. This bill does not effectively address the issue of oversight because the oversight board members have all been hand picked by the Bush administration. This bill does not effectively deal with the issue of foreclosures and addressing that very serious issue, which is impacting millions of low- and moderate-income Americans in the aggressive, effective way that we should be. This bill does not effectively deal with the issue of executive compensation and golden parachutes. Under this bill, the CEOs and the Wall Street insiders will still, with a little bit of imagination, continue to make out like bandits.

This bill does not deal at all with how we got into this crisis in the first place and the need to undo the deregulatory fervor which created trillions of dollars in complicated and unregulated financial instruments such as credit default swaps and hedge funds. This bill does not address the issue that has taken us to where we are today, the concept of too big to fail. In fact, within the last several weeks we have sat idly by and watched gigantic financial institutions like the Bank of America swallow up other gigantic financial institutions like Countrywide and Merrill Lynch. Well, who is going to bail out the Bank of America if it begins to fail? There is not one word about the issue of too big to fail in this legislation at a time when that problem is in fact becoming even more serious.

This bill does not deal with the absurdity of having the fox guarding the hen house. Maybe I'm the only person in America who thinks so, but I have a hard time understanding why we are giving $700 billion to the Secretary of the Treasury, the former CEO of Goldman Sachs, who along with other financial institutions, actually got us into this problem. Now, maybe I'm the only person in America who thinks that's a little bit weird, but that is what I think.

This bill does not address the major economic crisis we face: growing unemployment, low wages, the need to create decent-paying jobs, rebuilding our infrastructure and moving us to energy efficiency and sustainable energy.


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The Really Hard-to-Swallow Truth About the Bailout

I'm beyond disgusted this bill was passed. This isn't the first time I have lobbied my reps (I even called Walsh's office when i couldn't get my email through cuz his shit was exploding) and fucking failed. This administration has passed more legislation robbing of us of the rights given to us by the constitution -including our right for us and our children to prosper-then any regime in american history and thats really saying something when you look back at horror shows like the creation of the fed, the abolition of the gold standard and even locking up JapAmericans in camps during WW2.

I keep calling and emailing ... spinning tires in the mud.

Govt doesn't listen to the people when it really matters

Today I declare America a fucking failed democracy. Guess I better brush up on socialism because thats the govt we have. I'm so discouraged I almost don't want to fight anymore, but I can't and won't because if I do I can't look my kids in the eye. I can't tell them sorry I gave up and did nothing to make sure you have natural food and clean water and clean air and freedom. I want to stop but I wont. This is just another kick to the head I and every other American really didn't need today.


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The Bailout: How Capitalism Killed Democracy

...

Whether it was a Barclays Capital executive telling reporters "there is no choice" or Rep. Joe Crowley, D-N.Y., insisting that "this needs to be done and it needs to be done right away," responsibly democratic prescriptions were pulverized by capitalism's deranged mantra of inevitability and urgency. To even mention, as economist Dean Baker did, that the taxpayer giveaway could exacerbate the crisis was to risk flogging by columnists like Tom Friedman. The sycophantic flat-earther vilified bailout opponents (i.e., most Americans) as mentally incapacitated deadbeats who "can't balance their own checkbooks."


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