Quote of the week
“The very people who have spent the past several years assuring us that the economy is fundamentally sound, and who themselves foolishly cheered the extension of all these novel kinds of mortgages, are the ones who now claim to be the experts who will restore prosperity! Just how spectacularly wrong, how utterly without a clue, does someone have to be before his expert status is called into question?” – Ron Paul
by Pat Buchanan
“The Crash of 2008, which is now wiping out trillions of dollars of our people’s wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another.
“The new era will see a more sober and much diminished America. The ‘Omnipower’ and ‘Indispensable Nation’ we heard about in all the hubris and braggadocio following our Cold War victory is history.
“Seizing on the crisis, the left says we are witnessing the failure of market economics, a failure of conservatism.
“This is nonsense. What we are witnessing is the collapse of Gordon Gecko (‘Greed Is Good!’) capitalism. What we are witnessing is what happens to a prodigal nation that ignores history, and forgets and abandons the philosophy and principles that made it great.” more…
by Ron Paul
“The president assures us that his administration ‘is working with Congress to address the root cause behind much of the instability in our markets.’ Care to take a guess at whether the Federal Reserve and its money creation spree were even mentioned?” more…
by Ceri Shepherd
“Voting and the whole political process has become a complete waste of time as you are only voting for the bankers chosen man or the bankers other chosen man!! The only real certainty is that they are all subservient little lap dogs to the bankers. For example who could believe that a so called Republican Administration is nationalizing and bailing out all of these Wall Street firms, it goes directly against all that they supposedly stand for, whatever happened to the free market? Small and accountable Government? Actual REPUBLICAN VALUES that people thought they were voting for?” more…
by Lew Rockwell
“What is striking [about the bailout] is the level of public opposition. It is somewhere between 55 and 90 percent, depending on the way the question is worded. Also, it is wide and deep opposition. It is made up of Democrats, Republicans, liberals, conservatives, blacks, whites, rich, poor, men, women – just about everyone, with no systematic bias among the polled groups. In other words, we have here a wonderful thing: a clash of group interests, as Mises would say. It is the state and its friends vs. the American people.” more…
In the news…
- Here a nice summary of the whole financial crisis that is developing.
- Morgan Stanley and Goldman Sach’s drop “investment bank” moniker, become regular banks, while the Japanese bank Mitsubishi UFJ takes up to a 20% stake in Morgan Stanley.
- Bush backs plan to bring bad debt under a taxpayer financed roof. National debt ceiling could be raised to $11.3 trillion. Later in the week he notes that if the bailout is not enacted a deep recession will follow. This reminds of the time when he said Iraq had nuclear weapons…
- The Department of Homeland Security has just tested and proved out its Pre-Crime Detector! Yay for us!
- And it looks like the auto-industry gets a bailout too. What happens when they default? Do we nationalize them? Smells like creeping fascism.
- Meanwhile the “3rd Infantry’s 1st BCT trains for a new dwell-time mission. Helping ‘people at home’ may become a permanent part of the active Army.” Deploying combat troops on our soil. WTF is going on here? More creeping fascism. Holy pubes, Batman!
- Washington Mutual was seized and sold to JP Morgan. This represents the biggest bank failure in US History.
DOW Jones Industrials – 11,143.13 (-245.31)
Wilshire 5000 – 12,347.03 (-535.11)
CSI 300 (China) – 2,243.66 (+170.55)
BSE 500 (India) – 5,010.75 (-325.27)
MICEX (Russia) – 1,079.04 (-19.91)
BOVESPA (Brazil) – 50,782.99 (-2,272.39)
Gold/oz – 888.50 (+23.80)
Silver/oz – 13.503 (+1.028)
Copper/lb – 3.0745 (-0.102)
Oil/bbl (Brent) – 103.53 (+ 3.68)
Wheat/bu (CBT) – 7.16 (- 0.02)
Corn/bu – 5.43 (+0.0075)
Dollar/Euro – 1.4619 (+0.015)
Yuan/Dollar – 6.8421 (+0.0116)
Yen/Dollar – 105.995 (-1.455)
Dollar/Real – 0.5433 (-0.0045)
3 Month Treasury – 0.84 (- 0.11)
2 Year Treasury – 2.10 (- 0.07)
10 Year Treasury – 3.85 (+ 0.04)
30 Year Treasury – 4.37 (- 0.01)
Fed Target Rate – 2.00 (UNCHG)
U.S. Public Debt – 9,849,249,966,383.91 (+184,618,163,124.85)
Note that the national debt rose by almost $200 billion this week alone!
Anyone heard the Balam Balamba ad about how he’ll protect the Second Amendment? It’s big here in Michigan. Ha! But what a load. Here’s a bit from the NRA on the subject. Repeat after me, “the Second Amendment’s purpose is to give the citizenry a last ditch means by which to liberate themselves from a despotic government.” And from the whiff of things giving up that right could be a grave mistake. Hunting is a sideshow.
Barney Frank, Chairman of the House Financial Services Committee said this week with respect to the $700 billion bailout: “The private sector got us into this mess. The government has to get us out of it. We do want to do it carefully.” Hello, Mr. Frank, you are either a liar or the pinnacle of ineptitude, and either way you should not be serving in congress. The private sector got us into this mess? Yes, because it could not have been the Federal Reserve’s lending of money WAY below the so-called rate of inflation. Nor could it have possibly been the mandates laid out by the federal government to encourage/force banks to make loans to the unqualified. And what about the creation of Fannie and Freddie in the first place? Tell me with a straight face that they were called GOVERNMENT SPONSORED ENTERPRISES because they were the epitome of the free market! The audacity of this socialist retard is beyond comprehension. Does he actually believe the words that spew from his mouth? And somebody somewhere continues to elect him! (Okay, so he’s from Massachusetts – the land of John Kerry and Ted Kennedy… Do we see a pattern? The entire state should have their collective right to vote taken away due to reason of insanity!)
Make no mistake, the government is in large part responsible for this financial implosion, and the bailout can not solve it, but only postpones the day of reckoning and makes it that much worse when the day actually does come around. The market caused the problem… what a freaking moron. And let’s just given an honorable mention the corrupt media that actually let’s these idiot congressman get away with saying things like this!
The United States of America is a country of the bankers, by the bankers and for the bankers. We must end the PRIVATE banking cartel, which is headed by the Federal Reserve.
There are things to be happy about though! There is always something to be happy about. For instance football, beer, being able to breathe or, truffles. Mmmmm truffles… I think I’m going to go get one! Have a wonderful weekend!