Thursday, October 02, 2008

Sen. Coburn: Congress won't "threat the cancer"

Oklahoma's Sen. Tom Coburn offers somethng different from the fixes people like Barney Frank, Chuck Schumer, Nancy Pelosi, and Maxime Waters want to foist off on us.

I hope you give a look and listen to what Coburn says.

Thanks to the Anon commenter who sent it.


Anonymous said...


OT...but still of interest.

"Wachovia faced a ‘silent' bank run"

Bob Steel, exhibiting the leadership and courage that made him famous at Duke. It sure didn't take the market long to pass judgement on old Bob.


Anonymous said...

The shot version:

'The Democrats and the Republicans have brought this country to where we are today. The next president will tak office over a wreck we have created. Please vote us out of office.'

I will not vote for an incumbent.

I will not vote for a Republican or a Democrat if there is another choice on my ballot.

Throw them all out - they have brought us to our knees, the Rs and Ds have done the damage. Partisan bickering divides and conquers the people so the government can pander and continue business as usual.

It ends here now for me. The next step is to withdraw my permission to be governed.

Anonymous said...

Here is the cancer.
This bill is unbelieveable.

What is in the bill:

$700 billion is not the limit: Section 115 of the bill says that the administration can, after notifying Congress and waiting 15 days, purchase and hold $700 billion of assets "at any one time." This is a remarkable loophole. It permits the Treasury Department to buy up, say, $700 billion in 2008, sell those assets off gradually over the next year at a (probable) loss, and repeat the same process in 2009. Losses to taxpayers, in other words, could exceed $700 billion.

Golden parachutes: There is no statutory dollar limit on how high executive salaries of TARP bailout recipients can be.

...production credits for "marine renewables" and specifications for "residential top-loading clothes washers."

The latest Senate version has ballooned to 250 pages, including a huge chunk on energy-related regulations, with no hearings on the final draft and only hours for politicians to review something that's quite complex.

A financial institution can buy $50 billion of financial toxic waste in the form of subprime mortgages, declare bankruptcy, and the Treasury Department is permitted to buy the toxic waste for $60 billion. Or $100 billion. Even though the Treasury should be required to pay _less_ than the original purchase price, that requirement does not exist across the board in this bill.

The U.S. Treasury would be authorized to "guarantee" home mortgages, essentially becoming a co-signer, to eliminate foreclosures. If the home-owner stops paying his mortgage, taxpayers will be on the hook.

And more...

The bill:

Anonymous said...

I sent him a thank you and my regrets that he felt he had to vote for it.

Anonymous said...

A powerful and meaningful address. It should be required reading for every American especially politicians, reporters, and opinion mongers.
Tarheel Hawkeye