Down She Goes

The going gets worse: China Halts Lending to US Banks

Without Chinese money, what does that make American financial institutions? Broke?

And this: $630 Billion Funding Bill Approved By House

No, not that other financial bailout, this is a different bill, (almost) done in secret, because nobody was paying attention. $488 billion for the Pentagon (with only 2,322 pet projects), and $40 billion for Homeland Security. Supposedly to keep the government running past October 1st.

They should have let it collapse — it’s time to start over anyway.

Oh, one more this morning, $25 billion to car makers. Makes you feel all nice and fuzzy knowing that your government is protecting all these wonderful corporations. Too bad that’s not you.

And another thing, the FDIC may need a $150 Billion Bailout.
Rumor says Hillary Clinton could replace Biden as Obama’s running mate. Unbelievable.

Anybody besides me getting dizzy with the variableness of, well everything?

Update: Bailout Deal Breaks Down – We’ll see how long this last before an about-face takes place.

admin

admin at survivalacres dot com

14 thoughts on “Down She Goes

  • September 25, 2008 at 10:54 am
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    Regarding that article “$630 Billion Funding Bill Approved By House”, quote:

    The administration also succeeded in blocking Democrats’ efforts to extend unemployment insurance, increase food stamp payments and help states deal with shortfalls in their Medicaid budgets.

    Hmmmm, cutting social benefits. It’s time to reread Naomi Klein’s ‘Economic Shock and Awe’ where ’emergencies’ are used to enforce changes that would otherwise be resisted (Interview from 2007 with Keith Olbermann).

  • September 25, 2008 at 9:05 pm
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    I just got this email on how to get the economy back on track. Pure Genius…
    Better Idea for the bailout money

    I’m against the $85,000,000,000.00 bailout of AIG.

    Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve
    It Dividend.

    To make the math simple, let’s assume there are 200,000,000 bonafide U.S.
    Citizens 18+.

    Our population is about 301,000,000 +/- counting every man, woman and child.
    So 200,000,000 might be a fair stab at adults 18 and up..

    So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

    My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

    Of course, it would NOT be tax free.
    So let’s assume a tax rate of 30%.

    Every individual 18+ has to pay $127,500.00 in taxes.
    That sends $25,500,000,000 right back to Uncle Sam.

    But it means that every adult 18+ has $297,500.00 in their pocket.
    A husband and wife has $595,000.00.

    What would you do with $297,500.00 to $595,000.00 in your family?
    Pay off your mortgage – housing crisis solved.
    Repay college loans – what a great boost to new grads Put away money for
    college – it’ll be there Save in a bank – create money to loan to
    entrepreneurs.
    Buy a new car – create jobs
    Invest in the market – capital drives growth Pay for your parent’s medical
    insurance – health care improves Enable Deadbeat Dads to come clean – or
    else

    Remember this is for every adult U S Citizen 18+ including the folks who
    lost their jobs at Lehman Brothers and every other company that is cutting
    back. And of course, for those serving in our Armed Forces.

    If we’re going to re-distribute wealth let’s really do it…instead of
    trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is
    being proposed by one of our candidates for President.

    If we’re going to do an $85 billion bailout, let’s bail out every adult U S
    Citizen 18+!

    As for AIG – liquidate it.
    Sell off its parts.
    Let American General go back to being American General.
    Sell off the real estate.
    Let the private sector bargain hunters cut it up and clean it up.

    Here’s my rationale. We deserve it and AIG doesn’t.

    Sure it’s a crazy idea that can “never work.”

    But can you imagine the Coast-To-Coast Block Party!
    How do you spell Economic Boom?

    I trust my fellow adult Americans to know how to use the $85 Billion We
    Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.

    And remember, The Birk plan only really costs $59.5 Billion because $25.5
    Billion is returned instantly in taxes to Uncle Sam.

    Ahhh…I feel so much better getting that off my chest.

    Kindest personal regards,

    Birk

    T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

  • September 26, 2008 at 6:30 am
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    nice thought there Birk

    However, within a few days, gasoline would be $40/gal, a 2×4 = $20, a BigMac = $25, oair of Levi’s $300, ETC. While the party lasted.

