How the Banksters
Made a Complete Killing off the Bailout
By
Pam Martens, CounterPunch.
Posted
October 21, 2008.
It's going to take about 20 years to repair the damage from the huge rip off
created under the guise of "free market" capitalism.
In 1897, when 8-year old Virginia O'Hanlon posed her Santa Claus query to
the New York Sun, she received a heart-warming editorial response reassuring
her that "He exists as certainly as love and generosity and devotion exist."
Today, we hand our 8 year olds a $13 trillion national debt while our
Congress hands Wall Street banksters the national purse without so much as a
hearing to determine the cause of the debt collapse. Worse still, the money
is doled out to the very same individuals who leveraged their institutions
to casino status................more
Financial Weapons of Mass Destruction: A
$516 Trillion Derivatives 'Time-Bomb'
by Margareta Pagano and Simon Evans
Global Research, October
13, 2008
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|
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Not for nothing did US billionaire
Warren Buffett call them the real 'weapons of mass destruction'
The market is worth
more than $516 trillion, (£303 trillion), roughly 10 times the value of the
entire world's output: it's been called the "ticking time-bomb".
It's a market
in which the lead protagonists typically aggressive, highly educated, and
now wealthy young men have flourished in the derivatives boom. But it's a
market that is set to come to a crashing halt the Great Unwind has begun.
Last week the
beginning of the end started for many hedge funds with the combination of
diving market values and worried investors pulling out their cash for safer
climes.
Some of the
world's biggest hedge funds SAC Capital, Lone Pine and Tiger Global all
revealed they were sitting on double-digit losses this year. September's
falls wiped out any profits made in the rest of the year. Polygon, once a
darling of the London hedge fund circuit, last week said it was capping the
basic salaries of its managers to £100,000 each. Not bad for the average
punter but some way off the tens of millions
plundered by these hotshots during the good times. But few will be shedding
any tears. ....more
Last Updated: Thursday, September 18,
2008 | 8:04 AM ET
Comments126Recommend80
The Canadian Press
The Bank of Canada is joining the U.S. Federal Reserve and central banks
in Europe and Japan to shovel up to a quarter of a trillion dollars into
global money markets as they strive to restore confidence in the world's
battered financial system...
more
Let the Bank runs begin
From the August Review
By Patrick Wood, Editor
September 15, 2008
The immediate aftermath of the Lehman
Brothers bankruptcy will be a massive and manic flight to liquidity and
withdrawal of funds and credit from banks, S&L's, insurance companies and
brokerages, leading to more failures.
Nothing can stop it at this point. more
Published on Monday, September 15, 2008 by
CommonDreams.org
The first time I was in a car crash, I was six or seven years
old.
That's a long time ago. But there are certain things about it
that I remember quite vividly.
My father was driving. The road was icy. We began to slide. This
was in the days before seat belts and cars had bench seats,
upholstered, but not shaped for each individual bottom. My
father shot out his right arm and pressed me against the seat
back to keep me from flying forward if, indeed, we ended up in
hitting something.......
more
Meet
the Economist Who Thinks We're Doomed
By
Stephen Mihm, The New York Times. Posted
August 18, 2008.
Dr. Nouriel Roubini believes we face a housing bust, a huge credit crisis,
an oil shock and a deep recession. Just for starts.
more
IS AN INTERNATIONAL FINANCIAL CONSPIRACY
DRIVING WORLD EVENTS?
more
AMERICA TAKE BACK THE FEDERAL RESERVE AND SAVE
THE NATION FROM DEPRESSION 2008!!
more
THE CRIME OF THE CANADIAN
BANKING SYSTEM: Bill Abram (part 1 )
Canada's
Great Experiment: 1935-1974 (Bill Abram, (part 2)
Gerald
Grattan McGeer: Bill Abram snowshoefilms (Part 2)
A
documentary on the story of stuff. Material madness and counting the
costs of our attraction to things without knowledge of origins, and
the cost to our living environment.
TRUE Government
The ten
steps or stages to the evolution of a true democracy.
1. Freedom of the Person
Slavery, serfdom, and all forms of
human bondage must disappear.
2. Freedom of the Mind
Unless a free people are educated --
taught to think intelligently and plan wisely -- freedom usually does more
harm than good.
3. The reign of law
Liberty can be enjoyed only when the
will and whims of human rulers are replaced by legislative enactments in
accordance with accepted fundamental law.
4. Freedom of speech
Representative government is
unthinkable without freedom of all forms of expression for human aspirations
and opinions.
5. Security of property.
No government can long endure if it
fails to provide for the right to enjoy personal property in some form. Man
craves the right to use, control, bestow, sell, lease, and bequeath his
personal property.
6. The right of petition.
Representative government assumes the
right of citizens to be heard. The privilege of petition is inherent in free
citizenship.
7. The right to rule.
It is not enough to be heard; the power of petition must progress to the
actual management of the government.
8. Universal suffrage.
Representative government presupposes
an intelligent, efficient, and universal electorate. The character of such a
government will ever be determined by the character and caliber of those who
compose it. As civilization progresses, suffrage, while remaining universal
for both sexes, will be effectively modified, regrouped, and otherwise
differentiated.
9. Control of public servants.
No civil government will be
serviceable and effective unless the citizenry possess and use wise techniques
of guiding and controlling officeholders and public servants.
10. Intelligent and trained representation.
The survival of democracy is dependent
on successful representative government; and that is conditioned upon the
practice of electing to public offices only those individuals who are
technically trained, intellectually competent, socially loyal, and morally
fit. Only by such provisions can government of the people, by the people, and
for the people be preserved.
