The financial leaders in Wall Street said with full and sure voices to our Congress, shouting down the concerns of the average American, that they were capable men worthy of managing the PUBLIC funds of our nation without oversight or regulation, that the markets would self-regulate. They must now prove themselves worthy of holding this PUBLIC trust.
The market is regulating them and I am asking this HOUSE OF REPRESENTATIVES OF THE UNITED STATES OF AMERICA to carry forth the mandate of the people of this nation. Allow the financial markets and their executives to work with the existing agencies established for our protection during the worst financial and human crisis in our nation's history (SEC, FDIC, Bank Examinators, and other tools and agencies).
Today the American people are NOT concerned with receiving further promises of increases in programs, but ARE instead interested in the assurance that the programs that do exist to protect them and have NOT been undermined and will continue to have the funds available to protect those savings and investments that have been assured protections, and that these moneys meant to protect and insure the public good, are not misspent and embezzled through misdirection of funds by public officials, such as Treasury Secretary Paulson . We are a nation of Laws and the Laws of this country must be upheld.
Do not approve this Bill !
"Members are besieged by 'PROMISES AND THREAT '.... I still oppose this, "was worse than the bill before it," Representative Darrel Issan (R) Vista (Lobbying Blizt Ushers Bailout Bill Back to House, by James Puzzanghera, Tom Hamburger and Richard Simon, Los Angeles Times Staff Writers , October 3, 2008).
"FEARS were given new weight thursday by government data showing and unexpectedly deep decline in factory orders and a seven year high in benefits for joblessness" (Lobbying blizt ushers bailout bill back to House,by James Puzzanghera, Tom Hamburger and Richard Simon, Los Angeles Times Staff Writers , October 3, 2008)
"This Legislation doesn't have teeth," Representative Bill Pascrell, Jr. (D -NJ).
The Bill established "a critique board not and Oversight board; We cannot halt or stop in any was Paulson's decisions," Representative Brad Sherman.
"We don't need to put the tax payer on the hook for $700 billion," said Representative Michelle Bachman, former Tax Lawyer, (R-Minnesota).
Rep Marcy Kaptor (D) from Ohio, "I talked to my bankers back home and they said, 'You should have one or more alternatives"
"massive deficits breaking the back of the federal government .... I am so thoroughly disgusted," said Rep. John Tanner
"there have been so many changes in the conditions of our economy in just even these past weeks that there has been more and more revelation made aware now to Americans about the CORROPTION AND GREED on Wall Street." Governor Palin.
"We can solve this problem through changing some accounting rules under the SEC and enabling the FDIC to shore up the banks," said Representative Michelle Bauchman.
We can establish a "temporary Guarantee of the general Credit depts of the banks which leaves out the Wall Street entities." said Representative Brad Sherman
"I joined the chorus of financial writers and advisers warning small investors to RESIST PANIC and the urge to liquidate their portfolios in favor of all cash. That DOESN'T mean shouldn't make changes to your portfolio,.. But investment decisions are best made calm. (Smart Investing in a Market Panic, Column By DAVID McPHERSON Sept. 23, 2008)
"Members of Congress should vote their conscience" Representative Joe Barton and Governor Charlie Christ
Friday, October 3, 2008
Wednesday, October 1, 2008
BRING IN FEDERAL INVESTIGATORS
This SENATE and HOUSE has my full faith and trust. Do what is right Today for the American people !!
Many on both sides of the isle in Congress want further hearings and un-biasted expert testimony from those that do NOT have a VESTED INTEREST in this issue.
Former FDIC Chairman Bill Isaacs, " This administration has not our trust without verification."
Rep Marcy Kaptor (D) from Ohio, "I talked to my bankers back home and they said: You should have one or more alternatives to consider..."
Representative Michelle Bachman, (R) from Minnesota and former Federal Tax Lawyer, "We don't need to put the tax payer on the hook for $700 billion."
CNN ALI VESHI: "The rates at which banks have to borrow money from each other on an overnight basis is now the highest its ever been. There is a Credit Freeze" ANDERSON COOPER: "So already we are seeing major Business not able to borrow money? ALI VELSHI: "Right now it's JUST the banks"
There is a very good reason for the high Interest Rates these banks are requiring in order to give each other loans. They know themselves to be BAD risks. They know they don't deserve the credit and want to dupe the American Public into bailing them out. If $700 billion will oil the wheels, then extend it directly to businesses and citizens that quilify. But ladies and gentlelmen of Congress, you would have to have to wrest that business away form the banks, because they will NOT give up their best source of income.
