October 2, 2008
© 2008 - NewsWithViews.com
Few things shock me anymore, I'm sad to say. However, Monday, September 29, 2008, was something to behold. Not only didn't the insidious "bail out" pass in the U.S. House of Representatives, but a substantial number of Americans put up such a ruckus, it had to have had a very chilling effect on the shadow government. As I watched the DOW tank to -777, I wondered why the Bush Administration's PPT (Plunge Protection Team) didn't step in and stop the dive. It occurred to me why the money cartel may have decided not to intervene. The American people would come home from work, already worried about the economy, see the stock market had tanked big time and panic.
Immediately following the vote, all the finger pointing began with what can only be described as behavior attributable to kindergartners. Pelosi went on record saying the Democrats would not pass this "end of the world legislation" unless they got "cover" from a bipartisan vote with a large enough number of Republicans. I kid you not, that's what this flaky female upchucked. Not to be outdone, millions by now have seen Republicans respond to allegations that some of them voted against the bill because of Pelosi's rancorous criticism of Bush and the GOP right before the vote.
Both sides began a propaganda campaign, aided and abetted by fact challenged media and cable news network hot shots like Bill O'Reilly and McCain pimp, Sean Hannity. Nazi Minister of Propaganda, Joseph Goebbels, must be cackling from Hell. The mantra took on a form and text that has been virtually unchanged for three days as I write this column; it has been repeated by Obama and McCain shamelessly. As I write this, Obama is on the senate floor spewing the same propaganda: If this rescue plan doesn't get passed, small employers won't be able to make payroll on Friday. College students won't be able to pay tuition. Businesses can't borrow. Americans won't be able to buy a car or home. Commerce will stop. These key sentences have been repeated over and over and over.
Without question, the situation is bleak as thousands of us have written for years. Maria Bartiromo, CNBC financial expert (whose credibility came into question regarding her cozy relationship with Citigroup), stated on MSNBC, September 30, 2008, and I'm paraphrasing: Banks aren't lending and until the banks are "recapitalized," they won't loan. Couples with perfect credit will have trouble getting a home mortgage, never mind those with 'a problem.'
In other words, because these massive lending institutions and banks have been caught with cooked books and gross mismanagement, the American people must bail them out to "recapitalize," reward incompetence and perhaps even criminal activity. Americans who should never have qualified for home loans should be given special treatment at the expense of those who have never been able to buy a home (or don't want one), or who make their loan payments on time.
I called our federal credit union today to inquire about a car loan; I'm not buying, just doing research. They said they're loaning and happy to help me out. I called our federal savings bank to inquire about a home mortgage; I'm not buying, just doing research. Well, they certainly are making loans. I see Countrywide's current ads seeking home buyers. I have no doubt that credit has tightened up considerably, but banks and lending institutions are supposed to be cautious with depositors and stock holders money. If they make bad loans and bad decisions, like any other business, they fail. Yes, we're talking about banks here, but in a free market system which works best, government bail outs, while not only being unconstitutional, will never solve the problem.
While the majority of Americans are at work (or school) during the day and with time at a premium, many are not able to see anything other than the scare tactics we've seen this past week. While millions of Americans (Bravo!) hit the phones, faxes and emails to Congress, many more don't see the big picture or understand just how complicated the system has become: A behemoth bringing down our country, drowning we the people in debt. Please remember that while you and I and our children are "recapitalizing" these lenders and banks, the bad debt is still there. With this vote, the government is going to unconstitutionally buy all this used toilet paper.
Since my last column, the national debt has now risen above $10 TRILLION dollars. The people's purse is overdrawn in numbers most people can't comprehend, yet Congress is jumping out of their skin to write even more hot checks to bail out bad businesses and the list will continue to grow. Despite the new "loans" given the big auto makers last week from an empty treasury, the outlook is bleak: June 20, 2008. General Motors Death Watch 181: Bankruptcy. "Meanwhile, despite their political influence, the United Auto Workers will not be happy; the Mother of All Health Care VEBAs will not be funded. Period. The union will have to make do with what they have. DT figures the rest of the OPEB (Other Post-Employment Benefits) also face a grim, under-funded future."
Why the shrill insistence that "something" get done before Congress adjourns? Why the massive push to "cobble" together a bill before Congress goes out of session for a three month vacation? The DOW took a dive on Monday, but on Tuesday closed up 485, recovering much of the loss from the day before. While Congress was closed to celebrate the Jewish holiday, Rosh Hosana, the market worked on its own. Back on October 3, 2006, Michael Nystrom, penned an excellent piece titled, The Dow's Phony High, where he pointed out:
"But look beyond the headlines, and you see a different story. While the Dow hit a new high today, not a single of its component stocks did. Interesting, isn't it? The index is at a new all time high, but 70% of its components are down 20% or more!"
Where did this $700 billion dollar number come from? It's been repeated ad nauseum. When one considers these inept public servants (both parties) turned a blind eye until the problem blew up in their faces right before they were ready to adjourn for the year, don't they wonder how this $700 billion dollar price tag was suddenly thrown out there? Perhaps this will solve the puzzle for them:
"Our buddy from two lifetimes ago, Carl Lavin over at Forbes.com, points out a fascinating paragraph buried in a story on his web site 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 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."
A Treasury spokes mouth said the $700 billion dollar figure was made up. The number is fake! These elitists who run our lives believe in their arrogance they could simply pluck a big enough number out of the sky and the American people would swallow it out of fear. It sort of worked because as the old saying goes, You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.
