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Mortgage Strike To Protest Paulson $700 Billion Theft

By someone else follow someone else   2008 Sep 24, 12:40pm 21,105 views   277 comments   watch   nsfw   quote   share    


One patrick.net reader suggested a simple antidote to Treasury Secretary Paulson's proposed theft of $700 billion from taxpayers: a mortgage strike.

Since Paulson is trying to steal more than $5,000 from every taxpayer and give it to the banks that blew all their money on bad mortgages, the obvious response from each mortgage-holding taxpayer should be a refusal to pay at least $5,000 of their mortgage.

Such a mortgage strike should start exactly when Paulson's $700 billion theft starts, and should continue until his theft is exactly nullified. The banks that wasted their money should fail. Customer accounts should be protected up to the promised FDIC limit of $100,000 per account, but there is no public obligation to protect foolish bankers from their own mistakes.

If Paulson's theft passes Congress in the face of nearly unanimous public shock and disapproval, then it is clear that representative democracy has failed and the strike is justified.

Such a failure of representative democracy would also mean that it is time to ammend the Constitution to entirely eliminate our corruptable Congress and establish direct democracy, with web-based, non-anonymous, verifiable voting by the public on all legislation. We do not need representatives who do not represent us.



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238   thenuttyneutron   ignore (0)   2008 Sep 28, 11:30pm     ↓ dislike (0)   quote   flag        

Wachovia is gone but there is not much on the FDIC website about it. The FDIC brokered the deal!

239   FuzzyMath   ignore (0)   2008 Sep 28, 11:32pm     ↓ dislike (0)   quote   flag        

Don't get me wrong, I certainly don't support riots.

But really, they're asking for it. We told them loud and clear what we wanted and they pretended the people didn't exist. Any trust the people had in their government will be gone in 6-7 months when it becomes clear this plan didn't work.

They must have gotten used to their constituents not really caring. They are completely underestimating the level of anger that is brewing out there.

240   justme   ignore (0)   2008 Sep 28, 11:44pm     ↓ dislike (0)   quote   flag        

What is the deal with the Fed currency swaps, including thoie announced today? The newsmakers describe it as an action to "help" other countries by providing liquidity in US dollars, but who needs or wants wants dollars? They are already sitting on trillions of it in the form of US debt.

Is it really the *other* central banks that are helping *us* by buying still more dollars?

241   Duke   ignore (0)   2008 Sep 28, 11:45pm     ↓ dislike (0)   quote   flag        

At least England has the decency to nationalize their failed institutions.

Northern Rock and now Bradford and Bigley. There is at least some chance taxpayers will not lose their shirt.

242   Peter P   ignore (0)   2008 Sep 28, 11:55pm     ↓ dislike (0)   quote   flag        

The newsmakers describe it as an action to “help” other countries by providing liquidity in US dollars, but who needs or wants wants dollars?

I have less faith on other currencies. I will not be surprised if USD just rally away in a few months.

Not investment advice.

243   Peter P   ignore (0)   2008 Sep 28, 11:56pm     ↓ dislike (0)   quote   flag        

Con-men in con-gress. Nothing more.

244   Duke   ignore (0)   2008 Sep 29, 1:00am     ↓ dislike (0)   quote   flag        

The unmitigated arrogance of our leaders is amazing. They keep saying 'they know better' and that the 'gee its hard to understand plan' is the right way to go.


We do understand. We wat to skip the step of wasting $700b and jump right to the step where we rebuild finance based on something other than seriel bubble blowing.

$700b can buy some pretty nice levies, bridges, hydroelectric projects, investment in effecient and cheap solar, wind-farms, high speed rail, state bail-outs, etc. Dumping money into the de-leveraging chaos is just thowing good money after bad.

Stop it!

245   DennisN   ignore (1)   2008 Sep 29, 1:15am     ↓ dislike (0)   quote   flag        

Apparently people all over the country are reporting problems reading the House originalted PDF of the bailout bill, so this guy has cranked up a html version at his site:


I'm not sure what the problem is....version problems with Adobe Acrobat Reader? The error messages all say something like "data error cannot open". I'm using an older version 5 (since I have a full-up copy of Acrobat version 5 and have found "never mix versions).

