Life the Universe and ....: November 2008

Sunday, November 30, 2008

America's Cities, A ForeWarning of The Coming Martial Law

This page contains two videos. Firstly a Minister, Elder Westbrook details his perspectives regarding a need for the Populous to move out of the Cities. Secondly, a group of Scholars namely G. Allison, PhD (Harvard), R. Gallucci, PhD (Georgetown), R. Bartlett, PhD (U.S. Congress), W. Raub, PhD (U.S. Health), R Paul, M.D. (U.S. Congress) teach.

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Friday, November 28, 2008

The Dollar and the Great De-Leveraging

In view of the economic crisis facing global markets, the recent strength of the U.S. dollar has confounded analysts. The global economic problems started with the US, so one would assume the collapse would bring the dollar down as well. But this hasn't happened, as of yet. The explanation can be found in a financial concept known as deleveraging.

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The Dollar and the Great De-Leveraging

Zombie Bankers Feast On U.S. Economy

No one knows who they are. No one knows how many there are. No one knows how much they are using the healthcare system. No one knows how much they are contributing to the economy and the tax base. Who is this mysterious cabal endangering America’s national security?

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Orwell Lives - The Daily Dish | By Andrew Sullivan

Perhaps the Bush administration's worst legacy has been its abuse of the language:

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Can Obama's Stimulus Plan Spur Green Jobs in the U.S.?

Barack Obama's energy plan seeks to turbocharge America's eco-friendly businesses and keep jobs at home. But the hurdles are high. These problems, "left unaddressed, will continue to weaken the economy and threaten national security," he said on Nov. 18 in a video message to a climate summit meeting in California.

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Why Nobody Wants to Bail Out Automakers, Except Bureaucrats

One thing you’ll notice about the debate over bailing out the automakers is that, even more than in general, everyone’s against it except corrupt politicians, panhandling automakers, and monopolistic union officials.

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3 Hedge Funds Say NO To Clients Who Want To Withdraw Money

Satellite Asset Management, founded by former employees of billionaire George Soros, stopped client withdrawals from its three largest hedge funds, Bloomberg reported.

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Thursday, November 27, 2008

Robert Scheer: Obama Chooses Wall Street Over Main Street

Maybe Ralph Nader was right in predicting that the same Wall Street hustlers would have a lock on our government no matter which major party won the election. I hate to admit it, since it wasn't that long ago that I heatedly challenged Nader in a debate on this very point.

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The man who should be Treasury Secretary

>...Peter Schiff, former economic advisor to Ron Paul and President of Euro Pacific Capital, frequently appeared on various news shows including CNBC and FoxNews, back in 2006 and 2007,...Schiff predicted a recession due to "too much consumption and borrowing and not enough production and saving.".....>>

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Thomas Friedman: Citigroup Failed Every Step of the Way

Citigroup was involved in, and made money from, almost every link in the chain that resulted in the recent economic collapse. And the bank’s executives, including the former Treasury Secretary Robert Rubin, were clueless about the reckless financial instruments they were creating. These are the people whom taxpayers bailed out on Monday.

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Wednesday, November 26, 2008

ABC News: Financial Bailout Balloons to the Trillions

The credit bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or HALF THE VALUE EVERYTHING PRODUCED BY THE UNITED STATES LAST YEAR. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion.

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More economic troubles.

FED PUMPS $800B MORE... Rush to Refinance... Soveriegn wealth funds flee the West... Federal deficit could hit $1 trillion this year... FDIC adds 54 more banks to its 'problem list'...

Oil Drops Below $51...Reporter threatened with arrest for seeking interview with former LEHMAN CEO...

Cash-Strapped NYC Goes On Ticket Blitz, Deploys 200 Additional Traffic Agents...Russian Analyst Predicts Decline and Breakup of U.S.

By RIA

Dissatisfaction is growing, and at the moment it is only being held back by the elections and the hope that Obama can work miracles. But by spring, it will be clear that there are no miracles." Continue

Colossal Financial Collapse

The Truth behind the Citigroup Bank "Nationalization"

By F. William Engdahl

On Friday November 21, the world came within a hair’s breadth of the most colossal financial collapse in history according to bankers on the inside of events with whom we have contact. The trigger was the bank which only two years ago was America’s largest, Citigroup. The size of the US Government de facto nationalization of the $2 trillion banking institution is an indication of shocks yet to come in other major US and perhaps European banks thought to be ‘too big to fail.’ Continue

Rebuilding the Nation on a Foundations of Sand

By Jim Kirwan

IF Obama were serious: Then he would condemn those who have led this nation to the brink of self-annihilation as a people. Those people responsible must be excoriated: literally purged. Continue

Left Out of the Bailout: The Poor

By Mark Kukis

"Recent data show poverty is already rising quite substantially," says Robert Greenstein, the executive director of the Center on Budget and Policy Priorities. "There is a strong potential for more hardship and destitution than we have seen in this country in a number of decades." Continue

A Frenzy Over Free Food

By Allison Sherry

In a sign of bad economic times. An estimated 40,000 people came to a Weld County farm Saturday to collect free potatoes, carrots and leeks. Continue

