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Monday, September 29, 2008

Call Now to Stop the the Bailout Bill: Largest Theft in American History

Call and Pray that the shards of the American Republic will be saved. What the politicians don't know is that this will become a very hot topic for them personally very soon. Pray that they do the right thing and resoundly reject the bailout bill.
Here is the number 202-585-3886

Here is also the Congressional Offices of the Criminal Politicians. This is the link to write your representative. Give them a piece of your mind now. The democrats are in support of this bill; it is now the Republicans that maybe will save what is rest of the Republic. Go figure. This link is conveniently down right now.


The Good News: UK Banker Jumps in front of Train

The guy if he was really honorable should have spilled the beans on the Banking system. The Banks are the source of all the wars, mayhem, death and destruction over the last 100 years. They are the reason; we are still using Oil, why we are in Iraq and Afganistan for longer than WWII, why we carpet bomb our bodies with Drugs that don't work, why we vaccinate our kids with Mercury, why there is fluoride in the water. The source of our financial pain, the yolk of a debtor system is the Federal Reserve system. It is the system that is the problem that was signed into statutory law in 1913 by a Congress that was half-filled on the eve of Christmas. So, No I will not mourn for a banker, more like celebrate a possible sign that the end of the evil may be near. The solution? Ron Paul's bill to eliminate the Federal Reserve and bring back the Gold standard.

Christopher Leake

The City was in shock last night after the apparent suicide of a millionaire financier haunted by the pressures of dealing with the credit crunch.

Kirk Stephenson, who was married with an eight-year-old son, died in the path of a 100mph express train at Taplow railway station, Berkshire.

Mr Stephenson is believed to have taken his own life after succumbing to mounting personal pressures as the world’s financial markets went into meltdown.

The death of the respected 47-year-old City figure evokes memories of the 1929 Wall Street crash in America and comes as:

• Bradford & Bingley teeters on the brink of nationalisation after a dramatic share price slump.

• David Cameron faced embarrassment on the eve of the Tory conference after members of a secretive club of Conservative donors were linked to the ‘short-selling’ of Bradford & Bingley.

• Gordon Brown was wrongfooted by Shadow Chancellor George Osborne, who announced plans to set up an independent watchdog to police the Treasury and strip it of key powers if the Conservatives win the next Election.

New Zealand-born Mr Stephenson, who owned a £3.6million, five-storey house in Chelsea and a retreat in the West Country, was chief operating officer of Olivant Advisers.

Last year, the private equity firm tried to buy a 15 per cent stake worth almost £1billion in Northern Rock before the bank was nationalised, bidding against Virgin boss Sir Richard Branson.


* How Cameron's secretive donors bet on the collapse of Bradford & Bingley
* Bradford & Bingley will be nationalised - with Santander swooping in for the savings accounts
* Jewish holiday means U.S. Senate won't vote on $700billion bailout before Wednesday
* McCain savages Obama on Iraq to edge ahead in television debate
* Credit crunch claims another victim as furniture giant MFI struggles to survive
* Tory watchdog 'to strip Treasury of key powers to curb reckless spending'

In June, the company secured a 2.5 per cent stake in Swiss banking giant UBS. There has been persistent speculation in the financial world that UBS has written off billions after being exposed to the US mortgage market.

Since June, the bank has dropped in value by about 20 per cent, which means the value of Olivant’s stake in UBS has fallen from £950million to £770million.

Before his death at 9am on Thursday, Mr Stephenson appeared to have everything to live for.

A glittering 20-year City career had made him a hugely wealthy man and he was said to have been happy in his marriage to Karina Robinson, a successful financial writer.

Sources stressed that neither Mr Stephenson nor his company had financial problems that would have led him to take his own life.

But they said the financier had ‘succumbed’ to the stress and responsibilities of his taxing role, adding that Mr Stephenson had overreacted to the continuing financial turmoil. Source

