Happy Holidays!

Tacky Christmas Lights

Illinois Governor Arrested

Illinois Gov. Rod Blagojevich and his chief of staff John Harris were arrested Tuesday morning in Chicago on two counts each of federal corruption charges stemming from allegations Blagojevich was trying to sell President-elect Barack Obama's vacated Senate seat to the highest bidder.

The arrest is part of a three-year probe of "pay-to-play politics" in the governor's administration. The criminal complaint by the FBI says each man was arrested on two charges of conspiracy to commit mail and wire fraud and solicitation of bribery.

The charges also relate to allegations that Blagojevich and Harris schemed with previously convicted defendants and Obama associates Antoin Rezko, Stuart Levine, Ali Ata and others to arrange financial benefits in exchange for appointments to state boards and commissions, state employment, state contracts and access to state funds.

A statement by U.S. Attorney Patrick Fitzgerald and FBI Special Agent-in-Charge Robert Grant said Blagojevich and Harris "allegedly conspired to sell U.S. Senate appointment, engaged in pay-to-play schemes and threatened to withhold state assistance to Tribune Company for Wrigley Field to induce purge of newspaper editorial writers."

"Blagojevich put a for sale sign on the naming of a United States Senator; involved himself personally in pay-to-play schemes with the urgency of a salesman meeting his annual sales target; and corruptly used his office in an effort to trample editorial voices of criticism," he added.

Grant noted that Blagojevich was elected in 2002 after Illinois Gov. George Ryan retired in the face of federal corruption charges. He was convicted and sentenced in 2006 to six and a half years in prison.

"Many, including myself, thought that the recent conviction of a former governor would usher in a new era of honesty and reform in Illinois politics. Clearly, the charges announced today reveal that the office of the Governor has become nothing more than a vehicle for self-enrichment, unrestricted by party affiliation and taking Illinois politics to a new low," Grant said.

Federal authorities were permitted by a judge to record the governor secretly before the November election after raising concerns that a replacement for Obama would be tainted.

Fitzgerald's office said the 76-page FBI affidavit alleges that Blagojevich was taped conspiring to sell or trade Obama's vacated U.S. Senate seat for financial and other personal benefits for himself and his wife, including an annual salary of $250,000-$300,000 at a nonprofit foundation or an organization affiliated with labor unions.

They also allege Blagojevich is heard on tape demanding a corporate board seat for his wife worth as much as $150,000 a year; promises of campaign funds, including cash up front; and a Cabinet post or ambassadorship for himself.

The Chicago Tribune was first to report the arrests. Informed Monday of the wiretap, Blagojevich told reporters that his discussions were "always lawful" and he defended a close confidant, John Wyma, who turned on him. Wyma as "an honest person who's conducted himself in an honest way," Blagojevich said.

However, the Tribune was also named in the affidavit because tapes allegedly play Blagojevich directing Harris to inform the newspaper's owners and advisers that "state financial assistance would be withheld unless members of the Chicago Tribune's editorial board were fired, primarily because Blagojevich viewed them as driving discussion of his possible impeachment."

Conspiracy to commit mail and wire fraud carries a maximum penalty of 20 years in prison. Solicitation of bribery carries a maximum of 10 years in prison. Both carry a maximum fine of $250,000.

A reason, a season, or a lifetime

People come into your life for a reason, a season or a lifetime. When you know which one it is, you will know what to do for that person..

When someone is in your life for a REASON, it is usually to meet a need you have expressed. They have come to assist you through a difficulty, to provide you with guidance and support, to aid you physically, emotionally or spiritually. They may seem like a Godsend and they are. They are there for the reason you need them to be. Then, without any wrongdoing on your part or at an inconvenient time, this person will say or do something to bring the relationship to an end. Sometimes they die. Sometimes they walk away. Sometimes they act up and force you to take a stand. What we must realize is that our need has been met, our desire fulfilled, their work is done. The prayer you sent up has been answered and now it is time to move on.

Some people come into your life for a SEASON, because your turn has come to share, grow or learn. They bring you an experience of peace or make you laugh. They may teach you something you have never done. They usually give you an unbelievable amount of joy. Believe it, it is real. But only for a season.

