Nader Calls McCain’s Move To Postpone Debate ‘Political Stunt’ Says McCain To Blame For Financial Crisis

Dandelion Salad

from an email from the Nader campaign

Senator John McCain’s decision to suspend his campaign and participation in the first presidential debate is pure and simple showboating. The Washington DC bailout by Bush and his Congressional allies of the Wall Street crooks and speculators is not dependent on Senator McCain’s return to Washington.

He has been an advocate of the deregulation that caused this debacle and offers nothing significant to address it. However, tens of millions of Americans depended on Senator McCain to show up at Friday’s debate in Old Mississippi.

They expected him to do so and have arranged their plans to watch him interact with Barack Obama. By turning his back on at least 50 million American voters anticipating Friday’s debate, he has dishonored his commitment and undermined the respect which he hoped the American people would accord him during his presidential campaign.

I urge him to restore his honor and self-respect by ending this political stunt and maturely fulfilling his commitment on the presidential debate stage this Friday.

Should he choose to maintain his present, impulsive course and leave an empty chair on the stage, I would be most pleased to take his place as the number three Presidential candidate in the race.

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.

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The McCain camp has got to be ready to disintegrate + McCain Suspends Campaign

Tell Congress: No to Bailout! (Action alerts)

The Economy Sucks and or Collapse

Marc Faber: Let the crisis burn itself out

Three Way Presidential Debate – Obama, McCain, and Nader

“Mortgage Fraud”: The Paulson Bail-Out Plan by Richard C. Cook

McCain-John

Nader for President 2008

www.votenader.org/

The Termi-Nader

Ralph Nader Posts & Videos

The McCain camp has got to be ready to disintegrate + McCain Suspends Campaign

Dandelion Salad

Sent to me by Jacob Roberts, please see his post for lots of links.  Note: Jacob wrote this before today’s news of McCain canceling on the debate on Friday and suspending his campaign, see below for coverage on that.  ~ Lo

The McCain camp has got to be ready to disintegrate: McCain’s awful September

by Jacob Roberts
John McStain
Sept 23, 2008

With top adviser, Carly Fiorina’s departure from the McCain camp after she said that neither McCain nor Sarah Palin* are prepared to be a CEO of a major corporation as one of the first of what would prove to be several disasters that struck the McCain this month, I must admit – I’m seething with joy. Yes, I reap loads of cruelty from overseeing the failures of an old man. I admit it.

Just today, the press** has reported what has got to be some record setting cronyism as Maliki says that Bush is prolonging the war for our “domestic situation” (read: to help disguise his own performance at home and likely ensure continued GOP leadership in the Oval Office) and McCain’s campaign manager, Rick Davis received oodles of dough from Freddie Mac and Fannie Mae, most likely for access to a potential McBush-Palin White House. That, and it isn’t even Friday yet.

When Friday comes, it may become known as ‘black Friday’ amongst the RNC. McCain’s temper is notorious and he has got to be feeling the strain. He bashed himself publicly because of the Keating Five, yet has not evidently learned the lessons he should have from it. Fortuitously enough (for people as resentful toward him as myself), basically the same situation is happening now 20 years later.

Let’s just hope Obama doesn’t pull any punches at the first debate and takes it as an opportunity to mention the parallel debacle. It’s an extremely useful way not only to dig at McCain’s credibility but undermine his un-deserved ‘maverick’ label. If he doesn’t, I’ll go out on a limb and say he’s probably trying to throw the fight. Either that or he’s just too inept even to destroy what should be an impossible long shot bid for the presidency.

Our economy has taken an enormous blow, right after McCain claimed the fundamentals of our economy our strong then rescinded. Now that’s straight talk. Speaking of forces beyond J Mac’s control, press around Palin has threatened to boycott UN footage of her because of the unprecedented restrictions on their access to the VP candidate.

It seems Steve Schmidt, Karl Rove’s protege and McCain’s senior adviser who runs the campaign’s daily ops has run himself into something of a paradox. His attempts to control the message may have been successful, but it’s the wrong message. His attempts to control the press he thinks is so vehemently anti-Palin have courted a backlash from journalists who like to maintain, at least, the semblance of integrity.***

For me the icing on the cake here is that each of these fiascoes happened after Jill Greenburg just brutalized McCain in an Atlantic photo shoot; it’s almost like she put a curse on him. All that and college students shout him down, major conservative figures speak against him publicly and the polls look bad for the GOP candidate. The fuse on this senator’s powder keg temper, it seems, may be about lit.

