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Federal Reserve & Treasury Want Huge Bailout for "Worst Financial Crisis We'Ve Ever Seen"


Business  (tags: Federal Reserve, Treasury Department, economuy, financial crisis, mortgages, US government, taxpayer dollars, Congress, bailout )

RC
- 3898 days ago - nytimes.com
An unprecedented measure allowing the government to buy failing mortgages from banks & other lenders is under discussion right now between the heads of the Federal Reserve, the Treasury Department & leaders in Congress.



   

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Comments

RC deWinter (418)
Friday September 19, 2008, 4:58 am
Yes, apparently it IS that bad...and if this measure is approved, it will be the most direct commitment and allocation of we the people's tax dollars yet - more than that in the recent $85B AIG bailout.

And to stem the downward spiral of Wall Street and global financial markets, the Securities & Exchange Commission has temporarily banned short-selling of the stocks of 799 financial institutions, a move the British instituted yesterday

Read about it here: S.E.C. Issues Temporary Ban on Short-Selling None of this is the news I wanted to wake up to...
 

Joycey B (750)
Friday September 19, 2008, 5:08 am
It gets scarier here everyday. Noted with thanks Cate.
 

. (0)
Friday September 19, 2008, 5:29 am
The World Bank, Central Banks in each nation, and the U.S. Federal Reserve need to come up with and emergency-comprehensive-solution course, to lessen the worldwide dominoe effect.
"This is going to leave a nasty 'ring'!"

Re: Newly submitted "Four Horsemen Of The Apocalypse"
http://tinyurl.com/thefifthknight
Wake-up call!
 

Hans L (958)
Friday September 19, 2008, 5:49 am
Now if these 500 billion have to payed back by the US taxpayers how much would that be for each? 500.000.000.000 : 150.000.000= That would just mount op to 3333 Dollar...NO BIG PROBLEM BUSH IS RIGHT OR DID I FORGET SOMETHING? What happens with this bad debts?
They take them out of the books of the banks and what than? Burn them ? Sell them to China?
And lease them back?
 

Past Member (0)
Friday September 19, 2008, 6:01 am
VERY UPSETTING,TY NOTED CATE
 

Ariel H (46)
Friday September 19, 2008, 6:01 am
The US doesn't have the money, we are the biggest DEBTOR nation and no doubt the Gov will just borrow it from another country and put us more in debt to another nation. We will be owned by foreign interests without there ever being a war because they bought the US. That is the scary part that nobody pays attention to.
 

David S (55)
Friday September 19, 2008, 6:03 am
I think most people misunderstand what has happened with respect to the Bush administration and what is happening here. This is not a repudiation of capitalism, nor is it a failed market being "rescured". It is a formal introduction of the institutional economics of fascism. Indeed, Mussolini would be cheering the U.S. government's actions if he were alive today.

Let us not forget the traditional form of fascism, as a fusion of public and private interests, by incorporating or co-opting private ownership into/as part of the state. This is very much in tune with wealthy interests who then use the compulsory power of the state as a way to insulate their own economic power from competition to maximize their own profits while simultaneously socializing their debts and business failures to the general population. This of course all but completes the transformation, socially, politically, and now economically, of the United States into a fascist nation.

The amount of bad debt transferred from private interests to the U.S. public already is already well over 600 billion dollars between fannie maie/freddie mac, aig, and bear sterns. Another 500 billion has already been transferred through the federal reserve directly into private interests over the past few months through the feds open door cash windows at interest rates so low they were below the inflation rate. Think of it as being paid/given free money for your mistakes. I would not be surprised if the fed acquires another trillion in bad debt in this latest scheme. Think of it as closer to 10/15000 per person, and climbing!
 

RC deWinter (418)
Friday September 19, 2008, 6:07 am
Thank you, David, for that illuminating explanation. I am so nervous about all this - as my husband has been saying for close to a year, if we fall, so goes the world. And the antidote being used by this regime binds us more and more tightly to total government control of our lives. This is not being done in the spirit of economic recovery as during the Great Depression - it is rather economic takeover.
 

RC deWinter (418)
Friday September 19, 2008, 6:10 am
Yes, Ariel - we arew being bought by China, by Japan, by the Europeans, and by our own government using borrowed money. We won't have a Constitution to call our own if this keeps up. Bush doesn't need the North American Union to destroy our sovereignty - he's using the economic system to do it.
 

Mike Feenaughty (267)
Friday September 19, 2008, 6:59 am
I am very nervous about the direction we are going. The bail out would be a positive note, but long term it will cost the average American $3600.00. How will this effect the average family? I also understand our economics controls the worlds economics, so if we go down, everyone goes down. The way I look at it is, we are on the Titanic and we have hit an iceberg and have only a limited time before we all drown, so we need to use our brains and not panic before all is lost. It sounds as if this bail out would be a good start. I pray. Thank you Cate, noted
 

Faith M (161)
Friday September 19, 2008, 7:01 am
Ariel -David Thank-U for that economic discourse on the truth of what is happening-Thanx Regina for this post and info
 

Laurie W (189)
Friday September 19, 2008, 7:04 am
Anyone up for a game of chinese checkers...?
Robert there's not enough soap on this planet to get rid of the scum, and as far as saving...well for all of us who can't find employment those pennies aren't going to help...at least I won't be alone, but what better group of friends than those we have here to be with.
 

Carol W (119)
Friday September 19, 2008, 7:11 am

US Administration dream -come-true.
First they bankrupt the nation, the world, and soon will own and run everything.
When I hear McCain say 'Reform'.... It's not even funny anymore.
 

Ken S (38)
Friday September 19, 2008, 7:28 am
But Cate, I didn't think the Fed had any money.....they just PRINT more, and the government (you) pay interest on this money.....am I missing something????
David your explanation sounds correct, with ... greed, stupidity and criminality involvement ....There appears as if there is a them and us mentality....us, we get the gold...them (you) gets to pay for it....and it is against the law to winge about it.
 

Past Member (0)
Friday September 19, 2008, 7:36 am
"The US doesn't have the money" (thanks Arial)...Not enough anyway...Watched a discussion on Oz news tonight...a very small (comparitively) amount of the money required to pull this off would provide food for a year for the, now, one sixth!!! (?) of the worlds population who can no longer afford food...
Ethiopia always had it bad, they are no longer one of the few but one of the rapidly increasing many...Just a thought...Albeit a scary one (to me anyway)...Off the topic?...What IS the topic anymore?...The world is uncontrollably out of control?...Thanks Cate......
 

Stephen Hannon (203)
Friday September 19, 2008, 7:47 am
Noted, thanks Cate. I read this in the NYT in my e-mail inbox.
 

