Say "no" to Paulson's 700 billion bailout

Please contact your congressman or congresswoman and tell them "no" to Paulson's 700 billion dollar blank check.  This will cost the american taxpayer $6400 each, without possibility of oversight or punitive actions if Paulson is taking the american taxpayer's money for a ride.

The bill says:

Sec. 8. Review: %u201CDecisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.%u201D

This is exactly why we are in this mess anyways, lack of responsiblity on Wall Street.  Why in the world should we give a 700 billion dollar blank check to a former CEO (2 yrs ago) of  Goldman Sachs.  According to Bloomberg News, most of the bailout will go to Goldman Sachs and Morgan Stanley.  Both of these companies are not even operating in the red, for Quarter ending August 2008 their PROFIT was around 6,000,000,000 each.  Yes, 6 billion dollars in profit and they need bailouts!

Bernanke, chairman of the federal reserve, urged Congress today during the Senate Banking emergency hearing to pay %u201Chold to maturity%u201D value for these junk securities instead of what Wall Street has valuated them for.  When Paulson was asked about help for Main Street, he was dodgy at best and said, "people will lose homes" offering little guidance on how the average american will benefit from this bill.  While all congressman are concerned with golden parachutes, Paulson agrees but warns against measures to include this in the bill.  Congressman want limits on executive compensation. 

How about NO executive compensation?

If you took a loan for more than you could afford, did you get compensated???  NO, you foreclosed on your home, took a bankruptcy, and ruined your credit history.  The people that lived in your old neighborhood took a hit on their home equity, when your old bank fire sold your property.

If Congress feels they must sign this bill, let's make it fit three rules:
  1. Fix troubled homeowners loans with fixed lower rates to avoid ongoing foreclosures.
  2. Create a structured oversight and advisors committee on pricing these securities, and make sure the people are held legally responsible for their actions.
 3. No executive compensation for failing CEOs, CFOs, and board of directors.

American citizens do not receive handouts for maxing out credit cards, right?  That's exactly what Wall Street has done, they are still profitable but they've maxed out their credit on risky investments.

Half of all US start up businesses fail within the first year but are left in the cold, americans losing their homes are left in the cold, but we are seriously going to help some of the richest people in america out of the cold.  If they weren't so greedy, they would have been refinancing these predatory loans.

Thanks for taking the time to read this petition, if you do not agree that we need to fix this bill now, I have a bridge to sell you.  Contact me for details.