tagged w/ Financial Meltdown
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Blame for the current economic crisis has been laid on many doorsteps, including the Gramm-Leach-Bliley Financial Services Modernization Act of 1999; credit default swaps; hedge funds; the Commodity Futures Modernization Act of 2000; Alan Greenspan; and Phil and Wendy Gramm.
But it has fallen to right-wing pundit Ann Coulter to blaze a truly simple path through the maze of credit derivatives, collateralized loan obligations, tranches, securitization transactions, and Thomson Financial League Tables.
This gentle lady spells out the source and origin of the current economic crisis:
"THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY!"
Coulter is putting forward an argument popular (who could be surprised?) among besieged conservatives, that "social engineering" is the root cause of the current economic crisis -- in the form of a 31-year-old law passed during the Carter administration by a Democratic Congress, the Community Reinvestment Act of 1977, "intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations."
In Coulter's words, traditional yardsticks of a mortgage applicant's ability to make payments were replaced with "nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named 'Caylee';" the result, Coulter continues, is that "middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients."
To make sure her meaning is clear, Coulter echoes a line from the famous anti-affirmative action "White Hands" commercial Jesse Helms used in his 1990 campaign against black challenger Harvey Gantt. The ad shows a pair of white hands crumpling a job rejection slip as the voiceover intones, "You needed that job, you were the best qualified. But they have to give it to a minority because of a racial quota."
Coulter is in the forefront of a concerted drive to shift...
Read the Rest at link...
Blame for the current economic crisis has been laid on many doorsteps, including the... more
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The USS Titanic is a proud ship. Lavishly appointed with an on-board swimming pool, gymnasium and squash court with first-class common rooms adorned by elaborate paneling and decorated with opulent furnishings and chandeliers. Her 29 boilers steam her blissfully over the worlds fiscal oceans. She was built by taxing the nations poor and has catered admirable for the moneyed for decades.
SOS, SOS. SOS
Titanic to Whitehouse. Help! We need money to save the ship.
Whitehouse to Titanic: How much do you need?
Titanic to Whitehouse: $700 billion.
Whitehouse to Titanic: Is that all?
Titanic to Whitehouse: It'll do for now.
Whitehouse to Titanic: OK – were on it.
Whitehouse to Media: Convince the public - Saving the Titanic's in their best interest.
Media to Whitehouse: Can do! Spin, Spin.
Media to Public: The Titanic is in trouble, if we let her sink, the nation will suffer.
Public to Whitehouse: Let her sink!
Whitehouse to Media: It's not working guys - we need another angle.
Media to Whitehouse: Hmm. Spin, Spin, Spin.
Media to Whitehouse: Offer them tax cuts – it's worked before.
Whitehouse to Media: That'll work – thanks. Tell them we'll give them $150 billion.
Media to Whitehouse: Isn't that their money anyway?
Whitehouse to Media: Yes but they don't know it.
Whitehouse to Titanic: We'll give you $550 billion, We're giving $150 billion to the public
Titanic to Whitehouse: Thank you. We'll get that back as they spend it.
Onward she sails until....
SOS, SOS, SOS
Titanic to Whitehouse: Help! We need more money....
You can guess the rest.The USS Titanic is a proud ship. Lavishly appointed with an on-board swimming pool,... more
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3oc
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3 years ago
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In the final vote, 40 Democrats, 33 Republicans and independent Joe Lieberman of Connecticut voted ``yes.'' Nine Democrats, 15 Republicans and independent Senator Bernie Sanders of Vermont voted ``no.'' John McCain and Barack Obama cast ``aye'' votes.In the final vote, 40 Democrats, 33 Republicans and independent Joe Lieberman of... more
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We are witnessing a bankers' coup d’etat. In the name of saving the economy from a crisis created by their own greed and immense profits, the biggest bankers have taken a country and a people hostage.
“Give us your money and tear up what’s left of your Constitution or we will sink your economy,” is the message from Wall Street and the Bush Administration. “Give us the power and money we demand or you will be left jobless from a new economic depression."
Under the pretext of the banking crisis, the Bush Administration is changing the way this country operates. This is not simply taking trillions of dollars from the people and giving it to the richest bankers to do with as they see fit.
Click here to send your letter to Congress
vnb3
When more than 1,000 workers
demonstrated on Wall Street,
VoteNoBailout.org volunteers
were there with signs and flyers.
