The "Financial Tsunami" is here! (with ongoing updates) - Part 1

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Arguably the most concise and effective opinion about The Big Bailout (aka The Big Con) was put to music by my all-time favorite group: "Don't ask me what I want it for, (ah-ah, Mr.Wilson), If you don't want to pay some more, (ah-ah, Mr. Heath). 'Cause I’m the taxman, Yeah, I’m the taxman." — George Harrison (Beatles) . It seems The Big Bailout version is "You're a scumbag, Mr. Paulson! You're a RINO, Mr. Bush!"

At left is a picture of billionaire Richard Fuld, Jr., CEO of Lehman Brothers, reputed to be the most feared man on Wall Street, and arguably the guy who triggered Lehman Brothers' bankruptcy and subsequently Wall Street's financial meltdown. He even kind of looks like an arrogant and aggressive jerk, doesn't he? At least one guy punched him at Lehman Brothers' gym!

Click here for a link to a video of John Moulton (managing partner of ALCHEMY) and Robert Miller on Lehman Brothers' collapse. Moulton said that it's "about 90% accurate" that the meltdown was "driven by the greed of the banks and of the bankers individually". 

In her column "First Men, Then New Rules Can Rescue Wall Street", Bloomberg columnist Amity Shlaes1 said, "better rules will lay the quickest path to recovery, and keep markets alive." Folks like Moulton and Shlaes are still looking at the illusion2 that is monetary numbers. I always like to try to see through the illusion to what is actually REAL. Some people, to use Moulton's words, probably find that "quite frightening". To the contrary, I find reality comforting because it is infinitely larger, more powerful and more important than the stupid-human pecking order struggle known as "government".

Some time ago, I worked up a series of jokes about what answers various famous people would give to the old joke question, "why did the chicken cross the road?" Here is the answer I attributed to Alan Greenspan: "Chickens are what we economists call 'labor resources'.  Aside from studying the consumer index, it is extremely difficult to track every little detail regarding the behavior of labor resources in the context of how those details might accumulate to affect a moderation in the overheating or cooling off of the economy, and how that, in turn, could increase inflationary pressures which would extrapolate over into the performance of the various currencies in the global money markets, causing undue concern on Wall Street, resulting in over-reaction and unwise legislation in Congress which the administration would be forced to confront in the interests of stability and national security.  You may rest assured, however, that we will be monitoring the situation very closely to see if a clear answer to the question of why the chicken crossed the road begins to emerge in the near future."

I thought a little humor might be a good way to start a blog about a deadly serious subject. I thought it might also help me avoid being demonized by various wannabe-clever pro-fiat-money propagandists as a "doom and gloomer".

The root cause of the Big Melt Down is humans' love of stealing the "other guy's" labor if they can get away with it. This phenomenon manifested itself in a mistaken trust in the rather unintelligent delusion that the "price" of houses and other real estate was just going to keep increasing forever. In other words, a house is going to indefinitely keep being "worth" more and more monetary numbers into infinity. And who cares what happens when we get to infinity because we'll all be dead by then. Right? Hey, we'll all be rich!

Well the very idea that you can become "wealthy" in monetary numbers simply because you own a house and don't produce any additional thing/s of "value"3 to support yourself is erroneous and an economic illusion4. Of course, when enough uninformed people believe a deception, economists and bankers like to call that "consumer confidence".

Actually, The Big Melt Down is substantively what is called a "crisis in consumer confidence". What that means is that some buyer somewhere with a modicum of common sense suddenly noticed that the little falling-down one-bedroom "fixer upper" shanty isn't worth the ten million dollars being asked, or even one million dollars. So when Wall Street investment bankers kept inventing more and more clever and complicated ways to pass around and sell the bad mortgage paper, in other words the "toxic" loans which have no realistic chance of ever being paid back, they made their "global financial system" (aka "con game") extremely vulnerable to the double whammy of a collapse in the housing market combined with a huge spike in oil prices.

