It's funny how these "bailout talks" are taking place during the final days of a presidential campaign. You couldn't plan it any better if your looking to force politicians to make tainted financial decisions that have ramifications for decades to come. The political leadership is in campaign mode they look for votes and promise giveaways.

I really doubt the issue of returning to sound monetary policy will take place during 'bailout talks'.


Wow...the U.S. is severely hobbled financially. Fortunately Americans have the skills capacity to change and no doubt that will take place it's just that in the meantime there are many Americans super PISSED OFF right now!! 


Wonder how all this effects the national space program?? 



-- Edited by NUKE ROCKY44 at 22:18, 2008-09-25

I agree with you Ty totally...Yes if you care to post your letter to District 1, California Congressman, D-Mike Thompson I can provide a copy on the site and post on this board. Just to give you an idea there are bunches of people writing into congress right now. I have this from the Campaign of Liberty Blog

Weiss Research Press Release on Federal Bailout
by Martin D. Weiss, Ph.D. 09-24-08
We believe Congress may be on the verge of making what could become one of the greatest policy mistakes of modern times, passing bailout legislation that could aggravate, rather than alleviate, the nation's massive debt crisis.

With this in mind, we are submitting our white paper on this urgent topic to members of Congress and banking regulators, and I wanted to make sure you have a copy right now. Earlier this week, I gave you a preview in the form of a partial first draft. Below is our press release with a link to the final report.

Best wishes,

Martin

FOR IMMEDIATE RELEASE:
September 24, 2008

Proposed $700 Billion Bailout
Is Too Little, Too Late to End Debt Crisis;
Too Much, Too Soon for U.S. Bond Markets
Weiss Research Submits Policy
Recommendations to Congress Today


PS: A little humor article:

The U.S. Mint announced today that they are suspending production of the one ounce 24-karat American Buffalo gold coin due to high demand "as investors seek the safety of gold in these turbulent times."

Of course, the thought that occurs to me is, where exactly, is this bailout money going to come from??

Well, I guess the Government will have to borrow it!

From the Banks???

Erm!

I figured the 'need argument' would be adopted in the end.

I still tend to think this is a pile-on of debt dollars and further devalues the worth of the dollar. The Emergency Economic Stabilization Act of 2008 will increase inflation (too many dollars chasing to few product) this trend could give Americans the $10 quart of milk 'blowback' scenario .

I don't think the IRS will be able to collect on that kind of money ($38 trillion profit). America does not produce enough presently-not like it did post WWII.

What the up-shod of this financial event created is much more gov't control over the market. The central bank will continue to print (dilute its worth) money.

And I hate to sound like a conspiracy theorist but this brings the U.S. closer to having to play the last card and that is consolidation of currency if EESA2008 does not work.
This means there will be no DOLLAR or LOONIE or PESO it will be the AMERO U.S./Canada/Mexico the consortium of central banks will control all aspects of this currency. The AMERO is sort of like the EURO but will be the currency of the New World (Americas).

I don't necessarily agree with the 'Amero principle' simply because of the total loss of the public's input.

But what choice if any does the American public have in determining its own economy??

The next president whom ever that person is will have to take orders from the federal reserve on issues financial and currency. And as we all know the fed works independent and in secret to set policy.

-- Edited by NUKE ROCKY44 at 02:55, 2008-09-29

-- Edited by NUKE ROCKY44 at 03:11, 2008-09-29

The U.S. stopped being a super power after the cold war ended.

The events of the last 10 years are the result of Government sanctioned corporate greed.
 
Everything from the war on terror to the war in Iraq has been about money and power, not security.
It has ensured that the military industrial complex is alive and well and in bed with the politicians and bankers.
This is an opportunity for real change but the cost will be very high in terms of what we have become accustomed to.
Don't expect any miracles or promises that have been made by either Obama or McCain to be kept. They don't have the resources.

This mess has been dumped at the doorstep of every taxpayer and it is we that have to make the necessary changes.

Change one: No taxation without representation (sound familiar)Major spending bills would require public input and approval.

Change two: Stop draining what is left of the economy into the Iraq war. They can fend for themselves once they get the oil pumping and find another despot to run the show.

Change three: No more "Executive Privilege" stick to the Constitution, it's served the American people for a long time and if it had been left alone we wouldn't be in Afganistan or Iraq right now.

Change four: No more bailouts of Public or private companies. This is a freemarket system and needs nothing more than the enforcement of existing rules.

Change five: Any politicians or people in positions of trust be held to a higher level of accountability with prison sentences being mandatory if found guilty of law breaking activities.