“A People’s History of Poverty in America”

By Democracy Now! - Audio
Census Bureau figures from 2007 show that 12.5% of the population, or over 37 million people, live below the poverty line. The Center warns hat number could increase to up to 47 million. Continue

“What Next?
The Elections, the Economy, and the World”

By Noam Chomsky

Question is what is a democracy supposed to be? - The ignorant and meddlesome outsiders have a function and namely to watch what’s going on. And to push a lever every once in a while and then go home. Continue

Bush Labor Department misled Congress in effort to privatize jobs: President George W. Bush's Labor Department misled Congress in an effort to prove outsourcing jobs to private companies was more efficient than assigning the jobs to government employees, according to a Government Accountability Office report released Monday.

German Weimar Republic in the early 1920s and the U.S. - Troubling similarities

US Fed announces $800bn "stimulus": About $600bn will be used to buy up mortgage-backed securities while $200bn is being targeted at unfreezing the consumer credit market.

Data shows sharper US contraction: The US Commerce Department said the downward revision was due to the biggest fall in US consumer spending in 28 years

Home prices in record plunge: - Prices of single-family homes plunged a record 17.4 percent in September from a year earlier, according to a key S&P index released on Tuesday.

New Fed $800B Gambit 'Spitting In The Wind'?

Massive New US 'Bailout' Programs Announced

Americans Rally Against The Corrupt Fed

US Economy Fall Worse Than Expected

UK To Suffer 'Severe' Recession

World's Economies Take Radical Steps

World Bank Cuts China Growth Forecast

UK Middle Class Tax Hikes Fund Bailouts

Is Britain Going bankrupt?

Fed Throws More Money At Financial System

US Home Prices Continue To Dive

Tuesday, November 25, 2008

Fed Commits $800 Billion More to Unfreeze Lending

The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing-finance companies. It will also set up a $200 billion program to support consumer and small-business loans, the Fed said in statements today in Washington.

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WTF: Fed to buy ANOTHER $600 billion in bad mortgage assets

Fed announced today that it would be buying up $600 billion in bad mortgage assets from banks? Excuse me, but isn't this what the bail out was for? So while Treasury is buying up shares & pumping billions onto the balance sheet of banks, the Fed has doubled down to do what the original plan was intended to do and Paulson said wasn't necessary?

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Federal Reserve Announces New Mortgage-support Program

The U.S. Federal Reserve announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities.

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Another Crisis, Another Guarantee. Citicorp Bail-Out 2/3?

Author asks...Will the latest rescue by the U.S. government finally restore confidence in the American financial system? Author's smart & reasonably skeptical.

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More economic issues

RIOTS IN ICELAND: CITIZENS REVOLT AGAINST FINANCIAL CRISIS, CORRUPT MINISTERS WHO CAUSED IT... UK TOP INCOME TAX RATES COULD HIT 61%... PAPER: Is Britain going bankrupt? Fed steps in to save CITI... Prince Alwaleed: 'Full Confidence'... Bush defends rescue... FEAR: Other banks will expect similar aid... Mounting cost not a worry -- now... How Many CITI Shares Will Buy a Thanksgiving Turkey? RUSSIAN ANALYST PREDICTS DECLINE AND BREAKUP OF USAFED PUMPS $800B MORE...

Struggling Banks Paid Clinton $2.1 million for Speeches; CITI, GOLDMAN, LEHMAN, MERRILL...

OBAMA SAYS NEW TEAM WILL 'JOLT' ECONOMY... Where was Geithner in turmoil?

Obama Economic Advisor Responsible for Citibank Failure

The article, which is 5 pages long, goes into detail about the relationships between the executives responsible for designing the strategy that ran Citibank into the ground. They lay a large part of the responsibility at the feet of Robert E. Rubin, an economic adviser on the transition team of President-elect Barack Obama

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Does Bank of America get the next bailout?

The Paulson/Bernanke bailout is now spreading across the financial system like a prairie fire in a stiff wind.AIG got one deal. A number of banks got a piece of another deal, the $700 billion Paulson "special needs of banks" program. Now Citigroup is getting a back-stop of over $300 billion for its toxic assets

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Citigroup Saw No Red Flags Even as It Made Bolder Bets

“Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.”

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The real bailout cost? $7.4 trillion

We were suckered into believing the bailout would only cost $700 billion. Turns out the government is set to lend at least $7.4 trillion to rescue the financial system, says Bloomberg. That's half the value of everything produced in the country last year.How is this possible?

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More economic issues

UK TOP INCOME TAX RATES COULD HIT 61%... Fed steps in to save CITI... Prince Alwaleed: 'Full Confidence'... Bush defends rescue... FEAR: Other banks will expect similar aid... Mounting cost not a worry -- now... How Many CITI Shares Will Buy a Thanksgiving Turkey? GUARANTEED BY GOVERNMENTStocks Post Biggest Two-Day Rally in 20 Years...

