rigorousintuition.ca

the $700bn call is FRAUD, imo.

these shysters at the fed are simply trying to con the american public out of a shitload of money. full stop.

these WANKERS just tried to think of a suitably large number, then the donuts in congress would simply give it to them?

i loved that quote from ben bernanke when asked about what value the american public would get from this cash handout (thx to the EVER excellent daily show):

the american tax payer will get a good value for his or her money, i can't predict the future and i've been wrong quite a few times now..

this "genius", following on from that other "financial genius", alan greenspan (the architect of the mother of all booms), doesn't even know what he's doing, and he's the head of the fed???


i can't believe i'm siding with the 190 or so republican senators who are opposed to this socialism!

nearly all the democrat senators are seemingly behind this heist, which is weird..the republican dissenters are fighting a battle for america and you've gotta give 'em credit for that.

if these morons have got themselves in trouble, let them fucking sink, we have a dynamic system that can adopt, adapt and survive..

worst comes to the worst, simply set up a national bank (OWNED BY THE AMERICAN PEOPLE) and allow that to supply credit necessary for functioning markets.

what with bu$h's arab buddies, it should be no problem to provide it with assets.


it's a fucking CON, resist, america, RESIST!

QUICK, QUICK!

DON'T DELAY!

ALL YOU HAVE TO DO IS SIMPLY AGREE TO MAKING YOUR DEBT MOUNTAIN $700BN GREATER..WHAT CAN BE THE PROBLEM???

WHY THE DELAY???


Bush warning over bail-out delay


George Bush says the cost of not acting will be higher than the $700 billion rescue deal

US President George W Bush has warned the US economy is at a "critical moment" as he vowed to get his Wall Street rescue plan through Congress.

He said consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected on Monday by the US House of Representatives was not passed.

He offered reassurance to citizens of the US and wider world the current political deadlock would be resolved.

Global shares have seen volatile trading since Monday's deal failure.

Mr Bush said at the White House: "We are in an urgent situation and the consequences will grow worse each day if we do not act."

'Painful and lasting'

He said the economy was depending on "decisive action on the part of our government".

The US president said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process".

In Brussels, the European Union earlier urged Washington to live up to its special responsibility and demonstrate statesmanship to resolve the global credit crisis.

Republicans and Democrats have been blaming each other for the failure of the rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday.

About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats in tense scenes rarely seen on the House floor.

The House is not due to meet again until Thursday as many members have gone home for a Jewish holiday.

Both US presidential candidates Barack Obama and John McCain back the rescue plan, although each has accused the other of injecting politics in to horse-trading over the deal.

For the second time in as many days on Tuesday, western European governments stepped in to prop up an ailing financial institution.

The French and Belgian governments rescued the Franco-Belgian financial services group, Dexia, with a package totalling more than $9bn (£5bn).

Its share price had fallen sharply following reports that it was seeking extra funds after governments bailed out its rival, Fortis.

http://news.bbc.co.uk/1/hi/world/americas/7644265.stm

bigearth wrote:George Bush says the cost of not acting will be higher than the $700 billion rescue deal

this is part of the plan..i.e. lying to the american public, from a KNOWN LIAR. (saddam = 9/11?)

lie to people and pretend it will be VERY bad if they don't do what they are told and agree to this heist.

for sure, there will be a "cost", but it will be to PRIVATE organisations and INDIVIDUALS. the STATE can underwrite any specific deals it wants and to maintain operations..

it's not only american banks than can provide liquidity. any number of foreign banks can set up shop in america and provide liquidity.

where is the single point of failure?

the american government, itself, could set up a bank and actually give it this $700bn and anyone who needs "bailing out" can take out a LOAN with the proceeds from these operations going back to the AMERICAN STATE.

..for the AMERICAN PEOPLE. not these "federal" reserve (read FERAL RESERVE!!!) freemason shysters!

deregulation. eh?!