Sunday, September 28, 2008

Financial Crisis: Laws Are Relative to Self-Interest

This of course only applies to Bankers and Politicians. Laws with us are also subjective depending on the value derived for Bankers and Politicians. This article is a liberal Socialist viewpoint. Their solutions are of course, more socialism while they blame the crash on free market principals. The Free Market has not existed in the world since the introduction of fiat currency in 1933 with the rescinding of the Gold Standard, HJR-192, by the American Lenin; FDR. The only solution of course is to go back to a metal-backed standard such as Gold, Silver and Platinum like the U.S. Constitution requires by Law. Even Liberal Communists, ie Democrats and Neo-Con Fascists ie Republicans, both realize there is a major problem now. They just do not have any solutions, they both flounder like beach whales looking for more drugs to mask the pain. Only Ron Paul knows what to do eliminate the FEDERAL RESERVE which can be done with a stroke of the pen, you could even use the same pen that created the FEDERAL RESERVE in 1913 by the four congressman that were present at the vote on Christmas eve. Unfortunately the Average American's IQ will need to rise about 100 points in the next week to understand the debt notes are not MONEY. MONEY IS GOLD, not Paper. It is true that paper has more flexibility than Gold. You can write on it, you can send people to die with it, you can kick them out of their homes with it, you can wipe your ass with it, you can burn it, you can even make origami out of it. You, however cannot base a functional society on the use of paper. The concept of using a Universal Xerox copier as the sole currency of the world is dead. Ding Dong the witch is dead, the evil wicked witch is dead. No matter what the non-vertebrae Politicians do this week, the Crash is still coming. The true cost of the debt is about 14 Trillion dollars, what is 700 Billion worth of fake money going to do?
In the great depression; they were burning money for fuel, paper does burn although it is not the most efficient alternative fuel. You may want to check in Ethanol for a more viable alternative. The upside to the Financial crash? You make get to see some bankers and stock brokers jumping out of windows again on wall street. Get those camcorders and race down to wall street to enjoy the collapse of the Federal Reserve System. May God help us bring back the Gold and not the Amero.

Yvette Cooper 9/27/2008
Totems are tumbling, shibboleths lie shattered. When the US Republican administration proposes buying banking assets worth more than several European countries put together, you know the normal rules are being torn up.

That means politics has to change too. In the US, despite the rows over detail, Republicans and Democrats alike have been ready to think the previously unthinkable. Here the Labour government has had to move fast to respond to changing circumstances, and more will need to be done. But the Conservatives have proved slow to keep up with seismic events, opposing the measures our economy needs.

The scale of the challenge is considerable. Dodgy lending decisions in the US housing market have infected financial institutions across the globe. Over-complex bundling of assets, lent round the world and back again, meant banks, credit ratings agencies and national regulators all struggled to understand where the risks lay. Banks have lost confidence in each other and global credit markets have frozen up. Add to the mix, wild fluctuations in world oil prices and increasing food prices. The Irish economy is now in recession. France and Germany have experienced negative growth. And the UK economy is under pressure too.

Governments, central banks and regulators across the world are rightly taking unprecedented action to promote financial stability. Our decision to rescue and nationalise Northern Rock, apparently radical at the time, has been overshadowed by much larger takeovers across the Atlantic with the US government now backing half the mortgages in America.

Central Banks are stepping in to lend banks the cash they can't get from each other. The US is debating buying "toxic assets" off the banks. Here we have introduced the Special Liquidity Scheme which allows banks to swap illiquid assets for three years, to tide them through the turmoil.

Destructive speculative short selling has been suspended. We have changed competition rules to support financial stability too. And we will need to go further both to respond to fast moving events and to restore functioning markets in the public interest. Worried savers are angry. City reform is needed. Tougher regulation is being introduced.

The Conservatives have resisted many of the measures needed to get us through the worst of the financial storm. They opposed Northern Rock nationalisation on principle. Last week George Osborne defended short selling, even amidst signs speculators wouldn't flinch from pushing a fragile market over the edge.

Were this simply the odd bad call, it could be put down to the inexperience of opposition. But I think it's more than that. Underpinning the Conservatives' economic approach is a wider philosophy on "rolling back the state" and replacing it with the politics of "nudge," where government steps back and simply encourages social values instead.

Of course there are plenty of fields where social values are far better than state intervention, or where government action is not in the public interest. But sometimes only governments are big enough and legitimate enough to protect the public interest when markets spectacularly fail. Nudging speculators isn't a fat lot of use when the stability of the entire banking system is at stake.

The problem for the Conservatives is that they want to claim all the market problems are the result of failure of government. As a result they are blinding themselves to the importance of government solutions to the failure of markets. So rather than face up to the crisis in global private sector credit, they are desperate to claim the real problem is UK public sector debt.

As well as being bad economics, this is a dangerous game for the Conservatives. Given the current pressures on our economy, it is right to increase borrowing this year -- and we can do so exactly because we cut debt from the levels we inherited in 1997. The alternative Conservative plan of cutting borrowing right now and pursuing a balanced budget would hit the economy hard and seriously threaten public services too.

No government can prevent global slowdown. But we can take the decisions to support financial stability, to help businesses and families through the tougher times, to support those who are hardest hit, and promote markets that function in the public interest to support growth for the future.

But that depends on government playing a sensible role, not pulling out as the Conservatives have suggested. The fragility of financial markets means the stakes are now higher than ever. As Gordon Brown said in his conference speech, those who don't believe in the potential of government shouldn't be trusted to form one.

Yvette Cooper is Chief Secretary to the Treasury