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U.S. Taxpayers Are Paying to Bail Out FOREIGN Speculators
George Washington’s Blog
Sunday, Sept 21, 2008
We all know that the Fed is trying to stick the American taxpayers with trillions of dollars in debt (direct or through inflation) to bail out the Wall Street robber barons.
But did you know that they are also trying to get you to bail out foreign gamblers?
An article in the Telegraph states:
“The Fed has also just offered another $125bn of liquidity to banks outside the US that are desperate for dollars and can’t access America’s frozen credit markets”
“Another” $125 billion? How much has the Fed already given to foreign banks?
Why are American taxpayers who are already drowning in debt due to U.S. gamblers also being asked to also bail out foreign speculators?
This isn’t a pro-America anti-everyone-else post. If I lived in England, or Canada or Japan, I would resent being asked to bail out America, too.
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52 Responses to “U.S. Taxpayers Are Paying to Bail Out FOREIGN Speculators”
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September 21st, 2008 at 5:00 am
http://www.youtube.com/watch?v=Vv3yuRdD2oE
September 21st, 2008 at 5:41 am
Grab your ankles and keep bleating Four More Years.
September 21st, 2008 at 7:32 am
Follow the money
Hurry up and wait
Troops idle in the kill zone
Our USN as ducks in a bathtub
Nader/Gonzalez
McKinney/Clemente
Honor
Ron Paul
Mike Gravel
Dennis Kucinich
JFK RFK MLK Malcolm
September 21st, 2008 at 8:19 am
On Faux News, there is headline right now that says;
“Paulson: Quick Action on Bailout
Treasury secretary says U.S. credit markets are ‘very fragile,’ Congress must move on $700B bailout”
So now I am wondering what hidden bills they will try to attach to this bailout…
Perhaps Patriot Act 3?
Looks like another reason for Americans to give up all of their freedom for security.
Oh crap…..
Keep your eyes and ears tuned on this people.
September 21st, 2008 at 9:25 am
Why can’t anyone see this for what it really is? This is all just another
’shock and awe’ strategy exactly the same as the 9/11, Iraq, and
Afghanistan situations. This particular ploy is designed to eradicate
the middle class AND the working poor by forcing everyone into
an acceptance of the ‘work’ for your ‘credit’ balance state of
Federalism on a global order.
The super-rich get richer by forcing the public to manufacture the
products that the public will consume, then charges them an
inflated price for the consumables, all the while issuing a ‘credit’
balance for work performed. Meanwhile deducting the ‘credits’ used
from your credit account.
Should this not be prevented, not only will it be an illegal usage of
your tax dollars without due process of representation, it will also
spell an end to Free Enterprise and your ability to decide what is best
to purchase or not. You will be forced to become the ’sheeple-lemming’
that works for the federalist overlords.
’nuff said
September 21st, 2008 at 11:35 am
Since those foreigners have been financing the overdrawn American credit cards in the first place, this is not so strange. When the US would thumb their noses at the foreign financiers, when the negative effects of their continuous living beyond their means finally can’t be ignored anymore, the money hose from abroad would be turned of a.s.a.p. Then the reality would soon become clear that the US is not the financial giant anymore but a bankrupt banana republic lead by a corrupt and incompetent government.
September 21st, 2008 at 12:40 pm
Remember, this is about saving the dollar from sudden collapse, stopping the many trillions of dollars held by foreigners from returning to our shores and creating hyperinflation reminiscent of the Weimar Republic.
flashback: 30 million dollars in paper value suddenly vanished that day as the stock market crashed. The 20’s bubble had burst and with it the country’s optimism.
