Friday September 26, 2008, 2:57 am
Bailout talks stall as Bush meets with Congressional leaders and Presidential candidates. German Finance Minister says US will no longer be the financial Superpower. French President Sarkozy says the days when "the all powerful market is always right are over". The Real News Network spoke to economist and historian Dr. Michael Hudson who says that it's not a "bailout" but a "giveaway" and will create a new kleptocracy of billionaires.

watch the video:

Economist Michael Hudson: the bailout is a giveaway that will cause hyperinflation and dollar collapse

Dr. Michael Hudson is a Wall Street financial analyst and historian. Dr. Hudson was Dennis Kucinich’s Chief Economic Advisor in the recent Democratic primary presidential campaign, and has advised the U.S., Canadian, Mexican and Latvian governments, as well as the United Nations Institute for Training and Research (UNITAR).

Friday September 26, 2008, 3:54 am
Washington Mutual Collapses; McCain Destroys Bailout Deal

Friday September 26, 2008, 5:16 am
Mother Jones: Where Credit is Due: A Timeline of the Mortgage Crisis

A field guide to the loan sharks and politicos who got us into the predatory lending mess

Saturday September 27, 2008, 10:11 am
is this actually a surprise to anyone?- the rich keep getting richer,until they get so greedy,that it is now impossible for the government to hide it anymore-

It's been sitting right in front of our faces for years....well guess what's finally hitting the fan?

peace

Saturday September 27, 2008, 4:36 pm
The crisis explained

Joe goes to the track and bets $2 on a horse.

Two guys standing nearby get into a discussion and Fred says to Sam, “I’ll bet you $5 that Joe wins his bet.”

Next to them are Bill and Bob. Bill says: “I’ll bet you $10 that Fred welshes on his bet if he loses.”

Next to them is Sally. Sally says: “For $3 I’ll guarantee to Bill that if Bob fails to pay off, I’ll make good on the bet.”

Sally then goes to Mary and borrows the $7 needed in case she has to ever pay off and promises to pay back $8. She doesn’t expect to every have to pay since she believes Bob will always make good. So she expects to net $2 no matter what happens to Joe.

A quick calculation indicates that there is now 2+5+10+3+7 = $27 riding on the outcome of the horse race.

Question how much has been “invested” in the horse race?

Wait for it:

Answer:

$50,000 by the owner of the horse who is expecting to recoup his investment from the winnings of the horse and other future deals. Everyone else is gambling, not investing.

So, when Hank Paulson and his golfing buddies go to the track and lose the rent money playing the ponies, we should pay up?

http://www.correntewire.com/the_crisis_explained

That's perfect
and it’s not even an analogy - it’s exactly how derivitives and credit default swaps work, including none of the gamblers having any financial relationship to the underlying asset (the horse, or mortgages) in a lot of cases.

Sunday September 28, 2008, 1:15 pm
Once again, EVERYONE on this thread needs to read the following two pieces.


http://www.huffingtonpost.com/leah-mcelrath-renna/is-bush-profiting-from-th_b_120205.html


http://www.bloomberg.com/apps/news?pid=20601087&sid=av8fOkC1HHEc&refer=home

Goldman Sachs, Hank Paulson's "former" employer and the Booosh family stand to make billions off this "bail out". Of particular interest to me is the timing of the GS purchase of Litton, a "loan servicing" firm based in (surprise, surprise) Texas.

Tuesday September 30, 2008, 8:37 pm
Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they've made. Tell him we know he has the smarts to slow this thing down and figure out what's the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.

Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.

You have to call them now and say "NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.