What has not been reported is that the Bush administration turned these acts of reckless lending into a national program of mortgage fraud. Soon after George W. Bush became president in 2001, meetings at the White House between Federal Reserve Chairman Alan Greenspan and administration officials became more frequent. According to mortgage industry
Sphere: Related ContentTwo days after the House rejected the $700 billion bailout bill, the Senate is set to vote on the rescue plan for financial institutions.
Sphere: Related ContentIt’s like a bad horror flick. The hero (in this case individuals pressuring congress) kills the evil monster (the bailout). Just as the victim and the hero embrace to celebrate their victory, the evil monster comes back to life - menacing them once again. The Senate is currently trying to bring the evil monster back to life with legislation from their side. It will take another heroic effort of calling, writing, faxing, and emailing to convince the politicians and the insiders that we are not quite so gullible as to buy into this insider bailout as being for the little guy.
Amanda Ripley does a good job of outlining the next strategy we can expect from the well-bought politicians. Although Ms. Ripley is obviously in favor of the bail out she does provide a little insight into the next wave of propaganda for the bailout.
Sphere: Related ContentThe first attempt at socializing the financial markets has been defeated. Public opposition is running in excess of 50:1 against the bailout. Keynesian and Friedmanian economists espouse a bailout as being the only option while Austrian school economists point to the failed monetary policies of both those schools of thought that have resulted in the very situation they claim will be fixed by more of the same. We are dangerously close to fulfilling the Utopian ramblings of Karl Marx in his desire for the centralization of credit in the banks of the state.
Jeff White posts an excellent analysis of the Marxist bailout scam that almost happened yesterday.
Sphere: Related Content…we need to evict the following who voted “Aye” (see bolded names) to the Massive Bailout for Wall Street.
North Carolina
Nay NC-1 Butterfield, George [D]
Aye NC-2 Etheridge, Bob [D]
Nay NC-3 Jones, Walter [R]
Aye NC-4 Price, David [D]
Nay NC-5 Foxx, Virginia [R]
Nay NC-6 Coble, Howard [R]
Nay NC-7 McIntyre, Mike [D]
Nay NC-8 Hayes, Robin [R]
Nay NC-9 Myrick, Sue [R]
Nay NC-10 Mchenry, Patrick [R]
Nay NC-11 Shuler, Heath [D]
Aye NC-12 Watt, Melvin [D]
Aye NC-13 Miller, R. [D]
The House 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.
Sphere: Related ContentVirtually our entire financial system is based on an illusion. We spend more than we earn, we consume more than we produce, we borrow more than we save, and we cling to the fantasy that this can go on forever. The glue that holds this crumbling scheme together is a fiat currency created out of thin air known as the Federal Reserve Note.
Sphere: Related ContentGas shortages are afflicting drivers across the Southeast. Some of the problems were caused by Hurricane Ike affecting oil production and refining along the Gulf Coast, but empty gas pumps also are being blamed on the consumers themselves.
Sphere: Related ContentU.S. banks and money managers borrowed a record amount from the Federal Reserve in the latest week, nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.
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