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Breakdown of the Senate Version of the Banker Bill
- Text size
Infowars
October 2, 2008
Editor’s note: A funny — or not so funny — thing happened when we attempted to download and post the entire bill in PDF format… the file was corrupted. We are not sure if this was planned or if the Senate’s webmaster is incompetent. As for the failed version, the House server refuses to respond. Call it democracy in action.
SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION
Section 1. Short Title.
"Emergency Economic Stabilization Act of 2008."
Section 2. Purposes.
Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans.
Section 3. Definitions.
Contains various definitions used under this Act.
Title I. Troubled Assets Relief Program.
Section 101. Purchases of Troubled Assets.
Authorizes the Secretary to establish a Troubled Asset Relief Program ("TARP") to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision and the Secretary of Housing and Urban Development.
Requires the Treasury Secretary to establish guidelines and policies to carry out the purposes of this Act.
Includes provisions to prevent unjust enrichment by participants of the program.
Section 102. Insurance of Troubled Assets.
If the Secretary establishes the TARP program, the Secretary is required to establish a program to guarantee troubled assets of financial institutions.
The Secretary is required to establish risk-based premiums for such guarantees sufficient to cover anticipated claims. The Secretary must report to Congress on the establishment of the guarantee program.
Section 103. Considerations.
In using authority under this Act, the Treasury Secretary is required to take a number of considerations into account, including the interests of taxpayers, minimizing the impact on the national debt, providing stability to the financial markets, preserving homeownership, the needs of all financial institutions regardless of size or other characteristics, and the needs of local communities. Requires the Secretary to examine the long-term viability of an institution in determining whether to directly purchase assets under the TARP.
Section 104. Financial Stability Oversight Board.
This section establishes the Financial Stability Oversight Board to review and make recommendations regarding the exercise of authority under this Act. In addition, the Board must ensure that the policies implemented by the Secretary protect taxpayers, are in the economic interests of the United States, and are in accordance with this Act.
The Board is comprised of the Chairman of the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Director of the Federal Home Finance Agency, the Chairman of the Securities and Exchange Commission and the Secretary of the Department of Housing and Urban Development.
Section 105. Reports.
Monthly Reports: Within 60 days of the first exercise of authority under this Act and every month thereafter, the Secretary is required to report to Congress its activities under TARP, including detailed financial statements.
Tranche Reports: For every $50 billion in assets purchased, the Secretary is required to report to Congress a detailed description of all transactions, a description of the pricing mechanisms used, and justifications for the financial terms of such transactions.
Regulatory Modernization Report: Prior to April 30, 2009, the Secretary is required to submit a report to Congress on the current state of the financial markets, the effectiveness of the financial regulatory system, and to provide any recommendations.
Section 106. Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds.
Establishes the right of the Secretary to exercise authorities under this Act at any time. Provides the Secretary with the authority to manage troubled assets, including the ability to determine the terms and conditions associated with the disposition of troubled assets. Requires profits from the sale of troubled assets to be used to pay down the national debt.
Section 107. Contracting Procedures.
Allows the Secretary to waive provisions of the Federal Acquisition Regulation where compelling circumstances make compliance contrary to the public interest. Such waivers must be reported to Congress within 7 days. If provisions related to minority contracting are waived, the Secretary must develop alternate procedures to ensure the inclusion of minority contractors.
Allows the FDIC to be selected as an asset manager for residential mortgage loans and mortgage-backed securities.
Section 108. Conflicts of Interest.
The Secretary is required to issue regulations or guidelines to manage or prohibit conflicts of interest in the administration of the program.
Section 109. Foreclosure Mitigation Efforts.
For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer.
- A d v e r t i s e m e n t
Section 110. Assistance to Homeowners.
Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures. Requires federal entities to work with servicers to encourage loan modifications, considering net present value to the taxpayer.
Section 111. Executive Compensation and Corporate Governance.
