Topic: The Banksters
Was the Paulson Plan a 'SHAM' of a 'SCAM'? Sure looks that way! Here's how We the People got shafted! And the FED hires Bear Stearns' ex-Chief of Risk to "assess the safety and soundness of domestic banking institutions"by Jake Towne, the Champion of the Constitution
(libertarian)
Tuesday, November 4, 2008
Last week, the United Steelworkers Union issued a scathing letter to Secretary Henry Paulson comparing the Goldman Sachs stock sale to Buffet with the US government’s purchase. USW’s findings were that We the People got shafted and overpaid by 50 cents on every dollar, and shared their evidence here. In case you missed it, Comrade Paulson was declared financial dictator of the United States back in early October when the "Paul Gladston Mental Health and Addiction Equity Act of 2007" (otherwise known as the Paulson Bailout Plan) was passed.
The letter from USW President Leo Gerard summarized their findings:
"Now I know that you have a lot on your plate, but I am sure that someone at Treasury saw the terms of Buffett’s investment. In fact, my suspicion is that you studied it pretty closely and knew exactly what you were doing. The 50-50 deal – 50% invested and 50% as a gift – is quite consistent with the Republican version of the "spread-the-wealth-around" philosophy that seems so much in vogue." [The USW is pro-Obama.]
"If the result of our analysis is applied to the deals that you made at the other eight institutions – which on average most would view as being less well positioned than Goldman and therefore requiring an even greater rate of return – you paid $125 billion for securities for which a disinterested party would have paid $62.5 billion. This means that you gifted the other $62.5 billion to the shareholders of these nine institutions."
The Treasury and Congress must explain themselves, and must be held accountable. As The Nation notes, if Gerard’s claim holds true for the rest of Paulson's $700+ billion bailout fund, this is a robbery of $350 billion from the American taxpayers "to reward the institutions that have driven our nation and it now appears the whole world into its most serious economic crisis in 75 years."
If I lived in a true constitutional republic, I would demand that my representatives in Congress remove Paulson by executing Article II, Section 4 of the United States Constitution which reads: "all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors." In fact, since it only took a couple of minutes, I still sent them a note using DownsizeDC.org’s letter system, and left what will become yet another unanswered voicemail on my Congresswoman’s answering machine.
Instead, I call for the immediate resignation and possible criminal proceedings against Comrade Paulson. Even if USW’s claim is false, there are enough signs of corporate cronyism in government, particularly with Goldman Sachs. Why bring in more investment bankers like Goldman Sachs’ Neil Kashkari to solve the problem? If they were so smart, we would not have had this problem in the first place! Goldman Sachs shares would be $230, Bear Stearns at whatever, Merrill Lynch at $80, and Citigroup at $50 and Peter Schiff's predictions in 2006-7 would have been proven dead wrong, as this video so lovingly demonstrates.
I call for Congress to vote to immediately freeze all bailout funds and review all previous bailout transactions. I hope all those who switched their bailout votes from ‘Nay’ to ‘Aye’ in Congress are voted out of office today; they have publicly demonstrated that they are corrupt and willing to accept bribery. Same to the remainder who supported the Paulson Plan, ineptitude in economics or prior corruption is no excuse. Same to McBama, who both supported the bailout.
<<... in other bailout news today, the Federal Reserve hired ex-Bear Stearns Chief Risk Officer Michael Alix. His job is to "assess the safety and soundness of domestic banking institutions." ... and the Federal Reserve reports that even though banks are not lending, the total bank credit (TOTBKCR) of all commercial banks leaped up by a whopping $500 billion from September 17 until October 22>>
For Honest Money and the Restoration of the Republic!
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.
Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.
Police State Stomps on Iraq Veteran's Face as McBama Sanctions Attack on Freedom of Speech: The Story of the Hempstead 15 (Part 1/3) Published: October 25, 2008 What? Yet another event the media completely missed? After multiple attempts to engage McBama to answer their questions, the Iraq Veterans Against the War (IVAW) led a peaceful march on the last McCain-Obama Presidential Debate and were met with 30 mounted police and a horde of others in riot gear. The mounted police stamped on an Iraq war veteran's face and attacked the crowd. Ron Paul supporter and veteran Adam Kokesh was arrested as well.
Iraq Demands US Troops Leave by 2011 Published: November 2, 2008 The unending Global War of Terror occupation in Iraq hits a minor roadbump. What if the Iraqis have fully recovered from Shock and Awe and want their country back?
Can Barack Obama Be President? - THE SAGA CONTINUES! (10/29 Update) Published: October 29, 2008 Senator Barack Obama wins a temporary delay in the court system but has yet to prove in a court of law that he is constitutionally eligible to be President of the United States
The views expressed in this
article are those of Jake Towne, the Champion of the Constitution only and do not represent
the views of Nolan Chart, LLC or its affiliates. Jake Towne, the Champion of the Constitution is
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employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
Again, you're way OFF THE WALL with your comments and actions. You just get yourself all huffed and puffed up over NOTHING.
They used to say that people who worry needlessly about things they can't do anything about are causing themselves stress that isn't healthy for them. It's like getting mad at the television for some news report you hear.
There's absolutely NO WAY that ANYONE can do ANYTHING to Henry Paulson. Even in the legislation authorizing the bailout exempts him from any review or legal actions. Why pant and pout over it, then?
Just cool your jets, and accept it. There's NOTHING you're EVER going to be able to do about it.
Posted By: Jake, the champion of the constitution
Date: 2008-11-04 19:40:55
Dear MC -
It's your practical, statist attitude that got you my write-in vote for prez. No, seriously, do you have any challenge to the evidence provided?
Per USW.org, Gerard's group is 1.2 million members strong, retired and active. They might have a better shot at getting Congress to take a look at the alleged looting, better, say, than some random dude named Jake with a pen who has his writing ridiculed by another random dude (its dude right, not dudette?) named Master C. LOL
MC and Robert Lewis - Thanks for writing back, first time to see the webofdeception site.
Paulson 2004 meeting with SEC resulted that investment banks needed no capital due to another way to reflect risk. Paulson time with Goldman resulted in 80 B debt with a total 100 B debt.
David Walker former GOA might be better than Neil Kashkari & Michael Alix.
Nov. 15th 2008 G-20 meeting pray result will be an honest monetary system.
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The Treasury and Congress must explain themselves, and must be held accountable. As