_____

*Yes, I get that she also said Biden and Obama, but so what? She’s not their spokeswoman. Her job is to make them look worse than her candidate, not on the same unsteady footing.

** Severely anti-McCain.

*** Our media may not get the coverage right, but they, at least, like the chance to get coverage.

***

McCain Suspends Campaign to Focus on Economic Crisis

tpmtv

Sen. John McCain announces he will suspend his campaign while Senate works on the bailout proposal.

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John McCain: Meet and Greet 09/23/08

IssueAlliance

John McCain
Meet and Greet
Berea, OH 09/23/08

John McCain greets people.

JM OH 9-23 (JR#71) UT – ClipA

To download a high resolution version of this clip, visit: https://issuealliance.box.net/shared/…

To download footage of the full event, visit:
https://issuealliance.box.net/shared/…

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What McCain did is just Weird! Odd! Sen Schumer

VOTERSTHINKdotORG

http://cspanjunkie.org/
September 24, 2008 CNN

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McCain Can Run… And Look Like A Whiny Girl

BuelahMan

Jack Cafferty says that the best way for the American public to understand what the presidential candidates would do about this horrendous financial crisis is for them to have a debate.

McCain is running scared.

Palin is falling apart and they want to delay her debate too.

To top it off, none of them will debate Nader.

see

Has Sarah Palin Been Picked as the Titular Head of the Coming Police State? By Naomi Wolf

Marc Faber: Let the crisis burn itself out

Three Way Presidential Debate – Obama, McCain, and Nader

“Mortgage Fraud”: The Paulson Bail-Out Plan by Richard C. Cook

The Evolution of John McCain – Why He Picked Sarah Palin, Carbon Queen

Tell Congress: No to Bailout! (Action alerts)

The Economy Sucks and or Collapse

The Triple Whammy of Bigotry in the 2008 Election by William Cox

McCain-John

Palin-Sarah

Has Deregulation Sired Fascism? By Paul Craig Roberts

Dandelion Salad

By Paul Craig Roberts
09/24/08 “ICH”

Remember the good old days when the economic threat was mere recession? The Federal Reserve would encourage the economy with low interest rates until the economy overheated. Prices would rise, and unions would strike for higher benefits. Then the Fed would put on the brakes by raising interest rates. Money supply growth would fall. Inventories would grow, and layoffs would result. When the economy cooled down, the cycle would start over.

The nice thing about 20th century recessions was that the jobs returned when the Federal Reserve lowered interest rates and consumer demand increased. In the 21st century, the jobs that have been moved offshore do not come back. More than three million U.S. manufacturing jobs have been lost while Bush was in the White House. Those jobs represent consumer income and career opportunities that America will never see again.

In the 21st century the US economy has produced net new jobs only in low paid domestic services, such as waitresses, bartenders, hospital orderlies, and retail clerks. The kind of jobs that provided ladders of upward mobility into the middle class are being exported abroad or filled by foreigners brought in on work visas. Today when you purchase an American name brand, you are supporting economic growth and consumer incomes in China and Indonesia, not in Detroit and Cincinnati.

In the 20th century, economic growth resulted from improved technologies, new investment, and increases in labor productivity, which raised consumers’ incomes and purchasing power. In contrast, in the 21st century, economic growth has resulted from debt expansion.

Most Americans have experienced little, if any, income growth in the 21st century. Instead, consumers have kept the economy going by maxing out their credit cards and refinancing their mortgages in order to consume the equity in their homes.

The income gains of the 21st century have gone to corporate chief executives, shareholders of offshoring corporations, and financial corporations.

By replacing $20 an hour U.S. labor with $1 an hour Chinese labor, the profits of U.S. offshoring corporations have boomed, thus driving up share prices and “performance” bonuses for corporate CEOs. With Bush/Cheney, the Republicans have resurrected their policy of favoring the rich over the poor. John McCain captured today’s high income class with his quip that you are middle class if you have an annual income less than $5 million.

