Sent: Friday, September 26, 2008 4:11 PM
Subject: ICH: Confidence in US Banks Nosedives
"To preserve their [the people's] independence, we must not let
our rulers load us with perpetual debt. We must make our selection between
economy and liberty, or profusion and servitude" - Thomas Jefferson
=
"When I tell the truth, it is not for the sake of convincing
those who do not know it, but for the sake of defending those that do." :
William Blake
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The Roots of Violence: Wealth without work, Pleasure without
conscience, Knowledge without character, Commerce without morality, Science
without humanity, Worship without sacrifice, Politics without principles:
Mahatma Gandhi: Indian leader, 1869-1948
=
"We kill at every step, not only in wars, riots, and
executions. We kill when we close our eyes to poverty, suffering, and shame. In
the same way all disrespect for life, all hard-heartedness, all indifference,
all contempt is nothing else than killing. With just a little witty skepticism
we can kill a good deal of the future in a young person. Life is waiting
everywhere, the future is flowering everywhere, but we only see a small part of
it and step on much of it with our feet." : - Hermann Hesse, German poet and
novelist.
=
...most men have bound their eyes with one or another
handkerchief, and attached themselves to some one of these communities of
opinion. This conformity makes them not false in a few particulars, authors of
a few lies, but false in all particulars. Their every truth is not quite true.
Their two is not the real two, their four not the real four; so that every word
they say chagrins us, and we know not where to begin to set them right: Ralph
Waldo Emerson - Self Reliance - 1841 - From 'Essays", First series
===
Should We Fear Iran?
The Peter Principle Playoffs
By Sheila Samples
Iran's nuclear ambitions for other than peaceful purposes are
as elusive as Iraq's WMD, which defense secretary Donald Rumsfeld said were "in
the area around Tikrit and Baghdad and east, west, south and north somewhat."
Yet we are in danger of being swept up in the propaganda catapulted by the Bush
administration and the corporate media once again.
http://www.informationclearinghouse.info/article20876.htm
====
Full Text of Ahmadinejad's Speech to the UN General Assembly
By Haaretz Service
The thoughts and deeds of those who think they are superior to
others and consider others as second-class and inferior; who intend to remain
out of the divine circle, to be the absolute slaves of their materialistic and
selfish desires, who intend to expand their aggressive and domineering natures,
constitute the roots of today's problems in human societies.
http://www.informationclearinghouse.info/article20872.htm
====
Confidence in US Banks Nosedives after Washington Mutual
Collapse
By Andrew Clark
The failure of the Seattle-based bank Washington Mutual
undermined confidence in a fresh clutch of US household names today, as
investors digested the implications of the biggest collapse of a high-street
bank on record.
http://www.informationclearinghouse.info/article20870.htm
====
Bailout Can't Hide It - The United States Is Broke
By Chris Powell
The bad-debt bailout would be the biggest government patronage
program in history and would amount to declaring martial law over the U.S.
financial system and economy. Even if such martial law is necessary, its
implementation should be put in democratic hands - a non-partisan agency with
full transparency, statutory standards for its purchases, and close
accountability to Congress.
http://www.informationclearinghouse.info/article20874.htm
====
"Why Is There Need for a Bailout?"
By Ralph Nader
It's eerily reminiscent, when you listen to Bush yesterday, of
how he stampeded the Congress and the country into the criminal war invasion of
Iraq in 2003. I mean, look at all his statements: this could do this, this
would do that, farms failing, small business, tada, tada. The first question we
have to ask as citizens is, why is there a need for a bailout?
http://www.informationclearinghouse.info/article20871.htm
====
Economists Against The Paulson Plan
To the Speaker of the House of Representatives and the
President pro tempore of the Senate:
As economists, we want to express to Congress our great concern
for the plan proposed by Treasury Secretary Paulson to deal with the financial
crisis. We are well aware of the difficulty of the current financial situation
and we agree with the need for bold action to ensure that the financial system
continues to function. We see three fatal pitfalls in the currently proposed
plan.
http://www.informationclearinghouse.info/article20873.htm
====
US Taxpayers are Being Enrolled in an Economic Chain Gang
By Jeff Randall
"To preserve their [the people's] independence, we must not let
our rulers load us with perpetual debt. We must make our selection between
economy and liberty, or profusion and servitude" - Thomas Jefferson -
http://www.informationclearinghouse.info/article20875.htm
====
A Bailout and a New World
By Pepe Escobar
What the UN is NOT talking about is how the US will be able to
sustain wars in Iraq and Afghanistan and go against Iran, the Pashtuns in
Pakistan or Russia if the Chinese, the Japanese and sovereign wealth funds of
the Gulf petromonarchies decide to stop financing these demented adventures.
