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Bailout bill saves the butts of foreign bankers

Another reason to demand that your senators vote against the Paulson plan:

Rep. Brad Sherman, D California:
It provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson’s power. There is a critique board but not really a board that can step in and change what he does. It’s a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries.

Larry Kudlow:
Let me just ask you one question. I think you are referring to foreign banks headquartered in the United States. I do not see how foreign investors get bailed out.

Rep. Brad Sherman:
Larry you have to read the bill. It’s very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn’t owned by an American entity, even a subsidiary, but at least an entity in the US, the Treasury can’t buy it. It was rejected.

The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can’t be sold to the Treasury.

Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.

Bad enough that some Democrats wanted the bill to funnel money to fraudulent groups like ACORN, but it is absolutely unacceptable to push the American people into bailing out the banking system of the entire planet.

The only rational explanation is the one offered by Dr. Jerome Corsi during our interview on PID Radio six months ago: The global elites are trying to collapse the American economy to force us into a regional, and eventually a global, currency.

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