September 29, 2008
Elaine Meinel Supkis
When I arrived in DC at 1pm last Tuesday, I heard on the train that the top leaders of DC were going to ram through this $700 billion bail bill by that afternoon. But when I went into Congress, I discovered that the phones were ringing off the hooks to NOT pass the banking bail bill! Nonetheless, I must have been the only anti-bail bill lobbyist, I saw and heard of no others. But the next day, more poured in and Congress began to fight their own leaders! A very good thing. Democracy won today! Thanks to everyone for helping this along!
(Bloomberg) -- Goldman Sachs Group Inc. and Morgan Stanley, the two biggest securities firms before they converted to banks last week, sank in New York trading after the U.S. House of Representatives rejected a $700 billion financial-rescue plan.
Goldman dropped as much as 24 percent in composite trading on the New York Stock Exchange, while Morgan Stanley fell as much as 19 percent.
The House rejected by a vote of 228 to 205 the measure to authorize the biggest government intervention in the markets since the Great Depression. The legislation would have given Treasury Secretary Henry Paulson broad authority to buy troubled assets from financial companies.
This bill was a damn bail out for Goldman Sachs. I was very fortunate to sit right next to Paulson and the Sphinx. Paulson looked just terrible. His Precious, oh! His Precious was slipping away and he could see that his little coup was now doomed. Just 24 hours earlier this bill looked certain to pass, thanks to the top leaders in both the Democrats and the Republicans being totally corrupt and utterly owned by the same criminals who tried to circumvent our democracy. But each hour's delay created more and more resistance and anger. Time was on our side so I was happy when I left DC. Certain that the underlings in Congress would flush this down the toilet.
First off, the $630 billion Bernanke and Paulson needed Monday morning: I knew our trade partners in the G7 would never, ever let the fiat dollar die. This would utterly kill their lopsided trade with the US! This $600 billion sitting in London was mentioned but not discussed to my great disgust. So I knew there was this $600 billion piece of business that our trade partners wanted to have the US taxpayers swallow, not themselves.
But of course, when push came to shove, they all lined up and put all their collective reserves on line to bolster the US dollar. Otherwise, the dollar would be nearly worthless today.
This may look like we are playing chicken and we are. We know that when we drive straight at our European allies, they will swerve to miss us. For the alternative is for them to bow to Putin. Putin is laughing at all this on the sidelines. I recall the G7 nations were mocking him for his own stock market's declines.
Well, ours is falling like a rock! And it must for we have to balance our books. This is the month of Libra. She rules all and her rule is absolute. No pay, no eat. That is all there is to it. On top of all this ugly mess that the G7 persisted in pushing, we have our fading democracy. The bill submitted to Congress by two unelected elites was totally a coup! And should and was shot down by brave and good men and women.
Back to when I was in DC: no one was lobbying on Tuesday but Wednesday, people showed up. I was charmed by the small group of conservative kids who showed up to uphold real capitalism. They were energetic and fired up. The left focused on roaring demonstrations right at Wall Street. This barely made the news but it scared the hot shots of the NY delegation. Agitation works! We have to be quick and strike when the iron is hot! Just like my little visit did set some interesting wheels turning for I spent hours at a Congressional party, arguing the case against this bill, for example. This is why isolating our leaders stinks. They only talk to each other and the very rich and very powerful.
Pelosi has so much egg on her face today, she is as yellow as a canary. Her attempt at assisting a Wall Street coup has failed and she should RESIGN. Today. Her loss of face alone is reason for the Democrats to pick a new leader. The same goes for that tool from Vegas, Reid. He is complicit. He should be tossed out. I would suggest the Democrats vote in Kucinich as their leader. He would make life most interesting. I support his candidacy!
Whoever is chosen, they must be someone who is not tainted by bribed from Wall Street. Pelosi and Clinton as well as McCain and Obama, are up to their collective eyeballs in Wall Street bribes. They should all quit politics, frankly. Let us redo this election with a fresh slate!
I also know that Pelosi's coup would fail when a number of Democrats and Republicans caucused together to stop it because the bill was unconstitutional. The US has lost its constitutional bearings since 2000. Time to restore it to its original form.
I want to thank all the readers here who made this trip possible for me. We CAN turn the Wheel of History! And on top of that, the other elements needed, namely, a dose of magic and the arts of inter-spatial communications allowed us to get slightly ahead of events. Heh. So to speak. The people of America who wanted to intercept this bad bill had to run hard to pass it in the time/space frame set up by Pelosi, Reid, the Republican leadership including Bush as well as the co-conspirators, Beranke and Paulson!
The politicians should be impeached. Bush should be drawn and quartered. And Paulson and Bernanke sent to Siberia or even China for real rough justice. None of them should maintain their positions after this failed coup! This coup was TREASON. Arrest them all.
And thank you, all! We can win when we fight back, together!