Paulson says foreign banks can use U.S. rescue plan
Sun Sep 21, 9:06 AM ET

WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.

"Yes, and they should. Because ... if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said on ABC television's "This Week with George Stephanopolous."

Paulson was appearing on the Sunday television talk show circuit to fill in some of the details of the U.S. government plan for a sweeping bailout to mop up hundreds of billions of dollars in toxic mortgage debt.

The moves capped a week in which financial markets faced their most serious confluence of crises since the Great Depression in the 1930s and threatened national economies and the worldwide banking system. (Reporting by Mark Felsenthal)

We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)
Saturday, September 20, 2008

Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

In case you haven't heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

Don't believe me?

Well, as the Bloomberg article notes: "The bill would bar courts from reviewing actions taken under its authority."

Bloomberg includes the following quotes by people who understand the significance of the bill:

It sounds like Paulson is asking to be a financial dictator, for a limited period of time,'' said historian John Steele Gordon . . . .

***

The Bush administration seeks "dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,'' said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. ``We are taking a huge leap of faith.''

This power grab is so serious that investigative reporter Larisa Alexandrovna calls it "the final stages of the coup".

We have days to stop this bill. March on Congress. Educate and motivate everyone around you. Do everything you can to prevent this disaster before it is too late.

Posted by George Washington at 8:38 PM