US govt ramps up the printing press

The Market Oracle
by Keith Fitz-Gerald

10/04/08

This week, I want to answer one of the most frequently asked questions that I’ve received: “Where does all the bailout money come from?” …. To pay for the new $700 billion bailout bill, or even to cover the ever-growing federal debt, the U.S. government sells securities - lots of securities. The money is literally created from thin air by authorization and subsequently lent to institutions, individuals, foreign governments and others for what basically boils down to the mother of all IOUs. A portion of it, of course, is physically printed by Team Bernanke and the U.S. Federal Reserve on its turbocharged printing presses - and put into circulation as currency...

//marketoracle.co.uk/Article6625.html



Political blame and the myth of Government-sponsored salvation

Financial Sense
by J. R. Nyquist

10/03/08

Our financial leaders committed egregious error upon error with the haughty self assurance that they could disregard economic teachings and escape the greatest cycle of boom and bust yet seen. And now, this same generation imagines that government can stop the boom from turning bust. They point to the case of Sweden, where the government intervened to save the Swedish economy from ruin. While it is true that the Swedish government stemmed the tide of panic, the country’s economy was ultimately floated by the decentralized decision-making of the market. A government may be lucky enough to stem panic in an otherwise healthy economy. It cannot, however, stop a financial contraction when bubbles begin to burst at the outset of a global recession...

//www.financialsense.com/stormwatch/geo/pastanalysis/2008/1003.html



Destroying liberty

George Mason University
by Walter Williams

10/01/08

There is no question that if one were to ask whether we Americans are moving towards more liberty or more government control over our lives, the answer would unambiguously be the latter — more government control over our lives. We might have reached a point where the trend is irreversible and that is a true tragedy for if liberty is lost in America, it will be lost for all times and all places...

//www.gmu.edu/departments/economics/wew/articles/08/Destroying%20Liberty.htm



Betrayed by the bailout: The death of democracy

Online Journal
by William John Cox

10/06/08

With almost a trillion dollars picked from their pockets to reimburse reckless Wall Street gamblers, many Americans righteously feel betrayed. A majority will elect a new president next month, and most will wait to see who it will be, and what if anything he can or will do to alleviate their suffering...

//onlinejournal.com/artman/publish/article_3832.shtml



Congress plays Santa Claus without bailout boondoggles

Classically Liberal
by CLS

10/05/08

Congress tends to write legislation that is about a ‘big’ subject and then the D.C. crowd hide other measures into the legislation. So a bill that is about one topic is used to hide laws about entirely different topics, totally unrelated. The secondary topics don’t get any debate at all. Everyone is focusing on the ‘big issue’ so the little issues slip by unnoticed. Democrats do it. Republicans do it. Once against it is the bipartisan effort by the two big parties to screw over the American people. Did you know the bail out bill, while picking you pocket for the benefit of Wall Street is picking your pocket for other special interests as well?

//tinyurl.com/48bjfx



Fed’s action fails to stem huge stock losses

USA Today

10/07/08

Stocks tumbled again Tuesday, despite efforts by the Federal Reserve to keep credit flowing to businesses and word from Fed Chairman Ben Bernanke that the central bank could soon cut interest rates to re-energize the economy. The Dow Jones industrial average, down nearly 370 points Monday, sank another 508 points, or 5.1%, to 9447. It was the Dow’s fifth-consecutive drop, during which its slid more than 1,400 points, or 13%...

//tinyurl.com/46snfp


Informant: Thomas L. Knapp



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