Riffhard wrote on Feb 13^th, 2009 at 11:32am:


This is an interesting take from you because you whole heartedly embraced Hank Paulson's 3 page bankrobbery note back in September. . . .

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

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. (I can buy anything from anybody and pay anything I want).

(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation: (there are no limitations on the powers listed below or anywhere in this Act)

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties; (I can appoint anyone I want, subject to nobody's review but my own, to exercise these powers)

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts; (public contract law does not apply to me or any arrangements I make)

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them; (I can pass this power along to banks, stock brokers, or whoever the hell I please and they shall then have the full power of the US government behind anything they do related to this Act)

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and (we can concoct any new scheme such as bad credit swaps to accomplish what we want to do)

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act. (I can make new laws with the stroke of my pen!)

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.- -The authority of the Secretary to hold any mortgage- related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(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.

(2) Secretary.--The term Secretary means the Secretary of the Treasury.

(3) United States.--The term United States means the States, territories, and possessions of the United States and the District of Columbia.

Horseshit. As usual. The GOP at least tries to maintain some semblance of fiscal responsibility. The Dems are running us into the ground. The failure to "vett" (it's actually "vet") is embarrassing but it's only indicative of this idiot's failure to follow through. You had a chance to vote for someone who would bring genuine change & you voted for the asshole who is actually doing more of the same old same old. As "stupid" as W was, this guy's stupider. And that ain't easy!

Compared to what's going on now, yes. Now bugger off, creep.

Starbuck wrote on Feb 13^th, 2009 at 1:49pm:

Dear Mr. Doesn't-Have-The-Strength-to-Capitalize-Words:

Are you saying there's something wrong with killing radical A-Rab dictators and deposing their regimes?  It's a pity you wish that Sodomy Insane were still in power.  Lord help ya!  It would have been a lot better to just lob a couple of cruise missiles over to Afghanistan like Clinton did after the first World Trade Center attack and then call the job done. 

Wid Bill

Hmmm, this "stimulus" is 3/4 trillion in ONE YEAR! Think for yourself McFly! I agree that the GOP was less than pleasing when they ran all 3 branches but they were the very model of rectitude compared to this gang. There's a HUGE difference between the 2 parties & even if you can't bring yourself to admit it, at least you're (!) smart enough to realize that Obalama is ruining us with this porkulus bill. Too bad you didn't listen beforehand. You know that McCain wouldn't have brought this type of nonsense around.

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I believe that Scott Free is the lead singer of Riffy's new favorite band, A Country Mile. :hilarious

The only fiscal conservative that was in Bush's cabinet was Treasury Secretary Paul O'Neill. He was booted out in 2002 after he had the audacity to point out how reckless the Bush fiscal policies were.

A report commissioned in 2002 by O'Neill, while he was Treasury Secretary, suggested the United States faced future federal budget deficits of more than US$ 500 billion. The report also suggested that sharp tax increases, massive spending cuts, or both would be unavoidable if the United States were to meet benefit promises to its future generations. The study estimated that closing the budget gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase. The Bush administration left the findings out of the 2004 annual budget report published in February 2003.

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Hey Sweden sounds pretty sweet these days. . . .best healthcare system in the world, cute blond women with accents. . .what's not to love?

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And a happy FUCK YOU too DICK

Terrorism, faggits?  Goddamn.  Goddam, Christ almighty.

Here is a partial list of the options that were available to George Walker Bush III with respect to the captured Al Quada terrorists involved in the 9/11 attacks, who were imprisoned at the U.S. military base in Guantanamo, Cuba.

1.  Kill them

2.  Waterboard them every day

3.  Send them to a terrorist prison in Iraq (and do 1 or 2, above, if desired)

4.  Send them to a terrorist prison in Afghanistan (and do 1 or 2, above, if desired)

5.  Keep them in Guantanamo

6.  Convict them in a military trial

7.  Send them to a U.S. jail with no bond and then try them in U.S. criminal court

8.  Let them go absolutely free so that they can attack Americans again

He consistently chose option 8.  For the life of me, I can't figure out how demented and idiotic you would have to be to chose option 8 even once, much less as often as he did.

Can any of his many, many fans here try to explain the thought process involved in why he did that?  Its just baffling to me.  I don't get it.  I swear to fucking Christ, I do not get it.  And if I can gain the insight to suss this one out, maybe I'll get an overall understanding of how that kind of mind work as a whole, which may, in turn, make me a more sympathetic person with respect to retards.

Nellie, I didn't know George Walker Bush III was releasing Al Quada terrorists involved in the 9/11 attacks until around 10-15 days ago.  I don't think anyone else here did either, because no one had mentioned it.  In fact, I'll bet Sal O'Linsky, whoever the fuck he is, has been mentioned more times in the last 10 pages of this thread than George Walker Bush III's release of Islamic terrorists from Guantanamo.  That's odd, to say the least. 

In any case, the release of Al Quada terrorist has an issue shelf-life of 1 month at least.  I got two weeks to go.  Especially, if no one gives me a freakin' answer, man!

You are one of the few in this thread with the appearance of some common sense, Nellie.  You've read up on the almost unbelievable and radical changes in U.S. economic policy over the last 6 months.  You know George Bush III's practically overnight decision to start nationalizing the financial industry and appropriate taxpayer money for bogus Wall Street investments is BY FAR the real departure in over 150 years of economic policy and progress.  As a policy it dwarfs the spendulus bill in impact.  Its almost too stupid to compare the two in relative terms, yet here we are.

Anyway, wouldn't you say that is worth mentioning more than the readily available headlines in the dozens of articles these half-wits trip over themselves trying to cut-and-paste is?  Wouldn't you agree with me on that?  C'mon, vato, its Nation Time!

sirmoonie wrote on Feb 13^th, 2009 at 7:37pm:


Goober? Is that you? We've been missing you here in the "true" conservative world! Hell son if I didn't know better I'd think that you had a hard on for Bush, Mormons, and Germans! I know that you being a "true" conservative would hate the destruction of the American way of life that our last great president George Walker Bush could never have dreamed of. We're no longer looking at socialism Goober we are looking at straight up fascism the likes that we haven't seen since 1936 Germany! What say you, Goober?

Fuck it, right? Let's just keep bitching about the guy that has zero power! You being a "true" conservative and all it makes sense to bitch about Bush! Obama gets a free pass from a "true" conservative like you.


After watching the last (and first) three weeks of the sheer idiocy from Barry, the likes of which this nation has not seen in over 200 plus hundred years, let me be the first say that I would take George Walker Bush for another 100 terms over this clueless moron! What say you Goober?!

Goob I must say that you are the stereotype upon which all lawyers are judged. Sad. That is hurtful to say, because I know some very smart lawyers. Some on this very board. You, sadly, are not among them. From this point forward I will consider you nothing more than a liberal pansy assed "social worker" with an unhealthy obsession about our last president, Germans, and Mormons. Feel good about that Goober. You are helping the intellectually challenged because you are their leader! Bravo!!


Goober there is no shame in being a state paid social worker.  Suck that Obama cock Goober! While you're at it make damned sure sure you point out our last president's failures while ignoring Barry's. You are such a "true" conservative!

Riffy

PS-On a personal note-go fuck yourself.