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Audio: 9/11 & Globalist Crash-Con-omics
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Fintan
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Joined: 18 Jan 2006
Posts: 8605

PostPosted: Tue Sep 30, 2008 3:23 pm    Post subject: Reply with quote

Quote:
RedMahna: ...cos no one's falling for their shit anymore?

Yeah lol Laughing

See the following: Wink

Quote:
Sentiment against the rich, Wall Street,
CEOs still a major hurdle for bailout


Phoenix Business Journal - by Mike Sunnucks

Underlying public distrust of the wealthy -- along with Wall Street and
Washington
-- and the perception the $700 billion mortgage bailout will
help big banks and rich CEOs continues to be the main stumbling block
and minefield for passage of a rescue package aimed at keeping credit
lines from freezing.


Opposition from both sides of the aisle in the failed U.S. House bailout
vote showed the populist sentiment against bailing out Wall Street and its
CEOs.

The average guy just doesn’t feel much regard for them,” said Randy
Pullen, chairman of the Arizona Republican Party and chief executive of
Wage Watch, a Scottsdale based consulting firm.

Pullen said high Wall Street executive salaries and bonuses and the public
opulence of wealthy CEOs and investors is also not helping the bailout’s
cause with Main Street, small businesses or voters.

Public sentiment against the bailout is furthered by the fact Wall Street
and bank CEOs reap massive salaries and bonuses. For example,
JPMorgan Chase & Co. chief executive Jamie Dimon made $28 million
in 2007. Goldman Sachs CEO Lloyd Blankfein earned $70 million in
compensation, according to company proxy reports.

That fact is not lost on voters and skeptics from both ends of the political
spectrum who are aware that such bailouts aren’t offered to distressed
consumers or small businesses. Those skeptics are also aware of growing
concentrations of wealth in the U.S. and its the rich have done well in
recent years while the middle and working classes are challenged with
stagnant wages, job outsourcing, inflation and high-cost health insurance
.

“The sentiment of the average person is why do we keep helping out Wall
Street when nothing is being done to help the average American. The
financially savvy folks know we need to act and do something to stabilize
the market,” said state Rep. Theresa Ulmer, D-Yuma. She wants to see
more help for distressed mortgage holders.

The U.S. House shot down the bailout plan despite support for it from the
White House, congressional leaders, business groups and Wall Street
,
with warnings that credit markets will freeze and more banks will fail
without action.

“There’s a sense that this will just encourage irresponsible behavior later
and, yes that it’s aimed at bailing already-rich individuals out of their
financial travails. Frankly, that’s common sense and it has a large
element of truth to it
,” said Byron Schlomach, economist for the
Goldwater Institute think tank.

All eight Arizona members of the U.S. House voted against the bailout
Monday.

http://www.bizjournals.com/phoenix/stories/2008/09/29/daily25.html

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Last edited by Fintan on Tue Sep 30, 2008 3:59 pm; edited 1 time in total
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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Tue Sep 30, 2008 3:40 pm    Post subject: Reply with quote

sentiments in SW VA:

IF WE GO DOWN, SO TOO SHALL THEY!!!

amazing, it's the first time i've agreed with the natives here.

hey, there are masses of unemployed folks not accounted for. i bet our leaders forgot about them. i know they did. haha. i didn't. i'm one of them.

well, maybe this day is the few we have to celebrate as a win of sorts.
i hope we the people get drunk on justice.

red

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hawkwind



Joined: 19 Jan 2006
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PostPosted: Tue Sep 30, 2008 4:27 pm    Post subject: Reply with quote

Well since some folks don't yet appreciate irony ... let's try again.

Harry Chapin sings DANCE BAND on the TITANIC Live


I still miss Harry, saw him dozens of times in the olden days ... Wink

- Hawk

Good audios big F! Let's all go down together ...

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RedMahna



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PostPosted: Tue Sep 30, 2008 4:45 pm    Post subject: Reply with quote

well, i suppose i'm stupid. seems no real approval is needed for the FED to do anything:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5hzUWla7Jg&refer=home

Quote:
Fed Pumps Further $630 Billion Into Financial System (Update3)

By Scott Lanman and Craig Torres

Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

``Today's blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders,'' said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. On the other hand, ``the Fed's balance sheet is about to explode.''