FED PLEDGES TOP $7.4 TRILLION... Iceland boiling mad at credit crunch; Near-riot, parliament besieged...

London, Midtown Manhattan, Tokyo Office Rents Post First Drop Since 2002...

OBAMA SAYS NEW TEAM WILL 'JOLT' ECONOMY... Congress Will Send Stimulus Bill 'on Inauguration Day'... Another $700 billion? ...tax hike for the rich may be delayed

7.7 Trillion Dollars And Counting

The Cost Of "Rescuing" The US Financial System

By Hamilton Nolan

US government has pledged more than $7.7 trillion of our tax dollars to "rescue" the financial system. How much is 7.7 trillion? Continue

You Ain't Seen Nothing Yet

"The problems we face today cannot be solved by the minds that created them" Albert Einstein

By Mike Whitney

It is vital to realize that markets are never under some obligation to stop falling merely because they have already fallen by an ungodly amount. It also is vital to explore how bad the worst-case scenario can get and to think about how you would respond if it comes to pass. Continue

Citibank Flips The Bird To American Taxpayers

By The New York Crank

Last week, while Congress was engineering a bailout package of the taxpayers’ money to rescue Citibank and save the economy, Citibank was sending out notices to its cardholders of a new and usurious policy — a policy that could drown consumers and help sink the economy. Continue

Citizens’ Economic Stimulus Plan

Stop Paying Credit Card Debt

By Richard C. Cook

Almost nothing has been done to help the consumers within the producing economy who have lost trillions of dollars in the stock market crash, seen the value of their homes fall in many cases below what they owe on their mortgages, and lost jobs or health benefits through the escalating recession. Continue

Obama may delay tax-cut rollback for wealthy: - President-elect Barack Obama may consider delaying a campaign promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, two aides said on Sunday.

Citigroup Gets U.S. Rescue From Losses, Cash Infusion : The $20 billion of new cash comes on top of a $25 billion infusion the bank received last month under the Troubled Asset Relief Program, passed by Congress to shore up the financial industry.

All US Financials Will be Nationalized in a Year: Manager: It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday.

US October home price drop is new record: Today’s figures compare with the 4.86 million level reached in June, the lowest in a decade and 33 percent below the record reached in September 2005. Resales have fluctuated around a 4.96 million rate this year.

FED Rescues Citi w/$20B - But Citi Is $2T Exposed!

Dow Up 400 After Citi Bailout News

Citizens' Stimulus Plan - Stop Paying CC Debt

Citigroup Bailout Agreement Reached

Citibank Eight Months Later

Iceland Boiling Mad At Credit Crunch

UK Banks Need $220B MORE For Lending

UK Biggest Growth Forecast Cut Ever

UK 45% Tax On Rich To Fund Bailout

You Can Print Money - But Not Confidence

NWO As Financial Matrix Self Destructs

Brown BKs UK To Win 2009 Election

Precious Metals Price Discovery

Insider Admits PPT Manipulates Stock Market

Monday, November 24, 2008

Bush says Citigroup deal needed to protect system

President Bush argued Monday that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help.

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Obama Eyes $500 Billion in Stimulus

Obama and Bush are rushing to craft measures to bolster financial markets and prevent a policy vacuum during the transition. Meanwhile, Paulson is considering tapping the second half of the government's rescue fund.

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Government reportedly involved in Citi deal

Would buy up assets to create good bank/bad bank structure. The government is looking to buy a substantial amount of assets from Citigroup, similar to a good bank, bad bank structure.

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Democrats to Push for Massive Stimulus Plan

Facing an increasingly ominous economic outlook, President-elect Barack Obama and other Democrats are rapidly ratcheting up plans for a massive fiscal stimulus program that could total as much as $700 billion over the next two years.

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WTF?! Fed Pledges Exceed $7.4 Trillion to Ease Frozen Credit

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program.

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IMF chief: Worst yet to come for global financial crisis

The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.

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IMF chief: Worst yet to come for global financial crisis

The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.

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BREAKING: U.S. Provides Massive Bailout to Citigroup

The U.S. federal government on Sunday announced a massive rescue package for Citigroup, saying it would guarantee more than $300 billion in company assets, while injecting an additional $20 billion in capital into the embattled bank.

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More economic issues

'BAD BANK' PLAN... TALKS ACCELERATE... LIMIT LOSSES... WHITE HOUSE SAYS UNAWARE... WALL ST BRACES FOR ANOTHER PIVOTAL WEEK... FEDS TO THE RESCUE: CITICongress Will Send Obama Stimulus Bill 'on Inauguration Day'... ...Hint of hold on taxes

Needed: TV Network bailout?; Bad economy slows ad sales...

Bernanke says he erred in gauging mortgage fallout... Worst of financial crisis yet to come: IMF chief economist...

