This via the AP:
Tag: Economy
Blogs 4 Borders! 09/29/08
I missed this on Monday. Hopefully I will remember next week….
Our weekly vlog/podcast on illegal immigration and border security. In this weeks edition…
Vigilance Dispatch: Everyone is talking about the massive bailouts. How has illegal immigration fed into the financial crisis that Washington plans to fix using our taxpayer dollars?
100% Preventable! Americans continue to pay the bloody price for open borders, when will the madness end?
Blogs For Borders 09/29/08
Download for your Ipod here.
Make sure to visit this weeks sponsor….
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If you’d like to sponsor a show contact us here.
This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy. If you’d like to join find out how right here.
Here are some books that I highly recommend that everyone read, related to this subject:
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Think the bailout failure just affected the US?
Think again…
The failure of this bailout plan is affecting the world markets as well, according to the BBC.
The markets affected are:
- The UK’s FTSE 100 index was up 0.18% or 8.5 points to 4,827 by 12:00 BST, while Germany’s Dax was 0.9% lower at 5,756 and France’s Cac was down 0.2% to 3,949
- Banking shares were the biggest fallers in London, as concerns grow about how the delay in securing a US rescue deal will hit the financial system
- HBOS was down 12%, Royal Bank of Scotland was 6% lower
- Japan’s Nikkei index ended Tuesday down 4.1%, while Hong Kong’s Hang Seng rose 0.8%
- In Russia, trading was temporarily suspended on the country’s two main stock markets
- In the Republic of Ireland, the government announced that all bank deposits would be guaranteed for the next two years
- European bank Dexia has received a state bail-out, costing the Belgian, French and Luxembourg governments a combined 6.4bn euros ($9.2bn; £5bn)
So, this isn’t just an American crisis, this could very well turn into a world crisis, and from the looks of it, the crisis has already started.
Technorati Tags: Economy, Opinion, Politics, Wall Street Crisis, World News
More thoughts on the Bailout and it's effect on our Economy
I hate to admit it, but I agree with this…. Sort of…
Via RealClearMarkets – “In Times of Crisis, Trust Capitalism”:
The biggest bank failure in the history of the United States happened last Thursday night and by Friday morning, it was business as usual. The only difference was the name on the door and the losses suffered by those unfortunate enough to invest in Washington Mutual bonds or stock. The taxpayers didn’t lose anything and depositors didn’t lose anything, only investors. That is how capitalism works in case everyone has forgotten.
The “crisis” we face today is not a creation of the market. Government intervention over many years (but especially the last year) is what brought us to the point where we’ve placed our hopes for economic recovery on the good intentions of a Congress facing re-election in a few weeks. There has been much commentary recently about the role of Fannie Mae and Freddie Mac in the creation and expansion of the sub-prime mortgage market which many believe to be the cause of this mess.
That criticism is certainly warranted, but little attention has been paid to the real culprit – the Federal Reserve. Furthermore, what attention there has been is concentrated on the role of Alan Greenspan rather than Ben Bernanke. While Alan Greenspan deserves his share of the blame, Bernanke’s contribution to this mess should not be minimized or excused.
I have something to add to this as well. The biggest problem with this all is, most of this money, that’s being lost, is not even our money, it’s China’s money! Also half of the money being printed, does not have any gold to back it up! This is why our inflation is so high. As Joseph notes above, our biggest problem with our nation’s Economy is the Federal Reserve. If we got rid of the Federal Reserve, and went back to the 100% Gold Standard, much of our Nation’s Economic problems would be solved. Not to mention, if we stopped getting money from China.
The only thing that I really disagree with here, in a way, is the assessment that this all will not affect the American Taxpayers. In a sense, it will affect the taxpayers. Because it will cause a overall stall in the economy. This will translate into a crunch in the business world, small and mid-size businesses that do not have a great deal of capital will not be able to barrow money for needed expenses. This will cause a overall tightening of the financial belt amongst the Small to mid-sized business and will force them to dump employees.
