Government – Page 1441 – Infinite Unknown

FDIC May Need $150 Billion Bailout as Local Bank Failures Mount

September 25, 2008 by Infinite

Sept. 25 (Bloomberg) — Deborah Horn tugs on the handle of the glass-paned entrance of the IndyMac Bancorp Inc. branch in Manhattan Beach, California. The door won’t budge. The weekend is approaching, and Horn, 44, the sole breadwinner in a family of three, needs cash.

A small notice taped to the window on this Friday afternoon in mid-July tells her why she’s been locked out. IndyMac has failed, the single-spaced, letter-sized paper says; the bank is now in the hands of the Federal Deposit Insurance Corp.

U.S. says Pakistan shot at U.S. helicopters in Afghanistan

September 25, 2008 by Infinite

The observer of a helicopter of the International Security Assistance Force (ISAF) sits on the back door during a flight from Feyzabad to Kunduz, north of Kabul, September 24, 2008.

WASHINGTON (Reuters) – Two NATO helicopters fired upon by Pakistani forces on Thursday were U.S. military aircraft operating inside Afghanistan, the Pentagon said.

“They were U.S. helicopters,” Pentagon spokesman Bryan Whitman told reporters at a briefing. “The flight path of the helicopters at no point took them over Pakistan.”

A Pakistani military spokesman said the helicopters had crossed the border into Pakistani territory, while Pakistan’s president, Asif Ali Zardari, denied troops had shot at the helicopters, insisting that only warning flares had been fired.

Homeland Security Detects Terrorist Threats by Reading Your Mind

September 25, 2008 by Infinite

Baggage searches are SOOOOOO early-21st century. Homeland Security is now testing the next generation of security screening – a body scanner that can read your mind.

Most preventive screening looks for explosives or metals that pose a threat. But a new system called MALINTENT turns the old school approach on its head. This Orwellian-sounding machine detects the person – not the device – set to wreak havoc and terror.

MALINTENT, the brainchild of the cutting-edge Human Factors division in Homeland Security’s directorate for Science and Technology, searches your body for non-verbal cues that predict whether you mean harm to your fellow passengers.

It has a series of sensors and imagers that read your body temperature, heart rate and respiration for unconscious tells invisible to the naked eye – signals terrorists and criminals may display in advance of an attack.

But this is no polygraph test. Subjects do not get hooked up or strapped down for a careful reading; those sensors do all the work without any actual physical contact. It’s like an X-ray for bad intentions.

House approves $25 billion loan program for automakers

September 24, 2008 by Infinite

Those carmakers do not deserve a single cent and here is why:
Who Killed The Electric Car? (Documentary)
Documentary about GM killing of the electric car. It has been here since ‘96 but they killed it off. The “gasoline” for operating this car only costs 16 cents per gallon!
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DETROIT – The auto industry moved a step closer to winning the first of two battles it’s been waging in Washington for the past few weeks: A $25 billion direct loan program for automakers and suppliers was attached to a broad government spending bill approved Wednesday by the House of Representatives.

The bill, a “continuing resolution” that would continue to fund the federal government past the start of its new fiscal year on Oct. 1, includes the $7.5 needed to cover costs required to start the loans flowing. Approval by the Senate and the President’s signature are expected in the next few days.

The second battle, however, over rules governing how the loans will be doled out now won’t be decided until after the Presidential elections. That’s a setback for the industry.

UK: COST OF BREAD AND BUTTER UP 43%

September 24, 2008 by Infinite

INCREASE: Bread price has soared

THE cost of basic foods has soared by nearly 10 times the official inflation rate.

A loaf of sliced white bread and a packet of butter now add up to £2.33 – a 43 per cent rise from £1.62 last year.

Eggs are up 27 per cent at £2.90 a dozen, cheddar cheese is 25 per cent dearer at £7.04 a kilo and best mince is up 20 per cent to £5.80 a kilo.

