Buffalo Boy's Blog

Wow, this is so interesting. I said it last week, this $700 billion dollar bailout will not and should not happen without regulatory guarantees to the American taxpayers.

These institutions are not federally insured like a bank. These institutions that failed are failing on their own accord, on deregulation that they wanted and this Administration granted knowing this was going to be the result. Now as Randi Rhodes points out today on her web site and during her radio show on AM 1520.

Its really refreshing to hear a voice on the radio that knows what they are talking about, this was her response today to the whole mess of last week:

"Bush and Cheney allowed everything and anything in Financial Markets to occur and then after the heist do they have to return the money? Hell no. YOU put the money back into their failed businesses. Yep. This has been the greatest con job, bank heist, rip off, robbery, raping of the US Treasury in the History of the World. Even if you don't think it was grand theft, bailing out broke Financial Institutions who failed to safeguard their money makes sense to NO ONE.

The crisis isn't really a crisis either. This is PRE EMPTIVE.

One solution would be to simply negotiate with you. Too simple, and who makes money that way?

The newspapers were screaming there is worthless paper out there being sold and resold to Financial Institutions. This can't work. And then it didn't. It wasn't just houses, it was OIL too. Fake value was put on a barrel of crude by speculators. The President did nothing. The cost of everything sky rocketed. Then speculators bet the price would go down and it did. But the price at the pump stayed the same. That's because there was no relationship between the price of crude and the price at the pump. It was all just manipulation.

Now in the middle of the night, over a weekend THE BAILOUT "plan" appears. There are no new regulations attached to receiving the Bail Out money so this could happen all over again, and there are no "people" to sort through these loans so we have to "contract out" that job on top of it.

This is THE PATRIOT ACT ALL OVER AGAIN. Anything Congress RUSHES through will be THE WRONG RESPONSE and take from you all that you have. Freedom, privacy, money, credit, all of it must go!

The massive "bailout package" has to be paid for. How? Perhaps a massive tax increase, definitely very tight credit markets for you and for small businesses.

There will be bank merger after bank merger which will limit competition for loans and bank services. The Treasury will hire "contractors" through "no bid contracts" to place a "value" on valueless paper and set the price YOU have to pay to settle all the debt. NO one will really know how to price these things. NO one will know what they're doing, but everyone will get INTO THE BUSINESS of buying and selling these worthless assets.

There will be a bail out of both foreign and domestic banks with your tax dollars, and all of this will happened without REGULATIONS or OVERSIGHT . THE REAL SOLUTION IS THE ONE YOU KNOW. If the markets were regulated NOW and Mortgage holders would be permitted to renegotiate the principal on their home loans this would STOP dead in it's tracks.

 Every individual with a bad loan could offer to pay 60 cents on the dollar, more or less and keep their home. If we could make deals with credit card companies to settle our debts this would stop now because we'd have more money in our pockets to prop up the Economy.

If we raised taxes on Billionaires who created this mess and forced them to pay for this, This would stop NOW. If we lowered taxes on Small Businesses and gave them low cost inventory loans THIS WOULD STOP NOW. If we lowered taxes on everyone making less than 2M a year, and raised taxes through the roof on those who had profits of over $10 Million this would stop NOW. Small businesses would pop up all over America and people could go back to work, small business would flourish and the taxes we pay at the lower rates would pay down the DEBT. If we left Iraq NOW we would add 10 Billion a MONTH to the Treasury.

This Government Bailout of banks BEFORE they fail, including FOREIGN BANKS with Taxpayer dollars is PRE EMPTIVE FINANCIAL WAR on the American People. It is the last part of Shock and Awe."

You go Randi!