Jed,
There needs to be more transparency. How many mortgages are actually in default? I heard less than
20%. Why not just pay those off from the bottom up instead of rescuing all these guys who leveraged
themselves at 30:1? I don't trust Bush & his gang of theives. I see it as a last theft before they
head out the door.
Anyway we can now spam Nigerians:
Dear Sir:
I need to ask you to support an urgent secret business relationship with a transfer of funds of
great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused
the need for large transfer of funds of 800 billion dollars US. If you would assist me in this
transfer, it would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the
Treasury in January. As a Senator, you may know him as the leader of the American banking
deregulation movement in the 1990s. This transactin is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible.
We cannot directly transfer these funds in the names of our close friends because we are constantly
under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy
person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your
children and grandchildren to [EMAIL PROTECTED] so that we may transfer your
commission for this transaction. After I receive that information, I will respond with detailed
information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury Paulson
--On Tuesday, September 23, 2008 1:41 PM -0400 Jed Rothwell <[EMAIL PROTECTED]>
wrote:
Ron Wormus wrote:
. . . a single sentence of thirty-two words, but it represents a
significant consolidation of power and an abdication of oversight
authority that's so flat-out astounding that it ought to set one's
hair on fire. It reads, in its entirety:
"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."
Many people have noticed this! I doubt it will be included in the final bill.
The measure will run up the budget deficit by a significant amount,
with no guarantee of recouping the outlay . . .
Well, it won't be entirely lost, even in the worst case. The properties are
worth something. I
think the worst are worth perhaps half or one-tenth as much as their present
value. The taxpayers
are likely to lose $200 billion or so, I think.
In some previous bailouts, such the Chrysler bailout, the government ended up
making money.
Bailouts are still a bad idea in my opinion, but people should realize that the
entire amount is
not at risk. Some undefinable fraction of it is.
- Jed
