Saturday, October 4, 2008
Gold Diggers of 1933 ~ We're in the Money
Featuring Ginger Rogers
America Must Not Bail Out Sharia Finance
October 3, 2008
by Jeffrey Imm
Anti-Jihad League of America
On September 17, 2008, the U.S. News and World Report magazine reported on how the "Federal Reserve extended an $85 billion loan to American International Group to be paid back as AIG sells off some business in the biggest government takeover so far in the ongoing credit crisis." What the American public hasn't seen yet is what AIG is going to sell off in terms of its business. According to the September 16, 2008 press release by the Federal Reserve on this bailout, the "U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders."
But while the U.S. taxpayers are loaning money to AIG and the U.S. holds a nearly 80 percent equity interest in AIG, no one in the government seems concerned that AIG is continuing to expand its Sharia finance business. Less than a week after the government bailout of AIG, Reuters reported on how AIG's unit American International Assurance Co (AIA) was awarded an "international takaful (Islamic insurance) license" by the Malaysian government.
AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its AIG Takaful division, since its October 1, 2006 announcement, with a stated goal to sell such Sharia financial instruments in the United States. AIG SunAmerica, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts. The AIG bailout came two days before Congressman Tancredo's introduction of the "Jihad Prevention Act" (H.R. 6975), which "would deny U.S. visas to advocates of 'Sharia" law, and expel Islamists already here."
This House bill has been referred to the House Committee on the Judiciary. Yet as the AIG bailout shows, the challenge of Sharia is more than an immigration problem, and the U.S. federal government is not yet taking any action on Sharia finance. While we should be concerned about "Islamists" coming to the U.S. to promote Sharia, shouldn't we be really concerned that the U.S. taxpayers own a nearly 80 percent equity interest in a company promoting Sharia finance today? Shouldn't the first assets that AIG should have sold two weeks ago have been their Sharia finance businesses?
The day before the AIG bailout was being announced, the Center for Security Policy's (CSP) Frank Gaffney published his concerns about this growing financial institutional problem of "Shariah-Compliant Finance (SCF)" in an article entitled "Into the Fire." In his article, Mr. Gaffney references David Yerushalmi's study "Shari'ah's Black Box: Civil Liability and Criminal: Exposure Surrounding Shari'ah-Compliant Finance," which details the lack of financial transparency inherent in Sharia finance, and how such lack of transparency could lead to financial institutions being used to support terrorism and reverse money laundering. Moreover, as Mr. Gaffney states, the current financial crisis will allow Islamist nations to buy "up engines of our capital markets for pennies on the dollar," and "[w]orse yet, they are, in the process, putting themselves in a position to promote Shariah-Compliant Finance and the seditious theo-political agenda it serves."
Sharia finance is not just "business." Sharia finance exists to promote an expansionist, supremacist ideology; it is not merely "business," but is "business with an agenda." As I addressed in my November 14, 2007 article "Dow Jones, Wall Street Journal, and Islamist Financing," organizations promoting Sharia finance have employed individuals such as former Dow Jones' advisor Mufti Muhammad Taqi Usmani, who have called for Jihad. As Alex Alexiev has stated, "far from being an innocent venture in free market capitalism, Islamic finance was conceived and is practiced as one of the key instruments of the militant Islamist movement in its struggle against the West." As reported by Alex Alexiev, Alyssa A. Lappen, Lt. Col. Jonathan D. Halevi, and others, Shariah finance zakat can be used to promote Jihad warfare.
As addressed by Allyson Rowen Taylor and others, Sharia finance is anything but simply "business," as has been addressed in multiple articles on this subject. Role of the Emergency Economic Stabilization Act to Protect America's Interests With the passage of the "Emergency Economic Stabilization Act of 2008" by the U.S. Senate and the U.S. House of Representatives (H.R. 1424), a key part of its implementation is described in Section 104 of the legislation, "Financial Stability Oversight Board." The Financial Stability Oversight Board is comprised of the U.S. Treasury Secretary, the Chairman of the Board of Governors of the Federal Reserve System, the Director of the Federal Housing Finance Agency, the Chairman of the Securities Exchange Commission, and the Secretary of Housing and Urban Development.
