Don't you love this style of MSM reporting. Everything is so normal as if was a washing machine program.

"Treasury Secretary Henry Paulson said Sunday that the nation's credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms.

(...)

He said that the nation's outdated regulatory system for financial markets must be overhauled but the first job is to get the most sweeping rescue package since the Great Depression passed by Congress in coming days."

Translation:

"Yeah, like, the marked was so deregulated that we fucked it six ways to Sunday, amde off with your pension and health insurance and are now kicking it back in the Carribean. But no sweat, please hand us another 1'000'000'000'000 USD (and make it snappy otherwise we will make grunting noises in this election period, hehehe), then deregulate some more so we can do it again."

>>8637

This Bank Fail thing was normal in the Great Depression. I find it amazing that we can have major banks fail and get bailed out by the government, yet no one seems to be able to point out that the last time banks failed was in 1929.

But so long as the cable warks, everything's fine right?

If this value is correct, http://www.brillig.com/debt_clock/ will soon have to jump by about what? 5 trillion? More?

The mind boggles. 800 billion alone is about 20 times the initial projected cost of the Iraq war (which will probably be about 3 trillion instead). The US crumbling infrastructure (1 trillion needed ASAP according to Chertoff) will have to wait.

>>8630

And remember folks, this is YOUR money he's wasting to maintain the pathetic sham that is unfettered US-style capitalism, to maintain the delicate (& already tattered) membrane-thin veil of 'confdidence' in America's financial systems & economy. So much for the Republicans' attitude of 'small government'. If intervention of this scale is so necessary to prop up institutions that by rights should be left alone, then this proves that what's been done is worse than communism - because it's YOUR moiney that's been wasted. $700 Billion? Just to do the above? I wonder how much of that could have been used to create a universal UK-style healthcare system? Never mind buying out financial institutions, they should nationalise the hospitals. Peoples' health is FAR more important.

This is further proof that the Right is WRONG for the US.

>>8657
And left is right, right? hurr hurr

Neither major parties are going to change much, they're practically the same except for a few issues. Of course when all CNN and Fox talk about are those issues that make the parties different it's hard to see how much they're alike. Also you seem like a European, so stfu.

>>8663

I could care less about the mainstreamers. They're like the Roman Senate -- mostly willing themselves out of existance and using the position to enrich themselves. The whole system is currupt to the core, and no one wants to really fix it. The Presidency, judging by modern trends will probably be an Imperial office before too long.

And We'll be well on our way to being a banana republic -- where there are the very very rich, and there personal slaves, the very very poor. Alas for my poor republic.

shit passed the house

>>8657
Mind you it's because our worst of both worlds approach to economics is the issue. If this were actually laissez faire, then the only way banks could fail, is if they fucking failed, and deserve to fail, in the hopes that what would rise from the ashes would be smarter about not failing. But instead, LOL BAILOUT.

>>8672

What would rise from the ashes is the same thing that rose from the ashes in the last batch of bankfail in 1929.

Double digit unemployment, shanty towns, hobos, soup kitchens, and people stuffing their ragged clothes with newspapers to stay warm.

Eventually, people got sick of what "rose from the ashes" and demanded the "New Deal" and the WPA.

I think it's far far better to prevent bankfail and keep a reasonably good economy than to live through another Depression.

>>8677 The way I heard it was that the Great Depression was actually due to Herb Hoover not being able to to get his dirty mitts off the economic levers. More info at this Austrian Economists' site:

http://www.mises.org/article.aspx?Id=447

http://mises.org/rothbard/agd/contents.asp

Déjà-vu:

The Depression Begins: President Hoover Takes Command

(...) If the Federal Reserve had an inflationist attitude during the boom, it was just as ready to try to cure the depression by inflating further. It stepped in immediately to expand credit and bolster shaky financial positions. In an act unprecedented in its history, the Federal Reserve moved in during the week of the crash-the final week of October-and in that brief period added almost $300 million to the reserves of the nation's banks. During that week, the Federal Reserve doubled its holdings of government securities, adding over $150 million to reserves, and it discounted about $200 million more for member banks. Instead of going through a healthy and rapid liquidation of unsound positions, the economy was fated to be continually bolstered by governmental measures that could only prolong its diseased state. This enormous expansion was generated to prevent liquidation on the stock market and to permit the New York City banks to take over the brokers' loans that the "other," non-bank, lenders were liquidating. The great bulk of the increased reserves-all "controlled"-were pumped into New York. As a result, the weekly reporting member banks expanded their deposits during the fateful last week of October by $1.8 billion (a monetary expansion of nearly 10 percent in one week), of which $1.6 billion were increased deposits in New York City banks, and only $0.2 billion were in banks outside of New York. The Federal Reserve also promptly and sharply lowered its rediscount rate, from 6 percent at the beginning of the crash to 4? percent by mid-November. Acceptance rates were also reduced considerably.