The MSCI World Index of stocks in 23 developed markets sank 6 percent, the most since its creation in 1970. Credit markets deteriorated further as authorities tried to save more financial institutions from collapse.

European Rescue

European governments have rescued four banks in two days and the Federal Deposit Insurance Corp. said today it helped Citigroup Inc. buy the banking operations of Wachovia Corp. after its shares collapsed. The Standard & Poor's 500 Index fell 3.8 percent and the cost of borrowing dollars for three months rose to the highest since January. The rate for euros hit a record.

``If people think the authorities may give in to fears, they are wrong,'' Financial Stability Forum Chairman Mario Draghi said today in Amsterdam, where the international group of regulators and finance officials is meeting. ``There is willingness and determination on winning the battle to restore confidence and stability.''

Banks and brokers have slowed lending as they struggle to restore their capital after $586 billion in credit losses and writedowns since the mortgage crisis began a year ago. The bankruptcy of Lehman Brothers Holdings Inc. also sparked fears among banks they wouldn't be repaid by counterparties, driving up the cost of short-term loans between banks.

Funding Risk

``By committing to provide a very large quantity of term funding, the Federal Reserve actions should reassure financial market participants that financing will be available against good collateral, lessening concerns about funding and rollover risk,'' the central bank said.

The Bank of England and the ECB will each double the size of their dollar swap facilities with the Fed to as much as $80 billion and $240 billion, respectively. The Swiss National Bank and the Bank of Japan will also double their dollar swap lines, while the central banks in Australia, Norway, Sweden, Denmark and Canada tripled theirs.

All the banks extended their facilities until the end of April 2009.

The Fed is also increasing the size of its three 84-day TAF sales to $75 billion apiece, from $25 billion. That means the Fed will make a total of $225 billion available in 84-day loans. The central bank will keep the sales of 28-day credit at $75 billion.

Special Sales

In addition, the Fed will hold two special TAF sales in November totaling $150 billion so banks can have funding available for one or two weeks over year-end. The exact timing and terms will be determined later, the Fed said. The TAF program began in December, totaling $40 billion.

The bank-rescue plan being debated by Congress today would give the Fed more power over short-term interest rates by providing authority as of Oct. 1 to pay interest on reserves held at the central bank by financial institutions. That would make it easier for the Fed to pump funds into the banking system.

Paying interest on reserves puts a ``floor'' under the traded overnight rate, which would allow a central bank ``to provide liquidity during times of stress'' without affecting the rate, New York Fed economists said in a paper last month.

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.netCraig Torres in Washington at ctorres3@bloomberg.net.

Last Updated: September 29, 2008 14:28 EDT


i'm sorry, i no longer believe anything makes sense anymore. this is soooo distortedly fucked up, it's no wonder the super-rich fear nothing.

red

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Fintan
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PostPosted: Tue Sep 30, 2008 6:38 pm    Post subject: Reply with quote

Quote:
Kucinich Tells Fox 8 What
Was Wrong With the Bailout Bill




Monday, 29 Sep 2008, 11:50 PM EDT
Congressman Dennis Kucinich was at Fox 8 Monday evening and shares
with anchor Lou Maglio what he thinks was wrong with the bailout bill.

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Fintan
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PostPosted: Tue Sep 30, 2008 7:32 pm    Post subject: Reply with quote

Interesting connection between Kucinich and Ron Paul. Both are members
of the coalition which --as Kucinich reminds us in the video above-- now
commands a majority block on the issue in the House. Efective political
control, in other words.


But I don't think there's any more to the association between the two
than: merely a reporter's bright idea of linking them both in an article.

Quote:
Ron Paul, Dennis Kucinich: 'Lipstick' off

The failure of the bailout, for now, perhaps, is "a teachable moment.'

The Swamp - September 30, 2008 5:50 PM
by Mark Silva

Ron Paul and Dennis Kucinich are on top. Let history record that, for
one fleeting moment perhaps this week, the most anti-establishment
candidates for either major parties' presidential nominations this year
- two who stirred a lot of emotion but attracted few votes -- were riding
the wave of the victorious majority of the House of Representatives.

They balked at the bailout.


