The Day Hank Paulson Lied

If anyone can sing, please come by the office.  I have permission to record this for youtube from the author.

David Swanson wrote: The Day Hank Paulson Lied (to the music of the Day the Music Died)

A long, long time ago…
I can still remember
Seeing houses used to make me smile.
And I knew if I got a loan
That I could call some house my own
And, maybe, weʼd be happy for a while.

But the predatory lies and fees
Left me shaking on my knees
Locked out on the doorstep;
I couldnʼt take one more step.

I canʼt remember if I cried
When we first had to sleep outside,
But something touched me deep inside
The day Hank Paulson lied.

So bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

Now did you write the Emergency Economic Stabilization Act of 2008?
And is your soul filled up with hate?
My family has no place to go.
Do you believe in trickle down?
Did the speaker buy you a plastic crown?
Where should my children sleep when there’s snow?

Well, I know that youʼre in love with cash
I saw lobbyists shoving it up your
As soon as you’re done playing the fool
Man, can you try to recall the golden rule?

I was a lonely teenage broncinʼ buck
With two jobs, a mortgage, and a pickup truck,
But I knew I was out of luck
The day Hank Paulson lied.

I started singinʼ,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

Now for eight years weʼve been on our own
Living in a Bushville, missing our home,
But thatʼs not how it used to be.
When the Congress sang for the beauty queen,
Palin jumped into the scene,
And nobody gave a damn for you and me,

Oh, and while the king was looking down,
The Alaskan stole his thorny crown.
The Republic was adjourned;
The Kingdom was returned.
And while wars happen with a spark,
There’s lighter fluid in the park,
And we sang dirges in the dark
The day Hank Paulson lied.

We were singing,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

Helter skelter in a summer swelter.
There ain’t no bankers in the homeless shelter,
Stock market’s high and falling fast.
It landed foul on the grass.
The Congress tried for a forward pass,
The Constitution on the sidelines in a cast.

Now the half-time air was sweet perfume
While the sergeants played a fascist tune.
We all got up to dance,
Oh, but we never got the chance!
`cause the people tried to take the field;
The ninja turtles wouldn’t yield.
Do you recall what was revealed
The day Hank Paulson lied?

We started singing,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

Oh, and there we were all in one place,
Pinnned in by cops from outer space
With tasers, guns, and pepper spray.
So come on: Jack be nimble, Jack be quick!
The blood and smoke have made Jack sick,
Cause fire is Dick Cheney’s only friend.

Oh, and as I watched him on the stage
My hands were clenched in fists of rage.
No angel born in hell
Could break that Fuhrerʼs spell.
And as the flames climbed high into the night
To light the sacrificial rite,
I saw Cheney laughing with delight
The day Hank Paulson lied.

He was singing,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

I met a girl who sang the blues
And I asked her for some happy news,
But she just smiled and turned away.
I went down to the barren shore
Where Iʼd heard the truth told years before,
But the man there said the truth just didn’t pay.

And in the streets: the children screamed,
The lovers cried, and the poets dreamed.
But not a word was spoken;
Democracy was broken.
And the three men this delighted most:
Dubya, Poppy, and Prescott’s ghost,
They drove their limos to the coast
The day Hank Paulson lied.

And they were singing,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

They were singing,
bye-bye, oh America why?
For jobs, health, and education,
All the wells have run dry.
And friends of Henry Paulson, not a tear in their eye
Singinʼ, “nothing kills as good as a lie.
Now watch this old democracy die.”

This is a plan worth support

SOMETHING WICKED THIS WAY COMES

By Darrell L. Castle

Constitution Party 2008 Vice-Presidential Candidate

 

Crystal water turns to dark

Where ere it’s presence leaves it’s mark

And boiling currents pound like drums

When something wicked this way comes.

(Original poem by Ray Bradbury)

 

Laws, originally evolving out of the New Deal legislation written in response to the great depression, once protected the American financial system. Starting in the 1990’s, in response to intense lobbying efforts by the financial industry, those laws were stripped away. The most important one was Glass Steagall which separated commercial banking from the type of investment work of a stockbroker. Glass Steagall was signed out of existence in 1999 by President Clinton and less than 10 years later the entire financial system is bankrupt. Another law, known as The Uptick rule, prevented companies from crashing due to large scale shorting of company stock. A company’s stock could not be sold short as long as it was in continuous decline. Short sellers had to wait for an uptick in the stock before shorting. The Uptick Rule ended in 2007 just about one year ago.

