The King Alfred Plan brought to you by speaker Dr. Ray Hagin.
By clicking the "READ MORE link you'll find a copy of plan he's reading. Don't let lack of knowledge destroy YOU!
The King Alfred Plan In writing....
IN THE CORPORATE WORLD. . .
You are not a man or woman. You are considered a thing. . .
part of a group or an economic unit hooked into the grid of society, a willing slave to your bank account, a willing slave to your credit cards, a willing slave to your school loans. With every new purchase using credit, with every advancement in what you perceive to be life requires a government or bank loan, you sink further into debt and further into voluntary bondage. This debt allows those with money to enslave and control you.
THIS IS WHO YOU ARE. . .
When you're born you become a number. As the number, you reap profit as you grow and work in an illusionary "free" system to help build the collective tax base. The tax base in turn is used to form and engage in a class system that feeds the wealthy. The vast numbers that make up the fabricated American State are used as a tacit slave force to help fund and establish an Industrial Union through income taxation as directed by the likes of a thing called Marxism. You unwittingly work for the good of the orchestrated global family for the benefit of the controlling class.
THIS IS HOW THEY CONTROL YOU. . .
Benjamin Franklin said, "When you run into debt, you give another power over your liberty." And under the law of God The borrower is SERVANT to the lender. LOOK IT UP: Proverbs 22:7. As you work yourself further into debt, you give more of your life away to those with whom you are borrowing, not to mention being in willing disobedience to God. Furthermore, you are also being held responsible for the debt that is created by the privately owned Federal Reserve Bank. The owners of the Federal Reserve dictate the economy, the monetary values, and how you will pay back what you owe. In the end, you will have spent your life in serious, endless debt, because you believe that it is the only way to live as a functional American.
THIS IS THE ILLUSION. . .
You live in a society where you believe you exist as a man or a woman. You believe you are bettering yourself and working your way toward a goal of financial independence; but in reality, you exist to better the global economy in benefit of the Elite. You exist as a source of life for the ruling class. In the real world, you are blinded by the illusion of necessity. . .
THROUGHOUT HISTORY, man has tried with varying rates of failure to control other men for the purpose of gaining more power. Poor men want to be rich, rich men want to be king, and kings want to be god. This adage has proved true time and time again. Today, in the United States, more than 250 million people have bought into this adage and exist in a system created for global corporate profit. Unfortunately, the real world offers broader opportunities for success to those in a position to take advantage. At the same time, it scars those who can not reap its benefits.
"You are a slave, Neo. Like everyone else, you were born into bondage, born into a prison that you cannot smell or taste or touch. . . a prison, for your mind."
Morpheus~ The Matrix
| Feds Train Clergy To "Quell Dissent" During Martial Law |
Shocking KSLA 12 news report confirms story we broke last year, Pastors to cite Romans 13 as reason for public to obey government orders, relinquish guns and be taken to camps during state of emergency
A shocking KSLA news report has confirmed the story we first broke last year, that Clergy Response Teams are being trained by the federal government to "quell dissent" and pacify citizens to obey the government in the event of a declaration of martial law.
In May 2006, we exposed the existence of a nationwide FEMA program which is training Pastors and other religious representatives to become secret police enforcers who teach their congregations to "obey the government" in preparation for the implementation of martial law, property and firearm seizures, mass vaccination programs and forced relocation.
A whistleblower who was secretly enrolled into the program told us that the feds were clandestinely recruiting religious leaders to help implement Homeland Security directives in anticipation of a potential bio-terrorist attack, any natural disaster or a nationally declared emergency.
The first directive was for Pastors to preach to their congregations Romans 13, the often taken out of context bible passage that was used by Hitler to hoodwink Christians into supporting him, in order to teach them to "obey the government" when martial law is declared.
It was related to the Pastors that quarantines, martial law and forced relocation were a problem for state authorities when enforcing federal mandates due to the "cowboy mentality" of citizens standing up for their property and second amendment rights as well as farmers defending their crops and livestock from seizure.
It was stressed that the Pastors needed to preach subservience to the authorities ahead of time in preparation for the round-ups and to make it clear to the congregation that "this is for their own good."