Paul, the Republican congressman from Texas, delivered a scowling speech against the Bush administration's $700 billion bailout of the banks and other financial institutions stuck with bad mortgage debt on Monday - when it failed on the House floor by a vote of 229-205. And Kucinich, the Democratic congressman from Ohio, stood alongside him. Until now, opposition to the war in Iraq was largely what united these two occasional hotspurs of the political debate.

"The beneficiaries of the corrupt monetary system of the last three decades are now desperately looking for victims to stick with the bill after they have reaped decades of profit and privilege,'' Paul argued on the House floor..

Kucinich calls this "a teachable moment'' in our times.

"Slowly, like the Titanic turning around, sentiments on the Hill shifted, and we heard congressmen capitulating and changing their tune a little, desperately trying to find ways to salvage the bailout without completely enraging their constituencies," Paul wrote on his Web site before the vote on the bailout, which he feared would succeed. "Inevitably, it appears Congress will call their constituents' bluff and the bailout will pass, because that is the habit Wall Street and Washington have fallen into.''

Inevitably, perhaps, the Bush administration will win some variant on the bailout, sweetened perhaps with some lures to make it more palatable to just a few holdouts in both parties.

"Lipstick on a bailout,'' Paul calls it.

But then, Paul and Kucinich will return to the vocal minority.

But for now, they are on top, and Kucinich's own explanation of the bailout, how the Treasury's purchase of $700 billion in bad mortgage debt - with money that ultimately the Treasury will have to borrow from the credit markets - is worth the reading, no matter what anyone thinks of the deal:

"Here is a very quick explanation of the $700 billion bailout within the context of the mechanics of our monetary and banking system,'' Kucinich wrote in an email today.

"The taxpayers loan money to the banks. But the taxpayers do not have the money. So we have to borrow it from the banks to give it back to the banks. But the banks do not have the money to loan to the government. So they create it into existence (through a mechanism called fractional reserve) and then loan it to us, at interest, so we can then give it back to them.

"Confused?

"This is the system. This is the standard mechanism used to expand the money supply on a daily basis not a special one designed only for the "$700 billion" transaction. People will explain this to you in many different ways, but this is what it comes down to.

"The banks needed Congress' approval. Of course in this topsy turvy world, it is the banks which set the terms of the money they are borrowing from the taxpayers. And what do we get for this transaction? Long term debt enslavement of our country. We get to pay back to the banks trillions of dollars ($700 billion with compounded interest) and the banks give us their bad debt which they cull from everywhere in the world.

"Who could turn down a deal like this? I did.

"The globalization of the debt puts the United States in the position that in order to repay the money that we borrow from the banks (for the banks) we could be forced to accept International Monetary Fund dictates which involve cutting health, social security benefits and all other social spending in addition to reducing wages and exploiting our natural resources. This inevitably leads to a loss of economic, social and political freedom.

"Under the failed $700 billion bailout plan, Wall Street's profits are Wall Street's profits and Wall Street's losses are the taxpayers' losses. Profits are capitalized. Losses are socialized.

"We are at a teachable moment on matters of money and finance. In the coming days and weeks, I will share with you thoughts about what can be done to take us not just in a new direction, but in a new direction which is just.''

http://www.swamppolitics.com/news/politics/blog/2008/09/ron_paul_dennis_kucinich_lipst.html

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Rumpl4skn



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PostPosted: Tue Sep 30, 2008 8:48 pm    Post subject: Reply with quote

Best audio yet, FD, and that's definitely saying something.

You never cease to amaze and inspire (okay, I've had 4 wines tonight already).

I'm forwarding to a few of my more 'skeptical' friends - with instructions to pay particular attention to 21 minutes in to the end - this great audio. Fabulous analysis, and I particularly enjoy the delivery - off the cuff, just following your thoughts and maybe a flowchart (I presume), coming across as so heartfelt, straight and honestly deliberate on these subjects.

Okay, I'm on my second bottle now. But you get my gist - and it's equally heartfelt.

Wink
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atm



Joined: 16 Apr 2006
Posts: 3861

PostPosted: Wed Oct 01, 2008 12:46 am    Post subject: Reply with quote

Seems Fintan was correct: the Irish banks are as safe as mortgage-free houses. Heck the Irish central bank even guarantees the UK Post Office!

Don't panic, peeps!

