King George? Again? - Mercedes-Benz Forum

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post #1 of 4 (permalink) Old 09-20-2008, 10:18 PM Thread Starter
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King George? Again?

Treasury Seeks Authority to Buy Mortgages Unchecked by Courts

Sept. 21 (Bloomberg) -- The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.

Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.

"He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. "He's saying, 'Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.''

As congressional aides and officials scrutinized the proposal, the Treasury late yesterday clarified the types of assets it would purchase. Paulson would have authority to buy home loans, mortgage-backed securities, commercial mortgage- related assets and, after consultation with the Federal Reserve chairman, "other assets, as deemed necessary to effectively stabilize financial markets,'' the Treasury said in a statement.

The Treasury would also have discretion, after discussions with the Fed, to make non-U.S. financial institutions eligible under the program.

The plan would raise the ceiling on the national debt and spend as much as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. Paulson is asking for the power to hire asset managers and award contracts to private companies. Most provisions of the proposal expire after two years from the date of enactment.
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post #2 of 4 (permalink) Old 09-21-2008, 12:12 AM
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^^^^But didn't someone who shall remain nameless (faceless and gutless) say that these things are a good investment and in a few short years the tax payer would be raking in the money hand over fist and would possibly have to build a west coast version of Fort Knox just to house all of the money that will be trucked in...........
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post #3 of 4 (permalink) Old 09-21-2008, 05:55 AM
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Failure to hold those accountable for irresponsible actions results in more irresponsible actions by those who have never been held accountable.

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post #4 of 4 (permalink) Old 09-21-2008, 12:41 PM
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Originally Posted by cmitch View Post
Failure to hold those accountable for irresponsible actions results in more irresponsible actions by those who have never been held accountable.
I could not have said it any better.

Trust is one of those EARNED things. If nothing else, Bushie has proven in the past eight years that he is not capable of earning trust. Iraq, AG office, outting Plame, Abramoff , FEMA, eMail scandal, failure to regulate, Energy policy, failing dollar, staggering debt.

I went out to google [Bush scandal] to see if I missed anything. The subjective list Bush & Cheney's Scandalistª had 314 items. The Google search has 801,000 links. I decided to go with my own memory.



Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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