ICH: Ron Paul: The Creation of the Second Great Depression

September 26, 2008
The Creation of the Second Great Depression
By Ron Paul
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike. The events of the past week are no exception.
http://www.informationclearinghouse.info/article20862.htm
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Show Us the Money
By William Greider
Taxpayers should wake up the politicians and ask them to tell Wall Street: “We want the same deal Warren Buffett got.”
http://www.informationclearinghouse.info/article20867.htm
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Richest Americans See Their Income Share Grow
By Jesse Drucker
In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation’s adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.
http://www.informationclearinghouse.info/article20863.htm
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America’s Elephant In The Room
By David Michael Green
The scope of the destruction is breathtaking to gaze upon. The rapidity with which American affluence and power and respect and responsibility were converted into their opposite numbers is mind-boggling.
http://www.informationclearinghouse.info/article20868.htm
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McCain’s Debate Ploy
By Michael Tomasky
A move so unserious, contemptible and cynical that it’s hard to imagine how they even thought of it.
http://www.informationclearinghouse.info/article20866.htm
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The New World War
The Silence Is A Lie
By John Pilger
It is a war of the world. In Latin America, the Bush administration is fomenting incipient military coups in Venezuela, Bolivia, and possibly Paraguay, democracies whose governments have opposed Washington’s historic rapacious intervention in its “backyard”. Washington’s “Plan Colombia” is the model for a mostly unreported assault on Mexico.
http://www.informationclearinghouse.info/article20864.htm
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Morales Cites “Evidence” of U.S. Meddling
By Haider Rizvi
Bolivian President Evo Morales reiterated the charge Tuesday that the U.S. government was plotting to overthrow his government and that Washington had a hand in the recent episodes of violence in which a number of his supporters were killed and wounded by opposition gangs.
http://www.informationclearinghouse.info/article20860.htm
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The Destabilization of Bolivia and the “Kosovo Option”
By Michel Chossudovsky
The death squads armed with automatic weapons responsible for killing supporters of Evo Morales in El Porvenir are supported covertly by the US. According to one report, “USAID has an “Office of Transition Initiatives” operating in Bolivia, funneling millions of dollars of training and support to right-wing opposition regional governments and movements.”
http://www.informationclearinghouse.info/article20861.htm
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The Future Is One Nation
The two-state approach in the Middle East has failed. There is a fairer, more durable solution
By Ghada Karmi
Imagine the scene: the United Nations general assembly meets to discuss a resolution to the Israel-Palestine conflict. Unlike previous resolutions, which have been based on a Jewish state in most of historic Palestine with Palestinians relegated to the remnants, this one calls for a new state, covering what is now Israel, the West Bank and Gaza, whose present and former inhabitants are equal under the law. Such a resolution has, in fact, already been drafted and discussions have begun to place it on the agenda at the UN.
http://www.informationclearinghouse.info/article20865.htm
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Horrors of War Our Leaders Never Have to Confront
By Robert Fisk
Private James Owen was to describe how an enraged friend was trying to bayonet another German. “He lunged at the German again and again, who each time lowered his arms and stopped the point of the bayonet with his bare hands. He was screaming for mercy. Oh God it was brutal!”
http://www.informationclearinghouse.info/article20856.htm
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The Blood of Dresden
By Kurt Vonnegut
The author Kurt Vonnegut was a prisoner of war in Dresden during the allied bombing raids and was later forced to dig out bodies from the ruined city. In papers discovered by his son after his death last year, he provides a searing eyewitness account of the ‘obscene brutality’ that inspired his novel Slaughterhouse-Five.
http://www.informationclearinghouse.info/article20857.htm
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Online Bailout Outrage Jumps to Streets, and Into Lawmakers’ Inboxes

September 25, 2008

An e-mail that began as a rallying cry from a lone journalist to an influential circle of friends to protest the U.S. government bailout of Wall Street has ignited a national day of street protests. Some demonstrators plan to dump their rubbish in front of the bronze bull sculpture near Wall Street in downtown Manhattan Thursday.

“People are going to bring their own personal junk that they think is worth as much as the junk financial instruments that the government is proposing to buy from the Wall Street banks,” says Andrew Boyd, an activist and freelance online-video artist for nonprofit groups in Manhattan. “We’re hoping that people show up with their 8-track cassette collections, their old Spice Girl CDs, their surf boards that got bit by sharks and old Enron stock certificates.”

Boyd is just one of thousands of Americans from all over the political spectrum who the Bush Administration has angered with its vague proposal to hand $700 billion over to Treasury Secretary Henry Paulson to restore U.S. financial markets’ health. That anger has manifested itself online through e-mail, web sites and other online chatter, with one site, BuyMyShitPile.com, going rapidly viral this week. The site, a parody of the dire financial situation, is what is inspiring the self-organizing group of activists to show up in downtown Manhattan Thursday evening with all their junk. They hope to make their simmering fury palpable to Wall Streeters getting off work.