This oversight board has the responsibility to ensure that policies enacted under this legislation are "in the economic interests of the United States. As major financial organizations are receiving loans and other U.S. federal government bailouts, there have been no expectations set that they should be divesting their Sharia finance divisions and businesses. Why not? Certainly it is not the responsibility of American taxpayers to fund the efforts of financial organizations to promote Islamic supremacist financial instruments, any more than American taxpayers should be asked to fund any business that supports financial instruments that are geared exclusively to promote an identity-based supremacist ideology.
Under this Emergency Economic Stabilization Act of 2008, will this Financial Stability Oversight Board protect the American taxpayer from funding financial institutions that have or promote Sharia finance divisions? Clearly this did not happen with the September 16, 2008 bailout of AIG, where American taxpayer dollars are being used to fund a company supporting Sharia finance.
Isn't it "in the economic interests of the United States," to ensure that U.S. taxpayer dollars are not being used to support divisions of financial organizations engaging in Sharia finance? Congress and this Financial Stability Oversight Board should state that there are consequences to American taxpayers' support of such financial institutions, and a key consequence should be the elimination of Sharia finance that is rampantly supported among such financial institutions ranging from AIG's Takaful division to J.P. Morgan's MENA Islamic banking group (see page 6 of MENA brochure).
While dealing with the legitimate challenges of our financial problems and marketplace issues, the U.S. government has the responsibility to also protect America's interests and the tax dollars of the American public to ensure that they are not funding Sharia finance businesses, and not funding an ideology that calls for and funds Jihad (using Sharia finance zakat). The American public must demand that U.S. government withholds financial support to those financial institutions who continue to undermine our national security interests by supporting Sharia finance.
Fear No Evil.
[Postscript - see also Sources documents for additional reading and background information.]
Missing Persons ~ Words
On May 21, 2008, Lebanon's western-backed government, under increasing military pressure from the militant group Hezbollah, made concessions to end a 19-month political stalemate and form a new unity government, which will give Hezbollah veto control over its decisions. Saad Hariri's Future Movement, the nation's largest Sunni political party, will hold a majority of 16 posts in the Lebanese Cabinet. “We were always ready to give concessions for the sake of co-existence, and open a new page for reconciliation," Hariri told reporters.
Uncivil War Brewing
Syria Signals It Will Stop UN Nuclear Inspectors
For One Eye Only
Muslim brotherhood leader to speak at UC Irvine
US appeals NJ Muslim cleric immigration case
Guns, dirty money and French elite on trial
15 Turkish soldiers killed in clashes with PKK
The U.N. declared the Pakistani capital unsafe for the children of its international staff Thursday and ordered them out
The Muslim holiday Id Al-Fitr is heightening political and ethnic tensions in Egypt and Iran over the allocation of prayer areas and festival customs
Islamists slap Sharia law on Somalia town
EU leaders head divided into emergency summit
Prospect Fades for Joint EU Bank Bailout
On the eve of a Paris summit to discuss the European financial crisis, the idea of establishing an EU-wide rescue fund looks stillbornEU welcomes U.S. adoption of financial bailout plan
IMF wants coordinated EU approach to crisis
Russian stock market trade halted after dive
Gazprom clinches deal with German utility
Bulgaria Gained $16 Bln From the Contract with “Gazprom”
Russias Gazprom lines up $4.2 bln loan-source
Gazprom Leads Ukraine to Market
Russia to spend extra $3.1 billion on defense in 2009 - Vladimir Putin
