Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Monday, February 2, 2009
Monday, October 6, 2008
Letter to Senator
Here is the letter I sent to my senator who voted Yes in the Stabilization Bill:
Dear Senator Kyl,
Thank you for your response to a previous email urging you to vote no. Please consider these points as to why the "stabilization" bill is a bad idea:
1. Creates lack of confidence in banks, markets, and the currency.
2. Government control of capital is govt. control of capitalism. Capitalism would have punished those who did wrong. Who is the government to bend capitalism to do your bidding?
3. Why would companies with debt worth anything want to participate in this?
4. It did not repeal the Community Reinvestment Act
5. Gives the Treasury TOO much power. Since we do not elect the Treasurer this is a very bad idea!
6. Brings us closer to hyperinflation by raising the debt to 70%-85% of our GDP, printing more money, and the reluctance of congress to deal with the problem. Instead you continue to make it worse by spending more money with a bottomless bank account, as proof by the shameless pork added to the bill and most other bills.
7. We will be stuck with the bill via inflation
8. It is unconstitutional for this bill to originate in the senate because of the added new taxes and a suit should be filed against all senators who voted yes on this bill by violating their oath of office.
I hope the "do nothing congress", turned "do something congress" will become the "do the right thing" 111th congress.
Sincerely,
Cydnie
Arizona
Dear Senator Kyl,
Thank you for your response to a previous email urging you to vote no. Please consider these points as to why the "stabilization" bill is a bad idea:
1. Creates lack of confidence in banks, markets, and the currency.
2. Government control of capital is govt. control of capitalism. Capitalism would have punished those who did wrong. Who is the government to bend capitalism to do your bidding?
3. Why would companies with debt worth anything want to participate in this?
4. It did not repeal the Community Reinvestment Act
5. Gives the Treasury TOO much power. Since we do not elect the Treasurer this is a very bad idea!
6. Brings us closer to hyperinflation by raising the debt to 70%-85% of our GDP, printing more money, and the reluctance of congress to deal with the problem. Instead you continue to make it worse by spending more money with a bottomless bank account, as proof by the shameless pork added to the bill and most other bills.
7. We will be stuck with the bill via inflation
8. It is unconstitutional for this bill to originate in the senate because of the added new taxes and a suit should be filed against all senators who voted yes on this bill by violating their oath of office.
I hope the "do nothing congress", turned "do something congress" will become the "do the right thing" 111th congress.
Sincerely,
Cydnie
Arizona
Thursday, October 2, 2008
Banks don't have to back your account with cash...at all
The Financial Services Regulatory Relief Act was passed in 2006. I'm not sure what prompted such a bill and the fact that it is law is just scary. What is worse is that hidden in the Emergency Economic Stabilization Act of 2008 are ammendments to this bill that give Banks the right to carry 0%-3% of deposits in available cash effective October 1, 2008. That means the changes eliminated the requirement for banks to keep reserves of cash on hand to cover deposits. So if you go into a bank and want your money they can tell you "Sorry, we're out of cash for the day." and it is perfectly legal. Take a look if you don't believe me:
Financial Services Regulatory Relief Act of 2006, Section 202, 203: http://www.govtrack.us/congress/billtext.xpd?bill=s109-2856
Emergency Economic Stabilization Act of 2008, Section 128 :
http://money.cnn.com/2008/10/01/news/pdf/index.htm
Here is the Original Code:
http://www.law.cornell.edu/uscode/pdf/uscode12/lii_usc_TI_12_CH_3_SC_XIV_SE_461.pdf
The Financial Services Regulatory Relief Act of 2006 made changes to the United States Code TITLE 12 - BANKS AND BANKING, CHAPTER 3 - FEDERAL RESERVE SYSTEM, SUBCHAPTER XIV - BANK RESERVES.
These changes weren't set to take place until October 1, 2011 but the bailout bill has ammended that date to October 1, 2008. Yea, yesterday.
Financial Services Regulatory Relief Act of 2006, Section 202, 203: http://www.govtrack.us/congress/billtext.xpd?bill=s109-2856
Emergency Economic Stabilization Act of 2008, Section 128 :
http://money.cnn.com/2008/10/01/news/pdf/index.htm
Here is the Original Code:
http://www.law.cornell.edu/uscode/pdf/uscode12/lii_usc_TI_12_CH_3_SC_XIV_SE_461.pdf
The Financial Services Regulatory Relief Act of 2006 made changes to the United States Code TITLE 12 - BANKS AND BANKING, CHAPTER 3 - FEDERAL RESERVE SYSTEM, SUBCHAPTER XIV - BANK RESERVES.
These changes weren't set to take place until October 1, 2011 but the bailout bill has ammended that date to October 1, 2008. Yea, yesterday.
Friday, September 26, 2008
Auto Industry Bailout and Deliberate Degradation of US Dollar
Auto Industry Bailout and Deliberate Degradation of US Dollar
$25 billion this year alone, to the Auto Industry? Not exactly big news compared to $700 Billion but it is being passed through congress. But the effects of passing such a bailout is already snowballing.
For some reason the government sees it of benefit to "tank" the dollar. Everytime the FDIC is allowed to back these loans and bailouts, it ultimately comes from the US Treasury which we the taxpayers are footing the bill for. While we may not receive a new tax bill in the mail, we will see it in inflated prices for everything due to excess of currency in print.
Using the current crisis atmosphere to quickly push through this bailout is reminiscent of the Patriot Act, the most wide-spread threat of civil liberty in US history.
I wouldn't be surprised based on articles from the Council on Foreign Relations and elsewhere if this opportunity isn't used down the road to consolidate currency in some form with either North American countries or even other industrialized nations.
Obviously, their argument would involve fear tactics and an appeal to strengthen currency confidence. In reality this is their plan for consolidating wealth and furthering their plans for a "New World Order". This would result in the dissolving of the sovereignty of the United States and the Constitution. It may not happen right away but maybe next year we should know if the atmosphere is set for it. It is bad but not bad enough, yet.
$25 billion this year alone, to the Auto Industry? Not exactly big news compared to $700 Billion but it is being passed through congress. But the effects of passing such a bailout is already snowballing.
For some reason the government sees it of benefit to "tank" the dollar. Everytime the FDIC is allowed to back these loans and bailouts, it ultimately comes from the US Treasury which we the taxpayers are footing the bill for. While we may not receive a new tax bill in the mail, we will see it in inflated prices for everything due to excess of currency in print.
Using the current crisis atmosphere to quickly push through this bailout is reminiscent of the Patriot Act, the most wide-spread threat of civil liberty in US history.
I wouldn't be surprised based on articles from the Council on Foreign Relations and elsewhere if this opportunity isn't used down the road to consolidate currency in some form with either North American countries or even other industrialized nations.
Obviously, their argument would involve fear tactics and an appeal to strengthen currency confidence. In reality this is their plan for consolidating wealth and furthering their plans for a "New World Order". This would result in the dissolving of the sovereignty of the United States and the Constitution. It may not happen right away but maybe next year we should know if the atmosphere is set for it. It is bad but not bad enough, yet.
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