Ten Reasons NOT To Bail Out Wall Street

by Catherine Austin Fitts and Carolyn Betts, Esq.

(1) Crime that pays is crime that stays.

There is reason to believe that Wall Street and those they represent are holding loans without collateral, multiple loans secured by the same properties, and other fraudulent instruments among the “troubled assets.” Based on the secret “Treasury Conference Call” with 800 Wall Street insiders, we know the deal proposed to be passed by Congress isn’t the real deal promised to Wall Street.

(2) This smells like obstruction of justice.

Bail-out without due diligence of so called “troubled assets” is a perfect way to hide documentation of financial crimes. It is also a perfect means to launder both the past ill-gotten gains and new federal money spent recklessly and without necessary safeguards and oversight mechanisms. Be very suspicious when they tell you “we just can’t tell what’s in these troubled assets.” We can assure you that the federal government has field offices all across the country that deal with significant amounts of real estate and mortgage assets on a daily basis. If Treasury refuses for more than a decade to comply with the laws, with approximately $4 trillion missing (and counting), it is not competent to manage $700 billion of taxpayer money while its arm is twisted by Wall Street.

(3) Wall Street owes the federal government money.

We need to get stolen money back from the banks that served as depositories for the US government (including trillions for which the Pentagon and HUD could not account) and punish them, not create another opportunity for them to game the system and engage in criminal enterprises to rob consumers. To the extent there has been regulatory wrong-doing, let’s not let the miscreants leave town with the evidence.

(4) Good guys are shut out.

A bail-out provides no way for honest leaders to come to the fore and use their creativity and expertise to restore balance and integrity to the system or for unproductive and poorly-managed banks that contribute to current over-capacity in the banking system to die a dignified death.

(5) This results in more investment in the “bubble economy.”

Spending massive amounts on non-productive uses (“buying” worthless credit default swaps, mortgages with no collateral and derivatives, which could even include the derivatives used to manipulate the precious metals markets) as opposed to productive uses (repairing infrastructure, creating alternative energy systems, supporting inventing and production of “green” products) is inflationary.

This bail-out will drive prices of food, water and energy up for the people who can least afford it.

(6) Bail-out does not result in capital circulating in healthy ways.

The bail-out of Wall Street and too-big-to-fail banks and insurance companies that are getting bigger by the minute by swallowing up other failing financial institutions (and creating more institutions that are “too big to fail”) does not result in trickle-down to those whose money was stolen in recent swindles (S&L, dot.com, current housing crisis), i.e., the taxpayers/middle class and working poor.

(7) These arrangements will result in more corruption.

Centralized “fixes” are sure to result in black holes, no-bid contracts and other scandals.

(8) The bail-out drains the real economy, rather than invests in the real economy.

The US economy can’t be productive or grow if consumers don’t have jobs and can’t afford to purchase goods and services. Real stimulation of Main Street is accomplished through productive investment, not bail-outs that shift money to unproductive sectors. We should use all of our precious resources to reinvest in our people in the real economy.

(9) It props up sectors that need to downsize and consolidate.

There is significant overcapacity in the financial and banking sectors. Brainpower and talent needs to stop blowing financial bubbles and shift to economic activities that create real value.

(10) It is a temporary “fix” to keep Wall Street afloat until after the election.

Our resources are better invested in permanent, long-term solutions. This bail-out will not fix anything. Rather, it will help the perpetrators get away and ensure that the ultimate day of reckoning is worse.

The Administration wants to drain the real economy to bail out Wall Street. It seems to us that the more appropriate plan would be to require Wall Street to return the $4 trillion plus that is missing and use that to rebuild the real economy.

We think the time has come to reverse the flow. Go to any business school in the country. That is what they teach. Money should move out of unproductive sectors into productive sectors. The bail-out does just the opposite.

“Just say NO!”
Related Reading:

Bailout Mo’ Money Catherine’s Blog, March 11, 2009

67 Comments

  1. The New York Times
    When Madmen Reign

    By BOB HERBERT
    Published: September 29, 2008

    If you want to read an example the type of devious cover ups that are being put out by the “higher class” media, read this one by Herbert. http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/bobherbert/index.html?inline=nyt-per

    That’s right, they are only crazy, not clever thieves.

    One of the Laws of Power is to play dumb and/or innocent, or crazy, on purpose. (Remember the Roman Empire?)

  2. Just heard Catherine on the Flashpoints show to hear the 10 reasons to nix the bailout.

    I have done the same thing Catherine mentioned on this Wednesday: I called my Congressman
    and both Senators prior to today’s vote. On Thursday I urge others to do the same and tell them to vote no on HR 1424. Interestingly I got the short phone call treatment like Catherine did as well where they didn’t take my name and address in one instance.

    Also it was interesting the way some of the aids responded– I just heard overtones in the
    thank you’s that they didn’t believe what they were hearing.

    What they were hearing from me was: “No bailout– not today, not ever.”

  3. The companies need to take away from the CEO’s, Executives, Board Members, Board Chairman; all the cash perks, the multi million dollar salaries, and bonuses. Then take each and every mortgage that has a adjustable rate, and turn them into fixed rates of 5% or less. If stretching them out to 40-45yrs so be it. The companies need to make a way for the home-owner to afford and be able to keep their home. Then the US government needs to have the FBI,IRS, and any other agency to investigate who, what, why, and how this problem came about. During such investigation, anyone found guilty of cooking the books, and having bank accounts off-shore NOT reported to the IRS, needs to put into prison. Also, IF any politician is found to have a hand in, or have made any type of profit, should be placed in prison as well. Those companies that are clean of any wrong doing should get a tax break, along with the taxpayers. In the long run, both the home owner and the companies profit in the end. Also investigate those in agencies who are suppose to keep things like this from happening. Place stronger rules/regulations and tougher laws for those who take advantage of lack in enforcement.

  4. I agree with your 10 reasons and have been listening to you as well on the George Norrey Coast to Coast show and it has been quite intersting to say the least. I believe this is a way for those who are involved in bring ing about a one world order or make us more a part of the global economy they need to break our country and thus remove our sovereignty to be more pliable and to weak to stop this evil that is out to destroy our country. I hope that made more sense then it did writing it. I said all that to say there is more at play here then just our economy being effected for greed. Not a conspiracy theory guy ,but I’m not so blinded as to believe one can not exist either. This chimes in with the open borders movement and wasn’t many loans given to those who were illegal aliens for homes? This is just so amazing and yet so many Americans are still being led around by the nose ring through the press. Anyway I think I am just ranting now and ned a few minutes to think more clearly and write more intelligently. I just want Americans to unite and come together to take back our country while we still can through the ballot box. The time is now not sometime later and this economic issue coupled with these two that are what we are being given as the only two for president by the media. There is Bob Barr and there are other good men and women who could be voted into the congress and senate while we vote so many out of office. No time to be loyal to a party and time to just be Americans coming together for America. http://www.vote-itz-ur-right.com

  5. This is so disgusting. My senator voted for this awful bill, complete with all the pet projects added. I asked, and asked, for him to vote against it. We have unethical members in our congress who should be forced out and made to bring back the loot they took. They should be sued for standing in the way of correcting the ability of the mismanagers to loot Fannie and Freddie, some working in the Obama campaign now! They should be made bring back their loot too and their assets frozen until the investigation is complete. I have no faith in the investigation which is only going back to 2007, and am losing a lot of faith in our government. If this were such an emergency, why was it loaded up with pet projects of the members of congress? This is a sad day for our country and we badly need a congressional housecleaning.