Provides that Treasury will promulgate executive compensation rules governing financial institutions that sell it troubled assets. Where Treasury buys assets directly, the institution must observe standards limiting incentives, allowing clawback and prohibiting golden parachutes. When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000.
Section 112. Coordination With Foreign Authorities and Central Banks.
Requires the Secretary to coordinate with foreign authorities and central banks to establish programs similar to TARP.
Section 113. Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers.
In order to cover losses and administrative costs, as well as to allow taxpayers to share in equity appreciation, requires that the Treasury receive non-voting warrants from participating financial institutions.
Section 114. Market Transparency.
48-hour Reporting Requirement: The Secretary is required, within 2 business days of exercising authority under this Act, to publicly disclose the details of any transaction.
Section 115. Graduated Authorization to Purchase.
Authorizes the full $700 billion as requested by the Treasury Secretary for implementation of TARP. Allows the Secretary to immediately use up to $250 billion in authority under this Act. Upon a Presidential certification of need, the Secretary may access an additional $100 billion. The final $350 billion may be accessed if the President transmits a written report to Congress requesting such authority. The Secretary may use this additional authority unless within 15 days Congress passes a joint resolution of disapproval which may be considered on an expedited basis.
Section 116. Oversight and Audits.
Requires the Comptroller General of the United States to conduct ongoing oversight of the activities and performance of TARP, and to report every 60 days to Congress. The Comptroller General is required to conduct an annual audit of TARP. In addition, TARP is required to establish and maintain an effective system of internal controls.
Section 117. Study and Report on Margin Authority.
Directs the Comptroller General to conduct a study and report back to Congress on the role in which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.
Section 118. Funding.
Provides for the authorization and appropriation of funds consistent with Section 115.
Section 119. Judicial Review and Related Matters.
Provides standards for judicial review, including injunctive and other relief, to ensure that the actions of the Secretary are not arbitrary, capricious, or not in accordance with law.
Section 120. Termination of Authority.
Provides that the authorities to purchase and guarantee assets terminate on December 31, 2009. The Secretary may extend the authority for an additional year upon certification of need to Congress.
Section 121. Special Inspector General for the Troubled Asset Relief Program.
Establishes the Office of the Special Inspector General for the Troubled Asset Relief Program to conduct, supervise, and coordinate audits and investigations of the actions undertaken by the Secretary under this Act. The Special Inspector General is required to submit a quarterly report to Congress summarizing its activities and the activities of the Secretary under this Act.
Section 122. Increase in the Statutory Limit on the Public Debt.
Raises the debt ceiling from $10 trillion to $11.3 trillion.
Section 123. Credit Reform.
Details the manner in which the legislation will be treated for budgetary purposes under the Federal Credit Reform Act.
Section 124. Hope for Homeowners Amendments.
Strengthens the Hope for Homeowners program to increase eligibility and improve the tools available to prevent foreclosures.
Section 125. Congressional Oversight Panel.
Establishes a Congressional Oversight Panel to review the state of the financial markets, the regulatory system, and the use of authority under TARP. The panel is required to report to Congress every 30 days and to submit a special report on regulatory reform prior to January 20, 2009. The panel will consist of 5 outside experts appointed by the House and Senate Minority and Majority leadership.
Section 126. FDIC Enforcement Enhancement.
Prohibits the misuse of the FDIC logo and name to falsely represent that deposits are insured. Strengthens enforcement by appropriate federal banking agencies, and allows the FDIC to take enforcement action against any person or institution where the banking agency has not acted.
Section 127. Cooperation With the FBI.
Requires any federal financial regulatory agency to cooperate with the FBI and other law enforcement agencies investigating fraud, misrepresentation, and malfeasance with respect to development, advertising, and sale of financial products.
Section 128. Acceleration of Effective Date.
Provides the Federal Reserve with the ability to pay interest on reserves.
Section 129. Disclosures on Exercise of Loan Authority.