LIFETIME relationships teach you lifetime lessons, things you must build upon in order to Have a solid emotional foundation. Your job is to accept the lesson, love the person and put what you have learned to Use in all other relationships and areas of your life. It is said that love is blind but friendship is clairvoyant.

What is a Turducken??

I hope everyone had a great Thanksgiving.

This Thanksgiving I learned that there is such a thing as a "Turducken".

It's a turkey stuffed with a duck, stuffed with a chicken. All the birds are de-boned so every slice of turducken has turkey, duck and chicken. The cavity of the chicken is usually filled with sausage, breadcrumbs, or stuffing. It can be braised, roasted, grilled, or barbecued. Many people serve a turducken in place of the turkey on Thanksgiving.

Some people credit Cajun-creole fusion chef Paul Prudhomme with creating the "turducken" as part of the festival Duvall Days in Duvall, Washington in 1983. However, this claim has never been verified.

The November 2005 issue of National Geographic magazine in an article by Calvin Trillin traced the American origins of Turducken to Maurice, Louisiana and "Hebert's Specialty Meats", which has been commercially producing turduckens since 1985, when a local farmer whose name is unknown, brought in his own birds and asked Hebert's to prepare them in the now-familiar turducken style.

Muscles

Men are like…

For all those men who say, Why buy a cow when you can get milk for free. Here's an update for you: Nowadays, 80% of women are against marriage, WHY? Because women realize it's not worth buying an entire pig just to get a little sausage.

1. Men are like Laxatives They irritate the crap out of you.
2. Men are like. Bananas . The older they get, the less firm they are.
3. Men are like Weather . Nothing can be done to change them.
4. Men are like Blenders You need One, but you're not quite sure why.
5. Men are like Chocolate Bars .. Sweet, smooth, & they usually head right for your hips.
6. Men are like Commercials . You can't believe a word they say.
7. Men are like Department Stores ... Their clothes are always 1/2 off!
8. Men are like . Government Bonds .... They take soooooooo long to mature.
9. Men are like . Mascara . They usually run at the first sign of emotion.
10. Men are like Popcorn . They satisfy you, but only for a little while.
11. Men are like Snowstorms . You never know when they're coming, how many inches you'll get or how long it will last.
12. Men are like Lava Lamps . Fun to look at, but not very bright.
13. Men are like Parking Spots All the good ones are taken, the rest are handicapped.

Bailouts and more bailouts

Citigroup is now being bailed out.

Where's my bail out?

What is Hime Gyaru?

With the crappy economy and the economic outlook not improving lately I've started reading about more superficial things. I was browsing the web and saw a girl that looked like a real life doll. It turns out that her "look" is called Hime Gyaru and apparently it's really popular in Japan. It's really pretty and feminine.

Girls that want to look Hime Gyaru have fair complexions, use mostly pinks and whites along with flower designs and anything lacy or frilly. Their hair is long, sometimes bleached in shades of blonde to dark blonde and often rolled into romantic updos placed on top of their heads. They put glitter, pastel designs and imitation crystals on their nails. Their look is topped off with lots of bows, ribbons, fur and lace. Their mobile phones are also fashion accesories and have numerous amounts of jewels, cute stickers, and lace placed on them. Shoes are usually high heels with lots of bows and flowers. Some wear knee high stockings or flat ballerina colored shoes. Lacy gloves or lace wrists are sometimes used along with over sized ribbons.

They look like life size dolls. I love their eyes.

I want to be a princess too :0(.

The R Word

Federal Reserve policymakers now expect the U.S. economy to contract for as much as a year, with the risk that the slowdown could persist for even longer, according to edited minutes of a closed-door meeting of the Federal Open Market Committee on Oct. 28 and 29.

The Fed governors and Fed bank presidents "generally expected the economy to contract moderately in the second half of 2008 and the first half of 2009, and agreed that the downside risks to growth had increased," the minutes said.

Without using the word, the Fed is now forecasting a recession lasting a year or so. It would be the longest recession since the 16-month recession in 1981-82.

Nevertheless, "the subsequent recovery would be relatively gradual," the committee said. "Financial stresses would recede only slowly, notwithstanding the extraordinary measures that had been taken."