Congress is poised to vote to give the Executive Branch of government, and specifically the White House’s political appointees in the Treasury Department, the absolute right to take our money and give it to domestic and foreign banks and corporations without any oversight of elected officials, from the courts, or from the people.
The new legislation states: “Decisions by the Secretary [of the Treasury] pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of trillions of our tax dollars.
We will not stand by and let the Bush Administration formalize its vision of a “government of, by and for the richest bankers."
The new system institutionalizes theft on a grand scale. Lehman Brothers bankers will receive $2.5 billion in bonuses after their company went bankrupt last week, but the new dictatorial authority under the White House and Treasury Department has ruled out any relief for the millions of working families who are being foreclosed.
We live in a $15 trillion annual economy. Instead of taking our tax dollars and giving it to the already rich and powerful, these funds should be used provide to decent paying jobs, affordable housing, health care and a good education for our children. There is another way!
Now is the time to hear the voice of the people. A spineless Congress authorized Bush’s illegal war in Iraq and rubber-stamped the Patriot Act. Now they are being herded like sheep again to give the White House and Wall Street dictatorial control over the people’s money.
Send a letter to Your Congressional Representatives We are witnessing a bankers' coup d’etat. In the name of saving the economy... more
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The short answer: a lot. The long answer: depends on how you look at it.
Whatever your viewpoint, here's how $700 billion - the figure inked in the initial dead-in-the-water government bailout bill for Wall Street - compares to other vast sums.
NASA in fiscal year 2009 will launch several missions into space and pay for hundreds of people to operate a host of space telescopes and even remote robots on Mars and run a PR and media department that puts most large corporations to shame. The agency's budget: $17.6 billion, or 2.5 percent of the bailout sum.
The National Science Foundation (NSF) has an annual budget of...
Read The Rest at Link...The short answer: a lot. The long answer: depends on how you look at it.
Whatever... more
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The last time the U.S. was involved in disbanding large Iraqi military units, things didn't go well - the fateful 2003 decision to dissolve the Iraqi Army proved to be a key strategic blunder that gave a massive boost to the insurgency. This week, the U.S. will try again, transferring control of 54,000 of the 100,000-strong largely Sunni citizen patrols known as the Sons of Iraq (SOI) to a Shi'ite-led government many of them view with suspicion. The rest will remain on the U.S payroll, as part of a phased transfer...
Read The Rest of the Article at Link...
The last time the U.S. was involved in disbanding large Iraqi military units, things... more
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We can only hope that the failure to pass the bailout bill is a result of a moral majority of representatives who truly understand the issues at hand and not simply another stalling tactic to re-introduce otherwise unsavory clauses.
The representatives of the people have a once in a lifetime opportunity to set things right by continuing to vote NO and we can only hope that this is where they are heading. If they get it right then the US could once again become the poster child of democratic reform that was once promised in the constitution and the world will want to follow. If they continue with these proposed bailouts they will continue to prop up the corrupt system they helped to empower that has caused all the hardships, crime, inflation and injustices not just in the US but in all the civilized world. The US is a victim of this corruption as much as it is the current supporter of it continuance.
If they vote to introduce any further bailouts then the status quo, that the world is suffering under, will continue until everything, all property, wealth, resources and the future of our children and the generations to come will be owned by the few at the expense of the many.
The introduction of any form of bailout will only create massive inflation as more money is injected into an already failing financial system further reducing the value of the dollar and creating ever increasing levels of inflation. This process will continue until the price of bread and milk will be beyond the means of all but the affluent ruling class and the rest of us will be reduced to serfdom, starvation and death. Even the United Nations has predicted that over 90% of the planet will be reduced to living on less than a dollar a day in less than a decade if the current inflationary trends are not halted.
As can be seen from the numerous posts and comments, here of current.com and all over the internet in favor of the bailout, there is very little understanding of the monetary system by the average person in the street. This is a direct result, not of ignorance, but of the misdirection and misinformation that the affluent elite and their media propaganda machine have implied.
The implication “that the monetary system is a complex beast that only the educated can understand” is ludicrous. That they and their kin should be left in control is asking us to leave the fox in charge of the hen house.
We need all governments, not just the US, to stop any and all bailout proposals and bring back an equitable monetary system, based on the gold standard, that benefits all and not just the few.
All governments, if they truly represent their people have to let these insolvent banking institutions fail as any bailout attempts will result in at least a decade of mass inflation, unemployment and more hardships than we are currently suffering. This is what happened in 1932 and will happen again if these bailouts gain traction.
Stop the bailouts now! Let them fail.
Letting these institutions fail will result in short term instability that we will survive.