“Let Detroit Go Broke”

GM, the NY Times & Marxism 101

By Shamus Cooke

Whereas the giant Wall Street banks received over 1 trillion dollars – so far— without barely having to ask, an industry that actually produces something has to beg for a handout. Why the difference? Continue

The Republican War on Welfare

By Huda Alnasir

It was such an easy sell, and so rewarding at the polls. All they had to do was convince working- and middle-class families that while they were slaving away and paying taxes, there were shiftless minorities and poor whites having babies, using drugs, and watching television on their dime. Continue

In case you missed it

Death Of The Dollar

Aljazeera Video

Paul Craig Roberts and others talks about the ill health and possible demise of the dollar. Continue

Russia acknowledges financial crisis has hit hard: "It is clear that Russia will be much worse affected by the crisis than other major economies and will be affected for much longer."

US will guarantee up to $1.4T in bank debt: The first preliminary approval went to Ford Group Bank, whose owners include Hilltop Holdings, Inc., an investment vehicle for Texas billionaire Gerald J. Ford.

Citigroup talking to U.S. government: Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.

Bank Regulators Shut Down 3 Banks: Bank regulators in two states shut down three institutions Friday -- one in Georgia and two in California. They are the 20th, 21st and 22nd federally-insured operations to be closed this year.

Obama Said to Pick Geithner as Treasury Secretary : Geithner helped lead the U.S. response to the deepest financial crisis in seven decades, including the takeover of American International Group Inc. and Bear Stearns Cos. rescue, and decision to let Lehman Brothers Holdings Inc. fail.

Why Washington Cannot Prevent Depression: The dire reality: Washington is not God. It cannot save the world. It cannot prevent the next depression. Hard to believe? Here’s the proof:

Dennis Kucinich "Racketeering On A Scale This Country Has Never Seen Before!!!" 4 Minute video

Citigroup May Get Government Rescue, Investors Say: Citigroup Inc. will probably get rescued by the U.S. government after a crisis in confidence erased half its stock-market value in three days, investors and analysts said.

In case you missed it: Professor Ngaire Woods: The death of the dollar?: We are living in economic chaos. Banks, homes, jobs, and businesses are at risk.

GM May Have Weeks, Not Months, Without Aid, York Says: Chief Executive Officer Rick Wagoner ``all but said'' at congressional hearings in the past two days that GM can't continue to operate until a new U.S. administration takes over in January, York said in a Bloomberg Television interview today.

White House to extend unemployment benefits: With weekly jobless claims benefits at a 16-year high, the White House said Thursday that President George W. Bush would sign quickly legislation pending in Congress to provide further unemployment benefits.

Insider Admits PPT Manipulates Stock Market

Sources - Feds Working On Citi Rescue

JCPenney OPENS More Stores, Doing Just Fine

Bailout - Paulson Threatened Reps w/Martial Law

This Is Not A Normal Recession

GM Board Weighs Bankruptcy Option

Citi Dying - Shares Dive 20%, Break Up Considered

Billions More Wiped Off Citigroup Shares

Euro Car Sales Plummet

Only Drastic Action Will Save Us - Brown

Rich Buying Up Farm Land In Poor Nations

Friday, November 21, 2008

How The Elite Control Politics

Please rate and comment and send this video to all your contacts :)This is a very simple animated version of Alex Jones's talk on the fraudulent left-right 2-party paradigm that we are all locked into. In the original version, Alex uses pen and paper to sketch out the 2-party paradigm. I was already aware of how the 2-party system is used to...

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Wall Street sinks, S&P falls to lowest level since 1997

By Leah Schnurr NEW YORK (Reuters) - Stocks plunged yet again on Thursday, as a frantic flight from risk prompted by investors' deepening economic fears drove the benchmark Standard & Poor's 500 index to its lowest level since 1997 -- completing...

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Congressional Leadership Rejects Proposed Auto Bailout Deal

Lawmakers failed to reach agreement today on a proposal to provide $25 billion in emergency aid to the ailing auto industry, but they left open the possibility that they could come back after Thanksgiving and try again.

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China Buys 4000 Tons of Gold

There has been a recent flurry of news articles saying China may begin to diversify into Gold. But the articles conclude that China will move slowly, over years, so as to not disturb the markets. Funny. It's funny because it's like they don't know basic math.

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RON PAUL BLAST THE REPUBLICAN PARTY

The Republican party lost credibility.

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More economic issues

FEAR STALKS THE WORLD ECONOMIES...

DOW SHEDS ANOTHER 400; S&P 500 LOWEST IN 11 YEARS... CITIGROUP Move Below $5 Could Trigger Major Selling... Shares sink despite Saudi prince's investment... Merry, Merry: FANNIE, FREDDIE Suspend Foreclosures Through Holidays...

OIL FALLS BELOW $50...

'SHOW US THE PLAN, WE'LL SHOW YOU THE MONEY'.... FORD, GM: Bankruptcy Filing Not an Option.. Obama stays out of car wars on the Hill... San Francisco plans to be electric car capital...

Pope Had 'Prophecy' of Market Collapse in 1985...Treasury Yields Drop to Record Lows as Investors Seek Safety...

This Is Not A Normal Recession

Moving on to Plan B

By Mike Whitney

The global economy is being sucked into a black hole and most Americans have no idea why. The whole problem can be narrowed down to two words; "structured finance". Continue

Obama and the Great Depression

By Mickey Z.

