Petition To Sign To Oppose Mortgage Bailout

Here is a link to a petition to sign, if you are so inclined, to oppose the proposed legislation authorizing the Mortgage Bailout: http://www.petitiononline.com/bailout/

Manny

While I do not enjoy the problem

I would rather not have a 1930's style depression!

No I will not sign

I'll be happy to email/call my Senators & Reps to have them add some wording to any bailout bill (for any failed company) that will prevent this from happening: (from another thread)



"I just saw a report (on Fox believe it or not ) that I'm pretty sure will get us all angry!!
It seems that many of the CEO's of these failed companies (that our tax dollars are bailing out) are retaining their multi-million dollars severance/retirement packages for their failures!! One CEO will be retaining his 22 million package that you & i are now paying!
I'm writing/calling my reps & telling them to vote against any bailout bill that rewards these CEO scum, & suggest we all do the same!!"

The petition is ridiculous as the Federal government garuantees the loans, at least this way the taxpayer is protected from a total loss.

coaledsweat:

I don't think anyone really thinks that signing the Petition is going to lead to the demise of the proposed bailout legislation. The point is for us to start voicing our concerns, if not disdain, for such continuous intervention at the expense of the taxpayers. Otherwise, to remain silent will lead to implicit acceptance with continued governmental intervention on the taxpayer backs. When is it time to start voicing our outrage and cries for reforms?

Manny

November 4th.

coaledsweat wrote:November 4th.

No...I agree with Manny....The time is now BEFORE we give these bums the house keys again!

Here's a link to the Bush requested legislation.

http://blogs.wsj.com/economics/2008/09/ ... -congress/

We are really screwed if this passes. Look at this section:

Begin quote:

Sec. 8. Review.

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.

end quote

This means no one can question the decisions of the Secretary of the Treasury. No court, not Congress, not the President. Better hope the Democratically controlled Congress changes this. The same law would apply to the next Secretary of the Treasury, Democratic or Republican. Care to guess who that will be? For sure he will be the most powerful man in the world. "He with the gold rules".

We need to know the worth of the assets they are buying. And the costs of doing the alternative, nothing.

Please someone answer these questions. We are being duped, just like the people that got a mortgage way beyond their means.

Yanche wrote: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.

You are so right! Talk about scary!! We are again in a position where Bush is trying to use a crisis to stampede the Congress into doing something against our own best interests! Who does the Sec of Treasury answer too.....GW Bush!!

This is not something that should be rammed through, using scare tactics again.We need our elected Reps to step back & think carefully about it first.

Sting and Coaledsweat:

Consider this response to the proposed bailout legislation:

http://www.financialsense.com/fsu/edito ... /0922.html

Manny

Wouldn't it be better to spend the billions on implementing energy independence?

Like I said, don't be happy that we are in a position that we have to bail them out, but do be happy that we are bailing them out.

-- MW

Yanche:

I also say spend another 700 Billion on developing and expanding our agricultural business. That seems to be one of the only assets we can produce and sell to other countries that will be needed by other countries. Everyone needs to eat. We can also feed our citizens at reduced prices. We might also be able to use food to help pay off our debt to foreing countries.

Manny

Mike Wilson:

Quote from anothe forum:

"Stop for a moment and think -- how many levees, bridges and dams could be repaired and rebuilt with $700 billion -- just think about it. How many American lives would that save over the next half century from infrastructure that doesn't collapse? How many jobs will that create, jobs that workers can take pride in because they know they're doing something valuable and tangible and useful? How much will that stimulate the economy and increase quality of life? And now that I've thought about it, I know what the politicians will do -- they'll bail out Wall St. instead." This is the problem I have with the bail out, it will do nothing to stem the depressionary tide facing us -- it simply bails out bankers at the expense of all others. As Yanche states, use the money to develop alternative energy, or use it for our agri-business, or use it to utilize badly needed upgrading or our infrastructure. But to use it to use it to bail out banks to take care of their liquidity problems just will not be of any benefit to the US economy -- you cannot force people to borrow from these now liquid banks, esp., those with lost jobs and income to support such borrowing.

Manny

Same tactics Bush used to lie to us about Iraq. If we don't invade they will drop NUKUULAR bombs on our heads!! Now it's if you don't bail out my buddies, you'll be in a soup kitchen & eating out of garbage cans!!

Resign Georgie.......We just can't hear you any more!!!