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http://www.aicpa.org/mediacenter/fva_faq.htm

Paulson’s Plan is a trickle down approach. The plan sprays $700 billion of as of yet non-existent taxpayer money onto Wall Street, which will reap huge fees for those companies Paulson selects to process this new Wall Street windfall. The idea is that Wall Street will assign “realistic” and specific dollar worth values to individual swaps and mortgage “packages” held by the banking system and insurers. The U.S. taxpayer would then “own” (as Soros calls them) “the dregs” of the economic barrel, while the “good stuff” will be held by Paulson’s Pals.

Last night, Representative Dennis Kucinich called the current bailout plan immoral.

What Soros proposes is to bypass Paulson’s Pals altogether, and to have the individual banks holding the questionable “securities” assign values, which can then be sold to the Federal Taxpayer Reserve System directly. By bypassing Wall Street, Soros estimates a monetary impact leverage increase of 12 times the actual money spent purchasing the mystical securities. (In the retail trade, this process is called Eliminating the Middle Man – in this case the Wall Street Aging Wunderkinds who created all these faith-based, sucker seeking securities in the first place.)

Soros also calls for lowering the minimum cash on hand requirements so important in containing the S&L debacle from the Reagan/Bush era.
(He calls the lowering “increase their leverage” of the recapitalized banks.)

Soros also critically calls for addressing the very root cause of the problem – renegotiating mortgage terms between the principals, making Wall Street participation in the process unnecessary, further keeping their fees/commissions to approximately zero dollars to the taxpayer.

If I seem unduly harsh of Mr. Paulson, let me explain. I have been a payer of federal taxes longer than Mr. Paulson has.
Mr. Paulson until recently headed Goldman Sachs. The approximately $750 million dollars he made at Goldman Sachs was in no small part due to his creating and selling the securities which Secretary Paulson is now in such a hurry to have Wall Street resell (the worst of those securities) to the U.S. Taxpayer – that would be me. Enough!

P.S. When Mr. Paulson left Goldman to become the U.S. Treasury Secretary, Goldman Sachs decided it had to much exposure in the magical mortgage securities market, and unloaded them onto other “innocents”. That is why Goldman Sachs stands today, and why Lehman Brothers, a competitor to Goldman, is gone.

I used the term faith-based in the context of (.. the full faith and credit of the U.S. Government – that which lacking, the U.S. dollar is merely artistically colored paper.)

“Students are in disagreement with a Wall Street bailout on the backs of students and working families in this country. We all know that American college students are graduating with more debt than ever before. Nearly two thirds of the 15 million college students (over 66 percent) graduate into debt that averages $19,300.

The United States is loosing jobs at record volumes and both low income and middle-income families are facing economic crises. The last thing young people will stand for is a golden parachute for Wall Street. Young people make up one of the largest voting blocs in this election and students are making a genuine and decisive impact in this 2008 cycle.

Where is the golden parachute for students, and the families that help them pay for an opportunity to realize the American Dream? We cannot stand by while parents take out fewer loans because of economic hardship forcing financial burden on the youth of the United States.

One thing is clear, this economic crisis will affect the United States for years to come and the generation that will suffer this burden in the long term is the youth of our nation. Student debt and this economic bailout will place more financial restraint on Americans struggling to pay off college loans. A generation of college graduates will not have the purchasing power that is anticipated and will scarcely be able to contribute to a slowing economy if nothing is done to protect them.

We call on congress to stand united in this election to say no more bailouts on the backs of students and working families in the United States. If congress is to pass out any golden parachutes before they break for recess, we ask that they save one for students too.”

Only 7% of the failures were from the lower income brackets – and those were almost all directly related to health and job related issues.

This is greed on greed action creating ganging up to rape pillage and plunder what remains of the American peasant, while Reid and Hoyer and McCain watched.

Reid Schumer Emanuel and Hoyer -and these other insiders – will pull the same tricks they’ve used for the past 7 elections to NOT help Obama.
It isn’t in their interests to help him win, nor is it in their interests to have a flood of new Progressive Congressmen kick their asses back home.

“Bullshit baffles brains”