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Joseph Stiglitz: Bailout Scam “Monstrous”
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Zogby International
September 26, 2008
Economy Nobel Prize Joseph Stiglitz last weekend said that the current bail out plan for the U.S. financial sector would be “monstrous” for US taxpayers.
“This plan is nothing else but a short term solution,” said Stiglitz in a Sunday interview with Germany’s Frankfurter Allgemeine Sonntagszeitung (FAS). “We’re turning risk investment funds into the hands of taxpayers,” pointing out that since no private investor wants to take responsibility for “risk investments, we’re simply wall papering them on to the taxpayer, and this is monstrous”.
According to Stiglitz the current crisis marks the end of a “disastrous economic model” and the end of the ideology “by which free and deregulated markets always function.” As a consequence of the current situation the US financial system as well as the US government “has lost all credibility.”
Stiglitz argues that to rescue the system and bring stability to markets, the US government is planning to buy from banks and financial institutions all “non liquid” assets that nobody wants and were the origin of one of the greatest and deepest crises ever faced by Wall Street and the US economy, the Great Depression of 1929.
For this reason, the Bush administration has requested from Congress US$700 billion for a special fund to purchase these assets and bring stability to financial markets. However, private estimates believe the cost of the final bill could be well over US$ one trillion.
But Stiglitz, who is currently a professor at the Columbia University in New York, the Bush proposal will not help solve the problem: “there’s every chance that other banks could also be affected.”
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Stiglitz believes the root of the current situation is the sub prime housing problem and that government assistance must be directed at the mortgage problem. “This is only the beginning of the crisis,” he said, and predicted that the US is on the brink of a prolonged recession.
The solution is not bailing out banks by eliminating “toxic” debts, but rather helping home owners renegotiate conditions of their mortgages.
Still, US public opinion seems to be split regarding the rescue plan announced by Treasury Secretary Hank Paulson and which is currently under discussion in the US Congress.
A poll from Zogby International shows that 46% support the package and a similar percentage is against it, while 8% are undecided.
But opinions coincide regarding the depth and extent of the crisis: 70% see it as a long-term threat and only 24% believe it’s a short-term situation. An overwhelming majority, 84%, are convinced that it’s only a matter of time before other investment banks and some of the US main financial institutions collapse in the coming months. The Zogby opinion poll has a plus/minus 2.1 percentage points error.
In spite of the urgency requests from President Bush and Secretary Paulson, Congress is taking its time and the opposition Democrats insist in including aid for families affected by housing foreclosures and limits on the “golden parachutes” awarded to CEOs for mismanaging their firms.
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September 26th, 2008 at 3:25 pm
The money was always worthless, its just that people believed it. Paper for gold? Preposterous, These guys deserve a medal.
The biggest sting in the Universe is happening before your eyes.
Give the money to Caesar give the Glory to God, God Created the Glory, Caesar created the Money, there’s no Money in Heaven, there’s no Glory in Hell, the money’s only purpose is to Glorify God Aloha MCB
September 26th, 2008 at 3:26 pm
golden parachute !!! Fire them and arrest them for an on going criminal enterprise then take all they have under RICO. If some poor doper can get 20 to life for robbing the corner strore for a fix then these guys need more of the same. Stack the time on them and put their family on the street like they have done to others.
September 26th, 2008 at 3:51 pm
Slowly but surely they find Caesar’s world is not what it seems to be, but is only an ever growing beast upon the earth. All Caesar is able to do is build an ever increasing hell on earth, but how they love The Rights Caesar gave them that now Caesar takes from them.
Things were never about Caesar & his world they were always about the Spiritual Kingdom Jesus taught that is not of the world of man, nor worldly things.
September 26th, 2008 at 4:02 pm
#1
Gold is only valued at what society places on it.
Money is the same way.
Money is just easier to use than gold in almost all facets, thats why the paper system “was created”.
