GOOD GOD!

Well, the Bush Regime is all about global domination, so if they have to collapse Wall Street to get one global banking system owned by their friends, they’ll do it! Poor John Yoo. He knows the skirt of the Bush Regime has flipped up over their shoulders revealing their undies.

He’s going to testify that Section 8 of Paulson’s plan is constitutional.

Poor students, poor country

John must have canceled before he knew that McCain will be on the case.
I wonder what sorts of suspended-campaign stunts McCain will be pulling?

Woo is an expert on torture. Why are they going to ask him about the economy?

Why the Hell isn’t he sitting in a jail cell is what I want to know.

Watertigah!!!!

I choked on my soda when I read “he was called to DC to look at the Mortgage bailout Bill”

this is all too damn delicious for this dfh . . . McCain is SCREWING his Party out of Mr Ruffini’s ‘gift’ – Little Lord Heritage Foundation may have to put his imprimatur on the Big Deal sign it bitch, Lord Cheney says you will sign it !

By the way, the Bush Regime’s underwear is crotchless. No way do they want to hold onto anything and get caught with it…hence….the hole in their underwear!

I hate them. I really do.

“Setting aside the fact that even John Yoo thinks the bailout bill sucks . . .”

John Yoo sucks

The vision is just too awful. Is it 5pm somewhere? :)

not exactly ot – in today’s house financial services committee hearing, there was what i think was a discussion about a $500 billion dollar run that hit money market funds at 11-11:30 on thursday, sept 18. i’m interested in knowing how others understand the discussion.

so i ripped a quick youtube from the house committee webstream (which accounts for the not great quality – but its quite watchable). 4 mins, 9MB.

will try to post a transcript for dial up folks a little later.

thanks.

McCain speaking with such “compassion and wisdom” for showing leadership..yuk

oooh boy!

wha Bybee wasn’t available ? smells of Cheney trying to find legal justification for the power grab contained in the original 2 and half pager

ps – here is plan as leaked to TPM about 40 mins ago – have at it wonks :D

TPM

Ah hell, just grab the bottle and start swigging! I wouldn’t even care about a glass at this point. ;-)

The question isn’t why…..

it is WHO called Yoo to DeeCee….
WHO could get a professor to cancel classes

Then there is the Duh?
What does Yoo know about financial stuff?

I answered you in the previous thread.

I have a little glass of russian vodka in my hand and will happily toast everyone here one at a time.

Never fear, Washington, here he comes to save the day, he is Mighty Mouse McCain on the way….

harrumph…heard on the Main Streets of the heartland…this is not a banking crisis, community banks will still be lending each other money…this is an investment banking crisis.

Translation: It’s Billionaire Bailout Week in Washington, wheeeeeeeeee.

Digg it:

http://digg.com/politics/When_…..Too_Warm_h

Better take a look at the Democratic proposal. It provides the same authority to Paulson and the same benefits to the banks. It adds some cosmetics like giving bankrutcy judges to adjust mortgages in the case of personal bankrutpcies and limits on CEO pay. But it is a classic status quo Clinton style approach. And the finance guys still walk. Any attempt to put in restitution requirements by fraudulently paid executives of the borrowers is missing.

Ya know, I was wundrin’ that too

I’d rather have your brain cells in working order for the fights to come.

Aloha!

Bob in HI

jeep jeep

Yep, At the very least, Yoo should be sitting in a docket in The Hague awaiting a War Crimes trial…!

ps – has everyone heard what McBluster was busy doing while Obama waited for his call back ???

meeting with Lady Lynn Forester de Rothschild

Is it April 1st? Must be…second joke of the day is that McCain wants to cancel the debate with Obama so he can rush to Washington to solve the financial crisis.

http://msnbc.msn.com/id/26872907

Some days I think that we are all living in the Matrix now.

Any ideas on what is sticking out from under Yoo’s watch?

what proposal are you talking about? can you give a link please? if there is another one besides dodd’s, i’d like to read it. thanks.

tw3k!!!!

Yoonitary Yoo, so we meet again. Up to your crafty tricks. Let me guess. It is OK to torture congress kritters, to make them vote for SHOCK DOCTRINE. Also, fourthbranch needs a lawyer to sign off on cancelling the elections. October surprise coming early? Yoo will be the new Attorney General. Then put the riffraff into FEMA camps to stop the insurgency.

