Wall St pirates won't get unconditional bailout

Planned profits for the elites, successive administrations set the stage for current market debacles, bailout plan set months in advance, threat of a depression from the bailout, Economy set to wither, Wall Street will not go unscathed, a stampede to safety is coming

Slick Willie Clinton did more to tear down our military than any other President in recent history, and now we all know why, in spades. When you are the President tasked by the Illuminati with setting them up to make mega-profits through their military-industrial complex and illicit drug trade, via planned wars in Afghanistan, Iraq and Iran, and the initiation of a phony, so-called "War on Terror," the first thing you do is downsize the US military mightily so that all the fighting and support can be privatized, thus paving the way for mercenaries and contractors to do the same work as our soldiers at ten times the cost.

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Mish Shedlock: Final Push to Kill the Bailout Monstrosity

House Speaker Nancy Pelosi and Financial Services Committee Chairman Barney Frank are the biggest cheerleaders for a Republican administration sponsored $700 billion giveaway. Both have caved in to administration whims so disgusting that most Republicans will not vote for this bill.

Please consider the New York Times article, Bailout Plan in Hand, House Braces for Tough Vote

The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

My Comment: The reality is there are virtually no safeguards.

The measure still faced stiff resistance from Republican and Democratic lawmakers who portrayed it as a rush to economic judgment and an undeserved aid package for high-flying financiers who chased big profits through reckless investments.

My Comment: This was a rush to judgment and it does give aid to high-flying financiers who chased big profits through reckless investments. It is a complete waste of $700 billion dollars.

All sides had to surrender something. The administration had to accept limits on executive pay and tougher oversight; Democrats had to sacrifice a push to allow bankruptcy judges to rewrite mortgages; and Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt.

My Comment: The closer one looks the more one can see that Nancy Pelosi and Barney Frank gave in to every wish of the Treasury.

“This is a major, major change,” Speaker Nancy Pelosi said on Sunday evening as she declared that negotiations were over and that a House vote was planned for Monday, with Senate action to follow.

My Comment: Nancy Pelosi is a shill for President Bush.

It is virtually impossible to know the ultimate cost of the rescue plan to taxpayers, but Congressional leaders stressed that it would likely be far less than $700 billion. Because the Treasury will buy assets with the potential to resell them at a higher price, the government might even turn a profit.

My Comment: CARL HULSE and DAVID M. HERSZENHORN, writers of the NY Times article are as clueless as beached whales to even begin to think there can be a profit. The treasury will keep reloading debt at absurd enough prices to make sure it cannot possibly happen.

Congressional Budget Office Review

The congressional budget office provided its Review of the Emergency
Economic Stabilization Act of 2008. Inquiring minds will want to take a look.

New Fax Phone Campaign

This is a two pronged attack. Phone/Fax everyone twice in one last push.
Here is the first message.

Start with your own state, then pick other states at random. Flood them with faxes. Every Fax needs to say this:

Dear senator/congressional rep

If you vote for this Bailout Bill I will vote against you.

I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.

If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.

I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

Second Fax
If you only have time to do one, this is it.
Fax Title: Bailout Bill Is A Disgrace

Dear senator/congressional rep

Nancy Pelosi and Barney Frank have agreed to the most preposterous taxpaper bailout in history. It is loaded with toothless provisions that are not worth a plug nickel when it comes to protecting the taxpayer.

Fox Oversees Henhouse

The bill sets up an oversight board, which is directed to “ensure that the policies implemented” by Mr. Paulson are proper. Mr. Paulson is to be one of the five members of the board watching over his own actions. He is joined by the chairman of the Federal Reserve, the chairman of the Securities and Exchange Commission, the Housing Secretary and the director of the Federal Home Finance Agency.

This is supposed to be an oversight committee?

New Proposal Cedes Congressional Authority To The Administration

Paulson, or whoever the next Treasury Secretary is, can buy whatever he wants, at whatever price he wants. Why should Congress give such authority to anyone at any time?

Note that the next Treasury Secretary is not even a known quantity!