September 26th, 2008 at 4:16 pm
By Monday a deal will be reached and we’ll all be told that every thing is going to be fine. The majority of Americans will buy this line of bullshit and continue on as if it all had been a minor scare. Latte Liberals will blame the Neo-Cons and further project Barrack “The Second Coming” Obama as our savior. Neo-Cons will undoubtedly do nothing more than sit on their thumbs while touting McCain as the “Maverick” who will clean up this mess on Wall Street and in D.C. Then, in a few months – possibly sooner – the whole fucking thing is going to come crashing down. Liberals will blame conservatives, conservatives will blame liberals, but at the end of the day we’ll still be fucked. . . .
September 26th, 2008 at 4:22 pm
#5 You need to think positive Dick.
September 26th, 2008 at 4:48 pm
The economy is going fall if we don’t pass this $700 Billion Dollar Bill.
Yet, Not one person is being arrested???????????????????
A country’s, if not the global, economy is at risk from falling from bad practices, and criminal acts and insider trading and not one person is being sought for crashing the economy.
Kind of proves the inmates have taken over and run the asylum.
September 26th, 2008 at 4:50 pm
Hey solve the problem… Ultimately, We the People are responsible. Troops home, secured borders, Stop all imports, Pump up production at home, create jobs,… Let them apply for work visas and pay fucking taxes. Theres simply too much money leaving the country and none coming in…. If you fuckers want mfg plants outside of this country to employ children for pennies a day then you lose your U.S. liscense and you are cut off from biz in America. If I was in charge you would lose your citizenship as well… Illegals already here taxed to hell when sending money back home to their countries. BUY AMERICAN ONLY, NOW!!!!!!
September 26th, 2008 at 4:57 pm
So now the world is waking up to the largest financial scam ever committed by these same criminals who committed the scam under Bush Sr. with regards to S&L’s just before his presidency ended. Will you now look at what started all the great crimes of Bush Jr. in a new light and see what people have been saying all along:
What does NO PLANEs on 9-11 really mean? What are the implications? And would it explain the violent reaction to never investigate it from so many? Here are just a few samples of what NO PLANES on 9-11 means:
•It would mean Larry Silverstein committed the largest insurance fraud in world history
•It would mean Bush lied about watching the first plane go into WTC 1
•It would mean hundreds of staged “terrorist drill participants” on the morning of 911 also lied. They were involved with a program called Able Danger in NYC on the very morning of 911.
•It would mean all government and military authorities at the Pentagon lied about identifying the remains of the passengers through DNA testing
•It would mean the “news” media and the hundreds of witnesses that were directly connected to the media companies themselves all lied about what they saw. (Watch “September Clues” to get a sample at the vast number of “media witnesses” that were the only ones interviewed on 911)
•It would mean that Rupert Murdoch and his video feed to the world on every channel was a staged, conspired, and complicit lie to kill 1000’s of people
•It would call into question all leading media personnel who have refused to even allow ANY discussion of this topic such as Amy Goodman of NPR, Bill Maher, Arianna Huffington, Noam Chomsky, Thom Hartman…..add more of your own names. These people covered it up and allowed no dissention or discussion. They must be considered perpetrators.
•It would mean the Bush hand selected committee of 911 Commission is and would have been a complete farce (many already know this just based on results)
•It would expose the “remote controlled plane theory” as a rabbit hole. What this theory does is even if you are unsure that remotes may have been used…you are forced into accepting that there are planes to control in the first place.
•THERE WERE NO HIGHJACKERS. That means everyone in government, law enforcement, military, FBI, CIA, White House, media ALL lied and conspired to pass blame to people who never existed. This explains why 8 of the 19 are still alive and why none of them were on any passenger list or have ever been identified with DNA
•It would mean workers in Shanksville, at ground zero, and the Pentagon all planted evidence at a crime scene
•ALL of the “amateur footage” that was taken on the morning of 911 was doctored and fraudulent. The people that have reported and given as evidence their false video must be prosecuted. ALL of the amateur video was turned into authorities days after 911 giving plenty of time for the forgeries (some not very good and horribly inconsistent with each other)
•It means that millions of civilians and untold thousands of soldiers have been killed and slaughtered based on a known and conspired crime. War on Terror was a lie. ALL of it.
