Saturday, September 27, 2008

A Good Reason To Oppose $700 Billion Wall Street Bailout...Chamber of Commerce Supports It.

This in from "The Hill"...

Seems that the Chamber of Commerce wants the $700 Billion dollar BAILOUT, and they want it ALL AT ONCE before the Congress goes out on leave. That's right, they want every single penny of the bailout, and they want it with NO STRINGS attached, and have had their lobbyist beating the drums on Capital Hill all week, also successfully lobbying to have the Middle Class Bankrupcy house rules cut out of the Bailout Bill.

If the Chamber of Commerce wants this package, that is the exact reason why America's Middle Class should OPPOSE IT. You see, the National Chamber of Commerce is OUR ENEMY. They support Amnesty for 25 million illegal aliens, they support a LIBERAL Guest Worker program, as both depress our wages, and create CHEAP LABOR for large greedy corporate scum sucking pigs! (Too harsh?) They supported the change in Bankrupcy laws that protected corporate assets in bankrupcy, yet made it all but impossible for private Middle Class citizens to get a fresh start in life when things like medical bills bury them under and avalanche of bills. They oppose any law that would make it mandatory for companies to provide REAL HEALTH CARE to their employees, oppose any increase in the minimum wage, and in fact would like to see the minimum wage ELIMINATED. Do yourselves a favor...BOYCOTT any business that is a member of the Chamber of Commerce, and tell your elected officials that we demand a bailout FOR THE LOWER AND MIDDLE CLASS if there is to be a BAILOUT FOR WALL STREET.
Don't buy into the bull shit that is trickle down economics.

U.S. Chamber presses for full, $700 billion package

By Brendan Sasso
Posted: 09/25/08 06:01 PM [ET]

The U.S. Chamber of Commerce pressed hard Thursday for Congress to approve a full $700 billion bailout package for Wall Street before it goes into recess.

Bruce Josten, the group’s executive vice president, said passing temporary measures and delaying a full package until after the election would represent “severe brinksmanship and hubris on the part of Congress.”

Some of Mr. Josten's nefarious diatribe:

The solution proposed by Treasury is to allow the Treasury to remove $700 billion in illiquid and impaired assets from the system. While this proposal has been described as a bailout with a $700 billion price tag to the American taxpayer, it is not. The Treasury would purchase up to $700 billion of impaired and illiquid assets from the financial markets, but these assets would be purchased at a price that is significantly below par value. As a result, the Treasury would place up to $700 billion of taxpayer money at risk, but the ultimate cost of the package will not be determined until the Treasury ultimately disposes of the assets and will almost certainly be significantly less. Congressional oversight will help to insure that the immediate pricing and ultimate sale of these assets will keep taxpayer cost to a minimum.

Mr. josten's presents a bit of a RED HERRING in this paragraph...he wants to paint this as a long term WIN for Tax Payers when it fact it is not. Let's say we bought one trillion dollars (when sold) worth of these undervalued assets for our $700 Billion dollars in tax payer dollars.

1. We are going to have to pay INTEREST on that $700 Billion until such time as we actually SELL THOSE ASSETS.

2. Government employees are going to manage these assets...that is going to cost money in office space, personel, so forth and so on. Further, at some point when these assets are put back out on the market place, a salesperson (real estate broker) is going to be getting a commission on the sale of these assets.

3. Lastly, that is money that could be put into other areas of our economy that would CREATE JOBS through the building and repair of infrastructure as one example. What is the lost productivity costs in tying up some $700 Billion of our taxes dollars, and wouldn't we in the Middle Class be better off if that money were being used to put AMERICANS (legal citizens) back to work.

By the way folks, if you get a chance to talk to this dip shit, ask him WHY HE and the NATIONAL CHAMBER OF COMMERCE want to kill the E VERIFY system that is 98 percent effective in identifying ILLEGAL ALIENS trying to take a job that rightfully belongs to an American citizen, or a legal immigrant to our country. Face it folks, the National Chamber of Commerce is nothing but a blood sucking leech, a vile scourge on our Middle Class American Society. when you think of slithering, self obsessed, venoumous vipers on K Street, the worst stench in the Lobbying Community, the National Chamber of Commerce is right at the top of the heap.

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