No, this headline is not from 1929.
It's from October 9, 2008. Today. Real time. This is really happening. And if they DON'T do it? Armageddon. So they will.
And that $700 billion? That was just the start-up money. They'll need trillions to recapitalize and save the banks, companies 'too big to fail', and the shadow financial system. Trillions. Trillions.
Did you ever thing you'd see it in your lifetime?
White House considers taking ownership stakes in private banks to deal with credit crisis
WASHINGTON (AP) -- The Bush administration is considering taking ownership stakes in a number of U.S. banks as one option it might use to deal with a serious credit crisis, an administration official said Wednesday.
October 09, 2008
And then, finally, the US realized it would need to nationalize the failed banks.
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From now on we only address each other as Comrades, Ok? Better practice.
* China is America
* Black is White
* USA is Russia
* Welfare is something to be proud (see Obama's mother)
* Tax cut to 40% of the population who doesn't pay taxes is a great (see Obama's speeches)
* Universal Healthcare is welcome by all sheeple while 40% of healthcare, high costs come from fraud (see Obama's promises)
* Giving citizenship to 20 million illiterate illegals, when the country is insolvent, and dump them in Universal Healthcare is a great idea (see Michelle Obama's DNC speech)
* Iceland still has a BBB rating (wtf ?!?)
Yep, we're hitting new lows everyday. No, wait, try this one:
ARMANDO MONTELONGO FOR PRESIDENT!
"...ARMANDO MONTELONGO FOR PRESIDENT!"
Duane Elizondo Camacho for V.P.!
With more intervention coming, it seems. From the Wall Street Journal last week:
Looking to next year, Democratic lawmakers are planning to revamp financial-system regulations, with hedge funds, private-equity funds and investment banks all likely to come in for tighter scrutiny. House Speaker Nancy Pelosi (D, Calif.) portrayed the legislation as "only the beginning" of the legislative response to the faltering economy...
"We will be back next year to do some serious surgery," said House Financial Services Chairman Barney Frank (D., Mass.). Mr. Frank wants legislation to rewrite housing finance — including the roles of mortgage giants Fannie Mae and Freddie Mac – and overhaul regulation of financial services.
And more stimulus. From Bloomberg yesterday:
U.S. House Speaker Nancy Pelosi said she may call lawmakers back to Washington after the Nov. 4 election to work on a $150 billion economic stimulus package.
Everything seems to be 180 degrees out-of-phase with reality.
The nut cases run everything, well, sorta, then again, in an insane world, the insane are the norm.
What ever happened to ethics, morality, that sorta thing? Why do they even bother teaching us those kind of values, perhaps to weaken us, pacify us?
The dichotomy and internal conflict just doesn't "feel" right, I must be fighting the psychosis that has become society.
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Hugo Montenegro for Prez!
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What the communist party could NOT do, the Republican party has done.
these politicans are a joke.. what are the candidates going to do???they don't know themselves... greed, illegals .. no one wanted to deal with it..so the illegals came and took.. and tried to make USA a dirt bag country,,, no way..we are warriors and we will win and kick the corrupt politicans OUT...
Actually, I consider this a good development. The banks need money to lend to businesses who need line-of-credit for day-to-day expenses. If many banks crash, we all crash. On the other hand, this takes the banks out of the hand of their irresponsible owners who didn't do enough to stop the greed and reduce the risk before it was too late. If any bank gets money, no dividends should be payed and no one there should earn more than Henry Paulson, their boss, until everything is paid back.
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