8 dictionary results for: feral
Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This
fe·ral1 /ˈfɪərəl, ˈfɛr-/ Pronunciation Key - Show Spelled Pronunciation[feer-uhl, fer-] Pronunciation Key - Show IPA Pronunciation
–adjective
1. existing in a natural state, as animals or plants; not domesticated or cultivated; wild.
2. having reverted to the wild state, as from domestication: a pack of feral dogs roaming the woods.
3. of or characteristic of wild animals; ferocious; brutal.

http://dictionary.reference.com/browse/feral

nailed it!

bigearth wrote:these WANKERS just tried to think of a suitably large number, then the donuts in congress would simply give it to them?

fraud!

You won't believe where that $700-billion bailout figure came from


Here's something that John McCain and Barack Obama and Sarah Palin and even longtime Washingtonian Joe Biden probably don't know. Not to mention Bob Barr, Ralph Nader and Ron Paul, who usually knows everything.

It's a fascinating footnote to the economic and political bailout debate that's kept so many people from more properly focusing on the pennant races and the Colts' problems in the last week. (Incidentally, do you think we'd have had this big fight if President Bush had called it a "rescue" plan instead?)

Our buddy from two lifetimes ago, Carl Lavin over at Forbes.com, points out a fascinating paragraph buried in a story on his website late last week by Brian Wingfield and Josh Zumbrun.

You know, this $700-billion figure that exploded into everyday political parlance almost as fast as Sarah?



The $700-billion "cost" of resolving the financial crisis and restoring confidence and liquidity in the credit markets starting this morning?

The $700-billion figure that Senate Democratic Majority Leader Harry Reid first said he could really use McCain's help with, but then the Arizonan took him up on it and Reid suddenly said the Republican would only get in the way and anyway, Reid said, he already had a done deal, except he didn't and the Nevadan ended up being the embarrassed one?

The $700-billion figure that dominated the first part of the first presidential debate of the 2008 general election season between McCain and Obama?

The $700-billion figure that won't really end up being anywhere near the actual cost because no one knows what all those mortgaged properties are really worth now anyway? Which is the whole problem in the first place because the institutions holding that paper don't know the value of what they're holding either, which is why everyone suddenly got so frightened?

That $700-billion figure that won't really last because eventually the feds will sell off what they're buying and might even make a profit in the end as they did with the Chrysler bailout warrants years ago?

You know where that very important $700-billion figure came from?

Here's a quote from that Forbes story:

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

They made it up to be sufficiently ginormous to frighten everyone into rapid action.

And it worked.

--Andrew Malcolm

Have immediate alerts on all Ticket items flashed directly to your cell by clicking here and registering with Twitter.

Photo credit: U.S. Treasury Department

http://latimesblogs.latimes.com/washing ... -plan.html

dam shame..

$150bn in bribes were used to get this piece of shit thru..


Congress bows to the inevitable and passes $700bn bill

Financial sweeteners help waverers to back the bailout deal the second time around

By Leonard Doyle in Washington
Saturday, 4 October 2008


The United States approved the most expensive government intervention in history yesterday when George Bush signed into law a $700bn (£380bn) rescue package for the financial system that Congress had approved by a wide margin.

Not since the Great Depression has Washington acted in such a drastic fashion to bail out the financial markets and avert economic catastrophe for millions of Americans. The infusion of government money is needed to unlock frozen credit markets and reverse last week's rejection by Congress that sent global stock markets tumbling and threatened to plunge the economy into severe recession. The money will be used to buy up so called "toxic" mortgages which have crippled banks across the country.

There was a mixed response to the historic vote in the markets as a devastating new report revealed a slowing economy with the greatest job losses in nearly six years. There are widespread concerns that the rescue plan may not be enough to pull the US economy out of its stall.

After a week of high drama the latest rescue measure was passed by 263 votes to 171 to applause and cheers in the House. Within minutes the bill had been signed by a euphoric Speaker of the House, Nancy Pelosi, and then hurried the short distance to the White House for the President's signature before the stock markets closed.