Bailing them out will create long term suffering almost no one will recover from.
Don't let this situation continue.
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit. We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.” - President Woodrow Wilson 1919.
More information:-
One of the best explanations of the FED, inflation, it's causes and possible cures can be read here:-
Taking Money Back by Murray N. Rothbard – http://mises.org/story/2882
Contact the reps who voted NO and thank them. Contact those who voted yes and convince them to change their minds and vote NO to any and all future bailouts.
Good luck to us all.
We can only hope that the failure to pass the bailout bill is a result of a moral... more
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3oc
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3 years ago
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"Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs."
-- Thomas Jefferson in a letter to Thomas Cooper, 1814.
The current proposal to bail out the failing financial institutions is just another step toward total control of the monetary system that is being funded by you the tax payer and orchestrated by the Government and the Federal Reserve (FED).
Most people assume the FED is an agency of the US Government and would be shocked to know the truth. The FED is a partnership between the Federal Government and a small cartel of privately owned banks. The same private banks that are now lining up to collect their piece of the 700 billion dollar bailout. This money, provided by the taxpayer, will be used to buy up the remaining competition to further consolidate the holdings of the banking cartel.
The end result of all this funding will be the total acquisition of wealth by the few at the expense of generations to come.
There is really only one upside to the crisis - people are starting to question what is really going on.
Some of the answers can be found in films like films like:-
"Freedom to Fascism", "Fiat Empire" and "The Money Masters".
Information is power so don't become the subject of this quote.
"What luck for rulers than men do not think" - Adolf Hitler."Everything predicted by the enemies of banks, in the beginning, is now coming to... more
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3oc
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3 years ago
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Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the... more
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President Bush is urging lawmakers to pass the compromise financial system bailout bill they fashioned in marathon weekend bargaining, saying it is needed to ``keep the crisis in our financial industry from spreading'' across the economy.President Bush is urging lawmakers to pass the compromise financial system bailout... more
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With the House slated to vote Monday on a deeply unpopular $700 billion rescue plan for beleaguered financial companies, President Bush and congressional leaders were scrambling to corral support.With the House slated to vote Monday on a deeply unpopular $700 billion rescue plan... more
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This video is truly inspiring! Cut with scenes from "the Network" this outburst carries with it the message that every lawmaker should be shouting right now in the name of the people they represent, "You've raped us long enough! It's time to pay for your sins and for the American people to prevent this from ever happening again!! We will not let you get away with it!"
Marcy Kaptur has won my heart by telling it how it is! That's some straight-talk that John McCain would never dare attempt.
This video is truly inspiring! Cut with scenes from "the Network" this... more
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President Bush scrambled Friday to bring rebellious members of his own party behind a multibillion-dollar government bailout of the financial system amid bitter political recriminations from both Democrats and Republicans over collapsed negotiations.President Bush scrambled Friday to bring rebellious members of his own party behind a... more
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Rep. Barney Frank said leading Democrats on Capitol Hill were shocked by the level of divisiveness that surfaced at a White House meeting Thursday, not long after key congressional players of both parties declared they'd achieved the broad outlines of an agreement on a bill implementing the administration's proposed $700 billion bailout plan.Rep. Barney Frank said leading Democrats on Capitol Hill were shocked by the level of... more
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Photographs from Wall Street in New York, NY on Thursday, September 25, 2008.
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LETS GET THOSE RESPONSIBLE FOR THE FINANCIAL MELTDOWN THE SAME WAY THEY GOT AL CAPONE. YOU KNOW THOSE WHO PULLED OF THE SKAMS AT FANNIE MAE AND
ALL THE OTHERS HAD NO TROUBLE NOT REPORTING ALL THE CASH THEY HAVE
DRAINED. BEEF UP THE SPECIAL AGENTS AND EXAMINE THE LAST SEVEN YEARS OF THEIR RETURNS.LETS GET THOSE RESPONSIBLE FOR THE FINANCIAL MELTDOWN THE SAME WAY THEY GOT AL CAPONE.... more
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The economy screams and curls up in the corner, Barack Obama raises some serious coin, and John McCain fights the new narrative.
CAMPAIGN UPDATE knows that election news and weird jokes go together like a popped-collar meathead and a vacant-eyed blonde. Created by Mark Ganek and Brett Erlich, Campaign Update strives to be the dumbest smart show on television.
Bookmark us and check us out every weekday at current.com/campaignupdate.The economy screams and curls up in the corner, Barack Obama raises some serious coin,... more
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