Section from Bailout "rescue plan"
EC. 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.
Paulson has suggested that if this section is omitted from the bailout plan it will be vetoed. This section states that the Federal Reserve, a private institution, has the authority to buy foreign investors illiquid assets with American taxpayer money at their own volition, without the consent of congress. There is no oversight of the Fed. It specifically gives the Bank of Shanghai the right to transfer its illiquid assets to a small Bank of Shanghai subsidiary within the United States and to sell those illiquid assets to the Fed. Bailing out the Chinese! Many Americans are not aware of this section and of its consequences. Here are some videos from CSPAN (Brad Sherman D-CA and Ron Paul R-TX) from the house regarding the issue.
http://www.youtube.com/watch?v=Uha0DY3O0ng
http://www.iht.com/articles/2008/09/...s/22global.php
http://www.cnbc.com/id/15840232?video=873682522
http://www.youtube.com/watch?v=ticytEUvVhQ
http://www.youtube.com/watch?v=-v6SG...eature=related
This is incredible. Please forward this to everyone, this bill will have a massive effect on everyones immediate lives and the future of America. We deserve it to ourselves to become educated on the subject and let our congressman know how America feels about this bill. Please contact your congressman regarding this issue IMMEDIATELY, they are going to be voting on it again as soon as Thursday.
CONTACT YOUR CONGRESSMAN!