No, I don’t mean that Great Depression. I’m talking about the inevitable moment—maybe next week, maybe next year—when the Kool Aid wears off and the Obamatrons wake up to realize their hero offers nothing even approximating hope or change. Continue

US seeks 300 billion dlrs from Gulf states: report: The United States has asked four oil-rich Gulf states for close to 300 billion dollars to help it curb the global financial meltdown, Kuwait's daily Al-Seyassah reported Thursday.

Jobless claims jump unexpectedly to 16-year high: The four-week average of claims, which smooths out fluctuations, was even worse: it rose to 506,500, the highest in more than 25 years.

GM Tumbles to Lowest Since '30s, Ford Falls as Aid Plan Falters: General Motors Corp. fell toward its lowest since the 1930s after U.S. lawmakers deadlocked on an auto-industry bailout, raising the prospect it could run out of cash before a new Congress can come to the rescue next year. Ford Motor Co. tumbled to a 28-year low.

Chinese Automakers may buy GM and Chrysler: Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports

Treasury Yields Drop to Record Lows: Treasury yields declined to record lows, with two-year notes dropping below 1 percent for the first time, as global stocks slumped and a deepening recession drove investors to the safest assets.

Oil Falls Below $50

Deleveraging Monster Will Only Get Hungrier

US Markets Plunge To 11 Yr Low

Brazil, China Emerge As Models Of Stability

Iran Feels Pain Of Plunging Oil Prices

Gulf States Prepare For Oil Revenue Losses

Fitts - What The G20 Summit REALLY Says

Fannie/Freddie Suspend Foreclosure Sales

End The Fed - End Wall St Bankster Rule

Stocks Dive To Five Year Lows

Oil Drops To 3 Yr Lows - Gas Less Than $2

Oil Falls To Near $50 As Fuel Use Dives

Thursday, November 20, 2008

More economic issues

Global Stocks Slump... Dow Drops to Five-Year Lows... CITIGROUP stock drops to 13-year low, fear grows... Saudi Prince to rescue? Dubai shopping spree stalls, retailers tighten belts...

Financials 'need at least $1 trillion more'...

Putin Vows: Crisis will not sink Russian economy...

Financial Crisis Tab Already $4,28 TRILLION

Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track. Try $4.28 trillion dollars. That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of est

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Billions for the Bankers - Debts for the People

In an economic conquest, the captives do not see any military force arrayed against them, their religion is left more or less intact, they have freedom to speak and travel, and they participate in "elections". Without realizing it, they are conquered, and the instruments of their own society are used to transfer their wealth to their captors.

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Dow Jones industrial average falls below 8,000; S&P down 6%

Breaking News:Dow Jones industrial average falls below 8,000; S&P 500 down more than 6 percent.

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Auto Makers Running Out Of Time

Detroit's Big Three auto makers are running out of time in their quest to convince skeptical lawmakers that Congress should throw them a $25 billion lifeline.

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Ron Paul's best You Tube

ron paul wins the crowd at the reagan library debate, jan 30,2007.

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Goldman, GE, GM Invite Us to Play a Rigged Game

The government is picking winners and losers. Instead of just a couple giant government-sponsored enterprises, now we have dozens. With so many beggars in Zegna suits lobbying for handouts, it's easy to see why lots of Americans are aghast at what our country has become.

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GMAC Seeks Bailout Money as Holding Company

GMAC Financial Services has applied to the Federal Reserve to become a bank holding company, which would allow General Motors' financing arm to be eligible for aid under the Treasury's $700 billion bank rescue plan.

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Demand for gold hits an all-time high

Investors seeking refuge from volatile stock markets push demand to an all-time record.

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Dow has fallen 5,000 points in 5 months

US shares plunge to five-year low

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Romney: Let the Auto Industry Go Bankrupt

If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

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Robert Reich:Congress needs to take bailout back.

Reich thinks that Congress shouldn't release the rest of the bailout money( 350 billion), but hold on to it until the Obama administration takes office.Reich attacks the Paulson plan as a " trickle down bailout" and endorses the ideas of the FDIC Chief.

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CEOs fly in luxury to beg for 25 billion in public funds

All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM's $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone.

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Consumer prices drop most in 61 years

The Labor Department said Wednesday that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947. The drop was twice as large as the 0.5 percent decline analysts expected. Oil prices have dropped sixty percent in the last four months.

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Financial Controlled Demolition just like 911

Afshin Rattansi & Max Keiser on Goldman Sachs & Toilet PaperAfshin Rattansi in Tehran talks to Max Keiser in Paris about the end of Wall Street, dollars and toilet paper - and Morgan Stanley and Goldman Sachs no longer being investment banks.Max Keiser: Follow the Money http://www.maxkeiser.com/

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More economic issues

S&P, Dow Drop to Five-Year Lows as Banks, Carmakers Slide... CITIGROUP stock drops to 13-year low, fear grows...

Finger-pointing begins as Senate nixes auto vote... FORD, GM: Bankruptcy Filing Not an Option.. CEOs Flew Private Jets to Plead for Public Funds...