  6. They actually have the same members of congress who are guilty of putting laws in place to allow this to happen, in charge of fixing it. Isn’t this like putting the fox in the hen house? I have called Frank and Dodd’s office and told them they need to resign and bring back every penny they reaped from Fannie and Freddie. I got hung up on by Frank’s office and a “thank you” from Dodd’s, and they didn’t bother to take my name or state. They are going to do what they want to. If you are a democrat, you can do anything and skate, witness Frank and his house of ill repute and fixing parking tickets of the johns who visited it (Frank says he didn’t know about it, yeah sure), Rangel who is a tax evader, Jefferson with the $90,000 in his freezer, Wexler who gave a phony Florida address to run for congress, but actually lives in Maryland, and Pelosi using her pac money to pay her husband (they are independently wealthy on their own, but I guess when you get to congress, greed takes over). This was supposed to be the most civil, ethical, bipartisan house ever, yeah sure! Bet Tom Delay and G. Allen wonder what they did so wrong. Their sin was being a republican.

  7. Wake up people, it’s obvious “they” don’t care what you think.

    ‘When governments fear the people, there is liberty. When the people fear the government, there is tyranny. The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.’ Thomas Jefferson

    REVOLUTION is the Solution!!!

    ‘God forbid we should ever be twenty years without such a rebellion…. And what country can preserve its liberties, if its rulers are not warned from time to time, that this people preserve the spirit of resistance? Let them take arms…. The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.’ – Thomas Jefferson, in letter to William S. Smith, 1787

  8. Reason 11: It is a Bail-Out for zionist bankers and yet another infringement on our rights by the gov’t. Add it to the ever-growing list of violations:
    They violate the 1st Amendment by opening mail, caging demonstrators and banning books like “America Deceived” from Amazon, Wikipedia and Facebook.
    They violate the 2nd Amendment by confiscating guns during Katrina.
    They violate the 4th Amendment by conducting warrant-less wiretaps.
    They violate the 5th and 6th Amendment by suspending habeas corpus.
    They violate the 8th Amendment by torturing at Gitmo.
    They violate the entire Constitution by starting illegal wars without declaration.
    Impeach them all (both parties) and save this great country.
    Last link (unless Google Books caves to the gov’t and drops the title):
    http://www.iuniverse.com/Bookstore/BookDetail.aspx?BookId=SKU-000083883

  9. All right, I have defaulted on my homestead mortgage because I wasn’t strong enough to stick to saying no. The amount of the note is worth more than the collateral.

    Because the proceeds of the refinance mortgage were not expended upon property improvements I am subject to taxes on the portion of the mortgage note that the lender is unable to recover (taxes on forgiven debt) even though the loan collateral of real property has been surrendured back to the lender.

    Thats the way it is in my situation. The guy I blame is the guy in the mirror.

    However, I am incensed to read that those who masterminded this system are not subject to the same rate of taxation as I or that they are not going to be held financially or criminally responsible for their actions.

    Will they be investigated and prosecuted?
    Will they be audited and taxed?
    Will they be made subject to the same market forces as I?

    We don’t even know how to value the assets that were used as collateral because we can’t even identify the assets.

    I think first that there should be an enumeration, a census, a count, an audit of just what actually does exist and then go from there. Those that are solvent are bulwarked, those that are insolvent are allowed to cease.

  10. I would point out that certain elements of our Founding Fathers would have revolted over this level of Government intrusion…and for good reason. They risked their lives by signing the Declaration of Independence, they fought, some died, some went broke, but in short, they all risked everything so that we may have a free REPUBLIC. This entire issues should be blinding evidence to anyone with half a brain that we are becoming a socialistic structure where the government (led by the few and the privileged) will determine how you live.

    These are dangerous times for our country and too many things we are doing point to this direction. Education, Healthcare, …all these things have experienced significant up ticks in government control in the last 20 years, all supposedly done to ‘help the little guy’. Ask yourself, what in the world of education, healthcare, and now the financial sector has happened in this time period to really make things better on the average person. The answer sadly is nothing.

    The fact is lots of people got very very rich dealing in, and selling extremely high risk, highly leveraged debt, cleverly marketed as financial ‘new products’. Those at the SEC and the leaders of such markets were well aware that they were selling very risky paper which had no assets of real value to back them up. (thus the reason Bears, Morgan, Merrill, Sachs all had debt to equity ration ‘exceptions’ granted by the SEC) Those same leaders are today living in million dollar homes, with millions in the bank…….that my friends is where the money went. One does not need to be a Harvard MBA (though that is what they would have you believe) to follow this. It is not complex due to the inherent nature of the transaction or the high math involved. It is complex because it needs to be in order to sell the concept as a solid business practice. They were able to do that long enough to become really rich, really fast. Now you and I (and our children for that matter) are being asked to pay this.

  11. When we talk about how Wall Street lost more than $1 Trillion dollars when the House didn’t pass the bill earlier this week, keep something in mind — Money doesn’t just “vanish.” It didn’t vaporize into thin air. For everyone who lost money, somebody else gained. Follow the money, and you’ll soon realize what is really going on here. All we’re seeing in the media is a puppet show.

  12. Thank you very much for posting those important points made by esquires themselves. It makes it that much more relevant, pertinent & applicable to the facts presented by both sides of Congress. Thank you so much for being to the point.
    Sincerely
    Mario

  13. The best way for people to answer this foolishness is to withdraw large amounts of cash and insist on cash (not checks), even if it is only for a few days. The average person, by simply seriously cutting a few luxuries can switch to basic passbook savings and cash, outgun inflation ten fold, and then get righteous on Wall Street’s a@#$ because they aren’t holding any of your cards.

  14. You’re exactly right about the plan. It’s a bad plan for Main Str., good for a few, sold with fear, with bad consequences. The fear part is really remarkable—how is it everyone is so susceptible everyone is to the ‘sky is falling’ argument. This country has gone through major crises in the past that make this one look like a thumb prick in comparison. Even the dot-com crash was worse in some ways. Anyway, here were my thoughts:

    All this leaves me amazed at how the psychology of our politics has changed. Remember the Dot-Com crash of 2000? The Nasdaq went from 5300 to less than 2000 in a matter of months and didn’t bottom out until it was in the 1200 range. 4 or 5 trillion dollars were lost on the stock exchanges. No one called for bailouts and we all weathered the storm. It wasn’t fun, but few people even remember much about that time period. I guess after y2k, the global war on terror, climate change, bird flu, and peak oil, most everyone is ready for the world to really end. And of course, this financial crisis must just be the end of the world.

    Though I don’t think we’re at the end of the world, the present financial times are not good. Beginning about this time last year, it struck me that we were in a situation very similar to the Panic of 1837. The panic began with the incredibly inept but very popular policies of President Andrew Jackson. People in the 1820s and 1830s were very fearful of big business and big banks, especially the Second Bank of the United States. Ever the populist, Jackson ran his 1832 campaign for President on a platform that promised to eliminate the Bank. Easily reelected, he fulfilled his promise to eliminate the Bank. With the only national bank gone, credit dried up across the country since the Bank was the central clearing house for all the regional and local banks. Unknowingly, he compounded the credit crisis by requiring land payments to the Federal government to be made gold or silver, causing a currency crisis and a run on banks. Banks went bust all around the nation, and the US went into a depression for almost a decade. Lacking operating capital, businesses then went bust along with the banks.