"These steps represent decisive action to ease the credit crunch that is now threatening our economy," President Bush said after the vote.

John Boehner, Republican minority leader, warned fellow members of Congress: "If we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen." A rebellion by Republicans caused the first bill to collapse five days ago. US law-makers watched in horror as Wall Street experienced an unprecedented plunge of 700 points. The measures to bail out failed financial institutions are deeply unpopular with ordinary Americans but the threat of total financial meltdown soon brought members of Congress around to favour a new bill which the Senate approved on Thursday.

The inclusion of tens of billions of dollars in subsidies for pet projects in their home constituencies helped.

The White House and Congressional leaders resorted to old-fashioned methods to nudge the bill into law, bribing, bullying and flattering members of both parties. US stocks rose in anticipation of the plan being approved.

Many Republicans switched their votes after hearing from President Bush earlier in the day, the White House spokesman Tony Fratto said.

The Treasury Secretary, Henry Paulson, said that no time would be lost in putting the rescue plan into motion. He described the passage of the bill as "a vote to protect the American people – and their jobs".

Since many of the politicians who rejected the bill the first time, are in fear being thrown out of office on 4 November the package was festooned with "pork barrel" measures – financial bribes – to help their congressional districts and encourage a "yes" vote. In a week, the bill grew to a phonebook-sized 450 pages as $150bn in handouts were tacked on to make it more palatable.

Among the "sweeteners" were tax breaks for commuting cyclists and help for the world's biggest manufacturer of arrows that would make them cheaper for boy scouts to buy. Only so-called "kiddie arrows" will benefit, Congress was assured. Big game hunters who buy "grizzly broadheads" and other fancy arrows would still be taxed.

And the bribery didn't stop there. Among the hundreds of pages of tax breaks there are provisions to help film and television production companies as well as renewable energy firms, all of which will add to the administration's burgeoning spending deficit.

Measures which congressmen have been nursing for years, including giving equal treatment to mental and physical ailments were also included. Jim Ramstad, a Republican from Minnesota, switched his vote in favour of the bill because his personal crusade of more than a decade of winning "mental health parity" had finally seen the light of day. "The revised bill is a recovery bill for the economy and a recovery bill for millions of Americans suffering from the ravages of mental illness and addiction," Mr Ramstad said.

His fellow Republican, Zach Wamp of Tennessee, switched his vote because of the precariousness of the economy. "The time has come to act," he said. "If we do not, it will be an ugly day in America."

The "pork-barrel" measures caused problems with the self-described "Blue Dogs" on Capitol Hill. These Democrats are determined to cut down the massive government deficits and they resented being asked to approve bribes.

Barack Obama appealed to the Blue Dogs to support the bill and many intended to do so. But many congressmen were having to balance the costs of an economic meltdown against the abandonment of fiscal discipline.

The House majority leader, Steny Hoyer, who is a leading Blue Dog, reluctantly signed on. Not all were convinced even by a personal phone call from the Democratic frontrunner. "I don't believe this bill is the right medicine to cure the disease," said Jim Matheson, a Utah Democrat who co-chairs the Blue Dogs.


link

MORE MONEY PLEASE!!!



Federal Reserve Chairman Ben Bernanke participates in a House hearing on "Economic Recovery - Options and Challenges" on Capitol Hill, October 20, 2008.

REUTERS/Jason Reed


Bernanke, White House warm to another stimulus plan
Mon Oct 20, 2008 1:31pm EDT

By Emily Kaiser and Mark Felsenthal

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke told Congress on Monday that another wave of government spending may be needed as the economy limps through what could be an extended period of subpar growth.

"With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," Bernanke told a congressional panel.

It was the first time the central bank chairman had explicitly endorsed a second stimulus package. The government sent out about $100 billion in tax rebate checks over the summer to try to jump-start the economy, but consumer spending has struggled since then. Retail sales fell for three consecutive months through September.