None of this manipulative economic cannibalism — (see 10/7/08 Drudge "cannibal" photo of Fuld at left) — would even be possible in the first place if the public were not being ripped off on an unimaginable scale by a fluctuating debt-based interest-bearing fiat currency which is provably unconstitutional and which very few members of the public understand much about, or they would be storming the banking and political centers with pitchforks and baseball bats.

America's Founders had dealt with the debasement of currencies in Europe, and were determined that it should not be allowed to happen in the United States. Accordingly, when they were in attendance during the proceedings of the Federal Convention of 1787 deciding what powers the Constitution should give to the national government, they decided to prohibit both the federal and state governments from being able to print paper money (aka "emit bills of credit"). Even more importantly, they decided to prohibit paper money from being turned into what is called "legal tender", which means the citizenry is forced by law to use (and get cheated by) the fraudulent paper money.

Judge Roger Sherman, the only Founder to have signed all four of America's founding documents — The Continental Association of 1774, The Declaration of Independence, The Articles of Confederation, and The United States Constitution — wrote a treatise titled, "A Caveat Against Injustice or An Inquiry into the Evils of a Fluctuating Medium of Exchange", which was republished in 1982 by my now-deceased friend, Frederick Tupper Saussy. The bankers lying about the government's falsely alleged power to print paper money is analagous to the anti-gunners lying about the historically provable intent  of the 2nd Amendment, recently upheld in the D.C. v.Heller decision by the U.S. Supreme Court, as being an individual right of self-defense unrelated to membership in a militia.

As it happens, I own a hard-bound four-volume set of "The Records of the Federal Convention of 1787" by Yale University Press, edited by Max Farrand. It contains James Madison's notes of what transpired at that convention. In an essay titled "The Big Lie", I set forth the quotes by James Madison which dispositively prove that it was the intent of the Founders that the Constitution prohibit both state and federal governments from printing paper money (aka "emitting bills of credit"). Interestingly enough, the U.S. Supreme Court knew that and made the historically truthful and correct ruling in Hepburn v. Griswold 75 U.S. (8 Wallace) 606 (Feb 7, 1870). Less than a year later, a Ulysses-S-Grant-packed court decided to lie about history and lie about the provable intent of the Founders and the U.S. Constitution and issued the revisionist-history decision of Legal Tender Cases (Knox v. Lee, Parker v. Davis), 79 U.S. (12 Wallace) 457 (1870). The revisionist-history Juilliard v. Greenman5, 110 U.S. 421 (1884) expanded the big lie a mere fourteen years later. The definitive work on U.S. monetary law is "Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution; A Study in Constitutional Law", by Harvard law professor Edwin Vieira. Vieira lectures in a documentary which is an absolute "must-see" for any person interested in the truth about America's money. The video is titled "Fiat Empire - Why the Federal Reserve Violates the U.S. Constitution". When you watch it, you will understand why presidential candidate Ron Paul favors abolishing the Federal Reserve System and its terror-dealing BrownShirt bag man, the IRS. You may buy the video at www.FiatEmpire.com/screener. All persons who sincerely want to do something constructive to help fix the Great Meltdown of 2008 should buy extra copies and give them to their friends, along with a copy of Aaron Russo's wonderful documentary, "America: Freedom to Fascism", which, among other things, talks about "The Law That Never Was".

Ever since 1884, America's judges, as a group, have been revisionist-history liars, defending their politicization of the law. That is how the Federal Reserve System and its accompanying unconstitutional de facto direct tax on labor and productivity, the Internal Revenue Code, was imposed on the American people without their knowledge or participation. In reality, the so-called "economic" crisis is actually a rogue judiciaries crisis. The only constitutionally valid way to fix the problem of treasonous revisionist-history judges is with a judicial reform amendment to the U.S. Constitution. If the people rose up and elected a Congress that wanted to correct the situation (a pipe dream), the Supremes would claim it was a violation of the so-called separation of powers doctrine.

Thomas Jefferson foresaw the problem: ""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.""