Locally here in Michigan, our unemployment is at 7%, last I checked, I expect that to soar and get even worse, if this continues. Personally, I have family members who are paranoid about their jobs being lost. I assume that those jobs will get even more unstable, if this wears on.
Not to mention the fact that Taxpayers are watching their 401K’s and retirement nest eggs go down the tubes as well. That affects Conservatives who do not believe in using Social Security as a form of income. So, in a matter of speaking, this is going to effect everyone. In the form of Jobs, Retirements, 401k’s and more much.
Technorati Tags: Detroit ,Economy ,Housing Crisis ,Local ,Michigan ,Opinion ,Politics ,Wall Street ,Wall Street Crisis
A reason why this bail out failed…
I can understand this…
Via Andy McCarthy @ The Corner on National Review Online
This was a terrible bill. To take just a few particulars, why is there no reform of the government interventions that got us to this point in the first place? Why aren’t Fannie and Freddie being wound down — even after we’ve now had to make explicit the implicit, disastrous government guarantee? Why is Pelosi saying (as I noted in an earlier post) that the authority in the bill will allow the Treasury Department (perhaps soon an Obama Treasury Department) to take bad debt off the hands of mismanaged state and local governments?
Some would say that a bad bill would be better than no bill at all. I disagree. I believe that it is better to have a bill that works for the American people and does not bailout Wall Street and screw the American people and the small businesses over.
So, for once, I agree with something written over at the NRO. Mark this on your calendar, because it does not happen often. 😉
Others: Power Line
Technorati Tags: Economy, Housing Crisis, Opinion, Politics, Republican, Republicans, Wall Street
The Wall Street Bailout drama continues….
Just a word of warning, I’m still nursing my first cup of coffee. 
So, hopefully, this article will make some sense. 
But the good news is, I got my emoticons back here. 
So, I can at least show a little emotion in my writings. 
Some people say that if you use the Emoticons, people tend to not take you as serious. Well, to that I say, well, 
Because I feel you would not take me serious either way, if had the emoticons or not.
The “Mother of all bailouts” is creating it’s share of drama in the Blogosphere and on Capital Hill. For instance, Minority Leader John A. Boehner called the deal a “crap sandwich”. 
and Rep. Paul Ryan, R-Wisc., ranking Republican on the House Budget Committee said of the Bill, “It sucks”. Michelle Malkin is just flat out encouraging her people to “Kill the Bill”. However, Jack Fowler at the Corner is saying:
Conservatives should support them in backing the bailout plan. And then, when that is completed, roll up our sleeves and join Cantor & Co. as they work to craft and enact a broader strategy to improve America’s fiscal health.
So, obviously, this thing is dividing Conservatives.
Another interesting tidbit of information, according to “The Hill”, Rep. Dennis Kucinich (D-Ohio). says: “I will tell you right now I don’t know if they have votes,” “If the votes were there, this would be on the floor. The votes aren’t there.” An interesting development indeed.
Obviously, there’s a ton of opinions and angles on this story. Most of which can be found at Memeorandum.
Technorati Tags: Banking Crisis, Banks, Bush, Business, Congress, Conservative, Democrat, Democrats, Economy, Federal Reserve Bank, Housing Crisis, Liberal, Liberals, Libertarian, Neo-Conservatives, News, Opinion, Politics, Republican, Republicans, Sub-Prime Loans, Wall Street, Washington DC, White House
A very interesting video on our Nation’s banking system
This video, made by the Ludwig Von Mises Institute, makes the case of why the United States of America should go to a 100% gold standard.
I highly recommend that everyone watch this video.
Also, I recommend everyone go to my bookstore and check out the section on the gold standard.
Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, A Blog For All, Right Truth, DragonLady’s World, Shadowscope, Leaning Straight Up, Cao’s Blog, Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Allie is Wired, Faultline USA, third world county, Woman Honor Thyself, The World According to Carl, Walls of the City, Pirate’s Cove, The Pink Flamingo, Gulf Coast Hurricane Tracker, Wingless, Dumb Ox Daily News, and Right Voices, thanks to Linkfest Haven Deluxe.
