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Europe Rescues More Banks As Bailout Spreads

Posted by soldierservant on October 1, 2008

By Eddie Evans Reuters NEW YORK
President George W. Bush eased pressure on financial markets Tuesday with assurances that a $700 billion bailout for the financial sector can be revived, but the crisis spread further through European banks.

The dollar rallied and U.S. stocks recovered 3 percent after suffering their blackest day in 20 years on Monday as the U.S. House of Representatives rejected the rescue plan. The White House, Treasury Secretary Henry Paulson, congressional leaders and the two candidates hoping to succeed Bush as president, Sens. John McCain and Barack Obama, kept up a steady drumbeat of support for the plan, and around the world markets stabilized.

“There’s an overarching belief that at some point this week, whether it’s Wednesday or Thursday, we’ll get something passed by the House,” said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.

But global money markets remained frozen, and London interbank offered rates shot to record levels, indicating banks were not lending to each other. The rate for overnight dollar loans rose to nearly 6.9 percent from just over 2.5 percent on Monday.

Without the bailout plan, which would allow the U.S. Treasury to buy toxic mortgage-related assets from banks, credit markets could remain frozen and lead to a recession.

“I assure our citizens and citizens around the world that this is not the end of the legislative process,” Bush said.

From Dublin to Moscow, the financial crisis was an ominous presence.

Ireland unveiled a blanket guarantee for savings held by its banks, and for the second time in a month Russia briefly shut down its stock markets.

France, Belgium and Luxembourg poured 6.4 billion euros into Franco-Belgian bank Dexia to avoid defaults on its loans, and France promised new bank measures to help savers.

Shares of British bank HBOS Plc fell on fears that Lloyds TSB Group Plc could renegotiate a deal to buy HBOS.

Dutch banking and insurance group Fortis and regional U.S. bank Wachovia succumbed on Monday.

Wall Street stocks rose as investors bet the bailout package would be approved by the U.S. Congress this week. The dollar rose against the yen and oil rebounded. European stocks recovered from earlier losses.

The White House said Bush had “constructive” talks with McCain, a Republican, and Obama, a Democrat, on Tuesday. Both presidential candidates have urged their fellow members of Congress to pass the bailout package and called for the limit on bank deposit insurance to be increased to boost confidence in banks.

Sen. Harry Reid and Sen. Mitch McConnell, the top Democrat and Republican in the U.S. Senate, promised swift action.

Congress was not in session on Tuesday because of a Jewish holiday. The Senate could take up bailout legislation as early as Wednesday. The House is to return on Thursday.

Lawmakers held discussions with each other and Bush administration officials on Tuesday to explore options, including possible changes in the measure the House defeated.

They could revise the bill or bring it up for another House vote. The next vote could occur in the Senate, where there has been more bipartisan support for the plan.

Monday’s defeat in the House was driven by a collection of Republicans and Democrats — many of whom are in tight re-election races — who received angry calls and e-mails from constituents upset at the idea of bailing out Wall Street.

($1=.6969 Euro)

(Additional reporting by Ellis Mnyandu in New York, Donna Smith and Thomas Ferraro in Washington, Jamie McGeever in London, and James Mackenzie and Tim Hepher in Paris; Editing by John Wallace)

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No Amnesty For Wall Street by Pastor Chuck Baldwin

Posted by soldierservant on October 1, 2008

This is amazing! All these quotes from our founders prove where they
would stand today against this corruption. I saw that debate and thought
it was a joke. You see what phonies they are because they could not come
up with an answer on the bailout. But at least one thing interesting was
that both sides seem to slam Bush really good. McCain contradicted
himself so much it was unbelieveable. Well, I had been flipping around
to many local radio programs and everyone is furious over this bailout.
They know that it is rewarding criminal behavior. This bailout is the
reverse of socialism, which instead of stealing from the rich to give to
the poor, it is stealing from the poor to give to the rich. Some talk
about taking it to the streets. Well, we don’t need a violent revolution
but a real revolution is at the ballot box by voting outside the box.
The media is trying to dominate by telling us that we have to choose
between these two losers. I wonder what would happen if the majority
voted for the constitution party? I know the corrupt power structure
would do everything to keep that from happening, but still could happen,
no matter how hard they cheat.

http://www.chuckbaldwinlive.com/subscribe.php

This column is archived at
http://www.chuckbaldwinlive.com/c2008/cbarchive_20080926.html

At the time of this writing, the U.S. House and Senate are poised to pass a
$700 billion bailout to Wall Street. At the behest of President George W.
Bush, the U.S. taxpayers are going to be on the hook for what can only be
referred to as the biggest fraud in U.S. history.

