25 September 2008

video: senator richard shelby says no deal on zionist wall street bail out scheme (yet)

"flawed from the beginning"
united states senator for alabama, richard shelby says that he had "an interesting meeting with the president and the vice president...and a lot of the leaders in the banking committees of both houses [of congress],

i can tell you, i dont believe we have an agreement, i have voiced my concerns all along...i have a five page, five pages of the leading economists in america, that wrote to me and the leadership saying -- 'the paulson plan is a bad plan, it will not solve problems, it will create more problems;

we're rushing to judgment, that we do have stress in our financial markets -- but this is not the best way, we ought to look at alternatives.'

this is not me, this is economists at harvard, yale, mit, university of chicago, our leading university's, five pages, it ought to tell you something. i brought it up in here [the white house meeting] i'am probably not welcome again."
UPDATE: copy of the aforementioned letter:
To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.

Signed (updated at 9/25/2008 8:30AM CT)

- the list of signatories is very long - 192 so far and include from here in louisiana james r. bartkus of xavier university. click here to view the entire list or here to download the five page .pdf.
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