… Read more (Wired Blog Network)

Protest the Bailout Today
There are more than 200 events planned coast to coast for today, September 25, protesting the Bush Administration’s proposed bailout.  Find an event near you and contact your elected reps and implore them to reject a plan that bails out Wall Street but not Main Street.


America Pays the Piper

September 24, 2008

To understand how the United States got itself into today’s bailout mess, one has to look back three decades to the rise of Ronald Reagan, the neocons and the anti-regulators, writes Robert Parry.

After a 28-year binge of drunken optimism and blind nationalism – often punctuated by chants of “USA, USA!” and “We’re No. 1!” – Americans are waking up with a painful hangover, facing a grim “morning in America,” not the happy vision that Ronald Reagan famously sold them on.”

For the full story, go to Consortiumnews.com .


Mike Whitney: Mushroom Cloud over Wall Street

September 23, 2008

In his latest post on his blog at The Smirking Chimp, Mike Whitney paints a very dark picture ahead for the U.S.:

“One bank to rule them all;
One bank to bind them…”

These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic future. Industry representative Henry Paulson has submitted legislation to congress that will finally end the pretense that Bush controls anything more than reading the lines from a 4′ by 6′ teleprompter situated just inches from his lifeless pupils. Paulson is in charge now, and the coronation is set for sometime early next week. He rose to power in a stealthily-executed Bankster’s Coup in which he, and his coterie of dodgy friends, declared martial law on the US economy while elevating himself to supreme leader.

“All Hail Caesar!” The days of the republic are over.

Section 8 of the proposed legislation says it all:

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

Right; “non-reviewable” supremacy.

[…]

Read the remainder of this post here.


Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter

September 23, 2008

This post by Jason Linkins in The Huffington Post sheds light on the proposed Bush Administration bailout package:

A critical – and radical – component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that’s so flat-out astounding that it ought to set one’s hair on fire. It reads, in its entirety:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

In short, the so-called “mother of all bailouts,” which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People’s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch – who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.

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Read the rest of this article here.


Larisa Alexandrovna: Welcome to the final stages of the coup…

September 23, 2008

This latest bailout is the ultimate power grab with Congress giving up its power over finances into the hands of crooks. It is terrible and suicidal for a country that once was a ‘beacon of freedom and democracy’ to the rest of the world.

“If you must break the law, do it to seize power: in all other cases observe it.” ~ Julius Caesar

Read Larisa Alexandrovna’s chilling piece in the Huffington Post here.

No time needs to be wasted on hearings as we already now have in writing, formally as presented to Congress, the intentions of this administration to nullify Congressional powers permanently, to alter Judicial powers permanently, and to openly steal public funds using as blackmail the total collapse of the US economy if these powers are not handed over. You do see how this is blackmail, do you not? You do see how this is a manufactured crisis precisely designed to be used as blackmail, do you not?

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Mike Whitney: Full-Spectrum Breakdown

September 23, 2008

Mike Whitney calls Henry Paulson’s bailout plan “a band-aid approach to a sucking chest wound”. He goes on to say: “The debts are enormous and the pain will be substantial, but the problem cannot be resolved by crushing the middle class or destroying the currency”. Whitney’s article condemns and explains the deregulated US financial system: “Now taxpayers will pay for the lawless system which men like “industry rep” Henry Paulson put in place. That’s deregulation in a nutshell; a system that allows Wall Street banksters to create credit out of thin air and then run weeping to Congress when their swindles backfire. shows the dire consequences of an unsupervised marketplace where individual players are allowed to create as much credit as they choose”.

The system is at the breaking point, and despite Wall Street’s elation from the proposed $1 trillion dollar bailout to remove toxic mortgage-backed debt from banks balance sheets, the market is still correcting in what has become a vicious downward cycle. This cycle will persist until the bad debts are accounted for and written off for or until the exhausted dollar-system collapses altogether. Either way, the volatility and violent dislocations will continue for the foreseeable future.

And more…

The problems cannot be resolved by shifting the debts of the banks onto the taxpayer. That’s an illusion. By adding another $1 or $2 trillion dollars to the National Debt, Paulson is just ensuring that interest rates will go up, real estate will crash, unemployment will soar, and foreign central banks will abandon the dollar. In truth, there is no fix for a deleveraging market anymore than there is a fix for gravity. The belief that massive debts and insolvency can be erased by increasing liquidity just shows a fundamental misunderstanding of economics. That’s why Henry Paulson is the worst possible person to be orchestrating the so called rescue project. Paulson comes from a business culture which rewards deception, personal acquisitiveness, and extreme risk-taking. Paulson is to finance capitalism what Rumsfeld is to military strategy. His leadership, and the congress’ pathetic abdication of responsibility, assures disaster. Besides, why should the taxpayers be happy that the stocks of Morgan Stanley, Washington Mutual and Goldman Sachs surged on the news that there would be a government bailout yesterday? These banks are essentially bankrupt and their business models are broken. Keeping insolvent banks on life support is not a rescue plan; it’s insanity.

[…]

Read Mike Whitney’s entire article here.