ROMNEY: 'Let Detroit Go Bankrupt'...E-commerce companies slashing prices in frantic holiday season...

Japan Economists Call For 'Obama Bonds'

By Kosuke Takahashi

"The US will be forced to issue foreign currency-denominated US Treasures in its hour of need," said Mizuno. "The US cannot finance its deficit by itself. The US financial system cannot survive without foreign investors. We will see 'Obama Bonds' in the future." Continue

Paulson resists Democrats' call to rescue homeowners: Having committed about half of the existing $700-billion rescue fund to ease Wall Street's credit crunch, Paulson said he had no plans to spend the rest, even on the root cause of the crisis -- soaring mortgage foreclosures

October consumer prices and home starts plummet: Consumer prices dropped at the fastest rate on record in October. - The Commerce Department said new-home starts fell 4.5 percent last month to a seasonally adjusted annual rate of 791,000 units and building permits -- which signal future building intentions -- dropped 12 percent to 708,000.

Home Prices Tumble in 80 Percent of U.S. Cities : The median price of a U.S. home declined 9 percent from a year earlier and sales of properties with mortgages in default accounted for at least a third of all transactions, the Chicago- based National Association of Realtors said today

U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week: Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low.

Detroit Chiefs Plead for Aid: Senate Democratic leaders said they had not been able to muster the support for legislation that would provide $25 billion to the troubled auto industry from the Treasury Department’s $700 billion economic rescue fund.

Senate Republicans drafting alternative $25 billion aid: The Bush Administration has sent language to Capitol Hill for an alternative auto aid package that would drop the fuel-efficiency requirements for the $25 billion retooling program for automakers.

GM to invest 1 bln dollars in Brazil: The investment was part of a U.S. bailout package and would be used to upgrade car production lines before 2012, said Djame Adila, a GM's official in charge of the markets in Brazil and other member-countries of the South American Common Market which also groups Argentina, Paraguay, Uruguay and Venezuela.

Cash-starved Ford sells Mazda stake: Struggling US car manufacturer Ford is to sell its controlling stake in Japanese firm Mazda in a bid to raise cash and stay afloat. Ford is to sell about two-thirds of its 33.4 per cent stake for around $538m to Mazda and more than 20 undisclosed Mazda business partners.

China Passes Japan as Biggest U.S. Treasuries Holder: China led all foreign official investors in September by posting a net increase in U.S. Treasuries for the sixth month in the past seven, bringing its total ownership close to $600 billion. Japan was a net seller of Treasuries for the fourth month in the past six.

China Plans To Buy GM And Chrysler!

Fed Says Economy To Get Worse

Worldwide Rout Hit Asian Markets

Fitts - What The G20 Summit REALLY Says

The Six Biggest Myths About Gold

Why Gold Is Down But Not Available

G20 Fails To Achieve Anything Of Substance

Asian Shares Fall As Recession Sets In

UK Manufacturing Confidence At 30 Yr Low

Recession And The Coming Crime Wave

30 Reasons For Great Depression By 2011

85 Companies Defefaulted On Debt In 08

Bailout Tab Is Really $4.28 Trillion

Citigroups Survival In Doubt

Stop Bailout As Congress Targets Auto Dinos

Home Depot Profit Falls

Euro, Asia Stocks Decline, Led By Banks

Oct Producer Prices Fall Record 2.8 Percent

Paulson, Bernanke Defend '$700B' Bailout

Volcker Blames 'Alchemists' & Bloated Bonuses

Volcker Issues Dire Warning On Slump

UK Entering Deflation?

G-20 Must Admit Own Errors If Crisis To End

Ford Sells Mazda Stake For $540 Million

What Will Happen If GM Fails - Vid

Collapse Of The Real Economy

Citi To Chop Another 53,000 Jobs

The Worst Is Not Behind Us

US Store Closings - The Latest Casualty Count

Wednesday, November 19, 2008

More economic issues

DOW PLUNGES BELOW 8000

Ron Paul questions Ben Bernanke about World Currency

Ron Paul questions Ben Bernanke about his secret meetings with other central bankers. What have they been talking about? Is the dollar finished and is there a new new world currency on the agenda? What role is gold going to play, if any? Bernanke, while remaining evasive about the details of his meetings, denies the rumors and asserts that ...

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Bush in Race against Time to Wreck Country - Borowitz Report

Confounding the conventional wisdom that he is a lame duck president with no agenda as his days in office dwindle, President George W. Bush is redoubling his efforts to mutilate the country before his term expires, aides confirmed today. "He certainly is not going to let the final days of his tenure go to waste" ~ Bush Spokesperson, Dana Perino

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$2 Trillion Handed out by Paulson/Bernanke, But Who Got It?

The fox and the hounds, of course, have a clear idea of what they want to do and how they want to do it, which is more than you can say of Paulson. Sums of incalculable size are being spent or pledged by Paulson and his playmate, Ben Bernanke, chairman of the Federal Reserve Board, and nobody outside their organizations, or maybe inside them either

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Ron Paul on a Possible Global Currency to Replace Dollar

http://www.donharrold.netRon Paul asks the questions no one else seems to ask.