The limit on any bailout should be no more than $250 billion flat out with no automatic escalations. If Congress thinks more money is needed it can vote to provide more money later. Ceding blank check power to the president and requiring super majorities to override would set a dangerous precedent.

I am appalled that the administration would ask for such power and I am even more appalled that Congress would be willing to structure a bill this way.

No Insurance

Ceding power to the treasury on how to best implement the insurance provision is also a terrible idea. Congress, not the Treasury should stipulate how insurance should work. Leaving insurance to the discretion of the Treasury is tantamount to agreeing there should not be insurance.

Broad New Powers For The SEC

A provision of the bill gives the S.E.C. permission to suspend the rule for any individual company if it thinks that is in the public’s interest. It is absurd that the SEC should be allowed to wave whatever rules it wants.

We got into trouble in the first place because of poor accounting principles!

No Help For Homeowners

This bill offers no help for homeowners. All it offers is a provision to "encourage" servicers of the underlying mortgages to take advantage of the Hope for Homeowners Program. Exactly what use is that?

Administrative Costs

Where are administrative costs hidden?

Recoupment mechanism

The recoupment mechanism does nothing except to require the President submit a proposal to offset such costs after five years. How could this be so poorly worded? Why should Congress require the president to submit a bill, any bill?

Bill Is A Disgrace

This bill is so full of holes and toothless provisions it is a disgrace to suggest it is close to being ready for a vote. Most importantly, the bill will not create a single job, nor will it solve the underlying economic problems. Over 190 major economists agree.

If you vote for this Bailout Bill I will vote against you.

I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.

If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.

I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

Keep phoning and faxing until you Fill Every Congressional Voice Mail Box In The Country.

Fax List For All Congress

You can get a list of fax numbers for all the senators and congressman in MetroFax Compatible Fax List For All Congress.

Fax Now!
Call Now!

If you do not have internet faxing get it.

I went with MetroFax. 1000 pages at a very cheap price.
If you are reading this most likely you can afford $12.
Sign up today and fax to your heart's content.

Contact The House

Please fax AND phone your congressional representative and Nancy Pelosi, Barney Frank, and Senator Dianne Feinstein.

Phone Numbers

Rep. Nancy Pelosi (D)(202) 225-4965
Rep. Barney Frank (D)(202) 225-5931
Sen. Dianne Feinstein (D) (202) 224-3841
Sen. Richard Shelby (R) (202) 224-5744
Sen. Harry Reid (D) 202-224-3542
Sen. Jim DeMint (R) 202-224-6121
Sen. John Ensign (R) (202) 224-6244
Sen. Jim Bunning (R) 202.224.4343
Sen. Chuck Grassley (R) (202) 224-3744
Sen. John McCain (R) 202-224-2235
Sen. Barack Obama (D) (202) 224-2854

Call them with this simple message "I have seen the revised bill, you will lose my vote if it passes".

Congressional Phone And Fax Numbers

Click Here For Congressional Phone And Fax Numbers

Senate Fax List

Please fax everyone on this list.

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862

Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282

Rep. Barney Frank 202-225-0182
Rep. Nancy Pelosi 202-225-4188

Thanks
Your help is appreciated.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Protests on Wall St - UNREPORTED BY CORPORATE MEDIA

Hundreds of protestors demonstrated agains the proposed $700 Billion bail out plan for the finance and banking industry, yet the national news media in America didn't even report it! Why not? It seems strange that this barely generated a gander from the big news outlets like ABC, CNN, CBS, NBC etc. all of whom have a presence in New York City. Despite having such a large protest event occurring in their backyard, the major news media chose not to tell the American people about it. I had to stumble upon this on the internet to find out about it. That's really indicative of the pathetic state of affairs in the U.S. media today.

Anyway, in case you haven't seen it, I have collected a bunch of video from the protests on Wall Street (Sept. 25) and posted them below. Have a look at what the news media DIDN'T show you! Warning: some of the protest videos contain profanity.

See videos

Marcy Kaptur warns "there are enemies of the Republic"

Stop the Bailout!