Requires the Federal Reserve to provide a detailed report to Congress, in an expedited manner, upon the use of its emergency lending authority under Section 13(3) of the Federal Reserve Act.
Section 130. Technical Corrections.
Makes technical corrections to the Truth in Lending Act.
Section 131. Exchange Stabilization Fund Reimbursement.
Protects the Exchange Stabilization Fund from incurring any losses due to the temporary money market mutual fund guarantee by requiring the program created in this Act to reimburse the Fund. Prohibits any future use of the Fund for any guarantee program for the money market mutual fund industry.
Section 132. Authority to Suspend Mark-to-Market Accounting.
Restates the Securities and Exchange Commission’s authority to suspend the application of Statement Number 157 of the Financial Accounting Standards Board if the SEC determines that it is in the public interest and protects investors.
Section 133. Study on Mark-to-Market Accounting.
Requires the SEC, in consultation with the Federal Reserve and the Treasury, to conduct a study on mark-to-market accounting standards as provided in FAS 157, including its effects on balance sheets, impact on the quality of financial information, and other matters, and to report to Congress within 90 days on its findings.
Section 134. Recoupment.
Requires that in 5 years, the President submit to the Congress a proposal that recoups from the financial industry any projected losses to the taxpayer.
Section 135. Preservation of Authority.
Clarifies that nothing in this Act shall limit the authority of the Secretary or the Federal Reserve under any other provision of law.
Title II–Budget-Related Provisions
Section 201. Information for Congressional Support Agencies.
Requires that information used by the Treasury Secretary in connection with activities under this Act be made available to CBO and JCT.
Section 202. Reports by the Office of Management and Budget and the Congressional Budget Office.
Requires CBO and OMB to report cost estimates and related information to Congress and the President regarding the authorities that the Secretary of the Treasury has exercised under the Act.
Section 203. Analysis in President’s Budget.
Requires that the President include in his annual budget submission to the Congress certain analyses and estimates relating to costs incurred as a result of the Act; and
Section 204. Emergency Treatment.
Specifies scoring of the Act for purposes of budget enforcement.
Title III–Tax Provisions
Section 301. Gain or Loss From Sale or Exchange of Certain Preferred Stock.
Details certain changes in the tax treatment of losses on the preferred stock of certain GSEs for financial institutions.
Section 302. Special Rules for Tax Treatment of Executive Compensation of Employers Participating in the Troubled Assets Relief Program.
Applies limits on executive compensation and golden parachutes for certain executives of employers who participate in the auction program.
Section 303. Extension of Exclusion of Income From Discharge of Qualified Principal Residence Indebtedness.
Extends current law tax forgiveness on the cancellation of mortgage debt.
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October 2nd, 2008 at 9:48 am
An open letter to all Americans,
We have brought your government into subjection to our super government.
This economic takeover was wholly the work of our hands. . . We were the first to cry among the masses the words Liberty, Equality, Fraternity’, since many times repeated by your stupid poll-parrots. This helped us to destroy the natural aristocracy of your people, on whose ruins we have set up the aristocracy of our educated class headed by the aristocracy of money. . . Our subordinate agents have been boring away at the last remnants of American authority; we have overthrown all established forms of order. We have advertised sedition-mongers as martyrs for the common good, though none will be permitted under our rule. This has brought many liberals into the ranks of our ‘cattle’. We have erased the word freedom from the lexicon; Freedom of the Press, of speech, of association and conscience has disappeared forever…. We have defined freedom as the right to do that which the law allows; this has served our aim very well, for we have made the laws! We are coming into our kingdom. For our purpose, wars did not result in territorial gain; the true battlefield has been the economic. Our international rights have wiped out your national rights. We created an intensified centralization of government to facilitate our control . . . We have so fermented things that the peoples of the world are crying out for one global government. . . Useless changes of government to which we instigated you STUPID Americans in undermining your state structures have so disheartened your people that they will suffer serfdom under us rather than go backward. One-third of our subjects will keep the