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Blunt Force Trauma

Heee's baaaack.

I'll tell you, but you won't like it.

I knew that chatter Paulson was flinging yesterday afternoon had to be cryptic for "this ain't over". And, sadly, it isn't. Paulie will just use a bigger TARP to shield himself from the 'no's' and ram this cancer into the patient.

Senate May Try to Revive Bank-Rescue Bill by Tomorrow (Bloomberg 6:22 am)

'The U.S. Senate will try to salvage a $700 billion financial-rescue package after the measure was defeated in the House of Representatives. The lawmakers won't have a lot of room to negotiate.'

Full article:

http://tinyurl.com/4kot84

U.S. Stock Futures Rally on Speculation Rescue Plan Will Pass (Bloomberg 7:10 am)

'U.S. stock futures rose, signaling the Standard & Poor's 500 Index may rebound from yesterday's 8.8 percent plunge, after lawmakers said they intend to salvage a $700 billion bank-rescue package.'

Full article:

http://tinyurl.com/3rv86e

Libor Surges Most on Record After U.S. Congress Rejects Bailout (Bloomberg 7:10 am)

This would the fourth rise, I think.

'The cost of borrowing in dollars overnight surged the most on record after the U.S. Congress rejected a $700 billion bank rescue plan, heightening concern more institutions will fail.'

Full article:

http://tinyurl.com/4j5xxt


D. F. Facti

Elaine - no time to read here yet - but I wanted to say that yiou have been dead on for well over a year - - - and of course this has been building for 20+ years

for once I agree with the right wing they shouldn't bail out wall street and nancy pelosi should have been grandstanding a hell of a lot sooner than a stock market crash

heading to washington tomorrow to testify thursday in our case

I am a wreck - but wish me luck

'Hope to catch up here soon

Best to all in this fiasco

Blunt Force Trauma

...and due to the facts above that Paulie will re-animate his crusade, the pre-market DOW is UP 198 points to 10,672.

Oops

Elaine, I admire and respect Ron Paul a great deal. His honesty is refreshing and his analysis of the current financial events are spot on. My problem is that his solution is to revert back to the old 18TH/19TH century "Adam Smith" style capitalism and free market ideas. It worked quite well with blacksmiths, tailors, and small entrepreneurs. However today we have huge corporations responsible for most production. One of the "laws" of capitalism is for the big fish to eat the smaller fish. This process is unstopable in a "free market". And maybe more importantly, never in history, has a social/economic system successfully reverted back to its old original form. I doubt that it will or ever could happen.....it would be a "first". I think that a new social/economic system will have to emerge in capitalism's place. Sadly, I'm afraid that it will be some type of industrial feudalism.

Blunt Force Trauma

Now I'm thinking all was engineered yesterday to scare the sheep into accepting the "bailout". Paulson can simply say, "See? That's what'll happen and much worse if we don't pass this bailout."

Oh. Look. He sort-of did say that...

Paulson May Find Market Turmoil Helps Renew Push for Bailout (Bloomberg 12 am)

'Treasury Secretary Henry Paulson may have to rely more on the worst stock market plunge in two decades and a deepening credit-market freeze than personal persuasion to sell his bank bailout plan to Congress.'

Full article:

http://tinyurl.com/45g3hc

Simon

Funny you should mention industrial feudalism, Japan comes to mind. It is still a stifling environment, however.
Maybe this is a huge conspiracy by the Japanese, Europeans, and Chinese, over 20 years in the making
Or maybe we screwed up.

Canuck

David

Canadian power elite were not hoodwinked during NAFTA negotiations thereby handing leverage over the Canadian economy to their American counterparts. While seemingly NAFTA allowed unfettered access to Canadian resources and markets on American terms (Which isn't far off) The corosponding trade off for Canadian power elite was the ability for Bay Street (Toronto) to set up financial operations without risk of trade an tariff impediments/reactions the like of which Elaine is so fond. In your face examples of this are TD Ameritrade which is advertised on American TV. TD = Toronto Dominion Bank. In fact Pretty much all Canadian banks have now marketed themselves with letter designates in order to obfuscate their true identity.

