Congressman Dennis Kucinch - Bank bailouts are an unprecedented fraud

[G_j]

Congressman Dennis Kucinch - Bank bailouts are an unprecedented fraud
February 2nd, 2009 | Banker Bailouts
http://www.dailynewscaster.com/2009/02/02/congressman-dennis-kucinch-bank-bailouts-are-an-unprecedented-fraud/
By: D. H.
Williams @ 10:34 PM - EST


America continues to be fleeced by big business and politicians from Harry Reid to John McCain and Barack Obama. Both parties are eager to give billions in your money to the financial interests who support them in return.

Banks have received billions and perhaps trillions (No one is really sure of the amount since details are kept secret.) of dollars of U.S. taxpayers money creating a debt that will take generations to pay off and most certainly will cause currency deflation in the near future. And what have the banksters done so far with their windfall? Spent millions on super bowl parties and private jets.

And now even as the majority in both parties negotiate to give the banksters billions more only a few lawmakers willing to speak out. One of those who has opposed these disastrous bailouts is Rep. Dennis Kucinich (D-OH).

“We shouldn’t be approving any more of these TARPS. We should force this economic system to come to terms with their speculative practices. With their misspending. With their bad investments.” Kucinich continues, “This is a fraud that’s being perpetrated on the American taxpayer on a scale that is unprecedented in the history of our country.”

Viedeo: (Sorry but it's) Fox:
http://www.youtube.com/watch?v=oxHINf0ItHg&eurl=http://bulletins.myspace.com/index.cfm?fuseaction=bulletin.read&authorID=294247991&messageID=6324195356&MyTokeniurl=&feature=player_embedded

[ZombieHorde]

1. DK 2016!

[NorthCarolina]

20. Until then DK for HHS in 2009

[tomp]

22. why wait? nt

[ZombieHorde]

34. I am willing to give Obama a chance for now.

There may be a time where I do not want him to be reelected, but that time has not come.

[bigwillq]

2. DK is awesome!

:bounce:

[netania99]

3. He sure is. n/t

[valerief]

47. He most certainly is! nt

[Royal Sloan 09]

4. Unprecedented fraud indeed eom

[readmoreoften]

5. Keep up the pressure, DK. Speaking truth to power at power's own dinner table.

[terisan]

6. thank you Kucinich. Accountability to the People, Now !!!! nt

[yurbud]

7. we should send troops to restore order on Wall St.

[ixion]

8. I've said it before and I'll say it again: KUCINICH ROCKS!!

:woohoo:

[SergeyDovlatov]

9. Thank you, Dennis!

[Peace Patriot]

10. We've finally found the "weapons of mass destruction"--on Wall Street!

And, as I recall, they hardly missed a beat, after 9/11, in wreaking financial destruction around the land.

[slipslidingaway]

11. Unprecendented fraud!!! K&R n/t

[bdamomma]

12. Dennis always telling it like it is.

he is such a good guy.

[AzDar]

13. Kooch!!

:headbang:

[Grey]

14. Good Man.....

Speaks truth to power.

[chill_wind]

15. To the possible tune of $28,333.33 per man, woman and child

for the entire U.S. population.

http://www.huffingtonpost.com/ismael-hosseinzadeh/too-big-to-fail-a-bailout_b_163302.html


k & R for DK.

[Karenina]

16. . .

[malaise]

17. Dennis is correct

as usual

[DemReadingDU]

18. per article: THE PEOPLE SHOULD BE ALL MARCHING IN THE STREETS

This was a comment in the article:
"HI
IM FROM CANADA, IM WATCHING THIS ALL COMIN DOWN IN THE USA WITH DISBELEIF WHERE ARE THE PEOPLE THEY SHOULD BE ALL MARCHING IN THE STREETS WHAT THE HELL ."

http://www.dailynewscaster.com/2009/02/02/congressman-dennis-kucinch-bank-bailouts-are-an-unprecedented-fraud/


posted by Waiting For Everyman
All over the world, economic protests against globalism
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=4961375

Why are there not protests in America?
Why aren't hundreds of thousands of Americans protesting the bailouts to the corrupted banksters?

[irislake]

25. I'm amazed too!

American's take everything sitting down. In front of their corporate TVs. Unbelievable

They accepted 9/11 without going after the Bush government for being either criminally negligent or complicit, crappy health care, wars they don't want -- and not a murmur. Their protests are confined to writing about it on DU? And so it will continue --- corporate rule and the belief that "socialism" is bad. Pity!