The White House also appeared to be warming to the idea of another spending program. Spokeswoman Dana Perino said the Bush administration was "open" to a stimulus plan, depending on its makeup, and would look to Bernanke and others for guidance.

U.S. stocks were higher in early afternoon trading, and prices for government debt and the dollar also rose. European markets also rose as banks there took advantage of government lifelines and credit markets began to thaw.

"One of the most significant things is (Bernanke) endorsing another fiscal package, which I think makes a lot of sense," said Nigel Gault, director of U.S. economic research at Global Insight in Lexington, Massachusetts.

"The government is acting as a support for the financial system, but it's also got to act as a support for the real economy, almost as a spender of last resort because the private sector spending is going to be declining pretty sharply."

SIZE AND SHAPE

For many months, Democrats in Congress have been pushing for a second economic stimulus measure that could spend up to tens of billions of dollars on domestic construction projects to repair aging roads, bridges and other infrastructure while at the same time creating jobs and local investment.

Democrats also want to provide more help to the poor hurt by the economic downturn, largely in the form of expanded food stamps and help with winter heating costs. They also want to expand federal spending to help states pay for growing health care costs for the poor.

Democrats, along with some Republicans, also have backed expanding unemployment benefits for the long-term jobless.

Some of these ideas were offered by Democrats during negotiations on the first economic stimulus passed early this year, but they were rejected by the Bush administration.

House Speaker Nancy Pelosi said last week that hearings would be held in coming weeks to determine the size and shape of the proposed stimulus package, which she has said should be bigger than a $61 billion plan approved by the House last month.

Depending on the outcome of the election, there is a chance the legislature could hold a session in November and consider a second fiscal stimulus bill then. If Democrats do very well in the November 4 election, it could embolden them to move sooner rather than wait until next year.

Bernanke, who was testifying before the U.S. House of Representatives budget committee, said Congress should consider including measures to improve access to credit, but did not specify what form they ought to take.

He said the government's efforts, including plowing $125 billion into nine banks, appeared to have averted a significant banking crisis. There were some "encouraging signs" that the steps taken so far were helping to unfreeze credit markets, although it was too soon to assess the full effects, he said.

"The stabilization of the financial system, though an essential first step, will not quickly eliminate the challenges still faced by the broader economy," he said.

The Federal Reserve has lowered its benchmark interest rate by 3.75 percentage points in the past 13 months as the financial turmoil takes an increasingly heavy toll on the broader economy. Its next policy-setting meeting is scheduled for October 28-29, and economists and investors widely expect another trim from the current rate of 1.50 percent.

With concerns growing of a global recession, oil prices have fallen sharply, taking the edge off of inflation. Bernanke said that if those trends are not reversed, that "should bring inflation down to levels consistent with price stability."

(Additional reporting by Richard Cowan and Tabassum Zakaria in Washington and Burton Frierson in New York; Writing by Emily Kaiser; Editing by Chizu Nomiyama)

http://www.reuters.com/article/ousiv/id ... 2B20081020

..and now...THE REWARDS!

this is PRIVATE organisations, using PUBLIC, TAX PAYERS MONEY to ACQUIRE ASSETS.

right under your very noses..

they spoke about this in the first zeitgeist movie..pump credit up, pull the plug, mop up the pieces..

you fell for it, again!


US capital injection sets up bank consolidations

By Francesco Guerrera, Saskia Scholtes and Greg Farrell in New York

Published: October 22 2008 23:31 | Last updated: October 22 2008 23:31

The US government’s planned $125bn capital injection into nine financial groups is set to unleash another wave of consolidation as banks scramble to use the cash on takeovers and bolt-on acquisitions, according to Wall Street executives.

Senior bankers say that some institutions, such as JPMorgan Chase, Citigroup and Morgan Stanley, are looking to deploy part of the government funds to plug strategic holes by acquiring rivals, assets or people.

