AMERICAblog: Bailout agreement reached in Congress. Obama calls it "culmination of a sorry period in our history."
HereinDC
· 1 year ago
Democrat Brad Sherman from California was just on MSNBC .....and he said this is a sham....it's the same Bill Bush had last week with just a few tweeks. He was not very pleased at all. He sounded just like Shelby did the other day. Sherman is NOT going to vote for this.
aquarius2
· 1 year ago
WIll Obama and McCain vote yes on this or will they just issue statements.
cowboyneok
· 1 year ago
Thank God we have a publication willing to report the truth on McCain. We have the typical Karl Rove response from McCain surrogate Tucker Bounds:
Mr. McCain’s spokesman, Tucker Bounds, would not discuss the senator’s night of gambling at Foxwoods, saying: “Your paper has repeatedly attempted to insinuate impropriety on the part of Senator McCain where none exists — and it reveals that your publication is desperately willing to gamble away what little credibility it still has.”
If John McCain strangled his wife Cindy Lou in a jealous rage after losing her fortune at the craps table, and then the New York Times covered the tragedy, the McCain Administration would respond by saying, "The murderous, gambling New York Times is proving again how they are willing to victimize an American hero like John McCain. John McCain was a POW. Sure he put his Mrs. or Cindy McCain out of her misery, but she got that money selling beer, ya know!"
tbhull
· 1 year ago
Congress is about to gamble away several trillions.
blackwolf
· 1 year ago
*ucker Bonds. You fill in the missing letter Cowboy...lol.
AdrianBrowne
· 1 year ago
McCain seems to be trying to rally the base, so I predict McCain will vote against it. (The base of the Republican Party wasn't going to be supporting Obama anyway).
tbhull
· 1 year ago
Review by an independent board? Please. Let courts review things as they should and let Congress exercise ongoing oversight which is their job and go over the plan in the future when each traunch is let go.
Any word whether House reppubs will go along? They were the group that sunk the plan Thursday. Will Pelosi bring the plan to the House floor if it has little or no repub support?
If house repubs vote no and McCain follows suit Obama and the rest of the dem incumbents voting yes face big losses come November.
These DC folks have been listening to the likes of Paulson, who got down on his knee drooling and begged for the handout to go Goldman, instead of listening to their constituencies. The voters see it quite differently and this is why DC should fall.
Why does Congress have to pass a plan that requires taxpayers trillions to go to business?
Queer_Mainer
· 1 year ago
OK, I'm scared. The US Government will soon be the lien holders/owners of an awful lot of homes and businesses in the US. What happens if US decides to do its own foreclosures? Cuba/China anyone?
blackwolf
· 1 year ago
Exactly. Good point to bring up.
tbhull
· 1 year ago
The Treasury will also be in the business of collecting car debt, credit card debt and./or student loan loan without court oversight. Do you think they will be using all the collection tools avaialble to the IRS to collect this debt? Also, Paulson's draft said no court oversight/review and banks could act as "agents" of the Treasury departmwent. Can you see tomorrow if this goes through.
Facism unbound.
aquarius2
· 1 year ago
What I am seeing is massive government explosion--more offices to deal with whatever the hell they just approved. More bureaucracy
aquarius2
· 1 year ago
Under this new bill I thought they were saying the Gov will take the bad loans and then repackage them to investors. Isn't this exactly what WAll street was doing? I don't get it.
Queer_Mainer
· 1 year ago
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GRRRR! Either post a response or just quit. I assume you are posting responses but it isn't coming across that way. Maybe you need to look at your system settings.
Queer_Mainer
· 1 year ago
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It is the circadian rhythm of spam control becoming spam, watch! Here it comes again.