30 'leading edge' indicators of the coming Great Depression 2
1. America's credit rating may soon be downgraded below AAA
2. Fed refusal to disclose $2 trillion loans, now the new "shadow banking system"
3. Congress has no oversight of $700 billion, and Paulson's Wall Street Trojan Horse
4. King Henry Paulson flip-flops on plan to buy toxic bank assets, confusing markets
5. Goldman, Morgan lost tens of billions, but planning over $13 billion in bonuses this year
6. AIG bails big banks out of $150 billion in credit swaps, protects shareholders before taxpayers
7. American Express joins Goldman, Morgan as bank holding firms, looking for Fed money
8. Treasury sneaks corporate tax credits into bailout giveaway, shifts costs to states
9. State revenues down, taxes and debt up; hiring, spending, borrowing add even more debt
10. State, municipal, corporate pensions lost hundreds of billions on derivative swaps
11. Hedge funds: 610 in 1990, almost 10,000 now. Returns down 15%, liquidations up
12. Consumer debt way up, now at $2.5 trillion; next area for credit meltdowns
13. Fed also plans to provide billions to $3.6 trillion money-market fund industry
14. Freddie Mac and Fannie Mae are bleeding cash, want to tap taxpayer dollars
15. Washington manipulating data: War not $600 billion but estimates actually $3 trillion
16. Hidden costs of $700 billion bailout are likely $5 trillion; plus $1 trillion Street write-offs
17. Commodities down, resource exporters and currencies dropping, triggering a global meltdown
18. Big three automakers near bankruptcy; unions, workers, retirees will suffer
19. Corporate bond market, both junk and top-rated, slumps more than 25%
20. Retailers bankrupt: Circuit City, Sharper Image, Mervyns; mall sales in free fall
21. Unemployment heading toward 8% plus; more 1930's photos of soup lines
22. Government policy is dictated by 42,000 myopic, highly paid, greedy lobbyists
23. China's sees GDP growth drop, crates $586 billion stimulus; deflation is now global, hitting even Dubai
24. Despite global recession, U.S. trade deficit continues, now at $650 billion
25. The 800-pound gorillas: Social Security, Medicare with $60 trillion in unfunded liabilities
26. Now 46 million uninsured as medical, drug costs explode
27. New-New Deal: U.S. planning billions for infrastructure, adding to unsustainable debt
28. Outgoing leaders handicapping new administration with huge liabilities
29. The "antitaxes" message is a new bubble, a new version of the American dream offering a free lunch, no sacrifices, exposing us to more false promises

Will the next meltdown, the third of the 21st Century, trigger a second Great Depression? Or will the 2007-08 crisis simply morph into a painful extension of today's mess to 2011 and beyond, with no new bull market, no economic recovery as our new president hopes?

Perhaps some of the first 29 problems may be solved separately, but collectively, after building on a failed ideology, they spell disaster. So listen closely to "leading indicator" No. 30:

At a recent Reuters Global Finance Summit former Goldman Sachs chairman John Whitehead was interviewed. He was also Ronald Reagan's Deputy Secretary of State and a former chairman of the N.Y. Fed. He says America's problems will take years and will burn trillions.

He sees "nothing but large increases in the deficit ... I think it would be worse than the depression. ... Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds." It'll get worse because "the public is not prepared to increase taxes. Both parties were for reducing taxes, reducing income to government, and both parties favored a number of new programs, all very costly and all done by the government."

Reuters concludes: "Whitehead said he is speaking out on this topic because he is concerned no lawmakers are against these new spending programs and none will stand up and call for higher taxes. 'I just want to get people thinking about this, and to realize this is a road to disaster,' said Whitehead. 'I've always been a positive person and optimistic, but I don't see a solution here.'"
We see the Great Depression 2. Why? Wall Street's self-interested greed. They are their own worst enemy ... and America's too.

Obama's Speech

Obama's speech was also a chance to get his presidency off to a running start.

There was a dramatic bit of global statecraft — "to those who would tear the world down, we will defeat you" — but mainly a look inward and across the political aisle. He called for Americans to resolve to "pitch in and work harder."

To McCain supporters, some of whom were loudly disappointed at their candidate's defeat tonight: "I may not have won your vote tonight but i hear your voices. I need your help and I will be your president too."

To the nation more broadly: "We rise or fall as one nation, as one people. Let's resist the temptation to fall back on the same partisan ship."

"There is new energy to harness... the road ahead will be long, our climb will be steep..... but I have never been more hopeful that we will get there. We, as a people, will get there."

