Market Transparency and the Emergency Economic Stabilization Act of 2008
September 28, 2008
This total scam called the Emergency Economic Stabilization Act of 2008 supposedly offers "market transparency." How so? Here is how:
SEC. 114. MARKET TRANSPARENCY.
(a) PRICING.—To facilitate market transparency, the Secretary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this Act, within 2 business days of purchase, trade, or other disposition.
So he'll tells us what he bought after he buys it? We the taxpayers get no input. It gets better:
(b) DISCLOSURE.—For each type of financial institutions that sells troubled assets to the Secretary under this Act, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions.
In other words, it's Paulson's call what to disclose! He could tell us nothing. He could give us cooked books, and we'd never know.
Someone explain to me again why we want to give $700 billion to someone who's in bed with the same Wall Street fat cats who made this mess. That's right: No one can explain why. We just need to.... just because really bad stuff with happen if we don't go along. And the plan will work because.... well, if we don't go along with it, we'll all be living in Hooverville.