On Wed, 1 Oct 2008 05:44:09 -0700 (PDT), "R.S."
wrote:

http://www.ajc.com/opinion/content/o...geed_0925.html

Click-2-Listen -

http://c2l.newsworthyaudio.com/Partners/COXNewspapers/C2lPlayer.aspx?PartnerKey=COXNewspapers&SiteKey=aj c&ArticleGUID=ajc_opinion_bookman_stories_2008_09_ 25_pageed_0925&ArticleURL=http://alt.coxnewsweb.com/cnishared/newsworthy/ajc//opinion/bookman/stories/2008/09/25//ajc_opinion_bookman_stories_2008_09_25_pageed_0925 .mp3&PartnerSpecificParam=AdUrl=http://ad.doubleclick.net/adj/ajc.cni/$PAGE%23ap%40click2listen%23pg%40$PAGE%23sub%40$SU B%23fromsite%40ajc%23

By J. BOYD PAGE

Thursday, September 25, 2008

Reason No. 1: The $700 billion Wall Street bailout is merely a “drop
in the bucket.” It will not correct Wall Street’s problems. The
government’s suggestion that a $700 billion bailout of Wall Street and
its bad investments will somehow solidify the markets is simply
unfounded. The true facts show that there are more than $12 trillion
worth of mortgages outstanding in the U.S. alone.

Reason No. 2: The bailout plan smacks of cronyism. Treasury Secretary
Henry Paulson and many of his chief advisors are Wall Street alumni.
Paulson’s close relationship with the Wall Street community strongly
suggests ulterior motives may impact his recommendations.

Reason No. 3: Paulson and Federal Reserve Chairman Ben Bernanke do not
understand the problems confronting the American economy and are not
qualified “to be king.” Dean Baker, co-director of the Center for
Economic and Policy Research in Washington, stated: “This
administration is asking for a $700 billion blank check to be put in
the hands of Henry Paulson, a guy who totally missed this, and has
been wrong about almost everything.”

Reason No. 4: The bailout plan proposes to give Paulson unfettered
discretion to do as he sees fit with no accountability to anyone and
no review of his actions by either courts or administrative agencies.
To create a “get out of jail free” card for anyone associated with the
proposed bailout offers unlimited possibilities of abuse.

Reason No. 5: The Wall Street bailout plan is a “knee-jerk reaction”
and there may well be better alternatives for spending $700 billion of
taxpayer money. The $700 billion plan is aimed at a very small segment
of American employees — generally the group of people who have earned
excessive income over many years and who live in “ivory towers.” Alan
Meltzer, a economic advisor to President Ronald Reagan, summarized the
situation saying, “This is scare tactics to try to do something that
is in the private but not the public interest.”

Reason No. 6: President Bush and Paulson have proposed a bailout plan
even though they have no idea of what to do. Prior to committing $700
billion of taxpayer funds, our government should at least have a plan
on what is going to be done with the money.

Reason No. 7: The bailout plan will undoubtedly result in a weaker
dollar with many adverse consequences for the American economy. David
Woo, the Global Head of Foreign Exchange at Barclay’s in London,
stated that “the downdraft on the dollar from the hit to the balance
sheet of the U.S. government will dwarf the short-term gains from
solving the banking crisis.”

Reason No. 8: The bailout plan is unlikely to avoid a recession. Even
experts who suggest there are long-term benefits to a bailout plan
note that it could take the better part of a decade before beginning
to show any impact on the U.S. economy.

Reason No. 9: There is no transparency to the bailout plan. Lack of
transparency is one reason our economy is in the position it finds
itself today.

Reason No. 10: Under the bailout plan Paulson and Bernanke intend for
the U.S. to pay above- market prices for the assets that the country
buys. Bernanke is urging that any bailout plan buy illiquid assets at
values above those for which they could be sold on the open market. In
other words, Bernanke wants the American people to overpay for Wall
Street’s illiquid assets.

Sound like a good idea to you? It doesn’t to me.

Boyd Page, an Atlanta attorney, specializes in investment and
securities litigation.


Other Bailout Resources you should review before you surrender to Wall
Street or Contact your Senators and Congressman

The Wall Street Meltdown and Inequality
http://extremeinequality.org/?p=82

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking
Taxpayers in Debt
http://www.alternet.org/workplace/100223

Dean Baker: The Bailout Round II: Adult Version?
http://www.huffingtonpost.com/dean-b..._b_130418.html

This is an Emergency, if ever there was one!


Please Immediately Call and Email all your U.S. Senators and U.S.
House Representative Today at every office.


CONTACT INFORMATION for U.S. SENATE & HOUSE


Senators


http://www.senate.gov/general/contac...state&Sort=ASC


House of Representatives


http://www.house.gov/house/MemberWWW_by_State.shtml#mn


if above doesn't work for you use link below


http://www.alipac.us/ftopic-63874-0-...orderasc-.html


Citizens you are making me PROUD to be a U.S. Citizen! No Wall Sereet
Bailout!

Keep the Heat on Congress, Inform them about what you've just learned,
Voice your opinion to them, and remind them who they represent and
work for!!!

Sorry for being offtopic to some but this issue is just too important.
There is a great fraud about to performed on American taxpayers.

ted