#1 reason I hate: Yes, it is aimed at privatizing the gains and socializing the losses.

The vagueness regarding the “insurance” program.

Allows unjust enrichment for financial institutions who sell troubled assets acquired in a merger or acquisition, or a purchase of assets acquired in a merger or acquisition or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings…i.e, Freddie Mac, Fannie Mae, JPMorgan Chase, Bank of America, AIG, Leman Brothers.

The unexplicable cutoff date of March 18, 2008 for the issuance of troubled assets.

The membership of the Financial Stability Oversight Board limited to the same banking regulators and Presidential appointees who are largely responsible for the finanical problems.

The authority of this program is concentrated in the Executive Branch.

The Secretary is granted the authority to override specific provisions of the Federal Acquisition Regulation in contracting procedures.

Golden parachute restrictions only being applied to employees hired AFTER the auction purchases of troubled assets exceeding $300 million in aggregate. Why not to employees hired BEFORE?

The nonsensical provision for the Secretary to pursue measures outside of a market mechanism to ensure that prices paid for assets are reasonable and reflect the underlying value of the asset since such values can only be set by the market.

The limitations on debate to 10 hours, the disallowance of a postponement motion or an amendment, or a motion to reconsider, or a motion to refer to committee.

The clause regarding termination and subsequent extension being set for December 31, 2009 – before the President-elect and newly-elected Congressional representatives take office. This certainly ties the hands of the next administration and Congress. In order to protect citizen taxpayers, why not require public referendum to extend this Act beyond December 31, 2009?

Market is now 11 points up from that bottom.

Details are below, where the series of correct bottom and top nailing continues uninterrupted!

http://financialtraders.blogspot.com/2008/09/nq-qqqq-ndx-qid-stock-trading-bottom.html

1. 2000: Stole Florida and stopped the recount by winning a 5-4 vote in the Supreme Court.

2. 2004: Stole Ohio and a few other states using the same tactics of denying minorities the vote, magic Ohio counties where more people voted that were registered and shunting people off onto provisional ballots that were never counted.

This legislation is merely a Get Out of Jail Free Card for the Wall Street criminals.

http://www.filesavr.com/sifma

and you’ll see that they are going to wait a few weeks for more banks to fail, and even then they will just help their friends using “broad discretion”. Everything is TBD, the exec comp. limits are totally fluff. It’s a fraud, but it may not have the specific problem Roubini is complaining about.

It is Treasury that gained total autocratic control at the beginning of the century over narcotic drugs with no oversight as to drug classification (marijuana is the most dangerous drug), laws, penalties and funding.

Because laws created through drug treaties circumvent the Congress and enforced by the UN, reform is almost impossible.

And we are increasing the power the agency responsible for this monstrosity?

Treason! Once given, you never get the power back.

I felt my comments on the widely discussed Swedish model from another thread are germane here as well.

Please excuse me if you have previously read my discussion of a quotation from the former head of Securum, the Swedish agency that ran the bailout:

Matt said:

“A couple of points about the Swedish model may prove helpful. I have not previously embraced that model (even though it was wildly popular among bloggers) because it was by no means clear how it would be scaled up.

Note that Jan Kvarnstom, a former CEO of Securum (which was the agency in charge of all this) has stated that:

“You have to get your hands on the underlying assets quickly, get control over the cash flow and MANAGE THE ASSETS TO ADD VALUE TO THEM. It is very important to prove your professional credentials in the market and NOT to be seen simply as an asset dump.”

The Swedes were very talented asset managers. That is how they saved money to the Swedish taxpayers, by ADDING value.

That approach would have to be massively scaled up to succeed in the USA.

How we would obtain the thousands of brilliant asset managers, actively ADDING value is by no means clear to me.”

Matt Dubuque
mdubuque@yahoo.com

seriously – this is the party line from your rep?

“i say so, so it is…”?????

instead of our reps having empathy ?- what we ought to be thankful for is dictated to us by a minion?

what is left? our morally bereft leaders, bankrupt of intelligence, our ethically challenged finance wizards? who are we that we have come to this, who are we as a nation? as a people?

shame on all of us.