[DemReadingDU]

27. It's not that we don't visibly protest

There are always protests for or against something. But the media doesn't show them on the evening news when the people find out what's going on in the world.

There needs to be a big protest, millions of people, to get on the news. There were millions who come out for Obama's inauguration. Obviously, people do get moved emotionally.

Maybe when the majority of people lose their jobs, have no food and no warm place to sleep, then the millions will protest.

:shrug:

[Fire1]

41. True . Not enough people have been affected.

[pleah]

19. Yep.

Been saying that all along. Out right theft.

[AlbertCat]

53. Out right theft.

Out Rightwing theft.

The last looting before they go.

And the Dems are so engulfed in 19th century solutions, because the Right has been championing them since 1980, they are actually considering the failed ideas. We know what works. (Tax cuts ain't one of the things that does.) Dems did what works in the early 20th century. That is the model to emulate and revise for today, not the failed policies that contributed to this mess. Dem are scared of notions like "Nationalize the banks" because that is the dreaded SOCIALISM that will destroy the universe!!! Or so Repugs have said since the 1930's
and Dems STILL believe them....even when Europe has shown things are not so cut and dry.....or scary.

[pleah]

57. Yes, it certainly was.

[yy4me]

21. It seems this man is always on the right side of issues. At least

as far as I have read and heard. He has the spine required to speak up and stand behind what he says.
There should be some spot for him in Obama's Cabinet.

Secretary of Honesty and Common Sense.

[G_j]

24. Secretary of Honesty and Common Sense!

:thumbsup:


he has remained courageous, and rock solid consistent

[Iwillnevergiveup]

23. Video no longer available

Leave it to Faux.

[2Design]

26. kick for dennis n/t

[natrat]

28. obama is bought and paid for it seems, i'm shocked i tell ya

Wednesday, February 4, 2009
The Bad Bank Assets Proposal: Even Worse Than You Imagined

"Dear God, let's just kiss the US economy goodbye. It may take a few years before the loyalists and permabulls throw in the towel, but the handwriting is on the wall.

The Obama Administration, if the Washington Post's latest report is accurate, is about to embark on a hugely expensive "save the banking industry at all costs" experiment that:

1. Has nothing substantive in common with any of the "deemed as successful" financial crisis programs

2. Has key elements that studies of financial crises have recommended against

3. Consumes considerable resources, thus competing with other, in many cases better, uses of fiscal firepower.


The Obama Administration is as obviously and fully hostage to the interests of the financial services industry as the Bush crowd was. We have no new thinking, no willingness to take measures that are completely defensible (in fact not doing them takes some creative positioning) like wiping out shareholders at obviously dud banks (Citi is top of the list), forcing bondholder haircuts and/or equity swaps, replacing management, writing off and/or restructuring bad loans, and deciding whether and how to reorganize and restructure the company. Instead, the banks are now getting the AIG treatment: every demand is being met, no tough questions asked, no probing of the accounts (or more important, the accounting)."

http://www.nakedcapitalism.com/2009/02/bad-bank-assets-proposal-worse-than-you.html

[acmavm]

29. You know, sometimes I think this is the ONLY guy in Washington

who ever tells the truth. And that includes the rest of the bozos on our side.

Thank goodness DK isn't afraid of them mean old repubics.

[G_j]

31. close to it,

he never backs down either.

the guy is as sturdy as an oak,
no wonder there has been a consistent effort to paint him as "loony".
He is the sanest of them all!

[rainy]

30. The host poked fun of DK as just being a politician saying what

do you know, why should they listen to you, you are a politician. Well doesn't the politician represent the people? And, isn't it the people who are paying the bill for the ill-deeds of the corporations being bailed out? The host forgets that DK speaks for us, who are usually forgotten in the discussions.

[ooglymoogly]

32. Denise; You da man.

once again ad infinitum

[ooglymoogly]

61. Thats Dennis. nt

[katty]

33. go Dennis

[riqster]

35. That's why I supported him in the Primaries nt

[Greyhound]

36. Error: You've already recommended that thread.

I hate it when I do that.:grr:

The fact that they've sucked so many into buying the false premise is pretty depressing.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford

[Name removed]

37. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[earth mom]

38. Kucinich-one of the few lights in the darkness of Washington D.C.

I'd completely lose the very thin sliver of hope I have if not for Kucinich and other people like Gore and RFK Jr.