Yet I think WaterTiger’s central premise is the most mind blowing. Think about it. John Yoo,

John Funking Yoo thought this plan transferred too much power to the Executive Branch.

They are opening new ski lifts on the mountaintop of Hell, my friends.

AND that tells you just how unbelievably bad this plan is

Really? Or are you jusst snarking?

i read paulson’s plan, i read dodd’s plan and i watched today’s hearing.

i don’t need yoo to tell me this is a fucked up plan and a fucked up process.

Hey, if they’re calling Yoo back, there’s something else afoot. Like, Bush wants to know what executive orders he can give.

Like, could Bush shut down the Stock Exchange?

And what if the Chinese demand to be at the head of the line for debt payments? Can he tell them to go Cheney themselves?

To what extent could he issue the Paulson plan by executive fiat?

He’s thinking out of the box, I’m betting.

Bob in HI

nope. still chuckling

link

I start laughing every time I think of him teaching a constitutional law class. The irony of ironies.

WHO McCAIN ALSO MET WITH

Who McCain also met with
Posted: Wednesday, September 24, 2008 6:12 PM by Domenico Montanaro
Filed Under: 2008, McCain, Obama

From NBC’s Domenico Montanaro and Adam Aigner-Treworgy

The McCain campaign put out a statement saying, in part, “Senator Obama phoned Senator McCain at 8:30 am this morning but did not reach him. The topic of Senator Obama’s call to Senator McCain was never discussed. Senator McCain was meeting with economic advisers and talking to leaders in Congress throughout the day prior to calling Senator Obama.”

Yet, McCain wasn’t all “meeting with economic advisers and talking to leaders in Congress throughout the day prior to calling Senator Obama.”

McCain also met with the moneyed former Clinton fundraiser Lady Lynn Forester de Rothschild, who recently threw her support to McCain.

SHE WAS FORMERLY A CLINTON SUPPORTER. THE BANKSTERS NEVER PLANNED ON OBAMA DEFEATING CLINTON. THIS IS IN DIRECT RESPONSE TO BERNANKE OPENING THE DOOR THIS MORNING WHEN PRESSED BY RON PAUL TO ALLOW FOR CONGRESS TO RECONSIDER THE AUTHORITY OF THE FED TO EXIST UNDER THE CONSTITUTION.

THE GLOBALIST BANKSTER’S HEADS ARE SPINNING.

Bob, do I remember correctly? Didn’t the Executive Branch shut down all the US stock exchanges for a couple of days aftrer 9-11

Even Republicans couldn’t understand Paulson’s tortured logic so they brought in their torture expert. Specifically they wanted to know what the economic equivalent of organ failure or death was.

Link at 14.

It still seems pretty vague on a lot of points to me, i.e., they say they are going to do whatever, but there’s no details on how it will be done. Am I missing something?

WHY THE FUCK IS THIS GUY STILL ADVISING ANYONE IN D.C.?!

better questions;

why isn’t he in jail

why isn’t he disbarred

anyway, I have a great play for obama regarding mccain’s play to “suspend the presidential debates to save the economy;

“John mccain only just last week was telling everyone the fundamentals of this economy are fine, if he had paid attention then when he should have would be more prepared now that we have to put our irons in the fire to solve this problem, he needs to demonstrate he can do more then one thing at a time if he intends on running this country

a case in point, the University of Mississippi and those associated with the debate will lose millions of dollars in revenue if the debate were cancelled, at this moment, the LAST thing we need to do is cause more economic loss in this crisis”

man, that would be good, obama can use it if he comes by to read my post

Hey, if they’re calling Yoo back, there’s something else afoot. Like, Bush wants to know what executive orders he can give.

Like, could Bush shut down the Stock Exchange?

like;

“hey johhhnnn…oh yoo hoo, I have another favor to ahhhsskk

would you mind righting another “opinion” for me puhleeze, I need to decalre this economic collapse a “catastrophe” so I can stay in office a tad longer, would you mind?”

like that?

