WHITE PLAINS CITIZENETREPORTER SETS RECORD VISITS FOR YEAR 7,017,658 VISITS! 2,098,003 VISITORS MADE 6 VISITS A DAY EVERY DAY. 63,330 UNIQUE VISITORS MADE 133,730 VISITS IN DECEMBER. WPCNR AVERAGED 17,284 VISITORS A WEEK, VISITING 31,270 TIMES.

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WPCNR NEWS COMMENT. By John F. Bailey. September 25, 2008  UPDATED 11:45 P.M. UPDATED September 27, 2008 9 P.M: Behold, Americans,  through the witchcraft of negotiation by our master congress, the great statemans, George W. Bush , and the  cooperation of greatest  deliberative legislative body and congressional leaders, Barney Frank, Nancy Pelosi, and our own Chuck Schumer — known to the  free world, America is again on its way to recovery Sunday evening.  Our government watchdogs have brought America back on the road to prosperity in 7 days after just two hours of negotiation Friday,  (one day less than when God created the world),  a lot of handwringing and postering by Republicans  in the House of Representatives scared for their seats, and now on Sunday evening they have brought us prosperity in our time.

The Bail-Out — as Senator Pelosi called it “A Buy-In” is a done deal. Now there is a little nervousness about congress passing it. President Bush will even address the nation before the markets open on Monday morning.

Look out, world, that nasty old recession, the economic wreck is over! They’re just wranglin on who gets the credit.

 Remember, in a joint agreement announced at 3 PM by the Associated Press, after two hours of negotiation Friday, our congress, as predicted by WPCNR this morning has reached an agreement on how the troubled security firms, banks, investment firms of all kinds will have their toxic assets made “whole” viable and good again through cash from congress. Whole lot of that lean, mean green is on the way!

And then…and then….and THEN —  at  11:30 P.M. Friday, that deal appeared to be on the rocks with Republicans balking. But this is simply more ploy, more theatre.  Do you think John McCain just might receive credit for bringing the Republican side around to “save” the deal, and appear to be “the leader” who brought the sides together — do you think?  With the failure of Washington Mutual conveniently happening the same time the Republicans were balking, and the 11% drop in housing starts being announced too, the pressure is really on. After all how can the Republicans really take credit for creating economic Armageddon? Now it looks as if Big Mac just isn’t going to get any credit at all. But anyway…did we really think this was going to be voted down? Really?

 

 

WPCNR predicts this  “BUY-IN” — (what a spin by Senator Pelosi!) will be known as the new WPA,  reviving the initials for the largest relief program created by the Franklin Delano Roosevelt administration in the 30s  that spent millions to employ millions out of work Americans in public work creation to get America working again.

The new WPA will be  the Wealth Preservation Administration.  The new “WPA” will be spending millions to preserve the wealth of  several hundred firms maybe (we do not know how many) of private companies and their shareholders, stakeholders and customers and wipe out the bad debts incurred by those toxic assets they bundled and sold to other parties. The program will be paid for by 300 million Americans to preserve the wealth of comparatively few hundreds.

The congress trusts American business to go straight from now on out and get credit moving again with this leap of faith in the American entrepreneurial spirit. We just know they will do that. It is a wonderful thing.

But, in our congress’s wisdom, in saving the assets of the few they are, in their infinite wisdom, saving the assets of the many – preserving our retirement programs for the widow getting by on stock dividends, for the retiree relying on their money market funds, for the Wall Street trader getting by with just three houses in just three states, and guaranteeing supposedly an end to our depressed stock prices, and the dawn of the greatest Bull market of all time.

In the words of our peerless leader and the economic saviors of our time, Henry Paulson and the Depression Buster, Ben Bernanke – it is the best solution for all Americans to build confidence in the markets again and make the marketers  of money feel confident enough to lend again.

In the agreement announced by the Associated Press, the conservative Republicans are even presenting an alternative program, with apparently enough votes corralled by the house leadership  already to allow them to go back to their howling districts and say, “we didn’t vote for it, see!”

