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Foreign banks may get help by Mike Allen

Dandelion Salad

By Mike Allen
Politico.com
9/21/08 7:24 AM EDT

In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.

The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.

Treasury Secretary Henry Paulson confirmed the change on ABC’s “This Week,” telling George Stephanopoulos that coverage of foreign-based banks is “a distinction without a difference to the American people.”

“If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution,” Paulson said.

“That’s a distinction without a difference to the American people. The key here is protecting the system. … We have a global financial system, and we are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will. But, remember, this is about protecting the American people and protecting the taxpayers. and the American people don’t care who owns the financial institution. If the financial institution in this country has problems, it’ll have the same impact whether it’s the U.S. or foreign.”

[...]

Exclusive: Foreign banks may get help – Mike Allen – Politico.com.

h/t: CLG

FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.

see

Treasury Seeks Authority to Buy $700 Billion Assets (Update1) h/t: CLG

Proposed Bail Out Bill

The road to ruin by Petrino DiLeo

Kucinich tells Cavuto: economic problems transcend party labels

Financial Bailout: America’s Own Kleptocracy by Michael Hudson

Bill Moyers Journal: Wall Street Woes + Kevin Phillips + Yankee Stadium

SEP presidential candidate speaks on financial crisis

The Economy Sucks and or Collapse

Proposed Bail Out Bill

Dandelion Salad

The Catherine Austin Fitts Blog
September 20, 2008 at 4:09 pm

The New York Times has posted a draft copy of the U.S. Treasury bail out bill.

As a practical matter, this bill gives the U.S. Secretary of the Treasury – the former chairman of one of the Wall Street firms most instrumental in creating the current financial “problem” or opportunity, depending on whose team you are on – the power to spend or donate $700 billion in whatever manner he chooses and to pay whomever he wants as much as he wants on whatever terms and conditions he wants to help him do so and give them access to any information he wants. Those who help are free to use that information without liability for any responsibilities related to governmental access.

[...]

Proposed Bail Out Bill at The Catherine Austin Fitts Blog.

FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.

see

The road to ruin by Petrino DiLeo

Kucinich tells Cavuto: economic problems transcend party labels

Financial Bailout: America’s Own Kleptocracy by Michael Hudson

Bill Moyers Journal: Wall Street Woes + Kevin Phillips + Yankee Stadium

SEP presidential candidate speaks on financial crisis

The Economy Sucks and or Collapse

The road to ruin by Petrino DiLeo

Dandelion Salad

by Petrino DiLeo
http://socialistworker.org
September 18, 2008

Petrino DiLeo looks at how politicians of both parties allowed an unregulated shadow banking system to take shape.

IT’S UNTHINKABLE. The United States–the paragon of the “free market” and loudest proponent of neoliberal policies such as free trade, deregulation and privatization–has just carried out the three largest nationalizations in world history in taking over the twin mortgage behemoths Fannie Mae and Freddie Mac, and now the insurance giant AIG.

The U.S. government is now the largest guarantor of mortgages in the world–and the largest insurance company as well.

The events that have caused the worst financial crisis since the Great Depression are the logical conclusion of policies and legislation implemented during the past 30 years. Lax standards and weakening of regulation led to a free-for-all in the financial world and the creation of a multitrillion-dollar “shadow banking system.”

Along the way, Wall Street institutions invented arcane investment instruments called derivatives, swaps, structured financial products and securitized debt–and investors dove headfirst into the resulting alphabet soup of mortgage-backed securities, collateralized debt obligations, credit default swaps, structured investment vehicles, etc.

These investment products were sloppily hashed together, barely monitored and never stress-tested. Rating agencies rubber-stamped everything that Wall Street concocted. And the result is the unfolding financial bloodbath.

Continue reading

Kucinich tells Cavuto: economic problems transcend party labels

Dandelion Salad

chadely2

In an exclusive interview with TV host Neil Cavuto, Ohio Congressman Dennis Kucinich calls for total disclosure, transparency, corporate give-backs, and taxpayer equity in addressing economic problems.

more about “Kucinich tells Cavuto: economic probl…“, posted with vodpod

see

Financial Bailout: America’s Own Kleptocracy by Michael Hudson

Bill Moyers Journal: Wall Street Woes + Kevin Phillips + Yankee Stadium

SEP presidential candidate speaks on financial crisis

Bush Announces Bailing Out Wall Street

The Point of No Return By Mike Whitney

Global Financial Meltdown by Michel Chossudovsky

The U.S. Is Becoming an Impoverished Nation by Richard C. Cook

The Economy Sucks and or Collapse

Video emerges of Marriott bombing + Rescuers search Pakistan blast site

Dandelion Salad

AlJazeeraEnglish

Video of the explosive-laden lorry that was used in the bombing at the Islamabad Marriott hotel has emerged.

The Pakistan government says the blast was caused by a six-wheeler dumper lorry filled with high quality explosives mixed with an accelerant to fan the flames.

The video shows the vehicle arriving at the hotel gates but does not show the final detonation.

more about “Video emerges of Marriott bombing“, posted with vodpod

***

Rescuers search Pakistan blast site

http://english.aljazeera.net

Sept 21, 2008

Rescue workers are searching through the smouldering remains of the Marriott hotel in Islamabad after a lorry-bomb attack killed at least 53 people and left more than 200 injured.

Recovery teams pulled out at least four more bodies on Sunday and feared that more would be found in the wreckage of the hotel.

The interior ministry said that two Americans were among those killed. Ivo Zdarek, the Czech ambassador, was also killed in the attack.

He called his embassy moments after Saturday night’s bombing from inside the hotel asking to be rescued, but officials confirmed later on Sunday that he had died in the blast.

[...]

Al Jazeera English – CENTRAL/S. ASIA – Rescuers search Pakistan blast site.

see

Dozens killed in Pakistan hotel blast + Pakistan shaken by deadly blast

Olmert to submit resignation Sunday evening

Dandelion Salad

by Roni Sofer
Ynetnews
Latest Update: 09.21.08, 13:46

Prime minister informs cabinet ministers he will be stepping down; congratulates newly elected Kadima Chairwoman Livni on primaries’ victory, says willing to help her form new coalition

Prime Minister Ehud Olmert is expected to arrive at the President’s Residence at 7:30 pm Sunday in order to submit his resignation to President Shimon Peres. His government will then become a transit government until newly elected Kadima Chairwoman Tzipi Livni forms a new coalition or decides to call elections.

Earlier Sunday, Olmert informed the cabinet that he would be stepping down, just 33 months after taking office.

[...]

Olmert to submit resignation Sunday evening – Israel News, Ynetnews.

h/t: CLG

see

Israel poised to have 2nd female prime minister in its history

South Ossetia has been celebrating Independence Day

Dandelion Salad

RussiaToday

Joy and tears as nation is born

South Ossetia has been celebrating Independence Day. Eighteen years ago, the region unilaterally declared independence from Georgia, leading to a bloody conflict. The republic remained unrecognised until last month when Russia acknowledged its statehood following an attempt by Tbilisi to retake it by force.

more about “Joy and tears as nation is born“, posted with vodpod

see

Ossetia-Russia-Georgia By Noam Chomsky

Clash in the Caucasus: Rolling Back The “Unipolar” World By Mike Whitney

Ron Paul: Do You Even Think About Americans?

Georgia