Make sure you hit CR (carraige return or enter) at the end of the line, so the browser doesn’t think everything after the instructions is a URL.

names of scum must be widely published

uk.youtube.com/watch?v=NU6fuFrdCJY

sorry, guys, haven’t learned yet how to make it all blue and pretty…

I agree will all you said except “The tyrants are coming.” Let me explain, please. The tyrants have been amongst us for awhile, behind the scenes pulling the strings of all puppets that put us in this designed mess. Soon they will come out of the shadows.

Re:Richard,
“Look, they can kill Bin Laden and the Jihad will still continue. They can pass this bailout and the depression will still be coming. Who can trust any of them, now? This ia all a charade to cover their asses.”

It is precisely as i see it-a charade. How pathetic to commit financial treason against the very nation they should have been obligated to represent.

Re:Believer,
“I can’t be the only one who sensed there was a twisted mind behind it all…”

No, your not alone. I stand by you….hope others do to or will see things clearer.

Re:Joe Bill Jones,
“Congress-what were you thinking”
“Congress..what were you thinking?”
“You destroyed our country. You cannot repair the damage now! It is too, too, too late.”

How can they repair the damage they wittingly or unwittingly created? They are hired guns of their masters. The masters that funded them indirectly or through controlled third parties.

Folks, this crisis is a stepping stone to a NWO/One World Government. A plan in the works for over a century. The invasion of America has been under-attack from within by false agents of the Elite Central Bankers. Since America cannot be overtaken by military means, to attack it economically & financially is finally showing the fruits of their labour. What better way to introduce a global system ruled by a tyranny few, when the masses are starving for scraps of food in a great depression.

Our imaginary friends in Washington that happen to be a frigment of our imagination are voting if whether the tax payer’s should bail-out a manipulated financial system with 700 billion dollars. Really, all it will do is help delay a global financial crisis. This temporary band-aid only covers an infected financial wound. Problem is, the deadly bacteria in this massive wound won’t be delt with. Why? Because this infection is HIV without a cure. These secretive powers have overtime infiltrated our most important institutions-White House & Senate included. They hold every single individual hostage with such immunity. 700 billion is not nearly enough, a few trillion’s is more likely. How will America recover from that? It won’t: Impossible without our standard of living dropping to a third world reality check with a Mount St. Helen’s high debt. If America cannot pay it, our crucial assets & sovereignty will be taken as collateral.

Many reliable, so called “conspiracy theorists”, have been warning the masses about a powerful secretive agenda not exposed through this fraud called MSM. Yet the theorists were/are still mocked at, as people still continue to listen & believe this owned & controlled (by them) scam called MSM.

Soon, as Judy,NYC explained: “The tyrants are coming. Nothing will ever be the same again.”

How are we going to create a market for these securities?

None of this is in the bill. Right now, it looks like a cash infusion, with the ability for Congress to Christmas Tree the future cash infusions that are authorized.

Virtually every investment bank in the world is insolvent. Many of the premier banks in the world are insolvent.

This bill is like shooting bb’s at a running bear. Might sting the bear a little, but you are still going to feel it when it runs you over.

JBJ, not all deregulation is the same. You speak as if it were.
Deregulation to help business be more efficient is good. Deregulation that helps crooks steal is bad. What we the people need is a deregulation impact statement, sort of like the environmental impact statement, only for deregulation. Sort of a best guess as to what the affect of the deregulation will be.

Congress ..What Were You Thinking?

You destroyed our country. You cannot repair the damage now! It is Too, Too, Too late.

If you gave the people on wall street, who are licking their lips on the anticipation of filling their pockets, 50 trillion dollars, it won’t help. I personally hope none of you can sleep at night, knowing what you have done. Especially all the old-old-old ones that have been they’re over 20 years.

DEREGULATION – DEREGULATION – DEREGULATION

When you deregulated Mergers – You told the lobbyist and American business community, move overseas, move your tax base there, keep the foreign cheap labor, Get rid of your American labor and break the unions. You should also merge enough so you are too big to fail. That way you can always count on a government bail out as a last resort. Your plan worked perfectly. We hope you are proud!

We lost
Our good paying jobs.
Our pensions.
Our 401 contributions.
Our middle class.
Our Insurance.
Our homes.
Our freedom and security
Our hope.
Our tax base – except government and wall street workers. They still make good money.

We just can’t find the words to tell you how grateful we are.

CONGRESS, we will touch bases with you again in about 6 months, as soon as the bail out money is gone.

We are GOING DOWN no matter you do.

Welcome to the Americans people world. Now you can suffer with us!