Quote:



Savings flow to Irish accounts as Republic offers solid guarantee



Britons take advantage of safest banks in Europe


Patrick Hosking, David Sharrock and Christine Seib

From The Times
October 1, 2008

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4856987.ece

Savers on both sides of the Irish Sea started to empty accounts of UK banks and put the proceeds into Irish-owned banks in the wake of a controversial plan by the Republic of Ireland yesterday to guarantee all deposits.

Dublin was accused of making matters worse for non-Irish banks, with corporate treasurers and large savers pulling money out and putting it into the safer haven of Irish banks.

If this is legal, then Im a banana, one disappointed senior British banker said, arguing that the Irish guarantee amounted to unfair state aid.

Lord Lipsey, the chairman of the Financial Services Consumer Panel in the UK, said it was a national disgrace that British depositors might be worse compensated than their Irish counterparts in the event of a bank failure.

The dispute erupted as British bank chief executives were preparing to argue for policy changes to tackle the financial crisis. A conference call with Alistair Darling, the Chancellor, was scheduled for last night.

Some banks would like there to be a more explicit deposit guarantee announcement from the Government; others want a relaxation of the rules of the Bank of Englands Special Liquidity Scheme.


The Irish Government announced the guarantee in an attempt to avert a run on the Republics banks. Irish bank shares crashed on Monday amid fears that depositors were pulling out their money.


Anglo Irish Banks shares rose by 68 per cent after Brian Lenihan, the Irish Finance Minister, announced the 400 billion (317 billion) guarantee. The Government will also underwrite the banks loans and debts for an undisclosed fee.

The guarantee extends to hundreds of thousands of savers in the UK, who hold deposits with the banks subsidiaries, including savers with cash in accounts run by the Post Office.

If funds are not secured by the Irish banks, it will be a very, very serious matter for the economic life of this community, Mr Lenihan said.

Brian Cowen, the Taoiseach, told the Dail: The option of doing nothing, of not making a move, would put at risk the entire stability of the Irish financial system.

UK depositors using UK branches of Allied Irish Bank and Bank of Ireland are covered.

Irish banks said yesterday that British customers were clamouring to open sterling accounts. Allied Irish Bank, which has 12 billion in UK deposits, mainly from corporate customers, reported an increase in interest from new customers yesterday and said that its website had been swamped with inquiries.

Savings accounts offered by the UK Post Office are covered by the guarantee because they are administered by the Bank of Ireland.

Angela Knight, the head of the British Bankers Association, acknowledged that UK banks would lose out. Youre bound to see a bit of flow, she said. Governments will need to iron these things out.

Although ministers have assured depositors in British banks that their savings are safe, they have stopped short of issuing an explicit government guarantee, as they were forced to do for Northern Rock depositors in the wake of the panic in September last year. President Sarkozy, of France, and Didier Reynders, the Belgian Finance Minister, have made much more straightforward promises to depositors in the past few days.

Kevin McConnell, an analyst for Bloxham Stockbrokers, said that the Irish Republic was now the safest place in Europe for global depositors to store funds. This could act as a blueprint for a lot of countries across Europe in how they fix the credit crisis, he said.

However, the move could backfire and hit the credit rating of the Republic. Credit default swaps on Irish sovereign debt - basically, insurance policies against default - ballooned yesterday.

One policy reform being pushed by some British banks is an extension of the Bank of Englands Special Liquidity Scheme to allow assets of inferior quality to be pledged in return for highly tradable government bonds. At present, only high-quality securitised mortgage assets can be pledged, but bankers are pushing to be allowed to offer securities backed by buy-to-let mortgages, self-certified mortgages and even more toxic assets.

Some banks are also pressing hard for measures to insulate them from mark-to-market accounting rules, which force them to write down the value of assets to market levels.

Treasury insiders and other well-placed official sources played down any immediate prospect of a grand plan to bail out British banks.

Any decision was likely to wait to see whether the US Congress approves a revamped bailout plan for the financial industry, which larger British banks are expected to be able to access.


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atm



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PostPosted: Wed Oct 01, 2008 1:49 am    Post subject: Reply with quote

Max Keiser on Dan Rather's the 1987 Wall Street Massacre






No more yuppie chow! ROTFLMAO!


atm
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ManAtTheWindow



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PostPosted: Wed Oct 01, 2008 4:56 am    Post subject: Reply with quote

Fintan, that was an absolutely brilliant radio show. Your analysis is supremely perceptive and consistent. I haven't yet read all of the subsequent debate above but I'm looking forward to doing so soon.

