October 1, 2008

$700 Billion American Taxpayer Dollars to go to Foreigners!



That's correct, Brad Sherman (D-CA) was on Kudlow and explained to the world that the $700 Billion wasn't meant for the US, it was meant for foreign aid.

Are you on the phones to your congressmen yet??? More will be coming shortly; just remember, use House.Gov and Senate.Gov to find your Congressmen and Senators...

"Paulson and Bush threatened to veto the legislation if there was an explicit prohibition of transfers from foreign banks to an American subsidiary."

THE ASSETS DO NOT EVEN HAVE TO BE AMERICAN MORTGAGE ASSETS - THEY CAN BE AN OFFICE TOWER IN SHANGHAI!

YOU ARE GOING TO GET FLEECED FOR HUNDREDS OF BILLIONS OF DOLLARS IF THIS BILL PASSES - THAT MONEY IS GOING TO GO IMMEDIATELY OUT OF THE COUNTRY!

SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.

From the National Journal:

Rep. Robin Hayes, (R-NC), took issue with the provision that would allow foreign banks and investment firms to qualify for assistance from U.S. tax dollars.

"The initial draft of the proposal that came from the Treasury was
fundamentally limited to U.S. financial institutions," Hayes said. "During the course of negotiations, this changed, and now foreign banks and financial companies are just as eligible to receive U.S. taxpayer dollars as an American company."

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