rest under observation from a sense of duty. . . You STUPID Americans are a flock of sheep and we are their wolves. There has been no such thing as the silent majority because we have controlled their cry and hue. The only thing that existed was an unthinking majority and unthinking they remained; their only escape from our rigorous service was the opiate of our entertainment industry. By controlling industry, we have become the task masters and the people our slaves. When the pressure of daily toil built to an explosive degree, we provided the safety valve of momentary pleasure. The television and movie industries furnished the necessary temporary distraction. These programs were carefully designed to appeal to the sensuous emotions, never to the logical thinking mind. Because of this, you STUPID Americans were programmed to respond according to our dictates, not according to reason. We have castrated your society through fear and intimidation. Your manhood exists only in combination with a feminine outward appearance. Being so neutered, you STUPID Americans have become docile and easily ruled. As all geldings in nature, your thoughts are not involved with the concerns of the future and your posterity, but only with the present toil and the next meal. Our aim has been to debilitate the public mind by continually fomenting contradictory opinions and thus distracting it from serious reflections which might have caused resistance to our aims. . . Let the STUPID Americans be bewildered, for there is nothing as dangerous as personal initiative! So that the true meaning of things did not strike your society until the proper time, we masked it under an alleged ardent desire to serve the working classes. The Press has been in our hands. Not a single announcement reached the public without our control. This we attained in large part through our control of those agencies by which all news items have passed. . . We put out our own journals, disguised as coming from elsewhere so that readers followed the flag we hung out for them. We let you STUPID Americans discuss yourselves silly! Distraction was our principal aim — through amusements gambling and games of all kinds . . . have we not very successfully turned the brainless heads of you Americans? We have bemused and corrupted the American youth by rearing them in principles and theories we know to be false. We have discouraged independent thinking; our subjects were schooled only for the occupations allotted to them. . . Students did not busy themselves with questions of polity in which even their own fathers never had any power of thought. We chose administrators on their capacity for servile obedience. Ours was an invisible force, for which American Freemasonry unknowingly served as a screen. . . The aims of our organization of secret masonry were not even suspected by these STUPID cattle attracted to it. We multiplied Masonic Lodges as a means of gathering under our eye all those American who (were promised to become prominent in public activity), particularly all agents of international police, for they were useful both to enforce and to screen our activity. We puffed up their foolish egotism, their need for any little success, in order to keep them in line, for these tigers in appearance had the souls of sheep . . . They were incapable of the analysis and observation required for foresight, hence the inevitable subjection to ours of the brute mind of the STUPID American. Who would have ever suspected that all these people have been stage managed by us according to a political plan which no one has guessed at these many centuries? We have demonstrably and self-admittedly conspired for Centuries to control the events of this world. We take our high seats at the global helm of all things Political, Educational, Financial, and Religious; and, with little more than a phone call: command Kings, Presidents, and Popes; foment revolutions; bankrupt nations; cast worlds into war; set agenda, pass law, and corrupt morals! We have been endowed with power and wisdom from on-low in the Garden of Eden, sworn to serve our god and father satan; we, are a conscienceless super-intelligent elite group that have been given power from the other side of the abyss: to own, control, and corrupt this world. Though we have many names, we are Satanic by every definition of the word: by blood (Cain), by faith (Satanists), by deed (destroyers), and by power.
Master
October 2nd, 2008 at 9:51 am
“…the file was corrupted. We are not sure if this was planned or if the Senate’s webmaster is incompetent. As for the failed version, the House server refuses to respond…”
Seems like they are grasping at the straws in order to hide the truth.
October 2nd, 2008 at 9:53 am
#1:
Sorry to burst your bubble but the tragedy is all Americans don’t read websites like this.
October 2nd, 2008 at 10:08 am
#1: also you are a psychic reading my mind…where is my tin foil hat?