Russia wants to work with EU, US, against piracy
Pirates holding a hijacked arms ship off Somalia for 20 million ransom warned yesterday they will fight off any commando- style rescue attempts
4 more failed pirate attacks in last 24 hours
Russia and the Norks in Joint Railroad / Port Deal
Kim Jong Il Reappears
Blast near Russian base in S.Ossetia reportedly kills six
US to sell $6.4B in arms to Taiwan
Chevron Loses Major Lobbying Battle In Congress
DJ Q-Burn called it: More severe recession now forecast by Goldman Sachs
Wells bids $20 billion for Wachovia
They Seek to Run $700 Billion U.S. Pool
BlackRock Inc., Pacific Investment Management Co. and Legg Mason Inc. informally advised the U.S. Treasury prior to passage of its $700 billion financial-rescue plan and will seek contracts to manage some of the assets, according to people familiar with the matter. The Treasury will choose five to 10 investment firms to help it acquire troubled securities from financial companies, officials said today.OJ finally goin' to the hooskow, where he damn well belongs
The word "grandmother" now banned from The Guardian (UK)
Rod Liddle analyses the extraordinary list of mostly harmless words and phrases that are now considered inappropriate by one of our leading national newspapers
Stark Reality ~ Comrades
Friday, October 3, 2008
Alice's Egg Plant
Walt Disney Studios ~ 1925
iLiKETRAINS ~ The Deception
Lawhawk Breaks the "Bailout Plan" Down:
It certainly isn't the kind of change that either McCain or Obama have been speaking of for months on end. Both want you to believe that they're going to change the way business is done in DC, and yet, both voted to approve the bloated bailout bill. On this particular issue, both sound exactly alike.....Both presidential candidates are trading on increasingly false prospectuses
If ever there were a recipe for poor political leadership, this is it.Cooking With Balls!
Gee, it's good to know there is now a practical way to put to use the millions of severed testicles just laying around emitting carbon and taking up green space in the utterly emasculated West. Go Eunuchs! Soylent Green!
Hollywood gets a cut in the "bailout"
Banking bill bails out China too
Wells Fargo in a Deal to Buy All of Wachovia
Goldman / Sachs "Buy List"
2 Goldman Sachs customers suing, claiming GS convinced them to keep buying risky securities when it knew the market was collapsing
Nasdrovia, Czar Bloomberg!
(Tran)SCRIPT of the "debate"
An accurate representation of me trying to watch the "debate"
Bush to Sign Bill to Nearly Double Amtrak Funding
US seizes $5billion of Saddam's assets
Olmert still busy splaying her out bound & spread eagled for the enemy rape
Egypt to host bullshit "Peace Summit" in November
U.S. Secretary of State Condoleezza Rice had wanted the sides to come to Sharm el-Sheik with an "inventory" of achievements, Ha'aretz reported Thursday, but the Israeli and Palestinian teams dissuaded her from that approach.When neither side is civil is it still called civil war?
Palestinian Authority President Mahmoud Abbas was reportedly resisting pressure from within Fatah to uproot Hamas in the West Bank and to prepare for a military confrontation in Gaza, Israel Radio reported on Wednesday morning.Serbia, Kosovo Target Islamic Nations Ahead of Key UN Vote
Merkel meets with Russian President
Russian President Dmitri Medvedev says the global financial crisis shows the era of U.S. financial dominance is over and that it is time to implement worldwide financial reforms.
Merkel Slows NATO Bids by Georgia and Ukraine
Putin Claims Ukrainian Forces Fought in Georgia
Republicans blocked Iran sanctions legislation in the Senate
Not that "sanctions" matter , but still:
US clears US-based NGO to set up shop in Iran
In a rare move, the U.S. Treasury Department's Office of Foreign Asset Control (OFAC) granted a license to the Princeton, New Jersey-based American-Iranian Council (AIC) to operate in Iran. A U.S. official said the decision to allow the NGO to go to Iran was "carefully reviewed" within the U.S. government.Iran vows to stay on nuclear path
Naturally! Wouldn't you?