THANK YOU CONGRESS!!!!!!!!!!!

PS. After you all vote on the Bail Out, could you please post on the web, how each one of you voted This way we can see who we need to give an attitude adjustment in the coming ELECTION

by Thomas J. DiLorenzo

The thousands of mortgage defaults and foreclosures in the “subprime” housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call “communities of color” that they might not otherwise make based on purely economic criteria.

The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various “neighborhood organizations,” as they like to call themselves, such as “ACORN” (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.

So-called “community groups” like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA “protest” is issued by a “community group.” This can cost banks great sums of money, and the “community groups” understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.

A man named Bruce Marks became quite notorious during the last decade for pressuring banks to earmark literally billions of dollars to his organization, the “Neighborhood Assistance Corporation of America.” He once boasted to the New York Times that he had “won” loan commitments totaling $3.8 billion from Bank of America, First Union Corporation, and the Fleet Financial Group. And that is just one “community group” operating in one city – Boston.

Banks have been placed in a Catch 22 situation by the CRA: If they comply, they know they will have to suffer from more loan defaults. If they don’t comply, they face financial penalties and, worse yet, their business plans for mergers, branch expansions, etc. can be blocked by CRA protesters, which can cost a large corporation like Bank of America billions of dollars. Like most businesses, they have largely buckled under and have surrendered to their bureaucratic masters.

Consequently, banks in every community in America have been forced to hold a portfolio of bad loans, euphemistically referred to as “subprime” loans. In order to compensate themselves for the added risk of extending these loans, many lenders have increased the lending fees associated with mortgage loans. This is simply an indirect way of doing what banks always do – and what they must do to remain solvent: charging effectively higher rates of interest on riskier loans.

But this is discriminatory!, complained the “community organizations.” Thus, if one browses the ACORN web site, one can read of their boasts of having “predatory lending laws” passed in numerous states which outlaw such fees, prohibiting banks from protecting themselves from the added risk involved in making forced loans to “subprime” borrowers.

These are price control laws, and price controls always cause shortages. Normally, banks would respond to such laws by extending fewer riskier loans. But in this case the banks are forced to continue making the marginal loans by their bureaucratic masters at the Fed and the other three federal bureaucracies mentioned above. So-called predatory lending laws therefore force the banks to “eat” the losses. This is undoubtedly a contributing factor to the bankruptcy of dozens of mortgage lenders over the past year.

Then of course there is the issue of the Fed’s monetary policy having created the housing bubble, characterized by a spectacular escalation of real estate values in every American city over the past decade or so. This created a further problem for the financial institutions that are victimized by the CRA. They are forced to make a certain amount of bad loans, but because of the Fed-created explosion in housing prices, many thousands of subprime borrowers no longer qualified, by a long stretch, for conventional mortgages based on their incomes.

The only way these borrowers could qualify for their mortgage loans (even ignoring their bad credit ratings) was to take out adjustable rate mortgages, some of which had astonishingly low first-year rates in the 3 percent range, and sometimes lower. This is what has largely fueled the subprime mortgage meltdown – the inability of thousands of subprime borrowers to afford their mortgages now that their rates have adjusted upward. Thus, the combination of the Fed’s enforcement of the CRA (with the help of political pressure groups like ACORN) and its post 9/11 monetary policy in general are the reasons for the bursting real estate bubble and the “subprime” mortgage meltdown.

Don’t expect to read about this in the “mainstream media,” however, which generally views groups like ACORN as heroic champions of the poor, laws like the CRA as anti-discrimination laws, and places all of the blame for the subprime mortgage meltdown on greedy capitalists, especially mortgage brokers. Encouraged by such reporting, the odious Senator Charles Schumer of New York has promised federal legislation that will reign in these miscreants, while the Bush administration is proposing an indirect bank bailout by having the Federal Housing Administration cover many of the bad “subprime” loans. This will create what economists call a “moral hazard” by encouraging even more bad loans to be extended in the future. Every banker in America will be glad to extend loans (at high rates of interest) to the most uncreditworthy borrowers if he thinks there is no possibility of default with the FHA effectively guaranteeing the loan.

September 6, 2007

Thomas J. DiLorenzo [send him mail] professor of economics at Loyola College in Maryland and the author of The Real Lincoln: A New Look at Abraham Lincoln, His Agenda, and an Unnecessary War, (Three Rivers Press/Random House). His latest book is Lincoln Unmasked: What You’re Not Supposed To Know about Dishonest Abe (Crown Forum/Random House).

Copyright © 2007 LewRockwell.com