Posted by alfied on October 18, 2008
OCTOBER 24-27: BAIL OUT THE PEOPLE, NOT THE BANKERS!
Friday, October 24 – 3-6:30 pm
Federal Hall – 26 Wall Street
Nationally Coordinated, Local Mass Actions
October 24 – 27
A CALL TO ACTION
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donate to help with organizing expenses
The stock markets are crashing, the world economy is headed into a deep recession or even depression, and the U.S. government and its top bankers, along with their counterparts around the world, are giving what’s going to amount to trillions of dollars to bailout the richest 1 percent of the people WHILE DOING NOTHING TO RESCUE ORDINARY WORKING AND POOR PEOPLE! Read the rest of this entry »
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Posted by seumasach on October 18, 2008
As we have been at pains to stress, purchase of shares does not in any constitute, in itself, nationalization.
“One problem with Plan B was that it did not really mean nationalization (public ownership and control of the participating banks). Rather, it came closer to what has been called “crony capitalism” or “corporate welfare.” The bank stock being bought would be non-voting preferred stock, meaning the government would have no say in how the bank was run. The Treasury would just be feeding the bank money to do with as it would. Management could continue to collect enormous salaries while investing in wildly speculative ventures with the taxpayers’ money. The banks could not be forced to use the money to make much-needed loans but could just use it to clean up their derivative-infested balance sheets. In the end, the banks were still liable to go bankrupt, wiping out the taxpayers’ investment altogether. Even if $700 billion were fanned into $7 trillion, the sum would not come close to removing the $180 trillion in derivative liabilities from the banks’ books. Shifting those liabilities onto the public purse would just empty the purse without filling the derivative black hole.”
Ellen Brown
Web of Debt
16th October, 2008
Last night, the Presidential candidates had their last debate before the election. They talked of the baleful state of the economy and the stock market; but omitted from the discussion was what actually caused the credit freeze, and whether the banks should be nationalized as Treasury Secretary Hank Paulson is now proceeding to do. The omission was probably excusable, since the financial landscape has been changing so fast that it is hard to keep up. A year ago, the Dow Jones Industrial Average broke through 14,000 to make a new all-time high. Anyone predicting then that a year later the Dow would drop nearly by half and the Treasury would move to nationalize the banks would have been regarded with amused disbelief. But that is where we are today.1
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Posted in Financial crisis | Tagged: financial collapse, financial sovereignty | Leave a Comment »
Posted by smeddum on October 17, 2008
The Bank Bailout’s Side Effect: Rising Mortgage Costs
By STEPHEN GANDEL – Fri Oct 17, 1:00 am ET yahoo.news
The government’s effort to boost bank lending to end the credit crisis is hurting one of the areas critical to the nation’s recovery: mortgage rates. In the past week, the average mortgage rate on a 30-year fixed home loan has jumped more than one half a percentage point to 6.74%, according to Bankrate.com. That might not sound like much, but it is the biggest one-week rise in the normally stable lending rate in 21 years. Some economists say mortgage rates could soon top 7%, a level they have not seen in more than six years. Read the rest of this entry »
Posted in Uncategorized | Tagged: bailout, housing crisis, mortgage crisis | Leave a Comment »
Posted by smeddum on October 17, 2008
European leaders press for new economic order
By JOHN LEICESTER – 17 oct 2008
“Sarkozy cast his net even wider. The conservative — who has in recent weeks sounded increasingly like a leftist — wants discussion on tax havens, hedge and sovereign wealth funds, the “folly” of big pay bonuses for risk-taking executives and even how many major currencies the world needs.
Some of his harshest words were for ratings agencies, hinting that he wouldn’t be sorry to see them disappear altogether in the financial architecture that he and Brown say they want built.
“Do we keep them?” he asked. “What do we replace them with?
“Should they only be American?” he added, in a statement bound to get attention from U.S.-based Moody’s and Standard & Poors.
