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Old 09-21-2008, 06:01 PM   #1
anthrovolution
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Join Date: Sep 2008
Location: az
Posts: 36
Default Fear Fest.

When fear is used as a weapon, watch out.
Is this necessary new legislation, or a coup?
If the administration is successfull in neutralizing Congress and the Courts what will they do next?
Anything they want, I guess.

Quote:
"There had to be drama in the crisis. In other words, the financial crisis had to become so bad, so intense, so plainly and publicly frightening that it would change the political will. That appears to have happened."

U.S. Treasury Secretary Henry Paulson would have sweeping powers over the massive war chest and his decisions would not be reviewed by any court, according to a copy of the draft legislation obtained by Reuters.

Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.

"SEN. CHRISTOPHER DODD (D), CONNECTICUT: Well, I'm going to be reluctant to repeat exactly the words, not because I can't remember them, but, because, if you were to repeat them exactly, I'm fearful it might cause even more concern.

I can't begin to tell you. I have been here for 28 years, Wolf, been in a lot of very critical meetings involving a lot of important events over the last quarter-of-a-century. I can't recall another occasion when I was in a room where statements were made about the conditions of not only our economy, but the global economy, that caused every member in that room, the leadership of the House, the Senate, Republicans, Democrats, leaders of committees, that, when Chairman Bernanke finished his appraisal, a brief appraisal, along with Hank Paulson, there was dead silence in the room for maybe five to 10 seconds.

The oxygen went out of the room. People were stunned by what they heard. And I'm angry about this, because I think this was preventable, I will tell you, but we're not going to talk about that today, because the issue is, what do we do?"
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Old 09-21-2008, 11:48 PM   #2
anthrovolution
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Join Date: Sep 2008
Location: az
Posts: 36
Default Re: Fear Fest.

I've read through the proposed bill

http://www.nytimes.com/2008/09/21/bu...1draftcnd.html

and I think I have a better plan.

The US Treasury should issue 305,218,952 certificates of deposit, one for each citizen of the USA, for $3000 each. These certificates will be placed on deposit at various banks and other financial institutions for a period of 3 years. This should give the banks adequate liquidity to do what they need to do. Then after 3 years, the citizens can redeem their certificate for the face value plus any interest that has accrued during that time.
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