In my links of the day I try to find the links under the wire, articles all the top blogs miss. I'm not afraid to go to Al Jazeera, Kurd Media or to the Pakistan student movement page to bring the real daily news to you.
Thursday, September 25, 2008
Links of the Day WE ARE ALL SOCIALIST NOW - but only if your already rich
WE ARE ALL SOCIALISTS NOW! But you only get a piece of the pie if your already rich!
What a crock! Bush and McShame are so full of it their eyes are brown! First McCain hasn’t been back to D.C. since April, missing over 150 votes. Now he wants to slink back to D.C. to convince House republicans to ram through a $700,000,000,000 bail out for Wall Street that as usual has no over site on how they spend it, sounds a lot like the bottomless pit called Iraq to me. Bush and his idiot in charge Paulson want us to give them a blank check. Ha Haaaaa.
McShame wants to “bail out” of tomorrow’s debate and hold it next week on the day ol Sarah is to go head to head with Joe Biden. I imagine after that great Speech http://www.youtube.com/watch?v=LH1z3UnXe78&feature=user Joe gave yesterday on the economic crises the McShame camp is trembling in their boots because shaking hands with world leaders only gives you a sore arm. What did he think she could get foreign policy experience through osmosis? Hee Hee.
I suggest Obama take the famous words spoken by John McCain F U ! But I know he can’t just wishful thinking on my part.
Obama, McCain called to White House for financial crisis talks
Republican presidential candidate wants to postpone debate
Statement on Obama Meeting with President Bush
A few moments ago, President Bush called Senator Obama and asked him to attend a meeting in Washington tomorrow, which he agreed to do. Senator Obama has been working all week with leaders in Congress, Secretary Paulson, and Chairman Bernanke to improve this proposal, and he has said that he will continue to work in a bipartisan spirit and do whatever is necessary to come up with a final solution. He strongly believes the debate should go forward on Friday so that the American people can hear from their next President about how he will lead America forward at this defining moment for our country.
Obama: Debate is 'More Important Than Ever'
Earlier today, Barack made a brief statement to the press and took questions regarding the ongoing economic crisis, his decision to reach out to John McCain this morning to suggest issuing a joint statement urging Congress and the White House to act in a bipartisan manner, and John McCain's suggestion that Friday night's debate be postponed: Please take a minute to share this video with your friends . . .
In just 24 hours 100,000 Americans have signed the no bail out petition. I think we can make it 1 million if we pass this button on to our blog and to friends and family in a email.
A country held hostage - Resistance Grows to Banker's Coup D'etat
More than 100,000 letters sent through VoteNoBailout.org to Congress
New Free Web Button Available for VoteNoBailout
Get your button here
We can keep the pressure on by call Congress too. Now the DC switchboard is flooded so keep trying, eventually someone will answer the phone 1-877-851-6437 FREE CALL then ask for your Rep and both your Senators.
By now I hope you know who they are but if not here’s the links to find your critter.
U.S. House http://www.house.gov/
These people are giving socialism to the rich for their bad investments but whoa to the rest of us working slobs if we want Universal Health care!
Bush can’t find money to give health insurance to little kids but he sure found a chunk of change for his base, didn’t he?
Public Citizen has a petition too and I say you can’t sign enough of these to stop them from robbing us blind!
Tell Congress to Put YOUR Interests First in a Financial Bailout
Today, Congress and lobbyists are listening to Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke tell them that they must devise a $700 billion bailout plan immediately. Two kinds of people are represented in that room: Wall Street speculators whose greed-driven schemes have jeopardized the economic stability of our nation, and public officials who should have done something to prevent this economic situation. Americans will be on the outside.
Public Citizen says enough! We're launching a campaign, along with Consumer Watchdog, to put consumers first in any financial bailout plan. We're mobilizing millions of Americans, and we need your support to make our voices heard in the halls of power!
Please sign our petition, and encourage your friends and colleagues to join the fight!
The Backbone Campaign has a petition too with DEMANDS!