UNCLE CHOM SEZ: "The Majority of the World Supports Iran"
Ahmadinejad: Zionists are infidel!
A FEAST WITH THE BEAST
....the meal and gabfest "demonstrated both the power and potential of religious leaders contributing to peace," explained a World Council of Churches (WCC) official.World Council of Churches - Communist to the core and always was
Two Iranian Christians released from prison
27. Infiltrate the churches and replace revealed religion with "social" religion. Discredit the Bible and emphasize the need for intellectual maturity which does not need a "religious crutch."
28. Eliminate prayer or any phase of religious expression in the schools on the ground that it violates the principle of "separation of church and state."
Imam Samudra, one of the convicted Bali I bombers, said he was convinced he and his two associates - Amrozi and Nuhlas -- would never be executed.
He made the remark to newsmen after performing Idul Fitri prayers at the Batu correctional institute in Nusakambangan, Central Java, on Wednesday morning. Samudra even said the Attorney General`s Office (AGO) was too afraid to order their execution by firing squad. He said he was not thinking too much about the execution plan because, he said, the problem of death was Allah`s responsibility and therefore he was ready to be executed any time. But if the execution was carried out, there would certainly be a retaliation, he said. "If anybody kills us, God willing, there will be retaliation," Samudra said without making an assurance where he would spend eternity after death.NY appellate court overturns terrorism convictions that led to long prison terms for a Yemeni cleric and his deputy
The 2nd US Circuit Court of Appeals said Thursday that the cleric, Mohammed Ali Al-Moayad, and Mohammed Mohsen Zayed, can have new trials. It said the convictions for conspiring to provide material support to Hamas and al-Qaeda came after the men were deprived of a fair trial.Obama hires CAIR attorney for lawsuit
FBI raids Obama's Poker Buddy's Home
The FBI on Wednesday raided the county offices of a former Illinois state senator who is a poker-playing buddy of Democratic presidential candidate Sen. Barack Obama. According to Chicago authorities, the FBI visited the offices in Joliet, Ill., of Will County executive Larry Walsh, a longtime friend of Mr. Obama's, and his chief of staff Matt Ryan. Mr. Walsh, who served in the Illinois Senate from 1997 to 2005, was endorsed by Mr. Obama in his county executive election bid. With the support of some of Mr. Obama's U.S. Senate volunteers, he easily defeated incumbent Republican Joseph Mikan. Will County auditor Steve Weber confirmed that his office had been asked by the FBI to assist in an investigation, but he did not elaborate on the specifics.Academia's Persistent Intolerance and Preoccupation With Utter Bullshit
Is Sarah Palin really a woman? That's the type of asinine question that could originate only in academia.THE AUDACITY OF TENURE
It turns out that the “change agent” running for president has yet another colorful associate the media seldom ask him about. “You mentioned Rashid Khalidi, who’s a professor at Columbia,” Barack Obama said in Boca Raton this year. “I do know him because I taught at the University of Chicago.”The Abject Failure of Physchobabble
HPV vaccine for gay men and boys!
The Crüxshadows - Deception
Thursday, October 2, 2008
I Close My Eyes & Count To Ten
Speaking to Muslim clerics at Eid al-Fitr celebration, Abbas says that if territorial concessions laid out by Israeli PM in recent interview were to be implemented 'we could have peace in two days time
Uccchhh! Peace in 2 Days Time is a first cousin of Peace in our Time is descended from Have you come in Peace, Jehu? There is ZERO new under the sun.Hamassholes & Fatahsses Mutually Release Prisoners
Now the EU is sending "soldiers" to the Somalian Nuclear Pirate Party
America, Russia and terrorists of the seas
Yea, Well....They Oughta Know:
Meeting in New York on the occasion of the 63rd session of the U.N. General Assembly, members of the Socialist International (SI) called for the establishment of a World Financial Organization to provide “global stability” and regulate the financial systems of the nations of the world. This will be the inevitable result of the U.S. Congress passing a socialist-style takeover of the U.S. financial sector. This centralization of power will make it easier to integrate the U.S. into a global socialist system.