Past Member (0)
Friday September 19, 2008, 7:51 am
Ooops...Ariel, with an 'e' (and now Ken also)...Printers will indeed profit by this!...Bush et al also?...Hitler did for a while...Didn't do him, or anyone else, much good in the end...IMPEACH George NOW!...He's down but not out yet...Feed the starving and start again!...Too simplistically easy?...No matter, I'm off to bed...That is the one safe place I can depend on these days...Peace and happiness to all!...
 

RC deWinter (418)
Friday September 19, 2008, 8:00 am
Laurie, you're welcome the share the large cardboard box Pamylle & I are arranging under the nearest bridge...
 

Marion Y (322)
Friday September 19, 2008, 8:50 am
Cate...Are you three moving in the space next to me? We just have to watch for the birds crapping over our heads.

Seriously, this is bad, bad news. Even mainstream media and economists are saying this is not a good move. I agree with David Alexander's take...and the debt for each person is much higher than we're told, and we are enslaved to this fascist system for generations to come. Boycott...grow your own food...get off the grid...never give up.
 

RC deWinter (418)
Friday September 19, 2008, 8:53 am
Marion, you can move in with us...and the only ones crapping on our heads are the a**holes in Washington...
 

Marion Y (322)
Friday September 19, 2008, 9:01 am
Cate...Thanks! It's cold out here and winter hasn't even arrived yet...
 

Kathleen Hilliker (293)
Friday September 19, 2008, 9:07 am
Also read today's story:

http://www.care2.com/news/member/533666814/884210?saved=1
 

Laurie W (189)
Friday September 19, 2008, 9:21 am
Cate...sounds good...use to love taking empty washer/dryer boxes and cutting out door and windows, then crayons to color flowers boxes and flowers. Always seemed nice and cozy..but maybe we should also have a getaway cabin box up in the hills during rainy season in case of flooding...!
 

Sabrina F (13)
Friday September 19, 2008, 10:03 am
In the age of rising gas prices, mass inflation, a nationwide housing crisis, and a multitude of other financially draining policies, one might wonder if (and where) congress is looking for new sources of revenue. One unconventional but practical and effective resolution would be the legalization of marijuana.

Legalization, unlike decriminalization, would allow businesses to manufacture and sell marijuana while also being subject to state and federal tax regulations. A 2005 study authored by Nobel Lauriat Dr.Jeffrey Miron projected that the annual savings and revenues would amount to tens of billions of dollars. The overwhelming support for Miron’s conclusion is undeniable. Over five hundred economists, including three Nobel Lauriats (Milton Friedman, George A Akerlof and Vernon L. Smith) have signed an open letter to President Bush, Congress, Governors and State Legislatures endorsing Miron’s report.

 

Deborah Hooper (59)
Friday September 19, 2008, 10:04 am
"The administration is asking Congress to give it sweeping new powers to execute the plan."

NONONONONO! The above is from Yahoo's article on the same subject. Is anyone writing their Representatives! Is there a petition yet? We can't just sit on our hands and let this happen. No where in the Constitution does it say they can do this. Can anyone say Amero? How about Bankrupt! That is what America is, Bankrupt! Where is this money going to come from? Mexico! Canada! China! I don't know about any of you, but my spanish was a long time ago, and I never learned Chinese! I see a North American Union right around the corner and you all act like you're okay with it! Wake Up! Problem - Reaction - Solution! This isn't it! And the Democrats see this as a way to get favor for more spending? WTF! Did IQ's suddenly drop while I was sleeping?
 

Carolyn T (234)
Friday September 19, 2008, 10:40 am
Noted. What a scheme...let's do a bailout with money we do not have! Where might an average 'Jane' like myself apply for one of these bailouts?I feel a financial crisis coming on in my own little world. Thank you, Cate, for another 'down the rabbit hole' on our government at work.
 

Deborah Hooper (59)
Friday September 19, 2008, 10:50 am
Ok, I just wrote my Reps, and Pelosi! Anyone I forgot that will listen? The White House won't listen.

David Alexander, I included what you said and gave you credit, but I did omit your last name.

Here is what I sent with 4 different endings

To Sherrod Brown ***
On this new bailout that bails out the rich and takes from the poor, I say no. But someone summed it up better than me on the Care2 forums on this news article this morning.

"I think most people misunderstand what has happened with respect to the Bush administration and what is happening here. This is not a repudiation of capitalism, nor is it a failed market being "rescued". It is a formal introduction of the institutional economics of fascism. Indeed, Mussolini would be cheering the U.S. government's actions if he were alive today.

Let us not forget the traditional form of fascism, as a fusion of public and private interests, by incorporating or co-opting private ownership into/as part of the state. This is very much in tune with wealthy interests who then use the compulsory power of the state as a way to insulate their own economic power from competition to maximize their own profits while simultaneously socializing their debts and business failures to the general population. This of course all but completes the transformation, socially, politically, and now economically, of the United States into a fascist nation.

The amount of bad debt transferred from private interests to the U.S. public already is already well over 600 billion dollars between fannie maie/freddie mac, aig, and bear sterns. Another 500 billion has already been transferred through the federal reserve directly into private interests over the past few months through the feds open door cash windows at interest rates so low they were below the inflation rate. Think of it as being paid/given free money for your mistakes. I would not be surprised if the fed acquires another trillion in bad debt in this latest scheme. Think of it as closer to 10/15000 per person, and climbing!" - David

You have to stop this thing, Sherrod, I see their New World Order right around the corner after the North American Union and the Amero! No this cannot not happen. Please talk some sense into these people we have elected.
***

To Jim Jordan ***
On this new bailout that bails out the rich and takes from the poor, I say no. But someone summed it up better than me on the Care2 forums on this news of this morning.

"I think most people misunderstand what has happened with respect to the Bush administration and what is happening here. This is not a repudiation of capitalism, nor is it a failed market being "rescued". It is a formal introduction of the institutional economics of fascism. Indeed, Mussolini would be cheering the U.S. government's actions if he were alive today.

Let us not forget the traditional form of fascism, as a fusion of public and private interests, by incorporating or co-opting private ownership into/as part of the state. This is very much in tune with wealthy interests who then use the compulsory power of the state as a way to insulate their own economic power from competition to maximize their own profits while simultaneously socializing their debts and business failures to the general population. This of course all but completes the transformation, socially, politically, and now economically, of the United States into a fascist nation.

