Well, that’s too bad, because you are too small to be helped by folks like George W. Bush or John McCain. But large financial institutions who exploited the deregulation they loved are too big to fail and you the taxpayer shall shall be further indebted to save them.
For we, and by that I mean "they", shall create a new governmental agency to save the needy greedy.
As for funding levels, you can figure it could be anywhere from $200 billion to $500 billion, on top of the money already committed for Fannie Mae, Freddie Mac, AIG and Bear Stearns. That’s a pretty good indication of how serious a problem we have on our hands.
So what does that come to $600, $650 billion? About a measly $4,000 from each of us. Still, it is only a third as expensive as the $12,000 or so the Iraq War will cost the average tax payer. So suck it up!
What’s that you don’t have the money? Maybe we will have to foreclose on your citizenship comrade? Socialism with a capitalist face is awesome.
Heckuva job, Republicans.
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I’ve only just now noticed that “Palin” is only one letter away from “pain”.
Citizen Hmmm:
I am convinced that the fascist tactic of throwin so much bullshit and lies is to distract folks from the real story whatever that may be…and in Palin’s case I think it’s her relationship to the oil industry, neocons and the Alaska Independence Party. The Independence Party is a krypto fascist group funded by the oil industry and is part of the fascist cadre of local and state pseudo legitimate political groups that form the assault troops of the fascist movement to bully, intimidate and infiltrate legitimate Republican political operations. Palin owes her “Maverick” win against the established Republican machine to the Independence Party and the oil industry. This is the story, Palin and her Independence Party base is the face of the new corporate fascism.
The crapile is to be ours in exchange for “preffered stock” and they get our do re me… hell yes the investors are back in it’s a gold strike.
Where is the public discourse on this? That is what the hurry is: they want a quick deal without serious public vetting. Shumer sucks no trust here. To close the Mukassey and the NY Fed who rescues wall street and dust Switzer for his oversight of Wall street. This smells to high heaven.
The private sector should do the rescue it is their risk and profit. The government is not a casino it is a tool to do the peoples business. I see constitutional issues here. never sawanything about taxing the poor to enrich the wealthy.
Rescuing wall street will not get us back to work or shore up the dollar. Might help all the funds. We are taking the bad paper!!! What feduciary duty have our congress critters?
Perfect analogy…
Meanwhile no gaurantee people won’t have motivation to walk from upside down houses (no equity) or get a decebt rate on the mortgage. Who pays the investor looks like oue tab. meanwhile gas, food, housing costs and medical are eating up the disposable incomes. many upside down. Some go into eroded retirement to pay the bills. Others go without. Christmas retail looks really bleak.
Good post and good night Attaturk.
There is still no effort to address the underlying cause of the shit pile. The same assholes that thought we could base an economy on “service” rather than manufacturing are still in charge. There are not enough new dollars being generated by the manufacturing base for the “service sector” to provide services for. The ever increasing number of providers chasing the ever shrinking supply of dollars is now being compressed by their own greed and short sightedness.
These idiots remind me of the Russian Attack Sub Captain in Hunt For Red October. “You Farging Ass, You Killed Us”
Good morning Attaturk, thanks for the post.
How many of John McCain’s houses have been lost to foreclosure?
If I may blogwhore in my own post, as it is too unserious (and too late) to put it up here.
Oh dear, dear, dear…, that’s going to be one lousy musical.
The operative question is “How many homes has John McCain lost?”
Why did America not pay attention to Molly Ivins?
RIP Ms. Ivins.
Overnight the S.E.C. has announced it has us by the “shorts”
But what of the “curlies”?!
I demand an answer!
If you want to get specific, and put a name on it, the name is COMMUNISM. We’ve gone right past Socialism, and even Fascism. How, prey tell, are the actions of the Plunge Protection Team, FED, Treasury Secretary, SEC Chairman and the banksters who effectively own Congress any different than these actions by Communist China?
http://www.marketwatch.com/new…..aspx?guid={6839D848-FE5D-48EA-9390-44B6CC8B7CA0}&siteid=yahoomy#comments
Hint: They are no different at all.
Don’t forget to send David Rockefeller a thank you card for delivering his favored system of government, Communism, to our shores, in his lifetime, He’s been working full time to destroy our entire system, and he’s done it.
- David Rockefeller (about Mao Zedong in the New York Times, August 10, 1973)
http://www.city-data.com/forum…..otype.html
Here is the direct quote from his book pg. 405
-David Rockefeller
Why is this man not the topic of EVERY online investigation?
