Monday, September 22, 2008

Pure desperation – nothing, it seems, is OFF the table! – Question: Will it work?

U.S. Widens Scope of Bad-Debt Plan Beyond Home Loans

"The change to potentially allow purchases of instruments such as car loans, credit-card debt and other devalued assets may force an increase in the size of the package as the legislation proceeds through Congress." This is turning out to be a full and comprehensive bailout of the US consumer, where does the Dollar go from here?

Posted by tyrellcorporation @ 08:40 AM (1137 views)
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14 thoughts on “Pure desperation – nothing, it seems, is OFF the table! – Question: Will it work?

  • utter madness — and it will still end in tears!!! USSA here we come!

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  • planning4acrash says:

    From a Previous Bloomberg article:

    We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)
    Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

    In case you haven’t heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

    Don’t believe me?

    Well, as the Bloomberg article notes: “The bill would bar courts from reviewing actions taken under its authority.”

    Bloomberg includes the following quotes by people who understand the significance of the bill:

    It sounds like Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon . . . .

    ***

    The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

    This power grab is so serious that investigative reporter Larisa Alexandrovna calls it “the final stages of the coup”.

    We have days to stop this bill. March on Congress. Educate and motivate everyone around you. Do everything you can to prevent this disaster before it is too late.

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  • last_days_of_disco says:

    There is a big pond in the way, can you lend me a boat. Its not my Congress. Houses of Parliament, tell me when.

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  • last_days_of_disco says:

    In times of crisis the Romans used to appoint a dictator. The problem is things get fluid and dynamic that its very hard
    for a committee to respond quickly enough. It does actually make sense in situations like war. I think this just demonstrates
    how very serious the problems are in the US.

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  • last_days_of_disco says:

    errata => ‘… things get fluid and dynamic that its …’ should be ‘… things get *so* fluid and dynamic that its …’

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  • Isn’t it always the way…700 billion to save the banking system…then the additions slip out over the next couple of days when everyone is sighing with relief and looking the other way. As many have suggested here, these guys were always going to socialise the losses and dump the toxic waste on the tax payer…what depresses me is that the taxpayers/voters as a collective whole are too stupidly moronic to even understand what is being done to them/us…or if they have a glimmer of understanding, it will be forgotten about within a month. The HPI and fiddling since 2001 has slowly but surely brought it home to me just how much of a slave I am and how little hope there is for the future of humanity on this planet. The kleptocrats may have won a victory that will last a 1000 years (I may be slipping into hyperbole here…) As much as I hate the inefficiencies, stupidities, and the ridiculous power plays of the unions in the 1970s, at least there was some political power which represented labouring masses. Now there is nothing. We are all individuals on personalised contracts…you make trouble you are side-lined or dismissed…divided, conquered and numbed with SKY soma.

    On a tangential note: I was walking on the beach yesterday…the whole thing was littered with plastics and all sorts of other non-biodegradable junk…there wasn’t a square foot along the tide line which didn’t contain some piece of crud. This after only 60 years of plastics etc. What the hell is this planet going to be like after another 1000 years of it being run for the immediate benefit of a few with no care for the future?

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  • planning4acrash says:

    Last Days of Disco. When the Romans wanted to install a dictator, they create a crisis. Orchestrated Boom, Orchestrated Bust. You must know by now that the Greenspan bubble was engineered. You must also know that they knew that it would bust.

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  • planning4acrash says:

    d’oh, yes, that is a real environmental issue, unlike the fake global warming propaganda. which, like 9/11 and 7/7, is designed to take away liberties, but in addition, is designed to tax us for everything we do to fund world government, because the UN and regional central banks will control carbon trading.

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  • P4AC – whilst I disagree with your implied assertion that our effect on the climate is negligible, I certainly do not disagree with your assertion that it will be used as a further method of controlling and taxing us for everything we do.

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  • Ever heard of the Shock Doctrine? The idea that government uses any crisis as an excuse for a massive power grab. Just look at things like the US PATRIOT act, or our own 42 days terrorist detention.

    If it walks like a duck, quacks like a duck….

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  • So, if all US debt will now be socialised then markets ‘should’ return to normal as there’s no risk to any of the institutions? But as the Telegrah mentioned on Sunday, “Default by the US government is no longer unthinkable” (http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/21/ccliam121.xml).

    Could this really happen…? And if so, when would the ‘tipping’ point come? Before or after November’s US election.

    BTW d’oh – have you read anything about the islands of plastic that now roam the oceans with all the dead birds and marine life ensnarred? it is absolutely disgusting and we should be fighting this now, not the global warming scam (and it’s global cooling that’s going to be our downfall, which isn’t man-made).

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  • last_days_of_disco says:

    @P4C

    The Romans did not create Hannibal or the battle of Cannae. No dude, things happen, that is life. No one creates this kind of chaos on purpose.
    The powers that be were doing well without this. This my friend is not a planned event. Some may be better prepared than others, that is for sure.

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  • layers – Yes I have seen pictures of these plastics islands. Disgusting. I look at the amount of plastic I throw away every week and despair as I just can’t see how 2 people living busy lives can completely avoid this environmental poison. (There is a really cool film made about avoiding plastic and hydrocarbons by a Finnish guy. You can”t even buy toilet paper without also buying plastic.)

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