MSM: Bailout failure ‘will cause US crash’

The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.

MSM: Congress Expected to Pass Massive Wall Street Bailout

WASHINGTON — Key lawmakers who struck a post-midnight deal on a $700 billion bailout for the financial industry predicted Sunday it would pass Congress, putting in place the largest government intervention in markets since the Great Depression.

Video: Speaker Declares Martial Law ? “Elaborate The Meaning”!!!

The Illusion of Sovereignty

Perhaps sovereignty is relative; how else can one explain the subjugation of the most powerful industrial nations to the will of another while under the delusion of independence, national interest, democracy, and even capitalism? A single country, Israel and its powerful lobby AIPAC have altered the course of history in America and by extension, the rest of the world.

US’s sixth largest bank Wachovia looking for buyers: Report

New York/London, Sep 27 (PTI) Financial turbulence in the US took yet another toll with America’s sixth largest bank, Wachovia, starting preliminary talks with potential buyers including Citigroup, Wells Fargo and Spain’s Banco Santander, media reports say.
The reports about Wachovia looking for a bailout buyer appeared in media a day after the collapse of Washington Mutual, the biggest bank failure of US history.

Ahmadinejad: World awaits major changes

The President of the Islamic Republic of Iran Mahmoud Ahmadinejad says that the idols of the modern era are collapsing right now.

“The world is on the eve of big developments. The era of powers that had weapons and used force is nearing its end,” Ahmadinejad said Friday while speaking to reporters upon his arrival from New York, where he attended the 63rd annual session of the UN General Assembly.

MSM: Lawmakers Reach Accord on Huge Financial Rescue

Vote is Imminent on $700 Billion Bailout Plan

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation’s financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.

Video: Stop The Bailout!!!

This is another 10 minute video by Karl Denninger. All indications in the press are that Congress is going to buckle under and sign the bailout with changes that are not going to solve the problem. We need to call our Congress people on the phone. Email is OK, but a phone call from an angry constituent is more impressive. There are two links below. The first is the above mentioned video and the second is Denninger’s web page that I hope you will bookmark. He does a daily update. If you believe Denninger is on the mark please tell your friends about him and his site referenced below

Video: Fox News calls Ron Paul economic genius!

September 27, 2008

Trouble in Banktopia

The financial system is blowing up. Don’t listen to the experts; just look at the numbers. Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve 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.” The Fed opened the various “auction facilities” to create the appearance that insolvent banks were thriving businesses, but they are not. They’re dead; their liabilities exceed their assets. Now the Fed is desperate because the hundreds of billions of dollars of mortgage-backed securities (MBS) in the banks vaults have bankrupt the entire system and the Fed’s balance sheet is ballooning by the day. The market for MBS will not bounce back in the foreseeable future and the banks are unable to roll-over their short term debt. Game over. The Federal Reserve itself is in danger. So, it’s on to Plan B; which is to dump all the toxic sludge on the taxpayer before he realizes that the whole system is cratering and his life is about to change forever. It’s called the Paulson Plan, a $700 billion boondoggle which has already been disparaged by every economist of merit in the country.