September 21st, 2008 at 12:43 pm
Scared to look ahead
Instead I fold my arms waiting
The trains arriving with the goodies I’m entitled to
All this time I never felt I got what I deserved
Oh what a shame (why me why me)
I never take a thing for granted
I’ll never be a hypocrite
(what would you know)
Don’t you see I’m talking can’t you wait until I’m done
Hold on a second here’s another one you haven’t heard
You think you’re owed the world well look at me
I’m owed it too (you’re feeling sorry for yourself once again)
I never take a thing for granted
I’ll never be a hypocrite
(can’t stand to hear you)
Always taking things for granted
Your such a hypocrite
(what would you know)
Come away with me
I’ll show you the way to happiness
Then is when you’ll see
The peace that’ll put your mind to rest
Come with me come with me
Ease your bad memories
You made your choice
clueless
September 21st, 2008 at 12:47 pm
I see it for what it is, another debacle of insane massive corruption and pillaging of the amercans. Trillions for the banks, trillions for wars, billions for georgians and not a red cent for americans. We now have an $11,000,000,000,000 national debt. America is being hijacked.
September 21st, 2008 at 12:48 pm
It’s easy to grin / When your ship comes in / And you’ve got the STOCK MARKET beat. / But the man worthwhile, / Is the man who can smile, / When his shorts are too tight in the seat.
1980
September 21st, 2008 at 12:51 pm
We’re predators. It about competition, it’s about market share, it’s about being aggressive, it’s about shareholder value. What is your stock at today?
Do you think that they really would prefer you to be a nice guy? Over having money in their pocket? I don’t think so. I think people want money. That’s the bottom line.
September 21st, 2008 at 12:56 pm
“Stock market! But I got the money for the stock market from man-whoring.”
September 21st, 2008 at 12:59 pm
Violating all sense of moral hazard by saving the Fraudsters at “Our Expense” while keeping their cost of funds low in light of the fact that the fractional reserve banking multiplier has Collapsed due to the rampant fraud, lack of regulation and lack of transparency that has FROZEN credit markets.
September 21st, 2008 at 1:07 pm
@Caddyshack
You read the profit and loss statements like a vulture, and you play the stock market like a fox, but you store your nuts away like a squirrel…
September 21st, 2008 at 1:10 pm
That’s most of your stock. I knew it had been dumped on the market, so I sold short.
Thanks Bernake for rolling it all into the National Debt. Americans will always view you as a hero years from now
September 21st, 2008 at 1:13 pm
Mr. Burns: Oh no. Smithers, why didn’t you tell me about this market crash?
September 21st, 2008 at 1:21 pm
That is what this Market Volatility is really all about. The ultimate goal is to consolidate more power into the hands of a few by moving the US inexorably closer to a Corporatist, Fascist State, but the devastation they intended to wreak on everyone else is now Coming Back on them and they are trying to save the SYSTEM, and themselves in the process, so that there is something left to consolidate when the dust settles.
We believe that the Illuminati have destroyed themselves, and their “Chaos” henchmen, in the process of destroying us, and that their bid for a Corporatist, Fascist State will ultimately fail.
Cheers
September 21st, 2008 at 1:27 pm
The richest one percent of this country owns (over) half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bullshit.
You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you’re not naive enough to think we’re living in a democracy, are you buddy?
It’s the free market. And you’re a part of it. You’ve got that killer instinct. Stick around pal, I’ve still got a lot to teach you.
September 21st, 2008 at 1:42 pm
You have to live like there’s no tomorrow, because there is no tomorrow. The world is coming to an end. As predicted by Nostradamus. Notre Dame. Fighting Irish. Irish. Saint Patrick’s Day. It’s your last day on Earth, Bro. Brocopalypse now. Bromaggedon.
September 21st, 2008 at 1:48 pm
And finally, New Rule, in two parts: A. You can’t call yourself a think tank if all your ideas are stupid.
And B., if you’re someone from one of the think tanks that dreamed up the Iraq War, and who predicted that we’d be greeted as liberators, and that we wouldn’t need a lot of troops, and that Iraqi oil would pay for the war, that the WMD’s would be found, that the looting wasn’t problematic, and the mission was accomplished, that the insurgency was in its last throes, that things would get better after the people voted, after the government was formed, after we got Saddam, after we got his kids, after we got Zarqawi, and that the whole bloody mess wouldn’t turn into a civil war… you have to stop making predictions!
