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:
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.
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!