While the United states Armed Forces (private mercenaries) are stationed at 737 bases, in 130 nations around the world, defending “all freedom-loving people everywhere in the world,” Republican (fascist/socialist) President George W. Bush signs the Emergency Economic Stabilization Act of 2008 (a.k.a. The “Billionaire Bailout (and left taxpayers the) Bill”) greatly enhancing the powers of the secretary of the treasury, and creating the Troubled (worth less) Asset Relief Program, endowing it with a spending authority of 700,000,000,000 “dollars” (This is seven percent of the world’s annual economic output).

       NOTES:

• One of the purposes of TARP is essentially to reward those who have taken out home loans which they were not able to afford, partially paid for out of the earnings of United states subject/enemy/citizens that have been careful only to take out mortgages which they were able to afford.
• Also in the act is a provision allowing the Internal Revenue Service to engage in undercover operations;
• And it relieves commercial banks of any requirements that they keep any reserves of Federal Reserve Notes (Bills of Credit) in their vaults to cover demands for depositor withdrawals.
• The “Billionaire Bailout (and left taxpayers the) Bill” did not go through the normal committee hearing process, but was rushed straight to floor debate in both houses of CONgress.
• When the “Billionaire Bailout (and left taxpayers the) Bill” was first proposed by Henry J. Paulson, secretary of the treasury, two weeks previous, it was only three pages long; by the time Bush signed it, the act had grown to 451 pages.
• The “Billionaire Bailout (and left taxpayers the) Bill” expanded Federal deposit insurance at commercial banks from 1000,000 to 250,000 “dollars” per account.
• The act also contains various Christmas Tree provision such as $100,000,000,000 in income tax breaks for businesses, along with subsidies for alternative energy.
• These commercial banks had spent 114,000,000 “dollars” on lobbying and campaign contributions, and in return received 295,000,000,000 “dollars” in Federal bailout relief — realizing an average return on their investment of over 2,500%.
• In order for the “Billionaire Bailout (and left taxpayers the) Bill” 32 Democratic (socialist/fascist) CONgress members and 26 Republican (fascist/socialist) CONgress members changed their votes, demonstrating again the homogeneity of both status quo parties.
• But as a condition of support, the Securities and Exchange Commission had to relax accounting rules that forced a complete write-down of certain banks’ depreciated (worth less) assets, thus allowing them to appear in a stronger financial position than they really in fact were.
• As the Federal Deposit Insurance Corporation was working out the takeover of Wachovia by Wells Fargo several metropolitan regions were identified where the combined company would exceed the Department of Justice’s antitrust guidelines.
• The volume of Wachovia’s portfolio was so great that the FDIC could not handle the dissolution through its standard rules of receivership.
• This is the biggest Federal bailout since Democratic (socialist/fascist) de facto President Franklin Roosevelt, Esq., surreptitiously rescued the Federal Reserve System of (central) banks during his first year in office.
• And the act increases the national debt limit from 10,615,000,000,000 to 11,315,000,000,000 “dollars.” Among the Republican legislators voting to increase the debt limit were senator John Kyl, of the Federal enclave of Arizona; senator Mitch McConnell, of the commonwealth of kentucky; CONgressman John Boehner, of the Federal enclave of Ohio; and CONgressman Eric Cantor, of the commonwealth of virgina.  This nearly doubles the national debt over Bush’s two terms.  So much for conservative Republicans!
• This is the further realization of plank number five of the “Communist Manifesto” by Karl Marx.

Postscripts:

• One of the first checks that Henry M. Paulson, Jr., secretary of the treasury, wrote with the TARP funds was for 10,000,000,000 “dollars” to former investment turned commercial bank Goldman Sachs, where he was Chief Executive Officer.
• In the next three weeks after Bush signed the “Billionaire Bailout (and left taxpayers the) Bill,” the New York Stock Exchange Composite Index lost over 3,000,000,000,000 “dollars” — 20% of its value.
• Half of the 163,000,000,000 “dollars” that was almost immediately paid out commercial banks for the purpose of stimulating lending was instead paid out to shareholders as dividends. Bank of America used about half of its 15,000,000,000 “dollars” in TARP funding to invest in construction projects in the fascist People’s Republic of China.
• Nearly six months later, 325,000,000,000 “dollars” (some 45%) of the total 700,000,000,000 “dollar” TARP authorization was spent on “non-toxic (non-worthless) assets.”
• Many of these rescued “too big to fail” commercial banks made perfectly legal campaign contributions to the members of CONgress who approved the bailouts.
• Less than two weeks after the passage of the “Billionaire Bailout (and left taxpayers the) Bill, it had become apparent that the total cost for the act had exceeded 5,000,000,000,000 “dollars,” as the true cost of the following features of the act were realized:

• • the initial “bailout” bill as first touted — 700,000,000,000 “dollars,”
  • mortgage foreclosure protection — 4,000,000,000 “dollars,”
  • bailout of the General Motors and Chrysler corporations — 25,000,000,000 “dollars,”
  • financing of the Bear Stearns bailout — 29,000,000,000 “dollars,”
  • the loan to and subsequent nationalization of American International Group – 85,000,000,000 “dollars,” and the additional request of American International Group — another 35,000,000,000 “dollars,”
  • re-payments to JP Morgan-Chase (commercial) bank — 87,000,000,000 “dollars,”
  • purchases of troubled mortgage securities from the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (a.k.a. “Fannie Mae” and “Freddie Mac”) — 144,000,000,000 “dollars,”
  • the bailout of state and municipal governments by speaker Nancy Pelosi, of the house of representatives — 150,000,000,000 “dollars,”
  • loans to commercial banks through the Federal Reserve (central) bank’s Term Auction Facility – 200,000,000,000 “dollars,”
  • nationalization of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (a.k.a. “Fannie Mae” and “Freddie Mac”) – 200,000,000,000 “dollars,”
  • the total bailout package Henry J. Paulson’, secretary of the treasury — 250,000,000,000 “dollars,”
  • the economic-stimulus package of speaker Nancy Pelosi — 300,000,000,000 “dollars,”
  • rescue of the Federal Housing Administration —  300,000,000,000 “dollars,”

Two months later the price tag for the entire “Billionaire Bailout (and left taxpayers the) Bill” had exceeded 7,360,000,000,000 “dollars. This exceeds the grand total cost (adjusted for inflation (depreciation of the Federal Reserve NOTE)) of the next eight most expensive Federal programs:

• • • 3,600,000,000,000 “dollars” for the Axis War (World War II),
    • 851,000,000,000 “dollars” for a half-century of space exploration by the National Space and Aeronautics Administration,
    • 698,000,000,000 “dollars” for the Vietnamese-American War,
    • 597,000,000,000 “dollars” for the Iraqi-American War,
    • 500,000,000,000 “dollars” for New Deals I and II (1933 — 1939),
    • 454,000,000,000 “dollars” for the Korean-American War,
    • 256,000,000,000 “dollars” for the Savings and Loan Bailout,
    • 237,000,000,000 “dollars” for the Apollo Program (Moon Race against the Soviet Union),
• Over the course of the next six months, the TARP would distribute 2,500,000,000 “dollars” to “private banks” (banks that require initial deposits of at least 1,000,000 “dollars” to open an account).
• For the first eleven months of its existence the TARP bailout operated without any formal ethics standards.

[added 5/30/2021] Thanks to Freedom’s Phoenix for contributing to this entry.