And also:

Conclusion: The Lessons of Mr. Hoover's Record

Mr. Hoover met the challenge of the Great Depression by acting quickly and decisively, indeed almost continuously throughout his term of office, putting into effect "the greatest program of offense and defense" against depression ever attempted in America. Bravely he used every modern economic "tool," every device of progressive and "enlightened" economics, every facet of government planning, to combat the depression. For the first time, laissez-faire was boldly thrown overboard and every governmental weapon thrown into the breach. America had awakened, and was now ready to use the State to the hilt, unhampered by the supposed shibboleths of laissez-faire. President Hoover was a bold and audacious leader in this awakening. By every "progressive" tenet of our day, he should have ended his term a conquering hero; instead he left America in utter and complete ruin—a ruin unprecedented in length and intensity.

What was the trouble? Economic theory demonstrates that only governmental inflation can generate a boom-and-bust cycle, and that the depression will be prolonged and aggravated by inflationist and other interventionary measures. In contrast to the myth of laissez-faire, we have shown in this book how government intervention generated the unsound boom of the 1920s, and how Hoover's new departure aggravated the Great Depression by massive measures of interference. The guilt for the Great Depression must, at long last, be lifted from the shoulders of the free-market economy, and placed where it properly belongs: at the doors of politicians, bureaucrats, and the mass of "enlightened" economists. And in any other depression, past or future, the story will be the same.

This isn't avoiding a depression. This is trying to hold it off for a while (until after the election) and perhaps lessen its severity.
The US is so deeply in debt, both private and govt., to other countries that the US dollar is quite simply on the verge of collapse. It is worthless paper backed by nothing.
George Bush has destroyed the US economy, and our futures.

>>8688
His payback for people not "agreeing" with his ideas like the Iraq war?

>>8688

>The US is so deeply in debt, both private and govt., to other countries that the US dollar is quite simply on the verge of collapse. It is worthless paper backed by nothing.

George Bush has destroyed the US economy, and our futures.

Babylon. Persia. Ancient Egypt. Ancient Rome. Ancient Greece. Mongols. Mayans. Aztecs. Ottoman Empire. Napoleonic Empire. British Empire. Third Reich Germany. USSR.

And soon to join that list: USA.

All great powers fall. NO EXCEPTIONS. And who'll replace them as No.1? China. I for one welcome our Far Eastern overlords. Better start learning Mandarin & Atheism, America.

WHERE IS YOUR GOD NOW?

>>8696

>Better start learning Atheism
>WHERE IS YOUR GOD NOW?

Mind status: BLOWN.

>>8640
Total Public Debt Outstanding 01/22/2001 5,728,195,796,181.57

Debt looks set to easily break the magic 10 trillion barrier by the time His Majesty George Bush II abdicates. In other words public debt will have increased by at least 3/4 under his incompetent rule. Fiscal conservatives, what a crock.

>>8663
That is so untrue it isn't funny. Under Clinton the (successful) goal was balanced budgets. Bush gave a big hearty fuck you to that idea. He never ever vetoed a single measure voted by the Republican-dominated congress as it went on a spending orgy even as taxes were cut. Or as Cheney put it: "Deficits don't matter, Reagan proved that." It does matter who you vote for.

>>8696

I refuse to learn Moonspeak.

>>8701
Maybe that's why God sent George W down to Earth, to finish what Reagan started: bankrupting the Cold War superpowers out of existence.

>>8703

Yes, and bankrupted America in the process. GG George. Remember, kids:

Republican = BAD
Democrat = GOOD

USA never had it so good, and was respected & loved when they had JFK, Carter & Clinton. USA was fucked up when they had Nixon, Ford, Reagan & Bushs Mk I & II.

You do the maths. It's Obama's turn, to repair the damage, and to further prove that the Right are WRONG for the US.

The Right/Left divide in US politics is closer to a bad cop/good cop setup than anything else. The Republicans take charge for a couple of terms and completely wreck the economy, start a few wars with no substantial justification beyond "blowing shit up feels good!" and generally give the finger to anyone not personally a member of the Mega Rich Elite Club, whether US citizens or international. Then the Democrats ask meekly for a term, during which they put band aids on all the boo boos the country/world has taken from the last few terms and tell everyone that everything's going to be better next time. Rinse. Repeat.

Both parties push the same agenda of corporatism, economic warfare and debt serfdom. One of them just has a track record of doing so with a smile and a wave. The system itself is the problem; it resembles an abusive relationship.
http://mathewgross.com/node/336

>>8688

>George Bush has destroyed the US economy, and our futures.

The slogan in that pic is extremely relevant.

>>8696
Why do you hate the US and love China so much. Do you really think that the Chinese will support your lifestyle? I ask this because most of you BAWWWING atheists are fags.

America will always remain a CHRISTIAN country even if by some small chance we lose our status as a superpower.

And the best way to fix America's finances is to cut off all foreign aid to EVERYONE until our economy is fixed because no one seems to be helping us on OUR TIME OF NEED