Monday, September 22, 2008

Voices of Reason--Whoa! To Socialized Banks

I am opposed to what is happening in Congress. The go along to get along Democrats trying to salvage the election are pretending that they are getting "oversight" on how the $700 BILLION bail-out of wicked, and corrupt leaders in the financial markets would be spent when as yet, there seems no "agreement"
with Treasure Sec KING Henry as he seems to think he is. IS he running the US government? Is he elected to office or appointed? IS he given authority by the US Constitution to make policy? NO to all three questions. Here is a quote by Republican Senator John McCain:
"Never before in the history of our nation has so much power
and money been concentrated in the hands of one person,"
McCain said at a town hall meeting in Scranton, Pennsylvania."[end quote]
That quote is from this article today:
http://www.cnn.com/2008/POLITICS/09/22/campaign.wrap/?iref=mpstoryview/
11:09 AM 9/22/2008/
I am not a CNN fan for several reasons and I want to state them here so you know I have a bias against their reporting but I believe that they reported McCain accurately. When I was abroad some years ago, the people in the EU nations told me and showed me that they get CNN on their TV and they talked excitely about what they saw there as being a true representation of events in America that made them think badly about American citizens. However, I am from Georgia, and was living there at the time; and I knew that the events in Atlanta GA were not as bad as they were in Sarajevo at the time. In other words I knew the reality of life in America and they knew it as they saw it on CNN. I suspect it is the same in other nations of the world also, that the bad news is the 'news' and the good news is seldom reported, though I think the BBC is usually better at reporting peace talks etc, than the NY Times, or CNN.
I also remember reading years ago how the bill of false goods of taxing US citizens came about and how the Congress was pressurized to vote on what turned out to be a blank rolled up 'bill' with nothing on it, but a blanket waiver of the right of citizens to control how and where and when their money was spent. In the beginning of the US government and Constitution there was no right to tax citizens for anything. In fact, if you remember history the emigrants from England came to the 13 colonies to escape taxation without representation and opposed taxes of any kind on commodities of tea, sugar, stamps. Remember the Boston Tea Party, and the Stamp Act that caused revolt? it is time for another citizen revolt. Say no to take-over by the Treasury Dept of the functions of Congress and to take-over of the US taxpayer's budget by Henry Paulson. Vote NO to that bill about bailing out wicked and corrupt financial institutions that defrauded customers, pushed mortgages that they could not pay as a 'right' or an easy to do endeavour on people who had no way of paying them. I think it is called 'red-lining' but not sure, but I know it is already illegal. If they are to reform the credit lending then start with the fees that they charge and the churning of accounts [SEC is supposed to regulate that already], the fact that some institutions did not encrypt passwords, and encouraged online banking etc. Reining in the scam of bad business brokers has to be goal not just handing billions to gamblers.
signed gloria poole RN and artist Denver CO 80203
Update as of 12:41 pm Mountain Time:
China worried about financial tsunami and are unlinking the yuan to the dollar:
http://www.reuters.com/article/newsOne/idUSPEK4365020080917
12:23 PM 9/22/2008
From Reuters NY News today, this quote from Richard Kovacevich, Chairman
of Wells Fargo Bank :
"Such problems may pale relative to those at some banks,
and Kovacevich chided rivals that took on too much risk
without amassing enough capital. "It's kind of Finance 101,
but apparently they didn't learn," he said."[end quote]
12:30 PM 9/22/2008
And this article including a warning quote by Warren Buffett about 'credit default swaps' where companies that are not insurance companies 'guranteed' repayment with sums that no where approximated the debts for instance a 'guarantee' of $4.6 million for a $1.3 BILLION* dollar debt:
"Brown is hardly alone in her criticism of the derivatives.
Five years ago, billionaire investor Warren Buffett called
them a "time bomb" and "financial weapons of mass destruction"
and directed the insurance arm of his Berkshire Hathaway Inc
(BRKa.N: Quote, Profile, Research, Stock Buzz) to exit the business.{end quote}
That quote from this article:http://www.reuters.com/article/newsOne/idUSN1837154020080918/
12:33 PM 9/22/2008/
and another quote:" And in those deals, they sold protection as often
as they bought it -- although they rarely set aside the reserves
they would need if the obligation ever had to be paid. "[end quote]
and another quote:"This is the derivative nightmare that everyone has been warning about,"says Peter Schiff, the president of Euro Pacific Capital at the
author of "Crash Proof: How to Profit From the Coming Economic Collapse."[end quote]
*Remember a million has six zeroes after it, and a billion has nine zeroes after it.
Update as of 3:44 pm MT:
This info from a Marketwatch article in today's news:
From the article in MarketWatch, "Short-sale ban list expanded to include GE, GM":