I think he pimps out as a “constitutional law” guy.

like, can we give this much power to this appointee in the exec branch kinda guy.

the last couple of days some of us have been commenting on the blank check in dodd’s plan. (see threads here and here for example).

but bernhard points out something i missed. dodd’s bill is, in an important way, worse than paulson’s.

from bernhard:

The Mother of All Bailouts plan gives the Treasury not only authority to buy and sell Mortgage Backed Securities, but allows it to deal in any financial instruments including leveraged derivatives.

This evolved over the various versions.

The original Paulson proposal said:

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.– The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
…
Sec. 12. Definitions.

(1) Mortgage-Related Assets.–The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

All media reports and blogs I have read about this assume that the Treasury under this plan would only buy Mortgage Backed Securities, i.e. bonds backed my mortgage payments.

But the above language also includes Credit Default Swaps. Insurance contracts or derivatives, that guarantee the recoverability of MBS and change their value in relation to an MBS’ value.

The language in the Treasury Fact Sheed on the proposal is even wider:

Treasury will have authority to issue up to $700 billion of Treasury securities to finance the purchase of troubled assets. The purchases are intended to be residential and commercial mortgage-related assets, which may include mortgage-backed securities and whole loans. The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets.

It seems like the fact sheed exceeds the breadth of the released proposal.

Oh, you say, the Democrats in Congress will prevent the Treasury from morphing into a investment bank backed by $700 billion of taxpayer capital?

Here is Senator Dodd’s expanded proposal of the Paulson plan. The language is even worse than in the original:

SEC. 2. AUTHORITY TO PURCHASE TROUBLED ASSETS.

(a) OFFICES; AUTHORITY.—

(1) AUTHORITY.—The Secretary is authorized to establish a program to purchase, and to make and fund commitments to purchase troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with policies and procedures developed by the Secretary.
…
SEC. 21. DEFINITIONS.

(7) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—

(A) residential or commercial mortgages, and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case were originated or issued on or before March 14, 2008; and

(B) upon the determination of the Secretary, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, any other financial instrument, as the Secretary determines necessary to promote financial market stability.

The Dodd version gets lauded by Krugman, DeLong and other ‘liberal’ luminaries.

This while the bailout language morphed from “mortgage related assets” to “any financial instrument.”

The Dodd version added some nice little extras for a homeowners in distress and some oversight provision. But it also extended the scope of the Paulson plan far beyond housing and mortgages towards an all encompassing bailout for any financial issue.

Since 2003 Dodd collected over $4 million in contributions from Securities and Investment companies. His top five doners include Citibank, SAC Capital Partners and Royal Bank of Scotland. That may well be the reason why he does not want to keep the bill restricted to mortgage related assets but wants to include any financial instrument.

you can read the whole thing at moon of alabama (lots of linky goodness and interesting comments).

Whhaaattt? Ron Paul is proposing getting rid of the Fed?

thanks cbl2 and ecahn. off to read. will be back with comments if anything strikes me as interesting.

rut ro, didn’t want to dislike dodd, now I have to look into that option

rut ro

he has always wanted to get rid of the fed, he even minted his own currency

Oh doG Selise, I’m gonna cry

Things could be worse…apparently, McCain wanted Condi?
http://pageoneq.com/news/2008/Republican_source_Lesbian_rumours_ruined_Condoleezza_Rices_0924.html

ditto ruh ro

feds confiscate ron pauls currency

Federal agents, in a move that could have an impact on the presidential race, raided the Indiana office of the issuer of a private currency known as the Liberty Dollar — and seized tens of thousands of coins bearing the likeness of a presidential candidate, Rep. Ron Paul.

dodd just a human being like everyone else. some good, some not so good. on this issue, not so good. but you don’t have to dislike him. just dislike what he’s doing. who knows, maybe if we were to push he’d give us a hearing? might even change his mind.

I think I’m going to be seriously sick. PBS Newshour is now playing the POW card on behalf of McShame.