CONGRESS: THINK BEFORE YOU ACT!

You are being asked to pass a $700 billion “bailout” or “rescue” package and are told by your leadership that it is “necessary” to prevent a catastrophe in the financial markets and, by extension, on Main Street.

Please think carefully about the following facts before you vote: ·

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Kucinich says bailout doesn't have the votes

Keep calling. Call your House Rep TODAY. - Ed.

As the Wall Street bailout talks continue, a critical Congressman Dennis Kucinich (D-OH) is not confident that House will pass the legislation, as he told The Hill. "If the votes were there, this would be on the floor," he said. "The votes aren't there."

"Is this the United States Congress or the board of directors of Goldman Sachs?" Kucinich asked today. "Why aren't we helping homeowners directly with their debt burden? Why aren't we helping American families faced with bankruptcy. Why aren't we reducing debt for Main Street instead of Wall Street? Isn't it time for fundamental change in our debt-based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks?"

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Who is putting "intense pressure" on Bush and Congress to pass the bailout?

An article in CNBC states, "The U.S. Congress and the Bush administration were under intense pressure on Saturday to negotiate a $700 billion rescue".

Who is putting intense pressure on both the White House and Congress to pass the bailout?

Not the American people, who overwhelmingly oppose the bailout.

Not American economists, former treasury secretaries, chairmen of the FDIC, or the Congressional Budget Office, who all say that the bailout won't work, and will actually harm the economy.

So who is putting the intense pressure on our government?

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How the Bailout will work

The scheme is actually pretty simple. Please forgive my primitive graphics abilities.
The fund will buy mortgages from the banks at market value, and then re-sell them back to the banks at a discount.
The fund will then repurchase those mortgages from the banks, who will sell them back to the fund again.
The same product (perhaps an ill-advised mortgage for a half-million dollars taken out on a house in the distant
suburbs of Las Vegas) will be bought, then resold, then re-bought and re-resold in an endless spiral of profit-taking.
The taxpayer will lose on every transaction, the banks robbing the treasury each time each mortgage, or
package of mortgages is swapped.

It is amazing to observe the greatest transfer of wealth in history, from Main Street to Wall Street,
from the many to the few. What is even more amazing is that nobody seems to be stopping it.

Original link.

Whitney: Trouble in Banktopia

The financial system is blowing up. Don't listen to the experts; just look at the numbers. Last week, according to Reuters, "U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression." The Fed opened the various "auction facilities" to create the appearance that insolvent banks were thriving businesses, but they are not. They're dead; their liabilities exceed their assets. Now the Fed is desperate because the hundreds of billions of dollars of mortgage-backed securities (MBS) in the banks vaults have bankrupt the entire system and the Fed's balance sheet is ballooning by the day. The market for MBS will not bounce back in the foreseeable future and the banks are unable to roll-over their short term debt. Game over. The Federal Reserve itself is in danger. So, it's on to Plan B; which is to dump all the toxic sludge on the taxpayer before he realizes that the whole system is cratering and his life is about to change forever. It's called the Paulson Plan, a $700 billion boondoggle which has already been disparaged by every economist of merit in the country.

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Deal reached on financial markets bailout

WASHINGTON (AP) - Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.

House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.

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Here to stay, 14,000 strong, and armed with 'non-lethal' weapons.

There are times when certain headlines fly through the news that make your heart drop. Sometimes, it’s a simple headline that can do the trick. Other times, it takes a bit more research before things start to get scary. Follow me as I play connect the dots and introduce you to the military unit that will be stationed near you, in America. To answer your first question: yes they will be available to be used to control civil disobedience. To answer your next question: as long as the military wants them to stay. Perhaps your last question: October, 2008.

A few days ago, small reports were coming out about a new military unit that was going to be stationed within the United States of America. I first heard the report from a friend and suddenly I found myself dizzied by the amount of curse words flying through my head.

The original story that I read was in a blog that included a small excerpt. The title was enough to get me started:

“Army Unit to Deploy in October for Domestic Operations”

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Afshin Rattansi talks to Max Keiser about laundering $700B

Bailout plan: The House ain't buying it

What to do when your congressman's not talking to you

Good collection of links in this one...