The question, "What is money?" is the one that I have been asking since I was a teenager and I've never had a proper answer so I'll be very interested in hearing your future broadcast on that topic! It's extraordinary that our entire society is based on money and yet practically nobody understands what it is that they're (literally) dealing with.

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Fintan
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PostPosted: Wed Oct 01, 2008 8:55 am    Post subject: Reply with quote

Glad you liked the audio folks. And yeah the question
of "what is money" goes to the heart of the matter.

Meanwhile the gangsters are already trying to get
a reversal of the bailout plan rejection by the House.

Here's the details on the vulnerable-seat rebels:

Quote:
Among the "no" voters was Rep. Nick Lampson of Texas, widely
considered the most vulnerable incumbent Democrat from a heavily
Republican Houston-area district. He reflected on his constituents hit hard
earlier this month by Hurricane Ike, saying in a telephone interview that
calls to his office ran at least 15-1 against the package.

Of the 11 most-endangered Republican incumbents, eight voted no:
Young of Alaska, Marilyn Musgrave of Colorado, Tim Walberg of Michigan,
Joe Knollenberg of Michigan, Sam Graves of Missouri, Robin Hayes of
North Carolina, Steve Chabot of Ohio and Dave Reichert of Washington.


The three vulnerable Republicans who voted "yes" were Reps.
Christopher Shays of Connecticut, Mark Kirk of Illinois and Jon Porter of
Nevada.

Of the eight most-endangered Democrats, five voted against the bill:
Reps. Nancy Boyda of Kansas, Don Cazayoux of Louisiana, Carol Shea-
Porter of New Hampshire, Chris Carney of Pennsylvania and Lampson.


The three vulnerable Democrats voting "yes" were Tim Mahoney of
Florida, Paul E. Kanjorski of Pennsylvania and Jerry McNerney of
California.

http://ap.google.com/article/ALeqM5h4j97EaTq8oNz7WtdNpinfRX5AHQD93H1QJO1

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atm



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PostPosted: Wed Oct 01, 2008 10:19 am    Post subject: Reply with quote

Voltairesque volatility vehmently visceral!



Quote:


Fortis scraps deals after bail-out

By Michael Steen in Brussels

Published: October 1 2008 04:30 | Last updated: October 1 2008 11:07

http://www.ft.com/cms/s/0/e3f75f84-8f68-11dd-946c-0000779fd18c.html

Fortis, the Belgo-Dutch banking and insurance group, said on Wednesday Dutch regulators had delayed until further notice the sale of some of the ABN Amro assets that it owns to Deutsche Bank for 709m.

European competition authorities had demanded the sale in return for approving Fortiss role in the acquisition of ABN Amro last year.


Fortis said the Dutch central bank, in postponing its decision on the sale, referred to the exceptional circumstances on international financial markets, the uncertainty with regard to the future shareholder in ABN Amro Bank and the implications of this uncertainty to all parties involved.

The news would be a blow to Deutsche Bank, which was hoping to buy the Dutch commercial banking operations of ABN Amro for about 300m less than their net asset value.

For Fortis, however, the decision could aid its efforts to sell all its ABN Amro assets by offering them in one bundle.

The Dutch authorities are pressing for a swift sale of the assets following the 11.2bn state-sponsored rescue of Fortis on Sunday. ING, the most likely bidder, said late on Monday it would not be making an offer.

Fortiss ABN Amro assets are still held in a special vehicle, RFS Holdings, which is controlled by the Royal Bank of Scotland, which led the acquisition of ABN Amro last year, and in which Fortis owns 34 per cent. That has put pressure on RBSs share price despite assurances from the Scottish bank that Fortiss difficulties do not affect it.

On Tuesday night, Fortis also said it was scrapping its planned asset management joint venture with Ping An, the Chinese insurer that is a major Fortis shareholder.

Doubts had already emerged in Beijing over whether the Chinese regulator would sanction the 2.15bn deal.

Separately, Fortis also said it had increased its stake in Artemis, the UK fund management group, from 67.1 per cent to full ownership, for 397m under a prior contractual arrangement with Artemis management shareholders.

Fortis shares rose 10.5 per cent in mid-morning trade to 4.86.


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