Black Monday? House Rejects $700 Billion Rescue Plan

House Rejects $700 Billion Rescue Plan


The U.S. House of Representatives on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Black Monday? Global Investors vote "No" on Paulson's Bailout

By Mike Whitney

The Paulson Plan

The Rise Of The American Oligarch Class

By Robert Wenzel

Is the play for the Oligarchs to grab the banks, the assets and the mortgages and then inflate the money supply boosting the value of all these assets by trillions, while the rest of us simply get to deal with the price inflation as higher prices at the grocery store, the gas pump and everywhere else?

I've Watched the Economy for 30 Years. Now I'm Truly Scared

By Will Hutton

If more people understood what has happened in the British and American banking system, the financial crisis would only be containable by the immediate partial nationalisation of every bank in Britain and America.

The Rich Are Staging a Coup This Morning

By Michael Moore

After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab.

A Shattering Moment In America's Fall From Power

By John Gray

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over.

Bush Wants To Bankrupt America: There is Method To His Madness

By Sam Hamod

This plan is so obvious at this point that it is hard to believe because it is happening so fast and the Democrats and even conservative non- neo-con Republicans don't realize what Bush and his neo-con buddies are up to.

Dow falls 700: Blue chips off as much as 700 points at Monday low, Nasdaq off 6%: Stocks sell off as Wall Street begins to throw in towel on bailout.

Fed Pumps Further $630 Billion Into Financial System:

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

Bank bailouts : U.S. Stock-Index Futures Retreat; Citigroup, Wachovia Slump

Investor Marc Faber, who predicted the 1987 "Black Monday'' crash, said last week the rescue package may require as much as $5 trillion.

U.S. stocks hammered as Fed adds more liquidity

U.S. stocks plunged Monday as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of billions of dollars more into the financial system.

Protests on Wall Street - what the news media isn't showing you?

Hundreds of protestors demonstrated agains the proposed $700 Billion bail out plan for the finance and banking industry, yet the national news media in America didn't even report it! Why not...

Tories 'bankrolled by the City wolves' who made a killing from financial crash

Party leader David Cameron has apparently accepted almost £2million from the wealthy financiers who are members of his exclusive 'Leader's Group' dining club.

Who is Henry Paulson?

According to the International Herald Tribune, Paulson "was one of the first Wall Street leaders to recognize how drastically investment banks could enhance their profitability by betting with their own capital instead of acting as mere intermediaries." Paulson "stubbornly assert[ed] Goldman's right to invest in, advise on and finance deals, regardless of potential conflicts."

From Information Clearing House


The (Near) Death of the State

Why I Do Not Vote

Democracy’s Debunking

Understanding the Bank Bailout

The Triumvirate and the Plunderbund


Stocks Plunge as Bailout Fails

Carl Hulse and David M. Herszenhorn, The New York Times: "In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse."

Paulson Will Have No Peer

Peter G. Gosselin, The Los Angeles Times: "The Treasury chief will gain sweeping, even unparalleled power under Congress' compromise plan. Despite all the constraints Congress supposedly wrapped around him, Treasury Secretary Henry M. Paulson is about to become the most powerful mortgage financier of the modern era - most likely of any era."

The Bailout: Congress Endorses Conservative Nanny State

Dean Baker, Truthout: "Congressional support for the bailout was a big victory for those who want to redistribute income upward. The bailout is about taking money from the schoolteachers and cab drivers and giving it to incredibly rich Wall Street bankers, who are so incompetent that they drove their banks into the ground."

For Once, Congress Heard Voters

David Lightman, McClatchy Newspapers: "Almost until the early afternoon vote Monday on the financial rescue plan, voters bombarded congressional offices, protesting almost in unison: Don't bail out renegade financial executives and companies. On Monday, House members, who face the voters in five weeks, listened to their constituents rather than their party leaders and rejected the $700 billion financial rescue package. For many, it was just too much to swallow too quickly, and too hard to explain."


Kucinich on Bailout: Why, Why, Why, Why?

The End of Free-Market Fundamentalism?

The Power of 'No' and the Need to Keep the Pressure on Congress

Top 5 Reasons to Vote Against Wall Street's $700 Billion Bailout

No Bailout for World's Poorest


We can’t let bankers try to blackmail America

Fox News
by James P. Pinkerton


Today I turn over my space to Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832: Gentlemen, … I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. … You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out. The issue back then was the Bank of the United States, a federally chartered institution — sort of a predecessor to the Federal Reserve — that Jackson, ever the populist, strongly opposed. Today, most people agree that a national bank is necessary, but as today’s vote demonstrates, there is no national consensus on transferring wealth from the middle to the top. Good! Let’s hope that principle holds true for a while longer...

The real solution to the financial crisis: recession

Christian Science Monitor
by Yves Smith


The much-maligned bailout appears set to become law. Members of Congress suggest they’ll hold their noses but vote for it anyway. Their reasoning? Something must be done. The premise is that doing nothing will hasten recession. And recession is unacceptable. But that kind of thinking is a big reason we’re now on the verge of a financial meltdown. By taking a zero-tolerance policy toward recession, Washington has dangerously juiced the economy with monetary steroids for more than a decade. The painful truth is that recession may be precisely what’s needed to restore economic health...

The irony of the bailout

Nolan Chart
by Maria Folsom


Why is it okay for the Treasury to purchase stocks on behalf of taxpayers, but not okay for taxpayers to buy stocks through Social Security? Remember when We The People were trying to rescue Social Security just a year or two ago? One option was to allow taxpayers to use 2% of Social Security withholdings to purchase stocks for their retirements. Government said: This is too dangerous! We can’t ‘let’ ordinary, unsophisticated taxpayers use Social Security funds for something as risky as stocks! Not even with their own money!

Why I oppose the Wall Street bailout

by Dick Armey


This week, Congress will vote on the largest federal bailout in history—$700 billion in spending authority to purchase the troubled assets of Wall Street’s major investment houses. As a free market economist I unequivocally oppose this legislation because it violates the basic working tenets of free market capitalism and individual responsibility. Equally important to me, it likely violates our Constitution and stands in direct contradiction to the founding principles of our great nation...

Rotten political system invites rotten candidates

Liberty For All
by Donna Mancini


Politics is rotten. How do you know when a politician is lying? Their lips are moving. The fact that the candidates for President are rotten, is one thing, but I take real issue with the all-powerful, all-knowing office of the American President these days and our political system itself. I do not need or want a power-hungry, violent, arrogant jerk, who is disrespectful of other people’s rights and property claiming to represent me or for that matter anyone claiming to represent me without my consent...

Informant: Thomas L. Knapp


Did YOU Marry Fannie Mae?

by Marc Rudov

Each member of this financial gravy train ­ unqualified borrower, greedy banker, and avaricious mortgage reseller ­ pursued undeserved wealth, exhibited massive entitlement, and enjoyed total lack of accountability. Any system functions according to the incentives and disincentives underlying it........


Black Monday Galore: A Speculator's Seesaw Paradise

Informant: Dorothee Krien$700


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