Financial companies have made enormous profits by securitizing income flows from unknown risks and selling asset backed securities to pension funds and investors at home and abroad.

Today recession is only a small part of the threat that we face. Financial deregulation, Alan Greenspan’s low interest rates, and the belief that the market was the best regulator of risks, have created a highly leveraged pyramid of risk without adequate capital or collateral to back the risk. Consequently, a wide variety of financial institutions are threatened with insolvency, threatening a collapse comparable to the bank failures that shrank the supply of money and credit and produced the Great Depression.

Washington has been slow to recognize the current problem. A millstone around the neck of every financial institution is the mark-to-market rule, an ill-advised “reform” from a previous crisis that was blamed on fraudulent accounting that over-valued assets on the books. As a result, today institutions have to value their assets at current market value.

In the current crisis the rule has turned out to be a curse. Asset backed securities, such as collateralized mortgage obligations, faced their first market pricing in panicked circumstances. The owner of a bond backed by 1,000 mortgages doesn’t know how many of the mortgages are good and how many are bad. The uncertainty erodes the value of the bond.

If significant amounts of such untested securities are on the balance sheet, insolvency rears its ugly head. The bonds get dumped in order to realize some part of their value. Merrill Lynch sold its asset backed securities for twenty cents on the dollar, although it is
unlikely that 80 percent of the instruments were worthless.

The mark to market rule, together with the suspect values of the asset backed securities and collateral debt obligations and swaps, allowed short sellers to make fortunes by driving down the share prices of the investment banks, thus worsening the crisis. With their capitalization shrinking, the investment banks could no longer borrow. The authorities took their time in halting short-selling, and short-selling is set to resume on October 3 or thereabout.

If the mark to market rule had been suspended and short-selling prohibited, the crisis would have been mitigated. Instead, the crisis intensified, provoking the US Treasury to propose to take responsibility for $700 billion more in troubled financial instruments in addition to the Fannie Mae, Freddie Mac, and AIG bailouts. Treasury guarantees are also apparently being extended to money market funds.

All of this makes sense at a certain level. But what if the $700 billion doesn’t stem the tide and another $700 billion is needed? At what point does the Treasury’s assumption of liabilities erode its own credit standing?

This crisis comes at the worst possible time. Gratuitous wars and military spending in pursuit of US world hegemony have inflated the federal budget deficit, which recession is further enlarging. Massive trade deficits, magnified by the offshoring of goods and services, cannot be eliminated by US export capability.

These large deficits are financed by foreigners, and foreign unease has resulted in a decline in the US dollar’s value compared to other tradable currencies, precious metals, and oil.

The US Treasury does not have $700 billion on hand with which to buy the troubled assets from the troubled institutions. The Treasury will have to borrow the $700 billion from abroad.

The dependency of Treasury Secretary Paulson’s bailout scheme on foreign willingness to absorb more Treasury paper in order that the Treasury has the money to bail out the troubled institutions is heavy proof that the US is in a financially dependent position that is inconsistent with that of America’s “superpower” status.

The US is not a superpower. The US is a financially dependent country that foreign lenders can close down at will.

Washington still hasn’t learned this. American hubris can lead the administration and Congress into a bailout solution that the rest of the world, which has to finance it, might not accept.

Currently, the fight between the administration and Congress over the bailout is whether the bailout will include the Democrats’ poor constituencies as well as the Republicans’ rich ones. The Republicans, for the most part, and their media shills are doing their best to exclude the ordinary American from the rescue plan.

A less appreciated feature of Paulson’s bailout plan is his demand for freedom from accountability. Congress balked at Paulson’s demand that the executive branch’s conduct of the bailout be non-reviewable by Congress or the courts: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion.” However, Congress substituted for its own authority a “board” that possibly will consist of the bailed out parties, by which I mean Republican and Democratic constituencies. The control over the financial system that the bailout would give to the executive branch would mean, in effect, state capitalism or fascism.

If we add state capitalism to the Bush administration’s success in eroding both the US Constitution and the power of Congress, we may be witnessing the final death of accountable constitutional government.