Fireblazes(CheetohsandCatfood)
· 1 year ago
Spam control becomes spam for Queer_mainer.
tbhull
· 1 year ago
That is exactly what they are doing. A Wall Steet asshat would say it is necessary since Wall Street has no $$$ and the government has much better cash flows (taxpayers slaving away in the future) to weather the storm. Plus, if the goverment cannot sell the bundles of shit it acquires at an inflated price it can drill down to the component debts and use the power of government to ensure that the inflated price is recovered from debtors (taxpayers) by using the full power of government and the rules giving it an advantage in these matters. Basically the government is becoming the collection agent for private companies and paying trillions to obtain this right.
Facism unbound.
Poopyman
· 1 year ago
FYI, Barney Frank was just on C-SPAN explaining the terms. He just equated John McCain to Andy Kaufmann again.
I don't think he covered any new ground, but it seems he's the only one involved in this process trying to explain exactly WHAT this deal is all about.
Rob Mule
· 1 year ago
Stephie asked angry Johnny about this Barney gem:
"This is McCain and the House Republicans slowing down the agreement we're about to get so that McCain can get credit for a whole new approach...It's like Nixon in '68, slowing down the effort to get some deal with the North Vietnamese and the South Vietnamese because he didn't want (Hubert) Humphrey to get the credit."
McCain told Stephie the comment was "interesting" but his eyes told a different story. Johnny's old school, real old, like wind-powered Navy old...He doesn't like blacks, ordinary white people, gays or a white-gloveless serving staff. http://www.southcoasttoday.com/apps/pbcs.dll/ar...
aquarius2
· 1 year ago
The one part of this potential agreement that I do not understand is the insurance protection. Who is going to fund this insurance program? I don't get it.
AdrianBrowne
· 1 year ago
Bankrupt companies are not going to be buying insurance. It's a bone for the Conservative Republicans -- it was their proposal.
Joneses
· 1 year ago
This is not a good feeling at all.
Here in California the banks will begin to go up on the % of credit cards payments to justify the banks losses, so it doesn't matter, in my opinion, about the bailout because the banks will try to compensate for their losses by charging more % wise.
On the other hand, I do feel for the people who have retirements plans and other things that the bailout may help or protect.
Bottom line, the greedy will continue to be greedy, and the regular people like us in the long run gets F.
Wisconsin Liberal
· 1 year ago
Retirement plan, what retirement plan? Oh, the republican plan, which is just go and work till you die.
triple7s
· 1 year ago
I would like to know how many sub-prime mortgages were made by GREEDY people were buying up houses with know money down? Getting no risk loans thinking they were going to make a shitload of money. I gotta say I don't care what happens to them or their scheme. I do think that has been a large part of this problem. Failed capitalism rescued by socialism for the rich.
Rob Mule
· 1 year ago
Speaking of "sorry periods"...ABC just broadcast one, Johnny's 'Debate Take 2 with Stephie'. Nothing like saying "I'm happy" over and over through clenched teeth, eh Senator? Sure Cindy does the same thing but for different reasons. (wink, wink!!!) I did think Stephie could have wrapped his tentative questions in more soft cotton batting for Johnny and could have seated him on the table side without the tumor view...Oh well, maybe the campaign can get poor, angry Johnny a Debate Take 3 with tomorrow's morning shows?
kiki
· 1 year ago
Folks get ready, they are probably pulling the largest heist in American history. They say bend over and we say how far. Of course there couldn't be another 911 so they have to pull something like this. There is always something they come up with to pull their BS fear tactics to the American public. Enough is enough the American people have had it, time to vote their a**es out. Time for a new congress. Even Mickey Mouse would be better than what we have!
tbhull
· 1 year ago
Are you saying a devastating attack on DC before the vote on this giveaway may be in the cards?
cowboyneok
· 1 year ago
Maybe not DC, but some kind of shock attack wouldn't surprise me in the least. I've lost trust in our government.
tbhull
· 1 year ago
Then perhaps it needs to be destroyed, come November.
kiki
· 1 year ago
PS Hope Pelosi and Reid are looking for new jobs, because I doubt they will be in there for much longer.
tbhull
· 1 year ago
After they receive their commission on $1,800,000,000,000 they will not need a job anymore.