EDITOR’S CHOICE
Writedowns drag Wachovia to $24bn loss - Oct-22
Higher loan losses hit US regional banks - Oct-21
BofA aims to keep Merrill executives - Oct-21
Graphic: Bank Street - Oct-20
Lex: US bank handouts - Oct-17
Lex: Banking bail-outs - Oct-17

Others, like Goldman Sachs, Wells Fargo and Bank of America are expected not to enter the takeover fray immediately and use the cash infusion to increase their lending capacity and bolster their balance sheets instead.

The moves are likely to be welcomed by the US Treasury, which has been urging institutions to use the funds to break the standstill in credit markets and prevent further bank failures by buying weaker rivals.

Recent speculation has focused on mergers between second-tier regional banks, which are yet to apply to receive the government aid.

However, industry executives say the large financial groups that have already agreed to sell preferred shares and warrants to the government in return for the cash injection will move first.

“The government capital is a game-changer for the banks involved,” said a senior executive. “We will see more acquisitions as some players try to address their weaknesses while others will recapitalise and start lending again”.

The banks and Treasury declined to comment.

JPMorgan Chase, which has already acquired Bear Stearns and Washington Mutual in cut-price deals, would continue to look at the purchase of another regional retail bank, people close to the situation said.

They added that JPMorgan, which has weathered the crisis better than most rivals, wanted to gain a foothold in some of the 20-plus states it is still absent from. JPMorgan has been known to covet Pittsburgh-based PNC and Atlanta-based SunTrust.

Having lost out to Wells in the battle for Wachovia, Citi is also believed to be on the prowl for a US retail bank but is also expected to use part of the funds to repair its battered balance sheet. Wells said last week it would focus on smaller deals and the Wachovia integration.

Copyright The Financial Times Limited 2008

http://www.ft.com/cms/s/0/b5b5f842-a066 ... 07658.html

watch the "addendum":

http://www.zeitgeistmovie.com/

bigearth wrote:The US government’s planned $125bn capital injection into nine financial groups is set to unleash another wave of consolidation as banks scramble to use the cash on takeovers and bolt-on acquisitions, according to Wall Street executives.

Senior bankers say that some institutions, such as JPMorgan Chase, Citigroup and Morgan Stanley, are looking to deploy part of the government funds to plug strategic holes by acquiring rivals, assets or people.

so banks are using tax payers money to get richer!

..after first of all initiating the biggest pump and dump in makind's history to force these targets to the wall, so they can be bought!


how do you feel?

I am shocked this ponzi scheme economy is still standing. Although now it is a complete house of cards ready to collapse at any moment. I still feel, and won't back off of this, that American's will wake up one morning and find the USD is worth less than toilet paper. What really makes me mad is the crooks are being bailed out and honest working people and people on social security and into retirement are finding themselves in worse shape with each passing month. The Fed reserve chairman along with so many other CONgresspeople and bankers should be in jail.

watch the zeigeist addendum about the saturation point of fractional reserve banking.

this is classic mega pump and dump. lend loads out, when the shit hits the fan, you take the collateral.

GEDDIT?!


jp morgan has been doing it for decades. 1907, 1920, the 1930's..not sure about the mid 70's, wouldn't be surprised if it these turds idea to hike the price oil back then and cause THAT shit too..or 87-95..


i've had thoughts recently that this could be the end game for the illuminati..it's possible that they have realised that they have taken their little games as far as they can go in america and that too many people are becoing wise to their evil.

imo, they may take flight for south america, africa or the far east, but they can't keep doing this shit.

but, that's my 2p worth on that, anyway

wanted to post this here as well:

Mr Emanuel certainly has experience in the daily grind of cajoling sometimes reluctant congressmen to fall in line. Regarded as a centrist Democrat, he was an important player in the recent passage of President Bush's $700bn (£440bn) financial bailout plan, helping to mobilise Democratic votes to pass the measure.

http://news.bbc.co.uk/1/hi/world/americas/7702408.stm

..so he is in on this heist, as well.


i have covered this turds "appointment" here:
FIRST THING for the new prez, set the israelis up.