3 months ago: Israeli Defense Minister Ehud Barak, left, Palestinian President Mahmoud Abbas, right, and President of the Socialist International George Papandreou, center, shake hands during the 23rd congress of the Socialist International at the Lagonissi Grand Resort, about 40 kilometers (25miles) south of Athens on Tuesday, July 1, 2008. Close to 700 participants from 150 political parties and organisations from 120 countries will attend the Congress of the Socialist International from June 30 to July 2.THE CHALLENGES OF THE NEW WORLD ORDER
America is no longer up to shouldering the world’s crises. But who is going to take its place? Russia, Brazil, China and India are all rising, but they are also competing with Europe and the US for finite natural resources. Only a common future -- a "change through rapprochement" and not a "clash of futures" can carry us forward.
2 months ago: European Union Commissioner for Trade Peter Mandelson pauses before speaking during a media conference at EU headquarters in Brussels, Thursday July 17, 2008. Troubled global trade talks are a crucial test for how a new world order can handle future world challenges such as climate change and food supply, the EU's trade chief said Thursday. Mandelson said talks between World Trade Organization nations in Geneva next week were happening at a time of "huge reordering of the global economy and politics" and would test their ability to strike a deal.Oy to the whole freakin' world. Koom Bah Humbug, ya One World MFers.
YESTERDAY: Council of Europe and Alliance of Civilizations agree on future co-operation
Preamble: The Alliance of Civilizations and the Council of Europe,
1. Recalling the values of pluralist democracy, the rule of law and human rights for the development of all societies;
2. Recognising that cultural diversity is an essential characteristic of every society and a potential factor for economic and social development;
3. Reasserting the need to build bridges between cultures and societies through dialogue and co-operation as well as for political will and a collective commitment to live together by strengthening mutual respect, tolerance and understanding among people of different ethnic, linguistic, religious and cultural background;
4. Convinced of the need for intercultural dialogue to be based on the principles of the indivisibility and universality of human rights and on observance of the human rights standards of the United Nations and the Council of Europe;
5. Affirming the role of the Council of Europe as the benchmark for human rights, the rule of law and democracy in Europe, and acknowledging the close co-operation between the member states of the Council of Europe in promoting intercultural dialogue based on these common values and principles;
6. Renewing their commitment to these common values and principles which are rooted in Europe’s cultural, religious and humanistic heritage – a heritage both shared and rich in its diversity;
7. Bearing in mind the principles of intercultural dialogue as established for the Alliance of Civilizations by the High Level Group's report of 13 November 2006, and as laid down in the Council of Europe White Paper on Intercultural Dialogue "Living Together as Equals in Dignity";
8. Wishing to support the ratification and implementation of the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions;
9. Recognising the role of the Council of Europe as a member of the “Group of Friends” of the Alliance of Civilizations;
10. Having regard to their respective competences, specific characteristics and programmes of activities, and building on their existing good relations;
11. Wishing to intensify co-operation and mutually benefit from each other’s experience concerning matters of joint interest; Have agreed as follows: Objectives and Principles of co-operation in intercultural dialogue
Vultures circle for feeding frenzy
Morgan Stanley and Goldman Sachs are coming down from the cactus to start the feast. As they "morphed" into banks in the milliseconds that have allowed them a grab for financial control of a swathe of America's banks, Morgan Stanley announced plans to sell as much as a 20% stake for $US8.4 billion ($A10 billion) to Mitsubishi UFJ Financial Group, Japan's largest bank, to shore up capital. Goldman Sachs said its new bank status would help it buy assets.VERY JEWISH Yeshua comin' ta WHOOP yo' Semi Hemi Demi Commietose duped dope of Churchianity ASS:
Mennonite Central Committee Defends Dinner With Ahmadinejad
Government Owned Churches?
