US bank rescue Plan

October 6th, 2008 by admin | Filed under Daily News, Global Credit Crisis, Money Management, Recession, UK Bank Accounts, UK Banks.

No sooner was the US bailout bill passed…literally 5 minutes later on CNBC, the talking heads were telling us that the bailout wasn’t a panacea and wouldn’t solve much. The market plummeted on news of the bailout. Pardon? Weren’t we just told that this was the big solution to the big problem by GW Bush himself? Come on….$700bn is a lot of money…this must be enough…right? Wrong…it’s the literal tip of the iceberg. Congress was railroaded into it against its will and there are some very disturbing sounds coming from Capitol Hill at how this bill was passed through the house.

The Congressmen and women who could be bought off by tax breaks and legislative sweetheart deals were…but there were those wouldn’t go so quietly. Some have accused the government and the Federal reserve of Financial Terrorism. It has come out that the only way to pass the bill was to create a state of fear and panic…to bully congress into action. Several Congressmen have since come out and said that an ultimatum was put to them…either pass the bill or go back to your constituents and explain why there is Marshal Law on the streets of the US. This is the widely reported stick that was used on those who refused the carrot.

It doesn’t really matter about the bill…it’s a side show….an illusion. The un-leveraging process will continue…and so will another process that is set to continue…the privatisation of profits on Wall Street and the nationalisation of losses. The poor US tax payer…will they ever learn?

The bill was put together by Ben Bernanke and Henry Paulson…2 people who only a few months ago told us everything was OK! Why should we listen to them now? Plenty of people saw this disaster coming…let’s get them in to tell the government what to do. There is Marc Faber from Boom, doom and gloom, Jim Rogers, co founder of the quantum fund (who recently relocated his family away from his beloved America) and Peter Schiff, who has been talking about his implosion for years and who manages billions of dollars for his now very wealthy clients…why not get these guys in? The reason why is that they are ALL dead against the bailout.

It’s Henry Paulson, ex head of Goldman Sachs, bailing out his friends on Wall Street with taxpayer’s money. The funny thing is Ben Bernanke studied the Great depression his whole life…maybe he didn’t learn enough from books and wants another crack at it in real time. If he does, he’s going the right way about it. The death star of derivative junk will eventually all be sold to the US tax payers through this bill…the $700bn is just round one.

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