The other additions are:
1. GLG Partners Inc. (GLG:glg partners inc com

4:01pm 09/22/2008

2. Ocwen Financial Corp. (OCN:ocwen finl corp com new

4:05pm 09/22/2008
3. KBW Inc. (KBW:kbw inc com

4:01pm 09/22/2008
3:45 PM 9/22/2008

4. Guaranty Financial Group Inc. (GFG:guaranty finl group inc com

4:01pm 09/22/2008

5. Mizuho Financial Group Inc. (MFG:mizuho finl group inc sponsored adr

4:06pm 09/22/2008

6. First Mercury Financial Corp. (FMR:first mercury financial corp com


4:05pm 09/22/2008

7. Stewart Information Services Corp. (STC:Stewart Information Services Corporation

4:05pm 09/22/2008

8. First Commonwealth Financial Corp. (FCF:First Commonwealth Financial Corporation

4:04pm 09/22/2008

9. M&T Bank Corp
10. Discover Financial Services (DFS:discover finl svcs com

4:02pm 09/22/2008

11. Bank of Montreal (BMO:Bank of Montreal

4:04pm 09/22/2008

12. Toronto Dominion Bank (TD:Toronto-Dominion Bank (The)

4:03pm 09/22/2008

13. Canadian Imperial Bank of Commerce (CM:Canadian Imperial Bank of Commerce

3:59pm 09/22/2008

14. First Marblehead Corp. (FMD:first marblehead corp com

4:02pm 09/22/2008

15. Banco Bilbao Vizcaya SA (BBV:Banco Bilbao Vizcaya Argentaria S.A.

4:01pm 09/22/2008

16. BanColombia SA (CIB:bancolombia s a spon adr pref

4:05pm 09/22/2008

17. Legg Mason Inc. (LM:Legg Mason, Inc

4:02pm 09/22/2008

18. National Financial Partners Corp. (NFP:national finl partners corp com

4:01pm 09/22/2008

19. American Express Co. (AXP:American Express Company

4:00pm 09/22/2008

20. CIT Group Inc. (CIT:CIT Group Inc

4:05pm 09/22/2008

21. Hartford Financial Services Group (HIG:hartford finl svcs group inc com

4:04pm 09/22/2008

22. Alliance Data Systems Corp. (ADS:alliance data systems corp com

4:01pm 09/22/2008

23. Allied Capital Corp. (ALD:allied cap corp new com

24. RAIT Financial Trust (RAS:rait financial trust com

4:02pm 09/22/2008

25. Doral Financial Corp. (DRL:doral finl corp com new

4:00pm 09/22/2008
)
26. Flagstone Reinsurance Holdings (FSR:flagstone reinsurance hldgs shs

4:06pm 09/22/2008

27. Moody's Corp. (MCO:Moody's Corp.

4:01pm 09/22/2008

28. Capital One Financial Corp. (COF:Capital One Financial Corporation

4:03pm 09/22/2008
[end quote]
Did you notice that two of these so-called financial companies who sold stocks that they did not own=gambling companies are located in Argentina and Columbia, South America? Have you ever noticed them doing business in your neighborhood? Because I have never seen any form of financial entities with those names any where in any of the several states I have lived in. Also what about Citibank of the Rockefellers, and Moody's, and Doral Cigarettes,Hartford Insurance and American Express [who gave hundreds of millions to planned unparenthood for decades], GE of course is well known for its financial 'gifts' to sodomy, and GM of course is looking for a run-around to getting loans for automakers [via GMAC].
More of this type of disclosure before confiscating dollars from taxpayers. Some of us, and most especially me, do not want to support the Communist governments in Argentina or Columbia South America, nor cigarettes, nor gambling by the Rockefeller owned Citibank, or American Express. Those companies who gave millions of shareholders money to wicked groups should not be bailed.

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