You want real change, well let's start with these changes for now. I'm sure there are all kinds of additional thoughts out there that could be suggested.
Lets hear them!

[aware]

I would add what Ty suggested energy independence infrastructure building. high priority domestic issues: full wage/employment,health.eduaction etc.

Stabilize the dollar backed with tangible worth. Back to basics with policies that worked in the past update them to realistic present and future economics.

Thanks Dean, below is Honorable Rep. MIKE THOMPSON (D-Cal) Member of Congress reply to your letter.


September 28, 2008

Mr. Dean Moore

3125 Oregon Street

Eureka, California 95503

Dear Mr. Moore:

Thank you for contacting me to express your concerns regarding the current financial crisis and proposed financial stabilization legislation.  This email is to further update you on the latest developments in negotiations on the proposed legislation. 

I know from your previous correspondence that we share many of the same concerns.  For your review, I have attached an outline below reflecting the latest bi-partisan agreement between Congressional leaders and the Administration on the contents of the proposed legislation.  I hope you will look it over. 

As you can see, it contains a number of provisions that differ substantially from the Administration's original proposal.   If you have thoughts or concerns about the draft proposal, please share them with me in the Contact section of my website, mikethompson.house.gov.  You can also view the draft legislation on the Financial Services Committee's website (financialservices.house.gov) and Speaker Pelosi's website (www.speaker.gov).

Again, thank you for your input on this critical issue.  I will update you as this legislation is refined and then considered by the House of Representatives. 

Attachment

September 27, 2008

Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets - including requiring a plan to ensure the taxpayer is repaid in full, and cutting in half the Administration's request for $700 billion and requiring Congressional review of future payments. 

3 PHASES OF A FINANCIAL RESCUE WITH STRONG TAXPAYER PROTECTIONS

-REINVEST in the troubled financial markets . to stabilize our economy and insulate Main Street from Wall Street.

-REIMBURSE the tax payer . requiring a plan to guarantee they will be repaid in full.

-REFORM how business is done on Wall Street . no golden parachutes and sweeping Congressional oversight.

CRITICAL IMPOVEMENTS TO THE RESCUE PLAN

Democrats have insisted from day one on substantial changes to make the Bush-Paulson plan acceptable - protecting American taxpayers and Main Street - and these elements are included in the draft legislation under consideration.

Protection for taxpayers, requiring a plan to be repaid in full

-Cuts the payment of $700 billion in half, and conditions future payments on Congressional review.

-Gives taxpayers a share of the profits of participating companies, or puts taxpayers first in line to recover assets if a  company fails.

-Requires a future President to submit a plan to ensure taxpayers are repaid in full, with Wall Street making up the  difference.

-Allows the government to also purchase troubled assets from pension plans, local governments, and small banks that serve  low- and middle-inclome families.

Limits on Excessive Compensation for CEOs and Executives

For companies publicly auctioning over $300 million:

-No multi-million dollar golden parachutes for top 5 executives after auction.

-No tax deduction for executive compensation over $500,000.

-Penalizes golden parachutes for CEOs who are fired or have driven the company into the ground.

For companies from which the government makes direct purchases:

-No multi-million dollar golden parachutes.

-Limits CEO compensation that encourages unnecessary risk-taking.

-Recovers bonuses paid to executives who promise gains that later turn out to be false or inaccurate.

STRONG INDEPENDENT OVERSIGHT AND TRANSPARENCY

Four separate independent oversight entities or processes to protect the tax payer:

-A strong oversight board appointed by bipartisan leaders of Congress, which can overturn Treasury decisions.

-Government Accountability Office oversights and audits at Treasury to ensure strong control and to prevent waste, fraud, and  abuse.

-An independent inspector general to monitor the Treasury Secretary's decisions.

-Transparency - requirement for posting of transactions online - to help jumpstart private sector demand.

The proposal includes meaningful judicial review of the Treasury Secretary's actions.

HELP TO PREVENT HOME FORECLOSURES CRIPPLNG THE AMERICAN ECONOMY

The government can work with loan servicers to change the terms of mortgages (reduce principal or interest rate, lengthen time to pay back mortgages) to reduce the 2 million projected foreclosures in the next year.

Extends provisions (passed earlier in this Congress) to stop tax liability on mortgage foreclosures.

Helps save small businesses that need credit by aiding small community banks hurt by the mortgage crisis - allowing these banks to deduct losses from investments in Fannie Mae and Freddie Mac stocks. 

Sincerely,

MIKE THOMPSON
Member of Congress
http://www.mikethompson.house.gov