    You don’t really ‘think’ that the corporate greed pigs would let us keep it and spend it for actual value do you?

  • September 26, 2008 at 6:43 am
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    Steppingup,

    When I divide 85,000,000,000 by 200,000,000… I get $425 per person

  • September 26, 2008 at 7:05 am
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    Several people have notified me that the math was incorrect.

    The other problem with the whole idea is it’s bogus ‘money’ in the first place. The government can only take what is already ours (and they have no goddamned right to do any of it anyway).

    If they simply print more money, this is the same thing as before, creating debt to pay off debt, accomplishing nothing (and increasing the rate of inflation due to too much cash availability).

    Anything that injects more fiat money into the system won’t actually work and will only make it worse. Wiping out the debts is a different story however.

    The dividend idea would work better if there was no cash to be exchanged. It’s all computerized entries anyway, just knock off a few zeros on the debts of Americans and call it good.

  • September 26, 2008 at 9:01 am
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    From Chris Martenson.com

    “At this point, I am about to ready to charge Ben Bernanke under the anti-terrorism law.

    How else to explain these comments that came across the newswire today?

    12:28 Bernanke: Standard of living, GDP to shrink due to inaction
    12:29 Bernanke: Very likely stocks would decline if plan rejected
    12:27 Bernanke paints grim picture if Congressional rejects plan

    Translation: If you don’t give my banker friends exactly what they want, I will make sure your people suffer.

    Really? If we don’t immediately swallow your plan, our standards of living are going to fall, stocks will take a ride down the log flume, and things will turn grim? Good gracious. If that message were delivered by Bin Laden, the FBI would be involved.

    In short, the fact that this entire bailout package is being rammed down the throats of Congress in the last few days preceding the last recess of a presidential election year makes me completely suspicious of the timing and the motives of the ‘pushers.’

    Why is the Fed hard-selling fear and loathing right now? I can only conclude that they are trying to sell us something they know is not in our best interest(s), or else they are trying to pull a fast one for other reasons.

    I literally don’t know which explanation I fear most.”

    Fiat Coup d’état fait complet
    (mission accomplished)

  • September 26, 2008 at 1:05 pm
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    It’s difficult to add anything meaningful to the conversation at this point, but I keep wondering what will they steal from us when they’ve run out of obvious options?

    Will our elected officials pass laws (or dubya issue Executive Order) stating that for one jaywalking violation, a person’s house must be forfeited, or for spitting on the sidewalk all personal property, plus real estate must be forfeited, or maybe something like 1-day-late credit card payment ends in house forfeiture, plus 10 years at hard labor? When will this madness end? I’m serious.

    It’s gotten so bizarr-o that the updates on the finance/banking thievery occur on the minute.

    I grew several gallons of Cherokee Trail of Tears beans this year–very prolific and tasty as well. They’ll go well with wild garlic and whatever else we might find by rummaging in the wild.

    Hey everyone, if the liars and crooks in DC have their way, the internet might not be available to the lowly masses (us) so I’ll say now while it’s still possible:
    I’ve enjoyed reading each and every post, from admin. as well as the rest of you and if in the not too distant future we find ourselves under martial law, cheney and his monkey are in office for life, the internet is dead, and life is even more daunting than any of us ever dreamed, I’ve enjoyed the readings, and have learned from every one of you.

  • September 26, 2008 at 5:05 pm
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    What else will they steal? That’s an easy one I think: our lives. They will come after us tooth and nail for everything we’ve got, including our lives.

    We are useless eaters after all, getting rid of us will make sense to them after we enter severe global depletion/pollution/methane release/global warming/oil exhaustion — you know the list.

    Killing us is what comes next.

  • September 28, 2008 at 3:01 pm
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    Yeah, they’d love nothing more than to see most of “us” dead. However, who do they think will be their serfs? Maybe they’ll keep around however many slaves are needed to grow their food, etc., but they’d probably prefer androids for inside-the-castle work, as they’re easier to control and less likely to rebel–maybe.

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