Life the Universe and ....: September 2008

Tuesday, September 30, 2008

Who Pushed "Home ownership for every American?" Rick Davis.

Homeownership Alliance Lobbyist President Rick Davis: “State and local governments nationwide must expand their efforts to ensure that every family in America has the opportunity to own a home. The more Americans we have owning homes, the stronger our economy and the greater the benefit.” Still want to blame Democrats for Fannie & Freddie?

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Under what conditions should the buyout proceed ?

"the banks realized that they were about to get a free ride at taxpayers' expense. No private firm was willing to buy these toxic mortgages at what the seller thought was a reasonable price; they finally had found a sucker who would take them off their hands - called the American taxpayer"

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Kucinich on Why Bailout is being Rushed & Why It Shouldn't B

Democratic Congressman Dennis Kucinich will vote against the big bailout bill that Congress is attempting to rush through. He discusses the need to examine alternatives to bailout. He says the bill benefits only those at the top who abused the system. Excerpt from Democracy Now, 29 Sept 2008.For part 2, see http://www.dailymotion.com/yrrm...

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More economic issues

EU MARKETS UP... Bank rescues spread... Bush warns of 'painful and lasting' damage... Plan for NEW deal... Many vulnerable lawmakers said 'no' to bailout... Corporate America lost value size of Indian economy.... Western world will become significantly less wealthy... WSJ: Congress Lives Up to Its 10% Approval Rating... Harvard economist: Bankruptcy, not bailout, is the right answer... CALM RETURNS AFTER SELL-OFF

Why are Financial Advisers Telling You to Buy US Treasuries?

I want this version of the USA to die. Remember that the people and states and cities aren't going anywhere. The federal government, Federal Reserve and Wall Street can be flushed away and it won't make a bit of difference to the hardworking people that make up this country.

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The Fed still gets $690 billion anyway

The U.S Federal Reserve and its companion, major central banks around the world again Monday took actions to keep financial markets liquid amid a credit crunch that has made private banks reluctant to lend critical, short-term funds to each other, and that threatens to slow global growth to a crawl.

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$700 billion? They pissed $630 billion into the system today

They want $700 billion dollars to inject into the financial system in order to 'fix' everything. Well, they pumped in $630 billion today, and that got us nothing. This is not a suggestion that we do nothing, but it is clear that we cannot print (or borrow) our way out of this.

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Ron Paul: Lipstick on a Bailout

Now we hear about taxpayer protections, about golden parachutes, and about other nuances that hardly cover up the fact that we would be creating more money out of thin air and further devaluing the dollar! The problem is not HOW the government is spending this money; it's the fact that the government is spending this money. We don't have it.

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Ohio Supreme Court stops Republican vote suppression attempt

And six of the seven Supreme Court judges are Republican appointees. Early voting and registration is upheld. Nice try, Republicans, but you can't stop the American people from voting your party out of office after you've screwed up everything.

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Fed Pumps Further $630 Billion Into Financial System

The Rich Are Staging a Coup This Morning

This bailout's mission is to protect the obscene amount of wealth that has been accumulated in the last eight years. It's to protect the top shareholders who own and control corporate America. It's to make sure their yachts and mansions and "way of life" go uninterrupted while the rest of America suffers and struggles to pay the bills.

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The Fed just took the Bailout $$$ anyway!

The Federal Reserve just injected close to $700 BILLION into the credit markets Without Any Congressional Approval or bill passing....

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Bush Sidesteps Congress? $630BN To Be Pumped Into Economy

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression. The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Fac

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The bailout happened and you all missed it

Fed Pumps Further $630 Billion Into Financial SystemExplanation follows, including such exciting topics of 'Term auction facility', 'swap authorization limits' and the very recent change in accounting rules regarding the goodwill asset reporting.

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Dow Drops 778 Points as Congress Defeats Bailout Bill

Spooked investors fled the market today after the House rejected the $700 billion financial plan to rescue the financial market. The Dow Jones industrial average closed down about 778 points, at 10,365. That was nearly a 7 percent drop.

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more economic troubles.

