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Oppose the bailout
    #8962374 -

Call your congressperson. Let them know you oppose the bailout as currently proposed.

Seriously, this is the most important thing to happen in a long time.

What's wrong with the bill?
1)"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."

2) The plan is to directly transfer wealth from taxpayers to insolvent institutions by buying assets at inflated prices.

Not market prices - there is private money bidding on these assets at market values already. The problem is that many banks are insolvent given market prices.

This means that the taxpayer will lose money - probably the full 700 billion - as the treasury will pay inflated prices and turn over the portfolio until the money is gone. This means that institutions that made bad loans are bailed out - nobody goes bankrupt, nobody loses their job.

We need a bailout, but this isn't it. This is an enormous and unchecked transfer of wealth from the many to the few.

Call your congressperson - this is important.

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Re: Oppose the bailout [Re: phi1618]
    #8962597 -

Would you please provide a link to your puppet master so we can get a fuller version of what you are going on about?


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Re: Oppose the bailout [Re: zappaisgod]
    #8962674 -

http://www.shroomery.org/forums/showflat.php/Number/8959029#Post8959029

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Re: Oppose the bailout [Re: zappaisgod]
    #8963090 -

Sure thing...
http://alephblog.com/2008/09/20/oppose-the-treasurys-bailout-plan/
http://calculatedrisk.blogspot.com/2008/09/some-thoughts-on-bailout.html
http://www.nakedcapitalism.com/2008/09/why-you-should-hate-treasury-bailout.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001059.html

More where that came from...

Seriously, read the proposed bill and consider the arguments. This is not a partisan issue, and the blogs I've linked (other than naked capitalism) don't wear their politics openly - these are financial, not political, blogs.

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Re: Oppose the bailout [Re: zappaisgod]
    #8963168 -

Another choice would be to go here:
http://www.econolog.net/stats.php?area=blogs
to a list of the "top" economics blogs, and click on a few links - this is the biggest economic issue, and many blogs have an opinion or link to someone else's opinion.

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General Interest > Political Discussion
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