Technorati Tags: America, Autos, Banking Crisis, Banks, Barack Obama, Biden, Bill Clinton, Bob Barr, Bush, Business, Canada, Cheney, Chris Dodd, Chris Matthews, Christanity, Chuck Baldwin, Commodities, Congress, Conservative, Consitution, Democrat, Democrats, Economy, Education, Election ’08, Election 2008, Federal Reserve Bank, First Admendment, Food, Food Prices, Fox News, Fred Thompson, Freddie Mac, Fundraising, Globalism, Gold Prices, Government, Guns, Hillary, Hillary Clinton, History, Housing Crisis, Huckabee, Israel, Jerusalem, Jewish, Jews, Jobs, Joe Biden, John Edwards, John Gibson, John Kerry, John McCain, Judaism, Keith Olbermann, Kwame Kilpatrick, Labor, Laura Ingraham, Law, Liberal, Liberals, Libertarian, Libertarian Party, McCain, Media, Michael Savage, Michelle Malkin, Michigan, Mike Huckabee, Military, Misc, Mitt Romney, Money, NAFTA, Nationalism, Neo-Conservatives, Netroots, New York, Obama, Oil Prices, Opinion, Platinum Prices, Politics, Ralph Nader, Religion, Republican, Republicans, Ron Paul, Rush Limbaugh, Sarah Palin, Silver Prices, Social Security, Stock Market, Stocks, Sub-Prime Loans, Taxes, Technology, Terrorism, U.A.W., Unions, Video, Wall Street, War, War on Terrorism, Washington DC, Waste, Wealth, White House, foreign oil, mexico, oil, vote, voting.
Now here’s a smart idea….
Now the Democrats are using their brains.
U.S. Democrats seek Wall Street tax in bailout plan (Via Reuters):
Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.
U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.
“If after five years … the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions,” Pelosi said, adding that she hoped the provision could be part of a final bailout deal.
Pelosi said that the Secretary of the Treasury could determine how to assess the fee.
It is a about damn time the Democrats wised up. This would ensure that the taxpayer, (i.e. you and me) would not get stuck paying the bill on this “bail out”.
I know some traders will scream about this. But, you know what I say? screw ‘em! I say, let the assholes making the big money get the tax, instead of the working class, like me, who do not even play the markets.
I am all for free markets, but I’m also for responsibility. If greed caused all this, let the damn greedy ones pay for it in taxes, instead of the average American, like me!
Technorati Tags: Banking Crisis, Banks, Commodities, Congress, Conservative, Democrat, Democrats, Economy, Fannie Mae, Federal Reserve Bank, Government, Housing Crisis, Libertarian, Money, Nationalism, News, Opinion, Politics, Republican, Republicans, Stock Market, Stocks, Taxes, Wall Street, Washington DC, White House, justice
Not looking good on this bailout plan
Seems that there are some are saying that this new bail out plan is not looking good.
Click here to read more.
It’s what happens when the Government tries to regulate Capitalism. Someone always loses…
I’m enjoying the weekend for a change.
Technorati Tags: Congress, Conservative, Democrat, Democrats, Economy, Government, Opinion, Politics, Republican, Republicans, Wall Street
The Reality sets in….
This is interesting….
It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.” – Read the Rest at the New York Times
It’s at times like this, you wonder what Ron Paul would say. But seems the best he can do is babble on like some demented old goat. It’s no wonder that the rest of sane society, that does not ascribe to the drivel that comes out of Alex Jones’s Website(s), tended dismiss Ron Paul as some sort of an lamppost scratching mental patient.
Anyhow, I’m sure you are thinking that I’m totally against this. In a way, the whole idea of our financial system being nationalized, does not exactly make me want to break open a bottle of champagne and celebrate. Because I do believe in a free market system. However, at the same time, I do not wish to see the economy totally collapse either.
On the other hand, I am a bit encouraged to see that the leaders on capital hill have decided to put partisan politics aside and get to the problem and attempt to fix it. Hopefully they can hash out some sort of a plan.
Technorati Tags: Conservative, Democrat, Democrats, Economy, Opinion, Politics, Republican, Republicans, Wall Street