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I expect to hear a lot of talk soon about the US government possibly defaulting on debt held by the world markets if the bailout bill is not passed.
Some say this is impossible since the US can resolve this by simply printing more money to pay back its debts. However, this leads to inflation and maybe hyperinflation combined with a total devaluing of the US currency. The other option is deflation which completely constricts the money supply and effectively mimics what happened prior to the Great Depression.
Game over. It was a good ride. Hopefully the people we elect in November will be smarter and better at controlling both the regulation of the banking and financial industries as well as standing by the Constitutional principles this country was founded on. We've outlived our usefulness to China and other major debt holders. Already, the world is pointing their fingers at us.
In the Presidential debate, Jim Lehrer raised a very interesting point. Is economic security the same as national security? IMO, it's more important. Restraint in both should be regarded as an asset, rather than a liability.
A good article regarding the views of the rest of the world on our behavior.
So why do they want this bill passed so badly? To dump their toxic assets on our doorstep. Representative Brad Sherman (D-CA) explains how they intend to dump their debts on us.
Pay no attention to the FDIC insurance issue. That's no concern now. It's fluff.
"It provides hundreds of billions of dollars of bailout to foreign investors. It provides no real control on Paulson's power. There's a critique board but not really a board that can step in and change what he does. It's a $700bn program run by a part-time temporary employee. And there's no limit to million dollar per month salaries to executives of bailed out firms." .... "The Bank of Shanghai can transfer all of it's toxic assets to the Bank of Shanghai of Los Angeles and then sell them to the Treasury." ...."The foreign markets are being told they're getting money." ~ Rep Brad Sherman (D-CA)
"I don't believe we have any more friends." ~ Rep Paul Ryan (R-WI)
As the Treasury has already told us, they didn't care what the number was, it just needed to be large. This bill is only meant to put the failure of our markets and government on the US taxpayer. It is not intended to bailout anyone but foreign governments. It will not help us or Wall Street in any significant way.
Call your Senators. Tell them they will be held responsible if they allow this treasonous legislation to pass. There is no reason for the taxpayer to take the fall for the recklessness of both Wall Street nor the global financial markets that invested in US Treasuries and failing institutions. Also remind them that spending bills MUST originate in the US House of Representatives according to the Constitution.
The Bush family will not break the promise of unlimited wealth to their Saudi friends. This is the reason for the "bailout". Not protecting the big boys would hurt Bush's real constituancy - "the haves and have mores"
Amen. I watched that video a few times. I picked up on that as well. It's scandalous. Bush and his entire administration has failed this country. Based on this legislation alone, they need to be brought up on charges of treason if that claim is correct. That's a very serious charge, I am aware.
There are European economists who believe that Greenspan should be tried for war crimes for allowing this to get this far out of control by lowers interest rates in the early 00s. If this legislation does not pass, it will not be pretty.
Wanna bet? Who do you think China's biggest customer for their manufactured goods is? They have a huge interest in not seeing our economy fail.
It's way beyond that. This legislation is very important to them. They have financed us through T-bill purchases and through private investment in bad mortgages through Wall Street. If this legislation does not pass, they're out billions too. They've poisoned us well enough with lead tainted toys and other crap. We're lucky we don't drool 24/7 instead of just while we sleep.
My new years resolution was to NOT BUY anything made in China this year....I've saved quite a bit so far....
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