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Archive for January 17th, 2008

Debt Junkie-in-Chief

By- Suzie-Q @ 8:45 PM MST

George of Arabia: Better Kiss Your Abe ‘Goodbye’
by Greg Palast
Wednesday, January 16, 2008

Bend over, pull out your wallet and kiss your Abe ‘goodbye.’ The Lincolns have got to go – and so do the Hamiltons and Jacksons.

Those bills in your billfold aren’t yours anymore. The landlords of our currency – Citibank, the national treasury of China and the House of Saud – are foreclosing and evicting all Americans from the US economy.

It’s mornings like this, when I wake up hung-over to photos of the King of Saudi Arabia festooning our President with gold necklaces, that I reluctantly remember that I am an economist; and one with some responsibility to explain what the hell Bush is doing kissing Abdullah’s camel.

Let’s begin by stating why Bush is not in Saudi Arabia. Bush ain’t there to promote ‘Democracy’ nor peace in Palestine, nor even war in Iran. And, despite what some pinhead from CNN stated, he sure as hell didn’t go to Riyadh to tell the Saudis to cut the price of oil.

What’s really behind Bush’s hajj to Riyadh is that America is in hock up to our knickers. The sub-prime mortgage market implosion, hitting a dozen banks with over $100 billion in losses, is just the tip of the debt-berg.

Since taking office, Bush has doubled the federal debt to more than $5 trillion. And, according to US Treasury figures, on net, foreign investors have purchased close to 100% of that debt. That’s $3 trillion borrowed from the Saudis, the Chinese, the Japanese and others.

Now, Bush, our Debt Junkie-in-Chief, needs another fix. The US Treasury, Citibank, Merrill-Lynch and other financial desperados need another hand-out from Abdullah’s stash. Abdullah, in turn, gets this financial juice by pumping it out of our pockets at nearly $100 a barrel for his crude.

More

Note: H/T to Betmo @ Sirens Chronicles  for this article!

Thanks my friend!  🙂

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Evening Pukebox… Bush’s Dance Of The Sword

By- Suzie-Q @ 8:10 PM MST

Bush’s Dance of the Sword: Pathetic

Do I really need to set this up?

Hillary mentioned at MSNBC’s debate something about Bush begging for lower oil prices….

President Bush is over in the Gulf now begging the Saudis and others to drop the price of oil,” Clinton said. “How pathetic.”

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N.H. Primary Democratic Re-count Underway

anthony @ 16:35 GMT

WBZ-TV | Wednesday, January 16, 2008

CONCORD, N.H. (WBZ) Secretary of State William Gardner says his office is ready for Wednesday’s re-count of New Hampshire’s Democratic presidential primary.

Democrat Dennis Kucinich has paid $27,000 to Gardner’s office to start the re-count. Election officials tell WBZ-TV that the recount could take up to a month.

Kucinich, who received less than 2 percent of the vote, says he is suspicious of the results, although he doesn’t expect a re-count to change his vote count much. Kucinich alluded to online reports alleging disparities around the state between hand-counted ballots, which tended to favor Sen. Barack Obama, and machine-counted ones that tended to favor Sen. Hillary Rodham Clinton. He also noted the difference between pre-election polls, which indicated Obama would win, and Clinton’s triumph by a 39 percent to 37 percent margin. (more…)

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“Preferred Customer”…

By- Suzie-Q @ 7:30 AM MST

From- Carl @ Simply Left Behind Blog

I Had My Heart Broken Last Night

By a movie: Maxed Out.

The film, released in 2006, has proven to be more timely as the years have passed:

Maxed Out takes viewers on a journey deep inside the American style of debt, where things seem fine as long as the minimum monthly payment arrives on time. With coverage that spans from small American towns all the way to the White House, the film shows how the modern financial industry really works, explains the true definition of “preferred customer” and tells us why the poor are getting poorer while the rich keep getting richer. Hilarious, shocking and incisive, Maxed Out paints a picture of a national nightmare which is all too real for most of us.”

You’d have to have a heart of stone not to be affected by some of the stories in this expose, juxtaposed against some of the cruel, callous and officious bullshit spewed by the people who are roasting, toasting, and burning to a crisp those who are least capable of handling the credit so cynically ladled on them by predatory lenders.

If you want an idea of why the subprime market worked so well despite nearly every single rational thought, this movie gets under the mechanics and tinkers with the very soul of why credit cards exist, how they work, and what the banks and their cronies in Congress and the Bush administration wish would happen to you.

Yes. You. There’s not a one of us in this country, with the possible exception of the uberrich and propertied, who couldn’t but for the grace of God be one of these stories: white, black, urban, suburban, rural…everyone could fall prey to these sharks with silk tongues wearing silk suits:

The most profitable niche of the industry is called “alternative” or “sub-prime”—euphemisms for a business formerly known as loan-sharking. They target those with less than perfect credit-people like Mark Mumma, whose frustration with the sub-prime credit card issuer Providian caused him to start the website www.providianfinancialsucks.com. From 2000-2002, Providian paid over $400 million to settle charges that it defrauded its customers. Soon after, a Providian director and the chairman of its compliance committee was appointed corporate crime czar by George W. Bush.

Right now, in this country people are going broke at a faster rate than they did during the Great Depression.

Sink your teeth into that statement for a moment. The event that triggered your parents and grandparents to squeeze each and every dollar for all it was worth was nothing compared to the firestorm headed our way: it could create a permanent underclass along the lines of sharecroppers of the post-Civil War South.

The stories in “Maxed Out” will leave you breathlessly angry and crying from rage and sympathy. As director James Scurlock puts it:

We’re all led to believe that people get into financial trouble because they are irresponsible, but I’ve learned that most people are getting in trouble because the banks and credit card companies are setting their customers up to fail. Why? The more credit they give us, the more credit we need. When we inevitably fall behind, they can charge the huge late fees and the over-limit fees and the stratospheric interest rates that drive their profits.

I highly, highly, recommend this film. It will scare you into taking care to clean up your debts now.

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Another Chess Move by the Globalists!

GEF @ 6:08 AM MST


7-year plan aligns U.S. with Europe’s economy

Rules, regs to be integrated without congressional review


By Jerome R. Corsi
© 2008 WorldNetDaily.com


German Chancellor Angela Merkel, President Bush and European Commission President Jose Manuel Barroso at a White House summit meeting last April where they launched the Transatlantic Economic Council

Six U.S. senators and 49 House members are advisers for a group working toward a Transatlantic Common Market between the U.S. and the European Union by 2015.

The Transatlantic Policy Network – a non-governmental organization headquartered in Washington and Brussels – is advised by the bi-partisan congressional TPN policy group, chaired by Sen. Robert Bennett, R-Utah.

The plan – currently being implemented by the Bush administration with the formation of the Transatlantic Economic Council in April 2007 – appears to be following a plan written in 1939 by a world-government advocate who sought to create a Transatlantic Union as an international governing body.

An economist from the World Bank has argued in print that the formation of the Transatlantic Common Market is designed to follow the blueprint of Jean Monnet, a key intellectual architect of the European Union, recognizing that economic integration must inevitably lead to political integration.

(more…)

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