Economic Glance
“Decisions 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,” the original draft of the proposed bill says.
And with those words, the Treasury secretary — whoever that may be in a few months — will be with vested with perhaps the most incredible powers ever bestowed on one person over the economic and financial life of the nation. It is the financial equivalent of the Patriot Act.
Treasury Secretary Henry M. Paulson Jr.’s $700 billion proposal to bail out Wall Street is both the biggest rescue and the most amazing power grab in the history of the American economy.
A Bailout Above the Law
Reporter Warns Staged Financial Crisis Part Of Fascist Coup
Huffington Post writer threatened by neo-con bloggers after urging readers to remember Prescott Bush's Fascist "Business Plot"
A reporter for the left leaning alternative news website The Huffington Post has been attacked by neo-con bloggers and phony right-wing patriots after pointing out that the current financial crisis is part of an intentional coup to transfer unprecedented power to the Executive Branch and place public funds in the hands of the global corporate elite.
Spitzer Whacked For Warning Of Financial Crisis, Bush Fed Targets Taxpayers As Bagholders
Spitzer's omen went further to note that not only did the White House do nothing, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye after 50 state Attorneys General and many legislative attempts failed to halt the worst of the predatory lending excesses.
The AGs and their banking superintendents fought the Bush Administration's use of a Civil War era banking provision which established federal preemption of all state predatory lending laws and the new rules which emasculated state consumer protections from national banks.
Can you trust a Wall Street veteran with a Wall Street bailout?
Making the rounds on the Sunday morning talk shows, Treasury Secretary Henry Paulson repeatedly said today's financial problems were long in the making. He should know. He was part of the Gold Rush that has brought the global financial system to the brink of collapse.
Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until President Bush nominated him on May 30, 2006 to take over the Treasury Department.
Confessions of a sub-prime mortgage baron
The former loan company boss now sees himself as little better than a mid-rank drug dealer.
"I almost look at the mortgage industry kind of like the drug trade. Wall Street and the investment banks are the Bolivian drug lords," he says. "You look at this and you go: What were we doing? Who doesn't want the feeling of euphoria? Who doesn't like to get money?"
He continues: "Wall Street, the drug lords, were creating this product. Lenders and brokers are the street dealers who were largely making it available based on a consumer desire; a want for it."
Bank of America chief: half of banks won't exist in 5 years
In a speech in Washington, D.C. on Friday, Bank of America Corp. CEO Ken Lewis said he envisions a banking industry that is smaller but better.
He declined to predict when financial markets might recover, but said that many banks will have to merge or be bought out in order to survive.
Failed Bank List
This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.
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