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Treasury Sends to Congress Legislation to Buy Troubled Assets
Laura Litvan
BLOOMBERG NEWS
Saturday, September 20, 2008
Sept. 20 (Bloomberg) — The Bush administration has sent to Congress legislation seeking broad power for the U.S. Treasury Department to acquire troubled assets now on the balance sheets of American financial companies.
The legislation was forwarded to congressional leaders in both political parties early this morning. The move comes as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke are pressing for action from Congress by the end of next week.
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25 Responses to “Treasury Sends to Congress Legislation to Buy Troubled Assets”
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September 20th, 2008 at 6:54 am
I owe some folks money. Can I get in on the action, since a little more legalized counterfeiting almost never hurt anybody? 10’s and 20’s are ok, but with non-sequential serial numbers. And can I get fries with that?
September 20th, 2008 at 7:21 am
Try this puppy on for size…..
http://ca.youtube.com/watch?v=Vv3yuRdD2oE
September 20th, 2008 at 7:22 am
No to broad power for the U.S. Treasury Department to acquire troubled assets now on the balance sheets of American financial companies.
September 20th, 2008 at 9:20 am
the 2.3 trillion dollars missing from the pentagon would fix all this who has the 2.3 trillion the same bankers who are going to rape the tax payers for another trillion
September 20th, 2008 at 10:48 am
CONGRESS, DON’T DO IT!! This is all just a cover up to conceal who has been behind all the robbery of the peoples money. “They” have been cooking the books for years and bilking the world out of billions and even trillions of dollars. Why do you think the WTC1, WTC2 and WTC7 had to fall? It had all the documents to prove what was going on and who was in on all the scamming.The Enron scam was just the beginning and 911 was the perfect excuse to create Bush’s bullshit war on terror and the money coverup. No doubt Bush is covering tracks for all his buddies who want their own private world. Now everyone can see the results of all this and if congress lets Bush do this, he and his buddies will be getting away with the biggest robberies in human history without anyone being held liable for all this treason. WAIT, WHAT AM I SAYING? Aren’t some members of congress his buddies! WHOA!
September 20th, 2008 at 10:59 am
This is the modern Robin Hood… they take from the rich (USA) and give it to the poor (i.e. China!).
September 20th, 2008 at 11:07 am
Problem-Reaction-Solution
September 20th, 2008 at 11:12 am
Here is a site providing comparison of US government statistics compared to world wide stats and showing what the real values for GDP, CPI and inflatino are and have been, it also has extrapolated mupply supply numbers (M1, M2 and M3) that BushCo and Bernanke stopped publishing a few years back the estrapolatin is based on the value of the dollar.
http://www.shadowstats.com/
September 20th, 2008 at 12:47 pm
I’m sure everyone wanted to here this one:
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
http://www.foxnews.com/story/0,2933,425672,00.html
Read it before they remove it.
September 20th, 2008 at 1:06 pm
Whenever I look at Chenney and Rice, and all the Bushes, I see this evil in there eye, whether its a speak or a picture, I heard on the alex jones show this one guy saying mccain is there man, and I see the same in him, I don’t know if they’re demonic aliens or demons but I do know there evil, they know what they’re doing they lie to our faces. And they have too many goons to stop them.
September 20th, 2008 at 3:29 pm
the elite have another great idea,
lets federalise the debt and dump it on the american people.
in england we have the legend of robin hood,he robbed from the rich and gave to the poor.
in america you have robin blind,he robs from the poor to give to the rich.
these mo**er fu**ers are robbing you blind!
September 20th, 2008 at 6:01 pm
If everybody in United States defaults on their mortgages. We could get the government to bail out everybody. Credit won’t be important anymore because everybody will be a bad risk. Then wait for the goverment to give you your house back at pennies on the dollar since they will have 100 million bad mortgages and no buyers!!
September 20th, 2008 at 6:18 pm
Congress is mostly wimps who are scared to say no !!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=z-t7PmonBEA
September 20th, 2008 at 6:33 pm
READ the bill, especially these two parts:
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
Sec. 8. Review.
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.
Government could nationalize entire financial sector, pay nothing for it and no court could stop them……
September 20th, 2008 at 9:28 pm
This is simple. The agency of the Treasury is apart of the executive branch not the legislative branch. They have no authority to write legislation only to enforce legislation that is written and passed by congress that is consistent with the constitution.
September 20th, 2008 at 11:29 pm
The flight forward. In order to cancel debts America will go to War with Russia. You and I are a commodity. In less than 100 years we have been destroyed.
September 21st, 2008 at 12:00 am
print even more fake money , see where that’s going to do for the economy. More headaches coming …. good luck poor americans .
September 21st, 2008 at 7:34 am
Follow the money
Hurry up and wait
Troops idle in the kill zone
Our USN as ducks in a bathtub
Nader/Gonzalez
McKinney/Clemente
Honor
Ron Paul
Mike Gravel
Dennis Kucinich
JFK RFK MLK Malcolm
September 21st, 2008 at 8:22 am
May the Bilerburg Group burn in Hell through eternity!!
September 21st, 2008 at 9:25 am
Why can’t anyone see this for what it really is? This is all just another
’shock and awe’ strategy exactly the same as the 9/11, Iraq, and
Afghanistan situations. This particular ploy is designed to eradicate
the middle class AND the working poor by forcing everyone into
an acceptance of the ‘work’ for your ‘credit’ balance state of
Federalism on a global order.
The super-rich get richer by forcing the public to manufacture the
products that the public will consume, then charges them an
inflated price for the consumables, all the while issuing a ‘credit’
balance for work performed. Meanwhile deducting the ‘credits’ used
from your credit account.
Should this not be prevented, not only will it be an illegal usage of
your tax dollars without due process of representation, it will also
spell an end to Free Enterprise and your ability to decide what is best
to purchase or not. You will be forced to become the ’sheeple-lemming’
that works for the federalist overlords.
’nuff said
September 21st, 2008 at 3:32 pm
This action by the administration is no different from holding a gun to someone’s head and demanding their money. They’re pressuring Congress to act before Congress can pause and consider the matter and its wider ramifications—the same strategy they used in dismantling the Bill of Rights with the perversely titled “Patriot Act.” And just like the Patriot Act, this legislation was crafted long before the problem was apparent. Our hopes for a rational response are diminishing, folks.
September 21st, 2008 at 4:45 pm
Am I wrong or is the term “troubled assets” a contradiction in terms?
September 21st, 2008 at 5:35 pm
how bout paying off everybodies credit cards while still in a giving mood. maybe write the illegals a Thanksgiving and Christmas bonos also !!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=P8fgAS0w9Q8
September 21st, 2008 at 7:13 pm
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” -Thomas Jefferson
September 21st, 2008 at 8:03 pm
Is everybody blind to the fact that you (US citizens) have let those responsible get away with it…….I mean come on and wake up!!!!! The Thomas Jefferson crap is just that unless you actually do something about it! I live in Canada and its sooo obvious. Knowledge is power and that’s that! If you don’t look then don’t blame the powers that be!!