Pastors were told that they would be backed up by law enforcement in controlling uncooperative individuals and that they would even lead SWAT teams in attempting to quell resistance.
Though some doubted the accuracy of this report at the time due to its fundamentally disturbing implications, the story has now been confirmed by a KSLA 12 news report, in which participating clergy and officials admit to the existence of the program.
The report entertains the scenario of martial law as depicted in the movie The Siege and states that "quelling dissent would be critical."
Dr. Durell Tuberville serves as chaplain for the Shreveport Fire Department and the Caddo Sheriff's Office. Tuberville said of the clergy team's mission, "the primary thing that we say to anybody is, 'let's cooperate and get this thing over with and then we'll settle the differences once the crisis is over.'"
Such clergy response teams would walk a tight-rope during martial law between the demands of the government on the one side, versus the wishes of the public on the other. "In a lot of cases, these clergy would already be known in the neighborhoods in which they're helping to diffuse that situation," assured Sandy Davis. He serves as the director of the Caddo-Bossier Office of Homeland Security and Emergency Preparedness.For the clergy team, one of the biggest tools that they will have in helping calm the public down or to obey the law is the bible itself, specifically Romans 13. Dr. Tuberville elaborated, "because the government's established by the Lord, you know. And, that's what we believe in the Christian faith. That's what's stated in the scripture."
Screenshot from the KSLA 12 news article that accompanies the video report (http://www.ksla.com/Global/story.asp?S=6937987).
So there you have it - Homeland Security are working with local police departments and religious leaders to prepare for the declaration of martial law and in particular developing techniques they will employ during the crisis to "quell dissent."Phony Christian leaders are brainwashing their congregations to accept the premise that the totalitarian police state is "of the Lord" and that they should get on their knees and lick jackboots while the round-ups take place as citizens are processed into quarantine zones and detention camps by the National Guard and U.S. troops returning from Iraq
The precedent for mass gun confiscation and martial law in times of a real or manufactured emergency was set during Hurricane Katrina, when police and National Guard patrols forced home owners - even in areas unaffected by the hurricane - to hand over their legally owned firearms at gunpoint.
This is a clear precursor for the imminent declaration of a state of emergency, a scenario that President Bush codified in his recent Presidential Decision Directive of May 9th, which states in the event of a "catastrophic event" the President can take total control over the government and the country, bypassing all other levels of government at the state, federal, local, territorial and tribal levels, and thus ensuring total unprecedented dictatorial power.The scope of the program is so secretive that even Homeland Security Committee member and Congressman Peter DeFazio was denied access to view the classified portion of the documents.
Paul Joseph Watson
Monday, January 29, 2007
Hollywood director and documentary film maker Aaron Russo has gone in-depth on the astounding admissions of Nick Rockefeller, who personally told him that the elite's ultimate goal was to create a microchipped population and that the war on terror was a hoax, Rockefeller having predicted an "event" that would trigger the invasions of Iraq and Afghanistan eleven months before 9/11.
Rockefeller also told Russo that his family's foundation had created and bankrolled the women's liberation movement in order to destroy the family and that population reduction was a fundamental aim of the global elite.
Russo is perhaps best known for producing Trading Places starring Eddie Murphy but was more recently in the spotlight for his exposé of the criminal run for profit federal reserve system, the documentary America From Freedom to Fascism.
Currently undergoing more treatment in his fight against cancer, Russo made time for a sit down interview with radio host and fellow documentary film maker Alex Jones in which he dropped bombshell after bombshell on what Rockefeller had told him about the direction the world was being steered towards by the global elite.
After his popular video Mad As Hell was released and he began his campaign to become Governor of Nevada, Russo was noticed by Rockefeller and introduced to him by a female attorney. Seeing Russo's passion and ability to affect change, Rockefeller set about on a subtle mission to recruit Russo into the elite.
During one conversation, Rockefeller asked Russo if he was interested in joining the Council on Foreign Relations (CFR) but Russo rejected the invitation, saying he had no interest in "enslaving the people" to which Rockefeller coldly questioned why he cared about the "serfs."