•Just the mere mention that there were no planes on 911 will have you banned from “truth groups” and deleted from even the most liberal of website forums. There are Trillions of dollars at stake should the public realize that no planes existed on 911.
•ALL the witnesses from USA Today at the Pentagon lied about the planes. They must be tried for treason.
•If this was a “New Pearl Harbor” we must go back a review everything regarding the fact that Pearl Harbor itself was a staged and conspired and fraudulent event. Is there any evidence to support the government claims of Pearl Harbor? Any Japanese planes shot down? Any testing of the ships for man-made explosives allowed?
•It also forces you to go back and see if this was planned since Bush took office and also the evidence that Bush fixed the elections in 2000 and 2004 to bring about this crime. His Presidency in the future could easily become “null and void”. His could be the first Presidency that the US could say never really happened because of all the known lies, cheating, fraud, conspiracy, crimes, and election rigging.
•“Authorities” and criminals within government have always said there was NO controlled demolition because it was the “planes” that brought the towers down. No planes means that of course the WTC’s 1, 2, and 7 were brought down with controlled demolitions and it implicates dozens of government agencies like NIST, FEMA, NTSB that all lied about the results, tests, and testimonies.
•No planes also forces you to look VERY CLOSELY at the passenger lists of the 4 planes reported missing on 911. Did any of them have close ties to banking, military, law or law enforcement, media, government, devout Christianity, or insurance…….basically the groups that profited the most from 911? (97% of all the passengers on all 4 planes have direct ties to these groups of perpetrators! Look for yourself)
* It would also mean that Osama Bin Laden had NOTHING to do with 911 just like he said one week after 911. Terrorists take pride in killing so effectively and despise being given credit for something they had nothing to do with. Bin Laden despised it.
What else does NO PLANES on 911 mean and what else does it explain?
September 26th, 2008 at 5:09 pm
NO BAIL OUT OR WELLFARE FOR THE RICH. I hate to say it but the only way to wake up America is to go into a Finicial meltdown and let it take its course to fixing its self and that is to make America wake up out of this 100 year coma we have been in. Make people live below what there use to is an order of coffee.
September 26th, 2008 at 5:16 pm
Here’s just a recent example of the kinds of shark attacks that are and will be made by the globalists like chase, goldman sachs, etc. yesterday, washington mutual gets seized by the feds and before the ink can dry on the takeover…………….JP Morgan / Chase aka (David Rockefeller) swoops down and buys it for a paultry 1.9 Billion. Considering Wamu’s asset’s are over 300 billion, I’d say ole David just added a whole bunch more to his war chest for taking control of the world along with his NWO cohorts. This is just the beginning folks! These assholes don’t give a rat’s ass what happens to this country. Never did……never will.
September 26th, 2008 at 5:50 pm
amen jerry. we need to be throwing central bankers in jail, not giving them welfare they don’t need to acquire secondary banks.
September 26th, 2008 at 5:53 pm
What can any of us do besides watch in horror.Would it really matter if we have gold or is it too late to help any of our finances?Any suggestions people.Thxs.
September 26th, 2008 at 6:34 pm
Once again, those of us who played by the rules, have no current debt, aren`t in jeopardy, get to pay for the greedy bankers and the scumbags that overbought. Taking it right up the tailpipe. We should go idle, semi-retire, file for unemployment, adc, wick, foodstamps …………….
September 26th, 2008 at 6:41 pm
I’m no US historian, none the less a Canadian historian but has anyone noticed how ‘banks’ are being swallowed up by other big ‘banks’ for pennies? 1930s anyone….? Delusional or not, the first depression was carefully planned but along with this “mythical” but yet symbolic war on terror, this second depression is no less than a coincidence nor surprise. The introduction of $0 down payment mortgages by Freddie Mac and dear Bush jr, was clearly intentional in nature.