SELL! SELL! SELL! -777.68 (-6.98%)... THE VOTE: 228 NAY; 205 YEA... House adjourns until Thursday... Web site overwhelmed... BUSH 'VERY DISAPPOINTED'... VIDEO: PELOSI PRE-VOTE SPEECH... McCain says Obama policies will deepen recession... Obama: McCain's deregulation too risky for economy... PUMP: Fed 'significantly expands' availability of cash to squeezed banks; $630 Billion... CITI EATS WACHOVIA FOR BREAKFAST... DOWN IN FLAMESWORLD OF PAIN: Stocks Sink Most Since 1997... London markets crash as dollar records biggest gain in 15 years... Congress Approves $25 Billion In Loans For Automakers... Dems seek Wall Street tax... Power Shifts From N.Y. to D.C... Gingrich: Paulson Should Resign... Michael Moore: 'The biggest robbery in the history of this country'...EYE OF THE STORM: House Republicans Blame Pelosi's Speech... Dem Congressman: 'We put thieves in jail, we don't bail them out'... REP. FRANK SAYS REPUBLICANS KILLED BILL... Pence: 'American people rejected this bailout and now Congress did likewise'...

House Rejects $700 Billion Rescue Plan

29/09/08

The U.S. House of Representatives on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Continue

Black Monday? Global Investors vote "No" on Paulson's Bailout

By Mike Whitney

The bill is just Paulson's way of carving a silver canoe for he and his brandy-drooling investor buddies so they can paddle away to some island paradise while the rest of us drown in a bottomless ocean of debt. Continue

The Paulson Plan

The Rise Of The American Oligarch Class

By Robert Wenzel

Is the play for the Oligarchs to grab the banks, the assets and the mortgages and then inflate the money supply boosting the value of all these assets by trillions, while the rest of us simply get to deal with the price inflation as higher prices at the grocery store, the gas pump and everywhere else? Continue

I've Watched the Economy for 30 Years. Now I'm Truly Scared

By Will Hutton

If more people understood what has happened in the British and American banking system, the financial crisis would only be containable by the immediate partial nationalisation of every bank in Britain and America.. Continue

The Rich Are Staging a Coup This Morning

By Michael Moore

After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. Continue

A Shattering Moment In America's Fall From Power

By John Gray

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over. Continue

In case you missed it

Bin Laden: Goal Is To Bankrupt U.S.

Al-Jazeera releases full transcript of al Qaeda leader's tape

"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript. He said the mujahedeen fighters did the same thing to the Soviet Union in Afghanistan in the 1980s, "using guerrilla warfare and the war of attrition to fight tyrannical superpowers." Continue

In case you missed it

Bush Wants To Bankrupt America: There is Method To His Madness

By Sam Hamod

This plan is so obvious at this point that it is hard to believe because it is happening so fast and the Democrats and even conservative non- neo-con Republicans don't realize what Bush and his neo-con buddies are up to. Continue

Five UK banks may qualify for US bailout package': "Britain's five leading high street banks have as much as 95.3 billion pounds (USD 175 billion) of distressed assets on their books that may qualify for the American bailout scheme," The Times reported.

Dow falls 700: Blue chips off as much as 700 points at Monday low, Nasdaq off 6%: Stocks sell off as Wall Street begins to throw in towel on bailout

Fed Pumps Further $630 Billion Into Financial System: The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

Bank bailouts : U.S. Stock-Index Futures Retreat; Citigroup, Wachovia Slump: Investor Marc Faber, who predicted the 1987 ``Black Monday'' crash, said last week the rescue package may require as much as $5 trillion.

U.S. stocks hammered as Fed adds more liquidity: U.S. stocks plunged Monday as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of billions of dollars more into the financial system.

Protests on Wall Street - what the news media isn't showing you?: Hundreds of protestors demonstrated agains the proposed $700 Billion bail out plan for the finance and banking industry, yet the national news media in America didn't even report it! Why not

Tories 'bankrolled by the City wolves' who made a killing from financial crash: Party leader David Cameron has apparently accepted almost £2million from the wealthy financiers who are members of his exclusive 'Leader's Group' dining club.

Who is Henry Paulson?: According to the International Herald Tribune, Paulson “was one of the first Wall Street leaders to recognize how drastically investment banks could enhance their profitability by betting with their own capital instead of acting as mere intermediaries.” Paulson “stubbornly assert[ed] Goldman’s right to invest in, advise on and finance deals, regardless of potential conflicts.”

Paulson To Use ALL Tools To Protect Markets

Where The $700 Bailout Figure Came From!

Floyd - Elite Panic As Bailout Goes Bust

Fulford - Americans Must Grab Freedom Now

Paulson Plan Still A Pig

Reps Who Voted FOR The Theft - VOTE 'EM OUT

Top Economist - Bankruptcy Is Better Than Bailout

House Rejects Financial (Theft) Bailout!