"I used to say to him what's the point of all this," states Russo, "you have all the money in the world you need, you have all the power you need, what's the point, what's the end goal?" to which Rockefeller replied (paraphrasing), "The end goal is to get everybody chipped, to control the whole society, to have the bankers and the elite people control the world."
Rockefeller even assured Russo that if he joined the elite his chip would be specially marked so as to avoid undue inspection by the authorities.
Russo states that Rockefeller told him, "Eleven months before 9/11 happened there was going to be an event and out of that event we were going to invade Afghanistan to run pipelines through the Caspian sea, we were going to invade Iraq to take over the oil fields and establish a base in the Middle East, and we'd go after Chavez in Venezuela."
Rockefeller also told Russo that he would see soldiers looking in caves in Afghanistan and Pakistan for Osama bin Laden and that there would be an "Endless war on terror where there's no real enemy and the whole thing is a giant hoax," so that "the government could take over the American people," according to Russo, who said that Rockefeller was cynically laughing and joking as he made the astounding prediction.
In a later conversation, Rockefeller asked Russo what he thought women's liberation was about. Russo's response that he thought it was about the right to work and receive equal pay as men, just as they had won the right to vote, caused Rockefeller to laughingly retort, "You're an idiot! Let me tell you what that was about, we the Rockefeller's funded that, we funded women's lib, we're the one's who got all of the newspapers and television - the Rockefeller Foundation."
Rockefeller told Russo of two primary reasons why the elite bankrolled women's lib, one because before women's lib the bankers couldn't tax half the population and two because it allowed them to get children in school at an earlier age, enabling them to be indoctrinated into accepting the state as the primary family, breaking up the traditional family model.
This revelation dovetails previous admissions on behalf of feminist pioneer Gloria Steinem (pictured) that the CIA bankrolled Ms. Magazine as part of the same agenda of breaking up traditional family models.
Rockefeller was often keen to stress his idea that "the people have to be ruled" by an elite and that one of the tools of such power was population reduction, that there were "too many people in the world," and world population numbers should be reduced by at least half.
One issue which has spiraled out of control of the elite according to Rockefeller's conversations with Russo, is the Israel-Palestine conflict, with serious thinking at one stage revolving around the bizarre notion of giving Israeli citizens one million dollars each and relocating them all in the state of Arizona.
Tuesday, Oct 7, 2008
The hugely respected intelligence & foreign policy expert told Terry Gross, host of National Public Radio show Fresh Air, "Of course he is dead, where are the DVDs? Bin Laden wouldn't dye his hair, all these things can be manipulated."
Baer, who has has previously publicly questioned the official story of the 9/11 attacks, continued "He hasn't shown up, I've taken in the last month a poll of CIA officers who have been on his trail, and what astounded me was not a single one was sure he was alive or dead. They have no idea, I mean this man disappeared off the side of the earth."
Baer, who's previous book See No Evil was the basis for the film Syriana, asked "When in history has a country fought another country or another entity when the leader may be dead?" and warned that the so called war on terror could be an eternal war if the goal continues to be to capture Bin Laden.
Baer also warned that the war is shifting into Pakistan, a dangerous precedent that could see the vaguely defined conflict move anywhere.
Last July it was revealed that Pakistan has an agreement to allow CIA-operated Predator drones fly over the country and strike targets in the so called "hunt" for Bin Laden. Since that time many strikes have taken place, killing civilians in the process.
In addition, details of a secret Pentagon plan to send U.S. special forces into the wild tribal regions of Pakistan to find Bin Laden have also emerged. The plans have reportedly not yet been implemented due to White House in fighting.
Listen to the short excerpt here.
Listen to the whole interview here.
There is voluminous evidence to suggest Bin Laden is long dead.
According to French newspaper Le Figaro, Bin Laden was on a kidney dialysis machine after he had one shipped to his base in Kandahar Afghanistan in 2000, and when the CIA personally visited him in a Dubai hospital. Other accounts suggest he was also suffering from Hepatitis C at the time and had only two years left to live.