What really offends me is the fact the American public has NEVER had a fair and open debate about what kind of a monetary system would best serve them. The "global" finanancial system that the taxpayers are being asked to bail out of trouble is a bunch of lies based on a lie, conceived, implemented and perpetuated in secrecy. And of course the good old Big Brother Media (BBM), formerly known as the "Main Stream Media" (MSM) is happy to pretend they have some knowledge-based credibility and perpetuate the secrecy and the lie.

Now, armed with some knowledge of provable historical truths, following (with a few noteworthy exceptions) is a list of links to articles containing a bunch of BBM blather on The Great Economic Meltdown of 2008 which you might want to read for a comparison with the whole truth. You might also want to ask yourself why so few among the BBM punditocracy want to talk about the blatant unconstitutionality and Mafia-like secrecy of the Federal Reserve's/IRS's debt-based fascist neo-feudalistic fiat money and taxation system. After asking yourself that, consider the fact that Lincoln wanted to return to constitutional money after the Civil War and he was assassinated. JFK wanted to retain the silver backing behind U.S. currency and issue $4 billion dollars of non-interest-bearing treasury notes (as contrasted with interest-bearing Federal Reserve notes), and he was assassinated. One of the very first things LBJ did upon taking office was to cancel the $4 billion of non-interest-bearing treasury notes, and remove the silver backing behind U.S. currency. Mere coincidences? Watch the documentaries "Fiat Empire - Why the Federal Reserve Violates the U.S. Constitution" and "America: Freedom to Fascism" two or three times and decide for yourself!

RECENT ARTICLES, COLUMNS, AND STATEMENTS

As Drudge would say, "developing . . ."

First time in history Treasury Bills trade at Negative Rates as Haven Demand surges - Bloomberg.com - "Treasuries rose, pushing rates on the three-month bill negative for the first time, as investors gravitate toward the safety of U.S. government debt amid the worst financial crisis since the Great Depression."

And now for a world government - Financial Times - "The world’s most pressing political problems may indeed be international in nature, but the average citizen’s political identity remains stubbornly local. Until somebody cracks this problem, that plan for world government may have to stay locked away in a safe at the UN."

The Wall Street Gang - The Claire Foss Journal - "It’s harvest time again and the fleecing of the stock market sheep has once again been astonishingly successful. What a harvest, some say the biggest ever, with Billions bilked from the bleating herd of naive investors and transferred to the coffers of market insiders. This bilking, also known as a market correction takes place whenever the movers and shakers decide to prick the proverbial market bubble. As of late, ( March 19 - 2001 ) stock markets have been plummeting, losing a huge percentage of their value. To many novices this gigantic loss appears to have just evaporated into thin air. But this belief I’m afraid is far from the truth. The truth is, no money ever just disappears from the markets. What transpires instead is money simply changes hands."

Elite Bankers Pulling Plug On US Economy & Currency - The Claire Foss Journal - "You just don't have a clue how dead serious this news is!! My guess (and experience) is that less than 1 person in 100,000 understands how horrible and total the economic devastation will be in America. Personally, I have met only one person (a broker in Los Angeles) who understood what was coming. I met him in 1999, shortly before Sir Templeton said to get out of stocks. I considered this broker in LA to be a maverick, but expected more and more people to see the danger as the months went by. I was wrong. Literally, no one gets it."

One in five Americans may lose their homes - The Claire Foss Journal - "The upcomeing mortgage foreclosure rate in Canada will be similar to that of their American neighbors to the south."

Money As Debt (The Goldsmith's Tale) - Anybody who wants to understand what's going on in the Big Meltdown MUST watch this fantastically well done animated video!

Rick Santelli vs. Steve Liesman video - I thoroughly enjoy watching Santelli kick Liesman's butt! I agree with the poster who said, "I really cannot stand Steve Liesman. I value his opinion and analysis of economic issues up there with my dog and Paris Hilton. Sorry to be rude, but he really brings it upon himself."