September 21st, 2008 at 2:32 pm
So they are saving the Banks and destroying the Economy, and the destruction of the Economy will ultimately in turn destroy the Banks anyway, and in more spectacular fashion to boot. The delay game they are playing only delays the inevitable, which is their complete and utter Destruction.
September 21st, 2008 at 2:36 pm
Well, I’ve received over 3,000 letters from soldiers in Iraq, emails mostly. And they’re very powerful letters. We haven’t heard from our soldiers about how they feel about this war. And they very clearly and very powerfully, in these letters, tell me the truth about what’s going on over there…
They’re saying, number one, that they’ve been lied to; that they are being forced to re-enlist. If they don’t, they’re being told that they’re going to be kept there indefinitely unless they re-enlist for another two or three years.
They have told me in these letters that the Iraqis are not happy with the American presence there, and they believe that Bush has simply lied to the American people about the real threat – or actually the “no threat” that Iraq has posed to this country. So it’s great to hear from them in their own words about this.
B.M.
September 21st, 2008 at 2:45 pm
Mr. Burns: I know who Homer Simpson is. Not only that, but you also sold plutonium to the Iraqis… with no mark-up.
September 21st, 2008 at 3:26 pm
So the Americans came to help the Iraqi people? They didn’t come to help the Iraqis. Everybody knows why they came here. Just like – because their economic system collapsed, or fell down, so they have to help themselves. Even if they make a disaster for the others.
English dinner ‘Spotted Dick’ might want to avoid that in the future
September 21st, 2008 at 3:42 pm
Obscenity? The rich is getting richer and richer and richer while the middle class is getting more poor. Making billions and billions and billions of bucks… well my friend if you weren’t already rich at the start well that situation just sucks because the richest mother f*@#er in five of us is getting ninety eight percent of it! and every other motherf*&@er in the world is left to wonder where we went with it.
Obscenity? I’m a Senator (Sarcasm) I gotta raise $10,000 a day every day I’m in Washington. I ain’t getting it in South Central… I’m gettin it in Beverly Hills! So I’m votin from them in the Senate the way THEY want me too…and-and-and I’m sending them my BILLS – We got public schools that are nightmares. We got a Congress that ain’t got a clue. We got Newt blaming teenage moms. We got factories closing down.
Where the Hell did all the good jobs go? Well, I’ll tell you where they went…My contributors make more profits makin, makin, makin, Hirin’ Kids in Mexico. Oh a brother can work in Fast Food, If he can’t invent computer games… But what we used to call America, That’s going down the drains. How’s a young man gonna meet his financial responsibilities workin at Burger King? He ain’t!
September 21st, 2008 at 4:59 pm
Futures markets are supposed to answer the actual physical markets, not the other way around. In other words, futures markets are supposed to be a place where producers or large holders of a commodity can lay off price risk to speculators and thereby hedge against unforeseen adverse movements in the price of the commodity. Futures markets are definitely not supposed to be a place where a couple of well connected and well funded entities can bully the market with their own heavy handed trading.
If Silver really was just taken down by a couple of very big U.S. banks to irrationally low levels, it won’t be long before the laws of Supply and Demand reassert themselves. GOT SILVER?
September 21st, 2008 at 5:12 pm
It is using tax dollars to cover up business practices that should be investigated. There is no ‘owning the means of production’ here – what is Productive about a Merchant Bank? What has been found wanting is ‘unfettered’ or what I would describe as crude capitalism – the sort of free market mumbo jumbo or what people on the inside like to call Voodoo Economics, somehow it all makes sense if that is what they say it means
Kind of like socialism in the sense that the Government does understand that if you agree to trillions in buy outs of “Bad Debt” from banks that should not have a debt ratio of 74 to 1 if they expect to hold out when the chickens come home to roost. Yet, the government asks you to cover for the banks, be a nice guy and let it happen. No one will get hurt, EXCEPT THE AMERICAN ECONOMY as if it needed another nail in the coffin to hasten its demise…
September 21st, 2008 at 5:20 pm
When the government is intimately tied up with Financial Corporations, who produce nothing but control everything, that’s called Fascism.