Journalists who met Bin Laden before 9/11 later proclaimed their disbelief about the fact that he didn't appear on video after December 2001 to brag about the fact that he had not been captured. Since that time, every single Bin Laden video tape released has contained vague non-specific messages and in many cases the footage is old and re-hashed.
"With an ego the size of Mount Everest, Osama bin Laden would not have, could not have, remained silent for so long if he were still alive. He always liked to take credit even for things he had nothing to do with. Would he remain silent for nine months and not trumpet his own survival?" wrote the New York Times' Amir Taheri in July 2002.
A very good reason for Osama remaining silent after the end of 2001 would be the fact that he probably died on December 26 of that year, according to a report in the Pakistani Observer, which cited a Taliban official as stating that Bin Laden died due to an untreated lung complication and that he had attended his funeral.
In 2002 CNN reported on the fact that Pakistan's president Pervez Musharraf believed Bin Laden to be dead:
[A Bush administration official] said U.S. intelligence is that bin Laden needs dialysis every three days and "it is fairly obvious that that could be an issue when you are running from place to place, and facing the idea of needing to generate electricity in a mountain hideout,".
Others have gone on record insisting they believe Bin Laden to be dead, they include:
Afghan President Hamid Karzai, FBI counter-terrorism chief Dale Watson, Israeli intelligence sources, the late former Prime Minister of Pakistan Benazir Bhutto, Bin Laden expert Professor Bruce Lawrence, head of Duke University’s Religious Studies program.
In addition, a leaked French secret service memo in September 2006 concluded that Bin Laden had died of typhoid poisoning the previous month. The memo cited Saudi Arabian secret service sources who were convinced that Bin Laden had died in Pakistan.
"The information gathered by the Saudis indicates that the head of al-Qaeda fell victim, while he was in Pakistan on August 23, 2006, to a very serious case of typhoid that led to a partial paralysis of his internal organs," states the French memo.
Judging from all the available evidence, the White House knows for certain or at least strongly suspects that Bin Laden is dead and has been for many years, but they have chosen to maintain his myth for the purposes of political propaganda and as a hook on which to pin the advance of the imperial Neo-Con agenda.
Last time similar program was used was during the Great Depression
“This is a period like none of us has ever seen before,” declared Paulson at a rare Friday evening news conference. He said the government program to buy stock in private U.S. financial firms will be open to a broad array of institutions, including banks, in an effort to help them raise desperately needed cash.
The administration received the authority to take such direct action in the $700 billion economic rescue bill that Congress passed and President Bush signed last week.Paulson announced the move at the conclusion of discussions among finance officials of the Group of Seven major industrialized countries. The so-called G-7 pledged to take “decisive action and use all available tools” to prevent a worldwide economic catastrophe.
The latest actions came at the end of a dispiriting week that was the worst ever for major U.S. stock indices including the Dow Jones industrials and the Standard & Poor's 500. Stock prices also suffered heavy losses in Europe, Asia and elsewhere.
A sign of how bad things have gotten: A drop of 128 points in the Dow Friday was greeted with sighs of relief after the index had plummeted much further earlier in the session.
The latest Paulson plan follows Britain's move earlier in the the week to partially nationalize its troubled banks by pouring cash into them in return for equity stakes.
Paulson said the U.S. program would be designed to complement banks’ own efforts to raise fresh capital from private sources. The government’s stock purchases will be of nonvoting shares, so it will not have power to run the companies.
The back-stock program would be in addition to the main thrust of the $700 billion rescue effort, which is to purchase distressed assets from financial institutions as a way of unthawing frozen credit, getting banks to resume more normal lending operations and staving off severe problems for businesses and everyday Americans.
Paulson and Federal Reserve Chairman Ben Bernanke met with their counterparts from the world’s six other richest countries late in the day as the rout of financial markets continued.
In a statement at the end of that meeting, the G7 officials vowed to protect major banks and to prevent their failure. They also committed to efforts to get credit flowing more freely again, support the efforts of banks to raise money from both public and private sources, bolster deposit insurance and revive the battered mortgage financing market.
