Lehman Brothers collapse
uploaded by alextriz at youtube.com
Sep. 15, 2008.
Global markets were reeling Monday after a convulsive day on Wall Street that saw a leading U.S. investment bank file for bankruptcy and other institutes scramble to merge as the credit crunch claimed one of its biggest victims yet.
Stock prices plunged in Asia and Europe in the wake of investment bank Lehman brothers announcing its collapse and Bank of America's $50 billion buyout of ailing brokerage Merrill Lynch.
This crisis is clearly deeper than anybody had imagined only a short time ago," Peter Stein, an associate editor at the Wall Street Journal in Asia, told CNN.
The Dow Jones Industrial Average fell 330 points or 2.9 percent to around 11091 in early trading. In Europe, FTSE index in London declined 3.37 percent while the Paris CAC 40 was down 4.47 percent.
Major Asian indexes were closed but India's Sensex fell 5.4 percent, Taiwan's benchmark dropped 4.1, Australia's key index dropped 2 percent and Singapore fell 2.9.
The turmoil followed a roller-coaster weekend for a Wall Street already concussed by woes at other major financial firms and mortgage-financing titans Fannie Mae and Freddie Mac.
At one point the U.S. Federal Reserve was forced to step in, announcing plans to loosen lending restrictions to the banking industry in an effort to calm markets, while a consortium of 10 leading domestic and foreign banks agreed a $70 billion fund to lend to troubled financial firms.
In an effort to calm market jitters, the European Central Bank on Monday said it has pumped $42.6 billion into money markets. The Bank of England in London also took steps, offering nearly $9 billion in a three-day auction.
Bush On Economic Crisis
uploaded by CBS at youtube.com
As President Bush faces tough opposition, he implored the need for a huge bailout as the economy crumbles and top financial institutions collapse.
Americans + Bailout = REVOLUTION
uploaded by ConspiracyForTruth at youtube.com
If you call yourself an American, you will watch this and you will feel something stir deep within you. You will KNOW that now is the time to free yourselves of the chains of debt that enslave each and every one of us. This nation can be great again but it will take each and every one of us. Just as Paul Revere rode through the night warning of the impending British invasion, I warn you now. Stand up, prepare to fight for your rights as an American. The same rights that were recognized for each and every one of us by the Constitution of the United States of America. If you are a true American you will fight to restore the Constitution and the freedoms that our forefathers died fighting to give to each of us.
"Let us learn the truth and spread it as far and wide as our circumstances allow. For the truth is the greatest weapon we have." - Ron Paul
*** UPDATE *** OK, this is more serious than I previously thought. After you watch my video, PLEASE watch the video below and make sure it gets to EVERYONE you KNOW! The BAILOUT is a FRAUD to bailout FOREIGN BANKS and investors!!! Here's the link:
http://www.youtube.com/watch?v=Hi9vXKWYaZ8
Representatives that don't vote for the bill are being threatened with the prospect of MARTIAL LAW...
http://www.youtube.com/watch?v=HaG9d_4zij8
PLEASE GET THESE VIDEOS TO EVERYONE YOU KNOW!!!
Goldman Sachs Bribed Senate To Pass Bailout Bill
uploaded by gr1m1b at youtube.com
A different perspective on our economy, http://www.LifeOnTheEdgeOfABubble.com
--
Complete CONTRIBUTION LIST:
http://www.washingtonyourefired.com/goldman_sachs_2008_contributions.html
How much bribe money does it take to transfer $700 Billion taxpayer dollars to Wall Street's elite?
GOLDMAN SACHS CONTRIBUTIONS:
Obama, Barack (D-IL) $691,930
Clinton, Hillary (D-NY) $468,200
Romney, Mitt (R) $229,675
McCain, John (R-AZ) $208,395
Himes, Jim (D-CT) $114,748
Giuliani, Rudolph W (R) $111,750
Dodd, Christopher J (D-CT) $105,400
Edwards, John (D) $66,450
Specter, Arlen (R-PA) $47,600
Emanuel, Rahm (D-IL) $32,950
Reed, Jack (D-RI) $30,100
How much money did your Represenative get from Big Bankers to look the other way and pass a bill that the American people clearly do not want?
HELP SPREAD THE WORD...
http://www.LifeOnTheEdgeOfABubble.com
--
Kucinich: Bailout 'Driven by Fear Not Fact'
uploaded by AssociatedPress at youtube.com
Ohio congressman Dennis Kucinich suggested the $700 billion bailout package was sending America towards 'casino socialism, where the only real product is debt'. (Sept. 28)
The origins of the financial crisis - 16 Feb 09
uploaded by AlJazeeraEnglish at youtube.com
After the last recession in the US, American banks were encouraged to take on greater risk and legislation was passed to allow them to do so.
