Posted by smeddum on September 24, 2008
Good ideas and lies New York Times
Daniel Davies, in one of the great blog posts of this era, laid down a key principle:
Good ideas do not need lots of lies told about them in order to gain public acceptance.
He was talking about the selling of the Iraq war, but it applies more generally.
So, this morning Hank Paulson told a whopper: Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, economy, failing banks, financial fraud, Paulson, wall street | Leave a Comment »
Posted by seumasach on September 24, 2008
20th September, 2008
Press TV interviewed Paris-based financial analyst Max Keiser on the US financial meltdown on September 20. What follows are his free-wheeling comments on the US government bailout of Wall Street and the potential consequences for America.
“We have a treasury secretary in America – Hank Paulson. I’m afraid he’s gone insane. He’s become like the Colonel Kurtz of Treasury Secretaries. He’s gone native. He’s co-opted trillions of dollars of American taxpayers’ money and he’s playing hedge fund like a rogue trader. We have got a rogue trader in the Treasury Secretary’s office. He’s being aided and abetted by Ben Bernanke who’s been discredited as the entire Federal Reserve Bank has been utterly discredited. We’re looking at a possible inflationary depression in America and the worse is yet to come, much worse is yet to come.”
Posted in Uncategorized | Tagged: financial collapse, Paulson | Leave a Comment »
Posted by smeddum on September 23, 2008
Let’s Stop the Greatest Theft in the History of Humankind
By Otto Spengler, Asia Times
Posted on September 23, 2008, Printed on September 23, 2008
http://www.alternet.org/story/99895/
Why should American taxpayers give US Treasury Secretary “Hank” Paulson a blank check to bail out the shareholders of busted banks? Why should the Treasury turn itself into a toxic waste dump for their bad loans? Why not let other banks join the unlamented Brothers Lehman in bankruptcy court, and start a new bank with taxpayers’ money? Or have the Treasury pay interest on delinquent mortgages, and make them whole? Even better, why not let the Chinese, or the Saudis or other foreign investors take control of failed American banks? They’ve got the money, and they gladly would pay a premium for an inside seat at the American table. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, Paulson | Leave a Comment »
Posted by smeddum on September 23, 2008
Paulson Plan May Push National Debt to Post-World War II Levels
By Matthew Benjamin
“Decisions by the Secretary 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.” Hmmm! What is wrong with this picture?
Sept. 23 (Bloomberg) — Treasury Secretary Henry Paulson’s $700 billion proposal to stabilize the banking system may push the national debt to the highest level since 1954, threatening an erosion of foreign appetite for U.S. bonds.
The plan, which asks Congress for funds to buy devalued securities from financial institutions, would drive the debt above 70 percent of gross domestic product and the annual budget gap to an all-time high, possibly exceeding $1 trillion next year, economists estimated.
“This is sobering, absolutely sobering, even to someone who doesn’t drink,” said Stan Collender, a former analyst for the House and Senate budget committees, now at Qorvis Communications in Washington. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Paulson, US debt | Leave a Comment »
Posted by smeddum on September 22, 2008
Mushroom Cloud over Wall Street
By Mike Whitney
“One bank to rule them all;
One bank to bind them…”
21/090/08 “ICH ” — – These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic future. Industry representative Henry Paulson has submitted legislation to congress that will finally end the pretense that Bush controls anything more than reading the lines from a 4′ by 6′ teleprompter situated just inches from his lifeless pupils. Paulson is in charge now, and the coronation is set for sometime early next week. He rose to power in a stealthily-executed Bankster’s Coup in which he, and his coterie of dodgy friends, declared martial law on the US economy while elevating himself to supreme leader.
“All Hail Caesar!” The days of the republic are over. Read the rest of this entry »
Posted in Financial crisis | Tagged: bail out, capitalism, democracy, dictatorship, failing banks, financial collapse, Paulson, rescue plan | Leave a Comment »
In These New Times 