Something for everyone. It is the best of all worlds for all Americans.  The wealth of congresspersons’ rich contributors is preserved. The big and little firms holding those toxic assets now know that they will have the nasty red ink mopped up  off the books literally, knowing that the government will cover them to some extent that is not made clear, and they can tell capital injectors that they now don’t have to worry about all that nasty bad debt. “Oh those trillions – don’t worry about that – it’s in the past.”

If Frank Sinatra were alive he might be singing  Witchcraft! And isn’t it great to know that perhaps Sara Palin had a hand in this. What a political bipartisan triumph for the American Way! It’s just a tribute to the way Amercans, especially rich ones  when their wealth is threatened, can come together and solve the country’s problems miraculously.  It’s marvelous! ‘s Wonderful! It’s American.

But, perhaps we owe the most to our wonderful Presidential candidates who by putting politics aside worked together too for the good of the country. The Big O and the Big Mac should be holding their hands together overhead with President Bush – the architect of the new prosperity – chanting “USA USA!” Mi$$ion Accomplished again.

Already we see a new dawn in America coming Monday morning! The new Bull Market has begun.

The wheelbarrow run at Home Depot has stopped, as people are no longer wheeling their wheelbarrows to pick up their money from their banks.

The stock market is already soaring. Loan officers nationwide are popping Prozac pills now to loosen their loan requirements. Banks are ordering up Hi-DEF Tvs  from Circuit City and Wal mart to give away with each new mortgage. Interns are getting calls again on Wall Street. Surgeons are breathing sighs of relief.

Out of work stock traders from Lehman are being speed-dialed to come on back.

Bank telemarketers are calling up foreclosees and saying, “Hey we’ve been taking a look at your mortgage and I think we can work something out. Come on in, let’s talk!”

Did Sara Palin’s pastor perform an exorcism on the economy and congress, and her church a mass prayer for the economy? God is blessing America again. Is this a message?

 Or did she use her good witch powers to cast a spell on congress. Perhaps she is sticking pins in dollars now to attract investors to buy these assets, bringing in her pastor to cleanse the bad debt God has punished Wall Street with. And most of all bless us with the confidence to lend, spend, invest and get America moving again.

It is a wonderful thing Congress has done.

It is amazing how a complete bill can be hammered out in 6 days. And they did not know anything about this seven days ago. It is government efficiency at its finest! Thank the lord for those Halliburton word processors!

Perhaps Mayor Joseph Delfino and Louis Cappelli were brought in the secret negotiations today. It has the touch of the masters this deal.

Once again, a muscling up Wall Street will spread in just three short days a rippling prosperity across the troubled land with the brawny, “can-do” confidence of an invigorated, debt free Wall Street, the Armani boys are back, once again prolifically endowed  with instant capital again  swearing to abide by the ethic of transparency, truth, exorcised balance sheets and can’t miss opportunities for you – just waiting for your money. Warren Buffet’s in for $5 Billion. “Buy, Wilbur, Buy!”

Come on in and make some money.

As the investment advisory letters of the past used to advertise: Dow $20,000?

But, perhaps I am waxing too optimistic. It must be my confidence. Perhaps my rosy scenario needs to be tamped down a bit.

We cannot expect economic upturn in 72 hours after all. (Sorry if we are stepping on some lines already being set for press conferences tomorrow.)

After all the $750 Billion Enchilada will take its way to work through the nation’s food chain before it works its magic beefing up the waist lines and the wallets and credit lines  of the rest of us.

After all the Wizards of Wall Street, Hank and Ben said it will take many months for the big dollars, that have to be “raised” to cover those assets.

But the confidence, the swagger, the moxie is back, the confidence is back.

You feel America’s wallet filling again. Hear the new money rustle. It’s the Wall Street Hustle.

Perhaps we will see a Concert for America to raise the dollars  for the bailout with the Beach Boys singing “Spend, Spend Spend America” to “Barbara Ann.”