Citigroup says gold could rise above $2,000 next year as world unravels - Telegraph.co.uk - "They are throwing the kitchen sink at this" . . . The world is not going back to normal after the magnitude of what they have done . . .  This will either work, and the money they have pushed into the system will feed though into an inflation shock . . . Or it will not work because too much damage has already been done, and we will see continued financial deterioration, causing further economic deterioration, with the risk of a feedback loop . . . Mr Fitzpatrick said Britain had made a mistake selling off half its gold at the bottom of the market between 1999 to 2002. 'People have started to question the value of government debt,' he said."

Metal prices fall further than during Great Depression - Telegraph.co.uk - "The price of key industrial metals has fallen further over the last four months than occurred during the worst years of Great Depression between 1929 and 1933, according to research by Barclays Capital."

Is Britain going bankrupt?, by Ambrose Evans-Pritchard - Telegraph.co.uk  - It is patently stupid that a whole country of people should go "bankrupt" just because they own more to the transnational "globalist" fat cats than they can possibly repay. I say simply declare a jubilee, cancel the debt, and let the fascist neo-feudalist fat asses whistle "Dixie"!

Peter Schiff Was Right 2006 - 2007 (2nd Edition) - YouTube video - Peter Schiff is correct about basic Economic 101, watch all the establishment scumbag propaganda liars make fun of Peter. If you want to understand how this "financial tsunami" happened, watch this video!

Fall 2008 - Collapse of the U.S. Economy Part 1 - YouTube video

Ready For Our Dollar To Completely CRASH??? - YouTube video

The Federal Reserve is Engineering the Economic Collapse - YouTube video

Jim Sinclair states next 2 months will be shocking! Lookout for 2009! - TheComingDepression.blogspot.com

Canadian Prime Minister admits this DEPRESSION could be equal to 1929 - TheComingDepression.blogspot.com

German Weimar Republic in the early 1920s and the U.S. - Troubling similarities - NowAndFutures.com

IMF chief economist: Worst of financial crisis yet to come - Breitbart.com - " The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010." "He also urged central banks around the world to cut interest rates, after the Swiss National Bank made a surprise one percentage point rate cut Thursday.The central banks 'should lower interest rates to as close to zero as possible,' he said."

Obama: 'Millions of jobs' in danger next year - MSNBC.msn.com  - "If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year . . ." "We now risk falling into a deflationary spiral that could increase our massive debt even further."

Buffett's Berkshire Falls Most in at Least 23 Years - Bloomberg.com - ``Many of the companies Berkshire owns, such as American Express, are under pressure,'' said Michael Yoshikami, president of YCMNet Advisors in Walnut Creek, California, which manages $850 million including Berkshire shares. ``What you're seeing is a systematic de-leveraging process taking all financials down, including good-quality financials.''

Citigroup stock drops to 13-year low, fear grows - Reuters - "'People are looking at their business model and wondering how on earth they're going to be able to survive,' said William Larkin, a fixed-income manager at Cabot Money management in Salem, Massachusetts." "'The whole thing echoes quite frankly of Bear Stearns,' said David Dietze, chief investment officer of Point View Financial Services in Summit, New Jersey."

52,000 jobs to be cut at Citigroup - USAToday

Citigroup to shed another 53,000 jobs - Yahoo News (AP)

Governments Can't Handle Global Run On Gold Coins - New York Post

Financial Crisis Tab Already In The Trillions - CNBC

BailOutSleuth.com - website created by Mark Cubam — an activist investor and owner of the Dallas Mavericks professional basketball team — "which focuses on the secrecy shrouding the Fed's moves.

Fed Defies Transparency Aim in Refusal to Identify Bank Loans - Bloomberg.com - This is a HUGE story, and helps explain why many people think the unaccountable, unelected, untransparent, secretly owned "Fed" should be abolished. Bloomberg is suing in federal court to get the information. "The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan)."