September 21st, 2008 at 5:22 pm
It’s capitalist subsidy. If it were socialism YOU’D be getting a check. Oh, and it’s the perfect plan…Banks go belly up because of bad debt. Government buys banks, absorbs BAD DEBT. Other, bigger banks buy the defunct banks, minus the BAD DEBT of course, because the government “absorbed” it. Taxpayer is left paying for the bad debt plus interest on the bad debt PLUS interest on the money that was borrowed to pay for the bad debt (oh, and they used debt to finance the debt). And the part about it costing $800 BILLION is BS. The S&L scandal in the 80’s was only supposed to cost $50 billion…it ended up costing $1.4 TRILLION.
September 21st, 2008 at 5:25 pm
“We also know that what we’re doing is going to have consequences for decades to come.” No kidding. And STILL Bush considers ANY attachment– whether unemployment funds, brakes of CEO bonuses (for engineering the fallout in such a way to suck the Republicans into buying their bad debt), or even foreclosure aid to average people losing their homes and maybe everything they have ever worked for–as “just political posturing”. It’s “my way or the highway” again from the same guy who brought all of this along after inheriting a “surplus” from the Clinton Administration.
September 21st, 2008 at 5:28 pm
@Frodo
Nice one but dont forget:
Yeah, people remember some truths, still. So what is this but another attempt by Bush so his administration can pick which crony, which pal, to keep solvent, and which non-crony company, which non-pal company, of whatever kind, wither on the vine, starving to death, whether small business or big business. Obvious as a burning big rig jack-knifed across all six lanes. And watch this “new organization” “become” “totally non-partisan” so no one “new” (i.e., Obama Administration) can “gain control” of it so anyone except Bush cronies can receive any benefit. Like a rabid skunk spewing stink in every direction, this 700 billion dollar plan is even larger than the 600 billion prescription drug benefit for the rich–which not only was lied into effect (when Bush Administration members would not allow Congress to find out that it would certainly exceed the $400 Billion “limit” even Republicans set) but also included a clause to prohibit Medicare from negotiating drug prices so Big Pharma could collect one of the largest windfalls ever by any industry except OIL.
September 21st, 2008 at 5:31 pm
Socialism, like most forms of government, is at least somewhat organized. What the Bush administration is doing now is just irresponsible, incoherent panic. It is what incompetent, corrupt boobs do when their brain-dead theory of free-market capitalism finally drags the US economy to the bottom. In a pants-filling spasm of terror, they throw the US Treasury as a life ring to their banker buddies, who will promptly drag it to the bottom with the American people attached.
September 21st, 2008 at 5:32 pm
this must STOP !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=P8fgAS0w9Q8
September 21st, 2008 at 6:19 pm
We got a million brothers in prison… I mean, the walls are really Rockin, But you can bet your ass they’d all be out If they could Pay for Johnny Cochran The Constitution is supposed to give them an equal chance…
September 21st, 2008 at 6:33 pm
Financial corporations will not change the way they worked. In consequence:
The next market implosion will be even bigger, and there will not be a bailout to save us. Together with the cost of the disastrous war in Iraq, Americans will be saddled with a gargantuan national debt from generations to come.
Your great-grand kids are thanking you from the future. Of course, your money will be worth less, and the chances of rising inflation out of control are greater than ever.
Stretching your paycheck to the end of the month will be tougher and tougher. The Bush administration didn’t just pull a trillion dollars out of a hat. This massive amount of money given away to ailing CEOs will come at the expense of the poorest among us or you can say 1% control 98% of the wealth and now they finalized it with debt over you and your family.
September 21st, 2008 at 6:46 pm
Even more to that point, we wonder at what point does an institution such as the Fed lose its credibility? At what point does an institution become irrelevant? The answer to that question is when events have taken on a life of their own, and when their words no longer have any real impact. We have fortunately not reached this point yet, but for all appearances seem to be heading in this direction at a rapid pace.