Ron Paul Discussing his Bernanke Confrontation 9/24/2008

September 24, 2008 by Infinite

Ron Paul on Fox Business

Source: YouTube

BAILOUT: Ron Paul Educates Bernanke…yet again 9/24/2008

September 24, 2008 by Infinite

Source: YouTube

Wednesday, September 24, 2008

Dear Friends,
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.
Then there’s this: “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.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.
Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
In liberty,
Ron Paul

$5 Trillion Cash Pool Needed to Stop Rout, Ohmae Says

September 24, 2008 by Infinite

Sept. 23 (Bloomberg) — Treasury Secretary Henry Paulson‘s $700 billion plan to buy devalued assets from financial companies is “a joke” because it doesn’t go far enough to calm markets, said Kenichi Ohmae, president of Business Breakthrough Inc.

Ohmae, nicknamed “Mr. Strategy” during his 23 years as a McKinsey & Co. partner, called for a $5 trillion “international facility” to be made available to financial institutions. The system could be modeled on one used by Sweden during its banking crisis in the early 1990s, he said.

“This is a liquidity crisis,” Ohmae said at an investor forum hosted by CLSA Asia-Pacific Markets, the regional broking arm of Credit Agricole SA, in Hong Kong yesterday. “The liquidity has to be so big that people won’t get panicky.”

Bernanke Signals U.S. Should Pay More for Bad Debt

September 24, 2008 by Infinite

Hey it’s taxpayers money, so the higher the price the better.
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Ben S. Bernanke, chairman of the U.S. Federal Reserve, testifies before the Senate Banking Committee in Washington, Sept. 23, 2008. Photographer: Joshua Roberts/Bloomberg News

Sept. 23 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke signaled that the government should buy devalued assets at above-market values to make its proposed $700 billion rescue package most effective in combating the financial crisis.

“Accounting rules require banks to value many assets at something close to a very low fire-sale price rather than the hold-to-maturity price,” Bernanke said in testimony to the Senate Banking Committee today. “If the Treasury bids for and then buys assets at a price close to the hold-to-maturity price, there will be substantial benefits.”

Bernanke’s remarks, an unusual departure from his prepared testimony, come as lawmakers and the Bush administration negotiate a rescue plan aimed at easing the worst financial crisis since the Great Depression. The Fed chief said paying prices higher than the bad assets would fetch in the open market would help “unfreeze” credit markets and aid the economy.

FBI investigating companies at heart of meltdown

September 24, 2008 by Infinite

WASHINGTON: The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.

The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official said.

China Shuns Paulson’s Free Market Push as Meltdown Burns U.S.

January 16, 2009September 24, 2008 by Infinite

“An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention,” Paulson said.

Contemplate that for a moment.
Now add this to your contemplation:

Section 8 of the proposed legislation says it all:
“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.”
Right; “non-reviewable” supremacy.

Would you trust Mr. Paulson that much???

There are only two possibilities left:
1. Mr. Paulson does not have the foggiest idea what he is talking about.
2. Mr. Paulson is a puppet of the elite and all of this is a New World (Market) Order conspiracy, which will lead to the the destruction of the Dollar, the destruction of the middle class and the bankruptcy of the US.
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Henry Paulson, secretary of the U.S. Treasury, gives a speech on Chinese financial markets at the Shanghai Futures Exchange in Shanghai on March 8, 2007. Photographer: Qilai Shen/Bloomberg News

Sept. 24 (Bloomberg) — Eighteen months ago, U.S. Treasury Secretary Henry Paulson told an audience at the Shanghai Futures Exchange that China risked trillions of dollars in lost economic potential unless it freed up its capital markets.

That advice rings hollow in China as Paulson plans a $700 billion rescue for U.S. financial institutions and the Securities and Exchange Commission bans short sales of insurers, banks and securities firms. Regulators in the fastest-growing major economy say they may ditch plans to introduce derivatives, and some company bosses are rethinking U.S. business models.

“The U.S. financial system was regarded as a model, and we tried our best to copy whatever we could,” said Yu Yongding, a former adviser to China’s central bank. “Suddenly we find our teacher is not that excellent, so the next time when we’re designing our financial system we will use our own mind more.”