They did not provide specifics beyond that five-point framework.
At the White House earlier in the day, President Bush said, “We’re in this together and we’ll come through this together.” He added, “Anxiety can feed anxiety, and that can make it hard to see all that’s being done to solve the problem.”
He made it clear the United States must work with other countries to battle the worst financial crisis that has jolted the world economy in more than a half-century.
“We’ve seen that problems in the financial system are not isolated to the United States,” he said. “So we’re working closely with partners around the world to ensure that our actions are coordinated and effective.”
The Dow dropped a little over 100 points while he was speaking.
Fear has tightened its grip on investors worldwide even as the United States and other countries have taken a series of radical actions including an unprecedented, coordinated interest rate cuts by the Federal Reserve and other major central banks.
Besides the United States, the other members of the G7 meeting in Washington are Japan, Germany, Britain, France, Italy and Canada. Finance officials also planned to meet with Bush Saturday at the White House.
“We are in a development where the downward spiral is picking up speed,” said Germany’s Finance Minister Peer Steinbrueck, who wanted to see an orchestrated response among the G7.
So did French Finance Minister Christine Lagarde, who said a “coordinated, synchronized and rightly timed approach” was needed.
By: Ben Montgomery, Times Staff Writer
In print: Sunday, October 12, 2008
Alaska Gov. Sarah Palin, trying hard to be the country's next No. 2, lunged for the throat last week by suggesting Barack Obama ". . . is someone who sees America, it seems, as being so imperfect that he's palling around with terrorists who would target their own country."
She was citing a New York Times article about Obama's relationship with Weather Underground co-founder Bill Ayers, which concluded that the two "do not appear to have been close."
Ayers is now a well-respected academic and a distinguished professor at the University of Illinois at Chicago. He and Obama met in 1995 while involved in the Chicago Annenberg Challenge, a foundation dealing with urban education issues. They live in the same neighborhood, sat on the Woods Fund board together, and their children went to the same school. The Obama campaign's David Axelrod said they were "certainly friendly" because of those circumstances.
So we wondered, under the same parameters, who else is palling around with this terrorist?
Here's a short list of prominent people at least as connected to Ayers as Barack Obama. Many of them served on various boards with Ayers, while others consider him a friend and associate.
Susan Crown: Vice president of Henry Crown & Co., the largest single investor in Virginia defense contractor General Dynamics Corp. The bulk of the family's holdings are in manufacturing and real estate. Other nuggets include Aspen Skiing Co. resort in Colorado and stakes in the Chicago Bulls, the New York Yankees and New York's Rockefeller Center.
Patricia Graham: Former dean of the Harvard Graduate School of Education, and board member for Houston-based Apache Corp., an independent energy company. She served as president of the Spencer Foundation, which supports research into educational improvement.
Arnold Weber: Past president of Northwestern University and of the Civic Committee of the Commercial Club of Chicago, a leading business and civic organization, and director of Chicago-based Diamond Management and Technology Consultants. He has been on faculty at the Graduate School of Business at the University of Chicago, Stanford University and the Massachusetts Institute of Technology, and a trustee of the Chicago Museum of Science and Industry.
Diana Nelson: Former Republican Illinois state representative and executive director of Cross City Campaign for Urban School Reform.
Adele Simmons: Vice chair of Chicago Metropolis 2020 and president of the Global Philanthropy Partnership. From 1989 to 1999, she was president of the John D. and Catherine T. MacArthur Foundation. Also a director of the Shorebank Corp. and member of the boards of the Field Museum of Chicago, the Union of Concerned Scientists and the Environmental Defense Fund.
Richard Daley: Mayor of Chicago, named one of Time magazine's five best big-city mayors in 2005.
Stanley Fish: Davidson-Kahn Distinguished University Professor of Humanities and a professor of law at Florida International University, as well as dean emeritus of the College of Liberal Arts and Sciences at the University of Illinois at Chicago, and the author of 10 books.
Ted Sizer: "One of American education's most influential thinkers for over four decades," according to Education Sector, a nonpartisan independent think tank. Author of the Horace trilogy, dean of the Harvard Graduate School of Education and headmaster of Phillips Academy in Andover, Mass., where presidents George H.W. Bush and George W. Bush schooled.
