Heather Wokusch: Bush Exits with a Bang: Toxic Bailout and Two More Wars?

September 26, 2008

It’s good to hear back from my American friend, progressive writer, author, political commentator and blogger, Heather Wokusch.  Check out her two short videos and following links:

I’ve been on a short break from blogging, but recent events have gotten me riled up! If you have strong opinions about the Bush administration’s ‘toxic debt’ bailout and/or destabilization of Pakistan and Iran, then check out the ten-minute video I made called ‘Bush Exits with a Bang: Toxic Bailout and Two More Wars?’ here:

Bush Exits with a Bang: Toxic Bailout and Two More Wars?

The video provides background and context into these dangerous developments, as well as ideas for taking action.

I hope to be back to blogging on a regular basis soon, but for now, check out:
Bush Exits with a Bang: Toxic Bailout and Two More Wars?

Links for sources cited in the video:

Bailout:
Crisis talks over $700B ‘toxic debt’ rescue plan
Bush: “The American people have got to know that I made this decision along with a lot of experts because it was necessary to protect them.”

Pakistan:
Washington is Risking War with Pakistan

The American War Moves to Pakistan

Iran:
Preparing The Battlefield July 07, 2008

Dutch intel: US to strike Iran in coming weeks September 1, 08

Israel asks U.S. for arms, air corridor to attack Iran September 11, 08

U.S. to sell IAF smart bombs for heavily fortified targets September 14, 08

Bush could still attack Iran September 17 08


FBI Investigating Companies At Heart Of Meltdown

September 24, 2008

As the house of cards built by corporate greed and fraud is collapsing, the FBI are investigating the mortgage giants Fannie and Freddie and insurance behemoth AIG — companies that were recently bailed out by the US government with American taxpayers’ money:

WASHINGTON (AP) ― The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.

The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official said.

[…]

Read more here.


Naomi Klein: Now Is the Time to Resist Wall Street’s Shock Doctrine

September 24, 2008
Now Is the Time to Resist Wall Street’s Shock Doctrine
By Naomi Klein
The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday.
http://www.informationclearinghouse.info/article20848.htm
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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.


Arianna Huffington: The Bailout Plan: Welcome to Economic Shock and Awe

September 23, 2008

In the preface to her post, Arianna Huffington has this to say about the Paulson bailout package:

“Over the past 30 years, Americans have been bombarded with sermons evangelizing for the free market religion of the Right. In the course of selling us on buying, the market-worshippers tried to convince us that all concerns about the most vulnerable members of society could be left up to the soulless, self-correcting calculus of supply and demand. Government involvement was an anachronism, regulatory oversight an impediment. The last few weeks have demolished that notion. In the battle over the proper role of government, the high priests of the church of the Free Market — including Bush, Paulson, and the Masters of Wall Street — have suffered a monumental defeat. So why are we allowing them to dictate the terms of their surrender?

Arianna begins her corresponding article The Bailout Plan: Welcome to Economic Shock and Awe with this:

See if this sounds familiar:

There is a gathering threat to the safety of the United States. We must take immediate action. Congress must quickly grant the President and the Secretary what they want and also give them full and unfettered authority to execute the plan.

Welcome to Economic Shock and Awe (or as some have dubbed it, according to Paul Krugman, “the Authorization for Use of Financial Force”).

Even the amount of taxpayer money being bandied about — $1 trillion — is similar. Think you got your money’s worth for the Iraq war? Congratulations — you’re about to buy another pricey debacle.

[…]

Read the rest of this article 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.

[…]

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?

[…]