    Like the current crisis, Jackson’s depression was caused by failed policies with unintended consequences. Our present credit crisis was the result of Community Reinvestment Act laws and regulation. This credit crisis, like others before it, won’t be solved by more bad legislation and inept regulation. It will be solved by solvent banks backed up by a solvent Federal Reserve system and Federal government.

    The real question is how do we make freedom work through free enterprise. The alternative is what we’ve got—political favors for the few and trash for the rest.

  15. Here’s my simple plan. Everyone is waiting to see what the crooks will do to solve THEIR problem and not taking things into perspective. If the Feds really wanted to help, us all they would have to do is make all the credit card companies put everyone back to 9.9% interest instead of letting them regulate themselves and use trickery and illusions to jack most people up to 23.9% and even higher. Just imagine how much money would be instantly available?
    Well, I will be the first true American and I am planning on making no more payments to my cards untill they come to their senses and help the TAX PAYERS of this once great nation.
    This is my BAIL OUT YOURSELF plan. Anyone who wants to write me in as President can just put down Wishbone for president. LOL
    Thanks
    Thanks so much for keeping me up to date and informed!!!!!!!
    J. Kissinger
    a.k.a. Wishbone

  16. I am shocked, shocked! You may be the only other person on the planet to realize that we should be creating jobs to end the crises. You see, the real reason government was not spending on infrastructure was because it wanted to sell it all to the investment banks. Total privatisation of all public works was the plan. Everything from roads to water – it was a cash cow for the investment bankers and hedge funds. After all, who could get anywhere withot paying a toll to Goldman Sachs? And all they had to is jump up rates and cut services, just like they did in England.

    For a moment, it looked like the people responsible where going bankrupt. Thank God they have been bailed out.

  17. A better way to invest $700 billion would be to invest it into infrastructure. That way we provide jobs and with the jobs, people will spend and of course there will be support structures that will support this new employment. Our infrastructures definitely need attention with that bridge collaspe in Michigan just recently. Another way to spend that money would be to give them to states that are currently cash strapped and cutting services including laying off teachers, etc. This would cause a whole new hiring sequence, putting people back to work improving our economy so people can afford to either stay in their homes or buy homes at a more affordable rate. Another thing that should be done should be to investigate why and how the oil companies have manipulated the price of oil as this definitely strains everything. If there is one thing that should be nationalized, it should be big oil rather then the banking system.

  18. “In response, and in protest to the willful disregard of the United States Senate and Congress to serve and execute the Will of the People, and with regards to the tax-payer funded bailout of Wall Street, I hereby proclaim October 31, 2008 as NATIONAL WITHDRAWAL DAY. As such, I am urging all Americans to withdrawal as much of their reserve cash as possible for an indefinite period of time.”

  19. Letter I sent to one of “my” senators (who both voted for this nonsense), Saxby Chambliss:

    You can’t possibly be as blind and ignorant as you come off, can you? Or do you think I’m that dim witted? I, for one, cannot e bought – not with ALL of EVERY 401k or tax break… you think promising to steal less is going to buy your forgiveness?

    Let me be really clear: You caved. You voted to give the economic terrorists their ransom. We should not negotiate with terrorists – of any form or nationality.

    By canonizing this “too big to fail” doctrine, you have officially declared the corporation more relevant than the citizen. You have voted to take what little power we had left and give it to financial institutions. What “safeguards” are you going to bring to bear against a “too big to fail” entity? In terms of the citizen, this would be the equivalent of trying to control Superman with congressional monitoring. These institutions, given that status, will be the New Gods of our country. Congress, the judiciary, and our Constitution will be reduced to nothing more than PR.

    You have voted to bet the future of this country upon the good will of international corporations. You are either a fool or a villian.

    You may investigate, but you will have no power to prosecute anyone of any real consequence in this matter. Will China extradite an officer of the state to answer charges of not acting in the best interest of the US? Will Russia send you her financial officials? Will you hang Paulson in the courtyard? Will our legislative bodies have themselves arrested? Your investigation stands to accomplish nothing more than appeasement – and I WILL NOT BE APPEASED. You had this chance to stand up for liberty – and you didn’t. Instead you stood with tyranny and injustice.

    Damn you, sir. Just damn you.

  20. Why not let me buy the toxic assets?

    That’s right. Put all the troubled assets into a fund, open a Web site, and sell shares/warrants directly to the public.

    I have a $1,000 that I’m willing to invest at “10 cents on the dollar”. If the underlying assets really are worth more than they are currently valued, the investing public will understand that and purchase the debt.

    Real money; real people, a real solution.

    The congress could vote to allow the added incentive of eliminating any potential capital gains for these financial instruments as well as allow deductions for any losses.

    Let the private investors buy them first, then the institutions.

  21. The travails of cutting through the spin is a daily mental marathon which in itself defies human survival. The practical aspects of true discovery, as Catherine has always explains, is follow the money. We are being bombarded by left brain overkill which results in absolute fear every time. I am concerned as everyone else, but my main concern is not debate 2 hours past the deadline, but a strong desire to “GET THE FACTS STRAIGHT” and be adult enough to face the music.
    The same power names buying (saving, bailing, helping, etc.) are the same power names that are being bought. Jack is helping John but John is Jack. I had nothing to do with any of it.
    Hindsight is infamously hindsight. What type of delayed conversations will we be be having one year from now? Should we finally not care what others think and realize our situation for what it really is and not waste any more precious moments in delayed response discussions.

    I am completely open ears to collective thinking about WHAT the next step to be taken by those who COMPLETELY GET THAT THINGS HAVE NEVER BEEN WHAT THEY SEEM, AND SO IS THE CASE RIGHT NOW.

    No one has ever bailed or saved me, but it feels like personal inaction is suicidal. I have no financial investments to fall back on but it should never excuse me from knowing or getting the economic facts straight in my own head. Always remember how nothing is accidental, this has been well planned out years ago. Things are totally on target. Lets wrap our heads around this and move forward. We are all prime candidates for even more mental manipulations if we can’t get it right in our own head. This is the perfect storm.

  22. Catherine, I can’t tell you how much I appreciate the resources and sane reasoning you provide.

    There is a great petition on Campaign For America’s Future:
    Tell the House to Stand Up for Main St.
    http://ourfuture.org/page/2008093821/wall-street-bailout-must-be-main-streets-terms

    You can sign and send it to Pelosi, your senator and congressperson simultaneously.

    The website has many highly informative articles, and petitions for alternative plans.

    I rewarded my Congressperson with a campaign donation for his “no” vote, and urged another one on Fri. The “sweeteners” (ie, pork or bribes) are intended to appeal to conservative House Reps. Tell them not to take the bait. Blue Dog Dems and progressive Dems might still be persuaded to vote no because Blue Dogs won’t like the cost, and the bill is actually worse than the original from a progressive standpoint.

  23. Is there any way all Americans can propose a “class action lawsuit” to investigate all of these allegations and make them pay not only for the economic mess they put us in, but put a stop to what they intend to put taxpayers through? Are we absolutely helpless in this matter?

  24. I commented before about a plan that I created by modifying a plan from the Financial Group I am part of, would pay off the Mortgages in, heading for or in risk of foreclosure without the use of Taxpayer money.

    I have sent this plan, via FAX, to Senator Jon Kyl during Todays debate and Vote For the “Bail Out”. This Plan was reviewed by one of the largest Banks in the Nation confirming my opinion that it was a good plan and would work as designed.