House Defeats Bailout Bill - 228 Votes Yea 205 Nay

House Rejects Final Bailout Bill

Congress Unveils Financial 'Rescue' Bill

September 29, 2008 - The Last Day

UK Taxpayers At Risk Of $2 Trillion Hit

Bailout 'Doomed To Failure'

Kidd - Bail Outs, Timing - Who Knew What, When?

Benelux Bank Fortis Seized To Stop Collapse

UK Nationalizes $80B Mortgage Debt

Lehman Shipped Off $400B Just Before Bankruptcy

House Reaches Agreement On Bailout

'Lawmakers' And White House Agree On $700B Bailout

Financial Dictatorship Coming To A Govt Near You

Revolution: Break The Bank

Here's The $700B 'Bailout' (Theft) Bill In Print - pdf

Kucinich Says Bailout Doesn't Have The Votes

America Falls - Germany Rises

Stocks Crushed - 778 Worst Dive Ever

House Rejects Financial (Theft) Bailout!

House Defeats Bailout Bill - 228 Votes Yea 205 Nay

Rep. Kaptur Warns Of Bankster 'Domestic Enemies' - Vid

Kaptur - Let's Play Wall St Bailout - Vid

Kaptur - They Want Mamma To Make It All Better - Vid

Monday, September 29, 2008

Black Tuesaday

It looks to me like its all over. Tomorrow will be black tuesday. And trading will be shutdown before noon. It is going to get crazy

More economic issues

DOW PLUNGE ON BILL DEFEAT... 228 NAY; 205 YEA... BUSH 'VERY DISAPPOINTED'... OBAMA: BAILOUT NOT DEAD... PELOSI PRE-VOTE SPEECH RILES GOP... DEMS TO TRY AGAIN... PUMP: Fed 'significantly expands' availability of cash to squeezed banks; $630 Billion... CITI EATS WACHOVIA... HOUSE DEFEATS $700 BILLION BAILOUT

America's No. 1 Export: Debt

Japan and Germany make cars. Saudi Arabia pumps oil. China supplies the world with socks and toys and flat-screen TVs. What does the United States produce? Lots of stuff, but in recent years this country's No. 1 export--by far--has been debt.

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Ron Paul: Bailout will DESTROY THE DOLLAR!

Congress Floor Monday - 9/29/08Ron Paul talks about how government intervention caused the problem, and more government will only make matters worse.

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Nobel Laureate: Bush's Economic Time Bomb. Cover story 2007

Joseph Stiglitz warns: a tax code that has become hideously biased in favor of the rich; a national debt increased 70 percent; a record $850 billion trade deficit; record oil prices; weak dollar. In addition, the US has not been educating enough engineers and scientists, nor investing in the kinds of basic research we need to lead in the 21st cent.

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U.S. House rejects $700-bln Wall St bailout bill

WASHINGTON, Sept 29 (Reuters) - The U.S. House of Representatives on Monday rejected by a vote of 228-205 a Wall Street bailout bill that would have authorized the Treasury Department to spend up to $700 billion to purchase broken mortgage-backed...

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More Dollar issues

[206 YEA; 227 NAY]... Developing... C-SPAN LIVE... DEEP DROP ON UNCERTAINTY... PUMP: Fed 'significantly expands' availability of cash to squeezed banks; $630 Billion... CITI EATS WACHOVIA... BAILOUT ON VERGE OF DEFEAT

Stocks Plunge as House Votes on Bailout

As voting began on the bailout bill in the House Monday afternoon, the S&P index and the DJIA dropped sharply from their already depressed posts. The Dow, which had been down almost 300 points fell almost 600 points in a matter of minutes, and the S.&P. 500, which had been off more than 4%, fell 7%

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Bailout Stalls - DOW plummets

The House, following four hours of heated and emotional debate, started to vote Monday on a sweeping $700 billion bailout of the nation's financial system.Investors were watching the vote closely. As votes mounted against the bill, the Dow plummeted more than 700 points at one point before pulling off its lows

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U.S. House of Representatives Vote Has Markets on Edge

As a possible vote to the $700 U.S. bailout plan nears market volatility is increasing. I’m nearly falling asleep here monitoring the forex market, and it seems like the EUR/USD currency pair for example has no direction whatsoever. I’m witnessing huge spikes in price in BOTH directions.

