New Hudson

[don]

http://www.counterpunch.org/hudson09202008.html

"Overnight, the U.S. Treasury and Federal Reserve have radically changed the character of American capitalism. It is nothing less than a coup d’ętat for the class that FDR called “banksters.” What has happened in the past two weeks threatens to change the coming century – irreversibly, if they can get away with it. This is the largest and most inequitable transfer of wealth since the land giveaways to the railroad barons during the Civil War era."

[D-Mack]

Re: New Hudson

I had the impression he was a bit contradicting himself

A kleptocratic class has taken over the economy to replace industrial capitalism. Franklin Roosevelt’s term “banksters” says it all in a nutshell. The economy has been captured – by an alien power, but not the usual suspects. Not socialism, workers or “big government,” nor by industrial monopolists or even by the great banking families. Certainlynot by Freemasons and Illuminati. (It would be wonderful if there were indeed some group operating with centuries of wisdom behind them, so at least someone at least had a plan.) Rather, the banksters have made a compact with an alien power –not Communists, Russians, Asians or Arabs. Not humans at all. The group’s cadre is a new breed of machine. It may sound like the Terminator movies, but computerized Machines have indeed taken over the world – at least, the White House’s world.


....

What happened on September 18-19 took years of preparation, capped by a faux ideology crafted by public-relations think tanks to be broadcast under emergency conditions to panic Congress - and voters - right before the presidential election. This seems to be our September election surprise. Under staged crisis conditions, Pres. Bush and Treasury Secretary Paulson are now calling for the country to come together in a War on Defaulting Homeowners. This is said to be the only hope to "save the system." (What system is this? Not industrial capitalism, or even banking as we know it.) The largest transformation of America's financial system since the Great Depression has been compressed into just two weeks, starting with the doubling of America's national debt on September 7 with the nationalization of Fannie Mae and Freddie Mac. (My computer's spellchecker will not permit me to use the euphemism "conservatorship" that Mr. Paulson applied to bailing out the Fannie Mae and Freddie Mac fraudsters.)

[icm63]

Re: New Hudson

Whats the cost of Iraq and Afganistan ?
Whats the cost of Financial crises ?

By how much has the USA balance sheet changed ?

How many schools and hospitals is that in California ( ie those that lost their jobs cause the state is broke !)

Asians/Saudi paid for the wars by buying treasuries ? Will they pay for the financial crises as well ?

Will we see a new currencies formed ?

[marvenger]

Re: New Hudson

I think the first plan he's talking about is a grand scheme behind the scenes that has been going on for centuries maybe.

the second plan is something on a much smaller time scale and more ad hoc in nature. A good opportunity to let the taxpayers know who's boss...the financiers.

I think the first plan would have done well to get to the stage of the second plan though

[D-Mack]

Re: New Hudson

another one

The Paulson-Bernanke Bank Bailout: Will the Cure be Worse than the Disease?

by Michael Hudson

Saturday's $700 billion junk mortgage bailout is the largest and worst giveaway since a corrupt Congress gave land grants to the railroad barons a century and a half ago. If it goes through, it will shape the coming century by giving finance unprecedented power over debtors - homebuyers, industry, state and local government, and the federal government as well.

But what threatens to be even worse is the government's move to let the financial sector make even higher, unprecedented gains by working its way out of negative equity to "make taxpayers whole" by repaying the government's bailout by bleeding the economy at large. Anticipating congressional capitulation in this license to engage in predatory credit, the latest Sunday evening surprise is that Treasury Secretary Henry Paulson's own firm, Morgan Stanley, is to become bank holding company picking up the financial wreckage now that the government is covering the bad loans and investment gambles Wall Street has made.

What did Mr. Paulson not say in his weekend TV interviews, organized as what he hoped would be a series of victory laps. Neither he nor Fed Chairman Ben Bernanke nor any other Wall Street spokesman has acknowledged that the government has helped promote today's $46 trillion debt bomb. This enormous overhead consists of the product that banks are selling - interest-bearing debt that is being added to real estate, corporate industry and personal income to price the U.S. economy out of world markets.

We have heard nothing about how Wall Street lobbyists have succeeded in killing the financial cops on Wall Street - and done the same with the consumer cops on Main Street. There is no public recognition of the fact that more money in tax cuts went to the top 1% than the bottom 80% combined.

...

http://www.globalresearch.ca/index.p...t=va&aid=10297