in fact it would have been better if a professional economist would have been consulted by congress. U.S.A. has a lot of potential because of the amount of innovation and openness in the economy and many other factors (ok some of those may not be as great as they used to). Unfortunately greed (for power or money) is like sand in the gears of even the best system.

yes!

Brad Setser has a fascinating insight to offer in his newest post, Extraordinary Times:

In the last two weeks — if I am reading the Federal Reserves’ balance sheet data correctly — the Fed has:Increased “other loans” to the financial system by around $230 billion (from $23.56b to $262.34b);Increased its “other assets” by about $80b (from $98.67b to $183.89b);Increased the securities it lends out to dealers by $60b (from $117.3b to $190.5b);That works out to the provision of something like $370b of credit to the financial system in a two week period. And that is just what I saw on a cursory glance.The most that the IMF ever lent out to cash strapped emerging economies in a year?$30b, in the four quarters through September 1998 (i.e. the peak of the 97-98 crisis).The most the IMF ever lend out over two years?$40b, in the eight quarters through June 2003 (this covered crises in Argentina, Brazil, Uruguay and Turkey)This is a very real crisis. The Fed’s balance tells a story of extraordinary stress. I never would have expected to see the Fed lent out these kinds of sums over such a short-period.

My response:

Excellent and timely, Brad. I’ve been speculating all week that the pressure being used on the Congress to pass the Paulson Plan is the threat of Fed illiquidity. As of two weeks ago, the Fed had lent out more than $600 billion of its $800 billion balance sheet Treasuries against crap MBS collateral.The Paulson Plan would have allowed the banks to unwind the repos putting the Treasuries back in the Fed, get cash for the crap MBS, and get more Treasuries from the issues financing the $700+ billion funding of the Plan. As a bonus, the Paulson mark-to-maturity price becomes the implicit Level 3 price for capitalisation of all the firms and banks in the system, giving them some breathing room to stay in business. Everyone wins except the poor American taxpayer.The Fed is very close to being illiquid. That is the fear factor we are seeing at work, and the reason no one will discuss why the bailout is needed – only emphasise the urgency.

thinking about the posts of GSM and London Banker above…would be nice to have a crystal ball to peek into the future. Even though it looks like this can be really bad, it is not always a given. Besides I never lived through the collapse of an empire before so such a prospect feels a bit surreal.So what exactly could happen (on the grassroot level) if the Fed becomes illiquid?

Fellow bloggers,I wrote to my senators and House Rep. and told them in no uncertain terms, that my vote was contingent on them being opposed to the bailout. Let’s keep the pressure on until this bailout is not only dead, but will not be revived in any similar form. I urge you to use your collective personal contacts to urge everyone you know to contact your representatives. You have more power than you might think. While you are at it, you might consider adding your voices to those of us who are demanding the resignation of Paulson and Bernanke. Who the Hell do they think they are? Who the Hell do they think we are? The sharks at this feeding frenzy are beginning to turn on each other. There is blood in the water and blood in my eye. Join those of us whose rage has reached the tipping point. I have four beautiful children and four wonderful grandchildren. I will do everything in my power to protect their future. Let’s come together and strangle the gargoyles that threaten us. The parasite load has become too great to tolerate any further. Now it is time to marshall our collective rage and debride the gangrenous tissue so that healing can begin.

I agree. And that is terrifying for anyone holding onto the USD. Remember that it is the Federal Reserves assets that back the value of the dollar. And if the Federal Reserve is insolvent, well… lets not go there for now.

“awful- chaos and possible societal collapse”Perhaps that was already expected? And therefore this crisis is the reason(?) for what is described here:Why is a U.S. Army brigade being assigned to the “Homeland”?

Several bloggers today have pointed to this obviously disturbing article from Army Times, which announces that “beginning Oct. 1 for 12 months, the [1st Brigade Combat Team of the 3rd Infantry Division] will be under the day-to-day control of U.S. Army North” — “the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities.” The article details:They’ll learn new skills, use some of the ones they acquired in the war zone and more than likely will not be shot at while doing any of it.They may be called upon to help with civil unrest and crowd control…The 1st BCT’s soldiers also will learn how to use “the first ever nonlethal package that the Army has fielded,” 1st BCT commander Col. Roger Cloutier said, referring to crowd and traffic control equipment and nonlethal weapons designed to subdue unruly or dangerous individuals without killing them…. …And as the Army Times notes, once this particular brigade completes its one-year assignment, “expectations are that another, as yet unnamed, active-duty brigade will take over and that the mission will be a permanent one.”… …The story of how Section 1076 became law vivifies how expanding government power is almost always the correct answer in Washington…. …

(full story at http://www.salon.com/opinion/greenwald/2008/09/24/army/index.html)

If the Fed becomes illiquid (an impossibility at present), because it is backstopping the entire US Financial system, that system would cease to function. This means all US bond yields would skyrocket in an instant as debt paper collapses in value, banks would collapse after an unprecedented run on them (their is no safehaven as the FDIC collapses under the weight of insolvencies),the currency value collapses as its support is withdrawn internationally,commodities (priced in USD’s)would skyrocket- gold and oil go ballistic,local services halt as it becomes everyman for himself.Anarchy and Chaos.Surreal enough?

Speaking of good questions:Why is anyone still listening to Paulson and Bernanke?”We were told less than six weeks ago by the Congressional Budget Office that the taxpayers may have to spend up to $25 billion dollars bailing out Fannie Mae and Freddie Mac. Secretary Paulson and Federal Reserve Chairman Bernanke assured us that beyond that, all was well.”"Given the economics … and the government’s lack of credibility to date, the real costs will now clearly run into the high trillions.”@ http://www.mises.org/story/3117Seems to be a good question.Ho hum

OK, that’s it time to purchase a freezer and load up on food stock today. Back to the basics survival.Good show….tata !

funded by Asia and the Middle East…

London Banker, have you taken a look at the FED most recent Balance sheet.I cant understand it well, but the drawdown in T Bills and Notes has actually stopped, seems like they have financed about an extra 203 bn dollar lending last week directly from “U.S. Treasury, supplementary financing account”, which I dont know what means and from “Reserve balances with Federal Reserve Banks”.What do these sources mean?

I have written many emails to my Congresswoman and my two senators regarding the “crowning” of King Paulson.Remember, when you are on the hook to your banker for $10,000.00, he has you by the short hairs.BUT, when you are on the hook for $10,000,000,000,000.00, YOU HAVE HIM!!!They, have to wait for us to restructure on OUR TERMS!There should be no PANIC. It is not necessary.The take-down of WaMu was done on a Thursday rather than a Friday to SCARE Congress into submission.But, not all Congresspeople are so afraid of the sh*t being shoveled out by Hank, Ben, and George to bend over.Tell your represenatives to have BACKBONE. They have the power. And do not have to “bend over” to Hank, Ben, and George, who are people totally lacking in backbone.

Thinking it further.I believe it wouldnt be the FED who became illiquid. It doesnt make sense IMHO.I believe when those repos expire and the counterparty banks wont be able to deliver the contract (pay back the money), the FED has to force them into bankruptcy. I dont know american law but can it be correct.Moreover an interesting piece can be read herehttp://messages.finance.yahoo.com/Business_&_Finance/Investments/ETFs_(A_to_Z)/ETFs_S/threadview?bn=45991&tid=58014&mid=58014according to which last week the FED has bailed out Citibank which had 138 bn outstanding to Lehman.

The respect and appreciation are mutual. Truce. In these times, we have to collaborate, using all our talents and good will.

best alternative plan is by Hussman – gives even the mathematics of whyhttp://www.hussmanfunds.com/wmc/wmc080922.htm

Lost it again.The point was that it could only work if Treasury’s purchase price came at

Now I know. You can’t us less than symbol here.It only works if Treasury price comes at less than 15% discount at a time that market prices reflect approx 80% discounts.

The Paulson Plan would have allowed the banks to unwind the repos putting the Treasuries back in the Fed, get cash for the crap MBS, and get more Treasuries from the issues financing the $700+ billion funding of the Plan.Apologies. The sentence was a bit dense and needs unpacking into components.The TCLF and other facilities allow banks to repo MBS for Treasuries. The banks get the Treasuries from the Fed, and the Fed gets the MBS at 85 percent of agreed valuation as collateral for the repo. When the repo unwinds, the banks redeliver the Treasuries into the Fed and the Fed redelivers the MBS to the banks.Once the banks have the MBS back, they can sell it to Paulson at mark-to-maturity prices – which may be more/less/same as the value the MBS served as collateral. We don’t know the valuation model, but Bernanke seemed to indicate it would be on the generous side.To finance the cash for the MBS purchases, the Treasury would have to issue $700+ billion of new Treasuries, which replace those redelivered to the Fed in the market to ensure stable supply of Treasuries in the credit markets.

GSM:There are other alternatives! I agree that danger is coming, but it’s also a time of great opportunity.Take heed, everyone, of JPM’s buyout of WAMU last night. Say what you will of JPM, but that was an example of preparation, cool-headed thinking, and excellent execution. Board member seat at the NYFed didn’t hurt, either The tectonic plates are in motion. Most of the problems we face are of our own making, and now we’re seeing the consequences very clearly. And we are learning.So let’s keep the heat on to kill this dumb bailout, and then let’s turn the laser beam onto the “what’s next for the economy” question.We’re going to cut some spending, some sacred cows are going to get sacrificed, our standard of living is going to change (not fall, but change) and we’re going to find new ways to generate wealth without trashing the planet. Balance will be restored if we all pay attention, do some creative thinking, and improve our capacity and willingness to cooperate. Look how much we have all learned in this past year!We can do this. Best regards to all.

“…those Republican House members who have objected to the plan have proposed no alternative plan”Actually, they did. It had something to do with buying even more CDS’s. A perfectly terrible idea.

Call To Action! Everyone, Join the Battle!The bailout is showing cracks, but remember, we’re facing the most powerful players on the planet.Politics is a tug of war between the powerful and everyone else. Every able-bodied person must grab the rope, and pull on it for all you’re worth!Call your Congressional representatives. Do it now, and leave a powerful impression.Suggested script:I’m a voter, and your constituent.I oppose the bailout for Wall StreetI will be voting this fallI am following this issue closelyMay I have your name so I know who I spoke with?If you’ve not called yet, please make this a priority. This is crunch time.If you’ve already called, you know how easy it is to do. You are urgently needed. Call once more!The Adversary has every advantage except … numbers! All of us must Fight!Concentrate your firepower where it’ll do the most good.Grab that rope, and PULL!Grab that rope, and PULL!Grab that rope, and PULL!

Hey LB,A great deal of the repos have more to do with overnight univested cash. There are typically 3rd party’s on your big money repos. (MFs, PFs, etc…)Thus the term, “tri-party repos”Miss America

just sent out another 2 faxes, one to Sen Grassley and other to Cong Frank

Guest, thanks!Everyone, please share the news here when you’ve delivered your message to Congress.

http://www.house.govwww.senate.govDrop-down list at the top gives you direct access to your two senators and your one congressperson.Please engage your friends, co-workers and family in this effort. We need every able-bodied person that can type and/or speak to grab that rope….and PULL!

What do you mean by “irresponsible”? It all depends on who you respond (the root of “responsible”) to, doesn’t it?When in doubt, do nothing. Do it right (with hearings, discussion of alternatives, etc.) or let the chips fall where they may.By bailing out the banks, it would mean that we respond to their needs. But it would be very hard on taxpayers for many years. I like the status-quo (with bank failures) better than that.

Suggestions for sound bank to relocate cashI have a substantial amount of cash which is earmarked for a house downpayment after this mess runs its course. The funds are currently at Wachovia, which I gather is in bad shape. Even if FDIC doesn’t run out of money, I’d rather have this in an institution which is in reasonably good health. I’m in the VA/DC area. Any suggestions?

What was that? The President’s urgent press conference at 9:35AM lasted maybe 1 minute and said pretty much nothing. He basically repeated the obvious.

VA/DC – You should go to PNC ?

Very insightful, Artichoke. They have the option to inject capital at any layer of the financial pyramid they choose, from consumer or small-business person upward. They could choose any sector of the economy, from RE to Ag to Mfg to Professional Services. What did they choose? IB. Every time, we elect to re-invigorate a sector of the economy that has demonstrated beyond any doubt that it no longer serves a useful purpose. All the players have exited or substantially reduced operations in that area of the economy.If I may be permitted, Artichoke, I’d like to repeat your thesis:”We need financial leaders that work for us”.

