``We want this to be clean, we want this to be quick,'' Paulson said.

[Zenlitened]

Like a robbery. Or a murder.

... Paulson today urged Congress to approve the relief program quickly, saying financial markets are "fragile.'' While the plan should have "mortgage relief components,'' he suggested legislative changes should be kept to a minimum.

"We want this to be clean, we want this to be quick,'' Paulson said on Fox News Sunday.

A failure by the government to support the U.S. financial system could lead to "a depression,'' Senator Charles Schumer, a New York Democrat told reporters yesterday. "To do nothing is to risk the kind of economic downturn this country hasn't seen in 60 years.''

Link:
http://news.yahoo.com/s/bloomberg/20080921/pl_bloomberg/agtppxaxtrok

[msongs]

1. will dems denounce this for the power grab it really is??????? or cave again??? nt

[grannie4peace]

2. obama has the best ideas on saving our ass

[Benhurst]

3. Fuck Schumer. Doing nothing is not the same thing as

refusing to go along with the Bush Crime Family's plan to turn this country into a fascist state.

[Zenlitened]

14. Exactly. Is there no one to step forward with decent alternatives?

Has no one even been PONDERING the issue until now?

Memo to Sen. Obama: Please please please step forward with your detailed plans immediately! We need to hear from our next president, not the lame-duck, has-beens and all-around failures of the Bush era.

[livelongandprosper]

4. "The Bush administration sought unchecked power from Congress""

This pattern is funny. They make a mess then ask for absolute power in the name of fixing it.
9/11 all over again.

[scarletwoman]

5. Friggin' LIARS!!! They're only worried because THEIR portfolios are going to suffer!

BASTARDS! I don't know if there's any way to put a stop to this, but we HAVE to try. We HAVE to let these jerkoffs know that WE know we're getting robbed blind, that WE know they're not doing this for US, they're doing it for the Plutocrats.

I could barely not puke listening to Paulson this morning, going on and on about "we're doing this to protect the American people" and "the American people want us to take action" -- it was all such BULLSHIT!

Oh, I am SO STEAMING MAD!!!!!!!! :grr: :mad: :grr: :mad: :grr:

sw

[Avalux]

6. Clean and Quick????? WTF??

Those words mean they don't care if the money is used wisely; we can't trust these people!!!! They are using fear and promising a quick fix so they can further gouge the middle class.

Congress - are you listening? Shumer - are you listening??

Do your job - represent the people and do NOT agree to this bailout without a detailed plan (which will take time). We need to know what we're getting for our money. There must be accountability or no deal.

[liberalmuse]

7. A fucking coup.

A mass takeover. I'll take a depression over an oligarchal dictatorship.

[coalition_unwilling]

8. GENERAL STRIKE NOW! - n\t

[ensho]

9. he wants the robbery to go smoothly, no pesky citizens complaining

nt

[bemildred]

10. "We want this to be after the election ..."nt

[holybarcode]

11. Sounds like what the guillotine operator said.

:scared:

[Naturalist]

12. THINK EVERYONE!

Look if this is truly about Businesses and Future Homeowners being able to get loans then Start a new agency that will loan the money to those who need it if they qualify instead of giving it to Businesses that have managed poorly. Since we now own Fannie Mae and Freddie Mac why not make Fannie Mae for homes and Freddie Mac for businesses and those two use the TRILLION DOLLARS for loans. No BAILOUTS for Businesses. Loans Yes Bailouts NO if they qualify!!!!!!!. BAILOUT HOMEOWNERS that need the help if they qualify ONLY. You got to think faster than these crooks people!!!!

[Zenlitened]

13. P.S. Please please please read Paulson's proposal for yourself:

It's not very long -- about two and half pages. The NYT has it online, but here it is in its entirety:

September 21, 2008
Text of Draft Proposal for Bailout Plan

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. (Note: Today there is talk of opening this up to foreign banks, as well. -- Z)

(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;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

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

Sec. 3. Considerations.

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

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

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.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.

(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.

Link:
http://www.nytimes.com/2008/09/21/business/21draftcnd.html

[BlooInBloo]

15. Section 8 alone suffice for a non-negotiable FUCK NO YOU ASSHOLES.