Deborah Meier: Author of five books on education, MacArthur Foundation "Genius" grantee, and currently on the faculty of New York University's Steinhardt School of Culture, Education and Human Development.
Alex Polikoff: Lead counsel in the Gautreaux public housing litigation for more than 40 years. Former executive director of Chicago's Business and Professional People for the Public Interest. Was a member of Chicago law firm Schiff Hardin & Waite. Author of Housing the Poor: The Case for Heroism and Waiting for Gautreaux.
Warren Chapman: Vice chancellor for external affairs at University of Illinois at Chicago. Former president of the Bank One Foundation and vice president and national philanthropic adviser for JPMorganChase. Former lead program officer for the Joyce Foundation and member of the boards of directors of the Chicago Historical Society, the Metropolitan Planning Council and Columbia College Chicago.
R. Eden Martin: Executive director of Chicago's Civic Committee of the Commercial Club, and partner in the law firm of Sidley & Austin.
Vartan Gregorian: Former president of the New York Public Library and Brown University. Current president of Carnegie Corporation of New York, trustee of the Museum of Modern Art in New York and member of the editorial board of the Encyclopedia Britannica. Recipient of the National Humanities Medal and the Presidential Medal of Freedom and honorary degrees from 56 institutions.
Rabbi Arnold Jacob Wolf: Rabbi emeritus at KAM Isaiah Israel, located across the street from the Obamas' Kenwood home. Taught at Yale, Hebrew Union College-Jewish Institute of Religion, the University of Chicago and Loyola Marymount University, and author of Unfinished Rabbi.
Sources: major newspapers, business journals and national magazines.
Ben Montgomery can be reached at email@example.com or (727) 893-8650.
Now that the details are out, we can safely state that the US political and financial leadership has completely sold out the taxpayers and has done so in a manner that is startling, both in its recklessness and its brazenness.
The reckless part I will spell out in the details below.
The brazen part is in how this is being spun out, as if the entire plan were hatched in a hurried rush, at the last minute, after events forced the issue. This is the spin, but it is completely false.
Because many financial commentators, ranging from Roubini to Roach to Calculated Risk to myself, foresaw these events, we can be completely confident that these events were both anticipated and planned for long in advance. The only question left was how they were going to be 'sold' to the public. What better way than in the midst of a "massive financial panic" that required urgent action?
And now that the details are out, the plan is even more insidious than I ever dreamed.
On Friday the news started to leak out that perhaps $500 billion was the, uh, 'floor' for the bailout, and that it might be up to 60% larger than that:
So it looks like we are being 'softened' up by Extremely Large Numbers coming in quick succession so that we'll be too numb to argue when the real plan comes out. For the record, my solution would have been very different.
Instead of buying these failed assets off of the banks for $500 billion, I would have preferred to see the banks receive $500 billion in loans, which they'd have to pay back from profits over time, while they retained the failed loans on THEIR books as a reminder to be more careful next time. Same cost to the government, but a very different message sent to reckless lending institutions.
And here are the critical elements from the real plan released yesterday (Sat., 9/20) (hat tip to Lemonyellowschwin for posting this in the comments yesterday). Full details are all the way at the bottom.
OK, this starts out kind of like I expected. The definition is a little vague, unfortunately, having stalled at "mortgage-related assets." I would have preferred that they spelled this out, because then we could have assessed which institutions were going to be helped out the most. Certainly these could have and should have been spelled out. This is vague enough to leave open the prospect that practically anything could be defined as "mortgage-related", and I am certain we will see this provision abused. 100% certain.
Quote:Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.
Whoa! Stop! What is this "at any one time" language?? This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.
So what happens when you have vague language and an unlimited budget? Fraud and self-dealing. Mark my words, this is the largest looting operation ever in the history of the US, and it's all spelled out right in this delightfully brief document that is about to be rammed through a scared Congress and made into law.