That is a big bolster to the markets.

If they vote right, we should vote them back in. They may need incentive to do the right thing, and for those that do, our votes are that incentive.

@OuterBeltway Here’s another letter I sent this morning. I re-worded some of Dr. Roubini’s reasons”To the Honorable :As a concerned citizen I am writing you again to make sure you are aware of my opposition to Treasury Secretary Paulson’s $700 billion plan to buy bad investments, even in the modified form the panel is working on at this time.A number of concerns should be addressed if this plan is to be given any consideration:1) The rush to pass this legislation is itself alarming and I would urge that no enabling legislation be passed that is not subject to retrospective review.2) Additionally, there are a great number of very prominent economists (most of them academics in major universities) who oppose the bailout plan in its current form and who have excellent suggestions, and — in stark contrast to the obvious conflict of interest which engulfs Secretary Paulson’s position vis-a-vis this plan — most of these economists were probably not paid by lobbyists to draft their suggestions.3) There are also those prominent economists who doubt the usefulness or need of the plan even in a modified form (I happen to agree with that group). It is an absolute disgrace that no professional economist was consulted by Congress or invited to present his/her views at the Congressional hearings on the Treasury rescue plan.4) The Treasury plan does not formally provide senior preferred shares for the government in exchange for the taxpayer’s buying of the bad/illiquid assets of these reckless financial institutions. So this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors (bondholders) of the firms.5) The bailout plan does not address the need to recapitalize severely undercapitalized financial institutions (which could have been achieved by public injections of preferred shares into these firms).6) The plan also does not explicitly include an HOLC-style program to reduce the overall debt of the distressed household sector; but without addressing this issue, the current economic recession will surely worsen.The arrogance of the bailout plan — a 3-page letter asking for $700 billion and supreme unchallengeable power about how to spend it! — can only be the result of a total (economic and societal) disconnection between the tiny coterie of the rich and the very large remaining citizenry. Better to do nothing than not take the time to study real alternatives, and develop a sound approach to restore the confidence in U.S. economic system. Without this, we are again avoiding our responsibilities and continuing on the path which led to this sad situation in the first place.Respectfully,

they could just start printing bills with exponents on them. So instead of a “100 dollar bill” we have a “100 dollars to the 10th power bill”. It would save on the chlorophyll and cellulose.

From the people’s revolt of the past week I have gained new hope for my country. I thought that the country of my birth in the 1960′s was gone in a flood of consumerism, stupidity and evil. I have really wanted to move to a different country.Now I think this one might be worth staying in. Thank you, fellow Americans.

@ MANot to get too technical here, but the Fed doesn’t do tri-party repo. What I expect does happen, though, is that the banks that repo MBS for Treasuries under the Fed credit facilities turn around and repo them for cash with the market through tri-party agents for liquidity.

It is a disgrace that no professional economist was consulted by Congress or invited to present his/her views at the Congressional hearings on the Treasury rescue plan.

But how about the other root cause factors such as…-SEC allowing (back in 2004) Bear, Lehman, Merrill, Morgan and Goldman to increae their leverage of up to 40 to 1.-Financial institutions peddling loans to anyone still alive.-etc

LB: We have passed a watershed. And let me tell you … everyone over here in the USA is talking about this issue – and everyone is upset! I haven’t seen the American people so riled up about an issue in a long, long time. I was in the cafeteria of my workplace yesterday – and people were talking about the bailout in an animated fashion. And yesterday I was over at my workout gym at lunchtime – and the same thing. People talking about the rescue. And I can tell you – folks here are getting extremely angry. I cannot rememeber the last time the American people have been so upset with their Government … we would probably have to go back to the era of the Vietnam war demonstrations to find a parallel to thsi. Mark my words – there is going to be huge fallout in public confidence from this event.PeteCA

In this bailout for financials as it stands, “ the Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means,” says Rep. Ron Paul, “$700 billion is only the very beginning of what will hit us.” This is a coup d’etat.This bailout is being sold as a vote of confidence in American corporations and in the United States government. But it is not. The bottom line is that it is a classic failure of a government that has been purposely altered at every turn since 1913.In perspective, it needs to be seen as a series of ongoing catastrophes. And it will continue if not stopped. The Federal Reserve banking cartel has swallowed Congress. Its policies led to the crash of 1929; it orchestrated the decline of American prosperity; the growth in taxes; the decrease in personal freedom; and massive inflation — all culminating in this single and most catastrophic financial failure in American history.If lower interest rates are part of the problem then the Fed lowers them more; if the dollar is trashing then it issues more dollars; if the government is $10 trillion in arrears then it provides more government debt; if moral hazard is destroying faith in the markets then it creates more by manipulating markets; if prices are unstable it exacerbates price stability. Worst of all, it enables monopoly by issuing bank credit to insiders and destroying competitors by withholding credit.These are monumental failures that face this once great nation, and the world sees it like that – China, Japan. Russia. There is nothing offered in this bailout that brings forth a vision of America pulling herself up by her bootstraps, rolling up her sleeves and putting her people back to work in an open market system. In terms of failure, America is at her lowest point.What happened? First, the government is handed over to private profiteers. Then, as the series of failures and bailouts worsen and deepen — Bear Stearns, then Freddie and Fannie, then AIG, then Merrill and Goldman and Morgan, Lehman — these profiteers come to the people’s representatives and TELL them what they have to do. If anybody is left that still thinks these financiers came and asked Congress for a plan, then they are not paying attention. Savers and wages earners and homeowners and the dollar, all have been sacrificed to prop up this financial house of cards and sustain its profits.But that wasn’t enough. These same people had to come back to Congress and say, you know what? Those other failures were nothing to the failure we bring to you now, which is not one bank, or two banks, but we are all failing. And, then, these kings of failure threw down their gauntlets: Just give us a blank check. We know what to do. Trust us.If America were a monarchy, the populace would have had the king’s head by now. Sometimes democracy gets in the way of action. But I expect that will be overridden when the people realize more and more that no one’s listening: when they realize that they have a private banking and treasury cartel of financiers with so many hands in the cookie jar that it broke, and that one of those whose hand is in the jar is in charge of the jar.And now, Congress wants to solve the problem by providing a new cookie jar, with more cookies. The people must say no.

Collapse of WaMu and Other Banks at RiskAs we discuss the rescue bill here, – the collapse of WaMu is almost getting lost in the shuffle. But this is a huge event – the losses that must now be covered by the FDIC are enormous!I would like to direct readers’ attention to the following white paper written by Martin Weiss and Mike Larson. Martin Weiss runs an investment firm called “Money and Markets”, and he has been an outspoken critic of the debasement of the US dollar for a long time. He has also been a very good advocate for the rights of senior citizens, and a critic if the pile-up of debt in this country. Articles from M&M can be found at :www.moneyandmarkets.comHere is the white paper, which is well worth reading …www.moneyandmarkets.com/files/documents/Final-Bailout-White-Paper.pdfHere are a couple of quotes from that paper:”1479 US banks and 158 US thrifts are at risk of failure, with total assets of $3.6 trillion”"Among those with $5 billion or more in assets, 61 banks and 25 thrifts are heavily exposed to nonperforming mortgages”The paper has a list at the end where readers can identify the banks and thrifts with the highest level of risk.In fairness to Martin Weiss and Mike Larson – they are not saying that ALL these banks will fail. But as we look at the collapse of WaMu this week, it is obvious that the FDIC will need a much larger infusion of cash from tghe US Gov’t to handle this crisis. All this extra money will need to be ADDED to the $700 billion rescue bill now being advocated by Mr Paulson.The total financial risk from this economic crisis is spiralling into trillions of dollars.Kudos to the folks at Money and Markets for a very well written white paper on this crisis!PeteCA————-

Today’s quotation question: Who said it, George Bush or Alexander Hamilton?”If money isn’t loosened up, this sucker could go down.”

From Bloomberg this morning …——————————-China Banks Cut Currency Trading With Foreign LendersBy Judy Chen and Belinda CaoSept. 26 (Bloomberg) — China’s banks are limiting foreign- exchange transactions with U.S. and European financial companies on concern tighter global credit markets will cause more failures.Domestic banks are cutting trading with international firms in the interbank market, according to Zhuang Zhiqiang, a trader at Xiamen International Bank Co., which is partially owned by the Asian Development Bank. The move aims to control risks after the bankruptcy of Lehman Brothers Holdings Inc. stunned domestic investors, said Zhao Qingming, an analyst in Beijing at China Construction Bank Corp., the nation’s second-largest lender.PeteCA

Keep your eye on the ball. They would have never been able to peddle the loans without the AAA lipstick on the pig.

Thanks for the links… I went, and the process couldn’t be easier. WRITE, folks, WRITE!

I have on two consecutive days been in touch with Chuck Schumer’s Long Island office (631) 753-0978, and have spoken to two different individuals. In both conversations I was told that I was wrong in my analysis and that a deal would be done. I argued for some time my case and he/she were as argumentative. I told each one how saddened I was that they felt it their duty to express Schumer’s opinion rather than listening to my opinions. They were both incensed that I had an opinion against Schumer’s. I am more outraged by them than what I was arguing. What times we live!!!

Here is “My answer to the President” from Ron Paul.http://www.24hgold.com/viewarticle.aspx?langue=en&articleid=321361_My_Answer_to_the_President_Ron_PaulMay I suggest clicking on the link to his site. Perhaps the rest of congress needs to hear the public supports Ron Paul’s ideas.hlowe

No bail out!No bail out!

Do you know that a few years ago Barney Frank shut out the proposal by the president for regulation of Freddie and Fannie for their dangerous leverage scheme (150 times of the capital) and irresponsible lendings? If he had not objected, we would not have this financial crisis. Of course, he had lobbist.What a terrible congressman Barny Frank was!!!!!!And what a irresponsible Barny Frank is now!!!!!!

Keep calling. Get tough. E-Mail! Tell them you are watching them carefully. Keep the pressure on. Demand accountability. Tell your friends to do the same. Keep their feet to the fire. If you give them a chance to wriggle free, they’ll take it. Make sure they know how angry you are. Tell them that if they vote for the bailout, there will be a swift and certain congress default swap.

A high level, simple view of this situation:(please offer correction if this interpretation is flawed)Leadership (Paulson & Co.) wants to place gigantic, incalculable toxic asset burden on US Taxpayer.Large Banks/(former)IB’s who hold these toxic assets want to acquire large deposit bases of US Taxpayer Demand Deposits to provide a capital base/subsidy that allows these institutions to continue a more concentrated version of this shadow financial system.Sounds like the cry for new leadership has to come from a place of Integrity well outside of Wall Street? Who might that be?

Wouldn’t that help bring in capital from other nations as well as relieve some pressure on already-struggling companies? Especially the smaller companies?

Can someone explain exactly how Paulson will get thismoney (where it comes from) if the bail out is ok’ed?

Stratonovich calculus: I am delighted to see someone taking this fight to new heights.You have demonstrated an ingenuity and degree of focus that’s really admirable.Let’s innovate! Rise and shine, folks!

@ LBNot sure if you’ve posted this anywhere @RGE, so I’m reposting your comment from Brad’s site.Excellent and timely, Brad. I’ve been speculating all week that the pressure being used on the Congress to pass the Paulson Plan is the threat of Fed illiquidity. As of two weeks ago, the Fed had lent out more than $600 billion of its $800 billion balance sheet Treasuries against crap MBS collateral.The Paulson Plan would have allowed the banks to unwind the repos putting the Treasuries back in the Fed, get cash for the crap MBS, and get more Treasuries from the issues financing the $700+ billion funding of the Plan. As a bonus, the Paulson mark-to-maturity price becomes the implicit Level 3 price for capitalisation of all the firms and banks in the system, giving them some breathing room to stay in business. Everyone wins except the poor American taxpayer.The Fed is very close to being illiquid. That is the fear factor we are seeing at work, and the reason no one will discuss why the bailout is needed – only emphasise the urgency.I think that ths is a very good insight as to what is going on behind the curtain.

ITS REALLY QUITE SIMPLEYou don’t pay for anything or bail it out, unless you get the title.Having said that, I’m still horrified and against any bailout.Our Article 1, Section 8 of the Constitution clearly states that Congress shall have the power to create money and regulate the value thereof, NOT A BUNCH OF INTERNATIONAL BANKERS!Who’s going to be King of the world, when we go to a world currency soon and how worthless will all our US dollars be after the change?