Now the US economy is in free fall.
Al Jazeera's Owen Fay is tracing the origins of the crisis and asks whether Barack Obama can turn things around.
Naomi Klein on the Bailout - An "Economic Patriot Act"
uploaded by ForaTv at youtube.com
Complete video at: http://fora.tv/2008/10/16/Naomi_Klein_Disaster_Capitalism
Liberal journalist, author and filmmaker Naomi Klein criticizes the government's October 2008 "bailout" of the U.S. financial system, describing the bill as an economic version of the post-9/11 Patriot Act.
-----
From the devastation of Hurricane Katrina to the unending war in Iraq, award-winning journalist and New York Times bestselling author Klein chronicles the rise of free-market policies and how they have been used to capitalize on disaster.
Are the communities that have been struck by tragedy being manipulated by our current politics and economics for profitable gain?
Klein challenges the ideology of the free market revolution and argues that it is not a peaceful global movement - The Commonwealth Club of California
Naomi Klein is an award-winning journalist, author, and filmmaker. Her first book, the international bestseller No Logo: Taking Aim at the Brand Bullies, was translated into twenty-eight languages and called "a movement bible" by The New York Times. She writes an internationally syndicated column for The Nation and The Guardian and reported from Iraq for Harper?s Magazine. In 2004, she released The Take, a feature documentary about Argentina's occupied factories, co-produced with director Avi Lewis. She is a former Miliband Fellow at the London School of Economics and holds an honorary Doctor of Civil Laws degree from the University of King?s College, Nova Scotia.
Kucinich on CNN: How banks spent your bail out money
uploaded by Kucinich2008 at youtube.com
Dennis Kucinich on CNN 03/10/2009
Cost Of Bailout Hits $24 Trillion Dollars! 7/21/2009
uploaded by matrixxx123456789 at youtube.com
7/21/2009 According to the watchdog overseeing the federal governments financial bailout program, the full exposure since 2007 amounts to a whopping $23.7 trillion dollars, or $80,000 for every American citizen.
The last time we were able to get a measure of the total cost of the bailout, it stood at around $8.5 trillion dollars. Eight months down the line and that figure has almost tripled.
The $23.7 trillion figure comprises about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve, according to the Associated Press.
In testimony which will be delivered to the House Oversight and Government Reform Committee tomorrow, Neil Barofsky, the inspector general for the TARP, will tell Congress that the Treasury Department has repeatedly failed to adopt recommendations aimed at making the TARP program more accountable and transparent.
According to Barofsky, taxpayers are in the dark as to who has received the money and what they are doing with it.
As we have repeatedly highlighted, the destination of some $2 trillion in TARP funds was the subject of a lawsuit filed by Bloomberg late last year after the Fed refused to disclose the recipients. The suit is still ongoing as Bloomberg attempts to discover names of private financial institutions that received the money.
The American people will ultimately pick up the tab as their dollar is devalued because the Fed lends the money from its own balance sheet or essentially just prints more money, as a San Francisco Chronicle article explained last year.
Wages will not keep pace with inflation and if we add to the equation the raft of new taxes being introduced by the Obama administration, the consequences are clear another lowering of the living standard for millions of middle class Americans.
Meanwhile, Henry Paulson, one of the chief architects of the bailout and the man who committed financial terrorism by threatening the Congress with martial law and food riots if they didnt pass the initial TARP package, brazenly pockets $200,000 in Goldman Sachs profits tax free while handing out billions in ill-gotten gains to his bankster buddies, all this after he pulled a bait and switch by changing the entire focus of the bailout from buying up toxic debt to giving money directly to financial institutions.
We dread to think what the bailout figure will be in another eight months. Will it triple again to $70 trillion dollars? How about $100 trillion dollars?
The only thing that can bring an end to the wanton looting is Ron Pauls bill to audit the Fed, which has received overwhelming support in the House but is being blocked by the bought and paid for traitors in the Senate who would rather see a continuation of the grand larceny rather than real accountability and transparency.
Watch a CNBC discussion of the $24 trillion figure below.
Bailout Bait & Switch Video - CBSNews (01-09)
uploaded by BeyondTheSpectrum08 at youtube.com
http://beyond-the-political-spectrum.blogspot.com/ If there was ever proof that the federal government and the banking industry are working to protect the interest of each other, here it is. First the 2005 pro-banking bankruptcy "overhaul", not this. Granted, there was some well-meaning intent behind this bailout of the banking system, there was also obviously some scheming behind the scenes which allowed for some fine-printing & insertion of "loopholes."
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