September 21st, 2008 at 6:48 pm
Expect social services, infrastructure maintenance budgets, public services, and such to be cut down even more. For example, expect worse roads, crumbling schools, less police and firemen coverage, etc. Note to those residents of the Red States: since your states tend to be more dependent on federal aid, expect the above to be even worse for you. Hey, at least you didn’t vote for those “socialists” Gore or Kerry!
September 21st, 2008 at 7:07 pm
Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers.
September 21st, 2008 at 7:09 pm
If Wall Street gets away with this, it will represent an historic swindle of the American public–all sugar for the villains, lasting pain and damage for the victims.
September 21st, 2008 at 7:14 pm
well, it IS about time isn’t it?
speculators been bailing out americans for a long time already – about time americans PAID SOMETHING BACK FOR ONCE.
September 21st, 2008 at 7:19 pm
The enemy outnumber us a paltry three to one, good odds for any Greek. This day we rescue a world from mysticism and tyranny and usher in a future brighter than anything we can imagine.
300
September 21st, 2008 at 7:47 pm
My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called “Responsible Opinion.” If this Deal succeeds, I predict it will become a transforming event in American Politics–exposing the deep deformities in our Democracy and launching a tidal wave of righteous Anger and popular Rebellion. As I have been saying for several months, this crisis has the potential to bring down one or BOTH political parties, take your choice.
September 21st, 2008 at 9:12 pm
All fiat currencies will continue to lose against gold, including the dollar, so it is time to load up on the bargains you have been so graciously gifted with by your evil government and the Wall Street fraudsters!!!
September 21st, 2008 at 11:44 pm
The world is about to become a very bloody place
September 21st, 2008 at 11:48 pm
The movie ran through me
The glamour subdue me
The tabloid untie me
Im empty please fill me
Mister anchor assure me
That baghdad is burning
Your voice it is so soothing
That cunning mantra of killing
I need you my witness
To dress this up so bloodless
To numb me and purge me now
Of thoughts of blaming you
Yes the car is our wheelchair
My witness your coughing
Oily silence mocks the legless
Boys who travel now in coffins
On the corner (corner)
The jurys sleepless (sleepless)
We found your weakness (weakness)
And it’s right outside your door
Now testify
Now testify
Its right outside your door
Now testify
Yes testify
Its right outside your door
R.A.T.M.
September 22nd, 2008 at 12:58 am
In 1960 I saw a vision of the ideal future from space. Three years earlier the Soviet Union had succeeded in launching Sputnik, the first manmade satellite in history, into orbit. This came as a huge shock to the United States.
In response, America threw everything it had into its own manned space flight project, the Mercury project. Even as the Soviets seemed poised to send their first man into space America was still experimenting with chimpanzees in rockets. The government wanted human data. So they secretly decided to send a human being into space. I was the one they chose. At the time they didn’t have the technology to block out cosmic rays and whoever they sent up would inevitably be exposed to heavy radiation. That’s why they chose me. After all, I had already been irradiated once.
Of course, you won’t find any of this in the history books. I could see the planet as it appeared form space. That’s when it finally hit me. Space exploration is nothing but another game in the power struggle between the US and USSR. Politics, economics, the arms race – they’re all just arenas for meaningless competition. I’m sure you can see that. But the Earth itself has no boundaries. No East, No West, No Cold War.
September 22nd, 2008 at 1:36 am
If the Chinese wish to unload some of their purchased toxic sludge they merely sell it to, oh, Goldman Sachs for 40 cents on the dollar and then Goldman sells it to the Treasury for 50.
This, under the black letter of the law here, is perfectly legal, which means that one must assume that Paulson will in fact foist off all the bad paper on WORLD MARKETS that was originally based on a mortgage in the United States, while allowing his Banker buddies here to Loot the Taxpayer by acting as an Intermediary in the transaction.
Contracts can (and presumably will) be “NO bid, NO solicitation” and given to whomever Secretary Paulson favors, without regard to the public interest or normal Competitive Bidding processes. Must be nice to be a “Friend of Hank.” “In exercising the authorities granted in this Act, the Secretary shall take into consideration means for— (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer.” Notice which comes first.