246   Peter P   ignore (0)   2008 Sep 29, 1:22am     ↓ dislike (0)   quote   flag        

Ron Paul makes all Obama and Pelosi look like Gary Coleman and Dana Whatsherface from Different Strokes.

Ron Paul is almost like the Second Coming.

247   Peter P   ignore (0)   2008 Sep 29, 1:24am     ↓ dislike (0)   quote   flag        

Dumping money into the de-leveraging chaos is just thowing good money after bad.

It is like throwing good money into a burning house and wondering why the fire is not put out.

248   Peter P   ignore (0)   2008 Sep 29, 1:43am     ↓ dislike (0)   quote   flag        

We can keep trying to come up with analogies all day and still cannot capture the stupidity, ignorance, and malevolence of what is going on.

249   justme   ignore (0)   2008 Sep 29, 1:52am     ↓ dislike (0)   quote   flag        

all together now ....

250   Duke   ignore (0)   2008 Sep 29, 1:52am     ↓ dislike (0)   quote   flag        

It would be fun to have HARM and DinOR chime in

251   HeadSet   ignore (2)   2008 Sep 29, 1:54am     ↓ dislike (0)   quote   flag        

From CNN/Money

Others point out that the bailout doesn't address the root cause of the problems on Wall Street as well as the broader economy: falling house prices.

The "root cause" was the was the housing price runup, not the ongoing correction. Why is that so hard to see?

Let the situation continue to correct by disallowing a bailout. If the economy needs a spur, that $700 billion and any follow on bailout money would be as Duke says, better spent on infrastructure.

252   HeadSet   ignore (2)   2008 Sep 29, 2:01am     ↓ dislike (0)   quote   flag        

thenuttyneutron Says:

Wachovia is gone but there is not much on the FDIC website about it. The FDIC brokered the deal!

I can't find anything about WalkOverYa in the news. They are "gone?"

253   thenuttyneutron   ignore (0)   2008 Sep 29, 2:01am     ↓ dislike (0)   quote   flag        

I am on C-SPAN now and they look like they are minutes away from the final vote. I am on pins and needles! I hope this does not pass.

I plan to vote against my reps in all future elections if they vote yes on this bill. I wrote 3 letters to each of them and their offices know how I feel.

I still find it unbelievable that 95% of the input from the people is against this bailout, yet it does appear that this bill will pass!

255   justme   ignore (0)   2008 Sep 29, 2:03am     ↓ dislike (0)   quote   flag        


Right on.

Don't let the realtor and wall street thieves re-define the problem as being the *fall* in housing prices. The problem was and always will be the unsustainable RISE in housing prices.

256   justme   ignore (0)   2008 Sep 29, 2:05am     ↓ dislike (0)   quote   flag        


Yeah, let us securitize the new SF Bay Bridge. I can dig it. (Sarcasm off).
Seriously, if anyone says "infrastructure" again I'm going to barf.

257   HeadSet   ignore (2)   2008 Sep 29, 2:12am     ↓ dislike (0)   quote   flag        


Thanks. I do not have any money in Wachovia personally, by my employer's cab company does. I just called the accounting department, we are taking over $100k out of it immediately.

258   Peter P   ignore (0)   2008 Sep 29, 2:13am     ↓ dislike (0)   quote   flag        

hes the Anti-Bush!


259   thenuttyneutron   ignore (0)   2008 Sep 29, 2:19am     ↓ dislike (0)   quote   flag        

The voting will start in under a minute! I am glued to the TV set!

Some jackass Rep. Hoyer of Maryland talks about their oath of "defending America and the Constitution". I find it funny how they think something explicitly stated in Article 1 Section 8 (powers of congress) is being Abdicated again by Congress. What is there about this that is Constitutional?

260   justme   ignore (0)   2008 Sep 29, 2:26am     ↓ dislike (0)   quote   flag        


Republican Rep. Boehner was previously up on the podium holding his nose demonstratively to indicate how much he disliked voting YES for the bill, which is what he is going to do.

261   thenuttyneutron   ignore (0)   2008 Sep 29, 2:28am     ↓ dislike (0)   quote   flag        

It starts, a 15 minute Vote is now in progress!