confusion
· 1 year ago
confusion say...I not try to be funny man when I aska this question, when it ever been good idea to take a poor man money and give to rich repullykin bankers in USA history? Idiot McCanny know this bad idea to support bankers in public view and probably vote against it to fool public..leave Obama holding toxic bag of loot for criminal bankers.
triple7s
· 1 year ago
A sinking feeling that the dems are going to be blamed for this debacle. McKrazy is not going to vote for the butt f__ck we taxpayers are about to receive.
tbhull
· 1 year ago
Dems will not be blamed as much for the debacle as they will be for giving money away to the greed that created the debacle.
marblex
· 1 year ago
The U.S. economy will COLLAPSE regardless of this deal. The gift of 700 billion taxpayer dollars to Wall Street bankers will help THEM but not US. Instead of financing this highway robbery with a REPEAL of BUSHIES TAX BREAKS TO THE OBSCENELY WEALTHY, the burden will be thrust on us.
Moreover, the "loan" of one trillion TO TAXPAYERS which will simply be handed to the multi millionaires and billionaires who got us into this mess, will cause the dollar to DEVALUE rapidly.
Soon you and I will be lining up at our local supermarkets with barrels of cash, just to pay for groceries. The 'Fed responded to the 29 depression by shrinking the money supply, which is why depression era prices were so low (remember "Brother can you spare a dime?" that's because a dime could go a long long way during the depression, IF you could get one) This depression will be marked by rendering the dollar WORTHLESS.
Oh don't worry about Wall Street....it will be fine. The greedy assholes will take the 700 billion and crash the economy ANYWAY. Amazingly the democrats have been suckered AGAIN by Mr. 19% and caved to the petulant blackmail by the greediest fuckers of life. All this for the purpose of destroying US sovereignty and ushering in the NAU.
We are fucked, plain and simple. Every member of the House who votes for this bill SHOULD LOSE THEIR JOBS -- (they are ALL up for re-election). And whatever incumbent senators facing re-election who vote in favor of this final FUCK YOU to the taxpayers from the BUSHIES, should also lose their jobs.
cowboyneok
· 1 year ago
You can bet there was a lot of negotiating making sure both Republican and Democratic Senators up for re-election didn't have to vote for it. The house members who voted for it are only in "safe districts." The negotiations were all to protect the wealthy at the expense of the average Americans, and done because not doing it would change the status quo. We can't change the status quo or those congressmen, who rely on their cushy jobs, might just lose those jobs! SNARK.
Nuffsaid
· 1 year ago
I have voted Democrat all my life. This year I am voting "Challenger" anybody that votes for this "Bailout" be they Democrat or Republican will not get my vote. Kick All The Bastards Out.
My grandmother lived through the Great Depression. When she would talk about it, she always said, " The depression did not hurt the poor people. They were poor before, during and after the depression. It did not hurt the rich people, they were rich before, during and after the depression. The only people who suffered during the depression were the people in the middle. They didn't have the money to ride it out like the rich and they didn't have the skills they needed to be poor."
I am on a fixed income. I have learned to live within my means for the last five years. I have no credit cards or outstanding bills. the economist say that if the credit market crashes it will be a bad thing because people will not be able to buy new houses or new cars or other items they want. Why is this such a bad thing. If you can't aford a new house stay where you are. If you can't afford a new car, keep driving the one you have or take the bus. If you can't aford to buy steak eat hamberger. If this cost jobs, then maybe American Business will learn to start making the things people "Need" rather than the shiny useless junk they "Want". As "Dingbat' said we are "A Nation Of Whinners'. In a world where most people are starving or at least going to sleep hungery ever night, it seems a little petty for an American, or anybody, who has food, clothing and shealter to be complaining because they might have to put off buying their latest over priced toy for a little while.,
America is in trouble, not because Wall Street is in trouble. We are in trouble because we have let Madison Av. dictate to us that what they need to sell to us is what we need/want to be happy. And we have let them convence us that that to be "Happy" means we must live only for today without ever giving any thought to or concideration of tomorrow ,next year., or to the rest of the world around us.