China to purchase stocks, ‘backstop’ market
Citizen Attaturk:
Thanx for bein here at this time a the mornin’…a sense of the absurd irony of God’s little jokes on us is necessary ta continue ta roll the fuckin’rock up the God damned hill. (Remember Rbt Frost’s little prayer that he threatened ta have put on his tombstone: “Dear lord forgive me my little jokes on Thee and I will forgive Thee thy great big one on me.”)
Good morning, pups. It’s Bobo and Krugman. Bobo thinks he’s going to inform us about “The Post-Lehman World” on a day he shares the op ed page with Paul Krugman. He gurgles that everybody says we’re about to enter a new political era, rich in global financial regulation, but that the herd might just be wrong once again. In making his Very Important Point he cites, get ready, Megan McArdle of The Atlantic. I’m not making this up, you know… Mr. Krugman writes about the “Crisis Endgame,” and says faced with the financial crisis spinning out of control, much of Washington appears to have decided that government isn’t the problem, it’s the solution.
http://mgpaquin.wordpress.com/
The coffee and tea are ready, and I’ve got banana pancakes this morning. I needed a little something else, so there’s also a big plate of crispy bacon to go with them. It’s Friday, and it’s payday from the job that I still have, so I guess life could be worse. Have a great day.
WOW! Look who said this (WSJ)
–Brian Blackstone and Patrick Yoest
GOT DICTATORSHIP?
ELECTIONS? WHAT ELECTIONS? WE DON’T NEED NO STEENKIN’ ELECTIONS!
Game Over
Adjust you mindset, turn off the TeeVee and repeat after me…
I think you need to click you heels three times
Glad to see that the Bush Administration managed to get rid of that pesky budget surplus. You know the one that was unfairly burdening business.
Shit, I cannot imagine how things would be today with a surplus.
Avast, me hearties!
want Gramm to walk t’ plank
Banning short selling ensures the death of the “market.”
When they ban the outright selling of all stock, they’ll simply own everything.
Who can stop them?
R.I.P.
Your microchip, comrade?
There would seem to be a need for a new term describing the economic/political system that has become the U.S.. What is the name of a system that socializes risk and privitazes profit?
that would be “American Capitalism”
face it plunger, we’re fucked
What astounds me is that otherwise reasonably sane people of a conservative bent still think this thing is a compartmentalized bailout of ‘people who are irresponsible in their borrowing”, and miss the big ticket item:
The United States is now the United Socialist States.
All those folks who thought regulation intrusive will now see their economy directly managed by a state appointed oligarchy.
The differences have been fading anyways, but from here on out they won’t even have to pretend that there is a ‘free market’.
It is important to bail out the rich because they have all the money so if we didn’t bail them out there would be no money. QED.
This family’s savings to provide a, frankly, somewhat less than expansive retirement have been disappearing a a rapid rate so without the “safety net” of social security we would be doomed to a life of penury. Thank goodness that wiser heads prevailed to keep SS out of the hands of the greedy capitalists. As it is I am now going to try and get a job (good bloody luck at 65!) and my spouse is now looking forward to ten more years of servitude. Gotta love the land of the “free”.
Capitalism
Washington Journal
7am – Newspaper Articles & Viewer Calls
7:30am – KEVIN KOLEVAR
Asst. Energy Sec. for Electricity
Delivery & Energy Reliability http://www.oe.energy.gov
Energy Dept. Situation Report:
http://www.oe.netl.doe.gov/emergency_sit_rpt.aspx
Topic: Our guest traveled to Texas with President Bush on Tuesday to survey the damage cause by Hurricane. The Department of Energy continues work with federal, state, and local officials to minimize impact to energy supplies.
8:00-8:30 Newspaper Articles/Phones
8:30-9:15 BRUCE STOKES
National Journal
International Economics Correspondent http://www.nationaljournal.com
Bruce’s Article: http://www.nationaljournal.com/njmaga…..6_8886.php
National Journal Series: http://www.nationaljournal.com/njmaga…..9_5784.php
Topic: Washington Journal, in conjunction with National Journal, continues its 10-part series, which will run Fridays looking at the Democratic & Republican presidential candidates and Campaign 2008 issues. In part five, we focus on trade. Our guest will discuss among other topics, the candidates’ positions and records on trade agreements, China, trade enforcement and displaced workers.
9:15-9:30 Newsdesk Hit/Newspaper Articles/Phones
9:15 hit BEN O’CONNELL
Newsdesk C-SPAN Political Producer http://www.c-span.org/politics
Topic: C-SPAN’s upcoming launch of the Debate Hub website.