October 2nd, 2008 at 10:32 am
Hey, “letter to the american”
Bring your ass to alabama and I’ll be happy to show you how armed sheople take care of threats. If you think for one second we are under your dominance then it would be wise for you to reconsider your position. We don’t listen to stupid assholes like you ….the ones who are decieved by their own power and think they own the world. You may own kings and presidents, popes and whoever, but that doesn’t mean s---. Your power is a lie, you are deceived by the master of lies. You WILL lose.
October 2nd, 2008 at 10:33 am
Open Letter to Americans, there are still a few of us that will be a thorn in your side until the good Lord returns when you will be crushed with your master like the snakes you are.
October 2nd, 2008 at 10:38 am
The pigs are trying to feed at the trough again.
“The House” represents “The People”!
They will vote NO again!
Pork is pork no matter how you try to hide it
I’m amazed they added on so much pork in a time of Hank’s dire emergency!
October 2nd, 2008 at 10:39 am
open letter to America = truth
October 2nd, 2008 at 10:40 am
As we scan this “piece of work” we wonder how much of it was already written before the current crisis was announced (kind of similar to how the “Patriot Act” that was largely written BEFORE 9/11)…also, we cannot help but notice many things: take Sec. 122, Increase the statutory limit on the public debt: Raise the debt ceiling from $10Trillion to $11.3 Trillion…Have you all noticed how these debt “ceilings” keep gettin’ higher and higher? – a whole lot of “remodeling” is goin’ on…
October 2nd, 2008 at 10:55 am
number one is #1.
well said.
October 2nd, 2008 at 11:01 am
im willing to fight for my freedom .. the question is are you guys ready stop writing and try to prove how f---ed up the governments are.. dont just uncover the truth .. .. lets start are own army are own trained military … history has shown us that it has done before.. why not again.. it is true war is not the answer.. but do we have a choice.. i might be wrong but its kill or be killed…..
October 2nd, 2008 at 11:07 am
I’m not even gonna kiss ya first.
Rectal intercourse, anyone?
October 2nd, 2008 at 11:14 am
Alex Jones is satanic – he supports Ron Paul who supports the afghanistan war
October 2nd, 2008 at 11:16 am
It still feels real sometimes.
When the sunlight dawns
Stretches and yawns to wash off
the spots coughed up from last nights
forgotten, forget me nots.
It still looks significant
Like a border bound immigrant,
That lifts his kids over the picket fence,
for a simple glimpse of
first class citizenship.
It still sounds relevant
When the president declares war
against the poor and unfortunate
subordinates, that order him to step down everyday.
But the collective call from us all, falls on deaf ears.
Forget the tears of fear that kept us here.
It was all just a joke, and we went broke trying to find the punchline.
And now we’re staring down it’s barrel,
Our starved bodies buried in American Apparel,
still soiled from the narrow, crowded trains
that brought us through the rain, to this side of the gates.
We can smell the peril, burning near the train yard.
That’s our great march to the heavy beat of a betrayed heart.
We’re off to a headless start.
Every time the horn sounds, an American gets his bullet.
either in his gun, or his chest.
You either fight or die…or fight AND die.
That old, faithful, easy-out is dead.
You can’t passively vote to revolt,
There’s no such hope in that old
nonviolent mold, that no longer
holds water, because they’ve grown stonger
they’re here for your daughters, sons, and fathers
Kissinger says, your just all canon fodder,
So don’t bother, unless you’re all armed to the teeth
not just martyr’s for peace, harboring grief.
Because they have a plan…Do you?
October 2nd, 2008 at 11:26 am
Let me preface this by saying that I am Canadian, not American.
But if there were ever a time in my life that I feel American, it’s right now, as I write this.
Ever since 9/11 I felt, more than any time before that, that my American neighbours had been viciously cheated. When I saw bodies falling from the twin towers, I realized just how pointless and stupid things like national rivalries and hubris and American/Canadian jokes really are. With that came the sobering realization that our destinies are more aligned than many of us care to think.