    Senator Kyl nor his Washington or Phoenix, Az Office never called or E mailed or called me to let me know that he looked at it or if they even received it. I had requested they do either one.

    If I can get Catherins FAX number I will send a copy to Her as She requested a couple weeks ago on the Coast to Coast AM Radio Show as we discussed.

    I just heard Catherine on Coast again. She said something about putting plans on this Web site? My plan is about 30 pages and I can FAX it? I need to see if there is an investor or Bank that would use this as a Tool in their Town to help people.
    Please E mail or call me at 480-206-6590 with ideas or how I can Post the plan here!

    Michel

  25. I would like to Post the Plan that I have designed that will cost Taxpayers “ZERO” by working backwards (really the correct way) from Home owner up. Homes would be payed for for Less then the current payment and would be paid for, with all Bills, in less then 14 yrs. Lending Institutions would get all their Money back and I would donate $1,000.00 to each individual that participated, for Energy costs (as long as I can figure out the Tax stuff).

    My plan is long but most of it is charts etc. I need to Fax this to Catherine ASAP since I promised Her weeks ago I would and have not due to my treatments.

    This plan works and I need someone to try it out but before that I need to complete my promise to Catherine.

    If some one knows a Fax number for Catherine please Email me ASAP.

    Michael OReilly

  26. Not passing the bailout will take a very heavy toll on the economy and anyone who is invested in the stock market. I don’t think most people understand that business needs credit to survive, and that doesn’t mean they are dishonest, poorly run companies, in fact, most solvent, honest businesses in this country need credit to meet day to day operations like payroll, health care costs, paying their electric bill, etc. They don’t take out a loan for each of these things, but need an open line of credit through a bank to handle the ups and down of collecting on their receivables. Running a business isn’t like balancing a personal checkbook, so we can’t think of it that way.

    It also seems that most people seem hung up on this plan because they see it as just writing a check to rich bankers, and that’s really not the case. And you can look at it however you want but most of the bankers affected by this are either so fantastically wealthy that it won’t make a difference if this passes or not, or have been totally wiped out and lost their jobs by the recent bankruptcies. In other words, that game has already played out for the most part, the bad banks were destroyed, and now the credit mess is spreading to good companies and ruining them. Standing in the way now just seems like it will punish ordinary Americans with retirement accounts that will be decimated, small business who can no longer meet payroll because of a lack of credit, and students trying to get loans to go to school.

    I know everyone is upset we’re in this position, but it’s where we are, and we have to deal with it. Just like the Iraq War, it’s pointless to cast blame at this point, we need to figure out a plan to deal with our current position. You can demonize all you want, but at the end of the day it’s going to be your livelihood at stake, so I hope people find more qualified sources of information on this plan and reconsider.

  27. On Wednesday night, Oct 1st, on Coast to Coast AM you mentioned disinflation. Do you think we are about to have inflation, hyperinflation, or deflation?
    I commit to write a letter to our newspaper editor suggesting we holding our federal tax dollars at the county level, since our federal government is no longer follows the counstitution, for the federal services funding.

    Great Work!

    Brad

  28. Thank you Catherine Austin Fitts for your wonderful gifted insight. And thank all the great Americans who have responded. They have not seen through this hoax. I suggest we starting buying out the Federal Reserve System that prints our money and has helped to create this evil fraud to gain more tax money from the American people. The FRS is a private owned organization that gained control of our money and total economy with a curious vote, December 24, 1913 when almost all the Senate had adjourned for the holiday. The only thing never amended and still stands, gives Congress the right to buy back our once stable means of controlling our own Federal Bank. Apparently the FRS is solvent with 1.2 trillion dollars in assets, so let them bail out the corrupt Fanny May and Fanny Mac’s that should never have been chartered by Congress in the first place. If our Congress was truly sincere in helping the American people, they would pull the charters of the two above, and apply the 700 billion toward buying back the FRS; we have to start somewhere.

  29. Yes.

    We know the corrupt nature of our system and that it is getting even more blatant, so how can we take back control of our land, public systems and monetary system. What can we do to stop the bail out (the financial coup d etat)?

  30. When ever someone puts a gun to your head you kind of know it is not in your best interest.If the government needs to raise capital why don’t they just do what they have done in the past. Increase the weekly Treasury auctions and raise the cash. They might want to nationalize the Federal Reserve Bank. We need a president who can restore full faith and obligation, got any ideas?

  31. they are not going to listen to us. this is a done deal. if congress refuses to vote for it “they” will blow up the markets. we will blow now or later, but we will blow.

  32. I really enjoyed reading this e-mail. I am going to use Catherine’s 10 points at every political meeting I attend. I became a Republican in order to suypport Ron Paul. He is still my choice for President. What I am doing is carrying my copy of the U. S. Constitution to the meetings. I haven’t had a chance yet, but when I do, I will ask those district people present as well as any guests, “Do you believe the U. S. Constitution is the supreme law of the land or is it just a guide as to how we live?” At least the leaders will know that some are thinking and not just following the party line.
    Secondly, I am researching what a precinct committeeman is. After my research is complete, I shall write a one page summary that includes political party phone numbers and then give a copy to everyone I know in order to encourage them to become a precinct committeeperson. Involvement will turn our country around.

  33. I am going to use Catherine’s 10 points at every political meeting I attend. I became Republican in order to support Ron Paul who should be elected President. I have decided to carry my pocket U. S. Constitution and ask everyone present at any political meeting whether they believe the U. S. Constitution is the supreme law of the land or just a guideline for our country. That will let the politicians know that some of us are thinking and not just following the party line.
    Secondly, I am encouraging everyone I know to become a precinct committeeperson. Involvement will save our country.

  34. Has anyone seen Rep.Sherman from Cal.on CNBC,according to what he says,the bailout is all about bailing out foreign banks.It has nothing to do with helping americans or America.You can see the clip on New Age Citizen.com.I feel outrage after seeing this,what is going on here?

  35. Another reason , Expose the federal Reserve (clear corruption since 1913) and The IRS (“collection agency” for The Federal Reserve) and shine some light on how they really operate and for who.

  36. The Bush Fired Ballad..(sung to the tune of the beverly hillbillies)

    The Anti-Terror Laws are here to serve us well
    To wipeout the insurgencies
    To stem the huge groundswell
    of public opinion thats bound to overspill
    And washout all the parasites up there on Capitol Hill

    Well Georgie rang up Tony,Tony rang up John
    They came to the conclusion that ole Saddam had bomb
    We don’t have any proof of it, but hey who gives a f***
    We’ll tell the average sucker that he built it in a truck

    Bush promoted Colin to put some spin on it
    A man who preferred ‘Colon’,oh man that kinda fits
    He took it to the world stage to make it all look good
    Murdoch gave him prime time slots and the keys to hollywood

    So meanwhile back in Baghdad the party it began
    They’re comin to free Iraq with an almighty plan
    They call it ‘Shock n Awe’old friend, it’s bound to be a hit
    We never thought they’d try so hard to turn our lives to s**t

    Well now we got no plumbing or electricity
    The USA is here for good, thank Allah that we’re free
    BUT those infidels have Iris Scans, they’ve filed their DNA
    We might be screwed, but those poor fools are yet to have their day

    So the oil is really flowing, the Heroin’s more pure
    We all wait on the stockmarket to provide us with a cure
    To the ailment that we all possess, so common to our breed
    The intoxicating ecstacy of true unbridled greed

    So George is gonna hang his hat, he’s done the best he could
    Its now up to some wannabe to walk us through the woods
    The Bush was workin in God’s name to save our liberties
    But all the while ole Freddie Mac gave Fannie a disease

    The Emperor’s new clothes were made to do the will of God
    So I’m votin for McCain,again,I’m givin him the nod
    It’s not because he’s vowed to get this monkey off our back
    The things that stand out most for me is Sarah Palin’s rack

    The anti-Terror laws are surely here to stay
    Just in case our citizens decide to run away
    You never know how bad things are until it’s time to pay
    The ferrymen have left the boat
    The anchor’s cut-away

  37. On coast to coast last night with Catherine, towards the end of the show, a caller mentioned an old Act that would forgive debts. This Act was prior to the Depression. I’m just looking for the name of this Act.