9:30-10:00 BARTON GELLMAN
Uplink Author, “Angler: The Cheney Vice Presidency”
“Angler” Website on Washington Post: http://blog.washingtonpost.com/cheney
Topic: Discuss Vice President Dick Cheney’s influence on national security, economic and environmental policy
So the evicted homeowner is simply screwed? No reach-around? No rape kit?
Actually I did face it, in 2003, when the truth of the “Dancing Israelis” smacked me in the face – and have been warning everyone about this conspiracy ever since.
When a conspiracy so vast is being played out, and “Conspiracy Theorists” reveal the entire plan, in technicolor, and are mocked for their diligent research and prophetic warnings, there is no subsequent mercy for those who thought it best to believe the TeeVee News Readers over their fellow countrymen who fought desperately to reveal the entire truth.
Does everyone acknowledge yet that we did not arrive at this point by coincidence and that a VAST conspiracy has caused these events, or are we all to become Coincidence Theory Zombies? Still no one wants to admit the truth of 9/11 and all that has followed to understand how ALL OF THIS IS ONE CONTINUOUS EVENT. Politics is merely a side show distraction. Utterly irrelevant.
If it were possible to follow the money behind the scenes, the co-conspirators would all be revealed by the increasing size of their bank accounts.
Follow the money, power and control.
As my dear niece would say “Bullshit!” Conservatives believe in me, me, me, me and me again. Looking at the “big picture” is not in their realm they only want what is “good” for them and could give two shits about anyone else. And I would wish that the US were the “Socialist US” I am a socialist, have been all my life, and my parents before me.
When “Republican” and “Democrats” (otherwise known as your family members, friends and neighbors) are all standing in the same line to be microchipped, only then will you finally understand that “politics” was merely a Divide & Conquer Ruse.
We’re all just Americans, who’ve been completely manipulated by the world’s best mind-control experts, using the best tools and strategies ever devised by man.
And prior to it. These Mater forkers have been attempting to get all the money/power and enslave the rest of us for 200 years or more. The rules of the road, written by a few very wealthy slave owners, was designed to allow the super wealthy to remain super wealthy while paying lip service to needs of the “ordinary” person. The bombing of the WTC by the neo-cons is all part and parcel of the same attempted putsch by the bushies back in the 30s. We must have a “real” revolution to rid ourselves of these money/power hungry evil doers.
The revolution will not be televised. Therefore it never happened.
Google: “End game”
America has always needed more democratic socialism but instead America’s socialism serves the oligarchs. Could call this new arrangement Suckerism. Demonize socialism in the minds of a dumbed downed citizenry but in the back of the oligarchs greedy minds preserve it for themselves when the feel they need it. Biggest con job in history!
Bush Family Economy
In most western countries where the citizenry is engaged Gramm and his philosophical allies would be running for his life. Here, before leaving office, Bush will likely give him the Medal of Freedom for delivering the American economy to the oligarchs. Americans get more outraged at a bare tit at a half time show or if their favorite in American Idol is dissed.
Morning Dawgs -
I had to check in this morning.
I just heard Buchannan on MSNBC say, “Capitalist Pigs have destroyed the American economic system.”
Unbelievable!
BTW – I don’t relish the prospect of either party running this show – it will be the afore-mentioned oligarchy either way. For at least a decade (if we are very fortunate).
Good Morning Comrades,
per James Moore at HuffPo
that’s rich coming from him
And 9/11 witness (he watched it live on closed circuit TV in Bush’s limo), Ari Fleischer, was the other talking head along side Pat Buchannan.
Watch the PNAC co-conspirators appearances on TV over the next few days. They are there to keep the blame focused away from themselves.
Actually Pat the “system” is doing just what is was designed to do and the two party political system is permitting the perpetuation.
Sorry to be OT but in Michigan the Republican Secretary of State is in the process of purging the voter rolls. That, along with the caging efforts, that are being orchestrated by the Republicans in Michigan, as well as many other states, attempts are underway to subvert the election system to insure a McCain victory. Despite caging being declared illegal by the courts, when has the law ever been a deterrent to Republicans?
Citizen Plunger:
This crisis IS in fact planned and orchestrated by legacies of the same families that brought us the last one in 1929…those families have been studyin’ what went wrong in 1932-33 when the economic collapse of capitalism was suposed to be followed hard on by the collapse of democracy (remember what was all the rage politically from Asia thru Europe in 19′20′ and ’30’s). They’ve been studying the New Deal and it’s mechanisms ever since 1933 and the assault on Social Security and public education has been joined by a successful attack on the social welfare system, unions and the security and exchange laws. Now Obama is gunna inherit a depression which main difference from 1933 is over a trillion dollars in foriegn debt that can’t be paid by recapturin a nonexistant tax base while at the same time feedin the people and restructurin’ the economy.