Will interest rates go up and Credit be more difficult to get? YES, it has to be. The easy loans given by these banks without doing proper cualification of buyers is to blame for this situation. So what.. Interest rates in the 1980's were 13% for home loans and the economy did Not fail and Americans continued to live and work. What use are low interest rate loans if the money you invest in your mortgage is then LOST, because you cannot afford the loan. We all know that slow-downs are part of the process.
Today the American people are NOT concerned with receiving further promises of increases in existing programs, but ARE instead interested in the assurance that the programs that do exist to protect them and have NOT been undermined and will continue to have the funds available to protect those savings and investments that have been assured protections, and that these moneys meant to protect and insure the public good, are not misspent and embezled through the mis-direction of fund by public officials, such as Treasury Secretary Paulson and Fed Chair Ben Bernanke.
Treasury Secretary Paulson in October 2007 said, "this is happenning against the backdrop of an economy that in other respects is very solid." He must live in la la land.
I vote NO CONFIDENCE in Mr. Paulson's ability to determine or even recognize the needs or financial situation of this market.
"Goldman will sell $5 billion of preferred stock to the insurance and investment giant, which will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, the company said. Berkshire has five years to exercise the warrants. Buffett will be paid a 10% dividend on his shares." -("Buffett's Berkshire invests $5B in Goldman", By Tami Luhby, CNNMoney.com senior writer.Last Updated: September 24, 2008: 12:53 PM ET). So Warren Buffet demanded preferred stocks AND warrants AND to be paid 10% dividend in order to go through with this deal and inject enough confidence in Golman Sachs for to increase its common stock offering.
I call on CONGRESS to immediately procede to call in FEDERAL INVESTIGATORS to investigate Treasury Secretary Paulson and his activities on this issue. The Public Trust most be protected. No man can be allowed to embezzle both our FInancial Future and the confidence of our Citizens in its elected Government.
Restore the full faith and Trust of the American Electorate in it's Financial systems and Federal Protections, move in to fully investigate the Financial sector, so that transparency and accountability is restored and the true state of our problems are determined and analyzed by independent unbiased investigators and other Federal agencies.
Members of the US SENTATE and HOUSE, I urge you, and the citizens of this nation urge you, do not hand any money to this Treasury Secretary and the administration that selected him and which has already shown to hold Congress and the people of this Nation in Contempt. The Financial Institutions failed to carry out the promises they gave this Congress, that they could be trusted to regulate themselves! Today we cannot trust them to tell us the true state of their books nor of the economy. Today we cannot and must not extend them our trust and financial security again by handing them the funds meant to protect the "savings of the average Americans, the capital of small-businessmen, and the investments set aside for old age. (President Franklin D. Roosvelt's Speech to the Democratic National Convention June 27,1936)
Many on both sides of the isle in Congress want further hearings and un-biasted expert testimony from those that do NOT have a VESTED INTEREST in this issue.
Former FDIC Chairman Bill Isaacs, " This administration has not our trust without verification."
Rep Marcy Kaptor (D) from Ohio, "I talked to my bankers back home and they said: You should have one or more alternatives to consider..."
Representative Michelle Bachman, (R) from Minnesota and former Federal Tax Lawyer, "We don't need to put the tax payer on the hook for $700 billion."
CNN ALI VESHI: "The rates at which banks have to borrow money from each other on an overnight basis is now the highest its ever been. There is a Credit Freeze" ANDERSON COOPER: "So already we are seeing major Business not able to borrow money? ALI VELSHI: "Right now it's JUST the banks"
There is a very good reason for the high Interest Rates these banks are requiring in order to give each other loans. They know themselves to be BAD risks. They know they don't deserve the credit and want to dupe the American Public into bailing them out. If $700 billion will oil the wheels, then extend it directly to businesses and citizens that quilify. But ladies and gentlelmen of Congress, you would have to have to wrest that business away form the banks, because they will NOT give up their best source of income.
Will interest rates go up and Credit be more difficult to get? YES, it has to be. The easy loans given by these banks without doing proper cualification of buyers is to blame for this situation. So what.. Interest rates in the 1980's were 13% for home loans and the economy did Not fail and Americans continued to live and work. What use are low interest rate loans if the money you invest in your mortgage is then LOST, because you cannot afford the loan. We all know that slow-downs are part of the process.