Election Out Come

Who is Rahm Emanuel?

Rahm Emanuel has accepted to be the new “Chief of Staff” otherwise known as the “White House Enforcer”.

He only has nine fingers and it’s rumored he lost the tenth to a Syrian tank while serving in the Israeli Army, however the truth is he lost it less glamourously in a meat slicer.

An interesting fact is that his dad, Benjamin M. Emanuel, a Chicago pediatrician, in the 1940’s was a member of the Irgun. The Irgun was a Zionist group that attacked Palestinians and the British. They managed to kill 90 people in a hotel bombing in 1946 and massacred some people in Deir Yassin. It’s believed Benjamin would pass secret codes for the Irgun.

We must keep in mind we did what Rahm Emanuel’s dad did too, but for us it’s called the American Revolution.

Obama advisers say he likes and trusts Emanuel and believes his mastery of Capitol Hill will help speed his proposals at a time when money is tight and the nation's problems are great. Emanuel has a hard-nosed style and is known for aggressively working the press. He has working relationships with many congressional Republicans, including Adam Putnam a rising GOP star who said after his reelection this week that he plans to leave his No. 3 post in the party's House leadership. The runner-up for the post was former Sen. Tom Daschle who may take another senior post in the administration. Emanuel is known as a centrist and a pragmatic dealmaker. Under Clinton, he helped engineer passage of the North American Free Trade Agreement, which is opposed by the party's left wing.

There are tons of Rahm Emanuel stories out there. The best one is that he sent out a decomposing two and a half foot fish to a pollster who displeased him. He also was known to hang up on political contributors in Chicago during the Mayor’s race because he said he was embarrassed to accept $5,000 checks because they were $25,000 type of guys. However, the best story is pre-Bill Clinton. It was in Little Rock, Arkansas where Emanuel and George Stephanopoulos, Mandy Grunwald and other aides at Doe’s, the campaign hangout, discussed revenge on democrats, republicans, and members of the press, who had wronged them during the 1992 campaign. Suddenly Emanuel grabbed his steak knife and as those who were there remember it, shouted out the name of another enemy, lifted the knife, then brought it down with full force into the table and screamed “dead!”.

All jokes aside his bad temper is blamed on the failure of his career as a ballet dancer.

Here he is with his adorable children.

Pelosi having a herbal essences moment!

President Obama's First Step: Reset Expectations

President Obama's First Step: Reset Expectations

Posted Nov 05, 2008 12:15pm EST by Henry Blodget in Newsmakers, Recession, Election
From ClusterStock, Nov. 5, 2008:

If President Elect Obama were the incoming CEO of a corporation, he would now be preparing for the first act of his tenure: A massive write-off of the mountains of rotted junk buried on the company's balance sheet and an announcement that recovery will take a long, long time.

This flush would clear the way for several years of better than expected results. It would also take advantage of the new leader's one chance to blame the sorry state of the organization on his sorry predecessor.

President Obama began this process last night, in his victory speech, when he noted that restoring the country's health might take more than a term. In the next few weeks, he should go well beyond this:

• The deficit will be more than $1 trillion a year for several years
• The country needs a massive new fiscal stimulus
• The housing market will continue to decline through at least 2010
• Interest rates and taxes will eventually have to rise (after the economy stabilizes)
• Weak corporations have to be allowed to fail
• Millions of homeowners will lose their house
• Unemployment will probably rise to 10%
• The government simply cannot "bail the country out" -- not because it lacks the will, but because it lacks the power

In short, Obama needs to acknowedge reality, erring on the side of overstating the problems and challenges, and he needs to prepare the country for several tough years. Because if he doesn't, within six months of his taking office, the country will have forgotten all about the prior administration and will instead be blaming everything on him.

They forgot to mention home security. We will be tested. The upcoming regime does not make me feel safe.

Doesn't this remind you of 32 years ago. Can we say Jimmy Carter? Especially with the far left soon to be president, and a democrat controlled congress.

If he had been honest during the campaign he should have stated this while he was campaigning, the ignorant people of the USA would have still voted for him and with his new fire arm bans we won't even be able to defend ourselves when society breaks down and the riots begin. Great....

Youtube Videos

Sarah Silverman put up a video asking young Jews to go to Florida and convince thier grandparents to vote for Obama.

