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Larry Andrews wrote:Bob - it should be patently obvious that Rupert's minions excercise editorial control over the content in their publications to ensure that all is 'on message'. That article is decidedly 'off message' WRT to 'the economy is fundamentally sound' talking point. Now...

The New York Times reports this evening that "foreign banks, which were initially excluded from the [Wall Street bailout] plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks."

The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.

John McCain's top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm.

Gramm is both vice chairman of UBS's US division and a lobbyist for UBS.

If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm's role in the lobbying?

I'm guessing that this is acceptable to everyone?

Your point is lost on me only because your initial message says IF Rupert prints it and then links a WSJ article. So is Rupert now going to pull that story back and not talk about lobbyists' role in the bailout? Or that there might be foreign lobbyists? Genie's out of the bottle, so if that article wasn't supposed to be published it's way late now. BTW, you link to an article that requires a subscription. Unless you care to share yours, I'm seeing only the top 3 paragraphs of the Journal story.

If anyone believed McCain's statement last week that the economy is "fundamentally sound," I feel very sorry for them. That doesn't jibe with remarks made by the current administration Friday, nor reality. Now that's a real switch; reality and the White House "reality" are aligned for the first time in, well, ever.

For any of you libertarian types out there, or anyone that doesn't like big government in general, this should set your hair on fire.

http://blogs.wsj.com/economics/2008/09/ ... -congress/

Note section 8 of the proposed bailout. It states:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

For $800B, you might want a little oversight. (even though they've been so trustworthy up to now).

}:)

Hey, the Bush Administration got like six trillion so far without oversight, what's another one for the road?

It's only selling your children and grandchildren into slavery...oh, and you too!

My elected officials have heard plenty from me so far. Am thinking about a second and third barrage.

Note section 8 of the proposed bailout. It states:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

What a BS paragraph. Well... even if it passes with this paragraph it will be taken to the Supreme Court and I doubt even the most conservative Justices will agree on removing themselves from the review process.

These bailouts are BS. Entrusting $800,000,000,000 to one man is insane. This whole thing is insane.

Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson

Not dead yet! The smartest guy in the world just stepped up:

http://biz.yahoo.com/ap/080924/wall_street.html?.v=2" onclick="window.open(this.href);return false;

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

FYI... I've read on a couple legal blogs how this paragraph is completely unenforceable (the whole three branches of government thing) and there's a lot of speculation that this paragraph was added by someone who doesn't understand law itself.

Sure glad I don't have any money.

WaMu - BOO HOO !!!

I just heard........Washington Mutual goes down for the count!!! WTF is going on with these banks?? Do I now have to deposit my money at the Bank of Sealy/Simmons/Posturepedic/Beauty Rest or what?? Is Wells Fargo next??

No depositers will lose money at WaMu. Which is good since my grandfathers retirement account is there and he refused to move it last month when I told him to get it out....

BofA, WellsFargo, and JPMorganChase. Maybe Wachovia. After that.... Sealy, Simmons, and Stearns&Foster....

We're WaMu too. Luckily we're broke

We'll all be broke eventually.

The joker:

http://www.youtube.com/watch?v=R1X6RQLZtoA" onclick="window.open(this.href);return false;

Citibank just bought up Wachovia

http://money.cnn.com/2008/09/29/news/co ... 2008092908