  38. I would like to take this opportunity to spread my thoughts on how to help reduce some of the mortgage problem we are facing.
    Allow those who have 401(k)’s and IRA’s to make a one time withdrawal from their account with no penalties or taxation. This would go straight to a lending institution to either reduce or pay off a mortgage debt or allow those who need to make up a loss in housing price, refinance there home to a fixed mortgage.

  39. Instead of giving $700 billion of taxpayer backed money to pay the banks, pay off the defaulted home loans that became defaulted by September 15 or some significant date- not just the defaulted part, but the entire loan. The banks would get their money, the middle class would be saved, and very importantly, bundles of mortgages would not be sold to foreign investors. This plan would probably cinch the election of candidates who promote it.

    Signed Lois

  40. Why even get caught up in this mind game?

    I do not feel sorry in the least for anyone who is in debt.

    I have had a below average wage all my life and am now retired.
    I own my own home and NEVER EVER borrowed a penny to buy it or anything else.

    I Earned everything I own and did not borrow from the future.

    This concept of borrowing from the future is one main reason the ‘crisis’ exists.

    You do not have to be a Moslem to understand the Reason why They have a Law in their religion which prohibits such financial practices.

    WAKE UP PEOPLE!

    YOU DID IT TO YOURSELVES.

  41. Let me add just one important thing. All of yor have many good points, butI didn’t see a word about prayer.

    We ought to be praying for everyone involved. We should be praying for our legislators to make the make the right decision, for those who stand to lose much of their livelihood or property, for those who caused the whole problem i the first place, that they will will reform their lives and for many others affected. We ought to be praying for the elections, that the right persons will be chosen to lead, especiallly since the electorarte, who feels cheated, will not use his or her vote to punish even the good leaders in revenge for what’s happening.

    Mark Y.

    Mark Y.

  42. Your point #8 is what Jack Bogle (founder of Vanguard) says. See his interview by Bill Moyers on 9/28/07 at PBS.org, as well as other Bogle sources/writings/interviews.

  43. One correction. Business schools do in fact teach the exercise of finance capitalism in preference to productive capitalism. A study of the events of the past 30 years of de-industrialization would show that business schools have had a pernicious and deleterious effect on the economy of the world not just the US.

  44. There is so much that we don’t know. As I read the comments of some folks who have no compassion for people in debt, tell that to folks with 4 kids and minimum wage jobs or folks who got laid off. We can’t judge others unless we are in their shoes. I know that Catherine has said in several of her seminars/interview that people in govt etc. are to play ball or else. This is not opinion nor hearsay. People with kids have to play ball.

    There has been a brainwashing for a very long time. Most people don’t understand even now although alot of people are waking up.

    It is hard to have compassion for people who were buying foreclosed houses to try to flip them, but they too are victims of the brainwashing.

  45. Catherine!

    The House just passed the $700Bil. Bailout Bill!

    Please do an emergency conference call
    for those of who are terrified about the
    next step, which is, Mike Ruppert predicts,
    the “final pump” from this “pump and dump”
    campaign before the total collapse of America.

    CAF, considering MCRs comments, Would you
    please do an emergency conference call to
    help guide us through todays events?

    Thank you for considering my request.

    With great respect and admiration,

    “UNDERDARK”

    THEREALUNDERDARK@GMAIL.COM

  46. This bailout is insane and defies all logic. They’re taking money away from those who need it the most and putting it where it is needed, but handled inappropriately. I am not going to stand here and say that the financial sector doesn’t need money but I will give them no further sympathy as they dug themselves into this hole. And should find their own way out.

    Bailouts create incentive for other industries to ask for help from the government, reducing competition for the perfect product. If american automakers would have created a good product from the start it wouldn’t need aids and if banks didn’t lend lavishly they wouldn’t need aid either.

    Rather than being offered these bailouts they need to be sued.

    http://www.tranharry.com

  47. The Beginning Of A World Centralization Whirlwind
    October 3, 2008 — Stefan Fobes

    http://warofillusions.wordpress.com/2008/10/03/the-beginning-of-a-world-centralization-whirlwind/

    To solve global problems we need global solutions, and we must work together even when there are differences in our political systems. – Jose Manuel Barroso, European Commission President speaking to the Chinese Communist Party Central School in Beijing on November 27, 2007

    As the climb towards a world government continues, several things need to be done first, and one of them is centralization of all regulatory bodies, governments, and anything that affects our daily lives to even the smallest degree, the signs of which are too great to be ignored when reading on world events is done. 2008 seems to be the start of a turning point of this race for control, and those running things behind the scenes aren’t pacing themselves to conserve energy anymore. So, I will concentrate here on what appears to me at the moment to be the three main things that that are in the beginning stages of or will soon be quickly centralized right now around the planet.

    The Banks
    So here it is. Everything I said three weeks ago before the crap really really started to hit the fan that about the banking and housing situation proved to be correct, unfortunately. I’ll do a recap of the overall steps that have led the financial world to this point.

    Banks and investment houses were lending out loans to people who clearly didn’t have the income to pay. They could legally treat the cash flow from the loan itself as an asset and it seems the risk to them was so great since they were issuing so many of them, they combined them into packages called asset backed securities and collaterilized debt obligations, and then sold those to investors, who then traded them on the open market for profit.

    This is basically what was being done all over the world, as is now public. The New York Times lends a hand here.

    According to JPMorgan, there are about $1.5 trillion in global collateralized debt obligations, and about $500 billion to $600 billion in structured-finance C.D.O.’s, referring to those made up of bonds backed by subprime mortgages, slightly safer mortgages and commercial mortgage backed securities.

    Many of the products have proved to be highly problematic as the underlying assets — the subprime mortgages — have gone bust, revealing dangerous amounts of leverage in the securities that few people could value. As a result, they have become like a potent computer virus, leaving many people fearful that they too will be affected.

    “A lot of risk in the subprime asset-backed market is embedded in, and amplified by, C.D.O.’s,” said Rod Dubitsky, head of asset-backed research at Credit Suisse.

    Weaknesses in the system were laid bare, including ratings that did not accurately reflect risk and faulty assumptions on how diversified pools with multiple layers of leverage would react.

    They were laid bare by the Bear Stearns catastrophe. Out of Fortune Magazine:

    Still, momentum was turning against the firm. That morning Goldman Sachs’s credit derivatives group sent its hedge fund clients an e-mail announcing another blow. In previous weeks, banks such as Goldman had done a brisk business (for a handsome fee, of course) agreeing to stand in for institutions nervous, say, that Bear wouldn’t be able to cough up its obligations on an interest rate swap. But on March 11, Goldman told clients it would no longer step in for them on Bear derivatives deals. (A Goldman spokesman asserts that the e-mail was not a categorical refusal.)