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The Fed is collapsing

Ron Paul being interviewed by Robert Kiyosaki adviser Mike Maloney. See why silver and gold are the best investment you can have right now.Silver is set to make enormous gains like it always has in times of economic crisis, and collapsing fiat currencies.

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The Fed is collapsing

Ron Paul vs Bernanke 11/18

Ron Paul doing what Ron Paul does..Asking real questions

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11/18 Fiat Dollar Reserve System Dead New World reserve curr

November 18, 2008House Financial Services CommitteeRon Paul (Champion Of The Constitution)Federal Reserve Chairman Ben Bernanke (Champion Of FedSpeak GobbleDeGook) Treasury Secretary Henry Paulson (Champion Of Wall Street Banksters)

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Ron Paul "My exchanges with Fed Chairmen"

Recorded at the Mises Institute Supporters Summit, 1 November 2008; Auburn, Alabama. Includes a brief introduction by Mark Thornon, and an introduction and award presentation by the Mises Institute's founder and president, Lew Rockwell. Dr. Ron Paul is a Republican member of Congress from Texas.

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Goldman is acting against its clients,A $171 billion drop

In a naked-short transaction, a firm would sell debt it didn’t already own, betting the price will fall before it purchases the loan and delivers it to the buyer.

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More economic issues

BIG 3 WARN OF 'CATASTROPHE'

BUDGET HELL: NYC PREPARING 'DOOMSDAY SCENARIO' FOR TRANSIT CUTS; SUBWAY LINES CLOSED...PAULSON OPPOSES BAILOUT AID TO HOMEOWNERS, AUTOMAKERS... DEFENDS ACTIONS... Clashes With Congress...

Financial Crisis Tab Already In The Trillions

By CNBC.com |

CNBC, has been keeping a running tally of actual spending as well as the commitments involved. Try $4.28 trillion dollars. That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources. Continue

Ecuador auditor urges debt default: The official overseeing an audit of Ecuador's foreign debt said his committee found evidence of abuses and irregularities tied to almost all of the country's bonds and will recommend a default on $10.3 billion in national debt.

Lawmakers, Treasury lock horns on foreclosures: The U.S. Treasury Secretary and members of Congress locked horns on Tuesday over a $700 billion financial bailout fund, with lawmakers demanding money to stem foreclosures and Henry Paulson arguing it was meant for investing in financial companies.

Depression 2009: What would it look like?: By looking at what we know about how society and commerce would slow down, and how people respond, it's possible to envision what we might face.

Tuesday, November 18, 2008

How Corporations Have 'Downsized' American Consumers

Have you noticed any changes to your favorite product on the market shelves lately? I have and I am not happy about it. I've been downsized or the subject of other unsavory business practices by manufactures. There oughta be a law!

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Ron Paul Answers Your Questions: Part One

Do you love the smell of libertarianism in the morning? If so, today is a good day for you.Last week we solicited your questions for Congressman Ron Paul.

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What You Can Do to End the Tyranny of the Federal Reserve

The Federal Reserve is called that to fool you. It is actually a private corporation run by bankers dedicated to controlling the nation’s money supply for the benefit of themselves and other wealthy and powerful people. Its mandate is to control the rest of the people by controlling their access to money and credit.

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Bailout tally: $3.8 trillion and counting - CNBC

CNBC is keeping tabs on the amount that the federal government has been forced to spend to bail out corporate America. The total? “Three-point eight trillion dollars. That’s $3,800,000.000.000. More than what was spent on WW II.

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GOP Sen says Paulson may have given bailout $ to his friends

U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration.

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More economic issues

FRESH BAILOUT WILL HAVE TO WAIT... GM asks German government for credit guarantee... New, old Congress cross paths in lame duck session... Financial Crisis Tab Already In The Trillions...

US's Road to Recovery Runs Through Beijing

By Francesco Sisci and David P Goldman

For the past decade, poor people in the developing world have financed the consumption of rich people in America. America has borrowed nearly $1 trillion a year, mostly from the developing world, and used these funds to import consumer goods and buy homes at low interest rates. The result is a solvency crisis of the American household, which shows up as a solvency crisis for financial institutions. Continue

The G-20 Washout

By Mike Whitney

The financial crisis is being used by Wall Street big-wigs to restructure the economy and create a permanent class of working poor. Continue

The G-20 Economic Summit Won’t Change the "Financial Crime Scene"

By Richard C. Cook

I worked in the U.S. Treasury Department for 21 years and learned first-hand the history and operations of public finance in the U.S. I have seen the disastrous results of the debt-based financial system and how it has driven our nation, government, and people into bankruptcy. I have also seen how these simple measures of monetary reform would be easy to implement and would begin to turn the situation around within weeks or months. Continue

States want their own federal financial bailout: Led by California with a $28 billion hole in its budget, 41 states are in financial trouble, and many of their leaders are looking to Congress to bail them out.