The thing that bothers me the most right now in this financial mess is the rush they are in to “fix” it. Nobody around today has dealt with this type of 1929 problem and it needs a steady hand and clear thought which can’t be done in a hurry. Do they have to “fix” it right now? Is the sky going to fall if it waits until after the election?

mccain was a pow?

haven’t heard that

Everybody grab their barf container…Bush is addressing the nation on CNN tonight..9:00 Eastern…

back from a quick read of tpm’s copy of what they are calling: Working Draft of House Bailout Plan .

no actual language. reads like either a summary, interpretation or talking points. maybe all three?

i don’t know. we’re not being told.

although, check my youtube clip from today’s hearing above. i thought they were talking about a $500 billion electronic run on money market funds during a 30 min period on thursday sept 18. but it’s not clear that is so, and i think other people listening to the hearing did not get that impression.

I have a fix;

“those that have morgages can keep their mortgage at a proper interest rate and the property will be re-assessed at current market value.

those who lose money on this deal knew the risks when they made these high risk loans, they eat it

when or if the house is sold, if it is sold at greater value then the assesed value, that monetary differance is recovered into the fund that made this program possible”

there, that’s a start, I haven’t worked out the details yet

Maybe the sky is going to fall. The years of Republics cutting taxes and increasing spending really are unprecedented. Maybe they haven’t told us the truth yet.

Bush certainly won’t tell the truth tonite.

Right. It’s too vague to tell anything. Devils & details.

You cannot believe the bs PBS is shoveling on McShame’s behalf. It’s disgusting.

My bet is that he’ll scare he shit out of the country and bully to get his own way. I’ll be interested in his body language. So far he’s been angry and scowling on the two prior occassions he’s made brief statements on this crisis.

Puppet Of Wallstreet

No more disgusting that Ms Palin trying to respond to Couric. Gag. Finally she told Katie she would get back to her….The woman is in costume…can’t tell what she is playing.

Oh frickin’ AQ…I’m reticent to suggest this…but the signs are converging. Here we have an economic crisis on the scale of that which might have resulted in the Great Depression. We have a Bush-inspired plan to centralize almost all tax-levying and budgetary power in the Executive Branch. We have JOHN YOO…the ultimate contortionist of Constitutional lawbreaking…returning to Washington. And we have McCain insisting that Obama must “suspend his campaign”.

All of this sounds like there just may be a plan to unilaterally claim power under a “national emergency” and suspend the election particularly if Congress doesn’t accede to the demands of Bush.

Just listen to McCain, who was happily campaigning and even preparing anti-Obama ads with a “you dunnit” nature for the alst week while chaos on the markets ensued…suddenly asking for bi-partisanship and “lets stop the campaign”.

Sen. Lindsey Graham, McCain’s representative in debate negotiations, said McCain will not attend the debate(s) “unless there is an agreement that would provide a solution” to the financial crisis. Graham, R-S.C., told The Associated Press that the agreement would have to be publicly endorsed by Obama, McCain, the White House and congressional leaders, but not necessarily given final passage by the House and Senate.

IOW No more debates? And that the agreement isn’t one that requires the normal Constitutionally mandated process of approval? What sort of democracy is THIS?

“Even as McCain said he was putting the good of the country ahead of politics, his surprise announcement was clearly political. It was an attempt to try to outmaneuver Obama on an issue in which he’s trailing, the economy, as the Democrat gains in polls. He quickly went before TV cameras minutes after speaking with Obama and before the two campaigns had hammered out a joint statement expressing that Congress should act urgently on the bailout.”

Of course, this means that McCain (and Bush) can claim that the electoral process is imminently unfair…that the election itself must be suspended. And Woo is up there now sketching out precisely how to undertake this.

Recall, however, that elections have been held during the civil war, WWI, WWII, during the Great Depression, and myriad other crises. There has NEVER, EVER been a suspension of an election in the history of our nation. And never has a candidate, other than a serving President, ever said that they would suspend their campaign. Ande even then the election went forward.

Cafferty reading emails that mostly say Bush is full of BS and we’re not interested in what he says.

I think I’m going to be seriously sick. PBS Newshour is now playing the POW card on behalf of McShame.

Oh come on, they bought into all that maverick, straightshooter, POW crap ages ago. Still thanks for the warning.

but in the middle of the McShame melt down, they are trying to pump him up.

Un f*cking believable.

And Paul is a major investor in Gold, Silver, Platinum and other non-monetary concessions. Ron is likely doing quite well, right now. Going to a “precious metal standard” would enrich them further.

