Wall Street to GOP: Drop Dead

Wall Street To America: Drop Dead

From the Paulson Plan:

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Sec. 8. Review.

Decisions by the Secretary 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.

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Arm yourselves.

From the Paulson Plan:

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(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

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Are you ready?

From the Paulson Plan:

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Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(2) protecting the taxpayer.

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GW Bush, with regard to the Constitution:

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just a goddamn piece of paper

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Jag Pop of MA @ Sep 27, 2008 03:24:14 AM

Nothing personal... it's only business.

It's not fun is it? That sick feeling in your stomach when you realize you've given so much to an organization or an ideology and in the end, you're written off for the benefit of a balance sheet.

First and foremost, stop blaming the administration for this. You wanted the conservative "hands off" approach to business... and well, you got it. The problem is, you couldn't police yourselves.

You can argue that this all started with the Clinton Administration, which may be true. However, it's been 8 YEARS. So, essentially, you went long when you should have shorted this one.

The way I see it, I'm in a good place financially. I sold most of my stocks years ago and placed it into commodoties and a savings account. In other words, I have a lot of cash and will be buying soon. I'm just waiting till the stock market hits bottom and all the dead weight is cast overboard. There's blood in the water and I'm hungry.

Welcome to the new world. An hey, nothing personal... it's only business.

Troy of MN @ Sep 27, 2008 01:40:11 AM

UNcle Sucker

just to give you an idea of what finance industry people on the the 'street' think about everyone in America. The term "uncle sucker' is used often to describe all of the government assisted bailouts and tools used every 10 years.

d of CA @ Sep 27, 2008 00:38:26 AM

the guy who emailed you

He might as well have said:

I am for capitalism... until my ilk and I are at risk of performing horribly!

Mike of TX @ Sep 27, 2008 00:25:38 AM

Blaming Democratic policy?

G W Bush is a proponent of an "ownership society". The core of the problem here is that an unfettered free market system has allowed the bundling of risky loans into the securities market has allowed the entire house of cards to collapse before everyone involved realized that the securities were based upon junk. Who rated these securities? Where was the necessary oversight? If the agents who oversee subprime "no job, no income" loans allow them to be incorporated into highly rated securities whose fault is that? Do we need more regulation? Not necessarily. But we can't keep allowing the kids to mind the candy store.

Bill D. of IL @ Sep 27, 2008 00:23:40 AM

100 years

Its been 100 years since 1913, when this mess started with fractional reserve banking and the elimination of the US Federal Reserve Bank. A public company replaced by a privatley owned Federal Reserve System.

After numerous crashes; 1929, 1971, 1983, 2000, combined with the perpetual rollar coaster ride rattling investers the banksters have finly come up short. Big suprise. Now they want more or else! Am I watching Sopranos here?

And they have have the nerve to try to tell us its our fault. HA! The total outstanding sub-prime mortgage tally is only $60 billion. So why do they need $700 billion? Derivative bets. Those degenerate gamblers.

Two things will restore this market

1. Return the US Federal Reserve to public hands and sound money.

2. Prosecute. Borrowers that lied on their forms get a slap on the wrist unless they lied repeatedly. Brokers are charged as ring-leaders under RICO laws, based on the number of infractions.

If its to big to fail , then it is too big to live.

PS: If you Americans hand over a $trillion to these crooks, the rest of the world will know how !@#^% you are.

Jim Billins @ Sep 26, 2008 23:27:48 PM

house fire

blaming the current congress for not being able to decide how to fix the largest mess since the great depression is like blaming the fire dept for using the wrong hose to put out a fire set by an arsonist.

Republican policy caused this mess. Deregulation and artificial markets. Hell fannie and freddie barely carry any of this bad paper. Most of you guys have no idea. I even talk to brokers and traders that dont get it. No wonder your all shocked this happened. My boss told us to make sure to vote Republican and for Bush in the 2004 election because the democrats wanted to put the cabash on the subprime market and the 'fun would end'.

wall st. loved the easy money from packaging up stuff they knew was crap and not having to rate it fairly. They sold it over and over and asked the banks to sell them more and more and to lower the guidelines because 'their guys' were buying it up. And it was all made legal in 2001.

It amazes me how most people that work in finance have no idea what happened. Especially the idiots on the financial stations on cable. 700 billion? that doesnt even include the next 3 years of loans that are going to be due from 5 year ARMs sold in 2005. and oh my those neg am loans! they START recasting in 2009 and 2010. you all have NO idea. this thing will pass and 'the markets' will responde with a rally. then fall apart again. when we realize were still walking around in the dog crap still on our shoes and sweeping the floor really quickly didnt solve the problem.

dave g of CA @ Sep 26, 2008 23:20:45 PM

some of us have known this for years. Welcome to the party

UMM. Well many of us have known this party took a wrong turn in the late 90's. Im a Republican who hasnt voted republican in a general election since 1992. I cant believe it took you this long to realize the party that thinks that an education makes you elitist and that fundamental religion is the prefered method to spread your political philosophy.

The dems stink too but the last clown in office is MORE than enough reason to vote against McCain this year.

Funny how Wall St. is coming around now that they wont get their welfare. The average person making 60k a year has felt this way for the last 10 years. Sure we need the bailout but you would have to admit that we dont have a free market or that free markets shouldnt be allowed to work. Wall st. has had overinflated earnings the last 30 years due to the same monetary policy that lead to this crash.

Im not so sure we should bail out. Maybe its time to feel a little pain to avoid it down the road again. Funny how people cant get health care to take care of high blood pressure or pain pills to die with less pain if they have cancer because noone wants to 'socialize' a broken medical care system. But as soon as your job is in danger you want to pass a bill that costs 20 times more than the health care bill over 5 years just to prop up the house of cards market until after this election. No one who understands how this mess happened thinks this bailout will stop the inevitable anyway.

dave of CA @ Sep 26, 2008 23:10:09 PM