Why banks are squeezing credit card holders- USA Today - "Investment tactics threaten to create another type of financial crisis, analysts say."

Meltdown 101: Why did the AIG bailout get bigger? - APNews.MyWay.com

Circuit City files for bankruptcy protection - APNews.MyWay.com

Regulators shut banks in Texas, California - APNews.MyWay.com

Economics guru: "I fear the worst is yet to come" - Times Online

Stocks dive on belief global recession is likely - USA Today - (Notice how "globalist" propaganda merchants never use the word "depression"! - JRW)

FBI seeks public's help against letter threats - USA Today - "Government agents turned to the public Thursday to help find whoever sent more than 50 threatening letters, many of which declared 'it's payback time,' to banks and government financial institutions. The FBI released photographs of one of the letters on its website Thursday asking people to 'see if you recognize the phrasing of the letter, the envelope label or any other clue you think might help investigators.'"

World markets slump on recession fears - Yahoo (AP)

Greenspan takes one on the chin, admits flaws in system - USA Today - "'I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity,' Greenspan, described as a maestro and an oracle while at the central bank, told a House committee. Greenspan called that 'a flaw in the model ... that defines how the world works.'"

‘I made a mistake,’ admits Greenspan - Financial Times

Greenspan Concedes to `Flaw' in His Market Ideology - Bloomberg.com

Investors brace as economy falters - USA Today

U.S. bank bailout 'insufficient,' Japan leader says - USA Today

How Congress set the stage for a meltdown - USA Today

Wall Street soars as government pledges bank aid - Yahoo (AP)

Global Stocks Climb, Oil Rises on Bailout Plan; Banks Advance - Bloomberg.com

European shares rise 10 pct on bank rescue euphoria - Reuters

European Leaders Seek `One Voice' to Counter Crisis - Bloomberg.com

Crisis marks out a new geopolitical order - Financial Times

Berlusconi Says Leaders May Close World's Markets - Bloomberg.com - "Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they 'rewrite the rules of international finance.'"

Wall Street joins global sell-off - Financial Times

Markets throw one tantrum after another - Financial Times

Market crash shakes world - Financial Times - "US stock prices suffered their worst weekly loss IN HISTORY on Friday."

The week that panic stalked the markets - Financial Times

Q&A: The crisis explained - Financial Times

The End of American Capitalism? - Washington Post

Don't look Dow(n) may drop 50% from top - New York Post

In ways large and small, Washington coddles rich - USA Today - (Class warfare in full stride, but notice the Big Brother Media [BBM] won't say one word about The Big Lie — JRW)

You're subsidizing million-dollar salaries - USA Today - (Class warfare in full stride, but notice the BBM won't say one word about The Big Lie — JRW)

You're giving billionaires a tax break - USA Today - (Class warfare in full stride, but notice the BBM won't say one word about The Big Lie — JRW)

You're helping to finance McMansions - USA Today - (Class warfare in full stride, but notice the BBM won't say one word about The Big Lie — JRW)

You're paying for executives' skyboxes - USA Today - (Class warfare in full stride, but notice the BBM won't say one word about The Big Lie — JRW)

IMF sees greatest shock since 1930s - Financial Times

Bear's one-year birthday begs the question: How low is low? - USA Today

U.S. calls global meeting on crisis - USA Today

Down market hits 1-year mark with no clear bottom - APNews

New World Order: Global co-operation, nationalisation and state intervention - all in one day - The Scotsman

Feds consider ownership stakes in banks - APNews

IMF: World economy to slow sharply, led by U.S. - USA Today

Paulson says markets remain strained, turmoil will not end quickly - USA Today

$2 trillion wiped out of retirement funds - USA Today - (That's the stupid-human money illusion for you, folks! Everything real, like cars, houses, buildings, businesses, forests, rivers, etc., is still here. It's just going to belong to somebody else now. Guess who that is? Probably not you! You guessed it: probably the con-artist money masters! — JRW)

World markets fall as U.S. ills spread - USA Today - "Investors fear bailout is insufficient. No place to run. No place to hide."