How will it be created?

I can help with that.What if this were common knowlegesnips from there:This page provides readers access to examples of the capital confluence of the promiscuous, prohibited, perplexing and political. This is nothing new. For example, during the Civil War there were 450 brothels in DC. Neither, however, is it insignificant. Part of the mythology of Washington is what might be called the Jim Lehrer Illusion, which is to say that all people in the capital do is sit around and rationally debate policy alternatives. In fact, Washington politics is also heavily driven by cowardice, blackmail, deceit, fear, loyalty to old buddies and even older bodies, cooptation, corruption, sex, and just plain crime. Journalists who pretend otherwise either don’t understand what is going on or are covering for someone.The public often misunderstands the importance of Washington scandals, assuming them to be a simple dalliance, individual failing, or private offense. What makes both sex and crime in DC different, at least when those in power are involved, is that there is far more opportunity for blackmail and far more skill at covering things up.The blackmail may be used by members of one branch of government against those of another, by lobbyists against members of Congress, by the police against whomever they wish, and by foreign powers. For example, one way to keep a congress member bought is for a lobbyist to provide him with high class prostitutes. And it is noteworthy that both the Israelis and Boris Yeltsin apparently knew about Bill Clinton’s affair with Monica Lewinsky before the American public did. The city’s ecology lends particular importance to gay sex simply because greater public antipathy makes it an even easier target for the blackmailer, witness the case a few years back when DC police officers were found to be running an extortion racket against those who visited gay bars.Finally, the exposure of impropriety almost inevitably raises the issue of hypocrisy since the participating official often has inveighed against the discovered offense or attempted to ban, punish, or otherwise suppress the revealed practice. One of the more ironic examples was when, during the 1960s, a white southern senator was caught with a black prostitute. Said a civil rights leader, “Oh he’s just one of those sunup to sundown segregationists.” Washington is full of sunup to sundown moralists.The ability to cover up scandal or crime is also much greater in Washington. This may be accomplished by relying on the social club rules of the federal city, through the aid of acquiescent journalists, by official spin or censorship, or by resort to the capital’s various law enforcement agencies, each one beholden for budget and top appointments to some federal department. For example, both the Attorney General and the U.S. Attorney(who handles all DC crimes) are appointed by the president. The FBI, DEA, ATF, National Park police, the Secret Service, not to mention the Aqueduct police, all work for the president. And the Metropolitan Police Department is under the thumb of Congress, which approves its budget and exercises behind-the-scenes authority.In short, there is far more politically related sex and crime in Washington then is generally reported, it is less competently investigated than is generally thought, and it is far easier to cover up than is generally appreciated.PAUL M. RODRIGUEZ AND GEORGE ARCHIBALD WASHINGTON TIMES, 1989: A homosexual prostitution ring is under investigation by federal and District authorities and includes among its clients key officials of the Reagan and Bush administrations, military officers, congressional aides and U.S. and foreign businessmen with close social ties to Washington’s political elite, documents obtained by The Washington Times reveal. One of the ring’s high-profile clients was so well-connected, in fact, that he could arrange a middle-of-the-night tour of the White House for his friends on Sunday, July 3, of last year. Among the six persons on the extraordinary 1 a.m. tour were two male prostitutes . . . Reporters for this newspaper examined hundreds of credit-card vouchers, drawn on both corporate and personal cards and made payable to the escort service operated by the homosexual ring . . . Among the client names contained in the vouchers – and identified by prostitutes and escort operators – are government officials, locally based U.S. military officers, businessmen, lawyers, bankers, congressional aides and other professionals . . .1990: the House reprimands Massachusetts congressman Barney Frank, for – among other things – using his political influence to fix parking tickets for an intimate friend who was also a male prostitute and ran a homosexual whorehouse out of the Frank residence. Other members who got into trouble included Gary Studds of Massachusetts who seduced a young male House page and was censured by the House. Dan Crane of Illinois had sex with a female page, cried and begged forgiveness on the floor of the House and lost his next election.******I do SERIOUSLY wonder what would happen if the people of America all read that page at prorev.

I thought for sure that stocks would crater today, forcing some kind of agreement over the weekend if politicians don’t want another “balck Monday” on their hands

The Ones who are destroying American Financial System and Economy1) Mr. Phil Gramm, and Mr. James Leach – Repealer of the Glass-Steagall Act by Gramm-Leach-Bliley Act – allowed massive securitization by the Wall Street Investment Banks and other financial entities2) Mr. Alan Greenspan – Fed’s irresponsible Monetary Policy maker and bubble blower – made a massive tech stock bubble and the biggest housing bubble3) Mr. Ben Bernanke – Irresponsible Monetary Policy maker and stock market manipulator – is killing the dollar and tanking the stock market4) Mr. Hank Paulson – Irresponsible Bailout King – is destroying American financial system and tanking American economy by incompetence and causing substandard living for Americans and making rich for the Wall Street manipulators by bringing in socialism for the rich and fraudster5) Mr. Christopher Cox – Flagrant violator of Capital Market and manipulator of the US Stock Market – causing the demise of capitalism6) Mr. Barney Frank and Mr. Christopher Dodd – Incompetent Accomplices destroying sound American Monetary, Financial and Fiscal Policies – is taking American people to a poor house at the expenses of self interest of reelection7) Mr. Timothy Geithner – Market Manipulator – is destroy American banking system in the behind sceneThe presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C., has voting power over cutting or raising interest rates and is the voting power in the Federal Open Market Committee. I believe its members should be included on the list.The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.2008 Members of the FOMCo Ben S. Bernanke, Board of Governors, Chairmano Timothy F. Geithner, New York, Vice Chairman (employee representing permanent member bank, the Federal Reserve Bank of New York, where all Fed decisions are made and whose board chair is Stephen Friedman)o Elizabeth A. Duke, Board of Governors (newly appointed)o Richard W. Fisher, Dallaso Donald L. Kohn, Board of Governorso Randall S. Kroszner, Board of Governorso Sandra Pianalto, Clevelando Charles I. Plosser, Philadelphiao Gary H. Stern, Minneapoliso Kevin M. Warsh, Board of Governorso two vacancies Board of GovernorsIn May, when the crisis was peaking, the Board consisted of Ben Bernanke (chairman) • Donald Kohn (vice-chairman) • Randall Kroszner • Frederic Mishkin • Kevin Warsh. Mishkin has since resigned and Duke appointed.It was The Board of Governors of the Federal Reserve System that announced in July that it had granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac…”intended to supplement the Treasury’s existing lending authority and to help ensure the ability of Fannie Mae and Freddie Mac to promote the availability of home mortgage credit during a period of stress in financial markets.”Friedman, board chair of the New York Fed, is retired chairman of The Goldman Sachs Group and a current board member of The Goldman Sachs Group.http://www.federalreserve.gov/monetarypolicy/fomc.htmI also include the following individuals plundering the Americans by massive securitization, malinvestment, manipulation of the market, control of The Fed and Department of Treasurey of the United States, and causing massive dislocation of their Investment Banks and American financial system and demise of American Economy. These are:1) Stanley O’Neal of Merrill Lynch2) John Thain of Merrill Lynch3) Henry Paulson of Goldman Sacks4) James Cayne of Bear Stearns5) John Mack of Morgan Stanley6) Philip Purcell of Morgan Stanley7) Richard Fuld of Lehman Brothers.Please see: http://www.bloomberg.com/apps/news?pid=20601109&sid=a96vQtgKS3BM&refer=exclusiveRobert Rubin! He was essential in getting the Glass-Steagall Act repealed. And he’s now Obama’s economic adviser. We’re so screwed…Does Obama know Robert Rubin was the architect who repealed Glass-Steagall Act and has produced this economic crisis?http://my.opera.com/richardinbellingham/blog/show.dml/1796860What a sad situation it is in American politics!

Along with writing to our representatives, we should also raise a demand for the congress & representatives, to invite and hear the opinions of real economists like Dr. Roubini, Marc Faber etc. so the people can also see and hear the real truth about this mess.

…and, considering how my posting that COULD be misconstrued, just so there can be no misunderstanding about my own views, it is COERCION and HYPOCRISY I call sins. Truly consenting adults enjoying their sexuality, whatever that is, I have NO PROBLEM with.

This rush to bailout is a rush to massive coverup.A San Francisco letter writer today gives new meaning to a shocking revelation from a former top HUD insider (provided on this blog last night) that rush to bailout is likely covering massive mortgage fraud by bankers.Here’s the letter:I am a retired federal law enforcement officer who investigated several multimillion-dollar fraud schemes during my career. The biggest “red flag” in those schemes was the forceful statement of the fraudsters to the victims that you must sign on to this “opportunity” immediately or you will lose your chance to take advantage of the plan. I am not making this up—that is what they do.The frightening thing to me is that the White House and Bush’s minion, Treasury Secretary Paulson, must have read the same book to get their ill-advised bailout passed. It sure sounds familiar to me. What the hell is the hurry? Take time to work it out. AL DOCKUS San Francisco.The massive fraud is a sort of multi-trillion HUD House Con Game whereby the swindling bank takes one HUD house and issues several fake mortgages on it. Says HUD insider Carolyn Betts:“I believe there is a good chance that there is collateral and other fraud in these mortgage loan portfolios, i.e., loans with no properties to support them, multiple loans secured by a single property, loans used to launder money through government guarantees.“This conclusion is based in part on the numbers, which don’t make sense, and upon observation of the number of HUD-insured loans that have gone into default before a single payment was received. If the lenders are just paid for these loans what is the theoretical value in a good market for these loans, assuming they are performing (i.e., above current market value), the lenders will get a windfall and be rewarded for making fraudulent and/or predatory loans.”And the bailout as proposed will be a perfect way to hide the evidence of wrongdoing.”

SOME AMERICAN HISTORY TO REMEMBER”…I believe that banking institutions are more dangerous to our liberties than standing armies . . .If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” –Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)…”The rest of teh URL:http://images.search.yahoo.com/images/view?back=http%3A%2F%2Fimages.search.yahoo.com%2Fsearch%2Fimages%3F_adv_prop%3Dimage%26fr%3Dyfp-t-501-s%26va%3Dgreat%2Bdepression%26sz%3Dall&w=383&h=236&imgurl=nwomirror.tripod.com%2Fdepression.jpg&rurl=http%3A%2F%2Fnwomirror.tripod.com%2F&size=14kB&name=depression.jpg&p=great+depression&type=JPG&oid=8911b23a587f864e&no=3&tt=45,827&sigr=10s3iafsn&sigi=113dove05&sigb=136miaguk

Well done!

The democrats fell into the trap of modifying Paulson’s Plan instead of presenting theirown. Now the democrats can be characterized as wedded to Bush and Paulson! They were setup to fail! Mccain’s alternative republican plan will sound as if he is rescuing the country!If the American people bite, you may have republicans in congress and the presidency.The democrats should have a press conference with a new plan along the lines of theProfessor’s Plan.

JGU, this is the truest, most honorable statement ever made in this crisis. A straight shot. Thank you.