So let it all fall apart. Maybe Americans will regain their independance from their addictions and come out of it better citizens than they are now.
Wisconsin Liberal
· 1 year ago
What needs to be done is to let this go down, let the markets panic like the babies they are and watch what happens.
Then let congress goes back and put together a bill that PUNISHES the Wall Street crowd and protects the taxpayers and restructures the loans that have the potential to get paid back.
Brutal, yes but when we are finally serious, the right proposal, could be done.
Oh yes, make sure that anyone who has a hand in making mortgages has to have money invested in them for at least 5 years. That would help make them responsible to make good mortagages.
cowboyneok
· 1 year ago
I'm with ya "Wisconsin Liberal"
Every time Democrats help Republicans fix their problems before the average disengaged voter actually feels a little pain then they vote their status quo. They decide things really aren't all that bad if they can go eat at McDonalds and shop at Wal-Mart. When money gets tight then people start looking for answers. Fortunately, things have gotten hard for a big percentage of Americans and they are falling behind Democrats for change. There is still that ten percent who have gotten along by simply burying their heads and trying to maintain their comfortable existence. When the comfort level because painful people WAKE THE HELL UP! Otherwise, they have a tendency to vote for the guy who makes them laugh, or the one they want to go out drinkin' with.
cowboyneok
· 1 year ago
I love John Ridley because he is a fighting progressive, and not afraid to unapologetically call Limbaugh what he is - a BIGOT.
Some of you sound like you don't know a whole lot about economics and are letting partisan views pepper everything. Just let the system crash, don't do anything, are you high? This isn 't simply a case where a few bigwigs and irresponsible companies would go down, at this point if Wall Street fails what will happen will make the Great Depression look like a pleasant day.
Look, the reality is that the crime has already happened when the de-regulation idiots were allowed to come in. While I don't agree with a blank check bailout, and realize it won't work, the current deal (at least the tidbits that have leaked) provides some accountability and is a step in the right direction to avert financial breakdown.
So, while we all get upset and scream partisan meme about who's to blame and not bailing the GOP out of the mess they made, think about your families and what this country looks like with double digit unemployment, virtually no credit and loan industry, and a debt that is virtually impossible to pay off. As much as I hat the GOP and what they've done. for now Obama has the right idea, fix the current fuck up and deal with the idiots and thinking that got us here later.
MommaKat
· 1 year ago
I completely agree with you on this Zenn. A partial repost of my comments on this yesterday:
It's important to understand the undesirable effects going w/o this bailout would trigger. No one is mentioning the fact the most businesses depend on revolving 90 day loans to make payroll. Any idea just how many of us would not receive a paycheck for the foreseeable future if all credit dries up? FDIC insurance is only as good as the fund backing it, so anyone out there thinking your funds are safe in those CDs may have another thing to think about.
And that's just the tip of the iceberg... the following is a summary of things said to me and a few posts I've read over the weekend. It's on point, and while I definitely believe we need to ensure penalties are included in a bailout plan, along with protections, it highlights why we need the bailout.
The fact of the matter is that our economy virtually stopped dead in its tracks this summer, and world economies are following suit rapidly. Credit markets are totally locked up with an unending line of major banks ready to declare bankruptcy, and soon. WAMU, the largest bank failure in US history which crashed Thursday was certainly not the last. Wachovia and National City (among others) could likely fall early next week. No lending of any sort is going on, and debt markets have ground to a complete halt. The credit system simply isn't functioning, and without that the Dow could drop 2000 - 3000 points in a week if the credit market breaks down further. The only reason the Dow hasn't already taken that dive is due to massive intervention and manipulation by the federal government.
We're on the brink of a systemic financial meltdown in the US, and world as a result, if there's a total failure of the banks to open their doors. And if that happens there will be chaos unlike anything we've ever seen. When I think of that, and consider the fact that this administration intends to activate (for the first time ever) the National Guard within the US on October 1st (to quell civil unrest), I feel incredibly uneasy with the current situation.
