The economic meltdown on Wall Street has sent shockwaves across the globe.
Political economist William Engdahl believes the “US faces an economic depression that will be worse than the Great Depression of the 1930’s.” He goes on to state that “European goverments are furious at the corruption and fraud that has come out of the New York financial community.”
October 15, 2008 – 4 min 55 sec
F William Engdahl is an economist and author and the writer of the best selling book “A Century of War: Anglo-American Oil Politics and the New World Order.” Mr Engdhahl has written on issues of energy, politics and economics for more than 30 years, beginning with the first oil shock in the early 1970s. Mr. Engdahl contributes regularly to a number of publications including Asia Times Online, Asia, Inc, Japan’s Nihon Keizai Shimbun, Foresight magazine; Freitag and ZeitFragen newspapers in Germany and Switzerland respectively. He is based in Germany.
Washington partially nationalized nine of the countries largest banks yesterday along with FDIC insuring of business account deposits in what is billed as an attempt to forestall a run from smaller banks by business account holders that could crash the smaller banks, while both presidential candidates continue repeating the terrorist jingos from their bandwagons about how each of them is the only one who can save you by doing exactly what George Bush and Henry Paulson want them to do.
Sigh…
October 15, 2008 – 7 min 45 sec
Mike Whitney: Both candidates promote stimulus but real solution is higher wages
US President George W Bush made the radical announcement on Tuesday of the partial nationalization of the 9 of the nations leading banks. The move to part ownership by the government, was made to ensure that the banks won’t be hoarding their bailout money, but use it to bolster lending — to each other and to customers.
The Presidential candidates also announced their economic proposals to deal with the current financial meltdown.
Barack Obama spoke in Ohio on Monday: “Today, I’m also proposing a 3 month moratorium on foreclosures. If you’re a bank or a lender that is getting money from the rescue plan that passed congress and your customers are making a good faith effort to make their mortgage payments and renegotiate their mortgage, you will not be able to foreclose on their home for 3 months.”
Obama also proposed allowing people to withdraw up to 10 thousand dollars from their retirement accounts without any penalty for the remainder of the year and 2009. A $3,000 tax credit for every new full-time job created in the US by businesses for the next 2 years. To suspend the tax on unemployment benefits for the rest of this year and next. And to have the Federal Reserve provide short-term loans to state and local governments caught in the credit crunch.
John McCain made his announcement in Pennsylvania Tuesday.”On my orders, the Department of the Treasury will guarantee one hundred percent of all savings accounts for a period of six months. – I will cut in half the capital gains tax on stocks purchased and held for more than a year from a rate of 15 to 7.5 percent.”
McCain also proposed that for 2009 – 2010, those over 59 who take money out of their retirement accounts should only be taxed at 10%. To Raise the deduction on stock losses from $3000 to $15000, And like Obama, to suspend the tax on unemployment benefits for the rest of this year and next. The Real News Network spoke to Counterpunch columnist Mike Whitney.
……………………… Mike Whitney is a columnist for Counterpunch.org, Smirkingchimp.com and Opednews.com. He admits that his interest in politics only began with the appointment of GW Bush as President. Like many other regular Americans, he has understood from the very beginning the global aspirations of the Cabal that presently occupies 1600 Pennsylvania Ave and the threat they pose to the world. It is a threat that is as real and as far reaching as any we have seen since the rise of Fascism in 1930s Germany (The author’s description of himself).
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…at the Faculty Meeting on Tuesday, attempting to quell any fears, I gave him this sage advice as as he returned to his seat: Don’t sell low.
Presidential “grab,” I think the plan of Bush and Cabal from the very get-go was very clear. It was a seizure of opportunity calculated by Bush and Cabal to “use” the premises thereof strictly to enrich their own personal wealth and power.
In eight years, what has this Administration done for this country, for WE, the American people, for the economy, for health, education and welfare and on and on? We’re just lucky they weren’t successful in privatizing our 401k’s, etc. NO, there was never any intent to DO anything for this country or its people. WE were simply the means by which those of insatiable greed would attempt to satiate themselves. WE were and have been the subject of complete neglect for eight years — “orphaned” by our own government.
Resultantly, we now have a near disastrous economy because of the plight of the neglected “orphans” of this country, as a direct result of the actions of the architects of insatiable greed. Sooner or later, the “ugly head” would have to have shown itself.
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That same insatiable greed lead to creating a false economy and, consequently, creating a situation of a lack of validity in the eyes of the world, among other reasons of distrust that have been created.
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This country has thrived all these years because of the so-called “middle-class,” who have supported the rich and the poor at the same time, while deriving little for themselves. The “drones” of the society. This Administration has been successful in nearly “cutting off” the hands that feed ALL.
Are there really 4000 deep underground Dick Cheney “secure” locations?
Has Nancy Pelosi been “replaced” by a look alike reptillian shap-shifting alien? Kinda makes sense.
http://www.jamescasbolt.com/
And on Eurotrib
Are they purposefully removing ammonia plants from production in an effort to reduce the capacity for modern farming methods. Think fertilizer shortages just like the ones they cooked up for oil.
http://www.eurotrib.com/?op=di…
And if that is not enough the Seig Heil assholianism which is the direct result of digital TeeVee IS going to be CENSORED, Constricted to only those MEMES Generally accepted by MOUTH BREATHERS.
http://www.prisonplanet.com/fr…
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Political economist William Engdahl believes the “US faces an economic depression that will be worse than the Great Depression of the 1930’s.” He goes on to state that “European goverments are furious at the corruption and fraud that has come out of the New York financial community.”
I don’t understand …what corruption?
No one is blaming Bush…they make it all sound like it’s a coincidence….it’s the housing issue…
they weren’t successful in privatizing our Social Security, etc.”