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View Full Version : The Bush gang's parting gift: a final, frantic looting of public wealth



mick silver
2nd November 2008, 21:58
In the final days of the election many Republicans seem to have given up the fight for power. But don't be fooled: that doesn't mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700bn bail-out out the door. At a recent Senate banking committee hearing, the Republican Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. "How much of it do you think may be actually spent by January 20 or so?" Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bail-out.

When European colonialists realised that they had no choice but to hand over power to the indigenous citizens, they would often turn their attention to stripping the local treasury of its gold and grabbing valuable livestock. If they were really nasty, like the Portuguese in Mozambique in the mid-1970s, they poured concrete down the elevator shafts
http://www.guardian.co.uk/commentisfree/2008/oct/31/useconomy-banking

FedFixNix
2nd November 2008, 23:08
Snippets & such:

"With the new equity purchase programme Paulson has taken the discredited Fannie and Freddie model and applied it to a huge swath of the private banking industry. Again, there is no reason to shy away from risky bets, especially since the treasury has made no such demands of the banks (apparently it doesn't want to "micromanage".)

To further boost market confidence, the federal government has also unveiled unlimited public guarantees for many bank deposit accounts. Oh, and as if this were not enough, the treasury has been encouraging the banks to merge, ensuring that the only institutions left will be "too big to fail", thereby guaranteed a bail-out. In three ways, the market is being told loud and clear that Washington will not allow the financial institutions to bear the consequences of their behaviour. This may be Bush's most creative innovation: no-risk capitalism.

There is a glimmer of hope. In answer to Senator Corker's question, the treasury is indeed having trouble dispersing the bail-out funds. So far it has requested about $350bn of the $700bn, but most of this hasn't yet made it out the door. Meanwhile, every day it becomes clearer that the bail-out was sold to the public on false pretences. Clearly, it was never really about getting loans flowing. It was always about doing what it is doing: turning the state into a giant insurance agency for Wall Street, a safety net for the people who need it least, subsidised by the people who will most need state protections in the economic storms ahead."

Kelly
3rd November 2008, 01:43
Good article. This is the little sippet I find particularly disturbing...

"In fact, there has been no nationalisation, partial or otherwise. American taxpayers have gained no meaningful control over the banks, which is why the banks are free to spend the new money as they wish. At Morgan Stanley, it looks as if much of the windfall will cover this year's bonuses. Citigroup has been hinting it will use its $25bn buying other banks, while John Thain, the chief executive of Merrill Lynch, told analysts: "At least for the next quarter, it's just going to be a cushion." The US government, meanwhile, is reduced to pleading with the banks that they at least spend a portion of the taxpayer windfall for loans - officially, the reason for the entire programme."

I agree with the author. I think there should be an immediate freeze on any further release of the bailout money, and the moment Bush is out of office, the new administration should take steps to resolve the issues.

Perhaps now, congress has seen enough and will finally be convinced to repeal the Federal Reserve Act and put this cartel of filthy looters out of business.

main1event
3rd November 2008, 01:48
Congress is a joke, they are all a pack of thieves as we discuss so often. Barney Frank, Dodd, and etc, are all in on the take. We should do a good old fashioned witch hunt and go after all the people responsible. We put people away for robbing stores and banks with guns, but we pay our leaders to squander the money and rob it intellectually, except the robbers leave the bank in pretty good financial position. Our leaders put the banks in bankruptcy.

FedFixNix
4th November 2008, 11:25
Good article. This is the little sippet I find particularly disturbing...

"In fact, there has been no nationalisation, partial or otherwise. American taxpayers have gained no meaningful control over the banks, which is why the banks are free to spend the new money as they wish. At Morgan Stanley, it looks as if much of the windfall will cover this year's bonuses. Citigroup has been hinting it will use its $25bn buying other banks, while John Thain, the chief executive of Merrill Lynch, told analysts: "At least for the next quarter, it's just going to be a cushion." The US government, meanwhile, is reduced to pleading with the banks that they at least spend a portion of the taxpayer windfall for loans - officially, the reason for the entire programme."

I agree with the author. I think there should be an immediate freeze on any further release of the bailout money, and the moment Bush is out of office, the new administration should take steps to resolve the issues.

Perhaps now, congress has seen enough and will finally be convinced to repeal the Federal Reserve Act and put this cartel of filthy looters out of business.

Won't happen until enough people wake up to the true cause of our problems - the Fed System of privately controlled money created as a load, and at interest. When enough people can cut through all the bankster BS and see things as they really are, then they will elect enough of the right leaders and reps to address the root of the problem.

I'm hopeful an Obama - Democrat victory will bering in enough open minds and create an atmosphere of change to the degree that they begin to address the real problem.

Until then, we are doomed. Our country is being systematically destroyed by those who are pathologically insane over their lust for power.