I’ve been following the trail of ________ group’s (I leave a blank because no matter who you refer to – be it the Bush Admin, the Bilderbergs, the Secret Societies, the Bankers, or whoever – they’re all the same massive, twisted cabal in the end) misdeed and destruction for 7 years now.
I can say with confidence now that it doesn’t take a f---ing rocket scientist to realize that America, Canada and the rest of the world is not run by politicians, militias or even presidents. We are all under governance by _______ group, and that, my friends, is the sick reality of life as we know it.
I suppose it took the greatest market crash since the 30’s to realize that we are inexorably linked to America more than anyone else in this world.
The question begging we Canadians is – what’ll happen to us? Our Prime Minister never spat in the face of the UN when they told us to stay put in ‘03. We never borrowed billions from China and failed to pay it back. We never sent an army to decimate a country in the Middle East for -
- wait a second…we did do that last thing.
But at least our Prime Minister never stole his high seat in office.
Then again, he did recently get exposed for bribing a whole bunch of retired Golfers into voting for him back in ‘06.
Sweet Jesus. What else have we done that we have no clue of? What will happen to us in the aftermath of this madness?
What will Canada do when the fear spills into her end of things?
I’ll tell you what will happen.
We are now going to feel the bullwhipping of the laws passed after 9/11 – laws we found no reason to worry about then. Laws that wormed their ways from The 9/11 Commission into our House of Commons.
Laws that, unbeknownst in our ignorance, are virtually the same as their “Patriot Act” and “Rendition Act,” only they carry different names in our legislation.
Laws that, at the time, seemed ridiculous and typically de facto of a delusional Bush Administration bent on bagging those crazy terrorists.
Laws that, once passed, cemented yet another piece of foundation for what will soon be known as the “North American Union,” the elitists’ next order of business to complete their one world government.
But we always knew the score. Or at least, we could easily have known it.
Even if the corporate media hid things from us, it wasn’t like hundreds of steadfast American and Canadian journalists weren’t risking their hides to expose certain “disturbing” things. Things like constitutional changes that allow the President to deploy American troops on his own soil to prevent headaches like “public unrest as a result of civil chaos or emergency crises.”
Constitutional “adjustments” that grant the President’s suits permission to cavity search any random person that so much as looks at them the wrong way.
Constitutional “corrections” that give federal authorities power to kidnap you, gag you and ship you off to Cuba to get tortured by hired thugs.
It was under our noses all along. All it took was a bit of curiousity and some basic knowledge of google to unearth these filthy and venal bills that Bush and Harper were passing like wind.
But we were all too busy worrying about who was going to win America’s Next Top Model. We were too concerned with upgrading to that newer and shinier Blackberry. Our personal schedules were always more important than the everyday raping of constitutional laws that for the past century, have secured our rights and privileges in this free continent.
You can kiss all those so-called “rights” goodbye now (if you haven’t already).
If you’re Canadian, and you’re reading this, take a telescope and point it to the border and stare hard.
You might be able to see Lady Liberty make a run for it.
For the first time in history, our developed first world will taste true chaos, and as a result, our governments will be forced to keep things in order.
They will tart up this necessary form of control with a special term – “Martial Law.”
What no one really knows is that “Martial Law” is simply a euphemism for “Military Dictatorship.”
What no one really knows is that as you read this, North America’s leaders have hastened to order a “brigade, shipping in from Iraq and Afghanistan and all sorts of bases in Canada and America to serve as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks…for the next 6 months to a year.”
This means that once 600 or so million North Americans click and realize that they’ve been robbed of untold amounts of tax money, the US and Canadian military (or the soon to be “world police”) will be here to make sure you don’t overreact.
Once the sirens start to scream and the s--- starts pelting the fan, the streets will run rampant with all the little people who never saw this coming. Throngs of soccer moms and meddling executives and labourers and starved students will stampede in every which way like confused cattle before the butchering.
If you protest these bullies, they’ll call you seditious and beat you so bad you’ll never be able to cry again.
