Broken Bailout Promises -The Bailout Oversight Committee – The Positions Haven’t Been Filled

Remember the outrage when the Citizen’s found out that the Regulators at Fannie Mae and Freddie Mac were not only asleep at the switch but were actually fabricating accounting reports to make sure they made “bonus targets”? Where was the oversight?

Remember the outrage when the public was told that it would cost at least $1 Trillion Taxpayer Dollars to fix the mess and “buy” the “toxic mortgages”?

Remember the outrage when the Public found out that Congress had failed at its oversight responsibility? Remember how the Public was promised that the “Bailout” would be fully transparent, that like the Alaska Budget, all expenditures would be “on-line” and available for public view?  

Remember when the Public was promised that the “Bailout Money” wouldn’t be used to pay “Executive Bonuses” and “Dividends”?

Remember what you were promised?  

We were promised that the economy would colapse if the “toxic mortgage debt” was not “taken off the books.” Now we are told that the “bailout money” won’t be used to buy “toxic mortgage debt”.  http://kdka.com/national/paulson.bailout.meltdown.2.862368.html         http://www.usatoday.com/news/washington/2008-10-30-bush-banks_N.htm?csp=34

We were promised the “Bailout Cash” wouldn’t be used to pay “Bonuses” and “Dividends”. Banks and Wall Street Trading Houses are preparing to make year end Bonus & Didvidend Payments. Some Wall Street defenders claim that the Bonus and Dividend payments won’t come from ‘Bailout Funds”. These same defenders are silent when it is pointed out that the Banks and Wall Street Executives are taking “Bailout Cash” and putting in their “left pocket” while they take the “Dividend” and “Bonus Payments” out of their right pockets saying, “see – it is different cash”. Bottom line, without the “Bailout Cash” there would be no “Bonus” or “Dividends”.  http://www.usatoday.com/news/washington/2008-10-30-bush-banks_N.htm?csp=34         http://www.thestreet.com/story/10444961/1/new-york-ag-probing-bank-exec-payouts.html?puc  http://www.590klbj.com/news/article.aspx?id=481643

The promised transparency is nowhere to be found. There is nothing on-line, no one is working to put it on-line. The Fed has not made any of the activity available “on-line” and now refuses to disclose what it has done with the money. http://miami.indymedia.org/news/2008/11/12194.php                                          http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=home

We were promised that the “Bailout” would be subjected to extraordinary Oversight. http://www.wshu.org/news/story.php?ID=6103  – audio of Sen Dodd.

“Close federal oversight key to bailout’s success” “Most important, Congress will require more oversight for how the bailout funds are dispensed.” http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20081006/OPINION/810060306/1046

Bailout brings massive hiring, oversight challenges http://www.govexec.com/dailyfed/1008/101008nj1.htm

Candidates urge bailout oversight  http://www.stltoday.com/stltoday/news/stories.nsf/nation/story/BC1A1AC217680120862574CD00106C2D?OpenDocument

Barney Frank [of Fannie Mae notoriety] was joined by Rep. Christopher Shays, R-Conn., in telling “GMA” that they would insist that an oversight board be created to keep an eye on the country’s massive investment. “We will have a strong oversight board” that will report to Congress monthly, Frank said. http://abcnews.go.com/Business/Politics/Story?id=5855805&page=2

How then has almost 1/2 the “Bailout Money” been spent and Trillions in additional loans been made, without appointing a single member of the “oversight board” or hiring a single staff member. The only extraordinary thing, there is, literally and factually, no oversight.   

It is time to “SAY NO” to further “Bailout Money”.

Contact Your Congressperson & Senators here: http://www.congress.org/congressorg/home

THE BAILOUT Parts B & C – Congress Wants More Money & They Haven’t Even Voted Yet

Well the Spin is already starting -

The Pundits are admitting that this plan simply won’t work ….. without more cash -

The Pundits are now saying the Bailout Plan will need to be “supplemented” with additional cash (100′s of Billions) to “Recapitalize the Banks” and then funding will be required to provide “mortgage assistance” to that group of troubled homeowners who might get assistance under the “bailout plan” – the Bailout will only assist 1/2 the homeowners in the Country – those who have a mortgage with a bank or institution participating in the bailout (healthy banks and institutions won’t be participating) ……..

This remonds me of an old saying – “In for a penny, in for a pound” (As in the British pound – Guess I should change the saying to “in for a penny, in for a dollar”). The point being, they’ll be back to us in less than a month for more money - telling us “you don’t want to waste your first ‘investment’ of a trillion dollars do you?”.  

There isn’t just one more shoe to drop – there are at least two ….. and we haven’t even been given a preliminary price for these new shoes.

Remember – there is no guarantee that the first portion of the  “Bailout” will work.

Contact your Congressperson and tell them to Vote NO today. 

Contact Your Senators Here:  http://www.emailyoursenator.com/senators.html  Click on your Senators, Select the Contact Folder and then  click on the email address.

Contact Congresspeople: http://www.house.gov/zip/ZIP2Rep.html You’ll need your zip  code

VIDEO: The Bailout & Fannie Mae – FOLLOW THE MONEY

VIDEO: Small Banks Are Still Lending – Credit On Main Street – So Says Banking Association

See The Video Here: Select “Small Banks Still Lending” Video: http://www.foxbusiness.com/video/index.html?playerId=videolandingpage&streamingFormat=FLASH&referralObject=3126969&referralPlaylistId=search|small%20banks

This is a second video on Small Bank lending – This Banker notes his bank is lending – but he supports the Bailout – Then why all the scare tactics.

Taxpayer Alert – The Bailout – What Happens In January

WHICH DEMOCRAT IS PROMISING HER CONSTITUENTS FREE HOUSES COME JANUARY?

Steve
stevem_brown@hotmail.com | 174.153.210.108

I am total agreeing with you in all respects, except for one. There is more ‘debt’ that is not being disclosed from the ‘financial intuitions.’ The anticipated $850 Billion Dollars is just the icing on the cake. I speculate that it will cost the tax payers more to the tune of $1.8-2.5 Trillion Dollars.
Thanks for the insight, looking forward to your blog after the vote.

From Analysis Of Senate Bailout Bill – To Be Considered By House On Thursday, 2008/10/01 at 11:27 PM

mcauleysworld
markdaoust@sbcglobal.net | 69.209.137.126

Steve – I agree -
If you want my estimate of where the “total” might go once the banks can start dumping their bad debt on the public – on Joe Taxpayer – my guess is $7 Trillon – there is $14 Trillion in “late” loans around the world.

Then we have an added unkown – The Liberal Democratic Congress. Did anyone else see Rep Maxine Waters (One of the infamous Fannie Defenders) on Fox Business News last night – Live from the Capital – Representative Waters plans on getting involved further – after the first of the year – when “we have a Democratic President and Congress”. Her plan – forgive the mortgages of her constituents and let them keep their Houses for free”. Free for her Constituents – The Working taxpayer will be picking up the tab.

From Analysis Of Senate Bailout Bill – To Be Considered By House On Thursday, 2008/10/02 at 6:00 AM

CALL YOUR CONGRESSPERSON AND TELL THEM TO VOTE NO

Contact Your Senators Here:  http://www.emailyoursenator.com/senators.html  Click on your Senators, Select the Contact Folder and then  click on the email address.

Contact Congresspeople: http://www.house.gov/zip/ZIP2Rep.html You’ll need your zip  code

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