 

The end of the laws protecting the American public from unscrupulous speculators disguised as bankers caused changes in the way our banks do business. The banks decided that simple banking, that is loaning money at interest, was not profitable enough so they began investing in risk paper. This changed them from banks into something akin to casinos. Now that the gamble has finally failed these new casinos are asking the American taxpayer to pick up the tab for their greed and excess.

 

Now all this risk paper, known in the financial world as “the derivatives market” is collapsing. Derivatives are not stocks or bonds or anything else substantial. They are simply paper derived from other paper such as futures and options. Futures and options are exchange traded derivatives, but the largest group of derivatives is not even traded on the exchanges. These are called “counterparty derivatives” and consist of such things as collateralized debt obligations, mortgage backed securities, and credit default swaps. It is estimated that total derivative exposure of the financial system is between one quadrillion and one and a half quadrillion. A quadrillion is 1000 trillion. To put that in perspective, the entire GDP of all the world’s countries in 2007 was approximately 60 trillion. GDP is basically everything that is produced for sale. The American people are now being asked to shoulder the risk of the entire derivatives market and if they do, 700 billion will prove to be a drop in the bucket.

 

The rapid increase in the price of fuel during the last year is a good example of the destructive nature of the derivative market. Much of the price increase was due to speculation in futures especially by Goldman Sachs (Henry Paulson’s company) and Morgan Stanley. These companies, it is believed, are responsible for about 50% of the speculative price of oil. What that means is that every time we buy gas we subsidize the parasites who feed off us so they can continue their existence. We are now being asked to accept increased taxes to cover their losses.

 

Now that this mess has been created, what should be done to resolve it with the least amount of pain for the American People?

 

 1. All failed and at risk financial companies, not just those we constantly read about, should be seized by the F.D.I.C. (Federal Deposit Insurance Corporation) and put into involuntary Chapter 11 Bankruptcy. The money people have on deposit would carry the same FDIC guarantee as before so there would be no need for panic. The Chapter 11 trustee would examine the assets of these institutions and all derivative paper should be discharged in bankruptcy. The American people should not accept one penny of risk for derivative paper. The real assets such as mortgages on residential real estate should be separated and foreclosure should be indefinitely frozen. The at risk mortgages, whether subprime or not, could be written down to the current value of the property and re-amortized for a payment the homeowner could afford. The mortgage could then be returned to the bank for service or referred to Fannie and Freddie if the bank did not survive Chapter 11.

 

2. The Federal Reserve Banks should be seized by Congress under Article 1 Section 8 of the Constitution. The FED banks could survive as Clearinghouse banks but the Federal Reserve that has robbed the American people for 100 years would cease to exist. The debt owed by the American people to the FED banks would be discharged in bankruptcy. Congress would take monetary policy from the FED and would simply stand in place of the FED through a monetary board. The FED credit computers would be transferred to Congress who would issue new credit (money) because under our present system 97% of all money originates as credit. This new credit would keep the system going and prevent collapse. It could all be done without interest and without debt. The backs of the international banking cartel would be broken forever and the American people through their elected representatives would control monetary policy i.e. money in circulation, interest rates, and credit availability.

 

3. Glass Steagall and the Uptick Rule should be returned. Speculation in the futures markets of essentials such as fuel, food, and medicine should be banned or at least have a punitive tax say 50% attached.

 

4. The Chapter 11 Bankruptcy Trustee would immediately move to seize any assets taken by the CEO’s and Boards of Directors from the bankrupt companies during the prescribed time period. No bankruptcy system would allow the CEO of the bankrupt company to keep hundreds of millions as in some of these cases. At the same time, the U.S. Attorney should be directed to examine the process for criminal sanctions where laws have been violated.