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The Rescue Package Will Delay Recovery

Only a few weeks ago, we saw that the liquidation of a large bank such as Lehman Brothers and the sale of Merrill Lynch did not cause massive disruptions. In fact, the adjustment was swift and almost invisible. The reason for the smooth adjustment is that the market was allowed to do its job. If government and Fed bureaucrats had tried to intervene

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The Rescue Package Will Delay Recovery

Citigroup to Buy Wachovia Banking Operations

Citigroup has agreed to buy Wachovia’s banking operations in a government-brokered deal, a move that that would concentrate power within the nation’s banking industry in the hands of a few giant lenders.

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President confident rescue bill will help

President Bush is urging lawmakers to pass the compromise financial system bailout bill they fashioned in marathon weekend bargaining, saying it is needed to "keep the crisis in our financial industry from spreading" across the economy.

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Is the bailout needed? Many economists say 'no'

A funny thing happened in the drafting of the largest-ever U.S. government intervention in the financial system. Lawmakers of all stripes mostly fell in line, but many of the nation's brightest economic minds are warning that the Wall Street bailout's a dangerous rush job...

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3 Men Who Brought Down Wall Street

Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.

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Media Ignores Massive Voter Purges by Republicans

While the media focuses on the antics of McCain's chosen VP battleground states are purging their voter rolls.In Colorado, one fifth of all voter registrations were dropped.Florida is refusing to accept 85,000 new registrants -- overwhelmingly blacks.Ohio & Nevada are scrubbing tens of 1000s of voters who lost their homes.

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Taxpayers Mad As Hell, And Not Going to Take This Anymore

US taxpayers may be on the hook for one of the biggest frauds in US history. Taxpayers are mad as hell about the US government's decision to bail out Wall St with $700 Billion US dollars leaving the taxpayer on the hook. Reminds me of the movie Network 1976 with everyone screaming "I'm Mad As Hell And I'm Not Going to Take This Anymore".

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Dirty Secret Of The Bailout: Thirty-Two Words

Here they are:"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."Still think this bailout as proposed is a good idea? Think again.

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Why Would Warren Buffett Stoop So Low?

After investing $5 Billion in Goldman Sachs stock, Warren Buffet is now publicly defending the bailout package. Conflict of interest anyone?

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Bloomberg Analyst - $700B Bailout Could Go To $5 Trillion

Excellent analysis!

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Go Viral: STOP THE BAILOUT OR.... DEPRESSION?

Is it coming? If it happens, it will be because of what Congress DOES, not what it does NOT.CONGRESS and OUR GOVERNMENT GENERALLY are responsible for the credit lockup. See how and why, then MAKE THIS VIDEO GO VIRAL; we MUST stop the bailout

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More Dollar issues

WACHOVIA EATEN BY CITI

Bush confident bailout bill will stabilize economy

President Bush urging Congress Monday morning to pass the compromise financial system bailout bill that leading lawmakers fashioned in marathon weekend bargaining, saying it is needed to "keep the crisis in our financial industry from spreading" across the economy.

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What Makes Obama & McCain Think They Can "Win" Afghanistan?

To claim the U.S. can achieve now what the British couldn't in the 19th century and the Russians couldn't at the end of the 20th is pure fantasy.

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Draft of the latest Bailout Bill

The latest version of the Bailout Bill including access to an downloadable PDF.

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McCain Has Worst Attendance Record in Washington

For a guy who’s demanding that everybody return to Washington to do their jobs in solving the Wall Street crisis, John McCain isn’t there very often himself.

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Set your clock for martial law

The October 1st deployment of US military troops on American soil to be used against Americans in cases of "civil unrest" marks the implementation, if not the activation, of the police state Americans have been dreading for decades.

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Nancy Pelosi Puts Lipstick on a $700 Billion Pig

I understand Democrats have concluded they have to do something to bail out Wall Street before Wall Street's impending crash freezes credit and devastates Main Street. They have to do something and hope it works. But given the compromises they accepted from Republicans and Secretary Paulson (or imposed on themselves -- e.g., giving up on ....

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Ron Paul on Legal Tender Laws

I've discussed just a few benefits of sound money in the last two weeks, and contrasted them to the perils of fiat currency. Sound money keeps government spending in check, keeps trade fair and honest, which reduces the temptations, and many underlying causes, for governments to wage wars. It also gives you the peace of mind of knowing that...

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Ron Paul: A New Hope

http://www.ronpaul2008.comRON PAUL - PRESIDENT 2008Congressman Ron Paul is the leading advocate for freedom in our nation's capital. As a member of the U.S. House of Representatives, Dr. Paul tirelessly works for limited constitutional government, low taxes, free markets, and a return to sound monetary policies. He is known among his con...

