Bernanke, Paulson Pressed to Seek Big-Government Bank Bailout

July 21 (Bloomberg) — Ben S. Bernanke and Henry Paulson are under pressure to embrace the big-government policies of America in the 1930s, or Sweden in the 1990s, to contain the conflagration engulfing the U.S. housing and financial markets.

Among the ideas: Using taxpayer money to shore up the capital of loss-ridden Fannie Mae and Freddie Mac, setting up new agencies to buy and refinance mortgages in default, even taking over failing financial institutions.

The government’s current “fire-brigade approach to dealing with the fallout from the extremely weak domestic economy is eroding general confidence in the U.S. financial system,” says Brian Bethune, chief U.S. financial economist at Lexington, Massachusetts-based Global Insight. “Bold, creative, aggressive policy action is needed.”

Read moreBernanke, Paulson Pressed to Seek Big-Government Bank Bailout

8,500 U.S. banks; many will die soon

I called the death of Indymac Bancorp on Monday, July 7th. The Federal Deposit Insurance Corporation seized Indymac on Friday, July 11th.

I called the implosion of the two Government Sponsored Entities in the mortgage business, Fannie Mae and Freddie Mac on Wednesday, July 9th. Sunday, July 13th the White House announced a bailout for them.

Related article: Fed: No more bailouts, except Fannie Mae and Freddie Mac

Want to know what happens next? It’s ape ass ugly and it’s going to happen to you, so don’t say I didn’t warn you.

Read more8,500 U.S. banks; many will die soon

US to Iran: You have two weeks


US State Department spokesman Sean McCormack

Washington says Tehran has two weeks to decide between suspending its uranium enrichment program and facing ‘further isolation’.

In a Saturday statement, State Department spokesman Sean McCormack said time has come for Tehran to choose between confrontation and meeting Western demands over its enrichment program.

“We hope the Iranian people understand that their leaders need to make a choice between cooperation, which would bring benefits to all, and confrontation, which can only lead to further isolation,” said McCormack.

Read moreUS to Iran: You have two weeks

How China’s taking over Africa, and why the West should be VERY worried

This article is also another lesson in racism, which is always a sure sign of absolute ignorance, insecurity and low self-esteem, because racism is attempting to see other people as inferior, so that those “superior” racists can feel better about their wretched, unenlightened little life. ________________________________________________________________________________________

On June 5, 1873, in a letter to The Times, Sir Francis Galton, the cousin of Charles Darwin and a distinguished African explorer in his own right, outlined a daring (if by today’s standards utterly offensive) new method to ‘tame’ and colonise what was then known as the Dark Continent.

‘My proposal is to make the encouragement of Chinese settlements of Africa a part of our national policy, in the belief that the Chinese immigrants would not only maintain their position, but that they would multiply and their descendants supplant the inferior Negro race,’ wrote Galton.

‘I should expect that the African seaboard, now sparsely occupied by lazy, palavering savages, might in a few years be tenanted by industrious, order-loving Chinese, living either as a semidetached dependency of China, or else in perfect freedom under their own law.’


Close relations: Chinese President Hu Jintao accompanies Zimbabwe President Robert Mugabe to a ceremony in the Great Hall of the People in Beijing

Read moreHow China’s taking over Africa, and why the West should be VERY worried

U.S. Financial Breaking Point Soon

Something is going to break, and soon. Banks are insolvent and failing by the hundreds if not thousands. Hedge funds are on the edge of oblivion. Only a tiny percentage of toxic waste losses in real estate and other asset classes of collateral, which will eventually amount to over $1.4 trillion in the US alone, has to date been recognized by the lying bankster fraudsters. Bonds are producing negative rates of return even based on ludicrously understated official rates of inflation (until this month, when we finally got some data bordering on the truth).

Read moreU.S. Financial Breaking Point Soon

Now there are 1,000 laws that will let the state into your home


Extreme measures: There are more than 1,000 laws which give officials the right to enter private property

The march of the Big Brother state under Labour was highlighted last night as it was revealed that there are now 1,043 laws that give the authorities the power to enter a home or business.

Nearly half have been introduced since Labour came to power 11 years ago. They include the right to:

• Invade your home to see if your pot plants have pests or do not have a ‘plant passport’ (Plant Health England Order 2005).