Now a “severance” package to offset the write downs directly to tax payers?…. so Bank of America and JP Morgan can make more money? I just hope the US public is not dumb enough again to fall for this. As Bush said himfelf: “…Fool me once, shame on — shame on you. Fool me — you can’t get fooled again”
September 26th, 2008 at 7:10 pm
Just a short 3 months ago President Bush said things in the economy were looking up? Come on, don’t try to snow ball us into thinking you have control of the situation because you sure as hell don’t George! I hope peoples frustrations makes them stand up and DEMAND more answers to OUR questions. the Biggest one is, What did George Bush and Dick Cheney have to do with 9/11,and if so can they be held on Charges of Treason? People its time they pay the Pipper. Were having to, and they’ll still be millions ahead of the rest of us. There worries won’t mean as much as ours will, since we don’t have that much to build from financially. But if they put this country in fear,and caused thousands of deaths associated to the wars and hyped attacks on the United States,then they need to take what is coming to them. They can’t talk there way out of it,because they soon will have a country worried to death over just surviving. They surely made a Mess of things in this country. Trust is the Biggest thing they have ruined. Other country’s don’t trust us and that too, is scarey.
September 26th, 2008 at 7:15 pm
>>Would it really matter if we have gold or is it too late…<<
Lead.
September 26th, 2008 at 7:21 pm
F*cking low-life knuckle-dragging mouth-breathing pirates!
September 26th, 2008 at 7:49 pm
VICE&VIRTUE Apparel, saying it how it is.
fktheguv ™
The one. The only. Buy the tee and stick it to em.
http://www.fktheguv.com
September 26th, 2008 at 7:57 pm
9ll.
Lies & Deceit!
Afghanistan.
Lies & Deceit!
Iraq.
Lies & Deceit!
Bailout.
Lies & Deceit!
Recession.
Lies & Deceit!
Depression.
Lies & Deceit!
Martial Law and the end of Freedom!!
.
The unfolding of tyranny is so obvious…a two year old could understand it!!!
September 26th, 2008 at 8:01 pm
Hey you SONS OF WHORES, go onto the streets of USA, and see and hear how we hate your MOTHER FUNKING guts
September 26th, 2008 at 8:11 pm
I don’t know diddly squat about the Jews…but Benjamin Franklin seems to have known a bit about them…was he a prophet???
(The following prediction was made during the intermission of the Philadelphia Constitutional Convention of 1787, and was recorded by Charles Cotesworth Pinckney, a South Carolina delegate.):
Benjamin Franklin,
“I fully agree with General Washington, that we must protect this young nation from an insidious influence and impenetration. That menace, gentlemen, is the Jews. In whatever country Jews have settled in any great number, they have lowered its moral tone; depreciated its commercial integrity; have segregated themselves and have not been assimilated; have sneered at and tried to undermine the Christian religion upon which that nation is founded, by objecting to its restrictions; have built up a state within the state; and when opposed have tried to strangle that country to death financially, as in the case of Spain and Portugal. For over 1,700 years, the Jews have been bewailing their sad fate in that they have been exiled from their homeland, as they call Palestine. But, gentlemen, did the world give it to them in fee simple, they would at once find some reason for not returning. Why? Because they are vampires, and vampires do not live on vampires. They cannot live only among themselves. They must subsist on Christians and other peoples not of their race. If you do not exclude them from these United States, in this Constitution, in less than 200 years they will have swarmed here in such great numbers that they will dominate and devour the land and change our form of government, for which we Americans have shed our blood, given our lives, our substance and jeopardized our liberty. If you do not exclude them, in less than 200 years our descendants will be working in the fields to furnish them substance, while they will be in the counting houses rubbing their hands. I warn you, gentlemen, if you do not exclude Jews for all time, your children will curse you in your graves.
September 26th, 2008 at 8:16 pm
They need to give the 700 billion to the people. They’d pay off their mortages at the price they paid for them, making a price stablity possible.
As it is the glut plus the accumulation of the daily growing numbers of housing from people losing their jobs as well as the Alt-A resets soon due the big boys collectively own nothing more than junk debt making them valued at junk as well.
They owe more debt than their assets are worth making them insolvent and actually
wasting the governments time and the taxpayers money.
You must heal the people first or it’s all a mute point. They aren’t worth the investment.