SIGN THE PETITION
Democrats.com petition for the Backbone Campaign demands
Like I said the more petitions we sign the more we flood congress with the message that we do NOT want to fund the richest corporations in America.
Even George Soros says it’s a bad idea to give them a blank check. Letter received in a email.
Dear Friends and Colleagues:
I thought you might be interested in this opinion piece by George Soros which appears in the September 25 edition of the Financial Times and which is online now here.
Paulson Cannot be Allowed to Have a Blank Check
By George Soros
Hank Paulson's $700bn rescue package has run into difficulty on Capitol Hill. Rightly so: it was ill-conceived. Congress would be abdicating its responsibility if it gave the Treasury secretary a blank cheque. The bill submitted to Congress even had language in it that would exempt the secretary's decisions from review by any court or administrative agency - the ultimate fulfillment of the Bush administration's dream of a unitary executive.
Mr Paulson's record does not inspire the confidence necessary to give him discretion over $700bn. His actions last week brought on the crisis that makes rescue necessary. On Monday he allowed Lehman Brothers to fail and refused to make government funds available to save AIG. By Tuesday he had to reverse himself and provide an $85bn loan to AIG on punitive terms.
The demise of Lehman disrupted the commercial paper market. A large money market fund "broke the buck" and investment banks that relied on the commercial paper market had difficulty financing their operations. By Thursday a run on money market funds was in full swing and we came as close to a meltdown as at any time since the 1930s. Mr Paulson reversed again and proposed a systemic rescue.
Mr Paulson had got a blank cheque from Congress once before. That was to deal with Fannie Mae and Freddie Mac. His solution landed the housing market in the worst of all worlds: their managements knew that if the blank cheques were filled out they would lose their jobs, so they retrenched and made mortgages more expensive and less available. Within a few weeks the market forced Mr Paulson's hand and he had to take them over.
Mr Paulson's proposal to purchase distressed mortgage-related securities poses a classic problem of asymmetric information. The securities are hard to value but the sellers know more about them than the buyer: in any auction process the Treasury would end up with the dregs. The proposal is also rife with latent conflict of interest issues. Unless the Treasury overpays for the securities, the scheme would not bring relief. But if the scheme is used to bail out insolvent banks, what will the taxpayers get in return?
Barack Obama has outlined four conditions that ought to be imposed: an upside for the taxpayers as well as a downside; a bipartisan board to oversee the process; help for the homeowners as well as the holders of the mortgages; and some limits on the compensation of those who benefit from taxpayers' money. These are the right principles. They could be applied more effectively by capitalising the institutions that are burdened by distressed securities directly rather than by relieving them of the distressed securities.
The injection of government funds would be much less problematic if it were applied to the equity rather than the balance sheet. $700bn in preferred stock with warrants may be sufficient to make up the hole created by the bursting of the housing bubble. By contrast, the addition of $700bn on the demand side of an $11,000 market may not be sufficient to arrest the decline of housing prices.
Something also needs to be done on the supply side. To prevent housing prices from overshooting on the downside, the number of foreclosures has to be kept to a minimum. The terms of mortgages need to be adjusted to the homeowners' ability to pay.
The rescue package leaves this task undone. Making the necessary modifications is a delicate task rendered more difficult by the fact that many mortgages have been sliced up and repackaged in the form of collateralised debt obligations. The holders of the various slices have conflicting interests. It would take too long to work out the conflicts to include a mortgage modification scheme in the rescue package. The package can, however, prepare the ground by modifying bankruptcy law as it relates to principal residences.
Now that the crisis has been unleashed a large-scale rescue package is probably indispensable to bring it under control. Rebuilding the depleted balance sheets of the banking system is the right way to go. Not every bank deserves to be saved, but the experts at the Federal Reserve, with proper supervision, can be counted on to make the right judgments. Managements that are reluctant to accept the consequences of past mistakes could be penalised by depriving them of the Fed's credit facilities. Making government funds available should also encourage the private sector to participate in recapitalising the banking sector and bringing the financial crisis to a close.
