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Call them now and tell them that you do not want a trillion dollar bail-out.  Tell them that Congress needs to postpone their recess and come up with a better plan to rescue the economy.  Call (202) 224-7391 right now.

Let them know that you do not want to bail-out Wall Street to the tune of a trillion dollars.

This is a very short diary but I am watching the committee hearing now and Paulson and Bernanke are lying and ducking and dodging the questions Shelby has asked them regarding the other plans they explored before settling on this one.

I do not like it that Chairman Dodd is now saying that 'they're running over and they need to shorten their responses so everyone gets a chance to question' Bernanke and Paulson.

Call the Senate Banking Committee now and let them know that you do not want a bail-out!

(202) 224-7391 - (202) 224-7391 - (202) 224-7391.

Another Update: Per Randgrithr (thanks!), if you can't call from where you are, then fax the committee at (202) 224-5137.

Paulson is claiming that this bail-out will open credit markets for the taxpayer, that they are looking out for the taxpayer, that the taxpayer is the first concern but that every taxpayer will not avoid foreclosure.

This is a scam, a huge scam.

Bloomberg is reporting that Morgan and Goldman Sachs may receive the bulk of the trillion dollars.

This is a short diary that, if it stays on the list long enough, I will update.

Call (202) 224-7391 and tell them that you do not want a bail out of this huge magnitude!  Call now and keep calling until you get to respond.

U P D A T E:

SCAM confirmation: "Paulson Debt Plan May Benefit Mostly Goldman, Morgan" Source: Bloomberg

Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion U.S. plan to buy assets from financial companies while many banks see limited aid, according to Bank of America Corp.

"Its benefits, in its current form, will be largely limited to investment banks and other banks that have aggressively written down the value of their holdings and have already recognized the attendant capital impairment,'' Jeffrey Rosenberg, Bank of America's head of credit strategy research, wrote in a report dated yesterday, without identifying particular banks.

Many banks may not participate in the Troubled Asset Relief Program because they haven't had to write down as much assets under accounting rules, meaning decisions to sell into the program would cause them to lose capital, Rosenberg wrote. Investment banks operate ``under a mark-to-market accounting model while commercial banks hold assets at cost until realizing a loss (or until they reasonably expect one)," he wrote.

As of 2006, $521,000: The average pay of Goldman Sachs employees­ and that includes secretaries:

Hank Paulson, the chairman and chief executive, was paid $38m in salary, shares and options - a 21 per cent increase on 2004. An average figure per staff member of $521,000 bursts through a barrier not even breached during the dot-com boom in 1999 and 2000.

This is a 12 per cent increase on the $466,000 average disclosed for 2004. It is twice the level of average pay at rivals Merrill Lynch and Morgan Stanley.

US Rep. Kaptur of D-Ohio: JUST SAY NO TO THE BAIL-OUT!

She is on fire and she gets it exactly right.  Tell them NO!

Originally posted to 99 Percent Pure on Tue Sep 23, 2008 at 08:58 AM PDT.

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Comment Preferences

  •  just called (9+ / 0-)

    and got an answer. My points:

    1. Paulson has a conflict of interest
    1. There is not real justification for the amount
    1. The oversight is completely inadequate

    Some circumstantial evidence is very strong, as when you find a trout in the milk. - Thoreau

    by harrier on Tue Sep 23, 2008 at 09:00:54 AM PDT

  •  Thanks..I will watch on the puter (3+ / 0-)
    Recommended by:
    beltane, Lujane, Shhs

    I called but the line is busy..

  •  It is busy is there another number? n/t (2+ / 0-)
    Recommended by:
    99 Percent Pure, beltane

    The definition of insanity is voting the same way and expecting a different result. I'm talking to you FL,OH, KY, WV!

    by Shhs on Tue Sep 23, 2008 at 09:05:02 AM PDT

    •  That's the committee number. Keep calling until (1+ / 0-)
      Recommended by:
      Shhs

      you can get through.  If not today, then tomorrow, the next day and the next.