That's the larger-than-life elephant in the UN house: everybody knows that the
end of the unipolar world is tied to the fact that Washington simply cannot
continue to be a superpower financed by foreigners.
http://www.informationclearinghouse.info/article20878.htm
====
Why is a U.S. Army Brigade Being Assigned to the "Homeland"?
By Glenn Greenwald
They may be called upon to help with civil unrest and crowd
control or to deal with potentially horrific scenarios such as massive
poisoning and chaos in response to a chemical, biological, radiological,
nuclear or high-yield explosive, or CBRNE, attack.
http://www.informationclearinghouse.info/article20869.htm
====
Six Years in Guantanamo
By Robert Fisk
The Americans told him they were sorry when they eventually
freed him this year - after the beatings he says he suffered, and the
force-feeding, the humiliations and interrogations by British, American and
Canadian intelligence officers - and now he hopes one day he'll be able to walk
without his stick.
http://www.informationclearinghouse.info/article20877.htm
=====
Patrick J. Buchanan : An Amnesty for Stupidity:
About one thing we may be sure. The U.S. deficit and national
debt are going to soar. The credit rating of the United States, as this nation
of non-savers has to borrow abroad to save its banks, and their banks, is going
to fall. We are going to be a poorer nation and people.
http://www.humanevents.com/article.php?id=28670#continueA
====
Regulators seize Washington Mutual and JPMorgan mops up:
IN what is by far the largest bank failure in US history,
federal regulators seized Washington Mutual and struck a deal to sell the bulk
of its operations to JPMorgan Chase
http://www.theaustralian.news.com.au/story/0,25197,24408486-36375,00.html
====
How the Washington Mutual Takeover Will Affect Consumers:
The government seized banking giant Washington Mutual last
night and then sold some pieces of it to JPMorgan Chase for approximately $1.9
billion. Here is how this will affect former Washington Mutual consumers:
http://tinyurl.com/3lfb9e
====
UK banks hold £95bn of sour assets that could qualify for US
bailout plan:
Britain's five leading high street banks have as much as £95.3
billion ($175 billion) of distressed assets on their books that may qualify for
the American bailout scheme.
http://tinyurl.com/4vwjns
====
Big bailout is unlikely to work:
The U.S. "hold-to-maturity" bailout plan is really just the new
"mark-to-myth," and even its heroic proportions are not likely to paper over
solvency problems in the banking system.
http://www.iht.com/articles/2008/09/25/business/col26.php
====
Asia Needs Deal to Prevent Panic Selling of U.S. Debt, Yu Says:
Japan, China and other holders of U.S. government debt must
quickly reach an agreement to prevent panic sales leading to a global financial
collapse, said Yu Yongding, a former adviser to the Chinese central bank.
http://bloomberg.com/apps/news?pid=20601087&sid=anZHfo6tQi60&refer=home
====
Bank borrowing from Fed reaches record $188 billion a day:
Federal Reserve data showed on Thursday the total amount banks
borrowed nearly quadrupled the previous record of $47.97 billion per day
notched just the week before.
http://www.reuters.com/article/ousiv/idUSTRE48O9B920080925
====
HSBC to cut 1,100 jobs worldwide:
HSBC Holdings PLC, Europe's largest bank by market value, is
cutting 1,100 jobs worldwide in the wake of the financial turmoil, a spokesman
said Friday.
http://biz.yahoo.com/ap/080926/as_hong_kong_hsbc_job_cuts.html
more here: http://tinyurl.com/dy6yy
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