Headlines around the world the past week have screeched bank bail outs in many other countries blaming the U.S., and demanding our Congress pass this $700 billion dollar hoax. I don't think enough Americans understand just how convoluted and massive are the connections between the unconstitutional, privately owned "Federal" Reserve and other global financial institutions. How many Americans know this private banking cartel is being audited by another corrupt mega outfit called the International Monetary Fund --- unlawfully funded with billions annually from the sweat and labor of the American people: "In fact, the United States now supplies $27 billion of funds to the IMF at an annual cost to the taxpayer of $1.9 billion--an expenditure conspicuous by its absence in the Federal budget and a hidden element in our deficit and debt."
Pretty neat magic trick since there's no money in the people's treasury. Every penny has to be borrowed from the FED and handed over to these international banker barons while you, me, our children and grand children will be forever saddled with the compounding debt. As if this dark comedy couldn't get any worse, these craven individuals who serve in one Congress after another, continue to "forgive" debt owed to we the people while they play their vile games (bold is my emphasis):
U.S. Forgives Iraq Debt To Clear Way for IMF Reforms
April 27, 2007
"Consistent with a plan arranged last month at a meeting of top industrialized nations, whereby the countries would eventually relieve approximately 80 percent of the debt Iraq is said to owe them collectively, Friday's move was the first among many planned to eventually forgive the bulk of Iraq's crippling debt burden. In exchange, Iraq will surrender its economic sovereignty to global financial institutions, provide foreign investors greater access to Iraqi natural resources, and increase investment opportunities for multinational corporations.
"According to the three-stage agreement reached last month at a meeting of the Paris Club -- an organization seating representatives of nineteen economic powers, including the United States, Japan, Russia and many European countries -- 30 percent of Iraq's estimated $40 billion (USD) debt to those nations is to be relieved outright, with no strings attached."
Come April 15, 2009, as you struggle to write that check to the IRS on top of what was stolen from you throughout the year in the scheme called withholding, remember where that money is going. Remember that a portion of what you work for today will be sent without any legal authority under the U.S. Constitution to fund these world banking conglomerates while you struggle to turn on the heat this winter and buy warm clothes for your family.
What is it? Basel II is a continuation of the first agreement reached between several countries:
The full title of the accord is Basel II: The International Convergence of Capital Measurement and Capital Standards - A Revised Framework.
"Higher risks assets are moved to unregulated parts of holding companies. Alternatively, the risk can be transferred directly to investors by securitization, the process of taking a non-liquid asset or groups of assets and transforming them into a security that can be traded on open markets.
"Basel II has resulted in the evolution of a number of strategies to allow banks to make risky investments, such as the subprime mortgage market. Higher risks assets are moved to unregulated parts of holding companies. Alternatively, the risk can be transferred directly to investors by securitization, the process of taking a non-liquid asset or groups of assets and transforming them into a security that can be traded on open markets."
"The Committee's members come from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. Countries are represented by their central bank and also by the authority with formal responsibility for the prudential supervision of banking business where this is not the central bank...
"The Committee encourages contacts and cooperation among its members and other banking supervisory authorities. It circulates to supervisors throughout the world both published and unpublished papers providing guidance on banking supervisory matters. Contacts have been further strengthened by an International Conference of Banking Supervisors (ICBS) which takes place every two years. The Committee's Secretariat is located at the Bank for International Settlements in Basel, Switzerland."
Right now the IMF is putting pressure on Congress to approve this massive fraud and theft. A foreign entity demanding our Congress jump when they snap their fingers. The foundation for a world currency controlled by these operations, IMF, BIS, etc., has been underway for a long time and the blatant push for completion is now out in the open.
And, now for the kicker which I covered in a recent column. Please watch this eight minute video in which you will find out one of the hidden reasons for this massive push to get these bills pushed through: hundreds of billions of dollars will go to bail out foreign investors like communist China. This short video contains a brief segment from CNBC (1:46 seconds into clip) and you can bet key "leadership" in Congress, Obama and McCain all know the bottom line. Remember the headlines last week? China stops its banks from lending to U.S. banks. Either Congress pony's up or no more credit. How does it feel to be pushed around by the Reds?
The vote passed in the counterfeit U.S. Senate last night. (Roll call of votes here.) Not for the fake figure of $700 billion, but $850 billion dollars with loads of pork --- including funding for mental health issues! The final senate bill is over 400 pages; few senators had time to read it, but voted for it. Feinstein's office received 95,000 calls; 85,000 against the bail out, but she voted for it anyway. Why wouldn't she? Her and her husband, Richard Blum, are tight in the sheets with commie China.
After the vote, Sen. Harry Reid had the gall to hold a press conference to say "it wasn't a perfect bill." Once again, these incompetent public servants are handing we the people another dirty diaper to "hurry up and get it done" so the little guy on the street can borrow more money! He also said it wasn't a Democrat or Republican bill, but an American one. Cover their collective backsides by sharing the blame when this one blows up in their faces.
The House is expected to vote on their latest version of rape and pillage, Friday, October 3, 2008. Get on the phone and tell your House member NO. Every call counts until the vote in the House takes place. We have to stop the house because the flood gates are about to burst: "One of the individuals in the caucus today talked about a major insurance company -- a major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about." Sen. Harry Reid, October 1, 2008; he then back tracked realizing what the big gap on the front of his face let loose.
And, don't forget to send a tube of cheap lipstick to your house member and counterfeit U.S. Senator who voted yes on this grand larceny. Send a deep red like hookers wear as they ply their wares on the street corner and send it to their district offices since Congress should adjourn for the year as soon as the house sells us out Friday (barring a miracle). Let them return to their district offices to tens of thousands of tubes of red lipstick. Get as many people as you can, call the media and make the delivery of the tubes of hooker lipstick a real event!