bush does 9/11 replay in ask for unprecedented powers & budget
from the washington note: Just after the September 11th terrorist attacks occurred, George W. Bush went before the nation and made the case that he needed unprecedented authority – budgetary and military – to take on the threats poised at the well-being and safety of the country. Now with the current economic crisis in the United States, Bush is yet again asking for unprecedented powers and budget. What happened after 9/11? We saw no-bid contracts given to firms like Halliburton. We saw $9 billion of U.S. taxpayer money “go missing” through the Coalition Provisional Authority. We saw abuses of power, the expansion of secrecy, and the promulgation of norms that seemed to be the very antithesis of what America stands for. A nation’s values and its deep DNA are really only knowable and observable during times of crisis – when it’s tough to stand up for codes that seem a heavy burden during tough times. We are in a crisis again – and the Bush administration is again asking Americans to forgo fundamental values. Tonight, George Bush succeeded I think in scaring Americans that this crisis could be a systemic threat. Bush said “our entire economy is in danger.” That’s the fear button. He pushed it. And he said the clock was ticking. This seems like a bad episode of “24.”
3 stooges meet at white house & act like the run something
from raw replay: President Bush met with Congressional leaders, Barack Obama and John McCain at the White House. This video is from Fox’s Your World with Neil Cavuto, broadcast September 25, 2008.
1000s contact lawmakers about ‘bailout’ plan
from wcco: As Congressional leaders have worked out an outline for a deal on the bailout, the proposal remains extremely unpopular with many Minnesotans. In a Minneapolis coffee shop, single mother Ann Pearson thinks the bailout is helping the wrong people. “It’s the people like me that are having a hard time keeping up with the economy and paying their bills, and we’re losing our houses and losing our cars. And we need the government to help us not the bigger people,” she said. Congressional offices are getting bombarded with phone calls and e-mails from constituents with their opinions on the bailout deal. Minnesota Congressman Jim Ramstad said in 48 hours he has gotten 1,002 calls and e-mails against bailout; only 10 were in favor of it. “People are angry, people are angry at the administrations bailout plan, they are angry at rewarding incompetence and bad judgment,” Ramstad said.
deal said to be near in financial ‘bailout’
from ap: President Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a bailout plan with more protections for taxpayers and new help for distressed homeowners. Senior lawmakers and Bush administration officials have cleared away key obstacles to a deal on the unprecedented rescue, agreeing to include widely supported limits on pay packages for executives whose companies benefit.
bush & mccain blackmail america w/ economic terrorism
from paul joseph watson: From shying away from even mentioning such terms as “recession,” “unemployment” or “bank failures,” Bush, Bernanke and Paulson are now vigorously invoking the fear of financial meltdown as part of a campaign of economic terror to blackmail the American people into accepting the power-grabbing “bailout,” while John McCain, who last week said the fundamentals of the economy are strong, is now all but threatening to cancel the election should the proposal not receive swift passage. Bush’s speech last night was a throwback to his March 2003 stump before the invasion of Iraq – replace words like “weapons of mass destruction” with “financial panic” and the tone of the two is not dissimilar. Bush rammed home the fear by appealing to people’s personal anxieties.
video: ron paul schools bernanke on the ‘bailout’
from youtube: Congressman Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market at the Congressional Hearing today (9/24/08). Ron also questions Bernanke’s authority and constitutionality of using the printing press to generate all this extra money needed for the bailout.
china banks told to stop lending to US banks
from reuters: Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday. The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries. “The decree appears to be Beijing’s first attempt to erect defences against the deepening U.S. financial meltdown after the mainland’s major lenders reported billions of U.S. dollars in exposure to the credit crisis,” the SCMP said. A spokesman for the CBRC had no immediate comment.
fbi begins widespread financial probe of 26 firms
from wikinews: The FBI is investigating 26 firms and 1,400 individuals involved in the US financial crisis for fraud and “sub-prime lending practices”. Freddie Mac, Lehman Brothers, Fannie Mae and AIG are among the firms being scrutinized after recently receiving federal bailouts. Investigators, who are cooperating with the IRS, Postal Office, and other federal offices to complete their investigation, are concerned that major corporations may have also forced or bribed ratings agencies to favor them. The probe, which is in early stages, began eight months ago when the FBI began taking a close look at the mortgage industry and widespread irresponsible loaning practices. At least one corporation has been raided, but so far no evidence of fraud has been found.
citizens dumping personal junk on wall st to protest bailout
from alternet: An e-mail that began as a rallying cry from a lone journalist to an influential circle of friends to protest the U.S. government bailout of Wall Street has ignited a national day of street protests. Some demonstrators plan to dump their rubbish in front of the bronze bull sculpture near Wall Street in downtown Manhattan Thursday. “People are going to bring their own personal junk that they think is worth as much as the junk financial instruments that the government is proposing to buy from the Wall Street banks,” says Andrew Boyd, an activist and freelance online-video artist for nonprofit groups in Manhattan. “We’re hoping that people show up with their 8-track cassette collections, their old Spice Girl CDs, their surf boards that got bit by sharks and old Enron stock certificates.”
meltdown perpetrators position themselves
from scoop: Well, they finally did it. The Money Party exposed the nauseating underbelly of first world finance. It’s a cross between a Ponzi scheme and a complex math puzzle, all geared to let those in charge rake off as much money as they can, whenever they can, while they leave us out in the cold. Unfortunately, this time their greed and lack of control has the world poised for a systemic economic meltdown. The collapse and subsequent government rescue of home mortgage giants Freddie Mac and Fannie Mae, stock brokerage Merrill Lynch, investment bank Bear Stearns, and, an insurance company, AIG, are designed to show we’re moving away from the brink of disaster to a safer place. “The system is working” to manage what Alan Greenspan is calling a once in a century event.
and the rest of this week’s meltdown (from oldest to newest)…
video: wamu looking for buyer*
obama: help for US finance crisis needed from abroad*
wall st journal: one week later, a new world order*
industrials: biggest 2 day rally since 1929*
china blames wall st meltdown on fed overissuance of currency*
dodd: the US may be ‘days away from a complete meltdown of our financial system’*
failed bank list*
we have only days to stop the $700b stick-up (& fascist powergrab)*
regulators shut down ameribank in west virginia*
in hard times, tent cities rise across the country*
growing ‘tent cities’ blamed on foreclosure crisis*
US treasury proposes $700b bailout plan*
video: the mother of all frauds*
markets remain on edge as investors seek safety*
fury at $2.5b bonus for lehman*
video: ron paul talks about the bailout w/ wolf blitzer*
the end of america as you knew it is at hand*
few limits proposed for treasury*
conflict of interest? report says goldman sachs ‘among biggest beneficiaries’ of paulson’s bailout*
goldman & morgan to become bank holders*
what’s a bank holding company?*
financial crisis comparable to terrorism, alistair darling tells labour party conference*
financial weapons of mass destruction*
china paper urges new currency order after ‘financial tsunami’*
paulson’s former firm to be among largest beneficiaries of bailout*
bailout: it’s all part of the new intl economic order*
america vs the financial elite*
buffett deal at goldman seen as a sign of confidence *
buffett calls crisis an ‘economic pearl harbor’*
(meaning we knew all about it in advance, hastened its arrival & will use the ‘shock’ as a means for more command & control… problem, reaction, solution)