Those earnest vanguards of the American financial machine the “Green Hornets”  have had the toxic fuels removed from their engines and will be ready to lend, unfreeze the markets and let the good times roll again in mere days, right?

Next week the book agents and  book deals will be sought: “Ben and Hank Save the Economy,” “Congress to the Rescue,” “Miracle on the Hill,” “America Comes Back,” “Big Mac’s Big Rescue.” “President Bush’s Greatest Mission,”  “Mi$$ion Accomplished,” and the negative ones: “Bailout or
Sellout?” “How to Steal $750 Billion,” and the movies —  “Midnight on Wall Street,” Starring Jack Nicholson as Ben Bernanke, and Harrison Ford (with shaved head) as Henry Paulson,  there will be the talk shows – all of them.  Already  I see new money out there.  Lots of it. It’s materializing as I write.

If Frank were still alive, I can hear him singing  at the Concert for American Wealth, “Witchcraft” this way:

 

Those crisp new dollars in my wallet, honey…

That lovely windfall capital share in hand 

That starts IPAs and stocks  making lots of money

Building new houses, high rises, inventories grand

It’s  Witchcraft!

 

And I’ve got a great use for it

The markets so in need of it

Homebuyers craving it

What good would not distributing it do?

Cause it’s witchcraft, lucrative witchcraft

And although, I know it’s strictly taboo

 

When you arouse the greed in me

When you preserve my salary, bonuses, and profits too

Wipe out those toxic debts, too

My heart says you bet your bottom dollar baby

Proceed with what I need you to do

 

It’s such a grand plan

One that gets America moving again

Cause there’s no nicer Congress than you

Look Out Old America’s Back Everybody!

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WPCNR QUILL & EYESHADE. From Westchester County Association. September 25, 2008 (Edited): Citing the current financial crisis as the worst since the Great Depression, The Westchester County Association (WCA)—the area’s preeminent business membership organization—today presented a Five-Point Plan.  The Plan is directed at controlling spending and avoiding potentially major property tax increases and an exodus of businesses from our area.

In a news release the WCA called for legislators throughout the county to budget no tax increases in their 2009 budgets, a 5% reduction in all expenses, demand state mandate reforms to reduce the county tax “burden,” centralize government spending, and force government employees to adopt public sector health benefit employee pay ratios.

Bill Mooney, WCA President.

 WCA President William M. Mooney, Jr. (shown addressing the state Thomas Suozi Commission on Tax Relief in March 2008) said: “Given the meltdown on Wall Street and its potentially negative impact on the finances of the state, it’s time for our state lawmakers to hold a special session to deal with this financial crisis. We also look to our county officials to take a leadership role in articulating specific action steps. The residents of Westchester County, who once again have the dubious distinction of paying the highest property taxes in the nation, deserve no less than the full attention of its elected representatives.” 

 

Al DelBello, Chairman of the Westchester County Association, added: “We are facing an unprecedented economic emergency that requires both bold leadership and a willingness to make tough choices. The so-called tipping point has not only been reached but passed.”

 Mooney described the five recommendations as “reality based.” He pointed to the City of New York where Mayor Bloomberg immediately called on all departments including the police to cut their budgets by 5%. “Throughout the United States, all levels of government, businesses and households are cutting expenses to survive this financial crisis, yet our lawmakers have remained mute.” The Five Point Plan calls for:

 1)      No tax increases at any government level, beginning immediately with the 2009 budgets that are typically prepared at the end of the year

2)      5% across the board reduction in expenses at all government levels including an immediate hiring freeze.

3)      Seek state mandate reforms to help reduce fiscal burden that the state passes on to county governments and local municipalities

4)      Centralize government operations and purchasing (i.,e., information technology, accounting, legal, fuel oil and supplies)

5)      Require public sector employees (government workers, teachers, police, firefighters, etc.) to adopt private sector model of contributing to their health care and pension benefits.