As for NAFTA greasing the skids for globalization and concentration of buisness and industry ownership, trust me Canadian power elite merrily skip hand in hand with their American counterparts glowing in profits while the social dislocations and public risk associated with their activities continues and compounds.

Canadian power elite are no mere pikers in the sphere of influence, I'll grant you they have a smaller pond to base from and they prefer to keep a low profile as the socialist nature of Canada frowns upon their success in a manner. But Canadian intrests have been well established leveraged and protected, in various organization such as the UN and the various international finacial regulatory bodies Canadian power influence far outweighs the substance of our base economy.

As for de-industrialization and outsourcing, Canada has essentially always been for sale due to the fact that Bay street has always preferred to open the doors to foreign capitalization rather than loose control of resources by supporting hinterland hicks and rednecks. Just not their cup of tea, power movers and shakers are justly more familiar in their eyes, ditto for politicians.

Candian business practices could hardly overlook outsourcing success to corporate bottom lines, corporate principals are obligated to engage these profit policies.
following on with foreign buyouts and parent company influence along with the Top management training and information sources which are basically the same as American outsourcing was inevitable.

Blunt Force Trauma

Here's an article from someone that is completely out-of-touch with reality.

It Is A Bailout Of Main Street, Because There Is No More Wall Street (LFB News 7:45 am)

'Despite all the theories from the conspiracy nuts, the Treasury’s plan to purchase toxic mortgage securities is not about saving Wall Street, because there really is no more “Wall Street” left to save.'

Ha, ha, ha. Where to start with this fool? I see he enjoys the taste of his Kool-Aid.

Full article:

http://tinyurl.com/446lf7

Blunt Force Trauma

This article, featuring Ron Paul, was written before yesterday's vote and is still relevant considering Paulson is donning his battle gear and will try again, to rob the citizens.

Ron Paul: Bailout Will Destroy Dollar, World Economy (Prison Planet Sept. 29/08)

'As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.'

Full article:

http://tinyurl.com/4b3mwy

OC

Just replace US with Russia and China in David's email and 'major US groups/patriots' with Putin and Hu.

The future is already written.

Bear of Little Brain

Nice essay, David.

Lot of blame for the globalist elite but not much thought for the rest of the global population. This looks like a call for a return to the glory days of American hegemony, lately hijacked by this 'elite'. A call all nicely wrapped up in the flag and the Constitution.

It will still leave the rest of the world wondering why 6% of the world's population thinks the USA should consume 25% of the world's resources (or whatever the current statistic is - I don't imagine it's changed much). Unless, of course, "It's God's will". Well, that's OK then.

The world is changing and with this change will come great pain and strife. That the world is changing is proven, in part, by the international nature of all those who post here. Time to move on.

Will refrain from writing my own essay. Unfortunately, I'm cursed with being an idealist, perhaps with an exaggerated sense of fairness and justice. (Something similar was said of Timothy McVeigh, but I digress.) Of course, I, too, benefit from the Western standard of living. Personally, I blame it all on the TV programme, "Dallas". It was distributed world-wide and gave the peasants ideas above their station. JR dun it.

Simon

Re: http://tinyurl.com/446lf7
The simple fact is that those two are not supposed to fail as they are not investment banks however they are relentlessly hounded by media with constant credit rating downgrades, causing a panic amongst the depositors to withdraw, and run-on-bank ensues.
The 'conspiracy nut' says they did this to spread panic and threaten the public into buying the bailout. After all no one really cares if only GS, lehmans, Morgan S fails.
You decide the truth ;)

Simon

The Republicans / GOP believe that governments are doomed to failure
Sadly it believes in acting out its belief ;)

Elaine Meinel Supkis

Hi, Canuck! Glad to see you posting again. Do stay and chat more.

And you are right about Canada, as usual. I need this sort of feedback to see better. Canada is terribly ignored by the US. Maybe we should send you Palin to fix that. HAHAHA.