The US might also be on the verge of a decision by foreign lenders to cease financing a country that claims to be a hegemonic power with the right and the virtue to impose its will on the rest of the world. The US is able to be at war in Iraq and Afghanistan and is able to pick fights with Iran, Pakistan and Russia, because the Chinese, the Japanese and the sovereign wealth funds of the oil kingdoms finance America’s wars and military budgets. Aside from nuclear weapons, which are also in the hands of other countries, the US has no assets of its own with which to pursue its control over the world.

The US cannot be a hegemonic power without foreign financing. All indications are that the rest of the world is tiring of US arrogance.

If the US Treasury’s assumption of bailout responsibilities becomes excessive, the US dollar will lose its reserve currency role. The minute that occurs, foreign financing of America’s twin deficits will cease, as will the bailout. The US government would have to turn to the printing of paper money as did Weimar Germany.

For now this pending problem is hidden from view, because in times of panic, the tradition is to flee into “safety,” that is, into US Treasury debt obligations. The safety of Treasuries will be revealed by the extent of the bailout.

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions. He can be reached at: PaulCraigRoberts@yahoo.com

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

Tell Congress: No to Bailout! (Action alerts)

Welcome to the final stages of the coup… by Larisa Alexandrovna

Has Sarah Palin Been Picked as the Titular Head of the Coming Police State? By Naomi Wolf

Fourteen Defining Characteristics Of Fascism By Dr. Lawrence Britt (2003)

Marc Faber: Let the crisis burn itself out

The Economy Sucks and or Collapse

Fascism

The Next Prez’s Superpowers By David Cole

Dandelion Salad

By David Cole
http://www.motherjones.com
September/October 2008 Issue

Will a new president give back the authority that Bush and Cheney grabbed for the executive?

As President Bill Clinton assumed office in January 1993, I held out great hope that the Immigration and Naturalization Service’s long-standing effort to deport my clients—eight people arrested in Los Angeles in 1987 for distributing magazines for a faction of the Palestine Liberation Organization—might finally come to an end. We’d begun the case under President Reagan, and continued under the first President Bush. We had consistently prevailed in the federal courts, before judges appointed by both Republican and Democratic presidents. The FBI director had admitted that none of our clients had engaged in any criminal activities, and that they were arrested only for their political associations. Surely the new Democratic administration—where some of my best friends were going to work—would abandon this ill-conceived effort?

Hardly. Instead of dropping the case, the Clinton Justice Department took it all the way to the Supreme Court, where it obtained a favorable ruling written by none other than Justice Antonin Scalia. The Clinton administration also aggressively used secret evidence to seek the deportation and detention of numerous Arab and Muslim immigrants, despite repeated court rulings that such tactics violated the Constitution. And after the Oklahoma City bombing, Clinton signed into law the Antiterrorism and Effective Death Penalty Act of 1996, which “streamlined” habeas corpus for all prisoners (accused terrorists or not), created a special court to remove “alien terrorists” (again using secret evidence), and made it a crime to provide “material support” to blacklisted groups, effectively resurrecting the McCarthy-era tactic of guilt by association.

So: While there may be many reasons to support Barack Obama, don’t assume that a Democratic president will necessarily transform the counterterrorism policies of the current administration. Government officials do not as a rule like to give up power, and President Bush has grabbed plenty of power for the executive branch since 9/11. Democrats in particular often feel vulnerable to being portrayed as soft on crime or terrorism, and far too many tack to the right on these issues, as Clinton did. If the problem is to be fixed—and it is essential that we fix it—it will only be because of sustained and popular pressure for change.

[…]

The Next Prez’s Superpowers.

see

Has Sarah Palin Been Picked as the Titular Head of the Coming Police State? By Naomi Wolf

Our Republic Raped and Still No Revolution! by Joel S. Hirschhorn

Welcome to the final stages of the coup… by Larisa Alexandrovna

Bush Extends 9/11 National Emergency Yet Again by Peter Dale Scott

Bush quietly seeks to make war powers permanent, by declaring indefinite state of war

Executive Privilege

Has Sarah Palin Been Picked as the Titular Head of the Coming Police State? By Naomi Wolf

Dandelion Salad

By Naomi Wolf
AlterNet.org
Huffington Post
September 24, 2008

Palin will help to establish a true and irreversible ‘fear society’ in this once free once proud nation.


Really, this isn’t a police state
Originally uploaded by The UpTake

Please understand what you are looking at when you look at Sarah “Evita” Palin. You are looking at the designated muse of the coming American police state.