So what happens if the government buys out a bank on the verge of bankruptcy and obtains church mortgages? Would the government be entangled with religion? Would such an arrangement amount to a violation of the First Amendment's bar against establishing religion?October 7, 2001: Speech aired on Al Jazeera TV
Every Muslim must rise to defend his religion. The wind of faith is blowing and the wind of change is blowing to remove evil from the Peninsula of Mohammad, peace be upon him. As to America, I say to it and its people a few words: I swear to God that America will not live in peace before peace reigns in Palestine, and before all the army of infidels depart the land of Mohammad, peace be upon him. God is the greatest and glory be to Islam.US approves Indian nuclear deal
Oingo Boingo ~ We Close Our Eyes
An "Ubersecretary Paulson" Would Be a Bad Idea
The directors, Tom Borelli, Ph.D. and Steve Milloy, MHS, JD, LLM, also say Congress should be wary of placing additional unchecked power in the hands of Treasury Secretary Henry Paulson.
Borelli and Milloy are concerned because:
* ... Henry Paulson and Goldman Sachs profited from the subprime mortgage business and the company supported questionable actions by Fannie Mae."Paulson should not be given more opportunities to punish his enemies and promote his friends," said Milloy. "Engineering the sale of Bear Sterns at a fire sale price and allowing Lehman Brothers to go bankrupt while making efforts to save Goldman Sachs should raise serious questions about Paulson's personal agenda. Having served in the Nixon Administration it seems Paulson took careful notes in the creation and execution of an enemies list. Let's not forget that under Paulson's leadership Goldman Sachs made millions by creating the mortgage crisis."
* ... Henry Paulson has a history of using his professional power to 'get back' at perceived enemies.
* ... Henry Paulson ignored conflict of interest and shareholder concerns while at Goldman Sachs by making gifts of Goldman Sachs assets to charities with which he and/or his family members were personally associated.
* ...Henry Paulson served as chairman of the Nature Conservancy at the time the green charity lent money to its own executives and sold land to its own trustees. Following a widely-read expose of these and other controversial practices in the Washington Post (see: http://www.washingtonpost.com/wp-dyn/nation/specials/natureconservancy ), Paulson himself admitted that "we need to tighten up our oversight and risk management controls..." (Washington Post, March 4, 2004).
"Given Paulson's record of using his position to advance his personal agenda should automatically disqualify him from granting him unprecedented power," added Borelli. "Why should the country trust Paulson with his track record of using distressed debt to support his environmental hobby? If Paulson gave away shareholder assets to support his personal interests just imagine what he would do with the taxpayers' property."
In 2006, Borelli and Milloy sent a letter to then-Senate Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Max Baucus (D-MT) alerting them of a complaint the mutual fund they manage had filed with the U.S. Securities and Exchange Commission requesting "an investigation by the [SEC] Division of Enforcement into potentially false and misleading statements of material facts made by Goldman and its senior management relating to Goldman's acquisition and disposition of certain real property..." (See: http://freeenterpriseactionfund.com/AFM_submission_to_Senate_Finance.pdf)
Milloy and Borelli also have written a series of articles questioning some Paulson's practices, including "Treasury Nominee Hank Paulson Needs to Answer Some Questions" (Steve Milloy, Human Events, 06/13/2006 at http://www.humanevents.com/article.php?id=15481), "Hank Paulson Was Thrown Softballs" (Steven Milloy and Tom Borelli, Human Events, 7/03/2006, at http://www.humanevents.com/article.php?id=15865), and "Treasury Nominee Is Ideologically, Ethically Challenged" (Steve Milloy, Human Events, 5/30/2006 , at http://www.humanevents.com/article.php?id=15255).
The government watchdog group National Legal and Policy Center has also questioned Paulson's record in a series of documents available at http://www.nlpc.org/goldmanSachs.asp.