My response to Con. Shuler keeps bouncing back. Does this mean he doesn't like me? In any case here's my attempt to 'Speak truth to power".

Dear Mr. Shuler,

I received your letter to me on the subject of sanctions against Iran.

I would like to express my understanding that members of Congress are elected to represent the interests of the American people and run the government of the United States of America.

I am not worried about Iran. The business of Iran is the business of Iran.

You say that Iran “has a tendency to act aggressively”. As a matter of fact, the country of Iran has stayed inside its borders for hundreds of years which cannot be said for our “ally”, Israel, which regularly attacks its Arab neighbors. The country of Israel has a standing record of violating 65 UN Resolutions while the country of Iraq had 16 violations at the time the U.S. decided to attack and destroy that country.

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Throw them all out!

Are You Tired of Being Ripped Off By Congress and the White House?

Is this Wall Street Bailout the Last Straw for You?


Well we have a chance to do something about it this November, on Election Day. The people of Pennsylvania showed us the way.

Last year, Pennsylvania residents learned that their legislature--Republicans and Democrats--had connived in the middle of the night to give themselves a raise in violation of the state constitution, which said raises could only be given to the next cycle of elected officials, not to those who were voting. They got around this by declaring the increases "undocumented expense reimbursements."

The citizenry rose up and in a leaderless grassroots campaign, they swept out off office many long-time members of the legislature who had voted for the measure, as well as a judge who backed the action (the state's judges get whatever the legislators get)!

If Pennsylvania voters can do this, so can the rest of America.

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Henry Laundering

Here's the straight poop on the hostile takeover of the government that's currently prancing around Washington in drag as a bailout of Wall St. This scheme is an advance transfer of power so that the same fuckheads who have raped and pillaged the United States and the world for the past seven and a half years remain in control after George W. Bush no longer serves as the official frontman for their confidence game. Got it?

Bush and his Wall St cronies have taken the American people hostage. If we don't cough up the first $700 billion installment of a gargantuan ransom demand, they'll show us that they mean, and are, business, by beginning to knock us off one family, one industry, one town, at a time. Whoops, they've already been doing that --- but now that it serves them, they'll publicize these atrocities.

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Is the Bailout a Rothschild trick?

Full story here. Brother Nathanael.

Murray Waas: What did Bush tell Gonzalez?

In March 2004, White House Counsel Alberto Gonzales made a now-famous late-night visit to the hospital room of Attorney General John Ashcroft, seeking to get Ashcroft to sign a certification stating that the Bush administration’s warrantless wiretapping program was legal. According to people familiar with statements recently made by Gonzales to federal investigators, Gonzales is now saying that George Bush personally directed him to make that hospital visit.

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Tbogg: Suffer the godbotherers

Just hysterical, and we need a laugh. - Ed.

It probably won't come as any surprise that one of the reasons that former prisoner of war John McCain decided to enlist Bible Spice from the Great White North as his running mate was because she had already been given the sign of the cross and a big ol' wink from Dobsonite wing of the party. Her evangelical background, as well as her hardline stance on abortion, combined with her skepticism regarding evolution, scientific inquiry, gravity, and the existence of verbs made her mighty desirable to the Jesus folk.... in a purely spiritual way. And without the vote of the evangelicals the McCain campaign was just going to be so much whacking off with no happy ending to come on November 4th.

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Kurt Vonnegut: The Blood of Dresden

It was a routine speech we got during our first day of basic training, delivered by a wiry little lieutenant: “Men, up to now you’ve been good, clean, American boys with an American’s love for sportsmanship and fair play. We’re here to change that.

“Our job is to make you the meanest, dirtiest bunch of scrappers in the history of the world. From now on, you can forget the Marquess of Queensberry rules and every other set of rules. Anything and everything goes.

“Never hit a man above the belt when you can kick him below it. Make the bastard scream. Kill him any way you can. Kill, kill, kill – do you understand?”

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