Bailout!

BAILOUT - Michael Burgess House Representative Speaks on Martial Law

FYI.

The “Martial Law” that the Rep was speaking about was an unfortunate exageration. What he meant was that, under the house rules, the Speaker has required (with the House Sargent-in-Arms enforcing) that all members stay the whole weekend to work on this bill.

As to the bill, it isn’t good, but it is better than the alternative. And, now, the Repubs have had some input.

I am hoping that my party (Republican) has the balls to do the right thing for the American people but I doubt it. The political backlash will be very grave for anyone who votes in favor of this bailout for the wall street fatcats & international banking whores.

This is a banker’s coup cooked up and facilitated by the deep-money guys who operate stealthily behind the political sideshow. The only time they emerge from their stinkholes is when they’re flushed out by a crisis that threatens their continued dominance.

The financial system is blowing up. Don’t listen to the experts; just look at the numbers. Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.”

The Fed opened the various “auction facilities” to create the appearance that insolvent banks were thriving businesses, but they are not. They’re dead; their liabilities exceed their assets. Now the Fed is desperate because the hundreds of billions of dollars of mortgage-backed securities (MBS) in the banks vaults have bankrupt the entire system and the Fed’s balance sheet is ballooning by the day.

The market for MBS will not bounce back in the foreseeable future and the banks are unable to roll-over their short term debt. Game over. The Federal Reserve itself is in danger. So, it’s on to Plan B; which is to dump all the toxic sludge on the taxpayer before he realizes that the whole system is cratering and his life is about to change forever. It’s called the Paulson Plan, a $700 billion boondoggle which has already been disparaged by every economist of merit in the country.

Is your name Mike Whitney?

Trouble in Banktopia: Stop the “Banksters!”
Mike Whitney
Infowars
September 27, 2008

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