If you try to escape, they’ll run you down like rats and pen you up in your house with just cause.
If you conspire against them, then God help you if they find out.
Which they will.
Then, they’ll stick a microchip in your arm so that if you misbehave again, they’ll know where and when to end you.
Mass panic and fear will spread like wildfire. The right kind of fuel for this kind of coup.
This economic clusterf---, like the Iraq war and 9/11 and Pearl Harbour before it, is precisely what was needed in order to finally put this Bush Doctrine to work.
My American brothers, there’s some educating to do. The people of our great continent need to know who’s really been sodomizing them for the past 70 years. I wonder what they’ll think when they found out it was never the politicians and policy makers behind this after all.
I wonder what people will think 50 years from now when everyone realizes that this financial 9/11 did nothing but unearth more lies and deceit and give absolute power to the culprits of global tyranny – the central banks.
I wonder what children will think 50 years from now about the way we used to use cash money to go about business. I wonder if they will ever register all the blood, tears and grief that went into making the Amero currency that they will use.
Maybe Orwell had something.
My American brothers, there’s work to do.
I love each and every one of you as much as I love my Aunt and Uncle and cousins in Foxborough, Mass.
As much as I love my cousin in Miami, Florida. As much as I love my best friend in West Palm Beach. As much as I love my aunt in Albany, New York.
When the s--- hits the fan, I wont sit and watch like I did in 2001. I’ll already be on your side of the border and by your side in arms. For when they lie to you, and rape you of your money and plot against your freedom, they do the same to me and my countrymen too.
When the s--- hits the fan, know that 20 million of your Canadian brothers will be by your side.
We’re in this together.
There are approximately 400 million of us and no more than 1000 of them.
We must find a way to remind them of that…
October 2nd, 2008 at 11:49 am
Quick note on all of this… From what I have seen and I am only 35 years old… What if the non-passing of this bill is EXACTLY what the elitists want from us? I have come to expect reverse psychology from the parties for a long time now.. Just a thought on this, that is all. thank you for the time.
October 2nd, 2008 at 12:31 pm
A…ur an asshat. f--- in the general direction of off. and El…right on my brutha. technically you are american…you live on the continent of n america. so, technically all of this does apply to you as well. im glad to see a canadian that embraces us as brothers and sisters (im a sister). we do outnumber them if peeps would get their heads outta their asses and their faces outta football. man up! dont sit there and take it! viva la resistance!
October 2nd, 2008 at 1:00 pm
el leo supremacy, at this point nationality is irrelevant. more than canadian or american or afro-american or european, we are human beings. as such, we are not meant to become the slaves of anyone. the u.s. (and other countries) made that greivous error long ago with our african neighbors. it took a courageous man to stand up and say: no! no man’s destiny is to be enslaved by another. slavery was abolished, but the sadness remains that it was necessary to abolish something that should never have existed to begin with. race, creed, nationality, religious views… these things hold no meaning when we all face the same enemy that would enslave or kill us equally, without prejudice. our forefathers fought and died that we might inherit their dream of freedom and liberty for all men and women. it is not our right, it is our DUTY as freemen, to hold and protect this precious gift they created for us. americans and canadians have long exchanged good-natured rivalry and joking, but you are right… this horror transcends that. if all canadians view this as you do, then i feel optimistic about the future of both our countries. good luck and God be with you all.
October 2nd, 2008 at 1:33 pm
#16 El Leo
Thank you for your words of support and identification. It’s good to hear such sincere, consistent and steadfast words from out neighbor. Thank you for your consciousness and obvious love. It is returned by all those involved in this.
October 2nd, 2008 at 2:00 pm
Let Wall Street crash and burn like the crooked house of cards that it is. Why should American Tax Payers be stuck with their filthy, crooked gambling debts. Also, everyone should remember at this time the ” Put Options ” that where placed on the World Trade Center’s and American Airlines just before 9/11. Those that placed those ” Put Options ” sure knew what they where doing, didn’t they. Enough of these liar, crooks, and thieves, let their big crooked banks take the hit and pay their own losses.