For what it’s worth, here the boilerplate concerns I’ve been faxing to Congress, most of it borrowed from Mish:

Dear Senator:The Paulson plan is not workable. It is a sellout to failed/insolvent banks at great taxpayer expense.Mad Rush To Financial JudgmentToday President Bush and Treasury Secretary Paulson are peddling the same story:• There can be no delay.• Sweeping new Powers for the Fed are needed.• The Treasury needs $700 billion dollars.• There is no time to study alternatives.Senator, in your heart you know these are lies. We do not need and cannot afford a financial mad rush to judgment by a panicked administration that obviously doesn’t get the problem.Paulson’s Expensive Plan Won’t WorkThe Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed/incompetent banks that took irresponsible/incompetent risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes.The bubble has popped, and no amount of taxpayer money can bring it back – you may as well buy $700 billion worth of tulips and pets.com stock and hope that they recover too.As home prices fall to pre-bubble levels, more millions of insolvent and underwater homeowners will simply walk away, exacerbating the problem and increasing the cost of Paulson’s bailout. My family identified the bubble in 2004 and we decided to rent — our rent is nearly half the cost to buy a comparable house. If the Case-Shiller futures on home prices are correct — they predict a real 38% drop in my state — it would be financial suicide for my family to buy a house. More Wall Street capitalization will not convince my family to buy a house or prevent a single foreclosure.Long term interest rates are already up a half point on news of this bill. They will rise more if it passes, adding downward pressure on home values, putting more homeowners underwater, and increasing the cost of Paulson’s proposed bailout. How can this possibly help the country?What Will Treasury Do With All Those Houses?Paulson asked for a blank check for Fannie Mae. He told you he had no intention us using the blank check. One week later Paulson wrote a $200 Billion taxpayer funded check to bail out Fannie Mae and Freddie Mac. He wrote another $85 billion taxpayer check for AIG. How many more checks can he write before you get the idea “Paulson is flying blindly by the seat of his pants”?Why should you trust officials who did not see this trainwreck coming? Why should you trust officials who have been dead wrong about these problems for years? Your trust should ONLY be with those who did see it coming and have offered valid, workable alternatives.Paulson’s plan to saddle the taxpayer with nearly a trillion dollars of bubble-priced CDO toxic waste that he says will go up in value is a panicky fantasy. This plan just makes Treasury into the world’s biggest house flipper, with taxpayers underwriting the inevitable losses.Robbing taxpayers to pay failed banks cannot possibly work!Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world.190+ Economists Slam BailoutOver 190 top economists in the country have slammed this bailout on grounds of fairness, ambiguity, and long term effects.http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htmWhat is it that Paulson knows that 190+ economists don’t? Paulson was telling us all how safe the US Banking system was just a few weeks ago.Paul O’Neill Is Against The PlanFormer Treasury Secretary Paul O’Neill said today that our nation’s leaders — especially President Bush — are “in a panic” and haven’t thought through the $700 billion bailout plan in a rush to pass it by the end of the week.”I don’t think he understands or knows much about any of this and it shows. It is possible to reliquefy the credit system without ‘We the People’ owning $700 billion worth of homes,” he said.BB&T Corp. Chief Executive Officer John Allison critiques the planTreasury “is totally dominated by Wall Street investment bankers” and “cannot be relied on to objectively assess” the impact of government policy on the financial industry, Allison wrote in a Sept. 23 letter to Congress.Have the courage to stand up do what you know you must do: Block This Bill.I cannot and will not vote for any member of Congress who votes for this bill in its current form or anything remotely close to the current form.It is time to scrap the Paulson Plan and start all over.Stratonovich calculusXXX-YYY-ZZZZ

This is interesting. Robert Waldmann at Angry Bear speculates it may be a different type of fraud – not multiple mortgages on one piece of property, but multiple CDS “insurance policies” on one loan:http://angrybear.blogspot.com/2008/09/financial-arsonists.htmlThus, like any insurance fraud, failure (house going up in flames) brings about the big payoff. I think they got a bigger conflagration than they bargained for!

@mammon”I have to admit, I do not have the specifics of the Alternative Republican Plan, and I am totallyspeculating!”That’s hardly speculation. It’s a sound conclusion based on historical evidence.You can fool me once …

If I come to your house (suppose we are neighbors) and ask for 1 million dollars, and tell you the following:1. Don’t ask how I am going to use the money.2. Don’t try to check how I am going to use the money.3. You have to sign a note that you’ll never sue me for this.4. I may use the money to buy another neighbor’s junks or his used car.5. I may lose only half or all of your money, but I may be able to make a profit and return the money to you.What would you think I am? Crazy?If I add that if you don’t do this, your house may be on fire later today or tomorrow. What would you think I am then?

the Fed provides the “good” collateral to the Bk/Dr for them to get the liquidity.MAI have to think what you said through a little more… but at the moment, I don’t see that? (I could be wrong)

But don’t forget that Paulson is a register Democrat. I really don’t think a party moniker matters anymore: it’s just a big one-party leviathan, corrupt to the core.

Why is the down screaming higher?? Up 60 points in the last 10 seconds

Dow now up 100 points!

Here’s a lighter break and take of the situationfrom Jon Stewart in last night’s Daily Showin case you missed it:Video Link => Awkward Loan Interview(03:30)Henry Paulson and Ben Bernanke appear in Congresswith hat in hand for the world’s most awkwardloan interview ever.CHEERS!

So globalization was all fine and dandy when theytook our jobs, but now when they need something,who do they come to?Go ask India and China for your 700 billion.

From invisibility to inevitably a massive bailout plan is hatched out by the Treasury and Fed that need emergency actions by Congress. Isn’t it alarming? Their pathetic record in handling this financial crisis deserves detail evaluation of their current massive bail-out proposal. Under no circumstances, should Congress rush to approve the proposal least of all giving the Treasury uncheck authority to manage the bail-out. Financial Armageddon will not happen during this period of Congress deliberation of the proposal. America is not short of economists and financial expert to handle this job. Let’s all of us not forget that America economists and financial experts have been assisting countries around the world to resolve financial crises in the past. People like Lawrence Summers, Paul Krugman, and Jeffrey Sachs come to mind, in addition to current star Prof. Nouriel. Has the Government seek the help and the advice of the best Americans to resolve this crisis?One controversial question come to mind, why has the Treasury waited until now to make a proposal when only two major investment banks were left standing, where Paulson is the alumnus of one of them, namely Goldman Sachs. Why emergency measure has not been taken much earlier? Policy-makers have long been pre-warned by economists, in particular Nouriel Roubini, about the flawed model of the investment banks and its eventual demise. To date the flip-flop assurance and panic statements made by the Treasury and Fed, I believe have creating more uncertainty in their handling of the crisis. Most of all proposals by these policy-makers deserve close scrutiny by Congress as well as the public. Enough is enough and taxpayers should not put to risks to bail-out corporations that created the financial crisis without facing punitive measures. During good times, Wall Street corporate leaders were idolized for their courage and good performance reaping obscene bonuses and rewards in the process. Yet during this crisis these corporate leaders have loss the courage to face the consequences and take the losses without burden to the taxpayers-especially those who had not benefited from their past actions- to steer their respective corporations out of their self-inflicted financial mess. It is high time, these Wall Street leaders be held accountable for their reckless behavior and appetite for risks. Being an ex-investment banker, Paulson should not have forgotten the tenet of finance that investors (taxpayers) have to be rewarded for risk taking. Thus, there should be no free lunch for this bail-out other than for charity to deserved organization. Even Warren Buffet who has been giving a big chunk of his wealth to charity also invests in Goldman Sachs for financial gains.

Agreed, a watered down but still poisonous bailout bill.

Isn’t it convenient that Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co. since January 1, 2007, who also assumed the title of president upon the company’s merger with Bank One Corporation in 2004, is on the board of the Federal Reserve Bank of New York – where all major decisions by the Fed are made?Isn’t it convenient that JPMorgan Chase just took over $307 billion in assets and a branch network of 2300 outlets from WaMu, which had been the largest savings and loan in the country? Isn’t it convenient that B. Bernanke, head of the Fed Reserve, cushioned JPMorgan Chase’s take over of Bear Stearns with $30bn?Isn’t it convenient that the Fed banking cartel that is in charge of our government is eliminating all competition and orchestrating the biggest financial monopoly in world history?Too vastly deserving of a repeat for me not to do it. Consider that stolen word for word, Guest. I’ll be passing it on. Thank you.

How about a militia of accountants and auditors,lawyers and economists to unravel anydirty details before a bailout.The right of the people to keep and barecalculators and spreadsheets shall notbe infringed.

Vote’m all out! They are not honoring the wishes of We the People, but only themselves and WallStreet. It is a sad chapter indeed for this country.

Before the accounting procedureschange fromG enerallyA cceptedA ccountingP rocedurestoS tealing andL ieingA ccountingP rocedures

I have a very basic question: where is all money that is “lost”. Can anybody explain it to me in very basic concepts? Thank you.Antonio Abreu, Lisbon, Portugal

Wasn’t the economy suppose to implodewithin 24 hours if Paulson’s pplanwasn’t signed?

I would like to put in a plug for JK Galbraith’s 2004 short publication “The Economics of Innocent Fraud” (he calls it “innocent fraud”because of the gap between reality and conventional wisdom), where he ticked off many of the culprits in this mess:1) the illusion of the “free market” economy2) the illusion of “ownership” by shareholders in corporations3) the illusion of “public” and “private policy” — it’s all private policy4) the fraud involved in the actions of the Federal Reserve5) the fraud of accounting firms in sustaining many of these illusionsIt’s only about 70 pages and quite worth reading, I think. Galbraith seems to want to remain “gentlemanly” but his criticisms go to the soul of what’s gone wrong.

It’s in the offshore bank accounts of Wall Street.They sold the junk based on other junklied about it’s value, had it stampedby rating agencies as USDA prime.Took the profits and hid them offshore.Now the junk owners, want US taxpayers to paythe difference in value:purchase price – fair market value =purchase price – 0$ == purchase price

Thank you. Their exposure in troublesome areas looks good as well.

Artichoke – this is where the action’s gonna be, and we need you. Glad you’re around.

And what if the foreigners don’t want to buy our treasury bills??????????????????????will they just print money???????????

MA:You were a smashing success. You got 50 strangers to pull together to generate and deliver ideas. You got the makings of a team started.You’ll get published. Find yourself an up-and-coming editor that wants to be part of your success story. Better yet, find a coach – maybe some crusty old gal that’s been an editor at one of the publishing houses in NYC – maybe she’s ready to retire, and wants to help mid-wife the “what’s next?” economy as her parting shot. Such an editor could do a lot worse than hook up with you.

The End of the Republic by Sean OlenderTreasury Secretary Paulson’s edict to create a $700 billion fund to buy worthless mortgage securities from agitated wealthy bond investors is nothing short of a final step on the path to the end of the republic. The secretary claims he can only be effective if his decisions are beyond judicial review.Our government and its owners appear to be testing how much the American public will tolerate. A few years ago, no one could have imagined that the silent majority would quietly accept thefts of this magnitude from a government that stopped tiny payments to single mothers with poor children in the name of welfare reform because the program’s $10 billion cost was breaking the federal budget.This isn’t socialism, it’s fascism.If the public allows this theft, then it will signal to powerful forces that they can essentially do anything, because the American public has become so mushy-headed that it will stand up for nothing. When power discovers that those from whom it would exact payment are powerless, its viciousness increases infinitely.Our politicians appear on television and say, this is an emergency, so we have to do this now and talk about it later. And then later is too late.It is not just a $700 billion bailout, it is a $700 billion fund that can have no more than $700 billion in liabilities at any one time. Maybe Goldman Sachs can sell mortgage-backed securities to the fund at 80 cents on the dollar and then the fund will liquidate the securities by selling them back to Goldman for 50 cents on the dollar. Then Goldman can sell them back to the fund for 85 cents on the dollar. That would be a good business, especially if no court can review it.Our enemy has revealed itself, and it is our own government. The concentration of such outrageous power in government – the power to take the equivalent of half our annual federal budget and give it to anonymous investors – is nearly reaching the point at which it may not be revoked.It is only natural that we, dreaming of the possibility of our own riches, acquiesced in some of these financial schemes. Of that, we should not be ashamed. Many Americans may now be thinking, “But suppose someday I am a wealthy bond investor worth $50 million?” But you are not a wealthy bond investor and the value of your house and stock investments is going to drop, regardless of how much tax money the government gives to wealthy bond investors. This bailout is essentially the federal government saying to creditors, “Because the American consumer appears to be refusing to pay his debts, we will buy your claims on the consumer, and exchange them for money created by issuing Treasury bills, which is our promise to extract that money from American consumers using our taxation authority.”Some day our children will call on us to explain how our republic was lost. I cannot imagine the shame of facing a grown child to explain, “Foolishly, I thought I would get some of the money, too.”Because the American public has not been introduced to methods for controlling its government for generations for generations, I will suggest one called a general strike. This fundamental democratic power is where everyone decides to send a message to the government by not going to work, to school, shopping, nowhere.At this point in our history, very bad things are going to happen regardless of what we do. There is no government action that can alleviate the discomfort we must endure because of the wild speculation and reckless borrowing that ensued. What’s coming is inescapable. This is the critical time when charlatans among us will promise they can save us from the inevitable if we only allow them the power they need to save us. They are lying. It is time to earn our freedom. It is time to remind the government that we are Americans and we have a history of subjecting tyrannical governments to unpleasant consequences.Sean Olender is Bay Area attorney and writer.http://sfchronicle.us/cgi-bin/article.cgi?f=/c/a/2008/09/23/ED0J132MOV.DTL

Guest: When the Dow screams higher on a day when the news is lousy, it usually means that someone is trading on inside information. Probably someone with inside contacts has heard that the rescue deal will get approved – in some form or another.PeteCA

@Guest on 2008-09-26 14:38:12Maybe not, but one of the candidates has the intelligence and the inclination to ask the right questions. Pressure from an angry electorate is a powerful motivator.Good presidents are made by an engaged and unrelenting electorate.It sounds like Americans are finally engaged.

