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Tuesday, September 30, 2008 |
SeattleTimes: "In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging 777 points, the most ever for a single day."
Well, they should have seen it coming. Governments should have a large degree of control over banks. The whole crisis is the result of the deregulation and 'air banking', the shifting of stocks, shares, money from party to party, in devious and criminal ways. The fiction has burst. When all accounts are made it simply appeared that the same assets were/are being shoved around, adding to the overall volume of transactions, but nothing to the real value. So when one element broke down, the whole pyramid fell down.
It must be clear that those responsible for the catastrophe, those who have profited from these dangerous transactions, should be punished and should never be allowed to continue with the same casino game. If governments help the banks out, then they should accept government regulation. If the financial world doesn't accept this, let them go bust.
HubPages: "Protests took place on Wall St. to protest the bail out plan - and the mainstream news media didn't even mention it."
Michael Moore: "Everyone said the bill would pass. The masters of the universe were already making celebratory dinner reservations at Manhattan's finest restaurants. Personal shoppers in Dallas and Atlanta were dispatched to do the early Christmas gifting. Mad Men of Chicago and Miami were popping corks and toasting each other long before the morning latte run.
But what they didn't know was that hundreds of thousands of Americans woke up yesterday morning and decided it was time for revolt. The politicians never saw it coming. Millions of phone calls and emails hit Congress so hard it was as if Marshall Dillon, Elliot Ness and Dog the Bounty Hunter had descended on D.C. to stop the looting and arrest the thieves."
The protest of the Republicans was given enough attention. But their protest is essentially different from the people who don't want to become the scapegoats of the financial world.
Observer: "If more people understood what has happened in the British and American banking system, the financial crisis would only be containable by the immediate partial nationalisation of every bank in Britain and America. There was not a run on the banks by depositors queuing in the streets to withdraw their savings. Rather, it was an escalating and terrifying run on the banks in effect by themselves, which, if it spread to millions of small savers, would reproduce the events of 1929.
Credit is drying up and with it the very lifeblood of the economy.
Worse, now that the system is in trouble, financiers are turning to taxpayers in the US and Britain for help without understanding the other key principal of fairness - that we will consider helping those who for no fault of their own get into trouble, but not those who freely created their own bad circumstances."
Bloomberg: "The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression."
Observer: "The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over."
And also The Third Way is finished, the adoption of market economics by the Democrats, New Labour and several other European Social Democrats. The market economy, the privatisations, the deregulation, are finished. New rules must be set.
AFP: "Amid the international financial crisis and rising controversy over exorbitant corporate salaries, the Netherlands has taken the bold step of imposing stiff taxes on perceived fat cat benefits."
6:18:04 PM 
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© Copyright 2008.
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