You have to understand how things work in a closing society in order to understand “Palin Power.” A gang or cabal seizes power, usually with an affable, weak figurehead at the fore. Then they will hold elections — but they will make sure that the election will be corrupted and that the next affable, weak figurehead is entirely in their control. Remember, Russia has Presidents; Russia holds elections. Dictators and gangs of thugs all over the world hold elections. It means nothing. When a cabal has seized power you can have elections and even presidents, but you don’t have freedom.

Continue reading

Marc Faber: Let the crisis burn itself out

Dandelion Salad

peacespeech

Marc Faber said on CNBC on Tuesday, 2008.09.23, that the best (solution) is to let the crisis burn itself out and clean the system, even with pain for people on Wall Street, and the banning shortsellers won’t solve anything.

Continue reading

Joyous Treason: We Don’t Need Anymore Reasons By Maxwell Black

Dandelion Salad

Sent to me by the author, Maxwell Black.

By Maxwell Black
amovingtrain.com/transmissions1
Sept 24, 2008

To the broken hearted

A Spectre is haunting America…

Sitting at a bar in Reno I’ve never been to, a person sat next to me and hunched over to sink into their drink. Feeling a little lonely myself I struck up some conversation. The whiskey soon took hold and we were telling our stories and having some laughs. But as these things often go what goes up must come down. Soon enough my new friend was telling me about their troubles, frustrations and set-backs. Somehow becoming simultaneously more animated and exhausted in mannerism they blurted out, “It all just seems rigged, no matter how hard I try things never work out. Continue reading

Overtreated: Too Much Medicine=Sicker & Poorer

GUADAMOUR

by Guadamour
featured writer
Dandelion Salad
Guadamour’s blog post
Sept. 24, 2008

In Overtreated–Why Too Much Medicine Is Making Us Sicker And Poorer (Bloomsbury Books 2007) author Shannon Brownlee takes us through modern medicine, how it’s practiced in the United States of America, details what the experts know is wrong with that, and then offers viable solutions that are taking place today in certain areas.

Brownlee’s well researched and well written book gives the facts that show that drug companies have far too much influence in medicine, that most of their fabled research is not for new drugs, but trying to exploit market share. She shows how they spend more on advertising than research.  It convincingly shows how drug companies control doctors, medical journals, medical schools, creates new “Non-diseases,”  control government, drains the economy and for the most part does more harm than good.

Medicine is like no other business, according to Brownlee.  It is like The Field of Dreams.  If you built the field, people will come.   If hospital beds or costly, expensive, but not necessarily effective procedures are offered, doctors will supply the patients.

Brownlee demonstrates how fee-for-service medicine and reimbursements for such by private insurers and Medicare are driving up the cost of medicine while at the same time lowering the quality of care.

Doctors are poor judges of what really works in medicine and are poorly trained to determine what works, and the facts that Brownlee marshals showing this allow no room for argument.  Brownlee also shows how doctors are at the mercy of drug companies and believe in their lies as much as their patients.

Far too many specialists and not enough primary care physicians are lowering the quality of patient care and driving up costs.  Brownlee’s data offers little ground to dispute this.

According to experts Brownlee quotes and references, only 4% of percent of medical treatment is evidence based, and another eleven percent is partially evidence based.  The other 85% of medicine is discretionary.   Most doctors are unaware of this and even fewer patients.

Hospitals in the United States of America are one of the most dangerous places anyone could be.  Over 400,000 patients die a year from wrong prescriptions, wrong doses and bad combinations of drugs.   This is more than seven times the number of soldiers killed in Vietnam, more than all the deaths from illegal drugs in all the world–not just the USA.

Hospitals, (even the country’s leading medical school hospitals) doctors’ offices and clinics have a chaotic medical records system than generates errors and death.

This doesn’t have to be the case.  Formally the Veterans Health Administration was known for its poor quality of care.  In 1994 Dr. Kenneth W.  Kizer became Undersecretary for Health (i.e. CEO of the VHA).  The VHA was in bad shape.