The amount of bad debt transferred from private interests to the U.S. public is already well over 600 billion dollars between fannie mae/freddie mac, aig, and bear sterns. Another 500 billion has already been transferred through the federal reserve directly into private interests over the past few months through the feds open door cash windows at interest rates so low they were below the inflation rate. Think of it as being paid/given free money for your mistakes. I would not be surprised if the fed acquires another trillion in bad debt in this latest scheme. Think of it as closer to 10/15000 per person, and climbing!" - David

Our Nation is already bankrupt! Did IQ's suddenly drop while I was sleeping? If any of you Republicans actually don't want more Government, then stand up and say NO to this bailout. Otherwise, I guess we'll know where you stand. I am so sick of the party line from both sides of the isle . . . Stop this thing. If this goes through, I starting a grass roots campaign to fire the whole lot of you. Now, prove me wrong, don't bail out the idiots that got greedy on the backs of the American people.
***

To George Voinovich ***
On this new bailout that bails out the rich and takes from the poor, I say no. But someone summed it up better than me on the Care2 forums on this news of this morning.

"I think most people misunderstand what has happened with respect to the Bush administration and what is happening here. This is not a repudiation of capitalism, nor is it a failed market being "rescued". It is a formal introduction of the institutional economics of fascism. Indeed, Mussolini would be cheering the U.S. government's actions if he were alive today.

Let us not forget the traditional form of fascism, as a fusion of public and private interests, by incorporating or co-opting private ownership into/as part of the state. This is very much in tune with wealthy interests who then use the compulsory power of the state as a way to insulate their own economic power from competition to maximize their own profits while simultaneously socializing their debts and business failures to the general population. This of course all but completes the transformation, socially, politically, and now economically, of the United States into a fascist nation.

The amount of bad debt transferred from private interests to the U.S. public is already well over 600 billion dollars between fannie mae/freddie mac, aig, and bear sterns. Another 500 billion has already been transferred through the federal reserve directly into private interests over the past few months through the feds open door cash windows at interest rates so low they were below the inflation rate. Think of it as being paid/given free money for your mistakes. I would not be surprised if the fed acquires another trillion in bad debt in this latest scheme. Think of it as closer to 10/15000 per person, and climbing!" - David

Our Nation is already bankrupt! Did IQ's suddenly drop while I was sleeping? I know you haven't always followed the party line, please stand up again and say no to this transfer of debt from private interest to the public.
***

To Nancy Pelosi ***
On this new bailout that bails out the rich and takes from the poor, I say no. But someone summed it up better than me on the Care2 forums on this news of this morning.

"I think most people misunderstand what has happened with respect to the Bush administration and what is happening here. This is not a repudiation of capitalism, nor is it a failed market being "rescued". It is a formal introduction of the institutional economics of fascism. Indeed, Mussolini would be cheering the U.S. government's actions if he were alive today.

Let us not forget the traditional form of fascism, as a fusion of public and private interests, by incorporating or co-opting private ownership into/as part of the state. This is very much in tune with wealthy interests who then use the compulsory power of the state as a way to insulate their own economic power from competition to maximize their own profits while simultaneously socializing their debts and business failures to the general population. This of course all but completes the transformation, socially, politically, and now economically, of the United States into a fascist nation.

The amount of bad debt transferred from private interests to the U.S. public is already well over 600 billion dollars between fannie mae/freddie mac, aig, and bear sterns. Another 500 billion has already been transferred through the federal reserve directly into private interests over the past few months through the feds open door cash windows at interest rates so low they were below the inflation rate. Think of it as being paid/given free money for your mistakes. I would not be surprised if the fed acquires another trillion in bad debt in this latest scheme. Think of it as closer to 10/15000 per person, and climbing!" - David

You have to stop this thing Nancy, I see their New World Order right around the corner after the North American Union and the Amero! No this cannot not happen. No new powers to these power hungry fascists, and don't be using this as a way to "earn favor" for more spending. I feel like IQ's suddenly dropped while I was asleep. Wake up, we have already become a Plutocracy under the Bush Regime, don't make it worse. We, the nation, is already bankrupt!
***

Oh, to hell with it, I'm writing the President anyway. Maybe if enough of us do we can get this thing stopped.

Please, write your Reps, the Speaker & bush. This cannot happen. I'd have to move, but where to, it's happening all over the world. One World Order! This is not happening.
 

Marion Y (322)
Friday September 19, 2008, 10:53 am
Sabrina...Why legalize pot? It's still a good business for the government:

"According to data released yesterday in the FBI's annual Uniform Crime Report, police in 2007 arrested over 872,000 US citizens - that's nearly one out of every two Americans busted for illicit drugs -- for weed. (The raw data is available from the US Federal Bureau of Investigation here and here.) That figure is a five percent increase over the total number of Americans busted in 2006. It's more than three times the number of citizens charged with pot violations sixteen years ago...If this pace continues, annual arrests for pot will surpass one million per year by 2010."

But I agree: Marijuana Could Be a Gusher of Cash If We Treated It Like a Crop, Not a Crime. Marijuana and hemp have many, many uses and quite possibly could be the answer to our gas alternative.
 

David S (55)
Friday September 19, 2008, 10:57 am
I have no problem whatsoever with anyone using my full name for such a purpose. In any case, I also believe in speaking truth to power...
 

serge vrabec (278)
Friday September 19, 2008, 11:34 am
pardon me for the large post in your article cate, I thought it would be an interesting read on said subject. I Don't know if its true but.....Thx Cate

Subject: Too Much Oil? A New Crisis Scenario...Starting 1st of August


This story comes from the International Forecaster.com website and the usual caveats apply.



Vast unexploited oil reserves? An economic threat from too much oil? Dark pools of liquidity, threats of hyperinflation from unsound economy and Fed practices, remembering the lessons from The Great Depression, reactionary measures to protect the dollar, An examination of a crisis scenario.
Lindsey Williams, who has been an ordained Baptist minister for 28 years, went to Alaska in 1971 as a missionary. The Transalaska oil pipeline began its construction phase in 1974, and because of his concern for the spiritual welfare of the "pipeliners," Mr. Williams volunteered to serve as Chaplain on the pipeline, with the subsequent full support of the Alyeska Pipeline Company. Because of the executive status accorded to him as Chaplain, he was given access to the information that is documented in his book, "The Energy Non-Crisis," which shows that peak oil is a scam because our domestic reserves in the North Slope of Alaska alone are at least as large as those in Saudi Arabia and are potentially large enough to power the US with domestic oil for two centuries. Recently this year, due to the sensitive nature of his book, Mr. Willians' life was threatened and he was forced to shut down his web-site and stop selling his books and CDs. At the urging of Dr. Stanley Monteith of Radio Liberty, he called back the same oil executive who had warned him about the danger he would be in if he continued to disseminate certain information to ask if in fact there was any information that he could in fact convey to the public without upsetting the powers that be. The oil executive, who Mr. Williams had known for years, gave Mr. Williams some startling revelations which he could safely reveal to the general public. As you know, the Illuminati are arrogant enough to reveal some of their plans because they believe there is nothing we can do about it.