      DON'T GIVE UP! This is too important.  Also see LNK's comment in this diary with petition.

      KEEP CALLING EACH AND EVERY DAY UNTIL YOU GET THROUGH! DON'T GIVE UP! GET MAD BUT DON'T GIVE UP!

      "It is time for them to own their failure." Presidential Candidate Barack Obama, 08/28/2008

      by 99 Percent Pure on Tue Sep 23, 2008 at 09:11:37 AM PDT

      [ Parent ]

      •  When it is not busy it just rings and no one (1+ / 0-)
        Recommended by:
        loper2008

        picks up!

        The definition of insanity is voting the same way and expecting a different result. I'm talking to you FL,OH, KY, WV!

        by Shhs on Tue Sep 23, 2008 at 09:30:01 AM PDT

        [ Parent ]

        •  Okay I got through n/t (0+ / 0-)

          The definition of insanity is voting the same way and expecting a different result. I'm talking to you FL,OH, KY, WV!

          by Shhs on Tue Sep 23, 2008 at 09:32:13 AM PDT

          [ Parent ]

          •  I said those 3 things plus I added that (2+ / 0-)
            Recommended by:
            99 Percent Pure, loper2008

            I believed this crisis didn't start on wall street, but it started in cities like Detroit and Cleveland, and areas like Appalachia.  It is only now that Wall st. feels it.  

            They are asking so much of their fellow Americans, when they haven't cared about them for so long.

            The definition of insanity is voting the same way and expecting a different result. I'm talking to you FL,OH, KY, WV!

            by Shhs on Tue Sep 23, 2008 at 09:33:37 AM PDT

            [ Parent ]

  •  I've emailed my people (0+ / 0-)

    asking them to support Dodd's bill

    evstatus.com - Status of the Electoral College

    by FleetAdmiralJ on Tue Sep 23, 2008 at 09:05:43 AM PDT

  •  We should demand Paulson's (3+ / 0-)
    Recommended by:
    CA Nana, 99 Percent Pure, Lujane

    resignation. He has a clear conflict of interest and cannot be trusted.

    The weak in courage is strong in cunning-William Blake

    by beltane on Tue Sep 23, 2008 at 09:07:01 AM PDT

  •  More Talking Points. Thnx for Phone # ! (3+ / 0-)
    Recommended by:
    fiddlingnero, 99 Percent Pure, Lujane

     Call (202) 224-7391 right now.

    You'll be lucky to get time to say NO to the bailout and Congress should postpone their recess and come up with a better plan. No blank checks.

    Basic Talking Points about the proposed bailout.
    #1. No blank check
    #2. Congressional Oversight or no deal.
    Founding Fathers gave us three branches of government for good reasons.

    ----------------- Further Points:

    http://ourfuture.org/

    No Taxation Without Representation. If our tax dollars are going to buy bad assets from irresponsible bankers, the American people must get something for it. Equity in bailed out firms. Strong regulation so this doesn’t happen again. Stern public oversight. And, no golden parachutes for CEOs with our money.

    No Help for Wall Street Without Help for Main Street. To truly get our economy back on track, we must aid the victims, not just the predators. Freeze foreclosures. Renegotiate bad mortgages. Create jobs generating clean energy and modernizing infrastructure. Prevent cuts in local police, health, road and school budgets. Extend unemployment insurance and food stamps.

    No Insider Dealing. Wall Street can no longer be allowed to write their own laws. Legislators should refuse campaign money from Wall Street PACs or executives. We need a "time out" on contact between paid Wall Street lobbyists and elected officials while the crisis is addressed. Any congressional meetings with Wall Street officials must be immediately posted on a single website for complete transparency.

    Much more, online petition, articles:
    http://ourfuture.org/

    Recommended article with list of Progressive conditions for bailout:

    http://tpmcafe.talkingpointsmemo.com...

