seeking_truth_1 0 Report post Posted September 26, 2008 I found this letter to Senator Dodd online regarding the proposed Finance and Banking Industry bail out What do you think we should do...? Sen. Dodd, I want to clearly outline my position on the current government-bailout plans being debated in Congress. As you were the top beneficiary of campaign donations from Fannie Mae , I think you should pay special attention to this situation. I am a resident of Connecticut and I vote. In addition, I work on Wall Street. For years I have been warning people against what is currently happening in our equity and credit markets. Some of us on Wall Street are not shocked by these events; they did not suddenly appear. The issues we face today are a direct result of the easy credit policies that have existed since 2002. Wall Street takes much blame for enabling easy credit by creating bonds called collateralized debt securities or obligations. These securities were backed mainly by residential mortgages. The details are beyond the scope of this letter, but one important fact is these securities were sold by Wall Street as lower-risk, high-yield instruments. Such a relationship is financial alchemy -- it simply does not exist. For years, it has been obvious that companies like Countrywide Financial Corp. and Fannie Mae have been helping Wall Street by originating and buying these securities. That was the time Congress should have acted. No money down, teaser interest-rate loans should never have been allowed. Yet no one acted. In fact, those at firms like Goldman Sachs Group reported record profits. You personally should have acted at that time, and by not doing so you failed the people of Connecticut and the United States of America. Today we are faced with Henry Paulson and Ben Bernanke telling us that if we don't provide a massive government bailout, the system will crash. I want to be very clear -- let it crash. It will not hurt the average American more than the rampant inflation that has been fueled by Bernanke's easy-money policies. In fact, letting the system crash will cause investors to think twice about how they allocate capital and in the long run will allow our country to prosper. That is how capitalism works. Passing any bailout plan is completely un-American. Government has no business in the free markets, and frankly this plan is a complete bailout of Wall Street. The same people who told you we didn't have a problem are now blackmailing the American people. Yes, not passing this plan will likely cause the markets to decline, but I can assure you they are going to decline no matter what government does. If you think the government knows better than the free market, you are not a capitalist. Our country is founded on capitalism and small government. If you vote for this plan, I will not vote for you and I will aggressively work to help your opponent get elected. This is a critical issue. The public-opinion polls are overwhelmingly against these plans. The media and Congress keep saying people do not understand the issues. I clearly understand the issues. I understand them better than you do, and I also understand your clear conflicts of interest. Regards, Paul Jaber Jr. Manager, Perpetual Value Fund Share this post Link to post Share on other sites
seeking_truth_1 0 Report post Posted September 27, 2008 Here's a very interesting video that explains why there are so many failed loans and where they came from http://www.youtube.com/watch?v=H5tZc8oH--o Do not take the information at face value...Please do some research and verify the information presented Share this post Link to post Share on other sites
sadichka 0 Report post Posted December 22, 2008 I read a book last year: The Two-Income Trap; Why Middle-class Mothers & Fathers Are Going Broke by Elizabeth Warren and Amelia Warren Tyagi The book essentially states that the new bankruptcy law changes that went into effect would cause financial disaster and ultimately topple the housing market. The banking industry would retain and increase it's profits on the backs of working Americans. Jobs would be sent out of the country and unemployment would rise. The lack of income would cause payments to be missed and charges would be assesed. Your credit card rates would start to skyrocket if you paid your phone bill late thanks to the new law. Hillary Clinton, as First Lady, met with Elizabeth Warren and listened to the reasons that the bankruptcy law would decrease bankruptcy protection for families and ultimately increase the chances of them losing their homes to foreclosure. Unfortunately she conveniently forgot how this law would impact the economy and voted "yes" for the bill in 2001 as a freshman Senator. On page 24 of this book Elizabeth stated to Hillary Clinton: "The pending bankruptcy bill would effectively dismantle bankruptcy protection for families...making it more difficult for families to hold onto their homes." It was not surprising to learn that the banking industry executives were contributors to Hillary's Senate campaign. She received $140,000 in a single year making her one of the top two contribution recipients in the senate: purchased by the banking industry. I am not surprised with the economic meltdown. The impact of greedy bankers and investors started years ago and has finally reached the pockets of the wealthy. Cheryl Share this post Link to post Share on other sites
seeking_truth_1 0 Report post Posted December 22, 2008 It's a horrible situation that has not found a bottom yet Greed for financial gain is at the root of the mess ""No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve both God and money." (Matthew 6:24 NLT) I read a book last year: The Two-Income Trap; Why Middle-class Mothers & Fathers Are Going Broke by Elizabeth Warren and Amelia Warren Tyagi The book essentially states that the new bankruptcy law changes that went into effect would cause financial disaster and ultimately topple the housing market. The banking industry would retain and increase it's profits on the backs of working Americans. Jobs would be sent out of the country and unemployment would rise. The lack of income would cause payments to be missed and charges would be assesed. Your credit card rates would start to skyrocket if you paid your phone bill late thanks to the new law. Hillary Clinton, as First Lady, met with Elizabeth Warren and listened to the reasons that the bankruptcy law would decrease bankruptcy protection for families and ultimately increase the chances of them losing their homes to foreclosure. Unfortunately she conveniently forgot how this law would impact the economy and voted "yes" for the bill in 2001 as a freshman Senator. On page 24 of this book Elizabeth stated to Hillary Clinton: "The pending bankruptcy bill would effectively dismantle bankruptcy protection for families...making it more difficult for families to hold onto their homes." It was not surprising to learn that the banking industry executives were contributors to Hillary's Senate campaign. She received $140,000 in a single year making her one of the top two contribution recipients in the senate: purchased by the banking industry. I am not surprised with the economic meltdown. The impact of greedy bankers and investors started years ago and has finally reached the pockets of the wealthy. Cheryl Share this post Link to post Share on other sites