[Individualist]

39. K&R!

[natrat]

40. now larry sommers,the goldman sachs whore pig says banks need more major infusions

let me guess very little oversight or accounting except for the bullshit headline restraint on a couple of ceo's income-they all suck and this feels like it's been in the making for years ,yea bipartisainship at its best

[slipslidingaway]

43. Jane Hamsher - Welcome America to Your Sizzlin’ Larry Summers Shitburger

http://firedoglake.com/2009/02/04/welcome-america-to-your-sizzlin-larry-summers-shitburger/

"Yum. Get 'em while they're hot:

Instead of taking a single approach, the Obama administration plans to divide assets and other loans into three categories, each with its own solution, according to sources familiar with the discussions, speaking on condition of anonymity because the details are not finalized.

The government would buy and hold on to those assets whose falling prices are putting banks under the most pressure. Officials want to limit these purchases because of the vast expense.

The centerpiece of the plan would be a guarantee to limit losses on a second group of troubled assets that can be kept by the banks because they have more stable prices.

And it would allow banks to retain and profit from their healthiest assets.

Which means you, America, get shit. Do you get to have better healthcare, more public transit, clean air, better schools or more jobs if the banks you've invested so heavily in make money?

No! The bankers who built this shitpile get to keep that. You just get the losses...."

[Just-plain-Kathy]

42. Kucinch should have been chosen for our VP. ...n/t

[madrchsod]

44. that`s why i voted for him...the man with real workable plans

[LovableScamp]

45. Apparently Dennis has a valid concern but

not being completely familiar with his alternatives... what is Kucinich's solution?

[mdmc]

46. socialism

for true my friend

[G_j]

49. really want to know?

here is just one of many press releases, statements and comments:
( MUCH more at links )
http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentID=109656


Kucinich on the Stimulus: “This Economy is Literally Killing People”

Capitol at Night


Washington, Jan 28 -

Congressman Dennis Kucinich (D-OH) today made the following statement in support of HR 1, the American Recovery and Reinvestment Act of 2009, known as the stimulus plan. Kucinich points out that in light of the suffering of the American people, there may be good reasons to question but not oppose the stimulus plan.

“A 93 year old man freezes to death in his home because he can’t pay the electric bill; a family of seven perishes in a murder-suicide over financial and job related matters; a 90 year old woman tries to kill herself when the Sheriff arrives to take her house; and a 75 year old woman is buried today after predatory lenders drove her to suicide. More and more Americans are being driven to desperation over losing their jobs and their homes. This economy is literally killing people.

“The banks get a $700 billion bailout as they continue to kick people out of their homes. We must get help directly to the American people. There are good reasons to question the $825 billion stimulus, but there is no good reason to oppose it; not when every crooked interest in this country has been in a long parade at the public trough, while factories are shut, jobs are lost and homes are foreclosed.

“Congress must act today for the people. We must come back again and again with a more comprehensive jobs program, to rebuild infrastructure, fund education, including preschool, and create a universal health program.

“We must gain control of our money system and stop the taxpayers from being robbed by the banks. The banks already have $700 billion, and they’re looking for another trillion. Its time we start to look out for number one, the American people, and pass HR 1 for the American people, and give the American people back some of their money.”

Kucinich later added:

“This debate should not be about Democrat or Republican, liberal or conservative, blue dog, yellow dogs or deficit hawks. Our economy is failing; millions of jobs have been lost, we need to act now.

