- Taken from www.nowallstreetbailout.com - Visit the site and sign the petition.
1. It costs $700 billion dollars, which is as much money as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. It amounts to $2,300 for every man, woman, and child in America.
2. This $700 billion will all be borrowed money. The plan raises the national debt ceiling to $11.3 trillion. That is $11,300,000,000,000.
3. It gives Sec. Henry Paulson, formerly the head of Goldman Sachs, the power to buy assets from his former firm with no court or administrative oversight.
4. Goldman Sachs, like many Wall Street firms, gave its CEO a $67.9 million bonus last year. That is more than 1,400 times what the median American earns. Yet the plan has no provision to cap salaries or reduce bonuses at Wall Street banks that take taxpayer money.
5.The bailout has a "reverse dutch auction" format that allows Wall Street firms to set the price taxpayers will pay.
6.The 5 companies managing the bailout auction are also Wall Street firms, and will likely receive billions of tax dollars in fees.
7. The plan buys "troubled assets" from foreign banks.
8. The plan hurts responsible U.S. banks by keeping reckless, insolvent investment banks in business.
9. The idea that taxpayers will make money is a fraud. If a profit was possible, private speculators would readily buy these "troubled assets." Instead, the bailout lets Wall Street push its losses on the taxpayer.
10. The plan violates basic principles of American capitalism by creating a system of "private profits, socialized losses."
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