I'm getting more and more annoyed with celebrities telling me how I should vote. Why is everyone buying the bs and not asking questions? Like what change?

Here's the Sarah Silverman video.

Here's the rebute from the McCain supporters.

Stocks Take A Deep Plunge: The Dow Is Under 8,600

Thursday afternoon panicked investors dumped stocks across the board bringing the Dow nearly 700 points lower.

Pessimism about the economic outlook helped stocks drop dramatically as people acted on fear even though the Federal Reserve had coordinated a rate cute with other banks around the world. The rate cut was the last step by the government to unfreeze the credit markets and get banks to start lending again. The financial crisis has gotten bigger with the lack of cash making it harder for businesses to function on a daily basis and for consumers to get loans, making the financial crisis harder.

The Treasury Department said it was looking into buying stakes in some of the country’s banks. This move would come under the $700 billion bank bailout that was enacted last week. The main focus of the bailout remains buying bad assets from banks.

A year ago today, the S&P 500 hit an all time high of 1565.15. As of Wednesday’s close it had lost 37%

Dow Drops Below 10,000

Last Friday's over priced $700 billion dollar bail out for American banks failed to to stop shares from plummeting this morning. For the first time in four years the Dow Jones share index fell below 10,000.

Seems like the bailout needs a bailout.

Some say the stock market has been greatly overpriced for years and it should drop to 7,000 - 8,000 range to reflect the actual value of the stock.

Even after the money markets start to function again, the overall credit contraction is going to be painful. The economy is now officially worst then a mother in a Disney movie.

America’s debt-based economy has a psychological requirement for increased consumer spending. Much which is based on the assumption of future wealth. The idea of “I can put this item on credit because I am anticipating a new job or a raise or a bonus that will pay, in the future.” If that promise disappears the deleveraging downcycle can take years.

The next step should be an aggressive series of Federal spending reductions and tax cuts to reform cash to consumer pockets and get them to spend again. Also we better hope that constructing alternative energy can provide the same sort of sustainable infrastructure growth that our early century public works projects did. Except the problem that American industry has no catalyst right now.

Tech is over. Manufacturing is seen as best done in foreign nations, Finance has officially collapsed and Biomed is seen as “evil”. Where is the next growth area? Alternative energy better be more then awesome.

It seems that our economy is going to turn into a "service economy" where most people will earn thier living off "services" instead of farming or manufacturing. Once the financial system collapses most of us are worthless.

The whole situation has all been foretold in the lyrics of a great song.
Temporary lay offs.

Good Times.

Easy credit rip offs.

Good Times.

Scratchin' and surviving.

Good Times.

Hanging in a chow line.

Good Times.

Ain't we lucky we got 'em.

Good Times.

Yes, Good Times indeed......

Creepy Obama Frat

Nothing disgusts me more then teachers who push thier views on their students.

A middle school teacher in Kansas City, Mo. was suspended for insubordination after he posted a video of his students chanting Barack Obama slogans on Youtube.

Joyce McGautha, superintendent of Urban Community Leadership Academy, a charter school for students in fifth through ninth grades in Kansas City, Mo. Said that the video was probably taken last May during the Junior Fraternity’s morning meeting at the school. She would not disclose the teacher’s name due to pending legal action. Apparently, The Junior Fraternity students studied Obama’s economic plan with the teacher and it was not known if they had studied John McCain’s economic plan as well.

In the video, eighth and ninth graders wearing military camouflage pants and navy t-shirts chant and perform a routine similar to a step show. A dance popular among African-American fraternities at universities. The students enter the room chanting “Alpha. Omega. Alpha. Omega.” Then one at a time they state things they were “inspired” to do by Obama. At the end of the video, the students make statements about Obama’s healthcare plan.

It seems like it’s never too early to start indoctrinating the masses. The indoctrination of youth scares me. First Obama had the children’s choir singing about Obama being the saviour and now this.

It always starts so “innocently”, will we ever learn from history?

Teachers, show respect for all beliefs and keep your political views out of the classroom!

Creepy Obama Kids

Have you all seen this video? Creepy little Obama "blue shirt" recruits.
When do they serve the kool aid?

http://foxforum.blogs.foxnews.com/2008/09/30/youdecide_0930/

http://www.singforchange.com/
These are the lyrics to the new praise song that we will all be singing if the Almighty O get's elected.