SoLeftImRight
· 1 year ago
Nice post, but on the point you brought up toward the end, a small (and serious) correction. On October 1st, it is not the National Guard that will be activated within the US, but it will be the US ARMY's 1st Brigade Combat Team of the 3rd Infantry Division. As Glenn Greenwald noted in Salon:
"For more than 100 years -- since the end of the Civil War -- deployment of the U.S. military inside the U.S. has been prohibited under The Posse Comitatus Act (the only exceptions being that the National Guard and Coast Guard are exempted, and use of the military on an emergency ad hoc basis is permitted, such as what happened after Hurricane Katrina)."
Hey thanks for the correction, I didn't even catch the mistake. I've had National Guard on my mind too much of late. (you know, NG aren't supposed to see combat, but my 20 year old just lost her fourth friend to Iraq...)
scottinsf
· 1 year ago
This is absolutely ridiculous. The democrats are NOT listening to us. This bailout is pure bullshit. From what I'm reading, this is still mostly a bailout of the top of the heap. Any bailout MUST be from the bottom up if there is one at all.
Please call your senators and congressperson and oppose this crap. They are hearing us, they just aren't listening.
Plisko
· 1 year ago
The crime here isn't the bad business on Wall Street. The crime here is TBTF.
Too Big To Fail.
Economic growth is of no use to us if the loss of one or two companies creates a deadly domino effect. TBTF is a threat to national security and it needs to be treated as such.
This is an existential threat to America and it will happen again if we don't fix it. If a corporation becomes so large that it's welfare effects the whole American economy then it needs to be broken up just like it is when it becomes a monopoly.
Wisconsin Liberal
· 1 year ago
Remember when the banks could start offering non insured securities the little sign on the "investment counselors" desk " These securities are not insured by the FDIC and could lose money". Well that's what risk is you can lose money, OH unless your filthy rich and then the government will bail us (but not you) out.
dula
· 1 year ago
I don't have faith that the Dems are going to do what is best by The People. After all, many (like Joe Biden) voted for the Bankruptcy Bill conveniently in time for this financial tradedy to unfold preventing ordinary Americans from bailing themselves out with personal bankruptcy. The language used to describe this Bailout Bill sounds really unclear, basically "we are going to try and help Main St. as much as we can." Huh? The biggest red flag is that I don't hear any of our "leaders" talking about how it was Derivatives (Credit Default Swaps) that blew this meltdown beyond self repair. If they aren't willing to define the cause of the problem truthfully, I don't expect them to be honest about the solution...what are they hiding? check out the link for explanation of CDS: http://www.globalresearch.ca/index.php?context=...
All Comments
Sherman is NOT going to vote for this.
http://www.nytimes.com/2008/09/28/us/politics/2...
If John McCain strangled his wife Cindy Lou in a jealous rage after losing her fortune at the craps table, and then the New York Times covered the tragedy, the McCain Administration would respond by saying, "The murderous, gambling New York Times is proving again how they are willing to victimize an American hero like John McCain. John McCain was a POW. Sure he put his Mrs. or Cindy McCain out of her misery, but she got that money selling beer, ya know!"
Any word whether House reppubs will go along? They were the group that sunk the plan Thursday. Will Pelosi bring the plan to the House floor if it has little or no repub support?
If house repubs vote no and McCain follows suit Obama and the rest of the dem incumbents voting yes face big losses come November.
These DC folks have been listening to the likes of Paulson, who got down on his knee drooling and begged for the handout to go Goldman, instead of listening to their constituencies. The voters see it quite differently and this is why DC should fall.
Why does Congress have to pass a plan that requires taxpayers trillions to go to business?
Facism unbound.
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Facism unbound.
I don't think he covered any new ground, but it seems he's the only one involved in this process trying to explain exactly WHAT this deal is all about.
