Bankruptcy is Economic Stimulus – Ron Paul

The distraction on Capitol Hill this week has to do with the jackpot bonuses that executives at AIG recently received. The argument is over a relative drop in the bucket. The total amount of bonuses given out was $165 million. The government has put $170 billion into AIG so far. Many now are demanding we get this money back.

MSM: U.S. now sees Iran as pursuing nuclear bomb – Propaganda

In a reversal since a 2007 report, U.S. officials expect the Islamic Republic to reach development milestones this year.

Reporting from Washington — Little more than a year after U.S. spy agencies concluded that Iran had halted work on a nuclear weapon, the Obama administration has made it clear that it believes there is no question that Tehran is seeking the bomb.

The Worker-Capitalist Con

Wall Street’s Collapse and the Ownership Society

On February 24, 2005, I clicked on the evening news to see President Bush finishing his European tour in Slovakia, surrounded by children waving little American flags. It had the feel of a Macy’s holiday window designed by Karl Rove. I recalled a recent news item about Slovakia. Just two months prior to the President’s visit, Slovakia initiated a plan to divert nine per cent of worker’s wages into private investment accounts laden with corporate stocks and bonds as an alternative to a government run social security program.

This was similar to a plan that President Bush had peddled under the banner of the “ownership society.” Fortunately, this was one of the rare occasions when the President was rebuked by Congress.

Today in the U.S., with both corporate bonds and stocks suffering massive losses and over $2 trillion of taxpayers’ dollars doled out by the Federal Reserve to shore up Wall Street firms in various stages of insolvency, we finally grasp the true meaning of “the ownership society:” the Wall Street execs absconded with the so-called profits; the little people own the losses; the next generation owns the bailout debt. This scheme makes Ponzi artist Bernie Madofflook like a piker.

MSM: U.S. Markets Fall Sharply in Late Trading

Stocks plummeted in the final hour of trading today with the prospects of a bailout of the U.S. automobile industry dimming. Crude oil prices fell lower than they had been in more than three years.

Video: Ron Paul Confronts Bernanke On Global Currency Plans

Congressman demands to know if discussions regarding new reserve system to replace dollar have taken place

Congressman Ron Paul confronted Federal Reserve chairman Ben Bernanke this morning about plans to replace the dollar with a new global currency during the House Financial Services Committee meeting on Capitol Hill.

MSM: Jobless rate at 14-year high as losses continue

WASHINGTON (Reuters) – The unemployment rate shot to a 14-1/2 year high last month as employers slashed jobs by an unexpectedly steep 240,000, suggesting President-elect Barack Obama will face a deep recession when he takes office.

NO DEAL YET on bailout!!! Still You MUST reject the Paulson/Bernanke plan

Urgent: Boehner adding to Bachus comment about “no deal.”

Per Pergram-Capitol Hill

Off-camera, to Fox, House Minority Leader John Boehner (R-OH) concurred with Bachus that there was no deal yet. But said there seemed to be a broad consensus on the macro principles. But there was still a lot of heavy lifting on the “core” and the details of what this package may look like.