It is time to take back America from Wall Street and return it to Main Street USA.



Treasury Secretary Paulson is attempting to ram down the throats of US taxpayers, a $700 billion bailout of Goldman Sachs (GS), JPMorgan (JPM), Citigroup (C), Morgan Stanley (MS) and other many other banks that participated in questionable if not fraudulent mortgage lending schemes.



Those corporations have padded their own pocketbooks and handed out billions of dollars in bonuses and stock options over the past few years, all based on mythical profits.



Now those same corporations are asking U.S. taxpayers to bail out their bad lending practices to the tune of $700 billion. No Deal!



Mad Rush To Judgment



This past week has been noting short of amazing. President Bush appeared before the nation stressing a sense of urgency. Paulson and Fed chairman Bernanke have done the same thing before Congress. Inquiring minds are asking "Why The Rush?"



The answer is simple: If people see the actual details of the proposal they will understand it is a bad deal for the taxpayer and a great deal for Wall Street.



It is the very same mad rush to judgment that kicked of the War in Iraq. Does anyone remember talk of "mushroom clouds"? Does anyone remember Dick Cheney saying "We know where they are"? This week we see the same action from Paulson and Bernanke.



The only difference is the message this time is about "financial mushroom clouds". The rush is needed because if anyone looked at the deal they could see taxpayers being left holding the bag.



Break In The Ranks



Tonight we see an unprecedented break in the ranks from current Fed Governor Richard Fisher who says Bank Rescue Plan Would Worsen Fiscal 'Chasm'.



It is not often a Fed governor tells the Fed chairman to go to hell. But that is what happened just tonight.



Former Fed Governor William Poole has stated "These are grand ideas that cannot be executed. There will be one stumbling block after another. I am very leery of jumping in with emergency measures like this."



190+ Economists Slam Bailout



Over 190 top economists in the country have slammed this bailout on grounds of fairness, ambiguity, and long term effects.



Bloomberg is reporting Hundreds of Economists Urge Congress Not to Rush on Rescue Plan.



More than 150 prominent U.S. economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely.



In a letter yesterday to congressional leaders, 166 academic economists said they oppose Treasury Secretary Henry Paulson's plan because it's a ``subsidy'' for business, it's ambiguous and it may have adverse market consequences in the long term. They also expressed alarm at the haste of lawmakers and the Bush administration to pass legislation.



David I. Levine, a professor of economics at University of California-Berkeley, says the current plan being discussed has the wrong structure.



Erik Brynjolfsson, of the Massachusetts Institute of Technology's Sloan School, said his main objection "is the breathtaking amount of unchecked discretion it gives to the Secretary of the Treasury. It is unprecedented in a modern democracy."



"I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout," said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory.

Strategic Game Playing At Taxpayer Expense

I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout,

Long Term Interest Rates Rise

Long term interest rates are already up a half point on news of this bill.

Letter From Economists

House Speaker Nancy Pelosi Has sold You Down The River

Barney Frank Is Another Sellout

Former Treasury Secretary Paul O'Neill Weighs In

Former Treasury Secretary Paul O'Neill said today that our nation's leaders -- especially President Bush -- are "in a panic" and haven't thought through the $700 billion bailout plan in a rush to pass it by the end of the week.



"I don't think he understands or knows much about any of this and it shows," O'Neill said.



O'Neill, who served as Bush's first treasury secretary until being fired over diverging views with the president about tax cuts and other issues, didn't have favorable things to say about the economic policies of either presidential candidate, Democrat Barack Obama or Republican John McCain.



"I think most of what has been said by both campaigns about economic stuff is ill-informed and ill-advised," he said. Asked for specific problems, O'Neill said: "Everything."



"It is possible to re-liquefy the credit system without 'We the People' owning $700 billion worth of homes," he said.



CEO of BB&T Bank Weighs In

U.S. Treasury Secretary Henry Paulson's proposed $700 billion bank rescue aims to help "poorly run" companies and the primary beneficiaries would be Goldman Sachs Group Inc. and Morgan Stanley, said BB&T Corp. Chief Executive Officer John Allison in a critique of the plan.



Treasury "is totally dominated by Wall Street investment bankers" and "cannot be relied on to objectively assess" the impact of government policy on the financial industry, Allison wrote in a Sept. 23 letter to Congress. The letter was verified by Bob Denham, a spokesman for BB&T, North Carolina's third- largest bank.



Allison, 60, said Congress should "hear from well-run financial institutions" as lawmakers consider the plan, which seeks to ease the credit crunch by buying troubled mortgage- related assets. Under Allison, Winston-Salem, North Carolina- based BB&T avoided the subprime mortgage market, whose collapse led to the credit crisis. BB&T has risen 26 percent this year, the best showing in the 24-company KBW Bank Index.

History In The Making!

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Dear Senator/Congressional Leader



The Paulson plan is not workable. It is a sellout to corporate America at taxpayer expense.



Mad Rush To Financial Judgment



Today President Bush and Treasury Secretary Paulson are preaching the same story.



There can be no delay.

Sweeping new Powers for the Fed are needed.

The Treasury needs $700 billion dollars.

There is no time to study alternatives.

Senators, in your heart you know all of the above are lies. It was the very same mad rush to judgment that started the Iraq War. We do not need and cannot afford a financial mad rush to judgment.



Thee odds of failure on the Paulson plan are 100%. The Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed banks that took excessive risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes.



Long term interest rates are already up a half point on news of this bill. They will rise more if it passes. How is that supposed to help homeowners?



Robbing taxpayers to pay failed banks cannot possibly work!



Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world.



190+ Economists Slam Bailout



Over 190 top economists in the country have slammed this bailout on grounds of fairness, ambiguity, and long term effects.



http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm



What is it that Paulson knows that 190+ economists don't? After all Paulson was telling us all how safe the US Banking system was just a few weeks ago.



Paul Oneil Is Against The Plan



Former Treasury Secretary Paul O'Neill said today that our nation's leaders -- especially President Bush -- are "in a panic" and haven't thought through the $700 billion bailout plan in a rush to pass it by the end of the week.



"I don't think he understands or knows much about any of this and it shows. It is possible to re-liquefy the credit system without 'We the People' owning $700 billion worth of homes," he said.



BB&T Corp. Chief Executive Officer John Allison critiques the plan



Treasury "is totally dominated by Wall Street investment bankers" and "cannot be relied on to objectively assess" the impact of government policy on the financial industry, Allison wrote in a Sept. 23 letter to Congress.



The letter was verified by Bob Denham, a spokesman for BB&T, North Carolina's third-largest bank.



Our prayers are with you that you have the courage to stand up do what you know you must do: Block This Bill.



I cannot and will not vote for any member of Congress who votes for this bill in its current form or anything remotely close to the current form.



It is time to scrap the Paulson Plan and start all over.



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