700 Billion...better read the fine print
 

As the media and all the blogs tout the 700 billion dollar, I just thought I would throw this out there. Please read the fine print. Paulson is asking to have 700 billion dollars in OUTSTANDING debt, this is quite different than asking for 700 billion period.

Under the current proposal Paulson could ask for 700 billion, sell say half of the securities as junk bonds for $.50 on the dollar, then ask for ADDITIONAL monies. His proposal's only limit is $700 billion in OUTSTANDING debt. He could do this multiple times. Pretty scary stuff.

While I usally spout off here (sometimes nonsense, mostly not) as a Democrat (Just FYI I tend to be a labor-type democrat), I offer a few things to chew on.

This Bush presidency has moved this country closer to fascism than ever before. Now before you react in disgust, think about it. All of the pieces are there. Hell, look up the definition on wikipedia if you don't really understand fascism. Strong militarism, nationalism, calls for patriotism, qualifying anyone who disagrees with is policies as unpatriotic. There has been a huge push towards "moralism" and the view that anyone who choses a different lifestyle or relgious belief be it Muslim or agnostic is severly faulted for not having the proper "moral compass". It goes further, as I type, the federal government now owns the largest insurance company in the United States. After this bailout, it will own the largest mortage lending corporations, banking industries, and more. True conservatives are crying at these latests government acquisitions...as well they should be.

This Bush ecnomy is NOT one founded on capitalsim. Free markets can only exist when corporations are allowed to fail. Deflation must be allowed. In fact, when Reagan embraced the Trickle Down economic model, he left that part out. Read for yourself, Robert Mudell and Aurthor Laffer. Too bad.As it stands, our government props up failing corporations and conglomerates if they are deemed "too vital to fail" Get it through your heads now, we are NOT capitalists, and we have not been for decades.

So, what is left? Now if you are talking socialism... with a mixed economy... now THAT is doable... it's been done... called the New Deal and the 1950s and 1960s saw it flourishing. We had over 300 oil companies, for example, today we have 8 more or less... so tell me how is that capitalist? It is not. But much of the mission critical elements of the economy were in the hands of the state... so when you paid your power bill it WAS a public company, not a private one. Oh and taxation to the upper 1% was down right nasty, 90%... read some history... that is DOABLE.. but leave the S word at home... that is still scary to way too many people.

Now to the let it crash crowd... are you nuts? If this does not work you will be dreaming of the bad old days of the spring of this year before it is over. You have NO CLUE what that would do to the country, that is WHY they are trying to do something. Are you prepared to eat bread and water? Stand in soup lines? History does not repeat itself, it rhymes itself. The fundamental causes of the Great Depression are not all that different than what is happening today.

Look for the dollar to crash soon, look for the markets to reel and seesaw. These are scary times guys. Be glad you all hunt and fish. You may need to in the near future.

RE: 700 Billion...better read the fine print
 

I have to agree because we just don't know what we're getting. However, remember Bush can't spend a dime, congress is the one who is setting this up and last time I checked the Dems were in charge over there.;)
When?
What worries me most about this one is what they do with the money after they sell it off.
Their not buying banks, there buying the bad debt.Of course no one really knows what or how much bad debt there is.
No there are something like 1000 oil companies in all different sectors of the business.
Since when?

RE: 700 Billion...better read the fine print
 

If you've got a better solution to averting terrorist attacks besides sifting through records and communication methods, while inconveniencing peoplethen please tell me, I'm sure the CIA would alsobe open to a better proposition.

We're not the only ones fighting the War on Terror, do I support these things because I think it's funny? No, because it's necessary.

RE: 700 Billion...better read the fine print
 

Put someArabic speaking boots on the ground to infiltrate those terrorist organizations. Give big bucks to terrorists who flip and spill their guts. Oh, i know that is so simple and does not involve spying on US born citizens of this country. It does not involve electronic intercepts that no one can read.

The current "war on terror" is a joke just like the so-called "war on drugs."

RE: 700 Billion...better read the fine print
 

I don't recall hearing that 100,000 people died in the war on drugs. And about that many have died in the War on Terror, you won't be able to infiltrate the enemy unless you're brainwashed yourself, they'll get rid of you if they're suspicious, they'll send you on a suicide mission, I guess.

It wouldn't work, the guys who are in America trying to bomb us are contacting each other, not always otherwise, and just knowing that someone is going to America from Arabia or somewhere, isn't the same as knowing when.

It's just not nearly as effective, what you're proposing, it's a very naive comment.