“Putting All Your Eggs in One Basket”

The government is putting all their eggs in one basket. At $11 trillion dollars, a mistake could be greater than what could ever happen on Wall Street. The draft bailout also lifts any controls or question by the judicial system for two years. We are watching as our government will fail…just like the banks are failing.

Reasons:
The housing market and easy credit began around 2003. I received over 10 credit card promotional offers a week…all offering 0% interest.
I could buy a house with no money down…I didn’t even need a job. Of course because the bank didn’t own the paper, the financial fudging began before I left the closing.
The appraiser was next. If I was willing to pay $100,000 for a house that should have cost $80,000, the appraiser appraised it for what I was willing to pay so the deal would go through. He did what the bank wanted for the deal to go through.
The realtors helped in the deal. They were making money only if the property sold.
Then they were bundled up…it looked like good deals…after all, they were rated AAA…they looked good when they were bundled up for Wall Street. Wall street bought them because they saw an avenue where they could make money, but didn’t realize the fraud that was throughout the chain…because after all….they were making money.

I often wondered how so many people could own a million dollar home. Where were they getting all their money? I didn’t have that kind of money, but was once told that I could buy a house up to $250,000 on my $75,000 a year job.

Opps….
The paper is worthless. It was this way from the start. The banks and brokerage firms finally are realizing this…can’t unload it either.

Well? The government is stepping in. As they once made money on bailing out Chrysler, they think this is the same thing. It isn’t. The paper is worth “less” than what they anticipate and they are now putting all their eggs in one basket.

The draft suggests that there won’t be any judicial responsibility…Section 8 and the debt allowed can go up to $11 trillion. All we need now is the Treasury unreproachable.

Remember the old proverb: I have some property for sale….it’s swampland…filled with quick sand.

Let the banks fail. The beauty about the United States is that the well-managed, ones who weren’t so greedy will survive and provide the credit. Reward those that have done well over the past 5 years…whose balance sheets are clean and let the big, greedy machines die. That’s what happens in a free economic society.

I like many others have about $100,000 in a 401K. Not much more. I would rather have social security in place than have my 401K. I don’t live an extravagant life, but if the government goes under, so do I.

This is too important. It reminds me of the corporate world where someone wants to gain more power and control…only to take down everyone with them. Please do not give approval to the Treasury Department for this type of unlimited power.

Find a new avenue…possibly have the FHA, already established, deal directly with the homeowners who are in trouble….redo those mortgages…not all the worthless paper where people are going to walk away no matter who owns the paper.

It's a ploy to nullify the first two years of the Obama administration.

Absolutely nothing this batch of criminals does should be allowed to extend beyond the first day of Obama.

Nothing.

This administration has allowe Wall Street to run wild .One would have thought that after the Savings$Loan crisis of the early 1980`s and the Accounting scandles of the late 1990`s the government would recognize that Wall Street is not capable of regulating itself since profits are paramount.The government needs to set rules and enforce those rules.Having been an investor for years I have lost confidence in our financial system due to lack of regulation and will not invest in the market again.Fool me once shame on you fool me twice shame on me.

I want to know HOW this is supposed to help middle class america get help for the subprime loans and save their homes. How and why weren't the subprime loans illegal? How is this going to save our retirement funds? How is it a capitalist republican white house all of a sudden gone socialist on us? Why does mr. paulson say sit back, you don't need a big long explanation, we're just gonna fix it like this by throwing money at this problem, when they've already run us into a ditch on an occasion or two? I wanna drive - NOW! No more BS, period. We need to have someone explain how, and I think I know why they don't want to take their time and think it through and explain it to every American.

"power tends to corrupt - absolute power corrupts absolutely" (Lord Acton)

I agree with Mary Ellen.

It is too late to reverse the damage, but there is also little point in providing safety nets for what is little more than thievery.

If the world's economic structure must take a hit - so be it. Let those that caused the problem feel the pain too. Providing bail outs to the top echelon of the economic structure and passing the cost to the backs of the working class is a disgrace. Paulson and Bernanke are puppets of the wealthy elite.
Both, along with all members of the House and Senate banking and finance committee, should hang their heads in abject same, and resign.
It is time that those at the middle and bottom, who did nothing wrong and will be devastated - to demand it.
November is not far away.

85% of Americans polled are AGAINST a taxpayer leveraged bail-out of private Wall Stret companies.

This is more taxation without proper representation from Washington.

It is a scam which is doomed for failure.

Here is what I do not understand. We didn't get into this mess overnight. The same people who want unfettered control of the $700 billion were the watchdogs for the last few years while the situation became ut of control, & now they want us to just allow them to do it their way, with limited discusiion & within 48 hours. It is our money, the american people, & they should provide us specific details, as well as putting limits on bank executive compensation, as well as shareholder dividends/profits unless we the taxpayers get a major stake in the banks for our loans(something any capital fund would demand). I am hopeful that my fellow citizens will demand Congress to understand what they are doing, not just throw money at this.