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Ron Paul: ‘Faith-Based Currency’ Will Fuel Economic Chaos

As Congress meets behind closed door to put the finishing touches on a $700-billion bailout of the banking industry, the Federal Reserve is readying its printing presses to create massive amounts of “faith-based” currency.

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Hedge Funds Brace for Stampede to the Exits

Even as Washington reached a tentative agreement on Sunday over what may become the largest financial bailout in American history, new worries were building inside the nearly $2 trillion world of hedge funds. After years of explosive growth, losses are mounting — and so are concerns that some investors will head for the exits.

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RBS will get 'billions' in US bail-out of economy

THE ROYAL Bank of Scotland is to be one of the biggest beneficiaries of the planned $700 billion bail-out that comes courtesy of the American tax-payer if the US Congress gives the financial rescue package the go-ahead this weekend.

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ABC News: Bailout Deal Appears Headed to Vote

After marathon day-and-night negotiations this weekend, the $700 billion deal to bail out the financial industry may be close to becoming reality.

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Bad Assets Sold to US Taxpayers for $700B

What started as a fairly simple three-page proposal giving the Treasury secretary unchecked power to orchestrate a bailout of the country’s financial system ended up as a complex rescue package, with enhanced congressional oversight, some added protections for taxpayers and a slap on the wrist to highly paid, underperforming executives.

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The end of a Wall Street era, even at Goldman Sachs

Wall Street. Two simple words that - like Hollywood and Washington - conjure up a world.

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Frank's fingerprints are all over the financial fiasco

Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so - or else.

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McCain's biggest lie: "My Corporate Tax Cuts Will Create Job

The real fact is this: according to the Congressional Budget Office, a corporate tax cut “does not create an incentive for [corporations] to spend more on labor” and “is not a particularly cost-effective method of stimulating business spending.” And McCain opposes eliminating the tax loopholes that encourage companies to send jobs overseas.

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'Un-American' Bailout Paulson Should Have Quit Gingrich Says

"I think Paulson has terminally misunderstood the nature of the American system. Not just no review, no judicial review, no congressional accountability. Give me 700 billion dollars, 700 BILLION dollars! 'I'll be glad to spend it for you.' That's a centralization of power that is totally un-American."

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Sept 30 Deadline for Bailout.

September 30, 2008 - that is when investors (mainly foreign, China and Arab, some Europeans, and some private super rich elite alongside Joe Schmoe's like me) have a deadline.

The deadline is this - you can only withdraw money once invested in a hedge fund once per quarter (depends on the fund) and the next withdrawal is this Tuesday - September 30, 2008.

How will this affect the stock market?

There’s no relief these days for stock investors, who’ve already seen their portfolios get pounded by the fallout from the now 13-month long credit crisis. Now there’s a new worry for average investors: Bloody Tuesday, which is the deadline for hedge fund investors to put in requests to get their money back by year’s end.

With so many hedge funds—including some very large ones—posting negative returns this year, there’s a big fear that wealthy investors and pension funds are itching to take some money off the table. Many funds limit redemptions to four times a year in order to give managers breathing room to navigate choppy markets. But in order for an investor to qualify, managers generally require investors to submit a request 90 days before the end of the quarter.

Already, the redemption requests have been pouring into hedge funds well ahead of the Sept. 30 deadline. But it’s not uncommon for investors to wait until the last moment to submit a redemption demand. Sources say at some funds investors are seeking to recoup about 10% of their money, which is relatively high. The trouble is that most managers don’t keep too much cash on hand. To comply with their investors wishes, hedge fund managers may have to start selling lots of stocks—a move that could push equity prices even lower in the coming months.

That's how - massive sellouts triggering the stock market's dive into oblivion and Jim Cramer's worst nightmares.