October 2nd, 2008 at 3:52 pm
An open letter to all Americans Part 2,
We have brought your government into subjection to our super government.
This economic takeover was wholly the work of our hands. . .Capital must be free to establish monopolies so that its leaders shall have political force. By centralizing in our own hands the money-power of the world, we have throw all Americans into the ranks of the proletariat . . The American aristocracy benefited by having their people healthy and strong, we are interested in just the opposite. Hunger creates the right of capital to rule the worker. By want and envy and the hatred it engenders we have moved the mob. . . This hatred has been further magnified by the effect of an economic crisis, which has stopped dealings on the changes and brought industry to a standstill. By creating this crisis we have throw upon the street whole mobs of workers simultaneously in all the countries of World. We surrounded our government with a whole world of economists, bankers and millionaires, because in substance everything will be settled on the basis of figures. We have torn out of American heads the very principle of Godhead, replacing it with arithmetical calculation and material needs . . We have put industry on a speculative basis, for in that is our strength. Economic crises have been produced by us through the American by no other means than the withdrawal of money from circulation Huge pools of capital have stagnated, forcing States to borrow from them and thus become their bond-slaves.. . a State which has borrowed money at 5% has paid the whole sum in interest without reducing the debt. . . The State was thus forced to impoverish its masses in order to pay off rich foreigners. Why could those stupid Americans not have taken the money they needed from their own people. American governments could play tricks with internal loans but not the external, for they know that we shall demand all our money back…..(woah, sound of brakes screeching…) OK, enough is enough; this Open Letter to American part 2 as well as part one was only a ploy on my part to bring attention to those who are unaware of the Protocols of the Learned Elders. I merely copied and pasted from the Protocols and reworded to have it sound present tense. Otherwise it is word for word. The phrase STUPID Americans replaced the word GOYIM, which basically means “less than human”. That is how they refer to you. Wow, the look on some of your faces (comments). These Protocols were written long ago before the birth of this Great Nation. It is their game plan for the New World Order. To quote Mr. Henry Ford, in an interview published in the New York WORLD, February 17th, 1921, put the case… tersely and convincingly thus: “The only statement I care to make about the PROTOCOLS is that they fit in with what is going on. They are sixteen years old, and they have fitted the world situation up to this time. THEY FIT IT NOW.” This is the famed manuscript that ‘they’ don’t want you to read The Protocols can be read in full at: http://www.biblestudysite.com/plez.htm (Open Letter to American is not affiliated with the above website, so don’t blast him for this post. However go to his site and learn more of the dilemma America as well as the rest of the world is in) Peace to you in Jesus Christ
October 2nd, 2008 at 6:23 pm
This outline does not even begin to approach how devastating the actual legislation is. The first four sections alone if read word for word and analyzed, create a new arm of the government that the Secretary of Treasury solely presides over. This new “Treasury Branch” has the ability to do anything it wants to the market place without approval of congress. The only stipulation is that the “may inform Congress” of their decisions. Well they may not, ever think of that?
This new Treasury branch will essentially control all currency and assets within the marketplace (which means everywhere in America.) It gives the Secretary the right to buy, sell, or hold any assets of any financial institution. It defines a financial institution as any company, bank, credit union, etc. that holds, loans, or transfers wealth. This means not only banks can have their assets manipulated by the Feds, but so can the Western Union down the block. It allows unlimited power within this ability to manipulate funds to keep housing prices up (they are too high anyway, have been for decades,) keep the market place stable, or FOR ANY OTHER PURPOSE. All of this information can be found within the first 4 sections of the 110 page draft of the legislation.
October 3rd, 2008 at 12:39 pm
The house just passed the bailout bill about 1:30 eastern time. Sec. 112 contains the authorization to bail out foreign banks. Liberty or death!