    “I was astounded when I got the [Goldman] e-mail,” says Kyle Bass of Hayman Capital. He had a colleague call Goldman to see if it was a mistake. “It wasn’t,” says Bass, who is a former Bear salesman. “Goldman told Wall Street that they were done with Bear, that there was [effectively] too much risk. That was the end for them.”

    It was ominous, but it wasn’t yet the end. Bear continued absorbing blows. The cost of insuring $10 million in Bear debt via credit default swaps, which had hovered near $350,000 in the month before, shot past $1 million. By the end of March 11, the rate was irrelevant: Banks refused to issue any further credit protection on Bear’s debt.

    All it took was just this one crash to scare investors and their lack of confidence in all these different banks drove down their stock prices and credit ratings and then they were done. Banks all over the world were buying up these debt backed securities like hungry hyenas and they have got and are getting burned along with US banks. At the end they all held a bunch of bootleg assets which were the cash flows from all the home, student, car, credit card loans from people who could never have paid them in the first place, and were totally vulnerable to all their investors and depositors pulling out their money on the event of public exposure of this. All it took was just one bank, Bear Stearns, to cause a chain reaction which brought the financial markets to their knees. Bear Stearns was clearly a corporate hit, as the Fortune Magazine timeline shows. Goldman Sachs just came out of nowhere, and did that, and didn’t even make a buy bid? Come on.

    When you really look at it, the banks killed themselves. Literally. In 2004, representatives of Goldman Sachs, Morgan Stanley, Lehman Brothers, Merill Lynch and Bear Stearns met with the SEC and asked for a whole string of things, including that their rainy day money which was supposed to be used to be a cushion against losses on their investments be loosed so they could start doing deals with the asset backed securities and that whole mess. The SEC commissioners gave em everything they wanted in a unanimous vote of approval. Some more of what they got was…

    In loosening the capital rules, which are supposed to provide a buffer in turbulent times, the agency also decided to rely on the firms’ own computer models for determining the riskiness of investments, essentially outsourcing the job of monitoring risk to the banks themselves.

    Over the following months and years, each of the firms would take advantage of the looser rules. At Bear Stearns, the leverage ratio — a measurement of how much the firm was borrowing compared to its total assets — rose sharply, to 33 to 1. In other words, for every dollar in equity, it had $33 of debt. The ratios at the other firms also rose significantly.

    Unbelievable. And it got even wilder.

    Annette L. Nazareth, the head of market regulation, reassured the commission that under the new rules, the companies for the first time could be restricted by the commission from excessively risky activity. She was later appointed a commissioner and served until January 2008.

    Their rainy day money being burned out? Their debt ceiling erased? She was tied in. No one’s that dumb. Also, in 2004, Paulson was CEO of Goldman Sachs before he became Treasury Secretary. Him being in that position is an insult a minute to America.

    I’ve said in my last article about the financial storm that the banks that this was all a case of problem-reaction-solution. Create a problem, or let an existing one exacerbate, wait for the people to cry out “This is enough! Something must be done!”, and then changes in society and power structures are introduced to clean up problems by the very same people who created those problems in the first place. Alan Greenspan set interest rates after 9/11 to the absolute minimum they could be, which was what gave the banks the encouragement to go wild. He held them there for years after, right up to the peak of the subprime mortgage lending scenario, and was called out on this by Leslie Stahl on 60 Minutes.

    One of his former Fed governors, Ed Gramlich, said that he proposed that the Fed examine these lending practices and look into them to see if something could be done. Greenspan rejected that idea.

    Why did he reject it?

    “I thought that…we would not be capable of doing what he was suggesting,” Greenspan says.

    “But if sitting on them, taking some regula-what…” Stahl asks.

    “Well, I think not,” Greenspan replies.

    “Even looking into it?” Stahl asks.

    “It’s nothing to look in to particularly because we knew there was a number of such practices going on, but it’s very difficult for banking regulators to deal with that,” Greenspan says.

    He insists there’s nothing he could’ve done to prevent today’s plummeting home prices and the fact that a million families have lost their homes, and many more could. But some economists now say Greenspan actually created the housing bubble and the credit crunch by keeping interest rates too low for too long.

    Oh no, nothing wrong here. Don’t look at the man behind the curtain! People talk about Bush’s smirk, but you look at Greenspan’s, he makes Bush look like a store mannequin, he has it on so much.

    More from the 60 Minutes exchange.

    “Just remember we raised interest rates at every meeting from June of 2004 till I got out of office,” he says.

    “You raised rates in 2004. But only after you held interest rates at historically low level for three years, while the bubble, the housing bubble was forming,” Stahl points out. “And that you had 13 rate cuts in that period of time.”

    “It was our job to unfreeze the American banking system if we wanted the economy to function. This required that we keep rates modestly low,” Greenspan explains.

    This casual, carefree attitude about his position as Federal Reserve Chairman makes no sense if you come from the point of view that he is put there to stabilize the economy and to help save the world. But if you understand the little known fact that every year, world heads of state, European royalty, politicians, military, Fortune 500 business and banking CEOs, military bigs, and key journalists and academics, collectively known as the Bilderberg Group, meet at a luxurious hotel every year to talk, and it’s so secret that not even the journalists or newspaper owners that do attend are allowed to report on what goes on. This is even from the Asia Times reporting on one of the more infamous guys who goes there.

    “It would have been quite impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national autodetermination practiced in past centuries …”
    – David Rockefeller, Bilderberg club permanent member, 1991

    This conversation never happened. Well, it actually did. Date: March 5 to 8, 2005. Location: the isolated, fully-booked Dorint Sofitel Seehotel Ueberfahrt in Rottach-Egern, 60 kilometers east of Munich, Germany. Essential amenities: luxury rooms, a lake, a golf course, no suits – and no wives. Participants: 120-odd Western movers and shakers – politicians, tycoons, bankers, captains of industry, so-called strategic thinkers – invited for the 2005 meeting of the ultra-secretive Bilderberg club. Security: absolutely draconian. Global media coverage: non-existent.

    Can’t get much more solid than that. A person holding the above knowledge can easily understand why Bear Stearns suddenly turned upon Goldman Sachs, why Greenspan did what he did, and why the institutions which hold sway over populations are merging and combining like some lab experiment. Deputy White House Press Secretary Tony Fratto has admitted that the bank bailout bill was actually planned and written months before this reached even close to the point it is now.

    Fratto said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.

    “It shouldn’t take much analysis to remember what happened last week, which was a very serious freeze-up in our credit markets,” Fratto said. “Our financial markets right now do not need uncertainty, they need increased certainty as to how this rescue plan is going to go forward – and that they can be sure that there is a plan to go forward – and that will begin the correction in our financial markets.”

    Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

    The gigantic Patriot Act bill coming out within two months of 9/11, when the planning, research, teamwork and coordination, and typing work would have taken ages to stamp out. Take a look at the Patriot Act sometime. Even if the bailout bill was written with the best of goals in mind, it won’t work because it offers no solutions, just gives more money to the problem. And it wasn’t. Speaking of throwing money, the revised bailout bill allows the FDIC to borrow unlimited amounts of money from the Treasury. The inclusion of a provision raising the amount that the FDIC can give out is just the steak thrown to the people that’s been riddled with poison. That money gets out there, inflation will surge yet again because an upped money supply = less worth for the dollar. Too long has this machine run on other people’s energy, other people’s money. It’s time these business hacks used their own steam to keep the train moving. Nouriel Roubini of Global Economonitor fleshes my thoughts out better.

