Politico:
In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department's mortgage bailout, according to the fine print of an administration statement Saturday night.
The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.
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They already have bailed foreign banks and investors by bailing the vast cropland of financial destruction fertilized by the manure of so-called free trade, privatization, de-regulation, et al that have grown so violently with the seeds of pure greed.
Greed IS the root of of all evil and Paulson is one its many faces...with a tie and a mouth that utters incoherent babble to pure support to a system of fiat money not worth the paper its Mark is etched on backed by promises of men who should never be trusted.
Overlooked “fundamentals”: Globalization is continuing to reduce global production costs, improve productivity, and raise living standards across the world.
Is the present global system sustainable?
In my opinion, it isn't because it must have growth to survive. We live in a world with limited resources so there cannot be perpetual growth. As Asia, Russia, and Latin America grow, their wealth, in part, will come at the expense of the West.
We must accept that there aren't sufficient resources for everyone to expand in perpetuity and that the system requires a miraculous event to permit continued growth.
Sept 21 Polling Update
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=62&ArticleName=Poll+Update+
Obama 289, McCain 249
http://voteforamerica.net/electoral.aspx
Does Bush Support McCain?
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=64&ArticleName=Does+Bush+Support+McCain%3f
Their Possible Pasts
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=60&ArticleName=Their+Possible+Pasts
The Red November: An analysis on campaign marketing
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=50&ArticleName=The+Red+November
"May be included???" Puhleeze! AIG was founded in Shanghai and their financial services division having so many problems "necessitating" their bailout is based out of LONDON!!!! Who do these people think they're kidding? The global plutocrats are - duh - GLOBAL!!! And they are fleecing us so that they may maintain their status as our rulers.
It's time for revolt, but a subversive one. A violent one would only encourage their martial law wet dreams. If you can leave the big city when the crap hits the fan DO IT.
Talk to your town mayor about setting up an alternative currency NOW to keep the local economy moving after everything falls to crap. Quit feeding the corporate criminals with your money. Support your local small business and get to know the people within walking distance of your home.
For GODs sake don't look to the government to "save" you. The government is owned by the predator class. It was always thus. Capitalism AND Communism, including the socialist pit stop between these two false opposites, are both inventions of the predator class. The Amish had it right all along: The ANSWER is the independent, pioneering spirit that made America great in the first place.
"The government is owned by the predator class."
And I've got to think that there is a DNA test that would show just where that instinct grows from, and how many ruling families share it, as well as bloodlines.
A bit late, but you do know that it was the setting up of an alternative currency in the American Colonies that led to the Declaration of War by Great Britain? We could do just about anything we wanted, but when we crossed the gentlemen at the merry old Bank Of England, THAT was the last straw. There is not a war anywhere in the last 500 years that has not been started by and benefited the banking interests somewhere. You want soldiers in your streets? Create your own money, then watch out. Also, as an aside, watch for the de-legalization of Gold ownership, just as during the first great Depression, coming soon.
The supreme irony of this is ... "you're going to 'bail out' all those banks using WHAT, exactly?"
"The Full Faith and Credit of the United States.(TM)" Of course. Oh yes, of course.
In other words, you're going to wave your magic-wand again. The Government of the United States is going to "borrow from itself, without limit" just as much money as it may take to make all those pesky debits equal all those pesky credits. And "Life Will Be Beautiful Again.(TM)"
You may recall that in the 1920's the German government of that time tried much the same thing, only there were no digital computer networks then. They printed paper. Tons of it. So much paper, and so utterly worthless, that it was burned as stove-fuel because it was cheaper than the wood it could not buy.
Why don't we take a different course? Arrest Phil Gramm. Arrest(!) John McCain. Arrest thirty or forty Senators and several hundred Congressmen and charge them with the high-crime of Bribery. Charge them with a breach of fiduciary duty to the nation. You are not elected to public office to financially (or otherwise) destroy your own nation. For this you must pay.
Great post, sell your stocks and buy GLD GDX
No way. Buy GOLD COINS. If it's not in your hands you don't have it!
It's official. The Bush administration just sold us to China. We're never getting up again.
What about that war with Russia we had scheduled? Are we just gonna let Georgia go without a fight for democracy?
How about Iran? Don't we care about their having nucular weapons?
And North Korea? Don't we care about the freedom-loving people of North Korea?
And Iraq? My god, Iraq. The American dream of democracy ... a dream come true. The Surge!! The Surge!!! The Surge!!! The surge worked and we're winning!! The Chinese took all the oil for the next three years, but we won the surge!!
Afghanistan!!! My god, Afghanistan, our brothers in Afghanistan. They are looking at us with tears in their eyes... oh, my god, Afghanistan....
Those of us who resisted the recent push to make stupid investments we couldn't afford anyway shouldn't be made to pay for the mistakes of the other fools. Now, all the bad debt, it had to get approved by the bankers first, so they have to be made to clean up their mess too, not just the naive borrowers. This it the only way we can make sure it doesn't happen again.
well it's true isn't it? the rich gets richer and the middle class gets the shaft.
What is it that has so DUMBED down the United States?
It's the dissociative sedation added to the water supply
That happened almost eight years ago.....
This is the time for the U.S. and world markets to realize that "a tulip bulb is just a tulip bulb". This whole thing is reminiscent of the tulip bulb speculative bubble of Holland in the 1600s, when people were pledging more than they made in a year just to purchase a single bulb. The credit/mortgage industries, banks, and Wall Street need to take a collective breath and realize that the value they are putting on pieces of paper are way overinflated; the world market needs to just take its lumps and suffer the losses by going back and re-evaluating the worth of those pieces of paper.
By the way, when it comes to investing, the assumption is that people who have otherwise taken care of their basic financial needs, necessities, and obligations are in a position to invest their extra income - if the investment pays off, great; if it doesn't, they are still able to meet their other financial obligations. It seems unfair that people whose financial obligations do not allow for extra income to invest will be forced to rescue those who do - especially at these inflated prices/values. Somebody's got to realize: it's just a tulip bulb.
A couple of decades from now, this will be remembered as the time when the Bush & Friends fleecing of the American public reached its peak. Now not only do they want to pay off their US friends, they want to pay off their foreign friends.
Is it "mob with pitchforks" time yet?
Pitchforks and torches are long overdue.....for those elitists amongst us who have knowledge of history....let's not forget how the French revolted against the aristocracy...it appears history does in fact repeat itself.
History does repeat, if its lessons are forgotten or ignored. When the dust settles from this one, any time a politician wants history to altered, or taken off a national curriculum, you'll know to gut the self-serving bastard right there and then.
Things are going to change a lot in the coming years, but its up to US to change them - NOT our government.
I'm knitting as we speak.
Anyone want to move on up with the Jeffersons? Thomas that is....
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
"I have ever deemed it more honorable and more profitable, too, to set a good example than to follow a bad one."
"I never believed there was one code of morality for a public and another for a private man."
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason, than that of blind-folded fear."
"A tyrant is always stirring up some war or other, in order that the people may require a leader."
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First Posted: 09-21-08 09:27 AM | Updated: 10-22-08 05:12 AM