Paulson: Congress needs to release second $350B

and then 2 months from now, they will need another $300 billion.

their business model has failed. they should be subjected to the same bankruptcy laws they themselves wrote.

stop paying your credit card bills now. if you stop paying your mortgage, the banks will take your house because they own your house. but credit card debt is unsecured debt, and if even a third of credit card holders simply stopped paying their bills, the banks would be crippled within months, the legal system unable to handle it, and they would go under.

organize public assemblies now. get out in the streets. come to DC in january. this is bigger than one man. obama is great, but he cannot change the system. he needs to know that he answers ONLY to the people, not to businesses. his ONLY priority is to serve the people, and while he has a good idea of the kinds of social changes that would help people deal within the system, he must be told in no uncertain terms that the system needs to die, that the best social programs are only bandaids and will all eventually become either abused by the system or will become part of the system.

If a large proportion of mortgage holders do not pay their mortgages it will clog the banking system and force them to comply. Every existing note needs to be rewrote to stave off more and more foreclosures of those who are innocent and worked hard to obtain their mortgages the right way.. Its one thing to sit on a high horse pointing fingers at anyone who got caught in the recent mortgage crisis but when a depression hits, its going to hurt you as well no matter how solvent you are. The lenders are using OUR US Treasury yet very few homeowners are being helped with either a moratorium or a rewrite on their note. Many of the folks caught up in this are folks who have done everything right and now have lost their jobs or took a big financial loss in income due to the economny collapsing. There has got to be a balance and the only way that is going to happen is if we all collectively participate in our own destiny.. Collectively we have the power to control this. The last thing these guys expect is a lower level financial revolt. We all talk the talk but never walk the walk.

Now is not the time to point fingers at consumers but rather the lending scammers, what we must do now is stop the insanity of their greedy robbery scheme.  We, the consumer and/or the taxpayer are not going to win in the end of this unless we do something. The only way we can do so is stop paying the lenders in protest. If a majority of homeowners renege on their mortgage payments, the lenders will have no choice but to do the right thing if they plan on being in business long. By them placing their profits offshore should be a wakeup call that the last thing they plan on doing is righting their wrongs. They just want to pay off their cronies and go bankrupt anyway believing the government needs to buy up all the foreclosures. this whole thing is a sham and a scam.

You most likely will not lose to foreclosure.. the process is long and arduous for them. When they pressure you, you pressure back.  Make a payment only to keep up if the pressure becomes too threatening for your current situation. Yes, your credit scores are going to suffer short term but all of this will fall under the guise of the 2008-2009 Depression and be explained away when things get turned around. This is called catastrophic explanation and its used anytime there is a disaster, manmade or otherwise. Besides, what good is a good credit score when you can't use it anyway.  This is about the only leverage we collectively have.. Beleve me, the lenders need us more than we need them!

I don't know about you guys, but I am fed up of seeing this country and its people used and abused. Nothing changes unless we stand up and say NO MORE!

The Bush administration is BRILLIANT!

Hank Paulson waits until Congress breaks for the holidays and then requests the other half of the $700 BILLION dollar giveaway (NOT a loan) ostensibly for the 13.4 million loan to the auto industry, since he has given away all of the first $350 BILLION.  If Congress does not vote on the release of funds within 15 days, Hank gets it all with NO STRINGS! 

You gotta love the way our executive branch operates, we can only hope that the Obama White House has half of the "you know whats". 

If you want to do something about this....

Contact your Congressperson and Senators and demand that they reconvene before the 15 days are up (1/2/2009) so that they can determine how much money Paulson should get and any conditions they wish to attach to the money. 

Why not give out a private jet and limos to whoever ask? When you start giving what you do not have it never stops. Banks were a start aoto followed and construction is next. Taxpayers must foot the bill for unbelieveable luxeries for the next 5 generations. This money would better be spent on fixind roads and buildings that do not beg for cash. Obama will never do anything in first term.

"This Band of Merry Thieves "Paulson and the Bush Administration, let everyone believe that this was a "last minute rescue".
They were going to release the "LOAN" through the TARP funds,originally,but it had to be seen as a reluctant and last minute move,in order to allow Paulson to go back before Congress and claim that the loan has left them short $350B, which is now needed to complete the "BAILOUT''!