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Summary:

Late Wednesday night the U.S. Senate voted to pass the $700 billion financial industry bailout, now sugarcoated with a number of tax incentives, including tax credits for renewable energy. The Senate passed the package 74 to 25, and it now goes on to the House. Passage […]

Late Wednesday night the U.S. Senate voted to pass the $700 billion financial industry bailout, now sugarcoated with a number of tax incentives, including tax credits for renewable energy. The Senate passed the package 74 to 25, and it now goes on to the House. Passage of the bill means the production and investment clean energy tax credits (PTC and ITC), which are so vital for the wind and solar energy industries, are a step closer to being renewed.

The hope is that the bundle of tax breaks for businesses and individuals will draw Republican votes in the House. However, these tax breaks could also displease fiscally conservative Democrats. The Democratic Blue Dog Coalition only supports legislation that fully offsets its own costs and they’ve voted against extensions of the PTC and ITC that didn’t include appropriations. The House is set to come back into session tomorrow and should vote on the amended bill before the end of the week.

  1. [...] Senate Passes Greener Financial Bailout « Earth2Tech [...]

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  2. [...] Source If you liked this, you would also be interested in:Bill Melendez Passes On [...]

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  3. [...] Posted by mlarson The bailout bill is even more a turkey than I thought. Senate Passes Greener Financial Bailout Late Wednesday night the U.S. Senate voted to pass the $700 billion financial industry bailout, [...]

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  4. There are two kinds of loans. Hard money loans and soft money loans. Hard money loans are made by private investors who actually put up their own money to fund a loan. Soft money loans are bank loans. You give the bank a signed promissory note backed by your collateral. The bank deposits your promissory note into a hidden transaction account, as an asset on their books. Then the bank draws funds against your deposited note to fund your loan. They monetize your note. Banks never put up their own money to make the loan to you. This is why soft loans are fraudulent, because no true consideration is ever paid to you by the bank. This is a violation of contract law. It is also concealment, whereas in a valid contract, as in a loan agreement, everything must be out in the open and understood by both parties. Nothing concealed or omitted. You are not supposed to know that your soft loan was not funded from the bank’s money, but from money created out of nothing but your signature and your collateral.

    This is also illegal, because it creates a privileged class and violates equal rights which is described in the U.S. Constitution. One class has the privilege to create money out of nothing and charge interest, while everyone else can not do this.

    Regarding all the money proposed for a Wall Street bail out: Not one dollar is going toward a real hard money loan. It’s all going to prop-up fraudulent soft loans that were sold and didn’t pay off. Unlawful loans that were made by Lenders who didn’t put up a dime of their own money. Loans that were made to unqualified borrowers and then sold for a fee in the secondary market, where they later became non-productive. Many of these fraudulent loans where illegally divided up into pieces called derivatives, while Banking Regulators looked the other way. Wall Street is loaded with middlemen, and these are the parasites they want you to bail-out. You see in reality, the banking industry is greedy, arrogant and corrupt.

    Your central bank, The Federal Reserve, is privately owned and operating in their own interests. If the private members of the Federal Reserve have a financial interest in a company, they will bail it out using Tax Payers money. Otherwise they let companies go under. They pick and choose, and this is also how they eliminate competitors. For example, instead of letting Bear Sterns fail, the Federal Reserve loaned Billions to JP Morgan Co. to buy it, because one of the directors of the Federal Reserve is also a director and co-owner of JP Morgan. This is a conflict of interest. The Federal Reserve acts like it is above the law and has never been audited. That explains all the secrecy behind closed doors, instead of full disclosure as to exactly why and how the bail-out money will be spent. There is a whole lot that is not being revealed to you about this bail-out scam, which perpetuates a fraudulent secretive monetary system with no corrective reforms. A $700 Billion Rip-Off on top of the $11 Trillion plus National Debt, that will fall on the shoulders of future generations, owed to a private corporation called the Federal Reserve masquerading as a government agency.

    Why should you pay for the mistakes of wealthy middlemen? Wall Street bankers want to unload on Taxpayers a bunch of worthless junk loans and pieces of loans that nobody wants. Let Wall Street auction them off. That will tell you what they’re really worth in the free market, not the inflated price the bail-out wants you to pay for them. And tell this to Wall Street: “You Break it, You Buy It!”

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  5. [...] Looks like the Senate’s plan of adding tax breaks to “sweeten” the bill for House Republicans actually worked. Some are calling it a “pork-filled bailout,” but the amended bill gained support from both Republicans and Democrats. 32 more Democrats and 26 more Republicans voted for the bailout today than did on Monday. [...]

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