tagged w/ rockerfeller
The credit markets finally got a bailout bill, but the stranglehold hasn't let up — a troubling sign that lenders and investors believe the package will only be a baby step in the long road to economic recovery.
The credit markets, where companies go to get cash loans, have seized up since the bankruptcy of Lehman Brothers Holdings Inc. and in anticipation of the $700 billion plan initially voted down by the House. The House passed a revised version of it Friday following the Senate's approval earlier this week, but anxiety about its effectiveness kept demand for Treasury bills high and nearly nonexistent for other types of debt.
Overall, market participants have begun regarding the rescue plan as a medicine for what's ailing the financial system, but not a cure-all.
"At best, we can hope that it stems some of the more intense risk from the credit crisis. It prevents things from spiraling out of hand here," said JPMorgan Chase economist Michael Feroli.
Some are worried, though, that the plan will not work at all.
"Nobody knows how it's going to succeed," said Howard Simons, strategist with Bianco Research in Chicago. "It seems the American public had better sense than Wall Street and Washington — the American public said, don't throw good money after bad."
The Treasury will buy banks' risky mortgage-backed assets in an effort to alleviate investors' worries about the institutions' solvency and free them up to do more lending. Even if those efforts succeed, the effects will be far from instantaneous, and borrowing could remain very expensive for some time. With the economy in such a weak state, lending to consumers and businesses will still appear risky until certain factors — particularly employment and the housing market — improve. The credit markets finally got a bailout bill, but the stranglehold hasn't let... more
Photo used with permission from http://www.myspace.com/japhletba
by Richard C. Cook
October 2, 2008
Tonight the Senate passed the $700 billion Wall Street bailout bill by a vote of 74-25. This follows the rejection of the bill by the House on Monday. In an MSNBC poll, 62 percent of Americans oppose the giveaway, but the lobbyists are doing everything possible to assure the rejection is overturned. According to Bob Borosage, co-director of The Campaign for America’s Future, House leaders “are bringing in the small business lobby and the banking lobby to buy the twelve Republican votes they need.”
The Senate took up the bill in order to pressure House members who voted against it to change their positions when it returns to a vote on the House floor on Friday. This procedure may be unconstitutional, because revenue bills must originate in the House, but there is no time or political will for anyone to mount a challenge on constitutional grounds. As another means of inducement—or blackmail—the bill includes the repeal of the wildly unjust alternative minimum tax.
Every reputable economist commenting on the bill opposes it, including NYU’s Nouriel Roubini, who says the plan is “totally flawed.”
“a disgrace: a bailout of reckless bankers, lenders, and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer.”
My own view is that the plan is worse than that: a crime; grand larceny on a monumental scale.
Here’s why: We know that the debacle started with homeowner defaults on subprime mortgages and that it has now spread to other types of mortgages as foreclosures spread. We know that the unhealthy use of subprime mortgages started during the Clinton administration, as did the bundling and sale of these mortgages into mortgage-backed securities sold in the financial markets.
What has not been reported is that the Bush administration turned these acts of reckless lending into a national program of mortgage fraud. Soon after George W. Bush became president in 2001, meetings at the White House between Federal Reserve Chairman Alan Greenspan and administration officials became more frequent. According to mortgage industry insiders I have interviewed, direction soon began to come down from the banks to mortgage brokers to falsify borrower income information to allow them to qualify for loans that were otherwise out of reach.
Well, it is already happening. In the post-bubble era there will be no more economic engines for the American economy. A long term recession and depression are inevitable, and they are expected by those in the know. In fact, there has been a plan in the works for a very long time to bring down the U.S. economy, and it will be happening over the coming months.
This is why the government is also preparing to implement martial law, or something close to it, in case public unrest breaks out. We will likely also see a clampdown on free speech, the right to protest, and use of the internet. Federal facilities are being prepared all around the country to backstop state prisons and local jails that are already bursting at the seams.
continued at http://dandelionsalad.wordpress.com/2008/10/02/does-the-bailout-bill-mark-the-end-of-america-as-we-know-it-by-richard-c-cook/
Photo used with permission from http://www.myspace.com/japhletba... more
Alex Jones' brand new documentary Endgame charts the history of the elite blueprint for social domination and control, outlining the ultimate plans that those who consider themselves the anointed have for our planet.
The first section of the film documents the rise of the banking cartels, who since 1800 have funded both sides of almost every war. Endgame charts the usurpation of the British economy by the Rothchild family who went on to bankroll all factions during the first world war providing armaments companies through banks in France, Austria, Germany and England.
Endgame then documents the fallout of the great war and the attempts to form a controlling League of Nations, which was ultimately blocked by Congress. Such frustration on the part of the elite led to the rise of two factions, fascists and Fabian socialists. Endgame documents how bankers again funded both sides during WW2 which ultimately led to the creation of the UN and the beginning of the movement to implement three power blocs via incremental globalism.
The second section of the film covers the Bilderberg group and Alex's documentation of the elite group at the 2006 meeting in Ottawa. It covers Alex's detention on the Canadian border at the behest of Bilderberg insiders themselves. Alex and his crew describe how they were interrogated for nearly twelve hours before finally being allowed entry into the country.
Featuring extensive interviews with Jim Tucker and Daniel Estulin, veteran reporters who have been covering the meetings for 27 and 15 years respectively, Alex reveals how it is an offence for any member of the federal or state government to meet with foreign power brokers without the express authority of the president or Congress.
Endgame then shifts focus to the impending movement towards a North American Union, presenting reports and documentation relating to the efforts toward regional harmonization between the US Mexico and Canada at the secretive Security and Prosperity Partnership (SPP) summits, which refer to an "evolution by stealth" agenda.
--------------more at the link, or just watch the whole movie here, for free!Alex Jones' brand new documentary Endgame charts the history of the elite... more
It looks like the Rockefeller Center Christmas tree will be a considerably smaller energy hog this holiday season than it has been in years past, as New York City Mayor Michael Bloomberg announced yesterday that the tree will be lit up with LED lights for the first time - 30,000 of 'em, to be specific. That'll apparently reduce the tree's energy consumption from 3,510 kilowatt hours per day to just 1,297 -- a savings that, as the AP points out, is roughly equivalent to the amount of electricity consumed by a typical 2,000-square-foot house in a month. While it's not clear if it'll be used for the tree or not, the owners of Rockefeller Center also took the opportunity to show off a new 365-panel solar array on the roof of one of the complex's buildings, which is apparently big enough to lay claim to the title of the largest privately owned solar roof in Manhattan.It looks like the Rockefeller Center Christmas tree will be a considerably smaller... more