OK Lastly there’s Emergency Rallies being held all over the country to stop the bail out.
From United For Peace And Justice
Billions for War & Billions for Wall Street?
The Bush administration strong-armed Congress into supporting the war. The administration has spent more than $800 billion for wars in Iraq, Afghanistan, and elsewhere around the world. Now they demand a $700 billion blank check for Wall Street using fear and threats with no public debate!
Bail Out the Troops and Main Street, Not Wall Street!
Thursday, September 25, 5 PM
Pick a spot, and mobilize! The most important thing is to pick a spot where you will be seen and start inviting other people RIGHT NOW!
Click here to post your action and get the word out!
We are joining True Majority, US Action and scores of others to take the debate into the streets.
Click here to set up events in your area.
Click here to find events in your area.
CALL CONGRESS NOW!
Some on Capital Hill are having second thoughts about going along with the administration's plan.
Call your Senator NOW and say, "Oppose the Bush bailout. Stand up for Main Street. And bring the troops home!"
Capitol Switchboard: (202) 224-3121
Click here to report back to UFPJ how your call to your Senator went.
Although the crisis is complicated, whatever action is taken must be done based on what we need in our communities. Tremendous work is being done to uncover not only the roots, but also guidelines for making the solution to this crisis one that benefits working families and our communities!
Click here for an interview with Columbia University Professor Joseph Stiglitz, Nobel Prize-winner in Economics and author of the 'The Three Trillion Dollar War'.
Click here for William Greider from The Nation Magazine's article on the Wall Street bailout.
Click here for updates on the bailout situation from a number of respectable economic analysts at the Dollars & Sense blog.
The Congressional Research Service's July 2008 report on the costs of the war(s) can be found here.
This is a great web site that talks to us in term we can understand. I like because then I can tell off republicans I know where their hard earned tax money goes.
National Priorities Project analyzes and clarifies federal data so that people can understand and influence how their tax dollars are spent.
Lets flood into Obama/Biden Events
"Change We Need" Community Gathering with Joe Biden
in Greensburg, PA
"Change We Need" Community Gathering with Joe Biden
in Wilkes-Barre, PA
Voter Registration Rally with Michelle Obama and Jill Biden
in Tallahassee, FL
"Change We Need" Rally with Barack Obama and Joe Biden
in Greensboro, NC
Here’s a bit of GREAT NEWS!
US won't send monitors to polls
September 24, 2008
WASHINGTON - The Justice Department said yesterday it will not station criminal prosecutors at the polls on Election Day after civil rights groups said minority voters who are expected to turn out in unprecedented numbers because of Democratic presidential candidate Barack Obama could be intimidated by them.
The move reverses a decades-long practice that put prosecutors on the lookout for voter fraud, ballot access violations, and other polling problems.
"This decision was made as a precaution and is not the result of any instance of intimidation or complaint regarding any specific incident," acting Assistant Attorney General Grace Chung Becker said in a statement.
Becker and Attorney General Michael Mukasey met two weeks ago with about 40 representatives from voter access watchdogs, hoping to assure them that having a smooth Nov. 4 election is a top Justice Department priority. Some civil rights groups, including the NAACP Legal Defense Fund, said the monitors themselves could be part of the problem.
Stupid Bush and his NeoCons. Pakistan has the bomb and they attack Iraq for freaking oil! While I hated Mushariff he like Saddam at least kept the religious zealots in check. Lets hope if they get their hands on the bomb they use it on each other.
Pakistani Civil War Feared
The violence and political unrest in nuclear-armed Pakistan continues to grow worse.
An Afghan diplomat was kidnapped near Peshawar; a Marriott hotel in Islamabad was hit with a suicide bomb killing at least 53 people; and the killing of Pakistani villagers by a U.S. missile has strained relations between Islamabad and Washington.
MUST SEE VIDEO! http://www.consortiumnews.com/2008/092308b.html
TaTa for now.