Signs of a growing crisis - USA Today

Central banks cut interest rates - BBC News

McCain would buy bad homeowner mortgages - Breitbart

Banks shares plummet and Icesave deposits frozen - Times Online - "The global financial crisis wiped billions of pounds from the value of British banks today as 300,000 British savers were blocked from accessing their money in the Icelandic bank Icesave after it collapsed."

Banks in crisis as billions wiped off share prices - Telegraph.co.uk

Lehman's Fuld: Where was our bailout? - Reuters

Jim Cramer: Time to get out of the stock market - Jim Cramer - Today MSNBC.com (10/6/08) - “I thought about this all weekend, I do not want to say these things on TV. Whatever money you may need for the next five years, please take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market right now."

Pope says world financial system is 'built on sand' - Times Online

Pope: financial crisis shows futility of money - Yahoo

Panic engulf global stock markets - Breitbart

Paper: We risk a disintigration of global finance within days - Telegraph.co.uk - "We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars."

Wall Street tumbles amid global sell-off - Yahoo

CNBC Confirms Lehman CEO Punched at Gym - Business & Media Institute

Bailout bill loops in green tech, IRS snooping - Cnet News

Sharp fall in markets as bail-out bill passes - Financial Times

Congress OKs historic bailout bill; Bush signs it - Breitbart

Wells Fargo acquiring Wachovia for $15.1B - Bloomberg.com

French PM says world 'on edge of abyss' - Reuters

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 (latest version) - U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Senators who voted No - Politico.com

Senate bailout vote (S. Amdt. 5685 to H.R. 1424) - Politico.com

Earmarks are an affront to government by the people - Mark Steyn

Day of Reckoning - Patrick J. Buchanan - Human Events

Destroying Liberty - Walter E. Williams - Townhall

Once 3 pages, bailout bill now 450+ pages - Yahoo (AP)

Shelby, Sessions to oppose new version of $700B economic rescue plan tonight - Birmingham News

Politicians' phones ringing of hook on bailout - Detroit News

Revolt of the Nihilists - David Brooks (NYT) - What a jerk this guy is! But see the Telegraph: "Predictably, the refuseniks have been pilloried as ill-informed nihilists. They have been lambasted for failing to understand the consequences of their actions. They are, according to the Big Bail-out Brigade, condemning the rest of us to be buried alive in the rubble of a disintegrating banking system.Try a different take. Yes, the West’s financial infrastructure is in severe distress. Yes, more banks are going to crumble. Yes, there will be a recession. But allocating $700bn (it would almost certainly turn out to be more) to a clean-up programme for toxic assets, in effect socialising the poison of private greed, has no merit other than to delay the inevitable."

Why propping up banks will not rescue a debauched financial system - Telegraph.co.uk

Harvard economist: Bankruptcy is right answer - CNNPolitics.com

The sky is not falling - John Shadegg - USA Today

If the cash in your bank is FDIC insured, you can relax - USA Today

Dem Congressman Pete Visclosky: "Where I come from we put thieves in jail, we don't bail them out" - WSBT

Bailout marks Karl Marx's comeback - NationalPost.com

Bailout Politics - Thomas Sowell

Western world will become significantly less wealthy - Telegraph.co.uk

Talk radio holds firm over "socialist" bailout - Reuters

Gingrich Stabbed Boehner In Back, Whipped GOP Opposition To Bailout - Huffington Post

Congress lives up to its 10% approval rating - Wall Street Journal

Bush warns of 'painful and lasting' damage - Politico.com

Stocks plunge as House votes down bailout plan; Dow drops 778 - USA Today

Bailout blues: A third in poll say D-word describes the economy - USA Today

House rejects $700B bailout in stunning defeat - Yahoo News

How they voted - USA Today

The Vote: 228 Nay; 205 Yea - Bloomberg.com

Politics, fear spell doom for bailout - USA Today

House Web site overwhelmed as bailout bill fails - Yahoo News

Why Bail? The Banks Have a Gun Pointed at Their Head and Are Threatening to Pull the Trigger - Dean Baker - Huffington Post

Despicable DC Pols' Most Outrageous Demand Yet - Charles Hurt - New York Post

Financial experts not applauding - Denver Post

Question now: Will it work? - USA Today - How embarrassing for USA Today to promote the bailout and get shot down in flames!