Why the bailout MUST happen before next Tuesday

Why are Paulson and Bernanke in such a rush to pass the bailout?Why are Democratic leaders (Reid, Pelosi, Obama) as well as Republican leaders (Gregg, Blunt, McCain) in such a hurry to pass this "bailout" "plan"? The deadline is Tuesday 30, 2008. And if you don't know why next Tuesday is the deadline for the bailout to pass, you need to read this

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Ron Paul Says Bailout Won’t ‘Patch’ Up Economy

At least one member of Congress, Rep. Ron Paul, isn’t buying into its disastrous solution. In the short video below, Paul points out that the bailout will not and cannot “patch” the economy together by having taxpayers buy up worthless mortgages. Instead, only a return to a gold-backed dollar and end to deficit spending can give out economy

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Marcy Kaptur warns “there are domestic enemies to the

Rep. Marcy Kaptur (D-OH) warns the American people about Constitutional enemies of the Republic and the fraudulent trillion(s) dollar bailout…

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We Are Under Martial Law! As Declared By Speaker Pelosi

September 28, 2008 C-SPAN

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Paulson Plan Is Still a Pig, Even With Lipstick

``If you need money, sell assets,'' Rosner said. ``Excess inventory is liquidated at 99-Cent Stores every day, and it doesn't require the government to get involved.''

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The Bailout: 90% of the Suck You Were Expecting

Preview highlights of the corporate welfare bill your great-grandkids will be paying for. Bend over.

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Voter Purging: Legal Way for Republicans to Swing Elections

Now the Department of Justice, like the Republican Party, wants fewer registered voters in 2008. In 2004 they purged 24% of the registered voters in Cleveland. There are new purge programs all over the country right now.

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Did he say we are under Martial Law?!?!?

Please correct me if I misunderstood what the congressman said, but I believe he says that we are under Martial Law at the end of this 1 minute speech.

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Wall$treet And The Financial Games From The 80's

That's right, a game about the stock market crash of 1987, made in 1987. By current standards 500 points in a day is just a hiccup, but back in the early days it was enough to fuel a whole game. Wonder if there will be a game soon called "The Big Bailout", featuring real-time Henry Paulson supplication controls.

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GUESS What these people are laughing at..The Joke is on US!

Lawmakers, are also eager to adjourn and return home for the fall campaign season.The last sticking points, an unexpected and bitter fight over how to pay for any losses that taxpayers may experience after distressed debt has been purchased and resold.In the end, lawmakers and the administration opted to leave the decision to the next presidident

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More economic issues

Congress passes $25 Billion loan guarantees to automakers... Dems seek Wall Street tax... Power Shifts From N.Y. to D.C... Obama says financial bailout necessary... McCain hopes to support... Brazilian President calls plan unfair to poor... Gingrich: Paulson Should Resign... PUTTING IT TO PAPERWARNING: STOCKS COULD LOSE 1/3... CREDIT CRUNCH BANKER KILLS HIMSELF...ANOTHER EURO BANK ON BRINK...

WACHOVIA shares plunge as investors question fate... ...early merger talks with CITIBANK

JPMORGAN to take over WASHINGTON MUTUAL deposits... FDIC seizure... ...largest US bank failure

SOLD: $2 for LEHMAN BROTHERS European unit...

Trouble in Banktopia

The financial system is blowing up. Don't listen to the experts; just look at the numbers.

By Mike Whitney

The carnage from Greenspan's low interest rate, "easy money" binge is now visible everywhere. Inflated home and stock values are crashing as the gas continues to escape from the massive equity bubble. The FDIC will have to be recapitalized--perhaps, $500 billion--to account for the anticipated loss of deposits from failing banks caught in the cross-hairs of asset-deflation and steadily contracting credit. Continue

$700 billion or Armageddon? Sounds like sci-fi

Put $700 billion in the bag and no one gets hurt.

By Ken Kam

The more I hear about Henry Paulson's plan, the less convinced I am it's worth $2,000 from every American. The predictions of financial Armageddon without it don't ring true. Continue

The End of Voodoo Economics

By Ian Williams

No one can say that current events are a one-off. The get-government-out-of-business brigade, the masters of the universe, have in their three decades of unbridled power produced the savings and loan bail-out, the Mexican bond bail-out, the Asian currency crisis, the Enron and other related scandals, the tech bubble, the Long-Term Capital Management collapse and rescue, a wage freeze for working Americans and now this. Continue

Tragedy in the Making in Washington and on Wall Street:

The Canadian Solution

By Rodrigue Tremblay

This is something that the Bush administration and the U.S. Congress might want to consider if they hope to get out of the ideological and political deadlock they have talked themselves into. Continue

Frank Expects Bailout Agreement By Sunday: "I'm convinced that by Sunday we will have an agreement that people can understand on this bill," predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.

Economics Expert: Fiscal Cracks Extend Beyond U.S.: Johnson says the presidential candidates both avoided questions about the bailout in their Friday debate. The U.S. has to look outside itself — "This is a global problem," he says, and it's worrisome that other nations haven't wanted to step up and help find a solution.

