President Bush Addresses Nation on Economic Crisis

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September 24, 2008

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Naomi Klein: Now Is the Time to Resist Wall Street’s Shock Doctrine (video)

Congressional Backbone Needed by Ralph Nader

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

Tell Congress: No to Bailout! (Action alerts)

The Economy Sucks and or Collapse

Mosaic News – 9/23/08: World News from the Middle East

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Warning

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This video may contain images depicting the reality and horror of war/violence and should only be viewed by a mature audience.

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“Iran Close to Nukes,” IBA TV, Israel
“Jerusalem Car Crash ‘An Accident’?” Dubai TV, UAE
“Sudan Says Locates Kidnappers and Hostages,” Al Arabiya TV, UAE
“Somali Muslim Youth Movement Intensifies Attacks,” Al Jazeera TV, Qatar
“Joint US, Afghan, and Pakistani Soldiers to Fight Taliban,” Al Jazeera TV, Qatar
“Ahmadinejad at the UN,” Press TV, Iran
“IAEA: Syria Does Not Have Nukes,” Syria TV, Syria
“421 Iraqi Families Return to Baghdad,” Al-Iraqiya TV, Iraq
“Muslims will be majority in Belguim in 20 Years,” New TV, Lebanon
Produced for Link TV by Jamal Dajani.

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Why was the Marriott Targeted? The Deadly Blast in Islamabad By Tariq Ali

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ICH
By Tariq Ali
09/23/08 “Counterpunch”

The deadly blast in Islamabad was a revenge attack for what has been going on over the past few weeks in the badlands of the North-West Frontier. It highlighted the crisis confronting the new government in the wake of intensified US strikes in the tribal areas on the Afghan border.

Hellfire missiles, drones, special operation raids inside Pakistan and the resulting deaths of innocents have fuelled Pashtun nationalism. It is this spillage from the war in Afghanistan that is now destabilizing Pakistan.

The de facto prime minister of the country, an unelected crony of President Zardari and now his chief adviser, Rehman Malik, said, “our enemies don’t want to see democracy flourishing in the country”. This was rich coming from him, but in reality it has little to do with all that. It is the consequence of a supposedly “good war” in Afghanistan that has now gone badly wrong. The director of US National Intelligence, Michael McConnell, admits as much, saying the Afghan leadership must deal with the “endemic corruption and pervasive poppy cultivation and drug trafficking” that is to blame for the rise of the neo-Taliban.

[…]

The Deadly Blast in Islamabad  : Information Clearing House – ICH.

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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Pakistan President Confirms Pakistani Troops Will Shoot at Cross Border Incursions

What’s To Be Done: Bomb Blast in Islamabad Marriott September 20, 2008

What Was Mysterious Activity Going on in the Marriott Hotel Islamabad by United States Marines

Video emerges of Marriott bombing + Rescuers search Pakistan blast site

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

Pakistan Invades America – “Without Permission”

Democracy Now: Tariq Ali on Pakistan & Boliva

Tomgram: Tariq Ali, Has the U.S. Invasion of Pakistan Begun? + video

Congressional Backbone Needed by Ralph Nader

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by Ralph Nader
Congressional Backbone Needed – The Nader Page
Wednesday, September 24. 2008

Congress needs to show some backbone before the federal government pours more money on the financial bonfire started by the arsonists on Wall Street.

1. Congress should hold a series of hearings and invite broad public comment on any proposed bailout. Congress is supposed to be a co-equal branch of our federal government. It needs to stop the stampede to give Bush a $700 billion check. Public hearings should be held to determine what alternatives might exist to the four-page proposal advanced by Treasury Secretary Henry M. Paulson.

2. Whatever is ultimately done, the bailout plan should not be insulated from judicial review. Remember there is a third co-equal branch of government – the judiciary. The judiciary does not need to review each buy-and-sell decision by the Treasury Department, but there should be some boundaries established to the Treasury Department’s discretion, and judicial review is needed to ensure that unbridled discretion is not abused.

3. Sunlight is a good disinfectant. The bailout that is ultimately approved must provide for full and timely disclosure of all bailout details. This will discourage conflicts of interest and limit the potential of sweetheart deals.

4. Firms that accept government bailout monies must agree to disclose their transactions and be more honest in their accounting. They should agree to end off-the-books accounting maneuvers, for example.

5. Taxpayers must be protected by having a stake in any recovery. The bailout plan should provide opportunities for taxpayers to recoup funds that are made available to problem financial institutions or to benefit from the financial institutions’ rising stock price and increased profitability after being bailed out.

6. The current so-called “regulators” cannot be trusted. The U.S. Government Accountability Office (GAO), “the investigative arm of Congress” and “the congressional watchdog,” must regularly review the bailout. We cannot trust the financial “regulators,” who allowed the slide into financial disaster, to manage the bailout without outside monitoring.

7. It is time to put the federal cop back on the financial services beat. Strong financial regulations and independent regulators are necessary to rebuild trust in our financial institutions and to prevent further squandering of our tax dollars. The Justice Department and the SEC also need to scrutinize the expanding mess with an eye to uncovering corporate crime and misdeeds. Major news outlets are reporting that the FBI is investigating American International Group, Fannie Mae, Freddie Mac, and Lehman Brothers.

8. Cap executive compensation and stop giving the Wall Street gamblers golden parachutes. The CEOs who have created the financial disaster should not be allowed to leave with millions in hand when so many pensioners and small shareholders are seeing their investments evaporate. The taxpayers are bailing out Wall Street so that the financial system continues to function, not to further enrich the CEOs and executives who created this mess.

9. Congress should pass the Financial Consumers’ Information and Representation Act, to permit citizens to form a federally-chartered nonprofit membership organization to strengthen consumer representation in government proceedings that concern the financial services industry. As the savings and loan disasters of the 1980s and the Wall Street debacles of the last few years have demonstrated, there is an overriding need for consumers and taxpayers to have the organized means to enhance their influence on financial issues.

10. The repeal of the Glass-Steagall Act, separating traditional banks from investment banks, helped pave the way for the current disaster. It is time to re-regulate the financial sector. The current crisis is also leading to even further conglomeration and concentration in the financial sector. We must revive and apply antitrust principles, so that banking consumers can benefit from competition and taxpayers are less vulnerable to too-big-to-fail institutions, merging with each other to further concentration.

11. Congress should impose a securities and derivatives speculation tax. A tax on financial trading would slow down the churning of stocks and financial instruments, and could raise substantial monies to pay for the bailout.

12. Regulators should impose greater margin requirements, making speculators use more of their own money and diminishing reckless casino capitalism.

Ask your representative a few questions: “What should be done to limit banking institutions from investing in high-risk activities? What should be done to ensure banks are meeting proper capital standards given the financial quicksand that has spread as a result of the former Senator Phil Gramm’s deregulation efforts? And, “What is being done to protect small investors?”

P.S. Shareholders also have some work to do. They should have listened when Warren Buffett called securities derivatives a “time bomb” and “financial weapons of mass destruction.” The Wall Street crooks and unscrupulous speculators use and draining of “other people’s money” out of pension funds and mutual funds should motivate painfully passive shareholders to organize to gain greater authority to control the companies they own. Where is the shareholder uprising?

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

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

Tell Congress: No to Bailout! (Action alerts)

The Economy Sucks and or Collapse

Has Deregulation Sired Fascism? By Paul Craig Roberts

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