    -------------(text snippets from Public Campaign Action Fund )

    Tell Congress in no uncertain terms: no blank checks for Wall Street donors. The American people can't afford a special interest bailout.
    Where's the bailout for people who were taken advantage of by predatory lenders and have now lost their homes? How about a law that caps the sky-high interest rates banks can charge on your credit card? Can we limit the "golden parachute" for the execs who walk away from the bankrupt bank?

    Congress is bailing out their friends on Wall Street and sticking us with the bill. Tell them enough is enough: no blank check bailout for their biggest donors.
    If a bailout needs to happen, then make it come with strict provisions for regulation and oversight, and consequences for those executives and investors who fiddled while our financial security burned. Most importantly, include benefits for ordinary taxpayers in the bargain -- like full public financing of elections.
    It's almost sickening that Congress has accepted $2 billion from Wall Street bigwigs and other wealthy special interests to finance their campaigns. Let's give our elected officials a choice: they can either continue to accept big money from Wall Street bigwigs and big money special interests or qualify for a grant by showing broad based community support.

    -----------------
    From the Working Families Party:
    http://action.workingfamiliesparty.o...

    There are two conditions that must be attached to the bailout by the Democrats. First, it can't just be a bail-out for the big guys. It must include:
    i. Bankruptcy shelter for homeowners
    ii. Restructured mortgages for people in danger of losing their homes.
    iii. CRA requirements on investment banks and insurance companies
    iv. Outlaw - period! - predatory lending and cap usurious payday lending rates.
    v. Expand Unemployment Insurance and Home Heating Oil for people who are about to lose their jobs.
    Second, every executive at every firm that accepts the public's money must ALSO agree to a salary cap. Make it no more than ten times what the lowest paid person in their firm earns, to a maximum of $1 million per year. That's $20,000 per week. If they can't live on that, then we'll find executives who can. If they have to dip into their savings, what on earth do they think the rest of America is about to be forced to do?

    ------------ Good Background:

    comment on Daily Kos at http://www.dailykos.com:

    Bush Fired SEC Chief who wanted hedge fund regs

     
    Bill Donaldson was the respected head of the Securities and Exchange Commission who wanted to regulate the hedge fund industry.  For that reason, he was forced to resign in 2005.  The two Republicans on the SEC who faught his efforts are still on the Commission.

    Here's excerpts of a 2007 interview by Bill Moyers of Mr. Donaldson:

    http://www.pbs.org/...

    MOYERS: But you were one of the first that I remember calling for regulation of the hedge funds, when you were at the SEC. Why did you want hedge funds regulated? What's dangerous about them?

    DONALDSON: Well, these are private pools of capital. They originally started out as a way of investing by both going long and short stocks, supposedly market neutral, as they say. But through the years, the name "hedge fund" has been applied to any pool of capital that is not registered under the SEC--

    MOYERS: Unregulated?

    DONALDSON: Well, it-- yes. And this has grown, like Topsy. Latest figure's $1.7 trillion of money in hedge funds today versus-- that's ten times growth in less than ten years.

    Through a quirk in the regulatory structure hedge funds are not regulated like mutual funds are, or like investment advisors are, or like investment management and brokerage firms are. This is, I believe, just crazy, that we can have, you know, $1.7 trillion dollars. On some days, hedge funds account for 50 percent of the volume on the New York Stock Exchange. So it seems like we ought to at least understand what's going on in the hedge fund business.

    WILLIAM DONALDSON: And big risks. And the problem-- the thing that I think people don't understand is the impact that hedge funds can have on the marketplace itself...But the real issue is every time a hedge fund buys or sells something, it's doing it with the public, with institutions, with the market. And I think we need to know a lot more about the techniques that are being used in the marketplace itself. ... The SEC is-- that's its role: investor protection. And a protection of the markets themselves, to make sure that they're being run properly.