As always, Sarkozy is in a hurry. Waiting three months until John McCain or Barack Obama is sworn in runs the risk of the crisis getting worse or getting better, which could frustrate the drive for fundamental reform, the French leader warned.” The credit agencies ‘oversaw’ deregulation.
(AP) — The idea is ambitious: World leaders joined by aides to the new U.S. president-elect would gather before the year’s end in New York and attempt to forge a new vision for the global economy. Read the rest of this entry »
Posted in Financial crisis | Tagged: credit agencies, EU leaders | 1 Comment »
Posted by smeddum on October 17, 2008
Europe’s banks in no hurry for bailouts
By Carter Dougherty and Julia Werdigier
Friday, October 17, 2008 IHT
FRANKFURT: Germany and France on Friday gave final approval to their costly bank rescue packages, but many beleaguered European banks were in no hurry to sign up for the government bailouts. Read the rest of this entry »
Posted in Uncategorized | Tagged: European Banks | Leave a Comment »
Posted by smeddum on October 17, 2008
It remains to seen whether this product actually addresses Colony Collapse Disorder or merely some of the common problems that threaten bees such as the Varroa mite, and various bacterial infections, as the article tends to suggest. There is no discussion of the cause of CCD or electromagnetism. Those of us who have been following this crisis will hope that by some incredible piece of serendipity, that this coating offers a solution, but from a distance it seems highly unlikely
Industrial Nanotech, Inc. (Pink Sheets: INTK), an emerging global leader in nanotechnology, announced today that the Company has launched a new patented product for the agricultural market which has been proven to provide a solution to the growing crisis that threatens 15 billion dollars worth of crops in the US and billions more worldwide. Failure to halt this decline has the potential to decimate agriculture and triple food prices. Potential revenue to Industrial Nanotech for this product is over 2.5 billion dollars US. Read the rest of this entry »
Posted in Colony Collapse Disorder, Ecological and Public Health Crisis | Tagged: ccd, Colony Collapse Disorder, crop losses, The Disappearing Bees | Leave a Comment »
Posted by seumasach on October 17, 2008
Jose Saramago
Avisora
La historia es conocida, y, en aquellos tiempos antiguos en que la escuela se proclamaba educadora perfecta, se le enseñaba a los niños como ejemplo de la modestia y la discreción que siempre deberían acompañarnos cuando el demonio nos tentara para opinar sobre lo que no conocemos o conocemos poco y mal.
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Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Posted by seumasach on October 17, 2008
Libertad Digital
Lo de Garzón y Rubalcaba no es normal. Debe de ser que la crisis económica ha llegado ya también al Ministerio de Interior, porque, si no, es imposible justificar semejante tufillo a película de bajo presupuesto.
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Posted in Uncategorized | Tagged: "War on Terror", Madrid bombings | Leave a Comment »
Posted by seumasach on October 17, 2008
Nation.com
MOSCOW (AFP) – Russia ended a decades-old border dispute with China on Tuesday by giving it a stretch of river island territory in a ceremony symbolising the Cold War rivals’ warming ties.
Chinese and Russian flags were raised and new border markers erected as part of the handover at China’s far northeastern tip near the Russian city of Khabarovsk, Interfax news agency reported.
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Posted in Uncategorized | Tagged: SCO | Leave a Comment »
Posted by smeddum on October 17, 2008
Global Cooling: Alaskan Glaciers Grow For First Time In 250 Years
Follows thirteen per cent increase in Arctic ice cover as climate change cult increasingly discredited by evidence of big chill
Paul Joseph Watson
Prison Planet
Friday, October 17, 2008
Plans to implement a worldwide carbon tax in the name of saving the planet from global warming have taken another blow after it was revealed that Alaskan glaciers have grown for the first time in 250 years after an abnormally cool summer. Read the rest of this entry »
Posted in Uncategorized | Tagged: global cooling, global warming | 2 Comments »
