FED Quietly Funding SECOND Wall Street Bailout! WAKE UP Main Street

A story that should be GRABBING headlines seems to be getting little notice today. It seems that the Fed is creating and funding a SECOND WALL STREET BAILOUT by buying up massive amounts of Short Term paper! Short term paper is a 90 billion dollar a day business...just HOW MUCH OF THIS PAPER IS BEING BOUGHT, and are we on Main Street again FUNDING THIS BUYING SPREE? Wake up Main Street, it's time to get some answers on this breaking story.

Fed to buy massive amounts of short-term debts

From the Associated Press

6:38 AM PDT, October 7, 2008

WASHINGTON -- The Federal Reserve announced today a radical plan to buy massive amounts of short-term debts in a dramatic effort to break through a credit clog that is imperiling the economy.

The Federal Reserve will buy "commercial paper," a short-term financing mechanism that many companies rely on to finance their day-to-day operations, such as purchasing supplies or making payrolls.

The $99.4 billion daily market for this crucial financing, which relies on investors rather than banks, has virtually dried up. That has made it increasingly difficult and expensive for companies to raise money to fund their operations. Commercial paper is a way of borrowing money for short periods, typically ranging from overnight to less than a week.

The unstable situation has left many companies vulnerable. The notion under the plan is for the government to provide a "backstop" that would give companies a new place to get cash, the Fed said. The action makes the Fed a source of credit for nonfinancial businesses in addition to commercial banks and investment firms.

The Fed said it is creating a new entity to buy three-month unsecured and asset-backed commercial paper directly from eligible companies.

The Senate's Wall Street Bailout Bill

I have just now managed to download the Senate's proposed Wall Street BAILOUT BILL and am starting to was through it. My first question...how can Main Street America have a REAL CHANCE to evaluate this bill of over 400 pages BEFORE THE SENATE VOTES ON IT? Trust me folks, they are about to blow something up OUR COLLECTIVE ASSES.

My first bone of contention is the huge BAILOUT LOOP HOLE that would let Wall Street get rid of almost every BAD INVESTMENT they ever bought. It reads:

(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

Read it carefully folks...ANY OTHER FINANCIAL INSTRUMENT! This is FAR WORSE THAN A BLANK CHECK.

More as I wade through this Screw Main Street Legislation.

Putting Wall Street Bailout Into Perspective For Minimum Wage Worker

Not to worry if you are making/earning minimum wage here in America! You only have to work 58 Million WEEKS to pay off the $770 Million dollars in Corporate Welfare being given to Wall Street's robber barons, regardless of what Ali Belshi has to say on the matter.

Sunday, September 28, 2008

Putting Bailout In Perspective For Minimum Wage Workers

Our Federal Government is about to give Wall Street $770 Billion dollars! Meanwhile, back in July the minimum wage LEPT to $6,55 per hour. Working a 40 hour work week, that is a pre-tax weekly wage of $262.00 or a yearly pre tax income of $13,624 IF YOU WORK 52 WEEKS A YEAR. It would take roughly 58 million 40 hour weeks of work at minimum wage to pay off this debt (with no interest).

http://www.dol.gov/opa/media/press/esa/esa20081024.htm

Federal minimum wage to increase to $6.55 on July 24

Agency also marks 70th anniversary of Fair Labor Standards Act

WASHINGTON — The U.S. Department of Labor reminds employers and employees that the federal minimum wage will increase to $6.55 on Thursday, July 24. With this change, employees who are covered by the federal Fair Labor Standards Act (FLSA) will be entitled to pay at no less than $6.55 per hour.

This increase is the second of three provided by the enactment of the Fair Minimum Wage Act of 2007. A third minimum wage increase to $7.25 an hour will become effective on July 24, 2009. Last year, on July 24, the minimum wage increased to $5.85 an hour.