    Indeed, the plan also does not address the need to recapitalize those financial institutions that are badly undercapitalized: this could have been achieved by using some of the $700 billion to inject public funds in ways other and more effective than a purchase of toxic assets: via public injections of preferred shares into these firms; via required matching injections of Tier 1 capital by current shareholders to make sure that such shareholders take first tier loss in the presence of public recapitalization; via suspension of dividends payments; via a conversion of some of the unsecured debt into equity (a debt for equity swap). All these actions would have implied a much lower fiscal costs for the government as they would have forced the shareholders and creditors of the banks to contribute to the recapitalization of the banks. So less than $700 billion of public money could have been spent if the private shareholders and creditors had been forced to contribute to the recapitalization; and whatever the size of the public contribution were to be its distribution between purchases of bad assets and more efficient and fair forms of recapitalization (preferred shares, common shares, sub debt) should have been different. For example if the private sector had done its fair matching share only $350 billion of public money could have been used; and of this $350 billion half could have taken the form of purchase of bad assets and the other half should have taken the form of injection of public capital in these financial institutions. So instead of purchasing – most likely at an excessive price – $700 billion of toxic assets the government could have achieved the same result – or a better result of recapitalizing the banks – by spending only $175 billion in the direct purchase of toxic assets. And even after the government will waste $700 billion buying toxic assets many banks that have not yet provisioned for such losses/writedowns will be even more undercapitalized than before. So this plan does not even achieve the basic objective of recapitalizing undercapitalized banks.

    Americans were furious over this bill, and Congress is saying they are recieving record amounts, in the millions of emails and calls on this one alone. Oh, if only the anger could have been about the ramifications of the proviso that gives Henry Paulson, the US Treasury Secretary some pretty badass powers under the plan: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” America, like all other countries to some degree or another, is already headed towards a total 1984 style dictatorship in so many areas it’d make the average Joe or Jane’s head spin if they knew the full extent of it. Paulson said that there was no room or time to get some money to bail out the screwed over homeowners when he was pitching the first version of the bill. It was only three pages long. I’m not going to spare the space for the obvious response to that. Oh and those golden mega payouts to exiting bank CEOs? Payoffs for a job well done. Why did the government officials who were at the helm before 9/11 get promoted instead of at the very least, fired? Same deal. Rewarded for a job, in their masters eyes, well done. Who stands to gain the most? Are there, to the naked eye, unreasonable rewards and promotions being passed around when the situation screams for the opposite to be happening? This is the simple formula that will let anyone know an attack was carried out, who did it and why in any major catastrophe that strikes anywhere on the globe. And indeed, Bush called Henry Paulson his wartime general. The reason for that remark is plain and clear now.

    When I said in From Trap to Crunch to Assimilation – The Great American Power Lunch three weeks ago that the solution to the created problem would be more power given to government or a new regulatory agency created to control financial institutions, it wasn’t that hard to see when the history is looked at. FEMA cut off water, aid and food and wouldn’t let any of the French, Dutch, or anyone else come in with water filters or food or water or anything. But they took away the guns of the people and let the Mexican troops in. And then wanted MORE authority afterwards. FBI and CIA after 9/11? Wanted more power. It is now harvest time for these string pullers and they aren’t being nice and easy about it. Timothy Geithner, New York Federal Reserve president, just right after Bilderberg ended on the 8th of June, proposed a global banking regulatory framework in the Financial Times of London. After that, what Greenspan did, and the meetings at Bilderberg, not too hard really. Here are all the people who have called for a centralized control over banks.

    Mark Zandi, co-founder of Moody’s Economy was the second one out the gates on the morning of September 18 on CSPAN calling for a new banking regulatory framework that gives the Federal Reserve greater power over institutions.
    John McCain came out the next day saying he would create a new regulatory body specifically to deal with weakened financial institutions. Barack Obama said he is all for giving the Treasury as broad unilateral authority as possible. It’s change, baby.
    Council on Foriegn Relations member, former policy planner for Henry Kissinger when he was Secretary of State, and now Yale professor Jeffrey Garten has called for a global monetary authority which would: “It would act as “bankruptcy court” for financial reorganisations of global companies above a certain size. The biggest global financial companies would have to register with the GMA and be subject to its monitoring, or be blacklisted. That includes commercial companies and banks, but also sovereign wealth funds, gigantic hedge funds and private equity firms. The GMA’s board would have to include central bankers not just from the US, UK, the eurozone and Japan, but also China, Saudi Arabia and Brazil. It would be financed by mandatory contributions from every capable country and from insurance-type premiums from global financial companies – publicly listed, government owned, and privately held alike.”
    At the UN General Assembly, French president Nicolas Sarkozy said capitalism must be rebuilt in order to control financial markets when necessary. Guess that’s the Chinese brand of capitalism. Gotcha. Brazilian president Luis Ignacio de Silva and UN Secretary General Ban ki-moon both called for international action on the financial storm.
    Gordon Brown called for a new global financial order. His words.
    And European Central Bank president Jean-Claude Trichet says to preserve the unity of Europeans, the bailout bill must pass. Do it for the global community. And it has, today. And a European Central Bank Executive Board member Lorenzo Bini says governments must buy up stakes in banks to save economies. He says it is not right to use taxpayer money to save banks, but the question must be asked, where would governments be getting the money from to buy these stakes? Could it be from the very same banking kingpins such as the Rothschilds which started every single financial disaster from the London market tumble, to the Great Depression, to beyond? They don’t have nearly the amount of charge to get the consent needed for a world central bank, but one more big bank, say a Citigroup, falls, they’ll get it for sure.

    Food
    I found it strange and not a little funny when Mahmoud Ahmadinejad and Robert Mugabe got up at a summit in Rome a few months ago and blamed the West for the food crisis. I also found it boldly hypocritical in the worst way. Mugabe actually blamed the West for starving his people. Anyone who knows the basic story of Zimbabwe knows that it is he who keeps the food under strict control, but what I really found chilling, is that Ahmadinejad called for a global food regulatory organization. This guy is a total New World Order shill, deeper cover than most, but on the world stage you truly can be judged by the friends you keep, and below can be seen where his true loyalties lie.

    Every month it seems, there’s a new Chinese contaminated product scandal coming out. Tainted milk here, bad pet food there, sick children due to lead paint in toys just hitting the public’s heads constantly. Here are all the Chinese scandals there over the past two years that have been publicized. The aspartame which fries people’s brains, the genetically modified food which can change the DNA of gut bacteria, and the MSG which turns kids into little Tasmanian Devils. These should be front page news items without stop every day until these products are taken off the shelves. Even the thousands of deaths in China are nothing compared to the effects of aspartame in Diet drinks, MSG, and the deaths from the mercury in vaccines combined.