That’s why they need the better than going price.
http://cafr1.com/700.html
September 26th, 2008 at 8:33 pm
aussie….waht’s the source on that Franklin quote?
September 26th, 2008 at 8:36 pm
Hey you Wall street pretty boys, have you ever done any historic research when your daddy paid your way through college huh? Did you ever read about the French Revolution huh? If you did, what happened huh? You are throw-away old shoes. When we finally get the nation awake, we will tear you limb from limb…literary..get it?
September 26th, 2008 at 8:38 pm
#24 ZenMaster (SpinMaster)
Your nothing more than a gold spruiking whore…doing the Globalist trick of profiting from others!
A whore i tell you…a gold spruiking whore!!!
September 26th, 2008 at 8:57 pm
One thing i will say when fighting for the truth…you need to eat well…and you need to retain your sense of humour (as hard as that can be at times)
For an Infowar article on good nourishing food and humour:
Hot dogs outside Philly ballpark cause bomb scare
http://www.infowars.com/?p=4863&cp=8#comments
September 26th, 2008 at 10:22 pm
Hey John H.
Not all of these warriors and denial spirits are makeing it into physical form threw the channels of loveless sex, although that IS part of the problem….
Here in this town there is a “birth clinic,” where epidural birth is the rule, The building is built in a hexagram shape to create a soul snatching portal…than the baby is heavely drugged and vaccinated, than the baby is so drugged it cant wake up for a month to nurse so the Mother’s breasts become ingorged and she goes to the dr. and he tells her that she has inverted nipples and FOR HER, breast feeding is imposable, than the dr. gives her a shot to dry up her milk, than she feeds her baby floride water, (satan-mart has a jug JUST for babys that boasts “extra added flouride,” i shit you not ! …..and she feeds the baby flouride water and baby food from china where they withhold the element, zinc, and the baby is brain damaged for ever…..puddy in the devil’s hands.
Dont be too hard on the “whores”….shows too much of your OWN wierd involvement in this woman hateing that if you will look closely , is at the bottom of EVERY volitile gap under the sun….you know why the primitives sacrificed all the virgins dont you….think about it, would you sacrifice the sluts?
sorry, nothens funny
September 26th, 2008 at 10:47 pm
The problem with modern day communications (wire taps, monitoring of websites, monitoring a persons bowel movements, etc) is that any ideas put forth on a forum such as Infowars…are immediately known by the “evil ones”. They well and truly have the upper hand in that regard. My question is…what can be done to counter this evil and unconstitutional criminal activity…that’s being carried out by evil and unconstitutional Government “Puppets”???
An honest and accountable system of Government would encourage “seekers of the truth” to investigate corrupt activity…across the board…there would be that many Goverment officials investigating corrupt activity…they wouldn’t have time to become corrupt themselves. “But” if a Government official is found to be corrupt…they deserve nothing less than a 25 year prison term…minimum…”with no get out early bullshit”. Government officials like to cloak themselves in all kinds of cotton wool and “untouchability”…well it’s a two edge sword…fuck with the wellbeing of the people and you fuck yourself…period…no if’s or butts!!!
September 27th, 2008 at 12:01 am
I say we unite, start National Strikes and break out the Tar, Feathers, Cats-’o-nine tails (and rope) and form citizen tribunals to try the Bastards and punish them accordingly. If our Founders were alive today they would HANG THEIR HEADS IN SHAME at the travesty our country has become. And they would start a war. We have become a nation of sports-obsessed, beer-guzzling, knuckle-dragging Fred Flintstones and Homer Simpsons who GET the government we deserve…
Shame on us; we have allowed TRAITORS and CRIMINALS to rob us BLIND. We must reconnect with God, pray for our ailing Republic and do what we can to save her. We CANNOT remain ignorant and free.
September 27th, 2008 at 12:50 am
Get rid of the FED!
September 27th, 2008 at 4:20 am
Aides to lawmakers in both parties say telephone calls from constituents are running heavily against the bailout — in some cases nearly 100-1 against, making the vote a potentially tricky one for a candidate in a competitive race
well we are doing some good got this off msn keep calling
September 27th, 2008 at 5:18 am
fuck the fed!!