"This is McCain and the House Republicans slowing down the agreement we're about to get so that McCain can get credit for a whole new approach...It's like Nixon in '68, slowing down the effort to get some deal with the North Vietnamese and the South Vietnamese because he didn't want (Hubert) Humphrey to get the credit."
McCain told Stephie the comment was "interesting" but his eyes told a different story.
Johnny's old school, real old, like wind-powered Navy old...He doesn't like blacks, ordinary white people, gays or a white-gloveless serving staff.
http://www.southcoasttoday.com/apps/pbcs.dll/ar...
Here in California the banks will begin to go up on the % of credit cards payments to justify the banks losses, so it doesn't matter, in my opinion, about the bailout because the banks will try to compensate for their losses by charging more % wise.
On the other hand, I do feel for the people who have retirements plans and other things that the bailout may help or protect.
Bottom line, the greedy will continue to be greedy, and the regular people like us in the long run gets F.
Nothing like saying "I'm happy" over and over through clenched teeth, eh Senator? Sure Cindy does the same thing but for different reasons. (wink, wink!!!)
I did think Stephie could have wrapped his tentative questions in more soft cotton batting for Johnny and could have seated him on the table side without the tumor view...Oh well, maybe the campaign can get poor, angry Johnny a Debate Take 3 with tomorrow's morning shows?
Moreover, the "loan" of one trillion TO TAXPAYERS which will simply be handed to the multi millionaires and billionaires who got us into this mess, will cause the dollar to DEVALUE rapidly.
Soon you and I will be lining up at our local supermarkets with barrels of cash, just to pay for groceries. The 'Fed responded to the 29 depression by shrinking the money supply, which is why depression era prices were so low (remember "Brother can you spare a dime?" that's because a dime could go a long long way during the depression, IF you could get one) This depression will be marked by rendering the dollar WORTHLESS.
Oh don't worry about Wall Street....it will be fine. The greedy assholes will take the 700 billion and crash the economy ANYWAY. Amazingly the democrats have been suckered AGAIN by Mr. 19% and caved to the petulant blackmail by the greediest fuckers of life. All this for the purpose of destroying US sovereignty and ushering in the NAU.
We are fucked, plain and simple. Every member of the House who votes for this bill SHOULD LOSE THEIR JOBS -- (they are ALL up for re-election). And whatever incumbent senators facing re-election who vote in favor of this final FUCK YOU to the taxpayers from the BUSHIES, should also lose their jobs.
My grandmother lived through the Great Depression. When she would talk about it, she always said, " The depression did not hurt the poor people. They were poor before, during and after the depression. It did not hurt the rich people, they were rich before, during and after the depression. The only people who suffered during the depression were the people in the middle. They didn't have the money to ride it out like the rich and they didn't have the skills they needed to be poor."
I am on a fixed income. I have learned to live within my means for the last five years. I have no credit cards or outstanding bills. the economist say that if the credit market crashes it will be a bad thing because people will not be able to buy new houses or new cars or other items they want. Why is this such a bad thing. If you can't aford a new house stay where you are. If you can't afford a new car, keep driving the one you have or take the bus. If you can't aford to buy steak eat hamberger. If this cost jobs, then maybe American Business will learn to start making the things people "Need" rather than the shiny useless junk they "Want". As "Dingbat' said we are "A Nation Of Whinners'. In a world where most people are starving or at least going to sleep hungery ever night, it seems a little petty for an American, or anybody, who has food, clothing and shealter to be complaining because they might have to put off buying their latest over priced toy for a little while.,
America is in trouble, not because Wall Street is in trouble. We are in trouble because we have let Madison Av. dictate to us that what they need to sell to us is what we need/want to be happy. And we have let them convence us that that to be "Happy" means we must live only for today without ever giving any thought to or concideration of tomorrow ,next year., or to the rest of the world around us.
So let it all fall apart. Maybe Americans will regain their independance from their addictions and come out of it better citizens than they are now.
Then let congress goes back and put together a bill that PUNISHES the Wall Street crowd and protects the taxpayers and restructures the loans that have the potential to get paid back.