Basically, Mr. Williams was told that over the next twelve months, from mid-2008 to mid-2009, (1) news of super giant oil fields, ready to produce, would be announced for two locations, in the Northern Slopes of Russia and in Indonesia, which oil fields would together contain more oil reserves than the entire Middle East; (2) that this news would drive oil prices down to $50/barrel; (3) that OPEC countries, especially in the Middle East, would be bankrupted by this price decrease; (4) that this would cause the financing of our foreign trade and current account deficits through purchases of treasury paper by foreign nations with their surplus oil profits to collapse, leading to the collapse of the dollar; (5) that the collapse of the dollar would cause unprecedented financial strife and turmoil in the US, and that it would take many years for the US to recover from this financial debacle; (6) that they (big oil) support John McCain for President; and (7) that US domestic oil reserves would never be tapped, and that any legislation which might allow domestic reserves to be tapped would not be allowed to pass, leaving the US dependent on foreign oil forever.




News of the Russian oil field has been announced just as predicted, but whether the rest happens as stated above remains to be seen. Nevertheless, many of these revelations seem quite feasible, so we thought we would comment on how these revelations might play out under the current financial scenario.




Certainly, if the world's oil reserves, ready to produce, are increased by an amount equal to the total oil reserves of the Middle East, oil could easily be brought down to $50 per barrel. It would almost be like starting all over again from an oil reserve perspective.


This would destroy the economies of countries that are currently giving us trouble, such as Iran and Venezuela, allowing us to defeat them without ever firing another shot. Russia would get less per barrel, but would be selling an awful lot of oil out of their vastly increased reserves, so they would be weakened, but not bankrupted. Nations in the Middle East, whose reserves are rapidly dwindling, would all be destroyed from an economic perspective at first, but the ensuing civil unrest would also eventually topple all Middle East OPEC regimes, allowing the US to move in and take over control of their governments and their remaining oil reserves. Countries such as China, Japan and India, who import large portions of their oil, would get a huge shot in the arm from reduced oil prices, and this would also be a great help to the free trade-globalization agenda, which is being strained by high oil prices because transportation costs are offsetting the advantages of cheap labor.




What we envision happening under the scenario revealed to Mr. Williams would certainly start with the stated reduction in oil prices well ahead of elections. This would produce great joy and relief for the sheople and ignite a huge, worldwide stock market rally just prior to elections, making George Bush and congressional incumbents look a lot better and lending support to John McCain, the stated preferred presidential candidate of big oil.




Much lower oil prices would support the dollar and suppress precious metals by reducing inflation by the amount attributable to recent oil price increases, but only at first. The huge rally would give the elitists the chance they were looking for to bail out of paper assets such as stocks, bonds (which would include treasuries) and derivatives at the top of the markets using the dark pools of liquidity known as Project Turquoise and Baikal. The proceeds from the sale of paper assets would then be plowed into real, tangible assets such as commodities, precious metals, real estate, infrastructure, machines and equipment and corporations whose values are heavily weighted in tangible assets, such as resource stocks. The prices of such real, tangible assets would be bought on the cheap due to their ongoing suppression, or at least that would be the Illuminati's hope, but we see most of these items skyrocketing long before the elitists get their fill of these goodies. Many nations with large forex reserves, like China, Japan and Germany, and especially nations "friendly" to the US, such as Saudi Arabia, who would be hurt by lower oil prices, would be given free reign to invest in tangible, real assets of the US, and this ties in with the cessation of the FTC's publication of statistics regarding foreign investment in the US as a cover-up for this huge flood of foreign money. These foreign investment reports allegedly were discontinued because such reports cost too much to produce, but essentially this is the same bologna we got from the Fed when they discontinued the publication of M3 to cover up their profligate issuance of money and credit.




All this money pouring into tangible, real assets from the sale of paper assets through dark pools of liquidity outside the view of the public and outside the view of non-insider institutional investors would then ignite a fresh round of wildly spiraling inflation. Such hyperinflation, compounded by direct monetization of treasuries by the Fed to bail out big commercial banks and other financial institutions, including Fannie and Freddie, and to finance burgeoning foreign trade and current account deficits caused by the cessation of foreign investment in treasury paper, would take us to a historical reenactment of Germany's former Weimar Republic and today's Zimbabwe. The dollar would collapse, along with our economy, and stock, bond and derivative markets would be devastated. The public, as usual, would be left holding the bag, precisely as happened in the days leading up to the Stock Market Crash of 1929 and the ensuing Great Depression.




As an aside, all insiders were warned early in 1929 when to get out (i.e. when the Fed was going to turn off the money and credit spigot) while all non-insiders were left like lambs for the ensuing slaughter. Rest assured that the elitists are planning a repeat of that rip-off, but on a much grander scale. During the Great Depression, FDR outlawed ownership of gold in the US, but elitist insiders were warned of this in advance and moved their gold holdings overseas. FDR then raised the redemption rate for an ounce of gold from $20 to $35, giving the elitist insiders an instant 75% profit, showing that crime does pay, and pay well, when you are a part of the group of reprobates and sociopaths who comprise or support the Illuminati. This type of treatment of public gold holdings will most likely not happen under the current scenario, because US citizens hold very little gold, the gold standard has been eliminated, and most of elitist gold holdings are now held overseas in any case, especially in Switzerland. Also, gold bullion holdings of the US treasury have all been stolen, leased, swapped out or otherwise compromised. That is why our so-called gold "reserves" have not been properly audited since 1954, and why they are referred to as "deep storage gold" in the US Mint's and Treasury Department's statements of account. Elitists may use their thousands of tons of failsafe gold, which, incidentally, they have acquired over the ensuing decades either by stealing them from national treasuries or by buying them at fire-sale prices such as the bargains made available through Gordon Brown's sale of the UK's national gold at the bottom of the market, to back a new regional currency for North America such as the proposed Amero once the dollar has been destroyed.




Getting back once again to Mr. Williams' scenario, in order to protect scum-bag incumbents who always do whatever the Illuminati tell them to do because they are bought-and-paid-for or compromised, the elitists would attempt to support the dollar and prevent it from collapsing prior to elections. They would do this by temporarily stemming the flood of foreign investment in tangible, real assets located within the US and by getting certain nations like China and Japan to keep buying up treasuries by giving them sweetheart deals on such future investments in tangible, real assets located in the US, especially on real estate, infrastructure and investment in surviving elitist financial institutions and transnational conglomerates. Many Arab nations would break their dollar pegs, but would delay doing so until after elections based on promises of security for what will be their outgoing regimes once their economies collapse from cheap oil prices. This could be why Paulson and Bernanke are flying around the globe meeting with various heads of state, namely, to arrange all of the above.