262   Lost Cause   ignore (0)   2008 Sep 29, 2:45am     ↓ dislike (0)   quote   flag        

Let's declare today Bank Failure Friday, and just skip the rest of the week.

263   thenuttyneutron   ignore (0)   2008 Sep 29, 2:47am     ↓ dislike (0)   quote   flag        


264   justme   ignore (0)   2008 Sep 29, 2:49am     ↓ dislike (0)   quote   flag        


265   justme   ignore (0)   2008 Sep 29, 2:50am     ↓ dislike (0)   quote   flag        

The markets took it pretty well so far.

266   snmr   ignore (0)   2008 Sep 29, 2:58am     ↓ dislike (0)   quote   flag        

dow is -4% already ....it might get to -6% soon.
Watch out your 401K's !

267   thenuttyneutron   ignore (0)   2008 Sep 29, 3:00am     ↓ dislike (0)   quote   flag        

I like this quote from CNBC.

"What would it take to get the Republicans to vote yes?"

"Hang Wallstreet Execs"

These words were used on National TV!

268   Duke   ignore (0)   2008 Sep 29, 3:02am     ↓ dislike (0)   quote   flag        

Grr- no articles yet.

269   justme   ignore (0)   2008 Sep 29, 3:08am     ↓ dislike (0)   quote   flag        

It's official, now they are maneuvering for a motion to reconsider.

270   thenuttyneutron   ignore (0)   2008 Sep 29, 3:09am     ↓ dislike (0)   quote   flag        


"We don't need no water let the Mother Fucker Burn!"

"Burn Mother Fucker Burn!"

271   justme   ignore (0)   2008 Sep 29, 3:11am     ↓ dislike (0)   quote   flag        

Oops. they are moving to suspend the rules and pass it anyway. I think maybe the first vote was a grandstanding protest vote, it MAY pass after all!!

272   apostasy   ignore (0)   2008 Sep 29, 3:35am     ↓ dislike (0)   quote   flag        

No justme, the vote is booked, the bill is dead. You are right they tried for a parliamentary motion to reconsider (and I hope whoever did resoundingly loses their seat in 5 weeks), and a 15-minute vote stretched into 40 minutes as they tried to gather more yays, but this incarnation of the abominable plan failed. Make no mistake: they will try again, and soon.

273   justme   ignore (0)   2008 Sep 29, 3:37am     ↓ dislike (0)   quote   flag        

Apostasy, you are correct.

274   justme   ignore (0)   2008 Sep 29, 3:38am     ↓ dislike (0)   quote   flag        

Where do we find the list of how the representatives voted?

275   Duke   ignore (0)   2008 Sep 29, 4:16am     ↓ dislike (0)   quote   flag        

I was just thinkng "What do I want now?"

The answer: a new polical party. With so many R and D going against party leadership (thank God) I think we can create something like "The Reform Party". This party votes on merrits of ideas. They asign positions of power based on compentancy and not polical party. They never demand party loyalty but ask members to vote their conscience and in the best interest and will of their constituents.
There are so many good reforms out there and just getting out of this wasted partisan world of R vs D would be so refreshing!

276   Duke   ignore (0)   2008 Sep 29, 4:30am     ↓ dislike (0)   quote   flag        

By the way - looking at market analysis looks like I was right-on.

10,500 (all be it late), going to 8500.

If we nationalize the banks we can stem the tide nearish 8400 - say 7500. where we will mudde along for years.

If we do nothing, we can go to, hmm, 4000 in 2 years? Then we will recover briskly since our capital formation markets and rule-of-law system makes us a fast and flexible economy. We will rebuild and retool and export with alarming capacity.

277   EBGuy   ignore (0)   2008 Sep 29, 5:20am     ↓ dislike (0)   quote   flag        

Holy crap, the Fed is expanding TAF by $300 Billion to $450 Billion total. We don't need no stinkin' Paulson Plan. As I have previously pointed out the Fed has a little less than $300Billion in Treasuries available (almost $200B are unavailable as they have been swapped out through TAF). Looks like the Treasury will continue to hold a bake sale for the Fed. Again I ask, do they need Congressional approval, or is this now the Ben and Hank show?

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