If we bail out Wall Street the investors, Banks and Mortgage brokers should be required to return all profits made on the bad loans that the taxpayers will own.
For 700 Billion dollars we get to own a note that's not worth the paper they are written on.

Since they seem to be making the case that the bail out will help more people get mortgages, for 700 Billion Dollars the feds can give a great number of americans a house.

Time for us to stop rewarding the wealthy investors for their bad investments. When anyone looses their home no one steps in to help them.

The Feds should stop fixing and start rebuilding the economy. Let the chips fall where they may.

No questions asked and 700 billion or we let it all fold up and go to a deep depression? I say fire them all and let their companies go to the wayside. If I went belly up would the government step in and stop it. I don't think so. Let them loose their pants and things will work out it has before and will again. Dan

This reminds me of this little idiot who use to come around every week or two and ask me for a couple dollars and would come back in a couple of days and pay it back. He kept doing that for a long time..just a couple of dollars..

Then, one day he came and asked for a lot of money and said he would pay half back on his upcomeing payday and the rest on the following payday..

He got away with the money. I never seen him again.

Don't let Paulson get away with our 800 billion, PLEASE!!!

We need our money. We need some tax and fee relief..GIVE US A BREAK!! Let us grow the economy! Quit making it hard for us to start a business with all the fees and taxes!!!

BANK BAILOUT PLAN: How about we loan the banks the bail out money with a 30 year A.R.M with a prepayment penalty? Since the banks credit is garbage now, lets offer them high subprime rates. Then let's bundle these loans and turn them into Morgage Backed Securities and sell them to China as AAA securities. After that let's sell some Credit Default Swaps to investors that think the banks will default. Then lets all short them and become billionaires. Sound like a plan? If it doesn't work out we can always cry "bail out". :)

Secrecy and democracy are mutually exclusive terms. I heard the radio interview and Paulson sounded very evasive and untrustworthy. Listening the hairs on the back of my neck started standing up. If he pushes this through, without oversite controls, and no guarantees this will benefit the struggling middle class mortgage holders that will be footing the resulting tax bill, I predict that the Republicans will lose this next presidential election - hopefully by a landslide to make our voices heard. I, for one, a registered Republican, will vote Democrat, because this is a movement to Socialism and that scares the heck out of me.

Does anyone else find it suspicious that Paulson didn't care about bailing out Wall Street until his old firm, Goldman Sachs, was suddenly showing serious signs of distress. I don't know how much stock and options in Goldman Paulson still owns, but since he was required to put it in a blind trust when he entered the government, he hasn't had a chance to sell. If Wall Street crumbles and takes Goldman with it, poor Mr. Paulson will have to spend his retirement living off of his government pension. So, I'm thinking this is a craven attempt of Paulson and others to save their own retirement funds, which I'm sure is in the hundreds of million, if not billions, of dollars.

It also appears Mr. Paulson doesn't want his fellow Wall Streeters to have to pay a dime for their crimes against the economy. He doesn't feel they should lose their jobs or even their opportunity to make bonuses. It shouldn't be punitive, he says.
http://www.dailykos.com/storyonly/2008/9/21/131351/882/549/605585

Where does he come off thinking a man unelected should have so much power? He's only the freakin' Treasury Secretary. This deal is a SHAM and another crime to be perpetrated against the American people. We don't need Goldman, Morgan or Lehman. There are plenty of small investment banks who are still liquid who can come in an revive the industry.

Lawrence Carrel
www.etfsforthelongrun.com

WOULD ANYBODY CARE TO COMMENT ON THIS "LITTLE" DETAIL OF THIS BAILOUT PLAN:



A review of the legislation sent from the Administration to Congress to create a fund for buying assets gives the Secretary of the Treasury extraordinary powers.

Among those, and perhaps most stupendous is that "Decisions by the Secretary pursuant to the authority of this Act are nonreviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

WOW !!!!!!

Has Mr. Paulson done anything right in the last year to deserve these "divine powers". Absolutely NONE ! Isn't he the same person that went on record several times saying: 1. Our economy is fundamentally sound ! NOT !!!! 2. The credit crisis is contained ! NOT !!!! 3. The housing market has bottomed ! NOT !!!!

And with this STELLAR record, he is asking for DIVINE POWERS and SECRECY and NO review whatsoever !!


WOW !! Is this still the USA ?

Remember Colorado? Papa bailed it out, and now Wall Street? Did We ever get paid for the Colorado bail out?

The highly educated 700 BILLIONAIRES profitted from this banking fiasco. 700CEO conmen should pay a billion each to the treasury, not passing the buck to the middle class taxpayors!

STOP REWARDING their bad behavior, STOP INCREASING THE DEFICIT $700 TRIBILLION!

TRUST in the BUSH billionaires who want the US economy to crash. The middle class average US family is collateral damage, as long as the freewheeling billionaires gets their golden parachutes, bonuses for failure.