 Richard E. French, Jr., President of Regional News Network (RNN) and Chair of the WCA Advocacy Committee, also called upon county, municipal and public school districts to adopt the Five Point Plan recommendations in their own operations. “The ripple effect across all government and public sector entities, combined with the state initiatives, will add up to significant savings. We are all in the same boat. At this point, it’s unreasonable for any one sector to be considered exempt.”

 “We call upon the members of Westchester’s delegation in Albany as well as our local officials to pledge their support for the 5 Point Plan and to return to the legislature and sponsor measures immediately to help bring financial relief,” French declared.

 Mooney stated that the WCA will undertake an in-depth evaluation and review of the county’s proposed 2009 budget that is to be released in November. He said the WCA will draw on its members who have financial expertise “to help us in examining the budget and making comments and recommendations for the county to reduce expenses.”

 

 

 

 

 

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WPCNR COMMON COUNCIL-CHRONICLE EXAMINER. From City Clerk. September 24, 2008: The Common Council meets Thursday evening in a Special Meeting at 6 PM in the Mayor’s Conference Room, The Agenda:

1.            Communication from Corporation Counsel in relation to a request submitted on behalf of 1133-300/1133-399 Westchester Avenue LLC, for an amendment to a site plan to permit building coverage percentage for the entire site on the CO District portion of the site, to amend the site plan to permit the construction of a four story office building on the site, and a request for a one year extension to the site plan for the previously approved extended stay hotel, and scheduling concurrent public hearings for Monday, October 6, 2008.

 

2.                        Resolution of the Common Council of the City of White Plains scheduling concurrent public hearings for October 6, 2008 in relation to the application submitted on behalf of 1133-300/1133-399 Westchester Avenue LLC, (“applicant”) owner of property known as 1133/1135 Westchester Avenue (Section 131.20, Block 1, Lot 1.1) containing environmentally sensitive features, for (A) a one (1) year extension of the previously approved amendment to the Special Permit/Site Plan for a four (4) story extended stay hotel granted by the Common Council by resolution adopted November 7, 2007; (B) an amendment to the aforementioned previously approved Special Permit/Site Plan for the construction of a new office building on the same property at 1133/1135 Westchester Avenue; and ( C) an application for a Special Permit for same under Section 3.5.5 and 6.7.27 of the Zoning Ordinance of the City of White Plains to permit the utilization of the permitted building coverage percentage on that portion of the site which is located in the C-O (Campus Office) Zoning District.

 

 

DISCUSSION:

 

3.            97 – 111 Hale LLC and 100 – 114 Hale LLC.

 

4.            Horton’s Mill Village.

 

5.            Capital Projects – Galleria  Lexington-Grove Parking Garage and Harlem Avenue Parking Lot.

 

6.            Entertainment of a motion to enter into executive session for the purpose of discussing proposed litigation.

 

                                                                                                                                               

 

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WPCNR NEWS COMMENT. By John F. Bailey. September 24, 2008: It was very revealing watching the Senate Banking Committee Hearings yesterday on C-Span. A little too revealing. Though our Senators huffed and puffed, out local representatives expressed self-righteous indignation, but indicated Paulson’s Ploy was going to go through, perhaps by Friday.

The Senate Hearing on the Bailout In Session Tuesday

Even the most outspoken Senators from Montana, Tennessee (I loved  Senator Jim Bunning, the old righthander from Tennessee, who expressed incredulity that Mr. Paulson did not seem to know about the loosey-goosey regulation of Default Credit Swaps when he was Chairman of Goldman-Sachs.He threw the best high hard ones. You could see the head of Wall Street’s Division of “SPECTRE” inwardly seething. Paulson also would not be forthcoming with Senator Bunning that credit card debt and student loan debt were or were not on the table for financial acquisition by the government.)

The self-described “dirt farmer” from Montana, Senator Jon Tester, said “Every time in government we’ve been forced to do something quickly, it’s been a wreck,” put yesterday’s proceedings into perspective. That’s how we got into Vietnam. (Remember the Tonkin Gulf resolution?) How we got into Iraq the second time (remember WMDs?) How we got into surveillance of citizens (Remember the Patriot Act that Congress has perpetuated?)