Once the new round of hyperinflation got started, the dollar would be destroyed and replaced with a new currency such as the Amero which would be the de facto start up of the North American Union which the elitists continue to vehemently deny is a work-in-progress for the US, Canadian and Mexican governments.




During the ensuing financial conflagration, the elitists would attempt to nationalize many industries, and take control over the regulation of the entire financial sector through the Fed or its super-nasty successor which may well be planned by the Illuminati. Civil unrest may ensue in the US, and this would be used to increase police state powers, perhaps through the implementation of martial law, which has all been set up in the Patriot Acts and the Military Commissions Act. Off to the concentration camps will go all the truth-seeking and truth-disseminating troublemakers while the rest of the sheople are led blindly around with a ring in their nose to wherever the elitists decide to take them. The troublemakers have already been identified by the CIA, NSA, Pentagon and FBI using Project Echelon and scads of illegal wire-taps and other nefarious spying techniques which the Bush Administration has rampantly implemented in pursuance of a surveillance society and Nazi-like police state. The end result that is planned is a corporatist, fascist state that would make Mussolini and Hitler green with envy. Next comes the elimination of the "useless eaters" and the creation of Plato's vision, which is George Orwell's "1984" on steroids, the ultimate worldwide feudal system.




The above scenario is not without its problems, however. Lower oil prices reduce elitist profits, and could put a big hit on struggling elitist financial institutions that are exploiting the Enron loophole and cheap credit from the Fed to save their balance sheets. However, once the Illuminati control the world's oil, they can price oil as high as they like using whatever excuse suits them at the time, just as they have done for decades. But control over oil in Russia and Indonesia may be problematic, since these regimes are not typically friendly to US interests. Further, confrontations may occur with China, India and other big oil importers who may feel that their continuous supply of oil would be under constant threat if the Illuminists controlled most of the world's reserves, and some of those big oil consumers may try to cut deals with the bankrupted nations in OPEC as a failsafe against Illuminist control assuming that such bankrupted nations are able to shirk off Illuminist attempts to take them over. This may entail much war and conflict, which the financially strapped US is unable to handle with its stretched-to-the-limit military. Also, civil unrest and protests may get out of control in the US and abroad and the Illuminati may get a much bigger backlash than they are planning. People are going to get wise to what has been done to them, and a good number of them are going to do something about it. Many Illuminists may start to disappear without a trace if people start to get their dander up, and the civil unrest may spiral beyond elitist control. Further, the Illuminati are very vulnerable due to the credit-crunch, asset-backed derivative and real estate debacles plus the inevitable addition of a quadrillion dollar, smoldering caldera of interest rate and credit default swaps. Also, what would happen if certain nations did not cooperate, and started to by precious metals and commodities with their sovereign wealth funds or broke their dollar pegs too soon. It's not as easy as it might first appear, and we can always count on the forces of "Chaos" to show the same acumen as those in the old "Get Smart" series, so the Illuminati really have their work cut out for them. We believe they will ultimately fail, and that world government will once again become a far-in-the-future objective for the would-be lords of the universe.




If you don't own gold, silver and their related shares under the Williams scenario, you will quite simply be vaporized.




The rollover process for COMEX gold futures got underway this week, which is why gold is showing some weakness, in addition to lower manipulated oil prices and dead-cat PPT dollar rallies that will soon peter out. This process will be complete by the end of July, and then its Katie-bar-the-door against the explosion in precious metals prices. Earnings will continue to disappoint, the credit-crunch will worsen, bank failures will continue to occur, the dollar and assets denominated in dollars will continue to be shunned, ardent de-leveraging will continue unabated keeping pressure on the stock markets, the real estate market will continue to worsen and derivatives will soon implode as inflation spirals out of control, consumer spending drops into nothingness and real interest rates continue to rise, giving rise to a potential bear market in bonds that could bring the whole Illuminist financial house of cards tumbling down as their main source of power explodes and goes down in flames like the Hindenberg. The Fed continues to be irrelevant because their power over real interest rates is greatly diminished. The Fed's governors are boxed in and cannot get out, as their European counterparts take rates in the opposite direction the Fed governors would really like to go if it would not stoke inflation in the process. The fraudsters will continue to fail, and the sheople will continue to bail, unless we rise up and do something about it. Throwing out all incumbents would be a good start.
 

Marion Y (322)
Friday September 19, 2008, 1:20 pm
Serge...Excellent article. Yes, ultimately their plan will fail, but millions will be hurt in the meantime. Our entire government must be reconsidered, congress thrown out and the Federal Reserve dumped. The more bailouts given, the deeper Americans are left with the bill.
 

michael sullivan (1022)
Friday September 19, 2008, 2:23 pm
Cate -- in 1933 Congress established the Glass-Steagall Act in order to separate commercial and investment banking activities -- then in 1956 Congress extended the Act in order to separate banking and insurance -- then in 1999 Congress repealed the Act, which was signed into law by then-president Bill Clinton -- thus allowing commercial banking, investment banking, and insurance to merge under one roof to form conglomerates like CitiCorp -- this FREE-reign, especially under the Bush administration, has led, in my humble
opinion, to the financial catastrophe we are NOW facing -- WHERE are the consequences for
these financial conglomerates? -- oh yeah, the Feds bail them out -- WHO is left holding the
bag of bills? -- well, WE THE PEOPLE, of course -- WHAT happens to the ceo's? -- well, they
receive bonuses, of course -- WHAT happens to Bill C and George W -- well, they make megabucks on speaking tours and writing their memoirs, of course -- WHAT happens to the
main players in Congress? -- well, they become lobbyists, of course!
 

Deborah Hooper (59)
Friday September 19, 2008, 3:16 pm
My thoughts are to let the global economy fail and reset itself with out any bail out. It would reset back to where everything should be instead of this inflated mockery of the greedy. But, I do not know economics all that well, this is just what I feel.

I do know we can't bail them out. I'm watching this all day long and many of the elected, from both sides, are saying "the air went out of the room" over what will happen if the bailout doesn't go through. But they won't say what that was. I'm just sick to my stomach.
 

. (0)
Friday September 19, 2008, 6:41 pm
lets smoke cweed and i will sell lottery tickets
 

Denice G (45)
Friday September 19, 2008, 8:42 pm
I don't have any money left for any of this. What a mess.
 

Blue Bunting (855)
Friday September 19, 2008, 8:48 pm
John McCain: Ha ha, google “bank collapse McCain” and you will find some fun results that old Walnuts had hoped were forgotten forever, because who remembers boring things like the Savings and Loan apocalypse or the Keating Five? Also, one of his sons just fled the board of a failed bank in Nevada!