ROYAL Bank of Scotland will get 'billions' in US bail-out: The bank's share of the bail-out will enable RBS to offload billions of dollars of questionable assets.

Lehman Shipped Off $400B Just Before Bankruptcy

House Reaches Agreement On Bailout

'Lawmakers' And White House Agree On $700B Bailout

Financial Dictatorship Coming To A Govt Near You

Here's The $700B 'Bailout' (Theft) Bill In Print - pdf

Kucinich Says Bailout Doesn't Have The Votes

America Falls - Germany Rises

Rep Burgess - Pelosi Has Declared Martial Law? - Vid

Bailout Deal = Incumbent Elections To Be Fixed

Congress About To OK $700B Bailout (Robbery)

Bailout Failure Will Cause US Crash

Mullins - Secrets Of The Federal Reserve

Wall St Execs Scored $3 Billion Before The Crash

Paulson's Watch Runs On Illuminati Time

Should US Bail Out Zionist Jewish Bankers?

Bailout Means Full Faith And Credit

Bailout II, III, Etc - Think Zimbabwe's Collapse

Roberts - Has Deregulation Sired Fascism?

Great Depression May Last The Next Decade

Markets Face Major Crash If Bailout Fails

UK, Too, Is In Center Of Financial Storm

Bailout - Congress Will Stay In Session Until...

Wachovia Does The WaMu Suitor Shuffle

Bloomberg Analyst - $700B Bailout Could Go To $5T

US Banking Collapse - A Controlled Demolition

Corruption, Whispers & Receivership

Wachovia In Huge Mtge Mess

Paulson Plan Destroys Constitution - Legitimizes Fraud

Take Back America From Wall Street

US Taxpayers Being Put In Chain Gang

Sunday, September 28, 2008

S.E.C. Concedes Oversight Flaws Fueled Collapse

WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

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Bailout protests spread, thousands swarm across Golden Gate

Americans are outraged. If there's 700 billion to bailout the crooks on Wall Street, surely there's enough to guarantee healthcare to every man woman and child in the United States.Washington can come up with $$$ in a matter of days for their pals on Wall Street, but the American people have been waiting for healthcare for 50 YEARS

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Freddie Mac Money Trail Catches Up With McCain

One senior McCain adviser said the entire flap could have been avoided if the campaign had resisted attacking Barack Obama for his ties to two former Fannie Mae executives, which prompted the media to take a second look at Davis. "It was stupid," the adviser said. "A serious miscalculation and an amateurish move."

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more economic troubles.

Dems seek Wall Street tax in bailout plan... PUTTING IT TO PAPERWARNING: STOCKS COULD LOSE 1/3... CREDIT CRUNCH BANKER KILLS HIMSELF...WACHOVIA shares plunge as investors question fate... ...early merger talks with CITIBANKANOTHER EURO BANK ON BRINK...JPMORGAN to take over WASHINGTON MUTUAL deposits... FDIC seizure... ...largest US bank failure

SOLD: $2 for LEHMAN BROTHERS European unit...

Keating 5 Ring a Bell?

McCain's past collides with the present Wall Street debacle.

By Rosa Brooks

Once upon a time, a politician took campaign contributions and favors from a friendly constituent who happened to run a savings and loan association. The contributions were generous: They came to about $200,000 in today's dollars, and on top of that there were several free vacations for the politician and his family, along with private jet trips and other perks. Continue

ROYAL Bank of Scotland will get 'billions' in US bail-out: The bank's share of the bail-out will enable RBS to offload billions of dollars of questionable assets.

Wall St Execs Scored $3 Billion Before The Crash

Paulson's Watch Runs On Illuminati Time

Should US Bail Out Zionist Jewish Bankers?

Bailout Means Full Faith And Credit

Bailout II, III, Etc - Think Zimbabwe's Collapse

Roberts - Has Deregulation Sired Fascism?

Great Depression May Last The Next Decade

Markets Face Major Crash If Bailout Fails

UK, Too, Is In Center Of Financial Storm

Bailout - Congress Will Stay In Session Until...

Wachovia Does The WaMu Suitor Shuffle

Bloomberg Analyst - $700B Bailout Could Go To $5T

US Banking Collapse - A Controlled Demolition

Corruption, Whispers & Receivership

Wachovia In Huge Mtge Mess

Paulson Plan Destroys Constitution - Legitimizes Fraud

Take Back America From Wall Street

US Taxpayers Being Put In Chain Gang

Saturday, September 27, 2008

WaMu: Epic Bail

With more than 20 percent of global technology spending coming from the financial industry, WaMu’s failure and the collapse of other institutions are certain to have repercussions in tech. “This is game-changing,” Gartner (IT) analyst Joanne Correia said of the economic crisis recently.