Henry Paulson and Fed Chair Ben Bernanke Tuesday

But despite the Senators saying all the insulting things to Ben Bernanke and Henry Paulson, no one put their finger on what’s really been wrong with the rescues, the Fannie and Freddie takeover, the AIG rescue and the Merrill Lynch “correction.” I love that word that Wall Street uses for what are investor losses, don’t you?

Those fixes did not work. They have not worked, ladies and gentlemen.

Why do Paulson and Bernanke think, and why should we believe them that this will work?

No Strings — Are you Kidding?

Not one Senator in the hot air circus yesterday asked why the money Mr. Paulson’s and Mr. Bernanke’s plan wants to distribute does not come with the stipulation – the imperative – that if  companies take “Bernanke Bucks” for their smokey assets they must in turn lend it out as soon as possible to make mortgages, extend credit to the community and businesses to free the credit jam  the Bernanke and Paulson team say is afflicting the market.  

Bernanke and Paulson did not say their plan requires the money to be redistributed. Isn’t any one on that panel of Senators asking why the stimuli of Fed Rate cuts has not arrested the recession? It’s because the banks getting the money from the cuts in the discount rate are keeping it to make their sorry balance sheets look good. Instead of loosening credit requirements, they’ve tightened them. Instead of stopping foreclosures, they’ve stepped them up.

No Senator demanded that all of the $700 Billion or a good portion of it would come with the imperative it be put out there and not “used” as an asset by the firms that get it. No Senator whom I listened to asked how can we assure this $700 Billion will find its way back into commerce. They took Paulson and Bernanke at face value that it would. How you can trust these guys – these experts – when they have been wrong three times. Bernanke has been wrong on the rate slashes. They did not work. They’ve been wrong on Bear Sterns, AIG, Merrill, Lehman – the muffs on the economy have been one after another by these guys. Why will this bailout work?

The answer, we do not know.

 

Second, the Senators are being blackmailed. To hear Bernanke and Paulson tell it, if we don’t do this bailout, it will be dire. There will be runs on the banks and money markets, retirements will evaporate. Maybe. The sky will fall. Newsweek has even written an apologist scenario this week talking about last week’s run on money market funds. Bernanke and Paulson say unless congress does this essentially we are dooming American markets. Haven’t we heard this before?

Well to prevent runs from happening, the government must seize assets of Money Market funds and keep them as a trusteeship to prevent the big money firms from getting their money out at the little investors’ expense. But you can’t do that? Why can’t you?  Or as one London economist suggested, turn all the debt into equity on the balance sheets, and suddenly what are liabilities become assets. It’s all perception, isn’t it?  

That is the main reason Secretary Paulson and Mr. Bernanke say we should do this to restore confidence in the markets. Well, I have no confidence that the businesses who get this money will invest it in us, the business marketplace,  the homeseekers, without being forced to do so. They’ll invest it in themselves.  

A Little Market Manipulation that Means Business

If we are so afraid of the stock market plunging to zero. Close the markets. Manipulate them. Limit the amount of loss the markets can endure in a week (to short circuit runs).  Eliminate the opportunity to make money in a down market by  eliminating short-selling permanently – which is essentially using a stock or asset you do not own and making money from it.

But, I digress. To be blunt, Bernanke and Paulson, and the expert pundits on MSNBC last night are saying you have to do the bailout or the markets will fail, retirements lost. (Read “we’ll stop making money.” Read — “your retirement nest egg is doomed.”)

But neither Bernanke or Paulson have said how new jobs will be created, how new mortgages will be made, how foreclosures will stop, how business will be invested in again. They hope it will.

WPCNR says, hope is not good enough, guys.

This is a pig in a poke.

 You’re just trying to bail out your Wall Street pals on this and keep the financial status quo free to lie, cheat, insider trade, and plunder widows and orphans again. I cannot tell you the number of desperate calls I get from investment firms pleading with me to buy stock these days.  They are hucksters. It’s not for me. Buying stock is for them. Never forget that.