We’re righteously fucked here, folks, and nobody even unzipped their pants.
ADC = Aid to Dependent Capitalists as far as bushco is concerned
Will Buchannan be the first celebrity pundit to openly say that only fascism can save the Republic?
Similar stunts are being pulled in Florida as well.
Anyone see this piece in the Nation?
Claims McCain has been instrumental over the years in covering up hundreds of POW’s left in Vietnam. Fair amount of evidence to back it up.
IOKIYAR
What must be done, and obama is not the one who will do it, is to go after the super rich that have dumped their money into overseas accounts and have avoided taxes. Anyone with “assets” over 10mil should have all those assets seized and put to pay the national debt. Not going to happen, never will happen unless we have a revolution and that will not happen in a country filled with people who have had numbing drugs in their food supply for lo these many years.
Co-Conspirator Tony Blair now speaking on MSNBS from Yale about the benefits of Globalization.
DOES IT GET ANY MORE OBVIOUS THAN THIS?
If you ask me, Todd and Sarah Palin are planning John McCain’s demise.
My Nation was not delivered this week and I am bummed. It also means no crossword this week and I really bummed.
Will they choose Gibson or Hannity for veep?
GE Building —
The Rockefeller family office (Room 5600)
That is a bummer, they only have part of the article online.
(cue the Yoda voice)
Headed to a newstand, this morning I am…
No need for numbing drugs in the food source to dumbed down the citizenry. That’s what the corporate media is for with their phony news divisions and brain deadening entertainment divisions.
Guess again ! They blew through 28 BILLION in ONE day, how long before they need a little more to get them over the hump?
New thread upstairs
Todd and Sarah Palin have the potential of being to politics what Tonya Harding and Jeff Gilooly were to ice skating.
I like that Alaska politics is in the mix, because if we the people are going to bail out Wall Street. Then, what do we get? I want returns on my investment. I want to buy a house without interest. Like Alaskans get money from Big Oil, I want the promise of checks in the mail and benefits from this bail out.
Also, besides the ads and pretty words, where is Obama on all of this? He has a mega microphone and could be demanding reform …
I say we wait until 09 and let the grown ups figure out what to do.
WSJ’s take on tying the hands of the next president.
Can’t implement social programs when your money needs to go to bailing out the financial institutions.
Financial guy on CNBC says the actual cost to the taxpayer may be as high as 2 Trillion dollars.
There really isn’t anything not to understand John. A. In fact it is very simple. A do nothing Congress who were more than comfortable with their hands out waiting for banking lobbying interests to grease their palms took the money and ran off with it while the brakes were applied to banking regulators who knew the system would go up in smoke.
As the President just stated again in very simple terms that all can fully understand. We the government allowed the system to be broken which will eventually cost trillions to fix, and you the American tax payer will be burdened for the rest of your lives paying for it as will your children and grandchildren and their great grandchildren.
But not to worry, I’ll bet you anything that their will be another tax rebate check in the mail before the end of the year, so that all of us will be able to do our part to enjoy the holidays and to add insult to injury, not one person will ever go to jail for thier lack of feduciary responsibility either on Wall Street or in D.C.
That’s how the system works. We vote for idiots, they steal you blind and when the system crashes as it it now, those idiots in D.C. point the finger at everyone but themselves and we the scum of the earth tax payer get the golden goose egg by having to have our taxes raised so as to bail out these scumbags. regardless of which candidate gets into office, your taxes are going up. But we the American people never learn and vote them in anyway. How many time do we have to get it up the ass before we realize we’ve been taken to the cleaners again?
Re the AIG bailout: Did anyone here see the Charlie Rose show this week with guest Henry (Hank)Greenberg ? Greenberg founded and grew AIG and was forced out in 2005 (?) due to alleged accounting discrepancies, some of whch have already been dismissed.
On the show Greenberg said he began working to get a group of financiers together who were willing and wanting to buy out AIG. He repeatedly contacted CEO of AIG, The Fed Reserve, Paulson, etc., offering to help in any way he could, including the offer to buy AIG. They never even responded.
My big question: WHY did Paulson choose to load this monstrous, extremely risky mega-corp on the backs of we the taxpayers rather than allow that group to buy AIG out???
I would really like to see opinions from you commenters here for I am no finance expert; just a common sense type person. I believe some of you that I regularly read here before the propaganda being fed me by “the authorities”.
Just Google: http://www.charlierose.com then search for Hank Greenberg
Thanks.