 

In conclusion, this plan would return our monetary system to the American People and ignite a new wave of prosperity and liberty. Every crisis presents opportunities if we only look for them. This is an opportunity for the American people to throw off the yoke of debt bondage that has enslaved them for 100 years and gain direct control of monetary policy through representatives answerable directly to them. No particular philosophy has been respected or spared in this plan. I am more interested in saving the system for the American people than I am in respecting anyone’s philosophy of money or government. This is intended to be a simple, easy to understand, explanation of our banking crisis with a Consitutional solution.

Thank you Mr. Graves

I just got off the phone with Marko at Congressman Grave’s Washington office.

I had spoken to him before and he remembered me. 

 

I made three points:

 

1.       Handing over the purse to an appointed official is constitutionally illegal.  It is congress’ obligation to handle the treasury.

2.       Where will the $700B come from?  This is a credit crisis remember?  No one is loaning each other any money right now so you can’t borrow it.  When you print $700B new paper currency out of thin air and pour that into the economy, the money that is currently in the “tax payers” (I hate being called that) pocket becomes less valuable, and the Dollar value goes down compared to food, clothes, shelter, etc…  This bailout will cause damage to the dollar and devastate the “tax payer” by causing severe inflation.

 

His response:  Marko told me that congressman Ron Paul has been talking about these same topics and Mr. Graves has expressed exactly these concerns about this situation.  “I would say, you and the congressman are on the same page regarding this issue.”

 

3.       I informed him that I am a member of the Campaign for Liberty, which is a young group of conservatives, many of which were outcast by the Rockefeller wing of the Republican party. Our numbers are growing everyday.  We are actively seeking leaders that understand our desire to restore the rule of law to this great nation.  Thanked him for his time, and told him I would be talking to him again soon.

 

Facts:

 

He voted against the bill. 

These comments are very encouraging, but this is politics. 

I humbly suggest everyone call him at 202-225-7041 and thank him for his courage to stand up against his chain of command within the RNC.

Changes, they are a commin!!!

 

DrD

segment by segment breakdown of the bail out

MSN has provided a segment by segment breakdown of the current bill before congress.  here

Here are a couple questions for everyone to ponder as we finish off the constitution.

(Q) Where is all that money going to come from?  Our federal government is already running more than $500B annual deficit. 

(A) Inflation.  As they print more money, they get to spend it at today’s value.  Once this money hits the general economy, its comparative value to stuff you want to buy goes down because there is so much of it around.  So expect to pay much more for everything you need for your family.  (How is this good for Americans?)

(Q) How can congress uphold its oath of office to the constitution while illegally handing over amazing authority over the countries treasure to a handful of appointed (as in not elected) insiders such as the chairman of the private federal reserve? 

(A) They cannot.  This is high treason.

(Q)  How do they think they can get away with high treason in the land of the free?

(A) They own the media and the courts are as corrupt as congress.

PLEASE. please for gods sake, WAKE UP AMERICA!!  Call me, lets get together and retake control of our country!!

You call that oversight?

 We all know that insulation cuts both ways: it keeps heat in and cold out (in home insulation), but it also keeps cold in and heat out (an insulated Thermos).  In other words, insulation is a wall, a barrier — and it’s always non-transparent, keeping something away from something else.

 With the modified bailout proposal announced today as “agreed” to by Congressional leaders of both parties, House Majority Leader Nancy Pelosi chillingly emphasized that one of the “achievements” of the modified bailout is that it “insulates Main Street, and everyday Americans, from the crisis [created by] Wall Street.”  

We know for certain who’s going to feel the financial heat: the American taxpayer.  Yet this proposal also leaves the American people out in the cold at the very same time, the accountability and control they get is even less than the ridiculously unaccountable original proposal.

 Touted as a “breakthrough” that increases oversight, the accountability to the American people is actually decreased even more under the modified proposal by placing an impenetrable wall of insulation between the American people and Wall Street: the one’s who will really control the bailout’s execution. 

 This impenetrable insulation takes the form of a “Financial Oversight Board” (FOB) in the modified bill, which is a three-headed Troika of otherwise independent but Wall Street-friendly federal agencies that will operate like a Board of Directors does over a CEO, with the Secretary of the Treasury acting, in effect, as the CEO, and the FOB, like a Board of Directors, which always sets ultimate policy.