The bailout is for them it is not for Mr. and Mrs. and Ms. America.

However, to hear Barney Frank of the House of Representatives talk on Public Radio’s Marketplace last night, he  and the rest of the house is all for the bailout,  as is Senator Clinton and Senator Schumer, as long as the right amount of “pork” is tied with it. 

 Frank said that by the weekend it could be passed, if congress adds more money for repair of infrastructure, aid for foreclosures, medicare relief – all the pork barreling that both houses of congress will find very acceptable to explain away this giveaway.

No  structure for procedure?  No time frame? How daft.

 

There’s also no explanation coming from Bernanke and Paulson at this time as to how the assets would be revalued, auctioned.

There was no explanation of when this money would wend into the marketplace either.

If congress passes this by the weekend, then Mr. Paulson says it would take time to auction the assets and time to assess them. Not one Senator asked how soon the auctions could be held.

Come on, Senators! That is the key question.

Here you have the Wall Street rats scurrying around their carpeted clubs and villas, cocktailing in the Hamptons Riviera,  squealing you have to do something now. Restore confidence. Give us money to save our sorry firms.

But, it’s going to take time, Paulson says to arrange these auctions?

So could any Senator ask how fast the stimulus of $700 Billion is going to get out there?

How about a simple market freeze, money market freeze or something like that to “stabilize” the market? It would cost a lot less than $700 Billion.

If you need it now — is it going out now?

But, again – the question remains if you need $700 Billion to stabilize the markets now, where is the logic to the statement, but it will take time to evaluate the toxic assets and auction them off. When does it become too much time, and provide too little too late.

Paulson, a real “smoothie” drops the ball on his logic here.  If you need it now, you have to get the money out there now.

So forget about buying assets. Just distribute the money in the amount of the assets to all who have them – say next week. Then revaluate them in the auction. Is that what they are really planning on doing?

Bail out now and auction later?

You have to present more of a plan. Paulson and Bernanke did not put on a time frame.

“Even if it’s not true. It becomes true.”

Representative Frank said of the need for a bailout as pleaded by Bernanke and Paulson “Even if it’s not true. It becomes true.”

That is a classic statement. So we have Representative Frank saying we’d rather believe a lie that may or may not come true, and burn money so we can say “we tried” rather than working hard and making Wall Street accountable for where this money goes once it departs the goverment printing presses or is acquired from China, Russia, Saudi Arabia, or God knows where?

The stench of fear

Watching those hearings, the smell of fear on that Senate panel came right through the television screen.

Today three World War II bombers and a Mustang fly into Westchester County Airport. They are reminders of a time when Americans were not afraid of losing their money, working 24 hour shifts, giving their lives, and their way of life to fly into certain death for truth, justice and the American Way.

We need just a tad of that courage now, Senators and Congresspersons to say “Nuts!” to those who would blackmail us and say, “Your money or you go broke!”

Mr. Bernanke and Mr. Paulson’s plan is a travesty that has not been thought out at all.

Otherwise we’d have more details.

This is our best and brightest?

It’s sole purpose is to save their buddies on Wall Street, so they can  continue to loot.

 

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WPCNR News Commentary. By John F. Bailey. September 23, 2008: Observation of the Bush Countdown Clock is like watching a clock on a bomb in a James Bond movie.  As the worst, arguably most corrupt and Machiavellian presidency in the history of the country enters its final 120 days, the worst, most unintelligent  congress in the country’s history, huffs, puffs, blusters and refuses to see what is happening to the country.  

 

A carefully orchestrated sequence of perhaps not-unrelated-conspiratorial events from partisan interests and the “Bush” Administration is ticking off a “Bucket List” of objectives. These objectives will doom presidential administrations of the future, because the  interests of  the international industrial cartel  will be perpetuated and given a stranglehold on the public for decades—enriching the pirates in Armani and rewarding them for their Grand Larceny.