But, certainly, if the combination of vague language and and unlimited budget will create the conditions for further fraud and abuse, at least we live in a nation of "checks and balances," right?
Quote:Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
This language literally took my breath away when I read it. I am now beyond shocked at what is openly transpiring before our very eyes. I can think of NO legitimate reasons(s) for the right of review to be stripped away right from the outset. The illegitimate reason I can think of pertains to the vast riches that are going to flow into the pockets of the well-connected as a result of this act of piracy.
Many such people became fabulously wealthy as a result of picking up real estate assets for pennies on the dollar during the S&L crisis, and that model has being reproduced here.
You can count on it.
This is just another straw, thrown onto an already-collapsed camel, that confirms the fact that the US political system is broken and that the rule of law no longer applies within the US.
My final comment: If it looks like a looting operation, smells like a looting operation, and behaves suspiciously like a looting operation, it might just be a looting operation.
Full language of the act:
Quote:LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.
(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
WASHINGTON — News reports about the upheaval in the world of finance have been full of esoteric terms like “mortgage-backed securities” and “credit-default swaps,” but the crisis has resonated for people who know little about Wall Street and who did not think they would ever have to know. Here are several questions and answers of concern to Main Street Americans:
Q. The bailout program being negotiated by the Bush administration and Congressional leaders calls for the government to spend up to $700 billion to buy distressed mortgages. How did the politicians come up with that number, and could it go higher?
A. The recovery package cannot go higher than $700 billion without additional legislation. As for that figure, it lies between the optimistic estimate of $500 billion and the pessimistic guess of $1 trillion about the cost of fixing the financial mess. But the $700 billion is in addition to an $85 billion agreement on a bailout of the insurance giant American International Group, plus $29 billion in support that the government pledged in the marriage of Bear Stearns and JPMorgan Chase. On top of all that, the Congressional Budget Office says the federal bailout of the mortgage finance companies Fannie Mae and Freddie Mac could cost $25 billion.
Q. Who, really, is going to come up with the $700 billion?
A. American taxpayers will come up with the money, although if you are bullish on America in the long run, there is reason to hope that the tab will be less than $700 billion. After the Treasury buys up those troubled mortgages, it will try to resell them to investors. The Treasury’s involvement in the crisis and the speed with which Congress is responding could generate long-range optimism and raise the value of those mortgages, although it is impossible to say by how much.
So it would not be correct to think of the federal government as simply writing a check for $700 billion. It is just committing itself to spend that much, if necessary. But the bottom line is, yes, this bailout could cost American taxpayers a lot of money.
Q. So is it fair to say that Americans who are neither rich nor reckless are being asked to rescue people who are? What is in this package for responsible homeowners of modest means who might be forced out of their homes, perhaps for reasons beyond their control?
A. Yes, you could argue that people who cannot tell soybean futures from puts, calls and options are being asked to clean up the costly mess left by Wall Street. To make the bailout palatable to the public, it is being described as far better than inaction, which administration officials and members of Congress say could imperil the retirement savings and other investments of Americans who are anything but rich.
But it is a good bet that the negotiations between the administration and Capitol Hill will include ideas about ways to help middle-class homeowners avoid foreclosure and perhaps some limits on pay for executives. And it should be noted that neither party is solely responsible for whatever neglect led the country to the brink of disaster.
Q. How is it that the administration and Congress, which have not tried to find huge amounts of money to, say, improve the nation’s health insurance system or repair bridges and tunnels, can now be ready to come up with $700 billion to rescue the financial system? And is it realistic to think that the parties can reach agreement and get legislation passed in a hurry?
A. The first question will surely come up again, involving as it does not just issues of spending policy but also more profound questions about national aspirations. As for rescuing the financial system, elected officials in both parties became convinced that, while a couple of venerable investment banks could fade into oblivion or be absorbed by mergers, the entire financial system could not be allowed to collapse.
And, yes, the parties are likely to reach an accord. Many members of Congress are eager to leave Washington to go home and campaign for the November elections, and no one wants to face the voters without having done something to protect modest savings portfolios as well as giant investors.
Stephen Labaton and David M. Herszenhorn contributed reporting.
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