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Now here is a surprise that I bet no one saw coming...

Paulson Debt Plan May Benefit Mostly Goldman, Morgan (Update2)
Bloomberg - USA
22 (Bloomberg) -- Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion US plan to buy assets from ...
  Nahhh! Say it ain't so!

Rosenberg assumed the government will use a reverse auction in which banks submit the lowest prices they are willing to sell certain types of assets for and then the government buys the cheapest ones, with the goal of ``protecting the taxpayers,'' the report said.

If you wan't to protect taxpayers, let the banks eat the market prices. Someone has to eat them, and it should be the ones who cooked them up in the first place. The weak banks are going to fail anyway, and these games just assist in dragging this out longer. A better use of the government funds would be to offer credit in exchange for warrants to the solvent banks, ex. the AIG deal. The government will make money instead of losing it, and the banks will finally be incentivized to achieve true economic performance (or risk losing their companies) in lieu of playing accounting games - which is what got many of them into this mess to begin with. Can we all say "OFF BALANCE SHEET ACCOUNTING"!

According to the Wall Street Journal, the Treasury Relents on Key Points. This isn't enough, though. We need a real, workable soluton that will not break the back of the average American tax payer. Let's conduct a real time experiment on the socio-political influence of this new media medium called the blog. I recieve a little less than 3 and a half million visitors a year through my self-published new media magazine, and if you glance at the demographics through the survey available in the menu, I have a fairly capable readership. I want my readers who are skeptical of the Paulson plan to reach out to the congressmen and senators and voice your opinion.

I got this list off of Mish's site, and I have made 2 additions at the beginning. Please contact these representatives and let your voices be heard in regards to Paulson's plan.


Most Sympathetic List

Start with Congresswoman Yvette Clarke, you can actually tell her you came from Reggie Middleton's site.

Washington Office
1029 Longworth HOB
Washington, DC 20515
Phone: (202) 225-6231
Fax: (202) 226-0112

Send her an Email


The same here with Chuck Schumer, tell him Reggie Middleton (from his district) will be willing to sit down and work on practical, workable alternatives to the Paulson proposal, and I will bring a team of analysts with me. As a matter of fact, you can make everybody on this list the same offer:

Washington, DC
313 Hart Senate Building
Washington, DC 20510
Phone: 202-224-6542
Fax: 202-228-3027
TDD: 202-224-0420

send him an e-mail


Shelby, Richard C.- (R - AL)
(202) 224-5744
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Bunning, Jim- (R - KY)
(202) 224-4343
Web Form:

Grassley, Chuck- (R - IA)
(202) 224-3744
Web Form:

Kyl, Jon- (R - AZ)
(202) 224-4521
Web Form:

Ensign, John- (R - NV)
Washington D.C. Office
119 Russell Senate Building
Washington, D.C. 20510
Phone: (202) 224-6244
Fax: (202) 228-2193
Web Form:

Congressman Mike Pence (R - IN)
Washington DC
1317 Longworth HOB
Washington, DC 20515
(202) 225-3021 office
(202) 225-3382 fax
Web Form:

Send this post to 5 or 10 of your friends and have them do the same. Do it now, while you are thinking about it.

Ask For A Filibuster

Please email and phone the following Senators with this message:

For the good of the United States of America, I am asking [Senator/Congressman] [insert name here] to stand up to justice and protect the taxpayer. Please filibuster Paulson's proposal. Instead, please consider solid alternatives to recapitalize banks in a way that protects the taxpayer.

Shelby, Richard C.- (202) 224-5744
Bunning, Jim - (202) 224-4343
Grassley, Chuck - (202) 224-3744
Kyl, Jon - (202) 224-4521
Ensign, John - (202) 224-6244

Congressman Mike Pence - (202) 225-3021