BAILOUT-Whats Really Going On-Corporate America THREATENING RETRIBUTION Against Lawmakers Who Oppose

[kpete]

Keep on pushin'

Sirota has a good piece up explaining what's really going on with the bailout plan. Here's a few bits:

In two separate stories, The Politico reports that Corporate America is intensifying its efforts to ram the Paulson plan through Congress, despite the House's stunning rebuke. Specifically, the U.S. Chamber of Commerce - the most powerful corporate font group in the country - is overtly threatening retribution against any lawmaker that opposes the $700 billion bailout. Meanwhile, the lobbying industry is beginning to reap a windfall from industry clients expecting to profit off the Paulson plan.

Though House Democrats spent yesterday claiming that the original Paulson plan was amended to include stronger protections for taxpayers (CEO pay limits, aid for homeowners, equity stakes in financial houses for taxpayers, etc.), the Treasury Department was simultaneously holding a secret conference call with Wall Street analysts explaining how those new provisions were specifically written to be unenforceable (you can listen to the conference call here). http://www.nakedcapitalism.com/2008/09/mussolini-style-corporatism-in-action.html

more at:
http://www.ourfuture.org/blog-entry/2008094030/strategy-memo-turning-wall-street-giveaway-economic-rescue-all-americans

*****************

Monday's votes in favor of the failed $700 billion bailout were closely correlated to donations from finance, real estate, and insurance lobbyists, especially within the Democratic party, according to the nonpartisan Center for Responsive Politics. The group's study showed that since 1989 legislators who voted in favor of the bill had received 51 percent -- nearly $300,000-- more on average than those who voted against it. The bill was defeated 228-205. (OpenSecret.org)
http://www.opensecrets.org/news/2008/09/finance-sector-gave-50-percent.html

[SoCalDem]

1. Yup.. we've all seen this movie..

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4135666&mesg_id=4135666

SoCalDem Donating Member (1000+ posts) Tue Sep-30-08 02:02 PM
Original message

777 Wall Street drop yesterday was the "bloody finger" cut and mailed to the frantic "parents"..

Now the uptick, is a reminder that "all can be good again"..if only.....

Will another "finger" arrive in the mail, or will the frantic "parents" pony up some cash?

[Karenina]

26. Exhibit A: Massachussetts

Dead horse"s head on the pillow...

[ixion]

2. So the cons and frauds and gambling junkies are at the door demanding cash

The should be hauled off for the thugs that they are, rather than rewarded.

They can cut all their fingers off, for all I care. I'm done with them.

[slipslidingaway]

3. K&R n/t

[dkofos]

4. Time to Nationalize the banks.

[Poseidan]

6. no no no

The only problem is with lending. Make general lending public, with strict government oversight and judicial review, and the problem should be solved. State governments can do primary lending, while the federal government does anything additional. Public lending could even possibly compete with private lending.

Honestly, you do not want the government in control of everyone's money. Lending alone could not be a threat, especially when most of it is done through state governments.

[PsN2Wind]

11. I think a 700 billion dollar bailout

pretty well proves that government is already "in control of everyones money".

[formercia]

5. The Chamber of Commerce is a front organization

for the biggest bunch of pirates that ever sailed the seas. I won't mention any name but we know who they are.

hint:The last people to give up slavery in Europe.

[chill_wind]

20. And lately it feels like we're being inundated here with all the two-sentence talking points. n/t

[formercia]

23. Short attention spans

At least it induced you to reply.

Waking the sheeple, one dulled mind at a time.

[chill_wind]

31. Here's a seperate splash of cold water for sure, Laura Tyson-- WTF?

...in the linked Sirota piece:

The conflicts and corruption surrounding the bailout have even impacted internal Democratic Party deliberations. At an afternoon press conference (video here or at right), Rep. Peter DeFazio (D-OR) recounted how when progressives and Blue Dog Democrats proposed a financial industry tax to pay for the bailout, Democratic leaders sent in Laura Tyson to kill it by saying "the street wouldn't like it." According to DeFazio, Tyson was brought in "under the guise of being a former Clinton economic adviser, forgetting to tell us she's on Morgan Stanley's board of directors." Despite her corporate ties (or perhaps because of them), Tyson is also simultaneously an adviser to Barack Obama's presidential campaign.

http://www.ourfuture.org/blog-entry/2008094030/strategy-memo-turning-wall-street-giveaway-economic-rescue-all-americans

[formercia]

32. The 'chicken in every pot' Tyson?

:rofl:

Every time I read the name Tyson, I think of polluted streams in Arkansas.

[malaise]

25. And that is the absolute truth

It is they who destroy government and starve people to get their way. The Cof C across the globe is the least studied and one of the most powerful institutions on earth.

I'm listening to a local economist explain the bailout to Jamaican citizens - this is fugging brilliant as he's doing so in plain Jamaican. I haven't heard anyone in the US explain this so clearly

http://www.newstalk.com.jm/

Have fun translating Jamaican. :D

[formercia]

28. The people of Africa and latin America know all too well

they have felt the lash for centuries. The boys are used to having their way.

[AzDar]

7. Kick...

:kick:

[leftofthedial]

8. This "bailout" is a SCAM

pure and simple.

[avaistheone1]

19. The more I read the clearer it becomes.

[TahitiNut]

9. $883,000 for each "Yes" vote ... $590,000 for every "Nay" vote.

