(9 am. – promoted by ek hornbeck)
The economic crisis can be summed up in three words TRUST, CREDIT and TERRORISM.
Banks do not Trust each other so they are not willing to provide Credit to each other. During this economic panic, Paulson used terrorist tactics of threats and fear of economic collapse to coerce Congress to give him Czar like powers over our tax dollars.
Why don’t financial institutions trust each other? Because for years they have been cooking the books, claiming they have more value than they really do. So now that things have gotten tight no one is willing to issue Credit to anyone else because no believes what anyone claims they are worth (and rightly so).
No lender is going to trust another until everyone opens up their chests and reveals in the light of day the actual value of what they have, period!
NOTHING will unfreeze Credit until this is done.
Paulson knows this but his goal is not to restore trust and unfreeze credit…in fact his goal is to quickly utilize his newly coerced powers to use US Taxpayers dollars to buy up all of his Wall Street friends (ie Goldman Sacs) worthless paper for billions of dollars.
Paulson’s Plan will NOT restore Trust or Unfreeze Credit; it will ONLY allow economic Terrorism to destabilize our country while robbing it blind.
The Only way to Stop this terrorist attempt to destroy our economy and steal our tax dollars is to arrest the economic terrorists.
What member of Congress has the courage to say so?
“Main Street” will continue to get the most unpleasant of surprises if the course of action in Washington, most particularly the actions undertaken by The Fed and Treasury, is not reversed now.
How bad can it get? Read this article from Bloomberg:
“Oct. 14 (Bloomberg) — Iceland’s benchmark stock index plunged 77 percent, the biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country’s largest banks.”
Think it can’t happen here? The price of every imported good tripling overnight as the currency crashes by 2/3rds instantly?
That is what happened to Iceland – literally overnight.
If we don’t force transparency of all financial institution balance sheet and capital positions, this may be coming to a stock market – and grocery market – near you.
cross=posted at Daily Kos
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nicely. However I’m not holding my breath for either side to arrest or prosecute the economic terrorists. Congress on the Democratic side pushed the Paulson plan and given that they can’t even bring themselves to take on the criminality of the Bushies for the last 8 years. Instead fund and pass the dismantling of our democracy and laws. I doubt they will make a move towards anyone as it would mean that they were in cahoots. Even Russ Fiengold says that criminal charges are not something he could support.
Seriously, what crime have these people allegedly committed?
Kinda an important issue when it comes to arresting people.
there was a phenomena going around the country call the Circle of Gold. It was a pyramid ponzi scam chain letter complete with “meetings” and “sponsors” and it was held in suburban as well as urban homes. You simply “sold” your two letters two others and when your name finally hit the top of twelve other people you would get your cash “windfall”. Well “everybody” was in on it, cops, businessmen, reputable people any twenty something would readily trust. According to my karmically, “you will get screwed” destiny the entire process was “shut down” the the US Postal Service when they discovered their mailboxes were being broken into as the result of letters stuffed with $100 dollar bills being dropped off after these “meetings”. It was and still is the phenomena today. We have made zero progress since 1980 because the ponzi scam continues and in my opinion grown and increased in both it’s Satanically evil structure and reach.
The only good thing I ever got out of he “Circle of Gold” was that I met my wife. I didn’t insure myself but instead spent money on toys and vacations and wonderous Christmas mornings for my three kids. I had fun and that now allows me to thumb my nose and call out those anal assholes in society who want to tell me what I should do, say,think, medicate myself with. They exploit me, and you for mere profit and would readily sell their own mother.
Rest assured though zero jet setting Davos attending super globalist assholes will ever, ever see the inside of Attica with a cell mate named Bubba. Bubba is big, Bubba is black and Bubba likes his sex.