Documenting America's decent into Fascism: More economic issues

Monday, September 22, 2008

More economic issues

HIGH STAKES RESCUE VOTE... Paulson voices confidences in US fundamentals... Greenspan's sins return to haunt us... Europeans ridicule America's money meltdown... Obama calls financial bailout price tag 'staggering'... McCain slams Obama 'lack of leadership' on finance, Iraq... FURY AT $2.5 BILLION BONUS FOR LEHMAN'S NEW YORK STAFF... MONDAY: ASIA MARKET CHART...TREASURY NOW WANTS TO BAIL OUT FOREIGN BANKS?

Stocks Post Biggest Two-Day Rally Since 1987... PAPER: ALMOST ARMAGEDDON; MARKETS WERE 500 TRADES FROM A MELTDOWN...

Mushroom Cloud over Wall Street

"All Hail Caesar!" The days of the republic are over.

By Mike Whitney

"The bill gives Paulson the ability to nationalize unlimited amount of private debt and force you and your children to pay for it." Continue

US Tax Payers To Bail Out Foreign Banks

Paulson: Foreign Banks can use U.S. Rescue Plan

By Mark Felsenthal

Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis. Continue

In Case You Missed It

The Shock Doctrine

The Rise of Disaster Capitalism

By Stephen Lendman

Naomi Klein is the author of "The Shock Doctrine: The Rise of Disaster Capitalism" that explodes the myth of "free market" democracy. It shows how neoliberal Washington Consensus fundamentalism dominates the world with America its lead exponent exploiting security threats, terror attacks, economic meltdowns, competing ideologies, tectonic political or economic shifts, and natural disasters to impose its will everywhere. Continue

U.S. Orgy of Debt

By ERIC MARGOLIS

America has reveled for two decades in an orgy of debt. The U.S. national debt is now twice its net worth. From Wall Street's "masters of the universe" financial powerhouses such as Goldman Sachs, Merrill Lynch, Lehman, and Morgan Stanley, to the humblest homeowners, America's national motto became "borrow to the hilt and bet." Continue

For The Love Of Money

When Corporations Rule the World

By David C. Korten

Most everyone is aware that we live in an unequal world. Few realize, however, just how extreme the inequality has become or how fast the gap between the poor and the super rich is growing. Forbes tells us the world now has 358 billionaires. Their combined net worth exceeds the combined net worth of the world's poorest 2½ billion people. This is but one manifestation of the extreme economic and social distortions created by the globalized free market economy idealized by business publications such as Forbes and Business Week. Continue

The New New Deal

We're Footing the Bill and Holding the Bag

By Mike Rivage-Seul

Presently (following the Great Crash of 2008), we’re in the midst of yet another reshuffling and redistribution of cards – another New Deal. But whereas 30s version shifted money from the haves to the have-nots, the re-run promises an income redistribution from the disappearing middle class to the super-rich. They’re the gambling addicts who got us here in the first place. Continue

A Note ofAppreciation From the Rich

By Author Unknown

Society could be intelligently organized to meet the real needs of the general population. You and others like you could collectively fight to free yourselves from our domination. But you don't know that. In fact, you can't even imagine that another way of life is possible. And that's probably the greatest, most significant achievement of our system -- robbing you of your imagination, your creativity, your ability to think and act for yourself. Continue

Default by the US government is no longer unthinkable: But September 2008 marks the moment when the scale of our excesses, the extent of our debts and the moral bankruptcy of our financial regulatory system finally began to be truly exposed.

Fury at $2.5bn Lehman bonus: STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza.

BAD MONEY: RECKLESS FINANCE, FAILED POLITICS, AND THE GLOBAL CRISIS OF AMERICAN CAPITALISM: Video and transcript: Bill Moyers sits down with former Nixon White House strategist and political and economic critic Kevin Phillips.They explores the role that the crumbling financial sector played in the now-fragile American economy.

$1,000,000,000,000: The astonishing cost of US government's desperate bid to rid the economy of toxic debt: There are some members of Congress who are unhappy at the thought of the taxpayer taking on hundreds of billions of dollars of currently worthless debt. But the leader of the Democrats in the House of Representatives, Steney Hoyer, said he expected quick action

Treasury Seeks Asset-Buying Power Unchecked by Courts: ``He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. ``He's saying, `Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.''

Many economists skeptical of bailout: Many of the same economists and opinion-makers who'd provided a bipartisan sheen of consensus to Treasury Secretary Henry Paulson's previous moves have quickly begun casting doubts on the wisdom of a policy that would allow Treasury to purchase without oversight hundreds of billions of dollars of difficult-to-price assets from financial institutions.

Bank of China buys into Rothschild bank: BANK of China said yesterday it will buy a 20 percent stake in La Compagnie Financiere Edmond de Rothschild for 236.3 million euros (US$340 million) and the two will develop private banking and asset-management services.

Morgan & Goldman Coming Soon To Your Town

Bush Seeks To Shift Even MORE Bad Debt On Us

It's The Derivatives, Stupid!

Paulson - Foreign Banks Can Dump Bad Debt On US!

Paulson's Blow Torch

Paulson's Market Manipulation Bailout Will Fail

Default By US Govt No Longer Unthinkable

Paulson Saves The Day...For One More Day

Treasury What If No Buyers Show Up?

Fascism Meets Socialism - Paulson Plan Bans Legal Challenges

US Toxic Debt Waste Dump To Stop Finan Armageddon

One Of The Great Vortexes Of History