This $300 billion Dodd-Shelby bailout is an absolute crime. It bails out the banks by limiting their loss to 10%; a joke since many of the problem areas like CA are down as much as 30% already on the median in the past 12-months and the rate of acceleration of the price declines are picking up steam. The subprime crisis is nearly over and now Prime, Alt-A, Pay Option ARMs and Home Equity Lines/Loans are failing. If they get this $300 billion passed, another $1 trillion+ will have to come on its heels for all of the other bailouts.And, wait a sec, there is more and worse !!!
This needs to be fought and/or vetoed or it’s potentially $300 billion of taxpayer money down the toilet. Bernanke already cost global citizens enough by ratcheting down rates the most in the shortest amount of time in history, sparking a massive inflation wave in order to save the very investment banks who started all of this in the first place. Now, unless we all do something and get this story out there, another $300 billion will go up in smoke.
The National Review Online has obtained an internal 64 page document on Bank of America letterhead dated March 11th that matches the Dodd-Shelby Bill almost identically.
First, we find out that Dodd is a Countrywide “insider” who claimed ignorance over being given special considerations saving him $75k over the life of his loan and is so ignorant he didn’t read his loan papers. Now, we find out that BofA, who is supposed to be closing on their Countrywide purchase in the next few months, wrote the Bill for him.
If this Bill passes, BofA’s Countrywide buyout is much more palatable and the $60+ billion in toxic loans are mostly covered by the taxpayers. This stinks to high-heaven. its no wonder why BofA is so comfortable closing the CFC deal, which with will cost them at least $40 billion when considering the value of theie toxic assets (loans) vs massive debt.
This just in, found by a TickerForum memeber… www.FreedomWorks.org says that “Senate Housing Bill Requires eBay, Amazon, Google, and all Credit Card companies to Report Transactions to the Government”.Please read the original post for more info and also spread the word.
“Washington, DC - Hidden deep in Senator Christopher Dodd’s 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill’s managers without debate this week, would require the nation’s payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
FreedomWorks Chairman Dick Armey commented: “This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay’s PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America’s small businesses are breathtaking.”