 The REDUCED, rather than increased, accountability comes from two main factors.  First, the only control the people had under the original proposal was the hope that the President would fire the Secretary of the Treasury for malfeasance.  Because the unprecedented new Troika is made up of three independent federal agencies, so the President (the only elected person with any possibility of control) has a much harder time impacting them, and has to replace at least two of them instead of one Treasury Secretary.  Canning two of these major business figures in the SEC, Fed, and FDIC would arguably shake up the markets further.  Moreover, it’s questionable indeed for the President to have a “litmus test” on bailout policy for any appointee to an “independent” federal agency that is supposed to be just that – Independent.

As if Congress wants to make absolutely sure that there’s no political accountability to anyone elected by the American people, the modified bailout plan further requires that the President to have “good cause” before firing or replacing any single Troika head on the FOB hydra.  Instead of serving at the pleasure of the President or at will, this good cause requirement would probably be interpreted just like the “business judgment” rule is applied to Boards of Directors in corporations.   

 

Under normal business law principles, exercising “business judgment” in good faith is a very easy standard to meet, and it by law insulates the Board of Directors from any liability for their decisions, no matter how disastrous the results, if they were made in good faith at the time made.  Thus, if a given plan has, on an overall basis, any argument in favor of it at all, it will likely pass the business judgment rule, courts won’t micro-manage the details, and the President will not have the “good cause’ necessary to fire and replace any of the heads of the Wall Street Troika.  McCain, who says he wants to fire the head of the SEC, would likely be unable to muster the good cause now to be required for such a firing.

 

Business deregulation has generally gone hand in hand with regulatory agencies being captured by Wall Street interests, so now, in effect, Wall Street decides how much accountability Wall Street will get, thanks to the Troika and “good cause.” 

 

And if, in a fit of conscience, this FOB nevertheless decides to rattle a few cages on Wall Street, the greedy Wall Street pirates will shiver the timbers of the markets and still have various other methods of recourse.  The American people will have no recourse.

 

But the American people are the ones footing the bill, so they’re thrown a bone in the form of a slight equity stake akin to getting a few lottery tickets on bankrupt companies, and the American people are cut out of the deal, and can’t control what’s going on – even while they are paying for it.

 

At cnn.com, the poll today asks: “Has Middle America gained new clout with the fight over a financial bailout plan?”  As of 3:30 pm EST Sunday, already 66% of over 22,000 voters already see through it.  See www.cnn.com (right hand column)  But if these votesr saw this article or the provisions of the new bailout plan in their true light, 98% of Americans would recognize not only that they’ve gained no “new clout” in the fight over the bailout plan, but that it’s left them out in the cold even more, holding the bag as usual.

 

The modified plan’s “Financial Oversight Board” (FOB) is just a newfangled and unprecedented FOB that pretends to add the accountability and transparency the American people require (no American can rationally want UN-accountable government), while actually making the plan even less accountable to Main Street, but much MORE accountable to Wall Street.  Do we really believe that Wall Street, at this juncture especially, can watchdog itself?  

 

Like Operation Iraqi Liberation (OIL) being changed to Operation Iraqi Freedom (OIF), I predict that if enough Americans check their dictionary for the meaning of FOB, they will change the name of the Troika as well.  At dictionary.com will find FOB defined as “a small pocket just below the waistline in trousers for a watch, keys, change, etc.”   

 

Indeed, the keys to America’s pocketbooks are being handed to an insulated Troika of Wall Street friendly insiders, who will have dictatorial control over another $700 Billion to go into Wall Street pockets in one way or another, while Wall Street and its regulatory friends purport to watchdog themselves and hold themselves accountable.

 

Tell everyone you can that We the People do NOT ordain and establish (the introduction to the Constitution) such nonsense like this.  The solution to problems of deregulation that created the Wall Street crisis in the first place is not a deregulated bailout without accountability to the people: the ones who pay for it all, and whose authority to ever punish the offenders is being given away.  This wall of insulation gives American democracy a permanent chill, and puts your keys in Wall Street’s FOB.