They’re in a jam for a LOT of reasons. They changed the status of Goldam and Morgan Stanley. Both were leveraged above 20:1. After they change, they need to downshift to 12:1. What that means in practical terms is that a LOT more assets need to be sold, and a much bigger deleveraging process needs to take place. The last thing that Paulson wants is a whole bunch of new firesale assets on the marketplace right now. So … it’s all supposed to get laundered in the so-called rescue plan. If that plan falls apart, massive deleveraging will happen, with much bigger volatility and chaos.Just my thoughts.BTW, I still think that the allegations about an attempt to cover illegal fraud in the mortage and CDS contracts need to be examined in detail. That alone should prevent fast passage of a rescue bill. If it doesn’t, this thing comes off looking like a laundering scheme to hide illegal transactions, and Bush comes off looking like he’s covering for his cronies in Washington. Who knows???PeteCA

GOOD NEWs!! Another priceless Richard Benson:“Trillion Dollar Treasury Deficits: Truth and Consequences”September 24, 2008One of my recent articles explained why the US Treasury deficit, without financial bailouts or government stimulus, was heading towards $600 billion a year. Another one forecasted that the bill for the financial bailouts would also be huge. This week, the cost of the bailout was confirmed with the nationalization of Fannie, Freddie, and AIG, added to the failure of Lehman Brothers, and the new massive $700 billion plus Treasury “Taxpayer Cash for Wall Street Trash” legislation. The total bill for this legislation plus existing bailouts will cost taxpayers more than a trillion dollars paid out over the next three years.It’s important to realize that this bailout plan adds nothing to economic growth and was necessary to prevent a worldwide global collapse of the financial system. The proposal will shift hundreds of billions of taxpayer dollars to purchase rotten financial assets from Wall Street institutions and banks for more than they are worth. This is all happening as our economy has been weakened by higher unemployment and non-financial corporate failures, and we’re bracing for a worldwide recession that is unfolding in never-ending newspaper headlines. Even now, before America has a newly-elected President and a fresh Congress in office, legislators in Congress have already started discussions to launch another stimulus package. My bet is that the stimulus needed will total at least $500 billion. Trillion dollar federal deficits for the next few years are now inevitable and as this truth sinks in, the consequences will be enormous. Here are the reasons (see chart below):Reported Outstanding Treasury Debt — 09/19/2008Current Debt held by the Public — $5,552,620,101,517.17 Intragovernmental Holdings — $4,174,389,518,377.17Total Public Debt Outstanding — $9,727,009,619,894.34The $4.2 Trillion of Intragovernmental Holdings is the “fictional borrowing” from Social Security and Medicare accounts. This fictional borrowing consists of social security taxes collected in excess of benefits paid out since the program began. In the past, the federal government profited nicely from excess social security taxes, but now the excess taxes have been spent on government projects like the war in Iraq, earmarks, etc. In a few short years when the Baby Boomers start to retire, the Social Security benefits paid out will exceed the taxes collected. When that happens, this fictional borrowing will flip back into real borrowing from the public. This means the government borrowing will be real, not fictional.Of the $5.5 Trillion to date that has been borrowed from the public by the Treasury, $3 trillion of it is Treasury debt owned by foreign central banks. It turns out that the Chinese and other Asian countries (along with the Gulf Arabs and many other governments) have been generous and ready lenders to the US Treasury. The question remains whether they will continue to be. It took our fine republic a few hundred years to run up $5.2 trillion in debt, but over the next three years Treasury borrowing could exceed $8 trillion, a staggering 60 percent increase in the real national debt. Is it rational to believe that foreigners will double their holdings of US Treasury debt from $3 Trillion to $6 Trillion in the next three years? Yes, indeed! Where else would they get that amount of money?The US Treasury will be facing major funding problems when they attempt to borrow the next three trillion dollars. The last few trillion they borrowed was a piece of cake despite the fact that Americans have no savings and, therefore, bought little of the new Treasury debt. Borrowing from foreign governments was also easy because of the way it was done (see below):First, Americans would borrow dollars using their credit cards and homes (home equity loans), and then send them to the Asians and Gulf Arabs in exchange for manufactured goods and oil. That gave the foreigners lots of dollars to buy Treasury debt and other US financial assets, such as the debt of Fannie & Freddie. Notice the cause and effect: First, the foreigners got the dollars then they invested them in US Treasuries. Americans used a massive dollar-trade deficit to finance the Treasury’s dollar-budget deficit. This paradigm is now over. America’s trade deficit is falling and the US is in recession.Our country’s ability to buy goods and services from abroad is diminishing and Santa is not coming this Christmas (just look around and you’ll see Christmas decorations already in some stores – how desperate is that?) Foreign manufacturers are going to be scratching their heads over the holidays wondering where the dollars that used to come from America suddenly went.The financial markets are going to slowly realize that the only reason foreign central banks bought Treasuries is because the US bought their goods first! China, as one example, realizes our money is not that good and will take an interest in holding dollars only because we are buying goods and services from them. Foreign countries have no reason to buy massive amounts of Treasury debt unless we buy something from them first.So here we are now with the Treasury deficit that will quickly zoom past the trade deficit by several hundred billion dollars; the Treasury debt still can’t be sold to American savers because America doesn’t have savers; and, we are no longer buying enough goods from foreigners and sending them our dollars to finance the Treasury deficit.What are the obvious consequences of Trillion dollar Treasury deficits? One such consequence is called “Crowding Out”. Crowding Out is the phenomenon that occurs when the US Treasury sells debt in a world where foreigners and Americans are no longer flush with dollars. That means that the dollars to buy the debt must be squeezed out of the financial system and interest rates are forced up. Trillion dollar deficits aren’t chump change! However, squeezing a trillion dollars out of the money markets of the world is clearly impossible and the only remaining option to fund the US Treasury’s insatiable appetite is through “monetization”. Monetization means that the Federal Reserve would step in and print up new money out of thin air and buy the Treasury debt. If that occurs, monetary growth rates would soar and, in turn, create very high inflation as too many dollars start chasing too few goods. Rising inflation forces interest rates up, and rising interest rates always have devastating consequences for the prices of financial assets such as stocks and bonds.So, how will we all be affected? First, start reading about what life has been like in the Banana Republic and in countries like Argentina, where the inflation rate in 2002 rose to 20 percent following the devaluation of the country’s currency, the peso. Brace yourself for several years of rising inflation and interest rates and, by all means, protect your portfolio. Remember, cash is king again.My investment plan remains the same. I expect real assets will greatly out-perform financial assets. First, I want to buy gold and silver in physical form whenever I can. In the world of inflation, while cash is king, gold is the emperor! Second, I look to accumulate real assets if they are quality assets and the prices have crashed down. So, I do believe that in a few years even real estate will again be a great inflation hedge!http://www.sfgroup.org/Trillion%20Dollar%20Deficits.htm

General Strike Monday if they pass the Bail Out Bill.

Yes indeed!!! The FDIC will be happy to open the door for you!!

Don’t think that this possibility hasn’t been entertained by many folks on the outside looking in. The last eight years of American policy have advanced this agenda at a pace that I once thought unimaginable.It’s getting harder to believe that there’s any alternative now.Wild!

I’m more interested in fighting them tooth and nail to keep them from passing any of these bad ideas.I don’t want to think about what comes after, if they do. But it won’t be fun.

Still I will not bail out Warren Buffett. He thought he was betting on a sure thing when he bought into Goldman; he says he assumed the bailout would pass. Let him be mistaken this time.If Goldman and Morgan need to delever, then they need to delever. They can probably keep those assets but upgrade their capital sufficiently, by delivering 79.9% of their equity to the government. For Goldman this will be easy because it retains about 85% of its equity internally; they only IPO’d 15%. For Morgan, which probably has worse problems anyway, massive new equity issuance will be necessary.

From where I sit, Obama (and I’m a disenfranchised conservative) will be the next president of the United States and all plans for one-world control and central planning have been blown asunder by the arrogance and hubris of the neocons in the Bush Administration. Even the Council of Foreign Relations is in tears over its smashed agendaRemember back to Desert Storm? Herbert Walker Bush was reviving the age-old term “new world order,” and Secretary of State James Baker was pulling all the nations of the world together. But, in my opinion, the current on-slaught of the neo-conservatives has all but destroyed any political potential for that kind of government. They have destroyed most foreign political loyalty to the US. It has taken longer for the financial empire to fall apart but, assuredly, the neocons and their selected candidate McCain, will ride it off the cliff if they get their name attached to the bailout.It’s a Democrat year: The neocon Bush Administration with its destruction of civil liberties, implementation of torture, destruction of the Palestinian peace process, pre-emptive wars, wire-tapping, green lighting of any kind of Wall Street excess, appointment of Democrat/Goldman Sachs/Bailout Author Paulson to the Treasury…you name it…killed the Republican Party.But, after all this, as a former Republican, I feel obligated to say that the worst thing this group of neo-conservative Republicans on the Hill have done is to make this a Democrat year.

Richard Benson’s latest article is an example of truth being trampled by politics. Richard Benson always provides the truth on what has happened and where we are headed, but, at the same time, decides disappointingly, to lend his name to the fix that won’t fix. I posted the Benson article and in perusing it too quickly missed the point you have just made. It is a big disappointment to me also.

bbc report (audio) – Vincent Reinhart (ex-FED) says Paulson plan “flawed” at about 6 minutes in.http://news.bbc.co.uk/today/hi/today/newsid_7637000/7637150.stm

Schumer is part of the problem, not the solution.If you’re a NY’er, I suggest you vote him out.

You’re one hundred percent right, mammon. This is a HUGE trap for the dems. The American people are way ahead of these idiots. We are on our own, folks.

Mr. Schiff is primarily concerned with hyperinflation. As far as I know, he has seen these current events coming longer than anyone except Ron Paul. May I suggest you visit his web site http://www.europac.net/radioshow_archives.asp# and listen to his recent radio address? I don’t believe anyone is saying to STOP lending. His idea is to take our medicine and cure the disease, not the symptoms.hlowe

Listen up!In consideration of today’s markets ….If you had purchased $1000.00 of Nortel stock one year ago, it would now be worth $49.00.With Enron, you would have $16.50 left of the original $1000.With WorldCom, you would have less than $5.00 left.If you had purchased $1000.00 of Delta Air Lines stock, you would have $49.00 left.If you had purchased United Airlines, you would have nothing left.But, if you had purchased $1000.00 worth of beer one year ago, drank all the beer, then turned in the cans for recycling, you would have $214.00.Based on the above, the best current investment advice is to drink heavily and recycle.This is called the 401-Keg Planhlowe