The recent moves by Paulson, the former chief executive officer of Goldman Sachs Group Inc., contradict what the U.S. told Asian governments over the past decade. Thailand, South Korea and Indonesia were urged to let unviable banks fail during the 1997-98 Asian financial crisis.

California: Parents do not have a constitutional right to homeschool their children

September 23, 2008 by Infinite

Homeschooling Banned in California as State Turns Parents Into Criminals for Teaching Their Own Children

(NaturalNews) A California appeals court has ruled that homeschooling of children is illegal unless their parents have teaching credentials from the state.

“California is now on the path to being the only state to deny the vast majority of homeschooling parents their fundamental right to teach their own children at home,” said Michael Smith, president of the Home School Legal Defense Association.

The court overturned a lower court’s finding that homeschooling did not constitute a violation of child welfare laws.

“California courts have held that … parents do not have a constitutional right to homeschool their children,” Justice H. Walter Croskey said.

$13 Billion in Iraq Aid Wasted Or Stolen, Ex-Investigator Says

September 23, 2008 by Infinite

Salam Adhoob, former investigator for Iraq’s Commission on Public Integrity, at the Democratic Policy Committee hearing on waste and fraud in Iraq. (By Susan Walsh — Associated Press)

A former Iraqi official estimated yesterday that more than $13 billion meant for reconstruction projects in Iraq was wasted or stolen through elaborate fraud schemes.

Salam Adhoob, a former chief investigator for Iraq’s Commission on Public Integrity, told the Senate Democratic Policy Committee, an arm of the Democratic caucus, that an Iraqi auditing bureau “could not properly account for” the money.

While many of the projects audited “were not needed — and many were never built,” he said, “this very real fact remains: Billions of American dollars that paid for these projects are now gone.”

He said a report that went to Iraqi Prime Minister Nouri al-Maliki and other top Iraqi officials was never published because “nobody cares” about investigating such cases. Many investigators, he said, feared for their safety because 32 of his co-workers have been murdered.

Ron Paul: I’m supporting Chuck Baldwin, the Constitution Party candidate

September 23, 2008 by Infinite

A New Alliance – By Dr. Ron Paul

The press conference at the National Press Club had a precise purpose. It was to expose, to as many people as possible, the gross deception of our presidential election process. It is controlled by the powerful elite to make sure that neither candidate of the two major parties will challenge the status quo. There is no real choice between the two major parties and their nominees, only the rhetoric varies. The amazingly long campaign is designed to make sure the real issues are ignored. The quotes I used at the press conference from insider Carroll Quigley and the League of Women voters strongly support this contention.

Calling together candidates from the liberal, conservative, libertarian and progressive constituencies, who are all opposed to this rigged process, was designed to alert the American people to the uselessness of continuing to support a process that a claims that one’s only choice is to choose the lesser of two evils and reject a principle vote that might challenge the status quo as a wasted vote.

Democrats and Republicans alike sceptical of Bush bailout plan

September 23, 2008 by Infinite

Federal Reserve chairman Ben Bernanke folds his hands while testifying with US Treasury secretary Henry Paulson before the Senate banking committee on Tuesday. Photograph: Charles Dharapak/AP

The proposed $700bn bailout of US financial markets faced harsh criticism in Congress today, with liberals and conservatives both sceptical that granting the Bush administration power to buy up risky mortgages would avert further economic crisis.

Yet despite the wariness from the Senate banking committee, where Henry Paulson and Ben Bernanke appeared today, the financial rescue seems poised to win approval by next week at the latest.

“This is not something I wanted to ask for,” the US treasury secretary said, assuring senators that “I feel your frustrations” and “I’m angry” at the prospect of Wall Street firms getting saved by the government.

But Paulson and Bernanke did ask for broad latitude to decide which toxic assets would win a purchase by the government. Senators of both parties did not attempt to hide their anger at the request, citing the Bush administration’s previous assurances of market stability.

“We have been given no credible assurances that this plan will work,” Richard Shelby, the senior Republican on the banking panel, said. “Congress does not have time to determine if there are better alternatives.”

The committee’s Democratic chairman, Chris Dodd, questioned Paulson’s request for immunity from any legal or government review of his actions during the bailout process.