Phil Gramm: Hateful old banking industry Texan crook was/is John McCain’s Economy Czar. He’s the one who called America a “nation of whiners” for being sad because of the New Depression. He also sponsored the deregulation that created the financial collapse. Gramm is also a vice-chairman at UBS, which is about to collapse, too.

"Phil Gramm? Wait, what did he do wrong?" Former Senator Phil Graham-- or as he was also known Senator Enron-- did so much wrong it boggles the mind. He pushed through the repeal of Glass-Steagall (banking regulations in place from 1932-1999). He pushed through energy deregulation, and an end to the prevention of oil speculation (which lead to oil speculation and Enron coming into CA and robbing us blind like Bonnie & Clyde). When he left the Senate, he went to work for the United Bank of Scotland as a lobbyist-- but before he left the Senate, he pushed AGAINST banking disclosure requirements that would have made it easier for us to track the money that funds terrorists against our Country.... what did Phil Graham do wrong? The better question since Phil Graham did SO MUCH wrong, is what did he not do wrong, if anything?
 

Pete Conrads (91)
Saturday September 20, 2008, 12:17 am
Thanks Cate, and my doctors tell me to quit drinking NOW?
 

Blue Bunting (855)
Saturday September 20, 2008, 12:29 am

Society of the Pwned

by dday

This has been a great week for the ownership society. Not only do we all own an insurance company, but now we've got ourselves hundreds of billions in bad debt. I don't know what to do with it all first.

Kevin Drum writes the post I was about to write, about the other way you could have gone about righting the ship.


...if Uncle Sam can afford to spend a trillion bucks or so rescuing Wall Street, it would be nice if they could spend a trillion bucks shoring up all the poor saps losing their homes because they can't make the payments on those option ARMs they were talked into buying during the boom years. We could do it if we wanted to, and the risk wouldn't even be appreciably different from the Wall Street bailout. The feds would have to make distinctions (just as they will with overleveraged banks), and some homeowners would qualify for a rescue package while others wouldn't. The ones who qualified would get loan relief, which most of them would eventually make good on, in the form of restructured financing. People would be helped, the subprime crisis would get attacked at its roots, and although it would cost a lot of money up front, in the long term the price might end up being fairly modest (by present-day brobdingnagian standards, that is). Moral hazard is an issue, but no more than it is for the bank bailout.



That's exactly correct. If you stepped in to bail out homeowners and pay off their restated ARM rates, suddenly they would have more money to spend in retail. The "illiquid assets" that these banks were holding would suddenly have value. The market would go up across sectors because consumer-based businesses would see more robust growth. The economy would expand and the people would see the fruits of it instead of the bankers who mad bad bets in the first place. It may sound unfair, but I don't think anybody would compare it unfavorably to what we're seeing today.

There's a chance that this wouldn't work so smoothly, of course. But
the real point is that it doesn't get considered. And that's because
the new President and Vice President are the Treasury Secretary and the
head of the Federal Reserve. They, like many economists, essentially
view financial crises from the standpoint of the banks and the stock
market, instead of those poor souls who put their hard-earned money
into them. What's more, Paulson used to run Goldman Sachs, and even if he isn't collecting money in stocks from them, he has relationships with those who are.

There is no voice for taxpayers in a situation like this, and so nobody should be very surprised when taxpayers are left with all the burden at the end. The elites snap their fingers, shrug their shoulders and try again with the full backing of the federal treasury, and the workers see nothing but debt as far as the eye can see. This has been the reality in our country for all but only those few years after the Depression, after a global meltdown that could not be stopgapped. The big money boyz are a lot more sophisticated about protecting their own fiefdoms these days, but that doesn't mean they can survive forever. They went to the edge of the cliff this week, and this temporary reprieve doesn't mean they won't fall over.

dday 9/19/2008 03:30:00 PM

 

CHRISTIAN RYAN (11)
Saturday September 20, 2008, 2:21 am
MY FRIENDS WE ARE IN A REAL DEPRESSION AT THIS POINT NO MORE RECESSION ITS A BAD STATE AND THE WORT LOWIN STOCK AND BANKS AND CO'S FAILING AND FANNIE MAE AND FREDDIE MAE I HOPE YOU ALL SEE NOW THE BIG BOYS DONT HESITATE TO SAY A DEPRESSION NOW AND I BELEIVE IT 5$ GAS FOOD SO HIGH YOU CAN BARELY EAT. ON AND ON BE SAFE CHRIS CHRIS RYAN
 

Deborah Hooper (59)
Saturday September 20, 2008, 9:01 am
brobdingnagian - compared metaphorically in size to a huge creature. Had to look that up and add it to spell checker, now that's a mouth full! I even thought my Spelling Ace was going to run out of window, lol.

Exactly, Blue, I wouldn't mind helping people keep their homes at all. Set up correctly, they would pay a price they can afford on a monthly basis and all monies would be returned. The biggest expense to this would be overhead. Maybe we could even put some of them to work! But bailing out the fat cats making millions in salaries and bonuses for f'ing up? Someone on capital hill needs to get a clue, or they all should be fired.

 

Marion Y (322)
Saturday September 20, 2008, 10:13 am
Blue...thank you for this article "Society of the Pawned". It makes sense to bailout those who lost homes. The taxpayer is paying for these bailouts, and we should have a say in who gets bailed out. No one asked us how we want our money spent that will be handed down to generations of our families!!!

Yesterday, Senator Reid said they came out of the secret meeting with the Feds and "no one knows what to do!" Senator Dodd said yesterday that this bailout will dig us deeper into a depression and this whole thing is going to be real bad for the US. When these senators say things like this and no longer have the phoney smiles on their faces like Pelosi, you KNOW THINGS ARE BAD!!!

This tells me the Wall Street bailouts will most likely not work. They are merely delaying the inevitable catatastrophe from foreign investors, which will crash our economy and others worldwide. If that is the case, bailing out homeowners in the US is a far better risk.

If Obama is elected and quickly gets millions back to work as he claims he will do, the mortgages will be paid and retail business will move forward again. I don't know much about how economies work, but I do know it is dependent upon the actual work that people perform. No work, no business, no sales, no economy.

We cannot operate an economy based on financial institutions getting welfare to stay afloat for foreign investors paid for by unemployed, homeless US citizens.

 

Marion Y (322)
Saturday September 20, 2008, 10:30 am
We need a better government. Period. This is the most socialistic move made by any administration since we can remember - and this is coming from BushCo.

"The only difference from what the Fed did [Wall Street bailouts] and what Hugo Chavez is doing in Venezuela is that Chavez doesn't put taxpayers dollars at risk when he takes over companies. He just takes them [the companies]." This is a quote heard on Bill Maher's show last night.