I would like to discuss very briefly not just the effects but also the cause of all this financial and economic turmoil. I think it can literally be pinned on The Executive Branch and also The Legislative Branch of our Federal Government. The current administration wrote a budget that was deep in the red, for too long. It was in the red by 700 to 950 billion per year for eight years! The Congress approved and ratified the budget that was deep in the red, and this was totally irresponsible, and was financial negligence. The House Ways and Means are at fault, as are all the other government scoundrels. Then this red ink government budget, that was written in the red and approved by the entire congress eight times in a row, this forced the Federal Reserve to force the Treasury to issue fixed income, Government Bonds, Notes, and Bills, in an effort to finance the (wrongful and for no reason) war against the mountains of Afghanistan and Iraq. This borrowing crowded out borrowing, and crowded out investment, and wrecked the exchange rate of the US Dollar, depreciating it severely over the past eight years. It incited the credit crunch, because all that money (literally trillions) was sponged up and had to be loaned to the sovereign entity of the USA, rather than going to things like housing both commercially and residentially. Eventually, the crowding out of investment and crowding out of borrowing made housing depreciate. With housing depreciating, foreclosures increased, both the prevalence and probability and frequency of foreclosures increased. People lost homes, and values deteriorated substantially. After that the Credit Default Swaps and the Collateralized Mortgage Obligations began to lose value rather rapidly. This hurt items on the balance sheets of the vast majority of all the major financial institutions. It wasn’t necessarily a liquidity issue, it was a balance sheet issue, and a market that began to resemble a bubble. The banks (meaning all the financial institutions and the entire financial sector) decided to hang on rather than initially dump these CMOs and CDSs, this produced further losses on items on their balance sheets. Eventually, the stock market suffered globally. Bank, brokerage, and insurance company shares plummeted— taking the stock indices with it. Funny how everyone just wants to blame bankers, when it’s the executive branch and the legislative branch that financed a war for no reason (it certainly was political risk!), which required the government to borrow excessively and recklessly which crowded out investment and borrowing, which incited a credit crunch, and financial turmoil and economic turmoil. I find it rather pathetic and lame as hell beyond belief that the entire negligent Congress wants to try to finance a bailout of the financial sector via the use of some more excessive and reckless borrowing (700 billion or so they say, at least at first, and it may very well be much more, maybe 4 trillion and 500 billion). It was reckless and excessive borrowing that got us into this trouble, and now they want to recklessly and excessively borrow some more, digging us into the red some more, to try to help the situation. PATHETIC! Also, if they take over the financial sector, they will be indirectly taking over the entire medical care sector and healthcare, this will produce massive and huge deficits. I am strongly against any type of bailout engineered by the negligent congress… what they should do is regulate themselves. They should design and engineer, and write and draft budgets that are balanced. Yes, a balanced budget from now on going forward, or how about one that is in the green, a budget in surplus. They should not overspend, and crowd out investment and borrowing— or the coherence of the USA will cease to exist. They are pushing the USA towards a total default of US Treasury Securities and a default of the US Dollar if they do not constrain their spending. They should try to be responsible. Where will this 700+ billion dollar bailout come from? Will they tax us? Will they borrow it? Will they print the money?? All three either together in any way, or any combination of the three will have dreadful long term consequences. They should literally do nothing. I hope to god the “bailout” fails! Let the banks fail, they took risk investing in CMOs, and the risk takers should fail. Maybe there will be bank-runs and more bank/brokerage/insurance failures. There could be riots. Eventually, new banks, with responsible boards will come out of the woodwork. The Congress should do it’s best to clean up it’s own act, and that means it should never approve of massive government budgets in the red, ever again! It also should not tax the hell out of everyone, so no higher taxes, no no, lower tax rates increase government revenue, I love dynamic scoring. It should also not print money excessively. How can the Government pretend so seriously, that more borrowing of 700 billion dollars (printing of money, or taxing) is the solution to our problems, when it (where ‘it’ is reckless and excessive borrowing) is the entire reason we’re in such a difficult mess right now?!?!?! Maybe the Government should just tell everyone that they vow to stop borrowing excessively (which certainly has crowded out borrowing and investment), maybe the Government should tell everyone to keep their head up, and pretend their home is rising in value?!~ Andrew G. Bernhardt, St. Louis, MO

Just got an email from Motley fool, he really is a fool. Can’t believe he’s for it with equity stakes.————————–Dear Fools:We need your help.Treasury Secretary Henry Paulson has put together a plan that is actively under debate and allows the Treasury to invest in assets that are crushing bank balance sheets. We view this plan as being an important step in allowing the global financial system to recapitalize itself. We agree with financial intellectual titans Warren Buffett and Bill Gross, as well as both presidential candidates, that the Paulson Plan needs to be passed and will benefit Main Street.We believe that if the Paulson Plan is done correctly, American taxpayers will profit not only from the return of lending capacity to our banks, but also from these troubled investments. However, the plan should embrace the tenets of free-market capitalism. The government should demand equity stakes in the banks.We think taxpayers deserve to benefit from a deal soundly rooted in free-market principles. We, the undersigned, encourage you to call the people who represent you in the House and Senate and demand that the approved deal include provisions for equity ownership. Go to http://www.house.gov and http://www.senate.gov to find the phone numbers for your elected representatives.Finally, even though these are extraordinary times, we stand by our belief that the best way to build long-term wealth is through equity ownership. Just look at who is doing a lot of buying of late — Warren Buffett.We encourage you to take a few minutes — now! — to call your elected officials and let them know that there needs to be an equity component for taxpayers.Onward,Tom Gardner, CEO and Co-Founder, The Motley FoolScott Schedler, President, The Motley FoolBill Mann, Senior Advisor, Motley Fool Hidden Gems, Pay Dirt, and Global Gains——————————————

I just got an email, too:Subject: The Birk Economic Recovery PlanI’m against the $85,000,000,000.00 bailout of AIG.Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+.Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.So divide 200 million adults 18+ into $85 billon that equals $425,000.00.My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.Of course, it would NOT be tax free.So let’s assume a tax rate of 30%.Every individual 18+ has to pay $127,500.00 in taxes.That sends $25,500,000,0 00 right back to Uncle Sam.But it means that every adult 18+ has $297,500.00 in their pocket.A husband and wife has $595,000.00.What would you do with $297,500.00 to $595,000.00 in your family?Pay off your mortgage – housing crisis solved.Repay college loans – what a great boost to new gradsPut away money for college – it’ll be thereSave in a bank – create money to loan to entrepreneurs.Buy a new car – create jobsInvest in the market – capital drives growthPay for your parent’s medical insurance – health care improvesEnable Deadbeat Dads to come clean – or elseRemember this is for every adult US Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back.And of course, for those serving in our Armed Forces.If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!As for AIG – liquidate it.Sell off its parts.Let American General go back to being American General.Sell off the real estate.Let the private sector bargain hunters cut it up and clean it up.Here’s my rationale. We deserve it and AIG doesn’t.Sure it’s a crazy idea that can “never work.”But can you imagine the Coast-To-Coast Block Party!How do you spell Economic Boom?I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.Ahhh…I feel so much better getting that off my chest.Kindest personal regards,BirkT. J. Birkenmeier, A Creative Guy & Citizen of the RepublicPS: Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!

I hope that he lives long enough to see the country that he loves returned to sanity.– a foreigner –

Atleast Birk’s email was more sensible than Motley Fool’s.

it was up to the citizens to create the climate within which congress could stand up to the legal thieves.the citizens have done this.we have not failed to express our views this time.no one should ever forget this fact.

I second that motion …Did you happen to catch a linkthat I posted in a previous threadabout -> A New Bank to Save Our Infrastructure ?I was hoping that the really wise members of thisforum could help visualize/articulate how to turn these currentlyunproductive (toxic)assets into productive assetsthat could really turn the Economy and the Country in avery positive direction with solid economic productivity.If you read the article, you will see that this New Bankis almost ready to go and is accessible by the players thatare at the negotiating table now. Reward the taxpayers bycapitalizing this New Bank , and letting all profits from rescue/bailout flow into the New Bank, creating jobs, updating infrastructure ,etc.Maybe its too simplistic … Let me know what you think…

I’m fully awake now, and ashamed that I wasn’t much sooner. I’ve written my reps & senators multiple times over the past week, protested yesterday, and have been working to ‘wake up’ everybody I know and interact with. The majority of them, even the ones who pooh-poohed & resisted everything to begin with, are now seeing the light. We’re working to get back on track, we really are. Although things look very grim right now, I still believe that it’s never too late to change.

Speaking of humour:”Incompetence and stupidity, brought about by a leadership crisis, is what brings us screaming to this point in time”. Peter J Bolton June 2005I must report to y’all that myself and a colleague have found a new source of slap stick comic humour; which is:watching all these leadership morons run around the world, talking absolute garbage and showing clearly that they are mostly so ignorant and downright stupid, that if humanity were truly in their hands, man would have become extinct within one generation of emergence.Some little examples come to mind:1. Madam Palin says that she only has one flag in her office which is that of Israel (oh, my God, help us in our hour of need),2. The Australian Government is giving the Banks A$4b, but only in exchange for higher rated mortgages (?) and the hope is that maybe, perhaps, well anyway, we tried, that a decrease in interest rates will be a result for home borrowers. In The FedRes We Trust. Long Live Pope Benjamen. (Damn, we all know that they have been force feeding the Banks for months now so we are not sure if this is more or just the justification; we suspect, more).3. From Alfred E Neuman we hear that ‘big problems require big solutions…’ ? My education is supposed to begin here?4. Paulson on his knees? No comment.5. The Democrats are scolding the House Republicans for delaying this BAIL-OUT of Bankers?6. The Republicans are delaying the Federal Reserve Catholic Establishment Act of 2008?7. The guy who thinks that he is the Prime Minister of Australia, Mr. TinTin Krudd demanded economic reform in his speech before the United Nations yesterday – as if he knew anything. Rudder-less comes to mind.Or maybe all this is just fatal conceit? Of this, there is no doubt at all. Whatever, it is far better than TV and or shopping.Ho diddly hum

Yes.

(Here’s the rest of my reply that was somehowomitted from above…)If something like the Paulson Plan actuallybecomes law, then my suggestion could be part of that.If something like your Nat’l Asset Mgmnt. entitybecomes law, the profits that you’re hopeful forcould also be channeled into the New Infrastructure Bank.

Validation of my Hypothesis that Pope Benanke (and Paulson) ONLY want a State of Non-Jurisdiction for the Federal Reserve:”On the Level of Thought and Care That Went into the Paulson Plan”"From Forbes (hat tip reader The Social Pathologist):In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.”"It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”http://www.nakedcapitalism.com/Ho diddly hum

Brother, can you spare $700,000,000,000?

@Sean Olender:” Because the American public has not been introduced to methods for controlling its government for generations for generations, I will suggest one called a general strike. This fundamental democratic power is where everyone decides to send a message to the government by not going to work, to school, shopping, nowhere.”At this point in our history, very bad things are going to happen regardless of what we do. There is no government action that can alleviate the discomfort we must endure because of the wild speculation and reckless borrowing that ensued. What’s coming is inescapable. This is the critical time when charlatans among us will promise they can save us from the inevitable if we only allow them the power they need to save us. They are lying. It is time to earn our freedom. It is time to remind the government that we are Americans and we have a history of subjecting tyrannical governments to unpleasant consequences.”Yes. Yes. A general strike where no one goes to work, to school, shopping, nowhere. If 10% or 20% of the people will do this, the government will be helpless to retaliate.This is not sacrificing one’s blood as did the farmers who stood at Lexington and Concord, or losing our property as did many of the signers of our Declaration of Independence who stood to forfeit their lives if they did not succeed. We are fighting for the same thing: for the right to work and keep the product of our labor.That’s what they want to take away, and put it in their pockets. The War of Independence was Englishmen against Englishmen, each fighting for what they believed to be their country. This is Americans fighting against criminals, hoodlums, pirates — people who have no country.Let it begin here! We are Americans. It is time to earn our freedom.

So *ahem, back on topic please* what do you all think about establishing a National Asset Management Entity, and taking heavy equity stakes in exchange for bailouts, determined on an economic basis by an independent panel of academics?

