Property Grunt

Wednesday, September 24, 2008

Senate to Bernanke and Paulson: F**K NO!

Buyout Plan for Wall Street Is a Hard Sell on Capitol Hill

The New York Times is completely wrong. Bernanke and Paulson are not selling anything. They are simply going straight for the close.

After 9/11, the war on terror was expanded to Iraq for weapons of mass destruction because the American people were sufficiently emotionally hijacked to support any type of action. We are now in a similar situation now where people are emotionally hijacked in demanding action for this economic crisis. However, they aren't stupid. Everyone knows how this went down and the last thing they want to do is give anyone a free ride.

Following the Bailout Hearing

“It’s very easy to second guess it,” Mr. Paulson said, adding that it was a “bare bones” document. But he insisted, once again, that the economy would not wait for the details to be worked out. There will be time to create “strong oversight,” “transparancy” and other “protections,” but the bailout must come first, he argued. “Implementing it does not mean investing $700 billion right away,” Mr. Paulson added, suggesting that there may be some leeway in going forward.

Even Paulson admits that his plan is sparse and that it could be second guessed. So according to his logic it would probably be a bad idea to get the money first without laying down some ground rules.

Bernanke: Approve bailout or risk recession

WASHINGTON - Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration's $700 billion plan to bail out the financial industry.

Motherf**ker did you really go to Harvard or did you just pad your resume? We are already in a f**king recession. Are you trying to threaten the Senate with that old line?

Treasury, Congress ramp up bank bailout talks

"We totally understand the gravity of the moment ... but you cannot just turn over $700 billion of taxpayer money and not insist that the taxpayer is going to be protected," Senate Banking Committee Chairman Christopher Dodd told reporters.

This is a situation where you need to be extremely cautious. You can't simply kump in because your next move could be your last. You need to evaluate every option and to seek other alternatives. You also want to make sure that the people who started this mess are not rewarded and to ensure they do continue their abusive behavior.

Gingrich slams Paulson rescue plan
This is Newt Gingrich, the bane of all liberals. He is being quoted to be against this plan by Dailykos, which is considered to be one of the most liberal blogs, and even they are f**king baffled that Newt is on the same side as them.

As I said before in my previous entry about chatter, this is the time to demand guarantees, Wall Street is the one on ropes. They will agree what the people demand. And if they do not agree and things get worse, well it might get a little hairy.

CEO murdered by mob of sacked Indian workers

Corporate India is in shock after a mob of workers bludgeoned to death the chief executive who sacked them from a factory in a suburb of Delhi.

Lalit Kishore Choudhary, 47, the head of the Indian operations of Graziano Transmissioni, a manufacturer of car parts that has its headquarters in Italy, died of severe head wounds on Monday after being attacked by scores of laid-off employees, police said. The incident, in Greater Noida, followed a long-running dispute between the factory’s management and workers demanding better pay and permanent contracts.

I don't know about you all, but I would like to avoid this.