Yeah I chilled out yesterday and read this 450 pages. To be true I have read the half. The poison is just layed out on the first 110 pages or so. I can agree with that plan to 0.15714 %. (Come back to this figure later)<\/p>\n
The meshed everything together, to „heal the world“ be it some tax relieve stupidity, or some „writing “ about power from regenerate means. If I understand this paper correctly the whole is what will be decided upon. I can why they handle it that way, but I just disagree.<\/p>\n
The „plan“ is still absolutly unacceptable (at least it would for me as Congress man). Sure there are definitly improvements, but the base line still is bailing out 700 Billions to cover „troubled assets“ more or less to the mecy of Mr Paulson (at least currently).<\/p>\n
Now let’s just point out a few „oversights“.
P 9 (e) Prevent Unjust enrichements. …. including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset.<\/p>\n
Ok with that Mr Paulson get the right to pay for junk exactly as for non junk. So the ceiling is 100 the worth of the papers maybe 30 or less. Unjust enrichment, „don’t try me devil“….<\/p>\n
This stuff is repeated on p 10 3). Shame on you if you find something disturbing you.<\/p>\n
Very nice Sec 103 (1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national deb.<\/p>\n
Could it be in the interest of taypayers to give out 700 B. ? The while thing spreads FUD in every comma. The implication is It’b better to give out 700 B now then to suffer … what?<\/p>\n
I spare you to cite (6) in that thing, which just adds sugar for the „not to reach“. If you don not have bread eat some cake…<\/p>\n
Then follows the improvements I mentioned. At least Paulson has to report to the congress has to work with some overview etc. Howerver we come back to Paulson a bit later ….<\/p>\n
Now again comes something disturbing. The secretary should decide whom to put under stricter regulations, but later the mention also that it’s up to the secretary to relax other regulation on coroprations taking part with this program. You got it. He has to justify himself, but he can decide whom to support and whom not….<\/p>\n
Now we come to the mentioned rols of Mr Paulson Sec 108 Conflicts of Interest.
Heavens the secretar itself falls under this, he can not be trusted in any way with decisions here.
It’s absurd, the secretary full in favour of helping his fellow friends in the banking sector should take care not too choose someone not beeing in a conflicts of interest.<\/p>\n
The only one you can trust the secretaries position is an investment banke, standing strictly against this „plan“, one may ask him\/er if he\/sh is „willing to serve“. Paulson is way too willing to serve ….<\/p>\n
Then comes anothe small improvement. Putting caps on the income of the highest paid executive officers, but just as long as they are on this plan…. Hear, hear<\/p>\n
Sec 112 ask other countries to help with this program… Well I guess we’ve taken our share of foul debts, but what shall’s one can always try….<\/p>\n
Now comes ss a „wonderful“ part Sec 113. (1) Minimizing negative impact „The Secretary shall …. use … under this Act in manner that will minimize any potential long-term negative impact on the taxpayer…<\/p>\n
It get’s a bit worse in (2) and is overtuned in (3) by a few magntitudes.
(3) Private Sector Participations. The Secretary shall encourage the private sector to participate in purchases of troubled assets.<\/p>\n
It’s so insane that one can not believ this was written down. Paulson should encourage „his“ fellow people to take part. What part should they pick. One could imaging the worst… Do you believe that. They are encouraged to „cherry picking“ and that’s about unjust enrichement.<\/p>\n
Then it goes a long way on how the plan should be decided upon, who else may supervise it and the like.<\/p>\n
Sec 119 is another improvement, named Judical Review and Related Matters. That’s appropriate… IMHO.<\/p>\n
It goes to some Special Inspector General, which I have no idea about. I hope the congressmen and women do…<\/p>\n
Then comes a congress oversight panel, that’s another improvement<\/p>\n
Then after another 10 or so pages we strand on p 84 and there we have Sec 127 Cooperation with the FBI. In the next 4 lines everything about criminal background is written down.<\/p>\n
Guess that 110 pages and 4 lines about „taking care of the guilty“. It the only time something negative is written „fraud. malfeasance…<\/p>\n
Now think about the secretary — how was his name . Ah yes Paulson, ex-CEO of Goldmann Sachs….<\/p>\n
You bet throwing out will have impact on the inflation. No way read Sec 136 (c).<\/p>\n
Sec 302 is again sugar for the Congressmob, it’s about tax treatement of compensation of the corporations taking par in this program.<\/p>\n
After that we com to a completly unrelated Divison B part Engergy Improvement and Extension ACT of 2008.<\/p>\n
I’ve not cited every part and I’m sure I missed some real important things. I do not know enough about how decisions are cared out in congress and how and if one can repeat them. Howerver in some of the pages I mean to understand if the congress has decided this will not be possible to take back. I can not understand this.<\/p>\n
Now at last let’s come back to the 0.15714 %. Well the figures of Div B and C cover around 1.1 Billion, that sounds „reasonable“. Div A asks for maximal 700 B. So 1.1\/700 * 100 = the magic number above.<\/p>\n
All in all my objections have not been stilled a bit. The plan is not a plan it’s a „Golden Parachute“ for gamblers. Paulson itself can not take the lead in this work. So in that way it’s absolutly beyond repair.<\/p>\n
I hope Congress decides against it and start looking for real enhancements. Rule one should be let, those pay who have gained through this sham.<\/p>\n","protected":false},"excerpt":{"rendered":"
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