@PeterJB”Is life only about “Republicans” and “Democrats”?Is there nothing else, for you and me?Is this where the American people are?”I can’t speak for Americans, but I didn’t know that caring about other human beings was a crime until I was exposed to and began to understand Republican free market ideology/neoliberalism. And I’m no spring chicken — humanity has seen this play before.Now I know that there’s not a whole lot out there for you and me (figuratively speaking).– a foreigner –

Takes us foreigners, oui?This deal is, forgive the expression, but “crap”. It has nothing to do with values, civilization, socio-economics, humanity, people, tradition, culture, logic, physics, education, health, etc., etc. It is pure unadulterated “moral hazard” where the bestiality of humanity is gorging in a feeding frenzy upon its own as if there is no tomorrow.We should be ashamed of these current events and insane considerations. Mr Brown of the UK states that he supports bailing out the USA despite admitting to NOT knowing the details?? This is pure insanity.Whatever happens in Congress during the few coming days is meaningless except to show the depravity in which leadership is prepared to indulge themselves and the people are prepared to accept in their gullibility; the result will be the same; total global socio-economic collapse.A Dark Age that we shall learn to regret.If they get the deal – the meek shall inherit the Earth and will rule as before; if not,the people will learn their lessons and the Phoenix will eventually rise, anew.Demographically syntaxed; your mileage will vary.Ho hum

Also… when and if the GSEs fail (all the Government Sponsored Enterprises), when they fail, they will have to transfer approximately 5 trillion dollars of debt to the sovereign entity of the USA, this will be very harmful for the US Dollar. I expect the US Dollar to continue to fail miserably, and to depreciate a lot going forward. Also, when and if the negligent congress takes over the financial sector (with their stupid “bailout”), then they just take over healthcare and medical care indirectly, by taking over insurance (banks and also brokerages) then they will have some more totally MASSIVE deficits to finance going forward annually. The stupidity of the Congress (the legislative branch) and the executive branch (the president) has never ceased to amaze me! Before ya know it, President Bush will be responsible for not only declaring war on the mountains of Afghanistan and Iraq at a cost of 5 trillion dollars (the debt outstanding rose from like 5 to like 10 recently), but since the GSEs failed as a result of that, there’s another five, and then medical care will cost TONS also annually… Bush should be remembered for increasing the USA’s Total Government Debt Outstanding from approximately 4.5 trillion to approximately 15 trillion or more, plus interest due too.~ Andrew G. Bernhardt

Why do the profoundly compellingly f-ing retarded Congressmen believe that borrowing (or taxing, or printing of) 700 billion dollars (or more, or less) is going to somehow make things better?? They (the Congressmen) got us into this mess by borrowing too much in the first place, borrowing more, will only make things worse! Taxing for the revenue, and/or the printing of the money (the 700 billion) will also make things worse!!! Are they stupid or something?? Can’t fix stupid eh? No amount of money will fix the stupid legislative branch, the stupid executive branch, or the stupid judicial branch… and they are all at fault! Perhaps, all the stupid americans in the USA are at fault for voting them into office. Here comes The Greator Depression! Just like in 1857!~ Andrew G. Bernhardt

testing

http://www.huffingtonpost.com/2008/09/26/jon-stewart-bush-bailout_n_129588.htmlScreams of laughterHo hum

Details!Where’s your spirit? After the first 700 billion who’s counting?– a foreigner –

FED is being bailed out by the Treasury right now. This is what the whole $700bn bill is all about.Treasury is too big to bail. Will default. In due time.

What’s up with Cramer? Is this one more loaded gun pointed at the head of Congress? Is this a huge (short term) buy signal?Cramer: “… keep on selling into any strength. Deal or no deal, now’s the time to play defense.”http://www.cnbc.com/id/26906947/Cramer: “In a market as uncertain as this, investors should consider gold, Cramer said during Monday’s show.”http://www.cnbc.com/id/26840502/

why hasn’t home price mark to market yet? i mean 50-70cents on a dollar? the sooner we mark down the home price, the sooner we recover from this housing crisis. by the way, this site need to find the way to wrap line to screen. it is painful to have to move scroll bar to read the post.

6. AND I will let you find the head of your son’s rockinghorse in your bed if you don’t give me the million bucks…

Joe sixpack likes this plan

Unless I am misreading him, Dr. Roubini has not come out against A “bailout,” but against the terms of the particular plan now being negotiated.SWK

Regarding last night’s Presidential debates: What did you see?On the four key dimensions of economic, foreign, energy, and educational policy, this is my score card so far:

Economic policy. Neither one has a clue. No difference between them.Foreign policy: GWB 4 more years. Shift a few troops from Iraq to Afghanistan. No significant difference between them.Energy policy: McCain says build more nukes. Obama says drill for more oil here in the U.S.Education policy. McCain didn’t speak about it. Obama thinks it’s very important.

I ask myself:

Does the candidate understand how fundamentally the world has changed in the past 10 years?Do they have the statesmanship to communicate that understanding to a people that aren’t emotionally ready to hear it?Can they marshal public support to take the necessary corrective action?

From my point of view, the “top-down” guidance system looks fairly well broken. Neither of the political parties seems ready to implement fundamental change.Those are my opinions. I’d love to hear what you think.

yepp.. surely a sell signal for gold and buy signal for equities/usd..haha..mrskeptical

So this AM I am reading that the SEC’s chairman – numbnuts Cox, per the NYT finds,”The last six months have made it abundantly clear that voluntary regulation does not work,” he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness,” he added.What? Voluntary regulation doesn’t work? I am shocked!! The next thing he’ll tell me was that Iraq was a mistake, there were no WMD, lobbyists have too much influence, the 2 party system is broken, the middle class will likely lose most savings and retirement so the banks can stay afloat, the world IS round, GWB does not talk directly to GOD and Sarah Palin is a moron.Someone wake me when this nightmare of STUPIDITY is over. In the meantime…..let’s storm the castle!

It’s hard to see someone else’s reality from the viewpoint of one’s own. America’s standard of living has been going down hill for several decades, and it is accelerating at rapid speed. Roubini warned there’s going to be a train wreck and, IMO, there’s not enough brake power to stop it. In fact, the added weight of bailout is going to hasten it. Six of my acquaintances in one of the highest paid economy pods in the nation are out of work–all professionals. I know one CEO who’s been handed walking papers and another that’s been demoted–signs of company economic turmoil.The way I see it, the economy is like a sleeping bear in a cave. Politicians and special interest greed can shake sticks and unchain Cramer and pretend they’re in charge, but the minute they rush into that cave and awaken the beast, it attacks with a vengeance. IMO, they just stepped in.

Re the Birk email, am I the only one who worries over what that letter means? Of course it could just be “a joke”, but what if it’s more? What if it means the writer and the people sending it around the net, really cannot do simple math? What if it means even people who can do simple math think it’s FUNNY that those who make up the society they live in, can’t do simple math? (I did explain to the person who sent it to me that despite the math error, the idea to put money at the bottom of the economy is quite sound and sane and perfectly essential perfect economic policy, because money does not trickle down but percolates up from the bottom to refresh every level in the economy, btw.)I see the letter as going right back to the fact that we are in a race between education and catastrophe – but I guess that’s just me? The level of no-think going on all around me does not make me laugh, I assure you. I believe my happiness and safety is utterly dependent upon those around me being rational thinkers who question what they are told. Needless to say, I assess my safety level to be about zero today.Re Dr. Roubini and his plan, what I see coming from the good Doc is crucial and diligent analysis providing an honest admission that we’re in deep doo doo globally, and an intelligent attempt to “cushion” us, or “slow the plunge” as we take our inevitable fall, plus suggested actions to prevent a repeat. And once again I will say how grateful I am to Dr. Roubini for what I see as his hard work on behalf of all of us.Just my thoughts this morning.Now I’d like to ask, do others here think this next article I’m linking can be understood by your average Joe workingman? Is this as good a piece as I think it is, for understanding the back story to what’s going on today? (I’m not saying that it goes to the root of our species error – that insane idea to allow overpayunderpayoverpowerunderpower – but I think it helps clarify how this bubble, how all the bubbles, got started.) Opinions, pretty please?Splain it to me please

Paul Krugman agrees with Nouriel Roubini…Nouriel Roubini has a characteristically scathing takedown of the Paulson plan, and here’s the thing: language aside, his economic analysis is similar to mine. The fundamental problem in the financial system is too little capital; bizarrely, the Treasury chose not to address that problem directly, by (say) purchasing preferred shares in financial institutions. Instead, the plan is premised on the belief that toxic mortgage-related waste is underpriced, and that the Treasury can recapitalize banks on the cheap by fixing the markets’ error.The Dodd-Frank changes make the plan less awful, mainly by creating an equity stake. Essentially, this makes it possible for the plan to do the right thing through the back door: use toxic-waste purchases to acquire equity, and hence inject capital after all. Also, the oversight means that Treasury can be prevented from making the plan a pure gift to financial evildoers. But it’s still not a good plan.On the other hand, there’s no prospect of enacting an actually good plan any time soon. Bush is still sitting in the White House; and anyway, selling voters on large-scale stock purchases would be tough, especially given the cynical attacks sure to come from the right. And the financial crisis is all too real.So is it better to have no plan than a deeply flawed plan? If it was the original Paulson plan, no plan is better. Dodd-Frank-Paulson may just cross the line — let’s see what details we have if and when agreement is reached.If the plan looks not-awful enough, I’ll be pro. But I won’t be cheering — I’ll be holding my nose.http://krugman.blogs.nytimes.com/2008/09/27/tricky-bailout-politics/

Warren Buffett is surely pushing hard, he admitted that his investment in GS was in anticipation of a bailout!

http://www.nytimes.com/2008/09/28/business/28bailout.html?ref=businessDear Professor:Here we are on Saturday and the broad outlines of the Bailout Rescue arelacking the key elements in your 10 point plan. It seems that the FinancialIndustry is not interested in solving problems. They are interested in bailingout the Investment Banks and they will also try to blow another further bubbleto ride to oblivion. I know you are reticent to go further than your very capable,integral and comprehensive solution. We need for you to post a critique!We need to send that critique to all lawmakers! We may already be too late!We need your help!

Caution: Viewing this video may lead to boiling blood.

Nouriel Roubini has a characteristically scathing takedown of the Paulson plan, and here’s the thing: language aside, his economic analysis is similar to mine. The fundamental problem in the financial system is too little capital; bizarrely, the Treasury chose not to address that problem directly, by (say) purchasing preferred shares in financial institutions. Instead, the plan is premised on the belief that toxic mortgage-related waste is underpriced, and that the Treasury can recapitalize banks on the cheap by fixing the markets’ error.Thank you ptm, for pointing to that. I always wish I could write so succinctly.What Krugman doesn’t seem to appreciate, in my own view, is the enormous risk of failure. Borrowing yet another $700b for a venture with unlikely prospects…For the bankers it’s a bailout. They come out good no matter what. For the taxpayer it’s almost assuredly a large expense. There is little prospect of the taxpayer coming out good. For the US economy as a whole it is only a restructuring of the bad financial sector debt. The debt burden is being lifted from the banks and placed on the taxpayer. Maybe you could argue for that if the taxpayer were in a good financial position. But we are already borrowing more than is prudent. So, the result is that we push the problem down the road where it becomes an even bigger problem. I guess the politicans see the benefit of being able to push the problem anyplace else. Anything as long as they don’t have to accept responsibility.

Krugman:The fundamental problem in the financial system is too little capitalWhy not look at it differently?The fundamental problem in the financial system is too much debt/ liabilities.This, I believe, is a much more accurate description of what ills not only Wall Street, but also Main Street and Capitol Hill.In fact, in general, the Treasury (government) and the Wall Street (banks and financial institutions) are no wealth-, value- creating entities, but simply debt laundering warehouses (not necessarily in the pejorative meaning), Government’s and bank’s liabilities are truly the public ones (that is the individual’s ones). I will go back to one of my previous discussions to state, again, that any level of debt that it is not repayable (negative NPV or Debt is greater than the DCFs (the s referring to discounteds) of the sum of all future (equivalent of) Free Cash Flows of households) is inflationary and therefore should (or otherwise would) be wiped out (desinflationate).The level of leverage in the financial and banking world is too high and needs to come down. Pumping more equity is a travesty because this equity is just yet another disguised levered level of debt (any so-said equity coming from the debt laundering powerhouses mentioned above are not such – think about where the money is coming from and how it is paid for).So instead of suggesting to pump more liquidity into disintegrating balance sheets, why not force or entice them to write down and delever. This would, hopefully, translate into “debt relief” to homeowners, with appropriate procedures. It would also mean less debt/loan available to everybody else, and that shrinking banks will need to tighten their due diligence procedures to include criteria other than just being a living human being.

Thanks for the link. Lots of good stuff at real news.hlowe

The wall street banks won’t modify mortgages, but they want us to modify their CDOs?NO DEAL.

Vultures already circling:http://biz.yahoo.com/ap/080926/bailout_giuliani.html?.v=1

Com’on Guest, one can still dream a bit. Wasn’t that one of your childhood wish, wake up one morning to become half millionaire?There is always Paulson to remind us of our upcoming misery.

Ask your friends if they believe Oprah Winfrey is a legal thief, dear Jane, and you will discover that they do indeed believe absolutely in the system of everyone going after all they can get, never mind who did the work to create the wealth.They will say she is a philanthropist who gives “her” money away, and they will never see the obvious for what it is – that it is Oprah who is receiving money-for-nothing, society’s charity. (yes, she works, of course, and should be paid for that and is, but she is also receiving heaps and heaps of pays for things besides work when only work creates wealth, which means others have to be being robbed because there is no other place for the extra money being dumped on Oprah to come from but from other people’s work/money.)

