24
Sep
08

Hank Paulson’s Taxpayer Takedown Strategy

(CLIP: Leroy Smith Shows How To Set Up An Opponent For A Takedown.)

My local Ron Paul Meetup (yes, it’s still around) has been loosely organizing a letter-writing and phone campaign against the absolutely unconscionable, immoral, illegal, undemocratic bank-bailout bill  that Treasury Secretary Hank Paulson (R, Goldman-Sachs) dragged up the steps of the Capitol the other day.

One writer suggested this emphasis, I thought it good enough to use, initially;

“I am writing to strongly discourage you from supporting the Treasury Secretary Paulson’s “bank bailout” proposal. This bill will ensure the indentured servitude of Americans for generations to come as it will become increasingly certain that the US will never be able to service is debt obligations. Why should I as an honest and responsible citizen be required to bailout the willfully negligent behavior of executives in the financial industry?

Moreover, I find Section 8 of the proposal particularly disturbing:

Sec. 8. Review.
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.

This bill in effect makes Secretary Paulson a “Financial Dictator” subject to no Congressional oversight and no judicial oversight. He is immune from any future prosecution with respect to his appropriations of bailout funds.”

Later I remembered what my old wrestling coach taught me about executing a takedown, that the most effective setup is often one where you use your opponent’s own reaction to help you execute the move, so I wrote this;

This bill must be defeated, not modified.

This is a classic setup, a case of action – reaction – action.

If you wrestled in high school or college, you will, upon reflection realize that the Paulson proposal is in part a ‘set-up’ for a financial takedown.

They tie us up with the banking implosion.

Push us (and our representatives) with this unbelievably egregious proposal.

We (and our congresscritters) push back (“we want mortgage forgiveness, salary caps, blah, blah, blah”).

Paulson and Bush then drop down and “Fireman’s Carry” our asses up into the rafters, and down onto the mat – 4 points, and a pin to win.

We never ever see it coming.

Hank’s real goal is to ensure that the bad debt is bailed out at ‘face value‘, instead of at a steep market discount. This will cost further trillions of dollars (money that we do not have) and prevent market prices of the underlying assets from correcting for years, if ever. The bankers will escape completely unscathed, while the taxpayer watches his money rot.

This is why the proposal must not be modified, but defeated utterly.

If the banking system, and our fiat economy, is ready to collapse, then we must Let It Fall.

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1 Response to “Hank Paulson’s Taxpayer Takedown Strategy”


  1. September 24, 2008 at 11:06 am

    I think that we’re being “set up” every time I hear about one of their wonderful ideas on teevee.


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