Changes to $700M bill curb taxpayers' risk - USA Today

Key elements of the rescue plan - USA Today

House Opens Debate on Bailout Legislation - Washington Post

'Un-American' Bailout, Paulson Should Have Quite, Gingrich Says - ABC News Blogs

Burning Down The House: What Caused Our Economic Crisis? - Video

"The Establishment Lives!" - David Brooks

"A Fine Mess" - William Kristol

Lehman CEO Fuld's hubris contributed to meltdown - Reuters

Gorilla Goes Bust - TimesOnline

AIG struggles to survive financial tsunami - Reuters

Fed to lend up to $85B to AIG - USA Today

McCain says government 'forced' to bail out AIG - Breitbart

Stocks fail to sustain advance on Buffett-Goldman - Yahoo

Blame Fannie Mae and Congress For the Credit Mess - Wall Street Journal

Republican anger at ‘financial socialism’ - Financial Times

Bail-out prompts inflation fears - Financial Times

Bail-out fears hit money markets - Financial Times

Bail-out faces flak from wary Congress - Financial Times

A Political "Solution" - Thomas Sowell, Ph.D.

A Political "Solution": Part II - Thomas Sowell, Ph.D. (economist)

Scaring Us to Death - Walter E. Williams, Ph.D. (economist)

Bailout on wheels - George Will

Buffett: Savior or Greedy Vulture? - Rush Limbaugh

What the big bailout means - Joseph Farah

The Dictatorship is Now - Karen De Coster

Main Street's blind faith - USA Today

The "long run" arrives - Vox Day

The Party's Over - Patrick J. Buchanan

An Amnesty for Stupidity - Patrick J. Buchanan

The old economic rule doesn't work - Michael Barone

Wall Street fat cats aren't at fault this time - Jonah Goldberg

The biggest flaw in the bailout package - James P. Pinkerton

Bernanke warns of bleak results if Congress balks - USA Today

Lawmakers want limits on exec pay, oversight - USA Today

Bailout could pinch executive pay - USA Today

Buffett Buys Goldman Stake in `Economic Pearl Harbor' - Bloomberg.com

Warren Buffett stake in Goldman Sachs earns $783 million return - Times Online

House clears $25bn for carmakers - Financial Times

FDIC May Need $150 Billion Bailout as More Banks Fail - Bloomberg.com

Bush, McCain and Obama meet to discuss bailout - Breitbart

Lobbyists in 'feeding frenzy' - USA Today

Bailout plan is far from the end of nation's debt crisis - USA Today

Hill leaders: Bailout agreement reached in principle - USA Today

Stephanopoulos: Paulson Fears Deal May Collapse - ABC News

Bailout deal breaks down; Bernanke back to Capitol - Breitbart

What Happened In The Cabinet Room - Marc Ambinder

Popular anger puts fat cat CEOs on the run - Breitbart

Bailout talks in disarray - CNNMoney.com

Bush scrambles to save $700B bailout plan - Yahoo

The Idiocy of Wall Street: Applauding Its Own Demise - Don A. Rich

Bush the Socialist and Destroyer - Llewellyn H. Rockwell, Jr.

Are We Witnessing the Rise of the Fourth Reich? - Charles O. "Chuck" Baldwin

The Creation of the Second Great Depression - Congressman Ron Paul

Ron Paul Against the Bailout - Congressman Ron Paul

The Bogus Financial Crisis - podcast with Dr. Robert Higgs (economist) and Lew Rockwell

The Paulson Putsch - Lila Rajiva

Plus ça Change You Can Believe In: Why the Bailout Is Not Socialism - Jeff Snyder - attorney, author of "Nation of Cowards: Essays on the Ethics of Gun Control".