We're Gonna Change the World
Music and lyrics by Lily Campbell, age 9
We’re gonna spread happiness
We’re gonna spread freedom
Obama’s gonna change it
Obama’s gonna lead ‘em
We’re gonna change it
And rearrange it
We’re gonna change the world.

Sing For Change
Music and lyrics by Kathy Sawada
Now’s the moment, lift each voice to sing
Sing with all your heart!
For our children, for our families,
Nations all joined as one.
Sing for joy and sing abundant peace,
Courage, justice, hope!
Sing together, hold each precious hand,
Lifting each other up;
Sing for vision, sing for unity,
Lifting our hearts to Sing!

Yes We Can
Music and lyrics by Kathy Sawada
Yes we can
Lift each other up
In peace, in love, in hope
Change! Change!

I find it really disgusting and disturbing when political candidates use children to promote thier own interests. I'm really disappointed with the Almighty O.

I already have a saviour, I'm looking for a President.

Is it true that the Almighty O is 50% White, 40% Arab and 10% Black.?

He might just become the first arab, first muslim President. Wow! The times are a "changing".

Bailout Rejected!

The overpriced $700 billion bailout bill? It didn’t pass the House! A coalition of conservative Republicans and liberal Democrats refused to grant the government extra ordinary powers to buy up distressed loans. Opponents said the package granted the U.S. government too much power and was beyond the cost the government should pay to address the worldwide financial crisis. They ignored President Bush and congressional leaders of both parties who said that the economy could nosedive into a recession without it. As the House debate continued all morning Monday, opponents were skeptical that the bailout would staunch the financial bleeding. A member of the house said "We're flipping coins here,"."What happens if this goes down today — the markets tank and you are an accessory to the crime? But what happens if you vote 'yes' and the market tanks anyway?" The vote went 228-205 against, with 95 Democrats and 133 Republicans opposing the Paulson/Dodd/Frank/Pelosi/Blunt plan. With one member not voting. Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor. The Dow Jones Industrial Average fell by more than 700 points at one point as the outcome became clear. After the vote, the Dow remained down by more than 550 points. The Dow is self-destructing. So what now?

It might go back to another vote. According to some people something doesn’t smell right. That’s because usually votes don't go to the floor of the house until party leaders know how the rank and file will vote. Bills don't make it out of committee unless they're going to pass. Some are suggesting that Pelosi lost control of her own party, that this was entirely too volatile and rushed or that Boehner lied to her about how many House Republicans would just go with it.

Due to the upcoming Jewish holiday of Rosh Hashanah nothing will get done until Wednesday. There are 43 Jewish congressman, almost all of them Democrats. Barney Frank stated “It's a well-known rule; God will only hear your prayers if you're in your congressional district." So yeah nothing is getting done until Wednesday. When asked about the next step, Financial Services Chairman Barney Frank (D-Mass.) said it would be up to those who opposed the bill." Whoa what a mess!

"I feel that it is too much bailout and not enough workout," said Rep. Jeb Hensarling, R-Texas.

On the opposite end of the ideological spectrum, liberal Democrat Lloyd Doggett of Texas called the bill too generous to the nation's financial kingpins. "The vultures have no come home to roost," he said.

"It's like a big cowpie with a little bit of marshmallow inside and I don't want to eat the cowpie," said Rep. Louie Gohmert, R-Texas.

The next six weeks will tell whether the coup d'etat in the House on Monday has created a political crisis to match the financial one.

Why can't the government simply loan these institutions the money, with interest? Why can't we just let the financial industry go bankrupt and establish a government commercial lending institutions? Why can’t the government just replace WaMu, AIG, etc.?

$700 Billion Dollar Bailout Here We Come WooHoo!!!

On 9/29/2008 Congress finally came to a tenative agreement on the overpriced bailout. The senate and house still has to ratify the plan. For all of us non financial people out there a nice reporter from Reuters has laid out the key terms of the plan.

-The $700 billion in buying power would be doled out by Congress in stages. After the first $250 billion is authorized, the President could request another $100 billion. The final $350 billion could be cleared by a further act of Congress.

- Washington will take a stake in companies helped through the program so that taxpayers can share in the profits if those companies get back on their feet.