Kizer implemented VistaA.  VistaA was developed in secret by VA doctors and other workers in the 1970’s and ‘80s.  VistatA is a collection of nearly twenty thousand different programs, each tailored painstaking over the years to the specifications of nurses, pharmacists, doctors and the other people who must use it.  Today a veteran can walk into a VHA clinic or hospital anywhere in the country, and his or her medical records are instantly available to any provider who needs to see them.   All drugs and doses given to a patient are scanned into the system and tagged if they are wrong or if there is a bad drug combination.   It also lists all procedures, ex-rays and tests.   There is no duplication and money and lives are saved.

The VHA has opened 500 clinics nationwide and doubled the number of veterans who are seen by primary care physicians on a regular basis while at the same time saving money and lives.

VistaA is available for free to any hopsital, clinic or doctor’s in the country, meanwhile software companies are trying to market systems that are not compatible with one another.   Such is the free market.

This is socialized medicine in the USA and it works and costs 40% of conventional care while delivering much better and safer care.   Everyone involved in the system sings its praise, from doctors to nurses to patients.

Doctors left the field in droves during the 90s when managed health care disillusioned both doctors and patients and ultimately raised costs.  This was especially true of primary care phsyicians.

Brownlee cites the Mayo Clinic, Kairser Permanente, Group Health of Puget Sound and Inter Mountain Health Services as organizations that providing excellent and inexpensive health care.

Doctors in conventional practices and fee -for-service- providers and hospitals are opposed to this type of better and much more inexpensive health coverage because it cuts into their income.

What Brownlee does not cover, and it is considerably outside the scope of her book is that  most all medicine as practiced in the US is simply symptom management, and does not look or seek a cure.

This is partially being addressed by the VHA and the flagship organizations mentioned above.  They are offering their patients nutritional advise, lifestyle change suggestions, and personalized follow-up care by nurses and other trained personal.

Everyone serious about their own health, wondering how to protect themselves from the health care system, and interest in reform needs to read this lovingly and meticulously written book.

One item that Brownlee doesn’t mention, but is worth noting is that every time that there has been a strike of doctors in a major city in the USA the morality rate has dropped dramatically.

Beware of your doctor!   You may not be aware of it, but he or she is out to kill you, though that’s certainly not their intention.

Mahmoud Ahmadinejad on Larry King Live (09.24.08)

Dandelion Salad

Note: Here is the interview with Mahmoud Ahmadinejad on Larry King Live on Sept. 23, 2010:

Mahmoud Ahmadinejad on Larry King Live (09.23.10)

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Note: replaced videos Oct 3, 2009

AliSanaei83
September 24, 2008

http://www.alisanaei.com
Larry King interviewed Iran’s president on Tuesday night 23 September 2008. This interview covers Mahmoud Ahmadinejad’s take on America’s elections, political candidates, Israel, Zionism and Iraq.
Ahmadinejad was staying in New York for the United Nation’s 63rd General Assembly.

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Pts 2-6:

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Myth of Iran wiping Israel off the map dispelled (interview with Ahmadinejad)

Ahmadinejad DID NOT threaten to “wipe Israel off the map.”

Iranian President Ahmadinejad to Turkish TV – Interview

Army Unit to Deploy in October for Domestic Operations

Dandelion Salad

Democracy Now
Headlines for September 22, 2008 Continue reading

The Bush Administration’s Banking Rescue Plan by Rodrigue Tremblay

Dandelion Salad

by Rodrigue Tremblay
Global Research, September 23, 2008

“Those who cannot remember the past are condemned to repeat it.” George Santayana

“The bill gives [Sec.] Paulson the ability to nationalize an unlimited amount of private debt and force you and your children to pay for it…. I predict that if this passes it will precipitate the mother and father of all financial panics.” Karl Denninger (Market Ticker)

“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.” Section 8, Bush’s administration proposed legislation to bailout U.S. banks [Legislative Proposal for Treasury Authority to Purchase Mortgage-Related Assets].

“The Fed is merely trying to inject money to keep prices not supported by fundamentals from falling. It is a prescription for hyperinflation. The only way to keep prices of worthless assets high is to lower the value of money. And that appears to be the Fed unspoken strategy.” Henry Liu, economist

If I may simplify somewhat the situation, (but only slightly) we can say that over the last quarter of century, Wall Street firms bought out Congress and the White House (and paid at wholesale prices). Now, they want the U.S. government to buy them back (and they want to sell at retail prices). Continue reading