Jojo

Considering the years of the dumbing down of the US electorate, media manipulation and the perversion of representative Democracy by corporate money - it is truly amazing that there has been such a huge clamor from ordinary US citizens not to pass this ill-thought out reactionary bailout for Paulson's financial mafia mofo buddies.
This crisis may be just the catalyst to ignite the masses to getting involved and educating themselves to the situation, that despite all the evolving technological sophistication of civilization it is still a slave/master paradigm.
May education save us from the catastrophe of an imploding credit/debt implosion.

Elaine Meinel Supkis

I sincerely pray you are right, Jojo.

GK

Elaine, I thought you, Pythia? HAHAHA, might appreciate this quote from a book I just found. ;-)

The Last Oracle -James Rollins

The Greatest blessings granted to mankind come by way of madness, which is a divine gift.

SOCRATES, ON THE ORACLE OF DELPHI.

"Each generation, a single woman ascended to the seat of prophesy and took the name Pythia.

While under a vapor-induced trance, she answered questions about the future -- from the mundane to the profound.

Flying Dutchman

By far the best article I have seen here Elaine. Nothing could be further from the truth. I dont believe one could actually have a leftist or right wing position here when it comes to constitutional finance. The problem is in fractional reserve banking itself and the value of wealth and the currency. I pondered this today and this appears to be an Intelligence operation in the market. What has got me curious here is that numerous double agents have trapped the trappers. Is that a good thing? We shall find out. Overall the American interest comes down to the American people. Our true colors will come out in this mess. ie- when it comes to the constition and the rule of law who are really "republicans" and who are really (for lack of a better word and for simpler understanding) "socialists". Do not confuse the last statement as political. What is fractional reserve banking? What has it accomplished? Where did it come from? Who designed it?(really) Why was it implemented? And how can it be used as a weapon? Do we today understand what a gold standard really is? Myself, fractional reserve banking only can help but create war. Many internet sites talk today of perpetual war, but maybe we have had it since before many of us were born. Looking at the books for instance, since Jacksonian democracy, if we decoupled from Great Britain it brought about an immediate war. Did we win? History says so, but finances tell another tale. If the republic is lost in this mess, its better to conform without giving up your beliefs, activism is gone but so what? Democracy is majority rule after all. One final note, has free trade exported this fractional reserve monster to our rivals? Do they enjoy the power that it brings? A quote from old man du Pont to the senate some years back, when asked what form of goverment he preffered? To which he applied "a monarchy, you cannot win a war without one". For christians that is why Christ is king, and the word mercy has meaning. We need peace.

GK

Dow +777:

Jerusalem is located 777 meters above sea level.

Dow -485:

Egypt is 485 kilometers southwest.

http://www.keyway.ca/htm2002/jerfacts.htm

During the 10 "Days of Awe" start with Rosh Hashanah and ending with Yom Kippur

http://www.jewfaq.org/holiday3.htm

The Fast of Gedaliah is coming tomorrow.

www.chabad.org/library/article_cdo/aid/4825/jewish/Gedaliah.htm

"When the refugees reached the border of Egypt, they halted. Here Jeremiah once again warned his brethren that the safety they sought in Egypt would be short-lived. He predicted that before long Egypt would be conquered by Nebuchadnezzar and destroyed. The prophet further warned them of the dangers besetting them in mixing with the idolatrous Egyptians. If they should return to idolatry, which had been the cause of all their misfortunes in the past, they would seal their fate beyond hope.

Unfortunately, the prophet's warnings and entreaties were in vain. The Jewish refugees settled in Egypt and before long abandoned their faith in G-d. They sank to the level of the heathen practices of the Egyptians.

A few years later there was a political upheaval in Egypt when Pharaoh Hophra was assassinated. Nebuchadnezzar took advantage of the situation. He invaded and destroyed the land, and most of the Jewish refugees perished in this invasion and war. Thus Jeremiah's dreadful prophecy came true again.

Where and when the aged prophet died is not known with certainty. It is believed that he and his faithful disciple Baruch spent their last years with their exiled brethren in Babylon.

In memory of the assassination of Gedaliah and the tragedy that it brought upon our brethren in those days, so soon after the Destruction of the Holy Temple, we fast on the 3rd day of Tishrei, the Fast of Gedaliah."

