TigerSoft Blog - 9/20/2008 - Freedom News Service.
http://www.tigersoft.com/Tiger-Blogs/index.htm
See also http://www.tigersoftware.com/TigerBlogs/September-18-2008/index.htm
Paulson Takes
Washington Corruption
and Cronyism To
Dizzying New Highs!
The Real Story behind Paulson's
Trillion Dollar Bail-Out Plan.
by William Schmidt, Ph.D. - Creator of TigerSoft
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From
Free Fall to Free Lunch.
The Wholesale Looting of
The US Treasury under Bush Escalates.
Nothing Will Remain in 2009. That Is Their Plan.
Another Trillion Dollar Bush Blunder Is inThe Making.
Banks Now Will Get A Staggering
Trillion Dollar
Bailout For Their Worthless
Mortgages.
Nationalizing Failing Banks Would Be Better.
Let The Government Lend Out The Trillion Dollars:
$3000 to each man, woman and child in the US.
That Would Stimulate The Economy!
There are so many better ways of spending
a trillion dollars. We could rebuild the country's
crumbling indrastructure. We could make a huge
investment in solar, wind and geothermal energy.
We could provide health insurance for all Americans.
Giving the money to bankers is ludicrous!
Socialize The Profits, not just the Risks.
That would end the "credit shock" and
excessive fear about "investors' confidence".
Banks won't loan money now anyway.
What good are they? Nationalize them.
That would stop their huge and obscene
salaries and bonuses. Make them discover
how hard it is to raise a family on a modest salary!
Bush Is The Real Enemy. Do You
Still Have Doubts?
So Ludicrously Arrogant. But the Media Caves in.
So does Obama! Will no one Protect us?
Banker Henry Paulson - The Bankers'
Perfect Pimp
He was given a $65 million bonus by Goldman Sachs.
He is their pimp. He's not looking out for our interests.
Bush guys and Banks made this
mess. Why should we
trust them to fix the problem? Paulson
denied
there was a significant problem six months ago.
No bailouts would be needed, he said. Only
when his company, Goldman Sachs, started to
free-fall, did Paulson hit the panic button!
(See charts at bottom of the page.)
Are We Being "Rolled" by a Wall Street
Crook
Masquerading as US Treasury Secretary?
Paulson's plan will mean he can buy mortgages owned by foreign
investors. Nothing in the proposed legislation would prevent
that. "While he was a Goldman Sachs, the company was
buying up
a lot of Chinese banks in particular, and at the time of his nomination,
there were very serious questions raised about the conflicts of interest
involved, and where his priorities are, and who he really is
looking after." Why should we prop up foreign banks? Why should
we prop up Paulson's own company, Goldman Sachs by
buying their worthless mortgages?
"...Paulson's former associates and colleagues are the
very people he now is in position to help aide with taxpayer dollars.
As McClatchy News reported, "Paulson's former assistant secretary,
Robert Steel, left in July to become head of Wachovia, the bank
based in Charlotte, N.C., that has hundreds of millions of troubled
mortgage loans on its books."
Source:
Paulson should not be trusted at all, much
less
with $700,000,000,000 of taxpayer money.
Now in a huge hurry, he wants to rush Congress
into a massive trillion dollar bailout.
Why should anyone trust this guy?
Decisons this big should not be rushed
through Congress. Way too often. this White House
has played the "FEAR" card and cried "WOLF".
That's how the $3 trillion Iraq blunder was begun.
Congress needs to think this through carefully
and reckon how big the massive downstream
costs will be if housing prices fall another 10%
ot another 15% or more, as some respected
economists expect.
Why not just make banks lower the home mortgage
rates they charge? Why not make their rates go back
to what they were before they jacked up the
variable rates which are causing homeowners
so much distress?
Clearly Bush Administration criminals are unrepentant
after costing the US $3 Trillion in Iraq and a Trillion
more because they refused to shore up New Orleans levees!
Their new plan for bailing out bankers may well bankrupt America.
Now they want the authority to have the US Treasury give
private banks as much as at least a Trillion Dollars for their "toxic"
mortgages.
Even John McCain, who supported Henry Keating, the convicted
savings and loan swindler, has called the banks "reckless"
in how they concealed mortgage risks in order to pad their
bloated salaries and profits. They are still doing that.
Instead of swindling investors into buying packaged mortgages,
now they are swindling the American public.
The plan is to rob all the money still left in the US Treasury and
present the next Administration with such a bleak budgetary
situation that they can only fail, thus making Republicans look
good in 2012. Certainly, there will be no money for universal
health care or a massive public works program, if
Treasury Secretary Paulson gets his way. This is the
most corrupt and cynically depraved Administration
in all American history.
Anericans should feel robbed, lied to,
exploited and slimed,
But the corporate media and their talking heads will talk only
of Paulson's courage in the face of the possibility of American
financial ruin. Rubbish. Of course, he can't just take your
money.
He has to provide some noble excuse. The media "talking
heads" ooze praise for how this is lifting the stock market".
Don't they realize the reason stocks are going up is because
of the money being stolen from Americans' pockets, like theirs?
Why should the taxpayer buy worthless mortgages
from greedy bankers? This is a question no one is answering!
Responsible people lose. Irresponsible bankers win!
How much will all the needed Treasury borrowing
raise interest rates, thereby stifling other business?
How much will Paulson's plan bring about
severe inflation, as the Treasury's printing presses speed up?
What will happen to the Dollar when foreigners just say "No"
to Paulson's efforts to get them to loan the US a trillion dollars?
That's easy to predict: down will go the Dollar and the standard
of living of all working class Americans.
The Bush Administration Arrogance Is Destroying America!
Henry Paulson is corrupt. He is simply pimping for his banking buddies.
Wake Up!