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Wal*Mart shutting down DRM server

Hey suckers! Did you buy DRM music from Wal*Mart instead of downloading MP3s for free from the P2P networks? Well, they're repaying your honesty by taking away your music.

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more economic troubles.

Congress Has 43,457,362 Reasons to Help Goldman Sachs

Not all their money has gone for mansions and Ferraris. The embattled Goldman Sachs investment banking firm and its employees have spent more than $43 million dollars on lobbying and campaign contributions to cultivate friends and buy influence in Washington, D.C. since 1989, according to an ABC News analysis of campaign finance records...

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more economic troubles.

Confidence in US Banks Nosedives after Washington Mutual Collapse

By Andrew Clark

The failure of the Seattle-based bank Washington Mutual undermined confidence in a fresh clutch of US household names today, as investors digested the implications of the biggest collapse of a high-street bank on record. Continue

Bailout Can't Hide It - The United States Is Broke

By Chris Powell

The bad-debt bailout would be the biggest government patronage program in history and would amount to declaring martial law over the U.S. financial system and economy. Even if such martial law is necessary, its implementation should be put in democratic hands - a non-partisan agency with full transparency, statutory standards for its purchases, and close accountability to Congress. Continue

“Why Is There Need for a Bailout?”

By Ralph Nader

It’s eerily reminiscent, when you listen to Bush yesterday, of how he stampeded the Congress and the country into the criminal war invasion of Iraq in 2003. I mean, look at all his statements: this could do this, this would do that, farms failing, small business, tada, tada. The first question we have to ask as citizens is, why is there a need for a bailout? Continue

Economists Against The Paulson Plan

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan. Continue

US Taxpayers are Being Enrolled in an Economic Chain Gang

By Jeff Randall

"To preserve their [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude" - Thomas Jefferson - Continue

A Bailout and a New World

By Pepe Escobar

What the UN is NOT talking about is how the US will be able to sustain wars in Iraq and Afghanistan and go against Iran, the Pashtuns in Pakistan or Russia if the Chinese, the Japanese and sovereign wealth funds of the Gulf petromonarchies decide to stop financing these demented adventures. That's the larger-than-life elephant in the UN house: everybody knows that the end of the unipolar world is tied to the fact that Washington simply cannot continue to be a superpower financed by foreigners. Continue

Regulators seize Washington Mutual and JPMorgan mops up: IN what is by far the largest bank failure in US history, federal regulators seized Washington Mutual and struck a deal to sell the bulk of its operations to JPMorgan Chase

How the Washington Mutual Takeover Will Affect Consumers: The government seized banking giant Washington Mutual last night and then sold some pieces of it to JPMorgan Chase for approximately $1.9 billion. Here is how this will affect former Washington Mutual consumers:

UK banks hold £95bn of sour assets that could qualify for US bailout plan: Britain’s five leading high street banks have as much as £95.3 billion ($175 billion) of distressed assets on their books that may qualify for the American bailout scheme.

Big bailout is unlikely to work: The U.S. "hold-to-maturity" bailout plan is really just the new "mark-to-myth," and even its heroic proportions are not likely to paper over solvency problems in the banking system.

Asia Needs Deal to Prevent Panic Selling of U.S. Debt, Yu Says: Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.

Bank borrowing from Fed reaches record $188 billion a day: Federal Reserve data showed on Thursday the total amount banks borrowed nearly quadrupled the previous record of $47.97 billion per day notched just the week before.

HSBC to cut 1,100 jobs worldwide: HSBC Holdings PLC, Europe's largest bank by market value, is cutting 1,100 jobs worldwide in the wake of the financial turmoil, a spokesman said Friday.

Bailout - Congress Will Stay In Session Until...

Wachovia Does The WaMu Suitor Shuffle

Bloomberg Analyst - $700B Bailout Could Go To $5T

US Banking Collapse - A Controlled Demolition

Corruption, Whispers & Receivership

Wachovia In Huge Mtge Mess

Paulson Plan Destroys Constitution - Legitimizes Fraud

Take Back America From Wall Street

US Taxpayers Being Put In Chain Gang

The Staggering Incompetence Of Paulson

Is The Bailout A Rothschild Trick?

Bailout Talks In Major Disarray