    ROBERT KUTTNER: And I would add that there are two purposes to regulation. One is to protect investors; the other's to protect the whole system from systemic risk, from meltdowns. And when people talk about George Soros can take care of himself, people forget that other purpose of regulation, it's to protect the whole system. And the other problem is that pension funds and university endowments and-- the endowments of charities are now investing in hedge funds. So it is funds that sort of-- "

    ----
    Here's an excerpt of a 2005 article in the New York Times about Donaldson leaving the SEC:

    "...he often sided with the agency's two Democrats to the consternation of the two other Republican commissioners, Cynthia A. Glassman and Paul S. Atkins, and some in the business community.

    The agency's rulings provoked a corporate backlash that in recent months has become emboldened, gaining significant momentum as Republicans have become more powerful in the Senate and as the White House feels less constrained in the president's final term.

    The groups have complained about the agency's decision to impose tougher regulations on the nation's hedge funds and mutual funds."

    JPZenger was a newspaper publisher whose jury trial in the 1730s for seditious libel helped establish the freedom to criticize top government officials.

    by JPZenger on Tue Sep 23, 2008

    http://www.dailykos.com/...

    Media Reform Action Link http://stopbigmedia.com/

    by LNK on Tue Sep 23, 2008 at 09:07:20 AM PDT

  •  Question (4+ / 0-)
    Recommended by:
    Tanya, CA Nana, 99 Percent Pure, Lujane

    Listening to hearing.  They said Fannie and Freddie are 80% of mortgage market.  They are stable now with $ 200 billion infusion.  

    So how are they coming up with $ 700 billion for the remaining 20% of the mortgage market?

  •  Rings and rings. (4+ / 0-)

    They're too busy stealing our money to pick up the phone.

    When a government violates the unalienable rights of the people, it loses its legitimacy.

    by Rayk on Tue Sep 23, 2008 at 09:08:24 AM PDT

  •  I know that the tone of the questioning (2+ / 0-)
    Recommended by:
    99 Percent Pure, Lujane

    in this hearing isn't necessarily a sign of whether this thing gets passed or not or under what form it gets passed, but there are a lot of skeptical people on this committee.

    evstatus.com - Status of the Electoral College

    by FleetAdmiralJ on Tue Sep 23, 2008 at 09:08:53 AM PDT

  •  Fax numbers all committee members too. (1+ / 0-)
    Recommended by:
    99 Percent Pure

    Some of us can't make calls from the office...but I can send a faxor twenty.  :)

    Sarah Palin: So Right...She's Wrong.

    by BDsTrinity on Tue Sep 23, 2008 at 09:24:21 AM PDT

  •  FAX NUMBER (202) 224-5137 (1+ / 0-)
    Recommended by:
    99 Percent Pure

    The phone is busy? Use FaxZero and send them a fax for free. Bang something out in Word or Adobe. Arial Black is a great font for getting their attention, and unlike voicemail or email, faxes are hard to delete and ignore.

    Anyone who fails to see the historical parallels between Blackwater & the Nazi SS, or the DHS & the Gestapo, needs a serious reality check.

    by Randgrithr on Tue Sep 23, 2008 at 09:29:31 AM PDT

  •  What? did they think deregulating, not taxing (2+ / 0-)
    Recommended by:
    99 Percent Pure, Shhs

    the rich, allowing corporations to keep their taxable "assets" off shore, while spending five billion dollars a month on their stupid wars were going bring us....prosperity?

  •  Just got through. (1+ / 0-)
    Recommended by:
    99 Percent Pure

    The nice woman who answered the phone said she'd pass my message along.  Keep trying if you can't get through!

  •  SEC Fired 2005 for trying to regulate hedge funds (1+ / 0-)
    Recommended by:
    99 Percent Pure

    http://www.dailykos.com/...

    Bill Donaldson, the SEC Chief, was fired in 2005 because he tried to regulate hedge funds.  More at the link.

    JPZenger was a newspaper publisher whose jury trial in the 1730s for seditious libel helped establish the freedom to criticize top government officials.

    by JPZenger on Tue Sep 23, 2008 at 12:40:12 PM PDT

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