That's $293,000 for the flip-flop. The best government money can buy.

:puke:

In other words, 47.3% of the vote cost the predatory capitalists 57.5% of their campaign bribes of $315 million.

[PsN2Wind]

12. And all we'll get is a lousy teeshirt.

We being you and me and the rest of the great unwashed.

[cascadiance]

10. Time to threaten retribution against corporate controlled candidates too!

We will vote against them this fall!

These fascists need to be exposed!

[seafan]

13. Thom Hartmann says history is repeating itself. Hoover resisted pay cuts for top financial heads,

... allowed no help for regular people, and demanded tax breaks for the wealthy. Hoover pressured both houses of Congress to bail out the banks, and ONLY the banks.

Thom is giving a great history lesson right now on his program on what unfolded with the Great Depression. He is reading from the archives of the NY Times from the early 1930's. It is frightening to hear him read from those old newspaper articles. Now, in 2008, Hoover Bush is demanding that we bail out the investment banks, with no help for regular people.


Thom is just beside himself today:

"Democrats right now are repeating the mistakes of the Democrats in 1931 and 1932. Those Democrats even called themselves 'progressive.' You DON'T hand billions and trillions of dollars off to the banks. It doesn't work. We MUST create a bottom-up approach that will help out regular people! PEOPLE are what run an economy!!"


We had a manufacturing base in place after the Great Depression. That is why our country was able to pull ourselves out of it. We went to work in the factories. It's different in 2008. We no longer have a manufacturing base in our country. Reagan, Bush I, and Bush II destroyed it. We also weren't importing most of our energy from abroad in 1932. In 2008, we are. Also, in the 1930's, our country wasn't in debt. Now, we are the world's largest debtor nation. Thanks to the spawn of those named Bush, and their false idol Reagan.

We must rebuild our working people's economy again.


Thom says if the Senate passes this bailout bill that Bush wants, it will only buy a small amount of time. BUT, a small amount of time is what Bush is praying for, to get beyond this election, so he can slither away from this mess and get some vulnerable Republicans elected.


www.thomhartmann.com



We must contact Harry Reid right now about the trap he's about to lead us into, by giving Bush his hundreds of billions of our money. Encourage him to throw out the Bush/Paulson extortion bill and to create a brand new populist/progressive, BOTTOM-UP bill that is built on helping REGULAR PEOPLE first.


Reid, Harry

Washington DC
528 Hart Senate Office Bldg
Washington, DC 20510
Phone: [phone]
Fax: [phone]
Toll Free for Nevadans:
1-866-SEN-REID (736-7343)

http://reid.senate.gov/contact/index.cfm



It really is up to all of us, people. Let's stand up and FIGHT.

[seafan]

14. Contact Harry Reid.

Washington DC
528 Hart Senate Office Bldg
Washington, DC 20510
Phone: [phone]
Fax: [phone]
Toll Free for Nevadans:
1-866-SEN-REID (736-7343)

http://reid.senate.gov/contact/index.cfm

[OmmmSweetOmmm]

18. Are you serious? He's in on it.

[OhioChick]

15. K&R

:kick:

[notadmblnd]

16. Declare the leaders of the US Chamber of Commerce terrorists and send them to Gitmo.

[Joe Chi Minh]

21. No. They should be imprisoned in all seriousness. They're evidently thieves.

Imagine their deliberately making those "safe-guards" unenforceable!

[moodforaday]

17. K&R

:kick: and thank you

[LBJDemocrat]

22. This isn't new, but thank you. nt

[formercia]

24. We will rig your re-election

just like we did in Ohio.

Be afraid.

[ProfessorGAC]

27. I've Been Saying, Right Here At DU, For 3 Days

They are pressuring the system to force the gov't hand to mitigate their risks, even when they are not the firms in jeopardy.

The Professor

[Waiting For Everyman]

29. There is an "auto generated" petition to sign at the link in the OP

at:
http://www.ourfuture.org/blog-entry/2008094030/strategy-memo-turning-wall-street-giveaway-economic-rescue-all-americans

It's a terrific article too.

[chill_wind]

30. Who you can thank if Bush/Paulson win this

Some top names and groups.


Lobbying blitz ushers bailout bill back to House
LA Times

"Members are besieged by 'promises and threats on both sides' with second vote expected today."

By Jim Puzzanghera, Tom Hamburger and Richard Simon, Los Angeles Times Staff Writers
October 3, 2008

WASHINGTON -- Lobbying for the $700-billion financial rescue plan reached fever pitch as the hours ticked down toward today's climactic vote in the House, with powerful interest groups orchestrating last-minute appeals from constituents back home and the two major presidential candidates working the telephones.

http://www.latimes.com/news/nationworld/nation/la-fi-bailout3-2008oct03,0,4572767.story?page=1

[Kurovski]

33. Kick. (nt)

[Blue_Tires]

34. ttt

[kaygore]

35. Jim Webb owes NOTHING to special interests or lobbyists

I don't think that this answers why he voted to deep six us!

[earth mom]

36. Kick & Bookmarked.

:kick:

[Uncle Joe]

37. Kicked, too late to recommend.

Thanks for the thread, kpete.

[leftofthedial]

38. the bailout was theft.

period.