    So why China? As far as I can see, there are two main reasons for shoving this in the public’s face, and it’s not for any altruistic purposes. I continue to write about there being a plan for a manufactured war involving China, Russia, Iran, and several other countries vs the West. It won’t start out the way most are expecting it to straight into Iran though. The public isn’t giving them the consent and already the false flag terror attack tactic has been made wise to too many for it to work again. That will be tried from a totally unexpected angle. The way this is being broadcasted, it looks to me to be an economic war against China as part of an ongoing sort of WW2.5 before the actual hard war starts. The EU has banned products containing Chinese milk. China seems to have told its banks to stop lending to US financial institutions as retaliation, because it seems so out of character for them, who are the biggest foriegn holders of US debt. A little known story by TIME has revealed that Iranian and US troops had gotten into a firefight at the Iraqi-Iranian border. Which has been blacked out by the corporate media outlets at large. The world got their first brush with WW3 during the Georgia breakaway province conflict, and other outbreaks of the same will happen. China has been in Africa for several years gathering up all the natural resources it can and is bossing the African people around just like the British did them during colonial times. But actually colonial times have never ended for China since the British Windsors own it now as much as they have ever during colonial times, just in an economic way and through the subordinate to them Chinese secret societies, the slightly more public face of them known today as the Triads and Tongs. In Africa, the US has started up a new command called Africom, whose head had some curious things to say.

    However General Ward said Africom did not intend to help the US get control of more of Africa’s oil and other resources.

    “There is no hidden agenda. It is about working with the African nations to help them build their capacity,” the general told the BBC’s World Today programme.

    He said it was a “myth” and “absolutely not the case” that the command was going to build big bases in Africa.

    “We will do those things in partnership with our African friends,” he said.

    “Where we bring in, for instance, trainers or other forms of military support and assistance there, they are only so long as is required to conduct the specific training that we’ve been asked to do or to conduct the specific activities.”

    It’s the special reversespeak which tells you what they really plan to do. There are fantastic amounts of gold, silver, bauxite, all that stuff, and watch for African events that will provide justification for the US to come in, whether it be a resurgence of Al-Qaeda, new African rebel groups that threaten the African democratic process, or whatever other excuse will be needed to come in and get the territory away from China before WW3 starts up. This is subtle, this is real, and it is ongoing even as I write this. But this plan can be stopped through exposure of it. Feel this info is valid? Pass it around. This agenda is gaining ground like a Pacman and if people think that just sitting on their asses and being afraid of mysterious government agencies who in reality don’t have the manpower (other than their supercomputers) to spy to even a fraction of a degree to what the public believes they can will save them from Big Brother, they are dead wrong.

    The other reason, is to gain control of world food trade, growing, and distribution. It is no coincidence that there are stories also in the US rolled out every other month as well about contaminated food. It is my gut feeling that there is in the works, planned a giant food related incident headlined in the world press, then the world leaders will get up on the podiums and say international regulatory action has to be carried out, we need more genetically modified food, and the same old script will play out again.

    The Airlines
    Rising fuel prices have contributed to price increases in so many areas of our daily lives. Every week, prices are going up for something when previously it took three years for those same things to go up in cost. Even the airlines are getting hit by it, and that’s why you see it coming in form of reduce quality of service, such as being charged to carry extra luggage on planes. But more to the point, there are the all day takeoff waits for flights, the stranding in airports in the bitter cold winter, Northwest, Transworld, and Delta going bankrupt, and the others that have gone bust, it’s a problem waiting to happen. Here’s the list of airplanes crashing mysteriously. The one in Madrid, they wouldn’t even let the reporters in the Spanish media report on it. Total ban. There have also been a string of medical helicopter accidents reported almost every other day it seems now. These pilots can’t all be incompetent, and there are many unanswered questions regarding all these incidents. Whenever there’s a string of incidents rapid fire reported over a short period of time, it always ends up culminating in some call for more centralized control. And control over movement is a much desired feather in any dictator’s cap.

    Iberia and British Airlines, two of the biggest ones, are set to merge in March of ‘09. When they first came out with the announcement that they were holding merger talks, or should it be called cartelism talks?

    BA’s close rival Virgin Atlantic said the merger could lead to less choice for consumers and push up ticket prices.

    Virgin also expressed concern that the combined entity would control nearly half of all take off and landing slots at Heathrow airport.

    Laurie Price, head of aviation strategy at Mott MacDonald, said that travellers may see fewer flights to certain destinations or larger aircraft used on certain routes.

    “They will agree spheres of interest,” Mr Price said.

    “Iberia will likely concentrate on South America and Africa while BA will focus on the Middle and Far East,” he added.

    They are both part of an alliance called Oneworld, funnily enough. If a world government with a small group of regulatory bodies having centralized control over everything is to be put in place, the corporations have to be merged along with the governments and other units. This is the reason why everything is so lax regarding mergers, and becoming more so by the day.

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  48. In 1971 it was said that this country, USA was bankrupt. The governing ‘powers’ have been for 30+ yrs printing money that has no substance or backing. We should carefully watch the future laws that are going to surface concerning the Constitution and Christians especially need to be alert, those that believe in Bible prophecy. The press in other nations have been remarking about this financial crisis potentially happening in America for some time.

  49. I humbly submit that we have been had by the machine that has been allowed to grow like a cancer.

    It’s too bad that the Hankster and friends have done what they have done, but it certainly is true that it-is-over.

    Not Accepting that it-is-over will cause more problems.

    I suggest two things:

    1. EFT http://emofree.com EFT can help us let go and move on.
    2. We look into alternate ways to see about making economies around the concept of Polyculture or Permaculture.

    David Blume shows us how we can make food and fuel. Will our swimming pools become fish farms and provide nutrients for high yield vegetable gardens in the neighborhood? http://tinyurl.com/56rrda

    A properly designed system can yield: fish, mushrooms, worms, poultry, rabbits, vegetables, methane, and ethanol. The only thing a small neighborhood needs to run such a life cycle is: Time, labor, water, container garden space, or traditional garden space, grain or fodder beets or other feedstock from a farmer that needs buyers, and a medium of exchange between the farmer and those people.

    Are people up to the challenge?

  50. Our elected officials are nothing but slaves of the corporation who bank roll their campaign war chests. The going return on investments on political office seekers (read ‘bribes’) until the recent windfall has been 2:000:1. So a thousand dollar invested in the campaign financing is returned by the elected official as 2M$. This is true weather you buy a Republican or Democrat. So the Banks, Oil Companies, Auto giants, Pharma, Accounting firms, etc. all buy out both the parties. This will not change until we publicly finance the election. At 2,000:1 it is too good a deal to leave it just to big corporations and special interest groups.

  51. What’s wrong with a “trickle up” financial bailout? A trillion taxpayer $ would give all American families about $10,000 each. The distribution system already exists from the “tax rebate program” (this could happen very fast). We would all inject it back into the system in many different ways. It would move up the system quickly and the “chips would fall where they may”. Ultimately, it shouldn’t debase our currency any more than the “top down” bailout underway.

  52. The biggest banker and the biggest traitor, in my judgement, is David Rockefeller and his mob of traitors,the CFR, or Council on Foreign Relations. But they are not even mentioned among the guilty ones. Their goal, since 1921, is to bring about one-world government, while destroying all free, sovereign existing, legitimate governments, including the USA. One of the candidates right now, John McCain, is listed in their Annual Report for 2008, as a member of the CFR. They are the ones who have been working to merge to USA with Mexico and Canada.
    Most Americans never heard of them. David Rockegfeller likes it that way. He braggs about his ability to black out the news about anything he doesn’t want made public, and admits that they could not have made such progress in the destruction of America without that “cooperation” of the big media. These are the the elitists that are running our dear country into the ground,fast.
    Both big parties are in on it, But the third largest , the CONSTITUTION PARTY has a wonderful candidate for President named Chuck Baldwin, who is as solid as a rock. No vote for him will ever be wasted,nor will it ever be part of a “lesser of two evils”. Smarten Up!

  53. Anyone think the market rally of the past several days might be a way to get people’s minds off their losses and take some pressure off the crisis?

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