September 27th, 2008 at 6:45 am
http://www.youtube.com/watch?v=dv6rQ0U01Yc
Congressman Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market at the Congressional Hearing yesterday (9/24/08). Ron also questions Bernanke’s authority and the constitutionality of using the printing press to generate all this extra money needed for the bailout.
Bernanke’s answer to Paul’s question about having that unconstitutional authority to print money was exactly right. Congress delegated it to them a long time ago! (1913 to be exact)
By far the most effective solution to this “crisis”, and a whole host of more severe calamities that inevitably await us, is that we should take that authority back.
FACT: On June 4, 1963 John F. Kennedy issued Executive Order 11110. This order called for the issuance of a new currency, the “United States Note”. $4,292,893 of this new currency was actually placed into circulation. The new currency was to be distributed through the U.S. Treasury and not the Federal Reserve.
President Kennedy dismissed the Federal Reserve System and ordered the U.S. government to restore its Constitutional mandate of controlling the money.
Three weeks later, President Kennedy was assassinated.
Lyndon Johnson’s FIRST act upon assuming the office of President was to rescind executive order 11110, and all the new currency was taken out of circulation.
Look it up.
Another American President who publicly also opposed the concept of granting the issuance of currency to an outside entity was Abraham Lincoln.
From Abraham Lincoln’s Monetary Policy, 1865 (Page 91 of Senate document 23.):
“Money is the creature of law and the creation of the original issue of money should be maintained as the exclusive monopoly of national Government.”
“No duty is more imperative for the Government than the duty it owes the People to furnish them with a sound and uniform currency, and of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges.”
Lincoln was assassinated on Good Friday, April 14th of that same year, 1865.
Of course, the fact that both JFK and Lincoln met the same end is a mere coincidence. Right?
September 27th, 2008 at 6:57 am
No bailouts! No compromise!
Members of congress who support a bailout package deserve prison along with the other mega criminals Bernanke and Paulson.
The Fed must be abolished. The failing banks reorganized and put through bankruptcy with all assets seized–both institutional and those of the chief officers.
The entire system needs reorganized!
September 27th, 2008 at 10:17 am
I think this small and succint article about the Paulson Plan explains what is really at stake for the American people!
http://www.forsoundmoney.com/2.....lan-means/
September 27th, 2008 at 11:04 am
BECOME A SOLDIER IN THE INFORMATION WAR!!!
HIT THE STREETS WITH FLYERS AND DVD’S!
Wearechange.org has a great 911 Truth flyer. Of course, you can cover whatever issue you feel is most important, or whatever you are most educated about. You can even just leave flyers and/or DVDs laying around for people to discover.
WHAT KIND OF CREATIVE, UNIQUE INFORMATION WARFARE TACTICS CAN YOU DEVISE? IF YOU COME UP WITH A GOOD IDEA, MAYBE YOU COULD FILM YOURSELF IN ACTION AND SHARE IT WITH YOUR FELLOW INFOWARRIORS!
Remember, the first step in turning this thing around for Freedom and Justice is to have a critical mass of well-informed and inspired individuals.
SO LET’S KICK SOME ELITIST ASS… OUR FAMILY’S FUTURE IS AT STAKE!!!
On with the r3VOLution!!!…
!!!DTTNWO!!!
September 27th, 2008 at 11:39 am
Does this mean the taxpayer… is now paying for the Bourgeoisie and mega rich’s 401k retirement pensions. Is so… How ABSURD.
September 27th, 2008 at 11:48 am
quit with the no planes 911 theory..
there’s plenty of home video.. that caught the planes slamming into the towers. etc etc etc etc etc etc.
i believe all who post “no planes” theories are simply agent provocateurs, planted to discredit anything any dissenter says. its total bs.
September 27th, 2008 at 11:00 pm
“no planes” theory has been completely discredited due to the fact that the towers oscillated upon impact. holograms don’t cause steel frame buildings to oscillate!