The Republican US Treasury Secretary and the Bush Administration
in their last days in office wants the American taxpayer to pay hundreds
of billions, even a trillion dollars, for worthless mortgages that
banks hold and cannot sell to anyone else. This is not private
enterprise or capitalism. This is
corrupt cronyism on a collossal scale.
Unbelievable! The media reports this with straight faces
and asks no questions. These mortgages are called
"toxic waste" because, like radioactive waste, they threaten
to destroy certain banks like Washington Mutual...
Treasury Secretary Paulson would not go to Congress
if he did not already have their support. It comes as no
surprise that back-boneless
Obama gives his support to this
trillion dollarb ailout of bankers by taxpayers. He praised
Paulson for being "bold" and "decisive". McCain
had previously said he opposed bank bailouts, but then
quickly flip-flopped.
Nancy Pelosi represents the Democrats as
the Aministration seeks Congressional approval this weekend.
Since she completely caved in regarding the Bush war in Iraq
and protected Bush from impeachment hearings,
we should not have any hopes now that she will
say "NO" to the Bush Admisitration thieves and banksters...
Worse, Democrat Barney Frank says Democrats are in
general agrrement to support the Paulson plan..
I think I can safely predict that these private banks will get
their trillion dollar bailout in return for
their worthless mortgages. The real cost will be much higher,
If housing prices do not recover. Then the US Government will
have to pay even more. with banks choosing their worst mortgages
to sell the US government. Paulson's plan involves creating an
entity like the Resolution Trist Corp which was formed in 1989
to dispose of the assets of failed savings and loans,
like those created by McCain;s early benefactor and pal,
Charles Keating.
If you ever needed proof that America
is a plutocracy,
where governmental decisions are made exclusively
by the very rich, for the very rich, this is your day.
The US Government's Debt is already $10 trillion.
Add another trillion, but perhaps much more, because
home prices will likely keep falling because American
consumers have used up their savings and are "in hock"
like never before, and because the employment outlook
(which closely correlates with housing prices) is so poor.
Wealth is very highly concentrated in the US now.
That means mortgage delinquencies can only keep rising.
Working people have little or no money. The very rich
have it all. Since 1915, only 1928 saw wealth so concentrated.
Extreme wealth concentration in the US,
such as Paulson's
bill clearly promotes, brings a Great Depression that much closer.
The American taxpayer for generations will be paying off the
national debt Paulson's bank bailout sets up. These future
generations are not being given a chance to vote on
Paulson's "emmergency bill". How arrogant! How evil!
Housing prices have fallen 20% from their 2006 highs
back to 1995 levels. Normal corrections, when there is no bubble,
usually see 50% corrections of the last big up-move.
Because there was clearly a housing bubble, it is much more
likely that housing prices will retrace more than 50% of the gains since 1995.
Some economists estimate that after a bubble, housing prices
may have to fall or be stagnant for fifteen years. A Yale
economist, Robert Schiller, with a stellar record of predicting
housing prices, thinks that the current decline could be worse than
in the Great Depression. Another
10% decline is likely.
More is possible. He notes that there are already
10 million homeowners whose mortgage debt is greater
than the value of their houses. Many of these will probably
stop making home payments and become delinquent.
So, the notion that home prices are going to recover soon
seems very far-fetched.
Nouriel
Roubini, an NYU economist, who 2 years ago predicted
the housing bubble would lead to financial crisis and recession, now
predicts the financial fallout could reach $2 trillion in losses, more
than 4 times what Paulson wants to admit.
All of this huge debt will cause inflation and further lower the
real pay and standard of living of most Americans.
Renters are already being forced to pay higher and higher
rents, as those who lose their houses enter an
already tight rental market.
Why is discipline and the free market only reserved
for working people? Where will all this money come from?
From working people! Not from the rich. Count on it!
Even though, Wall Street made trillions in the good times,
they are not expected to pay their way in the bad times
that they created. What a horrible joke!
http://latimesblogs.latimes.com/laland/2008/02/
We see just how corrupt the Bush Administration and
the Securities and Exchane Commission is when we
realize that it is only financial stocks on which short sales will
will be prohibited for the next two weeks. Main Street
companies have no such clout. So, they may still be shorted.
Rep. Peter DeFazio from Oregon agrees with TigerSoft.
Ron Paul belives corrupt banks be allowed to
go bankrupt. He says:
the problems of the economy will be compounded, not solved,
by having the US Government by their worthless mortgages.
The US has finite financial resources. Along with
the Fannie Maw and Freddie Mac obligations, the bailout
could cost $5 TRILLION!
The whole Dollar system will collapse with these bailouts.
http://www.europac.net/Schiff-Bloomberg-9-22-08_lg.asp
Goldman Sachs' Banker Paulson 
Is The Perfect Pimp for Bankers
Paulson was Staff Assistant to the Assistant Secretary of Defense
at The Pentagon from 1970
to 1972.[5]
He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to
1973. "Paulson's flirtation with the idea that governments can do
whatever they please began when he was in his 30s working as assistant to John
Erlichman, the chief architect of the Watergate Scandal."
Assistant Secretary of Defense is a title used for many executive positions in the
United States Department of Defense. ..From
their he went to work for Goldman Sachs and became a partner in 1982. Wall Street is run
by an inner clique. Fannie Mae was run by James Johnson until recently.
Johnson was once Paulson's boss at Goldman Sachs. As CEO of Goldman Sachs, Paulson
received $16.4 million for his last five years there. He owned $632.4 million worth of
Goldman stock, at last count.
Billions and Billions for Cheney's Halliburton
Ex-Bush aide convicted in D.C. corruption case
Jack Abramoff, center, leaves Federal Court in Washington Tuesday, Jan. 3, 2006. The
once-powerful Republican lobbyist pleaded guilty 
