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Alex Jones | Richard Gage | David Ray Griffin | William Pepper | Jesse Trentadue | (more)
October 13, 2008
Alex Jones talked to economist F. William Engdahl today about the so-called bailout which is being staffed with former people from Goldman Sachs, one of the organizations that urged Bill Clinton and Congress to repeal the Glass-Steagall Act of 1933 which then allowed the banks to go on a rampage securitizing anything that moved leading to the still evolving global economic collapse we are now all facing.
22:36 7.63MB
Geopolitics - Geoeconomics | October 4, 2008
by F. William Engdahl
The US Congress’ passage of a slightly modified form of the Bush Administration’s financial bailout plan on the week of October 3 has opened up the spectre for the first time of a 1931-style domino wave of worldwide bank failures. That process is already underway across the US banking sector with the failure, nationalization or forced liquidation in the past weeks of Fannie Mae and Freddie Mac, of the giant Washington Mutual mortgage lender, and the rapid collapse of the nation’s fourth largest deposit bank, Wachovia. That was on top of a wave of smaller bank failures that began with IndyMac in the spring.
The new act has been described as the financial equivalent of the US Patriot Act, the law that gave the Bush Administration powers in violation of Constitutional safeguards under the climate of the September 11, 2001 attacks.
The treasury will have almost unlimited discretionary powers to price and buy distressed mortgage securities, or any other type of securities - including even car loans and student loans - which it considers important. Treasury can buy from any institution of its choice, through a process of its own design, which is as yet unknown and at a pace which the treasury deems appropriate. Moreover, the Paulson Treasury will ‘outsource’ most of the management of the $700 billion purchases to the very financial institutions responsible for creating the crisis. The treasury is reportedly planning to use up to 10 private asset managers to manage the assets purchased under the plan. Big players like PIMCO, Black Rock and Legg Mason are reported likely to be chosen for what will be some of the world's biggest asset management accounts. Heavy private sector involvement from the same community of investment bankers who are perceived to be the villains in this crisis, will make political management of the plan all the more difficult.
Former US Treasury Secretary Paul O’Neill in an interview has called the Paulson plan ‘crazy.’ O’Neill points out as this author and many other economists have, that the new plan does nothing to assure an end to the banking crisis. It merely rewards many of Paulson’s friends on Wall Street at US taxpayer expense. Were the moral backbone of the Democratic Congress at all strong, there would be calls for indictment of Paulson and others in the Bush Administration for criminal misconduct in the most brazen financial swindle in the scandal-ridden American finance history.
As the details of the present crisis reveal, there are huge ideological fault lines making for chaos and a potential meltdown of the Laissez Faire financial system. That present system, which was built on the back of Wall Street financial and banking deregulation since 1987 when Alan Greenspan, a devout follower and close friend of radical individualist Ayn Rand, became Wall Street’s man at the Federal Reserve for almost 19 years, is over now with the failure of the Henry Paulson $700 billion bailout scheme. Governments worldwide now face no alternative but to begin the painful process of putting the financial genie back in the bottle and re-regulating an out-of-control financial system. The failure of the UK Government and the US Government to address that fundamental issue is behind the present crisis of confidence.
"In 1977 the family of Martin Luther King engaged an attorney and friend, Dr. William Pepper, to investigate a suspicion they had. They no longer believed that James Earl Ray was the killer. For their peace of mind, for an accurate record of history, and out of a sense of justice they conducted a two decade long investigation. The evidence they uncovered was put before a jury in Memphis, TN, in November 1999. 70 witnesses testified under oath, 4,000 pages of transcripts described that evidence, much of it new. It took the jury 59 minutes to come back with their decision that exonerated James Earl Ray, who had already died in prison. The jury found that Lloyd Jowers, owner of Jim’s Grill, had participated in a conspiracy to kill King. The evidence showed that the conspiracy included J. Edgar Hoover and the FBI, Richard Helms and the CIA, the military, the Memphis police department, and organized crime.
"In 1977 the family of Martin Luther King engaged an attorney and friend, Dr. William Pepper, to investigate a suspicion they had. They no longer believed that James Earl Ray was the killer. For their peace of mind, for an accurate record of history, and out of a sense of justice they conducted a two decade long investigation. The evidence they uncovered was put before a jury in Memphis, TN, in November 1999. 70 witnesses testified under oath, 4,000 pages of transcripts described that evidence, much of it new. It took the jury 59 minutes to come back with their decision that exonerated James Earl Ray, who had already died in prison. The jury found that Lloyd Jowers, owner of Jim’s Grill, had participated in a conspiracy to kill King. The evidence showed that the conspiracy included J. Edgar Hoover and the FBI, Richard Helms and the CIA, the military, the Memphis police department, and organized crime.
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