• Survey your home and garden to see if your hedge is too high (Anti-Social Behaviour Act 2003).

• Check that accommodation given to asylum seekers is not being lived in by non-asylum seekers (Immigration and Asylum Act 1999).

• Raid a house to check if unlicensed gambling is taking place (Gambling Act 2005 Inspection Regulations 2007).

• Seize fridges without the correct energy rating (Energy Information Household Refrigerators and Freezers Regulations 2004).

The rise in clipboard-wielding state inspectors flies in the face of repeated pledges by Ministers to curb the power of bureaucrats.

The full extent of the state’s ‘powers of entry’ is revealed in documents slipped out quietly by the Government last week.

The information was posted on the Home Office website, but in a highly unusual move, the computer file was locked to prevent it being copied or printed. A secret Home Office password was required to access the file.

A Home Office spokeswoman denied the restrictions were an attempt to stop the state’s powers being circulated more widely.

She claimed it was a ‘mistake’ and the file would be unlocked tomorrow.

Read moreNow there are 1,000 laws that will let the state into your home

Will Bush Play “Get-Out-of-Jail-Free” Card?

I just listened to Vincent Bugliosi talking to Bobby Kennedy about his plan to prosecute Bush for murder. (Listen here.)

It sounds like Bugliosi has an airtight case. If Bush leaves 1600 Pennsylvania Avenue next January, there should be a squad car waiting to pick him up.

Even if he somehow dodges the murder rap, sooner or later Bush will face dozens of charges of war crimes, kidnapping, torture, electoral fraud, maybe even high treason against the Constitution of the United States of America. Bush is a good bet to be our first ex-president to spend the rest of his life behind bars.

I say IF Bush leaves office next January because…well, he’d have to be crazy to step down.

Bush only has one card left to play: The get-out-of-jail-free card.

Set off a nuclear or biological weapon on American soil. Blame the usual suspects, “Muslim terrorists,” and link them to Pakistan or Iran. Attack Pakistan or Iran, invoke Presidential Directive 51, suspend the Constitution, declare martial law, intern dissidents and Muslims in FEMA camps, seize control of the other branches of government, and suspend the elections “until order has been restored.”

A high-risk move? Sure. But cornered rats sometimes make high-risk moves.

Read moreWill Bush Play “Get-Out-of-Jail-Free” Card?

Ron Paul : When in the course of human events…

“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.
– Congressman Ron Paul

Added: August 10, 2007

Source: YouTube

Kucinich Says Unidentified Foreign Official Wants to Speak at Impeachment Talks

An unidentified government official of a U.S. ally wants to participate if and when Rep. Dennis J. Kucinich makes his case to impeach President Bush before the House Judiciary Committee, according to the Ohio Democrat.

The House voted, 238-180, on Tuesday to send Kucinich’s latest impeachment effort (H Res 1345) to the Judiciary Committee.

Chairman John Conyers Jr. said he will hold a broad hearing on the general topic of abuses of power by the Bush administration.

“There’s never been one [hearing] that accumulated all the things that constitute an imperial presidency,” Conyers said, explaining that the anticipated hearing would review more than a year of committee inquiry into such matters as the firing of U.S. attorneys, the leak of the identity of former CIA operative Valerie Plame and the information provided to Congress in the run-up to the Iraq War.

Kucinich contends that President Bush ought to be impeached for allegedly lying to Congress in order to get approval to invade Iraq.

Read moreKucinich Says Unidentified Foreign Official Wants to Speak at Impeachment Talks

US: $455,000 debt per household

As the Bush administration proposes backstopping mortgage giants Fannie Mae and Freddie Mac with a $300 billion line of credit and Congress contemplates another economic stimulus, the question is who will bail out the government?

“People seem to think the government has money,” said former U.S. Comptroller General David Walker. “The government doesn’t have any money.”

A rare consensus has developed across the political spectrum that the government’s own fiscal affairs are precarious, with an astonishing $53 trillion in long-term liabilities, according to the Government Accountability Office.

To put that number in human terms, the debt has reached $455,000 per U.S. household. As that debt grows, the United States increasingly relies on foreigners, including China and Middle East oil producers, for financing.

Read moreUS: $455,000 debt per household