Bill will allow the government to take over companies

Congress made public today a proposed bill that would enact a very scary far-reaching government so-called rescue of the U.S. financial system.

The core of the ludicrous bill is based on Treasury Secretary and former Goldman Sachs Chairman and CEO Henry Paulson's request for unlimited authority to purchase as much as $700 billion in troubled mortgage assets from financial institutions.

Goldman Sachs will be the biggest beneficiary of the rescue plan.

The Democrats' and Republicans' so-called concerns over the cost to taxpayers has added several conditions and restrictions to the proposed bill.

Among the provisions:

• The $700 billion would be distributed in stages, with $250 billion made available immediately for the Treasury's use as they see fit.
• Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, companies that participate will not be allowed to offer golden parachutes (outragous financial packages) to executives; they will not be able to deduct the salary they pay to executives above $500,000.
• A so-called oversight board will be created. The board is suppose to include the Federal Reserve Chairman, Securities and Exchange Chairaman, Federal Home Finance Agency director and the Housing and Urban Development secretary.
• Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
• Treasury may establish an insurance program - with risk-based premiums supposedly paid by the industry not taxpayers - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.

Treasury Secretary Henry Paulson first announced that the Bush administration would seek an economic bailout plan of Wall Street and the banks on Sept. 18.

If enacted, the so-called rescue plan will be the most dramatic and extensive government intervention in our economy since the Great Depression.

President George W. Bush on Sept. 24 gave a prime-time address to the nation warning "the entire economy is in danger."

The aim of the rescue is supposedly to unfreeze the credit markets and not save Bush's and Paulson's friends on Wall Street.

Wall Street, Congress, the Senate and President Bush claim that borrowers of sub-prime home loans are to blame for the financial crises.

They claim that their inability to make their mortgage payments caused the rampant foreclosures across the country, which in turn created the financial crises. A TOTAL CROCK OF CRAP!

All of the usual suspects - Wall Street executives, bank executives, the president (whomever it is at the time), Congress, Senate - always blame "main street" instead of Wall Street whenever there is a financial crises.

Takeover of WaMu & Wall Street Crooks

We are gathering evidence on the piece of crap crooks and thieves for legal action. If you would like to help, please send a donation.

Brian Blackwell QI Services, Inc. Post Office Box 200207 Evans Colorado 80620

Investigator September Hall

BrianBlackwell.com Denver, Colorado