“HR 1 is only a first step, but it is an important first step. What we are doing here is like using battery cable to jump-start a car with a dead battery. We are not buying a new battery. We are not buying a new car. We are simply jump-starting the battery of a dead economy. We are still going to have to buy a new battery and eventually we are going to have to buy a new fuel-efficient car. Right now if we want to move forward, we better get out those jumper cables and put them on the battery. Vote for the stimulus HR 1.”

~~~~~~~~~~~~~~~~~~
more

http://kucinich.house.gov/Issues/Issue/?IssueID=1554
http://kucinich.us/index.php

[riqster]

50. Once again, Kooch nails it.

Thanks for the post! :hi:

[EndersDame]

48. He was the one who inspired me to register to vote

when he ran in 2004

[stellanoir]

51. Bingo

K & R'd

[Divine Discontent]

52. u duh MAN DK!!!! he is quite inspiring! eom

[natrat]

54. and no one goes to jail, and no looking into accounts and the money vanished

"Americans of all stripes are justifiably upset over the looming Obama administration plan to spend $250 billion on purchasing worthless assets from banks. Among many of the progressives vocing opposition to this plan, Jane Hamsher, Paul Krugman and Joseph Stiglitz had some choice words on the matter today. I am with all of them, in that I too oppose The Joker becoming Treasury Secretary.

However, there is something we have overlooked in the argument over spending $250 billion to purchase toxic assets: we have already spent $2.4 trillion purchasing toxic assets. While it is still a bad idea to spend another $250 billion doing this, it would actually only increase the price tag by 10%:

It gets worse. While Washington debates TARP II, the Federal Reserve Board continues to buy or guarantee or provide loans for a vast and growing pile of questionable financial and corporate assets, much of which are likely to be worth far less than the Fed has paid or guaranteed or accepted as collateral. We're talking big money here -- so far over $2.4 trillion. (The entire TARP -- parts I and II -- in combination with the proposed stimulus package come to just over $1.5 trillion.)

Taxpayers are on the hook for this Fed bailout money, too, of course. We have to pay the interest on the ever-growing debt used to make these payments or guarantees and loans. Yet while TARP II and the upcoming stimulus package are receiving a great deal of attention, this much larger public commitment by the Fed is not. That's partly because the media doesn't much of understand it, but also because the Fed is doing it in secret, using provisions of its charter never before utilized, and avoiding discussion before the full Board of Governors for fear such meetings would be subject to the Freedom of Information Act.

In other words, the "bad bank" has already been formed. The Shitpile has already been purchased. We have already traded cash for trash. The deed is already done.

Upon reflection, perhaps it was unfair to compare the Federal Reserve and the Treasury Department to The Joker. I mean, at least The Joker only burned his half of the money, and basically owned the other gangs even afterward."

http://www.openleft.com/showDiary.do?diaryId=11311

[Lorien]

55. Thank goodness Kucinich is still speaking the truth. I'm amazed that DU's

Obama defense team (the ones who attack anyone for the slightest hint of dissatisfaction with one of Obama's decisions) hasn't piled on Dennis as a "whiner" and a "crybaby" who expects "a king to make a decree". The bailouts ARE fraud and always were; if the GOP wants unfettered Capitalism let them deal with the fallout. Don't come to us with hat in hand; let the "free market decide" your fates!

[natrat]

56. they will show up soon i am sure--this stimulis bill is looking like another absurd giveaway

"It's time to hit the phones for the stimulus bill. Calls are running a 100:1 against. Yes, it's not that good a stimulus bill, I've said so myself, but it's not a case of scrapping it and starting over, what looks likely to happen is that it gets badly watered down with bribes to Republicans and "moderate" Democrats like Ben Nelson to get it through. As Our Future noted in their action email, this probably means changes like:

-Giving corporations a 30% tax cut, instead of investing in clean green energy that will put people to work.

-$3.1 trillion in tax cuts for the wealthy that we know simply don't work to create jobs.

-Less help for states that will be forced to lay off workers, instead of funds to retain police and teachers.

Let's be really clear on this. The rich got their bailout with TARP, 700 billion, they're already getting tax cuts in this package, and it looks like the way the proposed bad bank is going to be done is hundreds of billions or even trillions more of bailout for rich people. What the stimulus is is the only money that regular people; that you, are likely to see. This is whether your State has to to cut teachers, whether there's health care for people who lose their jobs and whether there's a cop or firefighter to come when you call.

Even more, while I can't say that passing the stimulus bill will prevent a Depression, I can say that the more it's watered down, the more likely a Depression becomes. That's probably what Republicans want, since it would mean a better chance of electoral victory for them (what Ben Nelson and other "moderate" Dems are thinking, I have no idea. I assume they're just stupid enough to think tax cuts work despite never having done so for 30 years).

So, please, hit the phones and let your Senators know that you expect the bill to pass with no further watering down or gifts for the rich. The Congressional Switchboard operator is at 1-866-544-7573. Remember, be polite, but let them know where you stand."

http://firedoglake.com/

[Lorien]

58. Good advice! At this point I don't see how giving the GOP even a scrap

to chew on will help anything. It won't help the economy and it won't get them to vote for the bill. They want Obama to fail because they want to use the crushed economy against us in the next election. We need to hit back and hit back hard; it's the only way to deal with a bully.

I'll be making a couple of calls tomorrow. Thanks for the number!

:hi:

[Hotler]

59. Kicking!

[bertman]

60. Too late to rec, but here's a kick for my hero, the Honorable Dennis Kucinich!!

I wish my representative had Dennis cajones.