And Venezuela is one of the countries BushCo ridicules as backwards and being an enemy of the US. Well, it appears to me that BushCo/McCain is the REAL ENEMY of the US and Americans.

You have GOT to see this brief interview with Paul Krugman:

http://www.youtube.com/watch?v=nPYyYcelnyw
 

David S (55)
Saturday September 20, 2008, 11:34 am
It is "claimed" that the size of the U.S. economy is 13 trillion dollars. We know, from Fannie Mae, et el, that a good portion of that is actually phony. So now we see wealthy interests swapping their monopoly money for real money with the U.S. government, extracted from and backed up by the average taxpayer. More amusing, in addition to getting free money through the fed cash window, private companies still get to write down these "losses". But it has also been a long time (decades) since major corporations and wealthy individuals actually contributed much of their own money by paying taxes. Many of the largest corporations in America have even managed to pay no taxes at all!

But, to get a better idea of the situation, based on real economic activity, what one can see and measure, I not only do not think that 13 or so trillion is correct, but I think the actual size of the U.S. economy is probably closer to that of France. The adjustment between this reality and the fiction is what we will shortly see.
 

David S (55)
Saturday September 20, 2008, 11:38 am
Here is a source: http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/

"NEW YORK (CNNMoney.com) -- Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday."
 

Mary Donnelly (47)
Saturday September 20, 2008, 3:51 pm
From time to time financial crises occur with degrees of discomfort for various parties. In a free market there should be freedom of entry into and exit from markets but both need to be orderly. That means if institutions are "free" THEY NEED TO BE ALLOWED TO FAIL IF THEY DO NOT PERFORM. If they are so large that their failure would be too costly for the community they need to be kept to their optimum size, whatever that is.
It is better for all that these kinds of institutions do not fail. To help to avoid these debacles:-
(1)financial institutions need to improve their balance sheet strengths by,say,adding to their reserves according to their risks involved e.g. nothing if the investment is cash, 50% if it is a subprime mortgage;
(2)staff superannuation and pensions should be in a separate entity, so that if the institution does fail staff and social security are protected;
(3)when optimal size is reached there is automatic breakup of the institution into smaller units, which are absolutely separate;
(4)having got those procedures in place the authorities then inform the market "we are not going to bail you out".
At the moment the perpetrators of these debacles get most of the benefits, and few of the costs; in a free market they should incur both.
 

Blue Bunting (855)
Saturday September 20, 2008, 4:16 pm
John Cole: "I do not ever want to hear another damned word about the free market. I don't want to hear another thing about letting the market regulate itself. I don't want to hear about the free flow of capital. I don't want to hear about government getting out of our lives. None of it. From superfunds to super-bailouts, I am tired of other people getting rich being irresponsible and then being told I have to pay to clean it up. I didn't read one punitive aspect of this new plan. Not one punishment for the people who did this."
 

serge vrabec (278)
Saturday September 20, 2008, 4:19 pm
Have no fear please , it only fuels THEM. When i say them , i mean the people with other intentions. There are measures that are counteracting their plans, however there is no way out of this , only a way thru it . That subtle change in your (our)thinking will go a long way in getting OUR intentions( save planet and people) manifested. Thx again Cate.
 

Blue Bunting (855)
Saturday September 20, 2008, 6:51 pm
No deal - Paul Krugman - Op-Ed Columnist - New York Times Blog

I hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets.

As I posted earlier today, it seems all too likely that a “fair price” for mortgage-related assets will still leave much of the financial sector in trouble. And there’s nothing at all in the draft that says what happens next; although I do notice that there’s nothing in the plan requiring Treasury to pay a fair market price. So is the plan to pay
premium prices to the most troubled institutions? Or is the hope that restoring liquidity will magically make the problem go away?

Here’s the thing: historically, financial system rescues have involved seizing the troubled institutions and guaranteeing their debts; only after that did the government try to repackage and sell their assets. The feds took over S&Ls first, protecting their depositors, then transferred their bad assets to the RTC. The Swedes took over troubled banks, again protecting their depositors, before transferring their assets to their equivalent institutions.

The Treasury plan, by contrast, looks like an attempt to restore confidence in the financial system — that is, convince creditors of troubled institutions that everything’s OK — simply by buying assets off these institutions. This will only work if the prices Treasury pays are much higher than current market prices; that, in turn, can only be true either if this is mainly a liquidity problem — which seems doubtful — or if Treasury is going to be paying a huge premium, in effect throwing taxpayers’ money at the financial world.

And there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.

I hope I’m wrong about this. But let me say it again: Treasury needs to explain why this is supposed to work — not try to panic Congress into giving it a blank check. Otherwise, no deal.

http://krugman.blogs.nytimes.com/2008/09/20/no-deal/
 

Marion Y (322)
Saturday September 20, 2008, 7:00 pm
Blue...Krugman is right. It should be "No plan, no deal." Last night Bill Maher said, "Paul, you're an economist. I'm hearing even you economists don't have answers. What's your take on this?" Krugman said, if we economists had any sense, we would have built bomb shelters long ago." He said this is "bad."

Serge...I agree. This is no time to fear as it gives the other side negative energy to feed on. We will get through this. Thanks for being a calm and stablizing force.
 

Blue Bunting (855)
Saturday September 20, 2008, 7:06 pm
Exactly right, Marion! Bu$h ad his NeoCON$ are alway$ in a hurry; how many of our Congre$$ $heeple read the Patriot Act before they rushed it thru?

Thisis Bu$h's one last push to loot the U$ Trea$ury and isnk the next administration. Bu$h wouldn't even let the pre$$ lapdog$ into his conference with Bernanke and Paulson and the Congre$$ critter$ ... that's how bad it is.
 

Blue Bunting (855)
Saturday September 20, 2008, 7:07 pm

McCain's Plan For Health Care Reform: Let's Make It More Like The Financial Industry
 

Yvonne White (229)
Saturday September 20, 2008, 7:31 pm
Two things I wanna know: 1. Who's gonna Bail US Out when WE ALL file for bankruptcy? and 2. If this is a "once in a century financial crisis" (as they like to repeat) why has it only been 79 years since the last one???
Maybe that's the problem, Wall Street CAN'T Count!!!

 

Blue Bunting (855)
Saturday September 20, 2008, 7:33 pm
Yvonne, I work at a soup kitchen Saturday mornings ... more an dmore people are showing up and some are bringing their children; it's getting worse and worse.

The ReTHUGniCON$ were hoping they could hold this "cra$h" off until after November and then dump it on the Democrap$.