“After reading this proposal, I can only conclude that it is not just our economy that is at risk,” Dodd told the treasury secretary, “but our constitution as well.”

Ron Paul: Bailouts will lead to rough economic ride

September 23, 2008 by Infinite

By Ron Paul
Special to CNN

Rep. Ron Paul says the government’s solution to the crisis is the same as the cause of it — too much government.

(CNN) — Many Americans today are asking themselves how the economy got to be in such a bad spot.

For years they thought the economy was booming, growth was up, job numbers and productivity were increasing. Yet now we find ourselves in what is shaping up to be one of the most severe economic downturns since the Great Depression.

Unfortunately, the government’s preferred solution to the crisis is the very thing that got us into this mess in the first place: government intervention.

Fifth Grader Suspended For Wearing Anti-Obama Shirt

September 23, 2008 by Infinite

This child just forgot to add Bush, Cheney, McCain, Clinton, Paulson etc.

The other side of the shirt should read: “Ron Paul, Freedom’s Best Friend.”
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An 11-year-old boy in Colorado was suspended from school after he refused to take off a shirt that read, “Obama is a terrorist’s best friend.” His father says that the school is violating his son’s First Amendment rights.

Daxx Dalton, a fifth grader at Aurora Frontier K-8 School in Aurora, Colo., wore the homemade shirt on a day when students were asked to show their patriotism by wearing red, white and blue, according to MyFOXColorado.com.

When he was given the choice of turning the shirt inside out or being suspended, Dalton chose suspension.

“They’re taking away my right of freedom of speech,” he said. “If I have the right to wear this shirt I’m going to use it. And if the only way to use it is get suspended, then I’m going to get suspended.”

Mushroom Clouds Over Wall Street

September 22, 2008 by Infinite

By MIKE WHITNEY

“One bank to rule them all;
One bank to bind them…”

These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic future. Industry representative Henry Paulson has submitted legislation to Congress that will finally end the pretense that Bush controls anything more than reading the lines from a 4′ by 6′ teleprompter situated just inches from his lifeless pupils. Paulson is in charge now, and the coronation is set for sometime early next week. He rose to power in a stealthily-executed Banksters’ Coup in which he, and his coterie of dodgy friends, declared martial law on the US economy while elevating himself to supreme leader.

“All Hail Caesar!” The days of the republic are over.

Section 8 of the proposed legislation says it all:

“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.”

Right; “non-reviewable” supremacy.

Goldman Sachs and Morgan Stanley have been put under Federal control

September 22, 2008 by Infinite

Morgan Stanley headquarters in New York

Investment banks Goldman Sachs and Morgan Stanley have been put under Federal control as part of a package aimed at rescuing the US finance system.

The move not only puts the two financial services giants under the direct supervision of bank regulators but also gives the Fed the power to force the banks to raise additional capital.

The US administration wants to prevent the collapse of two of Wall Street’s remaining investment banks after the fall of Lehman Brothers and the government-funded bailouts of Bear Stearns, Merrill Lynch and global insurer AIG.

Military intelligence: Iran halfway to first nuclear bomb

September 22, 2008 by Infinite

Have a look at the related articles from the Jerusalem Post:

“Column One: Israel must bomb Iran’s nuclear installations”

Warmongers ahead!?

Israel has according to Jimmy Carter around 150 nuclear weapons. Even if Iran wants to develop a nuclear weapon, is this reason enough for an attack? If so, then maybe someone should have been attacking Israel for developing 150 of them. And not just Israel is beating the war drums: Ron Paul: I hear members of Congress saying “if we could only nuke Iran”.

So Israel and/or the US might nuke Iran to prevent Iran from developing a nuclear weapon? How can you even come up with such madness? Are there so many potential Hitlers walking the face of the earth these days?