Zulu

Poor Canucks. But where can we Americans go when things finally implode? Perhaps I can get a job carrying water in Costa Rica for one of the elites. At least I won't die of exposure there.

JSmith

We can always blame them nameless global elites for almost everything (that's what they're there for after all), but most of the mess must be laid at the doorstep of those who thought lending money to people who can't pay their bills was a good busines model.

"Dow +777: Jerusalem is located 777 meters above sea level. Dow -485: Egypt is 485 kilometers southwest."

More magical-numberology, I s'pose?

Harry Frazee

I have studied the financial system for more than three decades. Below is a brief version of the crux of the matter. The point is that as long as we continue to operate this system it will continue to crank out these seemingly insoluble problems. As a person who understands the nature of the problem it is amazing to me that not one person of authority or any of those sharp talking heads have a clue about what is going on and more important, how to successfully deal with this. I ask that you go into this short paper with an open mind. If understanding arrives, that would be wonderful. If not call me I can explain it in any number of ways so that, hopefully, you can understand.
We need not borrow money for a “bailout. ” We can promote an economical comeback using money that Congress is authorized to create, that is, all the money we may require, completely free of interest. The Supreme Court was very clear on this matter in the legal tender cases mentioned. Below. It is beyond foolish to borrow money at interest when Congress has the authority to create money free of charge.
I have a somewhat longer paper that offers great detail regarding the inequities of the pernicious money system in place in every modern country. It explains in no uncertain terms why the system is unworkable. It also offers a look at society that has unencumbered itself from this pernicious system and availed itself of a sound scientific financial system, one that works for the benefit of all
Warmest personal regards
Harry Frazee Home 425 672-0648, Cell 425 221-9998


“The significant problems we face cannot be solved at the same level of thinking we were at when we created them”... Albert Einstein.
When the scientific method is applied to this problem the solution is always the same, as it should be: The "conventional financial mechanism," the one in place today in every modern country, wherein “money” is loaned into existence, is the cause of the terrible financial problems which now confront us. With this system, our money is not money; it is debt and evidence of debt.
Thomas Paine reminds us: “It is not our doing a thing with a certain end in mind that will cause it to produce that end,” he says. “The means taken must have a natural ability and tendency within themselves to produce no other, for it is this, not our wishes or policy, that governs the event.”
He couldn’t have put it more clearly. We operate the system; no matter the “oversight,” we get the result. It’s always the same. Breakdown. This time it was exacerbated by the “bursting of the housing bubble.” Science has shown and history has proven this time and time again.
There is plenty of evidence that this system—I call it the conventional financial mechanism, the one in place today in every modern country, is unworkable. The key feature of this mechanism is: interest charged on the “money.” (I have enclosed “money” in quotes to denote the fact that it is actually debt, in the form of ledger entries, computer bits and evidence of debt, we call currency or Federal Reserve Notes.)
Since all money is borrowed at interest, then at any given time, the aggregate amount due for repayment is always far greater than the amount borrowed, as anybody who has a home mortgage knows. Putting it another way, the banks, the entities that lend us “money,” demand more in repayment than they create. This makes repayment of the debt impossible. We can see this with a brief glance at history and present events. Conventional economists have overlooked its significance. Their inability to recognize this fatal flaw in our financial mechanism has resulted in continuous acceleration of our financial problems.
“The great enemy of the Truth is very often not the lie—deliberate, contrived, and dishonest—but the myth—persistent, persuasive and realistic.” John F. Kennedy
In the aftermath of the Civil War, President Grant appointed two new members of the Supreme Court and the court set for reargument the legal tender cases: Knox vs. Lee and Parker vs. Davis. They were reargued on February 23, and April 18 and 19, 1871. Two weeks later, the court reversed itself and held the Legal Tender acts constitutional. And so they remain. Money has no value, except as a medium of exchange. Credit or debt “money,” as I prefer to call it, is a product. As such, it never works as a medium of exchange. We, Congress, can create all the money we need without going into debt.

www.strutmasters.com

Santarchy is not a movement, that's what you do in the bathroom. In addition to that, the annual Santacon events are not a protest against Christmas or commercialization. Really, it's just a bunch of santas getting together to have a good time.

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