Rushing the congress into approval of the “Paulson Ploy” —  $700 Billion bailout – a blank check with no strings to the thieves of Wall Street and Babbittville – paid for by you and me, our children and our children’s children.  Is this the latest in a series of calculated steps that will leave any new president (and presidents to come) with an albatross of debt that turns America into a banana republic – the kind of country we used to bail out or forgive debts to?

 Even President William Clinton and his alter-ego, Hillary Clinton do not recognize this is chilling. It is, and this is not quite a reach, reminiscent of the Nazi Party manipulation of the Reichstag in the early 30s. Perhaps the Nazi solution of creating a New “Mark” is in order. But the “Mark” today is you.

The contrived “financial crisis”  has been aggravated and abetted by a congress, like a certain Common Council we know, who see no evil, smell no evil and hear no evil who govern like 500 members of The Nairobi Trio, whose some total of achievement is measured in press release count.

As I listen to the Senate Committee hearings this morning, I composed this Bush Bucket List which, may or not be “a working agenda.”

The Bush Bucket List Still To Do:

1.       Ram through “Paulson’s Ploy”  the Bailout in a week. (Why hasn’t Congress said no way, let’s wait and see what happens and let the new President deal with it. Do we really think the world economy is going to collapse? Come on.)

2.       Bailout the automobile industry on the verge of collapse next.

3.       Assure no money is available for developing electric, hydrogen or air cars to replace oil fueled vehicles.

4.       Eliminate environmental restrictions on drilling, tapping for American resources.

5.       Start a war with Iran.

6.       Start a war with Pakistan over Taliban raids.

7.       Assure U.S. Oil reserves are not tapped.

8.       Put their buddies, the outlaw investment banks back in business by allowing them to act as banks (almost done).

9.       Make any congressional restrictions on Wall Street cosmetic and “self-policing” by establishing a task force.

10.   Solvensize banks’ balance sheets, but do not force them to lend their new found money.

11.   Freeze current tax rates on the over $200,000 a year crowd.

12.   Assure oil company windfall profits are not touched.

13.   Reestablish the military draft (on a limited basis of course).

14.   Push through a defense renewal plan to requip military for billions before January 20, 2009

15.   Turn worthless assets now held by financial institutions, FANNIE and FREDDIE into fortunes by inflating the value of the assets. (About to happen)

16.   Make Treasury Secretary a financial czar with iron-fisted control of economy, out of control of Congress. (A Cardinal Richelieu).

17.   Assure American dependence on foreign oil for decades.

18.   Issue Internet Website Licenses under control of FCC, effectively limiting free speech on the internet and tax Internet sales nationally.

19.   Finance bailout by extending age Social Security is collected, and tapping current social security reserves.

20.   Assure no universal health care is possible due to debt incurred.

21.   Allow mergers of key firms, and extensive foreign ownership.

22.   Make Cabinet members’ policy decisions not subject to congressional approval.

23.   Pardon key figures and architects of the sub-prime and other scandals of the last eight years, should any, by some stretch of imagination be indicted (not likely) before January 20.

24.   Assure no person of color, is ever nominated again for President by a major party for decades.

25.   Achieve massive cuts in entitlement programs: arts, community development, HUD, minimum wage, you name it, they’ll say we have to cut it.

 

If such a Bucket List is in play, 120 days could be just enough time to do it  number one and Number 24 and lay the groundwork for achieving all 23 others with the next presidencies to come – with this congress — who shall go down in infamy.

 

More to the point, if the congress approves the Paulson Ploy, and it does not work – if the mortgages do not begin to be offered, if the jobs don’t come back, if the consumers don’t start spending, if the consumers go to the banks and money market funds and still want their money back,  where are we?

 

What will be the next fix?

 

As one observer said this morning, we simply wipe out every American’s debt – not just the robber barons’ debts. We create a new dollar. Everybody starts with debt wiped out.

 

Like a video game.

Somewhere there’s a real Bucket List memo, there must be.  Because it sure looks like it.