The US have told Israel recently several times not to attack Iran, but that could be just a ruse. And who sold Israel just recently 1000 smart bombs? ‘U.S. to sell Israel Air Force smart bombs for heavily fortified targets’

Politicians and military ‘experts’ may call this a ‘surgical strike’, but any attack on Iran will cause WW III. Basta!
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Sep 22, 2008 0:05 | Updated Sep 22, 2008 15:53
Source: The Jerusalem Post

Military intelligence: Iran halfway to first nuclear bomb

Iran is halfway to a nuclear bomb, and Hizbullah, Hamas and Syria are using this period of relative calm to significantly rearm, Brig.-Gen. Yossi Baidatz, the Military Intelligence’s head of research, told the cabinet Sunday during a particularly gloomy briefing on the threats facing the country.

Ahmadinejad: We’ll stop any attacker

Baidatz said there was a growing gap between Iran’s progress on the nuclear front and the West’s determination to stop it. “Iran is concentrating on uranium enrichment, and is making progress,” he said, noting that they have improved the function of their 4,000 centrifuges.

According to Baidatz, the Iranian centrifuges have so far produced between one-third to one-half of the enriched material needed to build a bomb.

“The time when they will have crossed the nuclear point-of-no-return is fast approaching,” he said, though he stopped short of giving a firm deadline. Last week in the Knesset’s Foreign Affairs and Defense Committee, however, he put the date at 2011.

Pakistan president Zardari warns US forces in attacks across border on al-Qaeda

September 22, 2008 by Infinite

Pakistan will not tolerate any infringement of its territory in the name of the war on terror, president Asif Ali Zardari said today in a clear warning to US forces who in recent months have increasingly crossed the border to kill Taliban and al-Qaeda terrorists.

Mr Zardari was making his first major address since being elected president earlier this month. He also pledged that Pakistan would fight terrorists based on its soil, and he promised that his own powers would be cut back.

In recent weeks unmanned Predator drones and even special forces have staged a number of attacks across the border from Afghanistan on terrorist targets, a sign of growing US frustration at the training camps and sanctuaries which have been out of their reach and, for the most part, untroubled by Pakistan’s own military.

Pakistani leaders should have been at bombed hotel

September 22, 2008 by Infinite

The Pakistani President, Prime Minister and military chief of staff were due to attend a banquet at the Marriott Hotel in Islamabad, where bombers killed at least 53 people, but a last-minute change of venue saved them.

The disclosure that the leadership of the country was the likely target of the attack on Saturday came as militants kidnapped Afghanistan’s top diplomat in the country and British Airways suspended all flights to and from Pakistan because of security concerns.

America Versus the Financial Elite

September 22, 2008 by Infinite

The people don’t want it (see this poll showing that only 28% support the bailout; and see this).

Most economists don’t want it (see this and this).

Many congress people don’t want it (see here and here).

So who wants the bailout?

The only people who want it are the big money boys, the ultra elite, including the Wall Street fat cats and Fed who got us into this mess, and their counterparts abroad who would also be bailed out (see this and this).

It is literally America versus the financial elite.

Posted by George Washington
Monday, September 22, 2008

Source: George Washington’s Blog

China toxic milk sickens 53,000 as scare spreads

September 22, 2008 by Infinite

BEIJING (AFP) – China’s tainted milk scandal spiralled into uncharted territory Monday with the government announcing that up to 53,000 children had been sickened and its top product-quality inspector sacked.

In a dramatic update of previous figures, the health ministry said a total of 52,857 children were taken to hospital after drinking milk thought to have been contaminated by the industrial chemical melamine.

Most had “basically recovered” after developing kidney stones, the main symptom of drinking the tainted milk, but 12,892 of them remained in hospital, a health ministry official told AFP.

The Bailout Is NOT Limited to $700 Billion, Paulson Could Spend UNLIMITED Taxpayer Money

September 22, 2008 by Infinite

Most people think that the proposed bailout will cost $700 billion. In fact, it is not limited to $700 big ones, and will probably go much higher.

Specifically, Paulson’s draft bailout plans says:

“The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.”

That means that Paulson could buy a couple hundred billion worth of assets one day, sell them, and then the next day buy another couple hundred billion, and so on.

The maximum price tag?

There is no maximum. Paulson could literally spend unlimited taxpayer monies. And remember that Paulson has already broadened the proposal to include the purchase of non mortgage-related assets.