sadichka 0 Report post Posted March 3, 2009 does anyone know what obama's new stimulus plan includes? cheryl Share this post Link to post Share on other sites
lastinline 0 Report post Posted March 5, 2009 does anyone know what obama's new stimulus plan includes? cheryl A stimulus toward what? This whole thing gives me the strong impression that this is part and parcel to a further consolidation of more and more power in fewer and fewer individuals hands which plays right into the demise of all who are out of sic with the Whole Truth of total dependence on the Lord God for all of one's substance. The truth is that we all forget that Jesus is Lord over ALL things that we at times, wrongly feel the Lord is not taking care of our needs, instead they are actually our desires. I believe that in these troubling times, what is happening now is that SO MANY people are desiring stability in their life and fear instability. With this fear they wrongly seek people to just take care of the problem, without realizing the consequences. A quick analogy to me would be, abortion. A women and many times the man want a quick-fix to the problem they are faced with, so they just quickly kill the problem, without realizing the long term consequences. By being a believer in the mid-tribulation rapture, I can see where people will so easily fall for accepting the "Mark of the Beast" to continue to receive benefits from the powers that be. I myself, as I see my 401-K falling like a rock, in moments of weakness think, why won't this idiot, Obama, do something to stop this fall. But, remember if in fact Obama were to be credited with saving our 401-K's and/or economy, would ONLY bring everyone closer to the predicament of the masses increasing their crazed thoughts of him being a type of "messiah," sound familiar? Christ, warned us about persons just like him. My belief is that the Rapture will take place before this "mark of the beast" will required to survive and only Believers who have put their full dependence in Jesus Christ of Nazareth as LORD will be taken up (raptured) into the clouds to meet the one and only, "Messiah, the Lamb of God" before this happens. Revelations 13: 16 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name. NKJV Откровение Иоанна 13: 16 И он Ñделает то, что вÑем, малым и великим, богатым и нищим, Ñвободным и рабам, полоРено будет начертание на правую руку их или на чело их, Furthermore, I believe when someone uses the phrase "Jesus is my Lord" without realizing the full magnitude of this statement is missing the mark, pardon the pun. The word LORD as it is used in the New Testament was making the contention that, a person's Lord is the one and only one that you have COMPLETE DEPENDENCE on for absolutely EVERYTHING. This person is and can ONLY be GOD!! Most of us have heard the statement "be careful what you wish for, because you may get it," with all of us hoping for some signs of relief to problem we have presently, but will the medicine that is being used turn to the evil poison of dependence on someone other than our Lord God. Each of us needs to know who in FACT is our LORD GOD. Please remember that eternity is a whole lot longer then our present problems will last, if indeed this current chaos will soon usher in the Great Tribulation. Also, the "new israel" heresy which makes continual emphasis on the "thousand year millennium," seeming to be long time, but actually it is minuscule when compared to eternity. Click get an Answer to: Who is Your "LORD" lastinline (with eyes on the prize) Share this post Link to post Share on other sites
sadichka 0 Report post Posted March 5, 2009 thank you l.i.l. for that response. my sister-in-law sent me a link to view the specifics of the stimulus package: http://www.stimuluswatch.org/project/by_state Share this post Link to post Share on other sites
seeking_truth_1 0 Report post Posted March 6, 2009 The term is "pork" or earmarks The plan contains an inordinate amount of funding for "pet" projects that really have no bearing on the economy Unfortunately, this "stimulus" is nothing more than an over-reaching power-grab by what I consider socialists and not "democrats" "Universal" heath care and other such programs that enlarge the size of government to historic proportions and further the agenda of the left All of it being pushed through as quickly as possible under the guise of "emergency bailout" GDP cannot and should not be sustained by consumer spending The US needs to export more than it imports and, by virtue of the profits generated from those sales, will create We should re-name the thread THREE Trillion Dollar bailout By the way, the US Government is broke and lacks the ability to spend their way out of anything short of turning on the printing presses Can you say hyper-inflation? "And I heard a voice from among the four living beings say, "A loaf of wheat bread or three loaves of barley will cost a day`s pay. And don`t waste the olive oil and wine."" (Revelation 6:6 NLT) Obviously this is speaking about the 70th week of ***** and we're not there... However, we are going in the right direction does anyone know what obama's new stimulus plan includes? cheryl Share this post Link to post Share on other sites
psneesoup 0 Report post Posted March 25, 2009 If you are inclined towards some conservative viewpoints try this eye-popping site - www.Heritage.org. I don't care for broadcasts anymore. Share this post Link to post Share on other sites
lastinline 0 Report post Posted March 28, 2009 Oh NO! You must be one of those rascaleee, Rush Limbaugh listeners (KMJ 580AM & now 105.9 FM). lastinline (where it's fun to be Conservative) If you are inclined towards some conservative viewpoints try this eye-popping site - www.Heritage.org. I don't care for broadcasts anymore. Share this post Link to post Share on other sites