If I was Obama, I think I'd quit and leave them all to clean up their own me$$.
 

Blue Bunting (855)
Saturday September 20, 2008, 7:54 pm
During the last 5 years as CEO of Lehman Bros., Richard S. Fuld"s total take was $354 Million.

John A. Thain, the chairman of Merrill Lynch, who has been on the job just nine months, pocketed a $15 Million signing bonus. While his predecessor, F. Stanley O"Neal, retired with a package worth $161 Million. Merrill Lynch recorded an $8 BILLION loss in a single quarter.

Bear Stearns Chairman James Cayne was able to pocket $60 Million by selling his shares AFTER the collapse.

Richard F. Syron and Daniel H. Mudd, the former heads of Freddie Mac and Fannie Mae (respectively) are fighting to get their separation packages for a total of $24 Million combined, on TOP of what each earned last year as they rode the bucking steer into the ground.

Meanwhile, the citizens are being asked to fork out $700 BILLION in bail outs for the bad debt and compromised loans, on top of nearly $1 TRILLION in hand-outs here and there for the last few weeks (Bear Sterns, Freddie Mac, Fannie Mae, and AIG).

And WHY aren"t we asking for those funds back? WHY don"t people who fail in the highest seats lose ANYTHING? How can they get away with carpet bags filled with BILLIONS of dollars while millions of Americans are on the verge of losing their homes, and businesses are losing access to important loans for the next several years?

I Want. That Money. Back.

(Source: Bill Moyer"s Journal from 9/19/08)

If you missed watching Bill Moyers on Friday night, it replays on PBS again on Sunday evening.
Check yoru local listings.
 

Blue Bunting (855)
Sunday September 21, 2008, 2:18 pm

The Paulson bailout proposal is a historic swindle. It provides the most help to the financial institutions that made the worst investment decisions, ignores relief to homeowners, and fails to limit CEO compensation. BUSHCO needs to explain why this is supposed to work - not try to steamroll Congress into giving it a blank check. Whatever happens, the crisis marks the death of Republican philosophy. I already contacted my representatives.
 

Deborah Hooper (59)
Sunday September 21, 2008, 3:10 pm
Are we ready to descend on Washington? I'm making signs, and packing my bags!
 

Marion Y (322)
Sunday September 21, 2008, 3:28 pm
"If I was Obama, I think I'd quit and leave them all to clean up their own me$$. "

Blue...I've often said the same thing. I'd probably make the announcement during next week's talks with McCain by saying, "You know, I thought I could make a difference in this country that I love, but I was mistaken. There is too much ignorance here for me to fight and jeopardize my family over. Therefore, I'm going to decline the nomination as a candidate. I'm gravely sorry to all my supporters, especially since there's still a good chance I may win the election. Joe Biden can take the helm if he so decides. As for me, Michelle and the girls, we are going to (some other country) where I can live a quality life relatively free of this backward country's nonsense. We don't know how long we will be untouched by America's collapse, but we will hang on as long as possible and cheer you folks on from the sidelines. May God bless America and look out for you all."
 

Deborah Hooper (59)
Sunday September 21, 2008, 3:46 pm
That won't happen, Marion, he's not a quitter and probably sees this as more of a reason to win the election. This is just another challenge that he would take on and attempt to conquer.

I'm not giving up yet either. It's not a done deal. I'm betting the phones are ringing off the hook with people saying "Hell No", and the emails are jammed with letters saying the same thing. But, I vow here and now that if this passes I am going to march on Washington it is time "That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government" - excerpt from the Declaration of Independence
 

Deborah Hooper (59)
Monday September 22, 2008, 12:15 pm
The more I think about this, the more I realize that it is time to abolish this government, regroup and form even a more perfect union. This is not what our forefathers wanted at all. We the people are supposed to be the government, they are just supposed to manage it for us. If we let them bail out private companies that screwed up and have already cost many people millions or more, they won't stop. I was watching, or rather re-watching, the new documentary movie, Fabled Enemies. They were talking about money laundering by federal agencies to fund the 9/11 attacks. If they could do what they did on 9/11 to the very people that put them in office, believe me, they won't stop. The ones we elected to manage things for us have taken over and have no thought for you and me.
 

Marion Y (322)
Monday September 22, 2008, 12:57 pm
Well said, Deborah. Get rid of them all. However, this is deeper than we can ever know. The debt to Americans is more like $1.240 Quadrillion. Yes, that's $1,000+ Trillion.

This article explains it. You may want to copy it as it may not be online very long.
http://www.thisisby.us/index.php/content/crash__the_kool_aid_state#top
 

David S (55)
Monday September 22, 2008, 2:02 pm
Deborah, the price of capitalism is the prosperity of sociopaths and the prevalence of their "values". This is also a part of how I choose to define and understand "American culture" today. The future I would love to see for my own children is not one defined by this present "thing", this abomination some of us call America, but rather turtle island as a community of free and friendly peoples and nations living in true human freedom. That is the kind of future I personally dream of.
 

Deborah Hooper (59)
Monday September 22, 2008, 4:52 pm
I couldn't have said it better, David, obviously! I agree with you, one world living in true human freedom, fabulous!

I'm sitting here watching Lou Dobbs talking to 3 other pundits that are supposed to know economy. One, David Cay Johnston author "Free Lunch", said the White House and Paulson panicked the markets, but banks are offering loans at the same low rates 1.9 to 2.5 %. The same crap that got us into this mess.

Oh, and AIG has about $20 billion in offshore profits, why don't they have to bring that money home before being bailed out by us. How much more money is out there in offshore profits that won't be included in this bailout. They'll get to keep the money they've hidden. At the risk of sounding like a broken record, I say no, no bail out. They are just out to swindle us again.

Oh, Goldman Sachs and Merrill Lynch are restructuring to be regular banks instead of investment banks. Two completely unscathed by this melt down. I'm with Blue on this, what did they know to protect themselves, or did they actually not play the game badly.

I also thought that we, via taxes, were already guaranteeing retirement accounts? Is that just company handled accounts and not 401K's?
 

Deborah Hooper (59)
Monday September 22, 2008, 8:31 pm
OMG, Marion, great article. You should submitte it as a news story. It sums it all up perfectly and puts a cherry on top!
 

Marion Y (322)
Tuesday September 23, 2008, 12:30 pm
Thanks Deborah. I just might do that. :)
 

Marion Y (322)
Wednesday September 24, 2008, 1:53 pm
THE FIX MAY BE IN!

McCain just 'suspended' his campaign due to the economic crisis in the US. He has suspended a big debate this Friday with Obama, and suspended all ads. I've been saying all along the neocons would stop the election so Bush is made the permanent president indefinitely.

Hang on to your seats, folks!
 
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