“(c) Sale of Mortgage-Related Assets.—The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.”
Having bought these securities for any price Mr. Paulson would like (and he can compel institutions to sell at his demanded price as noted above!) he can then sell those assets at any price he wishes, to anyone he wishes. It certainly is nice to be a “Friend of Hank”, and it most certainly sucks if you’re not.
September 22nd, 2008 at 1:51 am
If you think the cost of this bill is $700 BILLION you’re Wrong. The cost is actually Infinite and the entire bill constitutes a giant Money-Laundering scheme. Paulson can (and presumably will) buy up to $700 billion of these “assets”, then sell them.
Let’s say he decides to buy them at 60 cents on the dollar and sell them for 10. You, the taxpayer, will eat the fifty cents, for an immediate cost of $350 billion dollars. Having done so, he is then authorized to do so again, since the $700 billion is no longer on the government’s balance sheet.
In fact, he can do this without limit, other than possibly due to the federal debt ceiling, which of course Congress will raise any time we get close to it. Oh yeah, this bill does that right up front too. No need to bother with it the first time around.
Folks, $700 billion isn’t even close to the total cost of this monster. If Paulson and his successor decide to, they could literally cycle all $5.3 trillion of Fannie and Freddie’s debt through this scheme, potentially sticking the taxpayer for 20% or more of the total, plus as much private debt on various bank balance sheets as they can manage to nationalize until (and possibly beyond) the point where the bond market tells him to go to hell.
Bottom line: This bill gives Paulson the ability to nationalize an UNLIMITED amount of Private Debt and force YOU AND YOUR CHILDREN to pay for it.
September 22nd, 2008 at 2:00 am
@DayTrader
what do you think about this?
Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are Non-Reviewable and committed to “Agency discretion,” and MAY NOT be reviewed by any Court of Law or any Administrative Agency. If you are a bank, investor, or other entity who is forcibly gang-raped by Secretary Paulson due to his actions as “King” (crowned by Congress) under this law, you are unable to seek redress in the Courts or by administrative action.
Will the only Recourse will be the (proverbial) deployment of pitchforks and torches?
September 22nd, 2008 at 2:09 am
In order for life to have appeared spontaneously on earth, there first had to be hundreds of millions of protein molecules of the ninth configuration. But given the size of the planet Earth, do you know how long it would have taken for just one of these protein molecules to appear entirely by chance? Roughly ten to the two hundred and forty-third power billions of years. And I find that far, far more fantastic than simply believing in God.
September 22nd, 2008 at 2:13 am
It doesn’t scare me that Dubya waved at Stevie Wonder; that’s okay. Stevie’s only been blind since *birth!* He’s like, ‘Stevie!’ and Stevie’s going, ‘Is that muthafucka waving at me? Goddamn! Does he think I’m *lookin* for him? Goddamn!’ No, what scares me is that Dubya almost died from a fucking pretzel! They have billions of dollars in national defense. They want billions more, to up the stakes, and the President almost goes down from *snack food!* Secret service are like ‘Game’s over man!’ ‘Gilligan’s down! Gilligan’s down! His own dogs didn’t care! They were licking him for the salt! [Pantomime's Bush's dog licking his face] You want a dog like Lassie, a dog who cares! [Pantomimes Lassie giving Bush Heimlich maneuver, then barks] What’s a matter, girl? President swallowed something, and you gave him the Heimlich? [Barks] What else, girl? [Feeble woof] Mr. Chaney’s meeting with the Enron people? [Barks again] An Enron employee, secretary of the navy? [Barks again] What about the Harken loan? [Barks] “Sorry girl, gonna have to put you down!”
Robin Williams
September 22nd, 2008 at 3:16 am
Enough philosophy! *SLAP* Wake UP!!!
Settle down.
There is a bill supported by 300 cities and states which is actually out there, known, with the POSSIBILITY of being passed.
Tell your congressman about it, they’ve probably already heard about it.
http://www.larouchepac.com/hbpa