Video: Rep. Ron Paul’s comments on House floor prior to vote
Video: Rep. Peter DeFazio’s comments about the bailout
To see how your representative voted, click here.
There’s broad speculation among the blogs I read about a movement to create a North American Union, which would give huge power to an international financial organization, and elevate them above the constraints of our pesky Constitution.
If true, the globalists attempting this may leverage the dollar crisis to propose the NAU. There’s even speculation that crashing the dollar is a deliberate step toward the NAU.
- U.S. Ships 800 Billion “AMEROS” to China; prepares to De-Monetize U.S. Dollar
- CNBC interview with some guy in an expensive suit.
- Great article from information clearning house.
- It will be come under the guises of euphemisms like this.
“Hollywood may benefit from the proposed $700 billion bailout of the U.S. financial system, the Los Angeles Times said late on Wednesday.
The plan which was endorsed by the U.S. Senate would provide tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the United States, the paper said.
One provision in the bill would provide film and TV producers with the same tax deductions that American manufacturers such as General Motors Corp and Boeing Co receive for making their products at home, according to the paper.
. . . .
Additionally, the tax package lifts the budget cap on the existing tax deduction, which was limited to movies that cost less than $15 million to make — in effect excluding most studio films, which cost a lot more, according to the paper.” (Read more from news.yahoo.com)
“The millionaires in the US Senate, apparently moved by the prospect of having to actually live on their salary rather than their substantial investments, passed by a 75-24 vote a sweeter version of the Troubled Asset Relief Program(TARP) than the one that failed in the US House of Representatives on Monday. . . .
The House is scheduled to once again vote on the proposal on Friday; perhaps enough previously recalcitrant arms have been twisted, bent, fractured and, if that doesn’t work, ripped straight off the shoulders to obtain a passage vote there, as well. . . .
The problem here is that, in a financial crisis that has at its heart a loss of confidence in the financial system, why would you want to even further drain confidence by putting in question the actual truthfulness of bank balance sheets? Michael Rapoport of Dow Jones Newswires makes an intriguing point: Wachovia Bank, just bought out by Citicorp for $2 billion, had on its last day on its ledgers assets with a book value of $75 billion. Maybe its not that asset values are too low - maybe the entire crisis is the markets telling us that they’re too high. . . .
If the question is whether or not to buy something, like the $700 billion in mortgage securities to be bought in the plan, shouldn’t the question of how much you’re going to pay for it be a major consideration? All children in the capitalist world quickly learn the tradeoff between price and quantity. . . . It’s the same thing with mortgage-backed securities. The $700 billion can be spent to buy lots and lots of them very cheaply, or much fewer of them priced higher. Whichever option is chosen will critically determine whether we’ll soon be able to see the breaking of the dawn out of the current darkness.
Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke have been playing this issue pretty close to the vest, but through leaks and the likes it looks like they’re going to be buying high, paying as close to par value on the securities as feasible. If this really is the implementation strategy for the buyout, one wonders just how much Dr Bernanke and Secretary Paulson really understand what’s on. . . .
Will paying higher prices for MBS accomplish that? It will, at least temporarily for whoever is lucky enough to get a piece of the government action. But for the system as a whole, the benefits are a lot more questionable. . . .
Essentially ignored in all this is the probable trillions upon trillions of leveraged structured finance derivative securities whose value depends on the original securities. Nobody really knows how much of these there are; one estimate put the number at around $25 trillion. You can’t solve a $25 trillion problem with $700 billion. It’s no wonder that Warren Buffet once called derivatives ‘financial weapons of mass destruction’.” (Read more from Asia Times Online)
“‘To the Democrats and Republicans who have opposed this plan, I say this: step up to the plate. Do what’s right for the country, because the time to act is now,’ Obama told rally in La Crosse, Wisconsin. Obama plans to fly back to Washington later to cast a vote in favor of the plan in the Senate. ‘It is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe,’ he said.” (from ynetnews.com)
This is heartbreaking! How can he say this when so many economists say the plan makes no sense? When the Treasury admitted to pulling the $700billion figure out of thin air? When the people who predicted this crisis years ago are saying it won’t work? When the people being bailed out are the ones whose greed and irresponsibility caused this mess? When there is so much history reflecting exactly what is happening today?
Andrew Jackson to fear-mongering Central Bankers:
“The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.”
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.’”
“There are no necessary evils in government, the Treasury to you gentlemen is closed!”
“According to Dr. Stephen Saideman and his former McGill Master’s student David Steinberg – now pursuing his doctorate at Northwestern University – the more government intervention there is in the local economy, the more likely interethnic violence and rebellion becomes. Conversely, the more economically open a society is, the less likely such violence becomes.” (Read more from sciencedaily.com)
Another reason to nix the bailout (and the Fed).
“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.” (Read more from bloomberg.com)
They are propping up share prices by printing money out of thin air. Soon the dollar will be worth nothing, and stocks will crash anyway. I’m glad that a couple weeks ago, I moved the remaining 1/3rd of my retirement account into gold.
“People will have to be rationed to four modest portions of meat and one litre of milk a week if the world is to avoid run-away climate change, a major new report warns.” (Read more from guardian.co.uk)
My global warming skepticism is rooted in suggestions like this one which implicitly call for massive government power - whether it be national government or global government. If the noise is part of a global-governance movement, we’re still in an early phase. The people still need to be made to believe. Continue the propaganda.
I hope this thing stays defeated. The Masters of the Universe don’t like being told ‘No.’
Prices of houses/stocks will have to come down to reflect the true values of things. This will cause some pains, but it’ll result in a bad year, as opposed to the bad decade we’d have if Congress attempted to support a broken system with non-existent money.
SEE ALSO:
- Ron Paul comments on the failed Bail-out. A MUST WATCH. (Video Here)
- Great explanation of why congress made the right decision by Jeffrey A. Miron, senior lecturer in economics at Harvard University. (from edition.cnn.com)
- “I don’t see one penny of that $700 billion ending up helping the broader economy. I see it being used to prop up share prices so the insiders can salvage as much as possible when dumping their shares.” (Read more from counterpunch.org)
- Congressman Thaddeus McCotter’s Fantastic Anti-Bail-Out Speech: Video Here. “There are no necessary evils in government, the Treasury to you gentlemen is closed!” -President Andrew Jackson to fear-mongering Bankers
- Congressional leader will try again. (more from swamppolitics.com)
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