The Free Enterprise Project is a program of the National Center for Public Policy Research, a non-partisan think-tank established in 1982.
Wednesday, October 1, 2008
Metallica & The San Francisco Symphony Orchestra
Master of Puppets
Where's the dreams that I've been after?
You promised only lies
All I hear or see is laughter
Laughing at my cries
Speak to me!
Hell is worth all that,
Just a rhyme without a reason
Never ending phase
Drift on numbered days
Now your life is out of season
I will occupy
I will help you die
I will run through you
Now I rule you too
RASPUTIN: The Opera!
The curtain opens on Rasputin presiding over an orgy, preaching that salvation is achieved only through pain and mortal sin, and charts a course through events up to his death. The stage during the court scenes is filled with giant replicas of Fabergé eggs, the jewelled ornaments made for the tsars. In the final scene one of these eggs turns red and hatches Vladimir Lenin, the Bolshevik leader who came to power after the two revolutions of 1917.
Stalin Survives Purge in Russian History Popularity Contest
Somalian pirates start killing each other
KOSOVO & THE MUSLIM WORLD
I wonder what will happen if tomorrow Kosovo requests to become an OIC member state
Kosovo appeals to Muslim countries for recognition
Iraqi Christians being told to leave Iraq.... by Iraqi politicians
Russia, Italy and Libya in Oil Deal
Gazprom Neft's half-yearly net profit up 93.7% to $3.6 bln
RLPC-Russia's Gazprom lines up $4.2 bln loan-source
Russia says no immediate EU access to Georgia zone
Nuclear Sub Sails Under Arctic Ice as Russia Asserts Its Power
BELARUS literally means "White (Pure) Russia"
Belarus Flips EU-ALL the Bird
Russia "disappointed" by Belarus election criticism
The Briefing - Belarus Elections
Interview: Grim Picture Emerges Of Georgian Conflict Zone
PRAVDA:Young Russian skinheads wanted to build new paradise
India & France Sign Nuke Deal
Pakistan Sacks Chief Of Powerful Spy Agency
Karzai invites Taliban leader to join peace talks
Who’s giving money to which presidential campaign?
Senate moves to rescue bailout
Naturally, Soros has a "Rescue Plan" too
A smackdown on Bill Maher
Solar wind weakest since beginning of space age
Speech of Prof. Ekmeleddin Ihsanoglu
Secretary General of the Organization of the Islamic Conference
to the Annual Coordination Meeting of Foreign Ministers of OIC Member States
UNITED NATIONS HEADQUARTERS, 26 SEPTEMBER 2008
Translation: Beast Addresses Beastlets at the House of Whores
"Mad as Hell" scene from "Network"
mixed with speech by
Marcy Kaptur - (D) Ohio
On "The Bailout"
Now, he says the danger of global financial meltdown is real, but that buying toxic assets per the $700 billion bailout is a "completely flawed" approach and may actually make things worse. He thinks it's a good thing the House rejected the bailout. He's calling for the Fed to temporarily insure all bank deposits, to stop a "silent run" on the banks.
Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. This way of recapitalizing financial institutions is a total rip-off that will mostly benefit – at a huge expense for the US taxpayer - the common and preferred shareholders and even unsecured creditors of the banks. Even the late addition of some warrants that the government will get in exchange of this massive injection of public money is only a cosmetic fig leaf of dubious value as the form and size of such warrants is totally vague and fuzzy.
So this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors of the financial firms (not just banks but also other non bank financial institutions); with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. Instead, the restoration of the financial health of distressed financial firms could have been achieved with a cheaper and better use of public money....
Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. It is pathetic that Congress did not consult any of the many professional economists that have presented - many on the RGE Monitor Finance blog forum - alternative plans that were more fair and efficient and less costly ways to resolve this crisis. This is again a case of privatizing the gains and socializing the losses; a bailout and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners.