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Paulson is A Chicago Democrat

Posted by Look2theWest on Tuesday, November 04, 2008 12:48:16 PM

According to Dana Perino, White House Press Secretary, no matter what rescue plan Congress gives him to sign, Bush “would look to his Secretary of the Treasury and …the Fed Chairman,” and ask them if this plan will save our economy. 

Wow, so even if 20% of the plan’s profits would go to ACORN, the massive corrupt leftist got-out-the-vote-for-Obama group, the President is going to sign it because Hank Paulson gives the thumbs up??  So who is this unelected man that the President has granted authority over $700 billion of our money?

I count myself among the better informed.  However, I did not know Hank Paulson was a Democrat, attended Harvard and lives near Chicago.  Isn’t Obama a Harvard grad who lives in Chicago?  I have nothing against common folk from Chicago but looking into Obama’s background gives me pause. 

Let’s take a quick review of the more famous Chicago power players:

In addition, it turns out that ACORN had a remarkable role, with help from Congressional Democrats like Chris Dodd and Barney Frank, in creating the toxic paper that our financial markets are now choking on.  

Section 8 of Paulson’s plan states: “Decisions by the Secretary pursuant to the …this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”  No review by a court of law or administrative agency?  So I can’t even “trust but verify”?

So, how are you feeling about trusting Hank Paulson with the largest rescue plan in U.S. history? 

We haven’t even talked about Paulson’s conflicts of interest given that Paulson was Chairman and CEO, after 32 years, at Goldman Sachs - which happens to be the last independent investment bank standing.  It’s been reported that despite “…bailouts and managed liquidations of Goldman competitors Bear Stearns, Merrill Lynch and Lehman…in which shareholder value was largely wiped out, Goldman’s stock could rise under the Paulson plan…”.

Lastly, thank God, are the recent reports that many of Paulson’s former executives at Goldman are “bundlers” for Obama’s campaign - going so far as to email, to Obama’s campaign manager, details of the “private” discussions between the Secretary and House Republicans.

THAT’S IT! 

Paulson must resign, along with the leading Democrats still pushing the toxic paper that’s crippling the world’s financial markets.

Before any rescue plan…Fire Dodd, Frank & Paulson!

I can’t wait for McCain-Palin.
 
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Fire Dodd, Frank & Paulson!

Posted by Look2theWest on Wednesday, October 01, 2008 2:01:13 AM

Hey Stupid Media Folks!

You just don't get it.  We want accountability with any rescue plan.  It’s like handing your car keys to your teenager right after he asks you to pay his $200 speeding ticket - responsible parents say no.

We don’t trust folks who caused the problem to fix the problem.

Here’s a plan America will support:

  1. Dodd, Frank & Paulson Must Resign – These three Democrats have betrayed the public’s trust with historic results and need to go now.  Their resignations will say loud and clear corruption in Washington caused the problem, not free markets.   
  2. 5 year phase-out of gov’t-sponsored sub-prime loans -the “toxic paper” that crippled our credit markets. 
  3. Suspend the mark-to-market rule – this will repair distressed bank balance sheets overnight (see below).
  4. 5 year suspension of cap gains tax – this will flood US financial markets with new capital and not penalize folks who invest in America when we need it most.
  5. Life the Ban on Offshore Drilling - this single act will lower structural costs for families and businesses across the country and around the world and grow the economy.

These five steps can be done quickly and will help restore confidence in our government and our markets.

As Frank Luntz said on Fox last night, during natural disasters, voters want action, during economic crisis, voters want accountability.   If this is “the worst crisis since the Great Depression”, why hasn’t anyone paid a price for causing it?  Yes, there was greed on Wall Street to market these exotic products based on “toxic paper”, but there’s been greed on Wall Street for three hundred years.

The reason we’re in a crisis now is because Democrats in Congress, under Bill Clinton’s leadership, and with Barack Obama’s help at ACORN in Chicago, quintupled sub-prime lending, from $200 billion to over $1 trillion during the 1990s.  Democrats (Dodd, Frank) created the toxic paper in the first place and (Obama, Biden) fiercely protected it in 2005 when Bush and McCain tried to enact reforms that would have prevented this crisis.

Here’s McCain’s prescient warning on May 25, 2006:

If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

Ideally, it would be great if McCain rallied Americans to support a plan like this.  Congress will follow us - not the other way around.

If Democrats start to resist lifting the ban on drilling, remove it at their request from the overall rescue plan and pass the other four points.  Then we can debate Drill Here, Drill Now, Pay Less with Democrats out on the campaign trail.

After a week, we can see how the market has responded to these changes and take further steps if needed, but I believe this is all free markets need to heal themselves.
 
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