Credit crunch banker leaps to his death in front of express train - Daily Mail - Very sad how money delusions made this man so crazy he forgot to think about his wife and child! The comment string indicates how "Main Street" is reacting.

HOW THE EDITORIAL CARTOONISTS SEE IT

Bennett, Clay

Bennett, Clay - 2008 Presidential Campaign Poll

Bok, Chip

Bok, Chip

Luckovich, Mike - The end is near

Luckovich, Mike - S'cuse me, did you know?

Oliphant Pat - hard times

Oliphan Pat

Stein, Ed - Trick or treat

Stein, Ed - New and improved

APPROPRIATE SONG

Taxman (Beatles song) - Concert for George - Tom Petty and the Heartbreakers (I thought this might make a nice break from all the reading!)

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FOOTNOTES

1. Amity Shlaes is the author of "The Greedy Hand: How Taxes Drive Americans Crazy and What to Do About It" (ASIN: B000OJDHSY) and "The Forgotten Man: A New History of the Great Depression" (ISBN-10: 0060936428, ISBN-13: 978-0060936426).

2. A loaf of bread is what it is (a specific physical reality), and does for your life what it does. It matters not whether you say the "price" (exchange "value") of that loaf of of bread is one copper "cent" or a semi-trailer full of trillion "dollar" paper notes. Likewise, a given house is what it is: it is a house (a specific physical reality), and does for your life what it does, regardless of whether you SAY (or pretend) that house has a "value" of $200,000 in fiat debt-based paper "money" or $400,000 in fiat debt-based paper "money". Remember, "value" is in the eye of the beholder. "Value" is an individual subjective notion utterly incapable of being regulated by "government". "What is the proof of such a fabulous assertion?" you might ask. Simple. You might be willing to pay $10/lb to eat beef liver, while you couldn't pay me $100/lb to eat it. And so it is with anything considered to be useful to human beings.

3. See footnote 2.

4. See footnote 2.

5. In his heroic and scholarly lone dissent in Juilliard v. Greenman, 110 U.S. 421 (1884), Justice Stephen J. Field asked some very penetrating questions. Here is the last paragraph of his dissent:

"From the decision of the Court I see only evil likely to follow. There have been times within the memory of all of us when the legal tender notes of the United States were not exchangeable for more than one-half of their nominal value. The possibility of such depreciation will always attend paper money. This inborn infirmity no mere legislative declaration can cure. If Congress has the power to make the notes a legal tender and to pass as money or its equivalent, why should not a sufficient amount be issued to pay the bonds of the United States as they mature? Why pay interest on the millions of dollars of bonds now due when Congress can in one day make the money to pay the principal? And why should there be any restraint upon unlimited appropriations by the government for all imaginary schemes of public improvement if the printing press can furnish the money that is needed for them?"

The situation has deteriorated dramatically since Field's day. We now have a Bureau of Public Debt where any sheeple/serfs who don't understand the "monetized debt" fiat money scam — and don't understand that the so-called "national debt" is created on purpose so the "right" fat cats can collect the interest off of it — can donate money in a kind-hearted effort to "reduce" the fraudulent debt-based fiat national debt. See the http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm  webpage where you will find the following:

"How do you make a contribution to reduce the debt?

Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:

Attn Dept G
Bureau Of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188"

Now, if that doesn't frost your cookies, nothing will! Better yet, I have some oceanfront property out in Utah that I'll sell you real cheap!

In keeping with the questions Justice Field asked, a couple of very pertinent questions you might want to ask your congressman or senator are these: "Since America's super-secret money Nazis allegedly have the power to simply create debt-based fiat money out of thin air, why don't they just create enough money to pay off the national debt? Why do we even have a never-ending national debt when the interest payments on it alone will soon consume half of our gross domestic product? Hmmmm? Answer me that!"

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