White House rejects auto bailout: Funds from the $700bn US government bailout package for the financial system should not be used to aid America's troubled auto industry, the White House says.

State of Denial: America in Recession: Policymakers Fear 'R-Word': Over the past 72 hours, Japan and the Eurozone have owned up to what U.K. policymakers previously admitted: Those economies are in recession.

US banking giant cuts 50,000 jobs: Citigroup, one of America's largest financial institutions, is to cut about 50,000 jobs as the bank struggles with heavy losses stemming from the current financial crisis.

The Six Unknowns That Are Roiling the Stock Market: The stock market's behavior is downright strange lately. Professionals with decades of market experience scratch their heads as the market falls to its lowest point of the year, then surges almost 7% in an afternoon—all for no apparent reason.

Florida pension fund plummets: The State Board of Administration, which manages many of Florida's public investments, has seen its assets plummet by $62-billion, a third of their value, in the last 13 months.

Foreclosures up 25 percent: RealtyTrac: That means one in every 452 U.S. housing units received a foreclosure filing in October, the firm said in its report released on Thursday.

What Will Happen If GM Fails - Vid

Collapse Of The Real Economy

Citi To Chop Another 53,000 Jobs

Worse Than The Great Depression?

G-20 Politicians Blame Investors For Crisis

Paulson Blunders As Debt Market Remains Frozen

G20 Won't Change Financial Crime Scene

Gold At $14,172 An Ounce?

G-20 Secret Credit Crash Debt Solution

Japan Falls Into Recession As Exports Dive

China's Huge Poverty Gag Slowing Growth

China Hints At Aircraft Carrier Project

China Sets Sights On US Telecoms

50,000 UK Realtors Gone In Next 9 Months

Pakistan Asks IMF For $7 Billion

First Class Ideas For A Peoples Bank

G20 Agrees On Tax And Interest Rate Cuts

Second G20 Summit Planned For London

West Must Accept East Shift Of Financial Power

US Carmaker Crash Would Lose 3M Jobs

G20 - 'New Global Order' Financial Structure

G20 Put Off Major Decisions Until Next Year

G20 Pledge To Stabilize The Economy

110 US Banks Ask For $170B From Bailout

Stocks - Too Late Now!

Freddie Says It Is Worth Less Than Zero

Lehman Administrators Paid More Than Bankers

Monday, November 17, 2008

Big Government Under the Bush Administration

During the recent presidential campaign, a persistent question was whether the election of the Democratic candidate threatened a major growth in government spending. As a benchmark for future comparison, it is worthwhile to take a look at by how much the federal government has grown over the last eight years under the Bush Administration.

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American System Part 1: Introduction to National Banking

British System (Slavery) Vs American System (Freedom)

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Next meltdown issue might be credit-card debt

The housing bubble. The credit crunch. The automobile industry meltdown.Just when you thought all of the economic dominoes had toppled, experts say another one is about ready to tip.Consumer credit-card debt - driven by years of spend now and pay later - might be the next blow to the nation's ailing economy.

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Citigroup to cut 50,000 jobs

Citigroup Inc (NYSE:C - News) plans to cut 50,000 people from its workforce, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.

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Exposing $350 billion bailout for Foreign Speculators

Karl "The Ticker Guy" Denninger asks when were they intending to TELL US about the $350 billion for FOREIGN SPECULATORS? NEVER, that's when! Karl called it SPOT ON before the bill was passed, and now we have the lies - across the board on full display. Are you pissed yet? You should be.

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Who is Neil Barofsky, And Can We Trust Him To Watch $700B?

If the markets don't respond well to the results of the G-20 meeting, there is a reason – other than a solemn promise to waste money, very little was accomplished, and the crucial work of rearchitecting the financial system was put off until later.

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The future belongs to libertarians

This author over-focused on the ignorance of another columnist, but managed to present libertarian principles well. However, election2008 show clearly we face a huge task in counseling with our brainwashed populace, which has been taught to deny Reason. Rather long but worthwhile read.But will his Title become correct?

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GE, AmEx, GM--Bailout USA

Who's next on the bailout list?This was the week that General Electric (nyse: GE) got a $139 billion guarantee, American Express (nyse: AXP) was seeking $3.5 billion and General Motors (nyse: GM) was looking for at least $25 billion.

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World Leaders Are Now Openly Talking Of A New World Order

This weekend leaders from 20 of the most powerful nations on earth are meeting in Washington D.C. to work on a "new world order" that will supposedly help solve the current financial crisis.

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Banks to Receive Billions in Tax Breaks

The big banks in this country are about to receive pretty huge tax breaks in addition to the money they will receive from the Federal government’s $700 billion bailout program. However, interestingly some experts claim that the tax breaks they get could exceed the cost of acquiring the struggling banks.

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Ron Paul Taxpayer Alert: Say NO to the U.S. Auto Bailout

Our children have already been financially raped by the banking bailout as they will surely be responsible for paying the taxes on the massive amount of OUR money spent. Our families and children will soon become financial slaves to even more taxes based on an upcoming bailout of the U.S. auto industry.

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