Analysis of the "bail-out" plan

SEC. 101. PURCHASES OF TROUBLED ASSETS.

(a) OFFICES; AUTHORITY.—

(1) AUTHORITY.—The Secretary is authorized to establish the Troubled Asset Relief Program (or ‘‘TARP’’) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary.

Comment: from any financial institution: That means that substantial portions of what the American people currently owe to their banks and financial institutions is to be turned over the US Government.

SEC 101

(c) Necessary Actions

The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation, the following:

(3) Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.

Comment: “without limitation” means he can setup anyone as such agent, even foreign banks and institutions. He can setup Mr. Rothschild, Mr. Rockefeller or any one he likes.

(3) Designates for the first time in American history banks, even foreign banks, as financial agents of Federal Government with full law enforcement authority over the citizens in the US.

SEC 103

(5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this Act.

Comment: This allows the US Secretary of the Treasury to put any kind of debt, including credit card, home loans, personal loans, automobile loans, etc., into the TARP programme.

SEC. 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.

Comment: This allows the US Secretary of the Treasury to astoundingly extend financing to foreign banks to purchase the debt of the American people.

SEC. 113 MINIMIZATION OF LONG-TERM COSTS AND MAXIMIZATION OF BENEFITS FOR TAXPAYERS

(2) AUTHORITY. In carrying out paragraph (1), the Secretary shall—

(a) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers.

Comment: This allows the US Government to hold stocks in companies for the first time in their history and which completely destroys the capitalist economy of their nation.

SEC 119

(2) LIMITATIONS ON EQUITABLE RELIEF.

(A) INJUNCTION.—No injunction or other form of equitable relief shall be issued against the Secretary for actions pursuant to section 101, 102, 106, and 109, other than to remedy a violation of the Constitution.

Comment: This gives the US Secretary of the Treasury dictatorial powers not reviewable by courts making this position the most powerful one in America.

SEC 122 INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting ‘‘$11,315,000,000,000’’.

Comment: This increases the US public debt to the incredible amount of $11,315,000,000,000. This is 11,315 Trillion!

SEC 204 EMERGENCY TREATMENT

All provisions of this Act are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res. 21

Comment: This simply puts the United States under emergency economic rule

I think that this bill is the required setup for the total financial Armageddon, befalling the world in the next 3 weeks.

Michael

lwoe@gmx.at