Yes..they did shut it down…a few days later,Bush went on tv and told the people to shop.

drat! I missed tw3k

READ Wolcott. Priceless.

Right. It’s too vague to tell anything. Devils & details.

That Paulson wanted $700 billion (more than has been spent on the Iraq war over 5 1/2 years) and submitted a 2 page plan tells you everything. There are no details. So far the Dodd and other plans aren’t much better. It wasn’t just credit markets that froze up last week but the brains of every politician in Washington.

It is the Shock Doctrine. It is “give us the money and trust us” episode 423.

It is the Shock Doctrine. It is “give us the money and trust us” or else. episode 423.

slight correction proposed.

Breaking: The worst President in our history will give a primetime speech tonight outlining his deep thoughts on the subject.

*Insert bated breath here*

Preview of Kommander Guy’s speech: 9-11 9-11 9-11…OBama bin Laden…Pearl Harbor…Due to inaction by the Democratic Congress, to rescue the patriots of Wall Street I am forced to suspend the Elections and Congress.

I’m sure there’s a beerhall somewhere, where all the neocon conspirators still hang out and plot world domination over schnapps. Wolfie, Yoo, Kagan, etc, etc.

Lou Dobbs just said that Barney Frank will be on….(7:00 to 8:00 ET)

Anyone else feeling uneasy that Woo is back in Washington? Hmm could this have anything to do with the army units being assigned to duty here in the U.S?

selise! :D

“The fundamentals of the economy are still strong. And I’m still president.” Oxymoron.

damn. what a day.gotta go to the farm, but will catch you-all later for our dear leader’s attempt to scare the hell out of us without, you know, actually telling us anything.

between 7 and 8 sometime…

I meant Yoo not Woo

WHY THE FUCK IS THIS GUY STILL ADVISING ANYONE IN D.C.?!

They need to keep the circle tight. You have been covering these criminals for a long time, don’t you recognize their modus operandi? Yoo is a made man, they can’t talk to any punk lawyer off the street.

On C-SPAN 3 today, the Pension Benefit Guaranty Corp. president (I think that was his title) was being grilled. He was asked about the contracts at PBGC. I almost fell to the floor when Charles Millard said that a lot of the contracts/policies were of people who no longer existed or were dead or were of someone they couldn’t locate. Oh boy. That told me a lot of this crap is fake to bilk more money! Ghost people always make money for the criminals. Also, Charles said that they weren’t thinking of using the FBI to locate these people. Unfreakingbelievable.

Years ago I worked for an insurance company in the Workers’ Comp area and one day a bunch of important people walked into our office wanting our claims adjusters to go down through the files they brought in (hundreds) to see if there was an “X Surveillance Company” bill in it. Apparently, Acadia Insurance had an adjustor who had created a fake surveillance company to pay himself with! He stole hundreds of thousands of dollars from Acadia.

Nice huh? They’re even doing this kind of crap on Wall Street! Unfreakingbelievable.

There is a plank in the R platform that says “we do not support gov’t bailouts of private institutions.” Have any of the R’s in Congress or Bush read this?

Maybe they are just having a friendly reunion so they can drool over all those torture pictures from Irag, Afghanistan, and secret prisons. Condi will be there, too…with her mushroom cloud speach.

Holy weewee Batman!!!

Are we in a B movie or what!!!

Hmmm…Why Yoo?

What the hell does the bailout have to do with anything that Yoo had his hands in????

Hmmmm..

How could Yoo be brought “back” at this time..??? Why would he be consulted??

What kind of recommendation is he making now???

I’m officially on alert.

George Bush probably said to Dick Cheney, “You need to be the one to fix this!”, and Darth said, “Great idea! I call Yoo right now!”.

Wagons circling while firing at each other. Can’t shoot straight either.

ee!

Puppet Of Wallstreet

Just exactly who is Wall Street these days? Who would call for the Gramm de-regulations and precipitate THIS crisis at just THIS moment?

Right. It’s too vague to tell anything. Devils & details.

That Paulson wanted $700 billion (more than has been spent on the Iraq war over 5 1/2 years) and submitted a 2 page plan tells you everything. There are no details.

Except they planned this for months, so the 2 pages is intentionally vague and over-empowering.

http://www.dailykos.com/storyo…..612/607556