ROGER WATERS

http://www.israelshamir.net/English/Hang.htm#_ftnref1

Looks like McCain ratified and approved of Bush’s budget eight times in a row, Obama did not approve of it and/or ratify it that many times… therefore, the lessor-idiot is Obama! The greator idiot is McCain. I’m going to vote for Obama (if the USA exists on election day, short of like a default of treasury securities and/or the dollar) despite his cocaine useage, while trying to figure out who he was or something, and despite his middle name being Hussein. Obama for president of the united states of america.

@mammonmccain is simply engaging in political theatrics, like when he decided to kiss Pat Robertson’s behind.

Wonder what will happen when and if all the foreigners (the Japanese, the UK, Luxemburg, Cayman Islands, and China, and still others)— wonder what will happen when and if they all start to liquidate and selloff their Treasury Securities?? I think Yields would surge to the upside, it would be like 1982 all over again! The US Dollar would also depreciate rather rapidly. How sad… the bloody americans will suffer due to their own stupidity of borrowing more money than anyone could already count to in hell for eternity. They even claim (their own stupid Congressmen, they claim that borrowing another 700 billion dollars will somehow solve thier problems, when it was the borrowing in the first place that got them in the terrible position their in! They sure are in front of the eight ball now! How will they swallow this one?!

There is already a new thread, but in case you are checkingback:1) What happens to the toxic assets in your scenario?2) What % of these firms will go bust, and what implicationsare there for overall ROE?

I noticed that Professor Nouriel Roubini is and has been very bearish for a very very very long time! I wonder sometimes if this is just a coincidence that he’s been right over the past year or so! Wasn’t he bearish since about 1999?? Nearly ten years later, at least, one full year almost, over the past ten, he’s sure been correct about being bearish!!!

McCain graduated 5th from the bottom of his class at Annapolis and crashed 5 navy aircraft – not the sharpest knife in the block

Oh man that was funny. We all need a laugh now. Thanks…

1192361 beers on the wall.

Real clear site, thanks for this post.

Nice article. I was checking constantly this blog and I am impressed! Very helpful information particularly the last part. I care for such information much. I was looking for this particular information for a very long time. Thank you and good luck.

The very crux of your writing while appearing agreeable initially, did not work well with me personally after some time. Someplace throughout the sentences you actually managed to make me a believer but only for a short while. I however have got a problem with your jumps in logic and one would do well to help fill in all those breaks. In the event you actually can accomplish that, I will definitely be impressed.

I needed to put you the little bit of remark to help thank you so much the moment again relating to the remarkable opinions you’ve provided here. This has been extremely open-handed with people like you to make without restraint all that many people might have offered for an electronic book to generate some cash on their own, even more so considering the fact that you could have done it if you desired. These tactics additionally worked to provide a easy way to know that other people online have the same eagerness much like my personal own to learn good deal more with respect to this condition. I know there are some more pleasurable opportunities ahead for people who see your website.

I simply desired to thank you so much once more. I do not know what I would have gone through in the absence of the tips contributed by you concerning that topic. It had become the troublesome scenario in my view, nevertheless spending time with this specialized approach you solved that forced me to weep for happiness. Extremely grateful for this work and as well , hope you know what a great job that you are carrying out training many others all through your web page. Most likely you have never got to know all of us.

I’m curious to find out what blog system you have been working with? I’m experiencing some minor security problems with my latest website and I’d like to find something more risk-free. Do you have any solutions?

Useful area of interest. Would enjoy discover more about this.

At present, a lot more than with essentially anytime in past times, individuals are obtaining them troublesome in order to make ends meet, plenty of continues to living alongside the actual has an effect on on the down economy as soon as they dealt with wage sizes and shapes, a fabulous lessening from overtime several hours on the job or redundancy.

Full Moon Party Thailand…

[...]we like to honor other sites on the web, even if they aren’t related to us, by linking to them. Below are some sites worth checking out[...]…

Nice Post…

I came across this really great post the other day….

Good work over again! I am looking forward for more updates

Search engine marketing wants a very good search engine optimizer plan. Just considered one of these methods could make an enormous distinction in your sites position and firm your web site brings you.

Hey! I’m at work surfing around your blog from my new iphone 3gs! Just wanted to say I love reading through your blog and look forward to all your posts! Keep up the outstanding work!

Hey ?good weblog, just wanting round some blogs, seems a pretty nice platform You Are using. I currently using Drupal for a few of my websites however seeking to change one in all them over to a platform very much the identical to yours as a trial run. Something specifically you would recommend about it?

Hence when ever such words and phrases are sucked in his or her entirety, what debt consolidation mortgages not to mention debt consolidation loans fiscal loans necessarily suggest is without a doubt removing credit that should include and pay off all your other borrowings.

As a result as soon as most of these written text usually are ingested in most of the whole, everything that amalgamation financial loans and also debt consolidation loans personal loans imply is normally obtaining credit that should combine and also repay all borrowings.

These kinds of email addresses can be swindles! That INTEREST RATES will never mail you will postings, and undoubtedly doesn’t attentive anyone to the simple fact you’re due the reclaim.

Summarized, many people have the matter any go back continues to be been given, although not but still manufactured; any duty discount may be mailed and also sent to help you your money at a distinct time frame; and spot the RATES has been cannot provide your return in your direction as a result of quite a few sending condition.

Another concern to become can be you possibly can SIMPLY assess all the condition from your tax refund via the internet by looking to the actual IRS . GOV web page.

Good work, It’s posts like this that keep me coming back and checking this blog regularly, thanks for the info!

I do not understand exactly how I ran across your blog because I had been researching information on Real Estate in Oviedo, FL, but anyway, I have thoroughly enjoyed reading it, keep it up!

I and my friends have already been taking note of the good recommendations from your web page and then before long I had a terrible feeling I had not thanked you for those tips. These ladies happened to be as a consequence excited to read through all of them and already have without a doubt been taking pleasure in these things. We appreciate you being simply accommodating and also for figuring out certain amazing tips most people are really desirous to discover. My personal honest apologies for not expressing gratitude to you earlier.

Hello! I just would like to give a huge thumbs up for the great info you’ve here on this post. I will probably be coming back to your blog for more soon.

Hey, what kind of anti-spam plugin do you use for your blog..:-:*

Hello my family member! I wish to say that this post is awesome, nice written and include approximately all important infos. I would like to see more posts like this.

Fantastic blog! Do you have any suggestions for aspiring writers? I’m planning to start my own website soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely confused .. Any suggestions? Bless you!

Its such as you read my thoughts! You seem to know so much approximately this, such as you wrote the e book in it or something. I believe that you can do with a few percent to power the message home a bit, however instead of that, that is excellent blog. A fantastic read. I’ll definitely be back.

Wow that was unusual. I just wrote an extremely long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say great blog!

Good Post, I am a big believer in leaving comments on blogs to help the blog writers know that they’ve added some thing useful to the world wide web!

What would be your next topic next week on your blog.-:”~.

I love an article that confirms my thinking, Thanks.

Thanks, always enjoy reading your posts.

Do you know that you may stop stressful blushing? Discover ways to avert blushing whilst not having surgical procedure.

If only it was as easy to implement some of the solutions as it was to read and nod my head at each of your points.it will be more energetic for me to read your next post also. it will really enhance my knowledge database.our write up is a fine example of your ability in writing .

You’ve got a great blog there keep it up. I’ll be watching out for most posts.

Your blog never ceases to amaze me, it is very well written and organized.`-’*:

Oh i really envy the way you post topics, how i wish i could write like that.,*”*,

Hi, do you have a facebook fan page for your blog?…**

I’m a blog crazed person and i love to read cool blog like yours.–.,.

Great job, beautiful site with great informational content. This is a really interesting and informative content.

There are some fascinating closing dates on this article but I don’t know if I see all of them middle to heart. There is some validity but I’ll take hold opinion until I look into it further. Good article , thanks and we would like more! Added to FeedBurner as nicely

Currently it appears like Drupal is the top blogging platform out there right now. (from what I’ve read) Is that what you are using on your blog?

Isn’t it entertaining if we always talk about topics like that.-*;’`

in my swimsuit, on the dock, making rings, taking photos for Etsy…..really hot day. i love it.|MySoul_CanDance|

Hey, what kind of anti-spam plugin do you use for your blog.*’-~”

Your blog is one of a kind, i love the way you organize the topics.”:,’:

The following time I read a blog, I hope that it doesnt disappoint me as a lot as this one. I mean, I do know it was my choice to read, but I truly thought youd have one thing attention-grabbing to say. All I hear is a bunch of whining about something that you would fix for those who werent too busy in search of attention.

The way you write, you are really a professional blogger.;-”-

I bookmared your site a couple of days ago coz your blog impresses me.’~;;,

Hey there would you mind sharing which blog platform you’re working with? I’m going to start my own blog soon but I’m having a hard time selecting between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique. P.S Sorry for getting off-topic but I had to ask!

Good day! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us valuable information to work on. You have done a extraordinary job!

Hey there! Someone in my Myspace group shared this website with us so I came to look it over. I’m definitely enjoying the information. I’m book-marking and will be tweeting this to my followers! Great blog and fantastic design and style.

It’s actually a cool and helpful piece of info. I’m glad that you simply shared this helpful information with us. Please keep us informed like this. Thank you for sharing.

I just put the link of your blog on my Facebook Wall. very nice blog indeed.~;*,.

I just put the link of your blog on my Facebook Wall. very nice blog indeed.::;*”

Your blog never ceases to amaze me, it is very well written and organized.,*`,:

Your blog never ceases to amaze me, it is very well written and organized.-~–:

Last month, when i visited your blog i got an error on the mysql server of yours.”,`”"

My programmer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on a number of websites for about a year and am worried about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can import all my wordpress posts into it? Any kind of help would be really appreciated!

Man that was very entertaining and at the same time informative.,,:’`

Hey, what kind of anti-spam plugin do you use for your blog..`”-,

This can be a very amazing powerful resource that you’re offering and you simply provide it away cost-free!! I quite like discovering websites which be aware of the particular in offering you a wonderful learning resource for zero cost. We truly dearly loved examining this web site. Have fun here!

Your blog never ceases to amaze me, it is very well written and organized..,.”

I think that may be an enchanting point, it made me suppose a bit. Thank you for sparking my considering cap. On occasion I am getting so much in a rut that I just feel like a record.

Great stuff, a really good read – added to bookmarks so will pop back for new content and to read other people’s comments. Cheers again.

Hi there! This is kind of off topic but I need some guidance from an established blog. Is it difficult to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to begin. Do you have any points or suggestions? Thank you

Yesterday, while I was at work, my sister stole my iphone and tested to see if it can survive a 30 foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!

You can increase your blog visitors by having a fan page on facebook.;,.;’

Hey, what kind of anti-spam plugin do you use for your blog.”`.*-

A blog like yours should be earning much money from adsense..:~..

Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I’ll be subscribing to your feed and I hope you post again soon.

When do you think this Real Estate market will go back in a positive direction? Or is it still too early to tell? We are seeing a lot of housing foreclosures in Winter Springs Florida. What about you? I would love to get your feedback on this.

wonderful issues altogether, you just gained a logo reader. What would you suggest in regards to your submit that you made a few days ago? Any positive?

I actually wanted to make a simple note to express gratitude to you for all the wonderful guides you are posting at this website. My extensive internet investigation has finally been compensated with brilliant information to exchange with my friends. I would assert that many of us readers are extremely blessed to live in a useful network with many brilliant people with valuable concepts. I feel quite fortunate to have encountered your web pages and look forward to really more brilliant times reading here. Thank you once more for everything.

My friend first found your blog on Google and she referred your blog to me.:,,’”

Very well said, your blog says it all about that particular topic.-’,'*

iCarly and iOMG are a trending topic right now .

Too bad I won’t be able to bring food and drink with me into the delivery room.|chabrooks|

What To Do For Depression…

[...]just below, are some totally unrelated sites to ours, however, they are definitely worth checking out[...]…

There’s no doubt that I really create rapid commitment, tend not to manage pointless hold up.

Have you ever considered creating an e-book or guest authoring on other sites? I have a blog based on the same theme if you’re interested.

You seem to be very professional in the way you write..””:

You can also put a chatbox on your blog for more interactivity among readers.~;’:;

I would like to thnkx for the efforts you’ve put in writing this site. I am hoping the same high-grade site post from you in the upcoming also. Actually your creative writing skills has encouraged me to get my own site now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.