Virtually our entire financial system is based on an illusion. We spend more
than we earn, we consume more than we produce, we borrow more than we save,
and we cling to the fantasy that this can go on forever. The glue that holds
this crumbling scheme together is a fiat currency known as the Federal
Reserve Note, which was created out of thin air by an international banking
cartel called the Federal Reserve.

According to Congressman Ron Paul, in the last three years, the Federal
Reserve has created over $4 trillion in new money. The result of all this
“money-out-of-thin-air” fraud is never-ending inflation. And the more prices
rise, the more the dollar collapses. Folks, this is not sustainable.

Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by
the bailout of Freddie and Fannie that will cost the taxpayers up to $200
billion. Then the Fed announced the bailout of AIG to the tune of $85
billion. Mind you, AIG is an enormous global entity with assets totaling
more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into
global money markets. And the Treasury Department promised $50 billion to
insure the holdings of money market mutual funds for a year. Now, taxpayers
are being asked to provide $700 billion to Wall Street. (I hope readers are
aware that, not only will American banks be bailed out, but foreign banks
will also be bailed out. Then again, at least half of the Federal Reserve is
comprised of foreign banks, anyway.) In other words, the Federal Reserve is
preparing to spend upwards of $1 trillion or more. Remember again, this is
fiat money, meaning it is money printed out of thin air.

All of this began when the U.S. Congress abrogated its responsibility to
maintain sound money principles on behalf of the American people (as
required by the Constitution) and created the Federal Reserve. This took
place in 1913. The President was Woodrow Wilson. (I strongly encourage
readers to buy G. Edward Griffin’s book, The Creature from Jekyll Island.)
Since then, the U.S. economy has suffered through one Great Depression and
several recessions–all of which have been orchestrated by this
international banking cartel. Now, we are facing total economic collapse.

But don’t worry: the international bankers will lose nothing–not even their
bonuses. They will maintain their mansions, yachts, private jets, and Swiss
bank accounts. No matter how bad it gets on Main Street, the banksters on
Wall Street will still have the best of it–President Bush and the Congress
will make sure of that. This is one thing Republicans and Democrats can
agree on.

America’s founders were rightfully skeptical of granting too much power to
bankers. Thomas Jefferson said, “If the American people ever allow private
banks to control the issuance of their currency, first by inflation and then
by deflation, the banks and corporations that will grow up around them will
deprive the people of all their property until their children will wake up
homeless on the continent their fathers conquered.”

Jefferson also believed that “banking establishments are more dangerous than
standing armies; and that the principle of spending money to be paid by
posterity, under the name of funding, is but swindling futurity on a large
scale.”

Daniel Webster warned, “Of all the contrivances for cheating the laboring
classes of mankind, none has been more effectual than that which deludes
them with paper money.”

Webster also said, “We are in danger of being overwhelmed with irredeemable
paper, mere paper, representing not gold nor silver; no, Sir, representing
nothing but broken promises, bad faith, bankrupt corporations, cheated
creditors, and a ruined people.”

Our first and greatest President George Washington said, “Paper money has
had the effect in your State [Rhode Island] that it ever will have, to ruin
commerce–oppress the honest, and open the door to every species of fraud
and injustice.”

If George W. Bush, John McCain, or Barack Obama had any honesty and
integrity, they would approach the current banking malady in much the same
way that President Andrew Jackson did. In discussing the Bank Renewal bill
with a delegation of bankers in 1832, Jackson said, “Gentlemen, I have had
men watching you for a long time, and I am convinced that you have used the
funds of the bank to speculate in the breadstuffs of the country. When you
won, you divided the profits amongst you, and when you lost, you charged it
to the bank. You tell me that if I take the deposits from the bank and annul
its charter, I shall ruin ten thousand families. That may be true,
gentlemen, but that is your sin! Should I let you go on, you will ruin fifty
thousand families, and that would be my sin! You are a den of vipers and
thieves. I intend to rout you out, and by the eternal God, I will rout you
out.”

What President Andrew Jackson said to the bankers in 1832 is exactly what an
American President should say to these criminal international bankers today.
But what George Bush, John McCain, and Barack Obama want to do is provide
amnesty for the international bankers, just as they want to provide amnesty
for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for
illegal aliens, either. Instead of sending these banksters on extended
vacations to the Bahamas with millions of taxpayer dollars in their pockets,
we should be sending them straight to jail!

The only way to fix this economic mess that the international bankers have
created is to return America to sound money principles, as prescribed in the
U.S. Constitution. This means dismantling the Federal Reserve and the
Internal Revenue Service, overturning the 16th Amendment and the personal
income tax, and returning the American monetary system to hard assets: gold
and silver. Anything short of this will only delay and worsen the inevitable
collapse that has already begun.

(c) Chuck Baldwin

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