Fw: Re: [Peace-discuss] No

[David Green]

To put the cost in a different and more accurate way, $700 billion is added to our national debt. Interest has to be paid on that every year. At say 5%, that means $35 billion per year. Divided by 300 million people that's over $100 per person every year--forever. There would be nothing wrong with that, however, if the money was going to infrastructure, or reparations for Iraq. It is wrong to pay that money to Wall Street so-called bankers and their descendants and perpetuity.

"C. G. Estabrook" <galliher at illinois.edu> wrote:  I think it'll be like their demanding a timeline for withdrawal from Iraq -- a smokescreen. I think the proper response is, "No." --CGE


---- Original message ----
>Date: Sun, 21 Sep 2008 12:05:02 -0700 (PDT)
>From: Jenifer Cartwright 
>Subject: Fw: Re: [Peace-discuss] No 
>To: Peace- Discuss 

>
>The Dems are demanding millions more to further cover homeowners AND 
>more regulatory oversight and transparency before agreeing. Don't 
>bet the farm... 
> --Jenifer 
> 
>--- On Sun, 9/21/08, John W. wrote: 
> 
> From: John W. 
> Subject: Re: [Peace-discuss] No 
> To: "C. G. Estabrook" 
> Cc: "Peace-discuss" 

> Date: Sunday, September 21, 2008, 5:10 AM 
> 
> On Sat, Sep 20, 2008 at 11:05 PM, C. G. Estabrook 
> wrote: 
> 
> No 
> By: emptywheel 
> Saturday September 20, 2008 12:16 pm 
> 
> CR has posted the "bailout plan," as it currently stands: 
> http://calculatedrisk.blogspot.com/2008/09/bailout-proposal.html 
> 
> Glenn Greenwald has an important response, as does gjohnsit over 
> at DKos. 
> 
> But here's all you need to know. Hank Paulson is asking for 
> $700,000,000,000. That's $2,333 from every man, woman, and child 
> in the United States. 
> 
> It's also only 1,000 times Paulson's personal net worth of 
> $700,000,000, which he "earned" by being a WALL STREET INVESTMENT 
> BANKER not unlike those who helped get our economy into this 
> mess. (I see the author mentions that below.) If he and 999 of 
> his similarly-situated buddies would repay the money they 
> essentially stole, then the problem would be solved without 
> involving the rest of us. 
> 
> 
> 
> In exchange for that money, Paulson is unwilling to accept any 
> demands to make markets more transparent, limit executive 
> compensation, or assist homeowners fighting foreclosure. The 
> sole purpose of that $700,000,000,000 is to bail out Wall Street 
> and only Wall Street, but not to fix it, or our larger economy. 
> 
> He is asking to be absolutely unbound by any law when he spends 
> that money. 
> 
> "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." 
> 
> The only "string" attached is a semi-annual Congressional report 
> -- one in which they would have zero leverage to influence his 
> choices. 
> 
> "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." 
> 
> Paulson didn't even have the class to call this a "review" -- 
> which underscores the degree to which he wants to be unbound by 
> any and all review, legal, congressional, or anything else. 
> 
> Hank Paulson -- one of the CEOs who got us into this mess -- is 
> asking each and every American to give him $2,333 to do with as 
> he sees fit, with absolutely no strings attached. 
> 
> No. 
> 
> http://emptywheel.firedoglake.com/ 
> 
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