- A new congressional panel would have oversight power and the Treasury secretary would report regularly to lawmakers in two elements of a multi-level oversight apparatus.

- Compensation limits would be set for the chiefs of participating firms to prevent excessive pay and "golden parachutes" for those who might tap government aid and then quit.

- The federal government may stall foreclosure proceedings on home loans purchased under the plan.

- Alongside the plan to buy securities outright, the Treasury Department will conceive an alternative insurance program that would underwrite troubled loans and would be paid for by participating companies.

- If the government has taken losses five years into the program, the Treasury Department will draft a plan to tax the companies that took part to recoup taxpayer losses.

Here's another description:
-Authorize $700 billion for the government to purchase troubled assets and buy equity in distressed financial firms.

-Require the Treasury Department to make rules to prevent excessive compensation for executives whose companies benefit from the rescue.

-Establish a strong oversight board with authority to halt the program, a special investigator general to monitor it, and egular government audits.

-Require the government to renegotiate mortgages it acquires under the program with the aim of helping borrowers keep their homes.

-Phase in the money for buying troubled assets, with $250 billion available immediately, $100 billion to be released if the Treasury secretary certifies it is needed, and the last $350 billion available with another certification, but subject to a congressional vote to block it.

This so called plan is supposed to save us from the greed of Wallstreet.
David Cay Johnston had some very interesting points on our little economic problem.
He says:
1.) Let. The. Banks. In. Trouble. Collapse. It's called capitalism. (Actually Johnston is only speculating that "perhaps" once we know what we have, then we can let the worst offenders die off. Frankly, I don't see how my ability to pay rent has anything to do with whether Lehman Brothers exists or not.)

2.) Paulson was a former CEO of Goldman Sachs. His views, and the views of people wanting to grant monarch powers to him, come from that world. Goldman Sach just turned itself into a bank holding company, which means it will make money off the bailout.

3.) Small businesses are still able to take out their usual loans, as usual. Banks are still advertising crappy mortgage deals on the Internet. And you're still receiving offers for new credit cards.

4.) Most important: The media isn't doing its job asking the simple question: what are the alternatives to spending $700 billion of our money?

The markets have a long way to fall before they reflect the magnitude of debts incurred by corporations and government. The US has been living off credit and inflated corporate expectations for at least two decades. There is no way to borrow or print hundreds of billions of dollars without creating inflation or devaluing the dollar. A very long recession is quite probable...a recession by which the nation is already firmly gripped.

A guy on gawker wrote a probable letter for the Wallstreet people
Wall Street, NYC.

Attention: the President/Ceo Dear Sir, Confidential business proposal

Having consulted with my colleagues and based on the information gathered from the chambers of washington, i have the privilege to request for your assistance to transfer the sum of $700,000,000,000.00 (seven hundred billion united states dollars) into your accounts.

The above sum resulted from over-valued mortgage contracts, executed commissioned and paid for about five years (5) ago by a citizens of the nation. This action was however intentional and since then the fund has been in a suspended account at the central bank of ny bank. We are now ready to transfer the fund and that is where you come in. It is important to inform you that as civil servants, we are forbidden to operate a private bank; that is why we require your assistance. The total sum will be shared as follows: 95% for you and 5% for local and international expenses incident to the transfer (ie bonuses).

If you find this proposal acceptable, we shall require the following documents:

(a) your banker's name (preferably goldman sachs affiliated), telephone, account and fax numbers.

(b) your letter-headed paper stamped and signed The business will take us five (5) working days to negotiate through congress.

Please reply urgently.

Best regards

An analogy: Let's say you want that candy bar but it costs $1.50 and you only have 50 cents. I say to you here is a loan of a dollar, go buy it. What you don't know is that I own the candy store. So I get your 50 cents plus my dollar back, but now you owe me a dollar. Brilliant! Now that candy bar that cost $1.50 I sold to you for $2.50 and now I get interest on top of that. Suka!

Overpriced Bailout

All this talk about the US financial markets collapsing is a bunch of hogwash. I mean Tuesday, Wednesday, Thursday and Friday passed and we are all still here and nothing has collapsed!!! I think they want to scare the American public into buying the over priced bailout. It's a bunch of bs.

WTF with the economy!!!!!!!!!!!!!!!

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