For two years, politicians have danced around the nationalization issue, but ForeclosureGate may be the last straw. The megabanks are too big to fail, but they aren’t too big to reorganize as federal institutions serving the public interest.
In January 2009, only a week into Obama’s presidency, David Sanger reported in The New York Times that nationalizing the banks was being discussed. Privately, the Obama economic team was conceding that more taxpayer money was going to be needed to shore up the banks. When asked whether nationalization was a good idea, House speaker Nancy Pelosi replied:
The mid-term 2010 Congressional elections are over and the exaggerations are front and center. “A tidal wave,” “an earthquake,” “a tsunami,” cried the Republican victors and their media acolytes.
Wait a minute! No more than 7 percent of the actual voters switched sides to create a 14 point spread. This amounts to about 3 percent of all the eligible voters who produced this “tidal wave.” That is what happens in our winner-take-all system. So when it is said that “the people have spoken,” chalk it up to 7 percent or so switcheroos. The rest voted the way they did in the previous Presidential and Congressional election (and about 28 million voters stayed home.)
A Cuban airliner flying from the eastern city of Santiago de Cuba to Havana crashed Thursday evening after declaring an emergency, killing all 68 people aboard, including 28 foreigners. Government investigators were at the scene of the tragedy, and are attempting to determine a cause. Our sympathies go out to the families of the victims, and to the Cuban people.
New $600B Fed Stimulus Fuels Fears of US Currency War
The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri professor Michael Hudson. “The object of warfare is to take over a country’s land, raw materials and assets, and grab them,” Hudson says. “In the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done.” [includes rush transcript]
The U.S. midterm elections register a level of anger, fear and disillusionment in the country like nothing I can recall in my lifetime. Since the Democrats are in power, they bear the brunt of the revulsion over our current socioeconomic and political situation.
More than half the “mainstream Americans” in a Rasmussen poll last month said they view the Tea Party movement favorably—a reflection of the spirit of disenchantment.
The grievances are legitimate. For more than 30 years, real incomes for the majority of the population have stagnated or declined while work hours and insecurity have increased, along with debt. Wealth has accumulated, but in very few pockets, leading to unprecedented inequality.
Rise like lions after slumber
In unvanquishable number.
Shake your chains to earth like dew.
Which in sleep has fallen on you.
Ye are many – they are few.
These days, the stirring lines of Percy Shelley’s The Mask of Anarchy may seem unattainable. I don’t think so. Shelley was both a Romantic and political truth-teller. His words resonate now because only one political course is left to those who are disenfranchised and whose ruin is announced on a government spread sheet.
by Michel Chossudovsky
Global Research, November 4, 2010
Some of America’s wars are condemned outright, while others are heralded as “humanitarian interventions”. A significant segment of the US antiwar movement condemns the war but endorses the campaign against international terrorism, which constitutes the backbone of US military doctrine.
The “Just War” theory has served to camouflage the nature of US foreign policy, while providing a human face to the invaders. In both its classical and contemporary versions, the Just War theory upholds war as a “humanitarian operation”. It calls for military intervention on ethical and moral grounds against “insurgents”, “terrorists”, “failed” or “rogue states”.
Congressman Dennis Kucinich (D-OH) responded to the Federal Reserve’s announcement yesterday of an initiative to purchase up to $600 billion of Treasury securities. The Fed’s injection of money into the economy is supposed to have a stimulative effect by reducing borrowing costs and spurring companies to borrow for the purpose of expanding their businesses. Kucinich described the Fed’s initiative as hollow for Main Street since it is not a plan to reduce unemployment.
A newly published World War I diary is considered to be one of the most accurate depictions of the horrors of war. Ernst Jünger, the German diarist, served for 3 years in the trenches on the Western Front. He was wounded 7 times. That he survived the combat theaters he was in at all was a 1 in 20,000 chance.
I believe there were two factors which contributed to the diarist’s lack of PTSD. One was the firm belief that what he was doing was right, noble and good. (While the Nazis revered him and tried to exploit his deeds, he himself refused to associate with them.) The other was that he kept a diary, which allowed him to mentally work through any issues as they happened or shortly thereafter.