Today the American people are NOT concerned with receiving further promises of increases in existing programs, but ARE instead interested in the assurance that the programs that do exist to protect them and have NOT been undermined and will continue to have the funds available to protect those savings and investments that have been assured protections, and that these moneys meant to protect and insure the public good, are not misspent and embezled through the mis-direction of fund by public officials, such as Treasury Secretary Paulson and Fed Chair Ben Bernanke.
Treasury Secretary Paulson in October 2007 said, "this is happenning against the backdrop of an economy that in other respects is very solid." He must live in la la land.
I vote NO CONFIDENCE in Mr. Paulson's ability to determine or even recognize the needs or financial situation of this market.
"Goldman will sell $5 billion of preferred stock to the insurance and investment giant, which will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, the company said. Berkshire has five years to exercise the warrants. Buffett will be paid a 10% dividend on his shares." -("Buffett's Berkshire invests $5B in Goldman", By Tami Luhby, CNNMoney.com senior writer.Last Updated: September 24, 2008: 12:53 PM ET). So Warren Buffet demanded preferred stocks AND warrants AND to be paid 10% dividend in order to go through with this deal and inject enough confidence in Golman Sachs for to increase its common stock offering.
I call on CONGRESS to immediately procede to call in FEDERAL INVESTIGATORS to investigate Treasury Secretary Paulson and his activities on this issue. The Public Trust most be protected. No man can be allowed to embezzle both our FInancial Future and the confidence of our Citizens in its elected Government.
Restore the full faith and Trust of the American Electorate in it's Financial systems and Federal Protections, move in to fully investigate the Financial sector, so that transparency and accountability is restored and the true state of our problems are determined and analyzed by independent unbiased investigators and other Federal agencies.
Members of the US SENTATE and HOUSE, I urge you, and the citizens of this nation urge you, do not hand any money to this Treasury Secretary and the administration that selected him and which has already shown to hold Congress and the people of this Nation in Contempt. The Financial Institutions failed to carry out the promises they gave this Congress, that they could be trusted to regulate themselves! Today we cannot trust them to tell us the true state of their books nor of the economy. Today we cannot and must not extend them our trust and financial security again by handing them the funds meant to protect the "savings of the average Americans, the capital of small-businessmen, and the investments set aside for old age. (President Franklin D. Roosvelt's Speech to the Democratic National Convention June 27,1936)
OPEN LETTER TO CONGRESS AND OUR PRESIDENTIAL CANDIDATES:
During the last 20 years I have often asked myself , where has our backbone gone?
SHORT SELLING must be permanently banned! AGAIN! as it was from 1936 till 2007: Babcock is among Australia's biggest losers from the global rout in markets this year as investors shun indebted companies with complex corporate structures. It has blamed short sellers for sending its stock down 91 percent this year
IKE OBLITERATED THEIR HOMES BUT NOT THEIR FIGHTING SPIRIT:
Ike obliterated most homes, but spared one on Church Street (By MAGGIE GALESHOUSE Copyright 2008 Houston Chronicle Sept. 26, 2008, 11:59PM ):
"Pam and Warren Adams, who built the place in 2005 after Hurricane Rita destroyed their older home on the same lot. ....On Friday, the first day many residents were allowed back on the peninsula, the couple returned to Church Street, ready to help neighbors whose homes no longer stood with theirs.........even though her home is uninhabitable, its main floor
covered with mud brought in by the storm surge."
During the last 20 years I have often asked myself , where has our backbone gone?
SHORT SELLING must be permanently banned! AGAIN! as it was from 1936 till 2007: Babcock is among Australia's biggest losers from the global rout in markets this year as investors shun indebted companies with complex corporate structures. It has blamed short sellers for sending its stock down 91 percent this year
IKE OBLITERATED THEIR HOMES BUT NOT THEIR FIGHTING SPIRIT:
Ike obliterated most homes, but spared one on Church Street (By MAGGIE GALESHOUSE Copyright 2008 Houston Chronicle Sept. 26, 2008, 11:59PM ):
"Pam and Warren Adams, who built the place in 2005 after Hurricane Rita destroyed their older home on the same lot. ....On Friday, the first day many residents were allowed back on the peninsula, the couple returned to Church Street, ready to help neighbors whose homes no longer stood with theirs.........even though her home is uninhabitable, its main floor
covered with mud brought in by the storm surge."