Brutal, yes but when we are finally serious, the right proposal, could be done.
Oh yes, make sure that anyone who has a hand in making mortgages has to have money invested in them for at least 5 years. That would help make them responsible to make good mortagages.
Every time Democrats help Republicans fix their problems before the average disengaged voter actually feels a little pain then they vote their status quo. They decide things really aren't all that bad if they can go eat at McDonalds and shop at Wal-Mart. When money gets tight then people start looking for answers. Fortunately, things have gotten hard for a big percentage of Americans and they are falling behind Democrats for change. There is still that ten percent who have gotten along by simply burying their heads and trying to maintain their comfortable existence. When the comfort level because painful people WAKE THE HELL UP! Otherwise, they have a tendency to vote for the guy who makes them laugh, or the one they want to go out drinkin' with.
http://www.huffingtonpost.com/john-ridley/rush-...
Look, the reality is that the crime has already happened when the de-regulation idiots were allowed to come in. While I don't agree with a blank check bailout, and realize it won't work, the current deal (at least the tidbits that have leaked) provides some accountability and is a step in the right direction to avert financial breakdown.
So, while we all get upset and scream partisan meme about who's to blame and not bailing the GOP out of the mess they made, think about your families and what this country looks like with double digit unemployment, virtually no credit and loan industry, and a debt that is virtually impossible to pay off. As much as I hat the GOP and what they've done. for now Obama has the right idea, fix the current fuck up and deal with the idiots and thinking that got us here later.
It's important to understand the undesirable effects going w/o this bailout would trigger. No one is mentioning the fact the most businesses depend on revolving 90 day loans to make payroll. Any idea just how many of us would not receive a paycheck for the foreseeable future if all credit dries up? FDIC insurance is only as good as the fund backing it, so anyone out there thinking your funds are safe in those CDs may have another thing to think about.
And that's just the tip of the iceberg... the following is a summary of things said to me and a few posts I've read over the weekend. It's on point, and while I definitely believe we need to ensure penalties are included in a bailout plan, along with protections, it highlights why we need the bailout.
The fact of the matter is that our economy virtually stopped dead in its tracks this summer, and world economies are following suit rapidly. Credit markets are totally locked up with an unending line of major banks ready to declare bankruptcy, and soon. WAMU, the largest bank failure in US history which crashed Thursday was certainly not the last. Wachovia and National City (among others) could likely fall early next week. No lending of any sort is going on, and debt markets have ground to a complete halt. The credit system simply isn't functioning, and without that the Dow could drop 2000 - 3000 points in a week if the credit market breaks down further. The only reason the Dow hasn't already taken that dive is due to massive intervention and manipulation by the federal government.
We're on the brink of a systemic financial meltdown in the US, and world as a result, if there's a total failure of the banks to open their doors. And if that happens there will be chaos unlike anything we've ever seen. When I think of that, and consider the fact that this administration intends to activate (for the first time ever) the National Guard within the US on October 1st (to quell civil unrest), I feel incredibly uneasy with the current situation.
"For more than 100 years -- since the end of the Civil War -- deployment of the U.S. military inside the U.S. has been prohibited under The Posse Comitatus Act (the only exceptions being that the National Guard and Coast Guard are exempted, and use of the military on an emergency ad hoc basis is permitted, such as what happened after Hurricane Katrina)."
This is no joke. Read up if you wish...
http://www.salon.com/opinion/greenwald/2008/09/...
Please call your senators and congressperson and oppose this crap. They are hearing us, they just aren't listening.
Too Big To Fail.
Economic growth is of no use to us if the loss of one or two companies creates a deadly domino effect. TBTF is a threat to national security and it needs to be treated as such.
This is an existential threat to America and it will happen again if we don't fix it. If a corporation becomes so large that it's welfare effects the whole American economy then it needs to be broken up just like it is when it becomes a monopoly.
http://www.globalresearch.ca/index.php?context=...