Topic: Economics
The TRUTH behind the financial bailout Think you know why George Bush and Henry Paulson asked for this bailout and where the money is going? Think againby Sematary
(libertarian)
Friday, October 3, 2008
n case you were wondering WHY, suddenly, the government needed this bailout - check out this headline from September 25:
China stops its banks from lending to U.S. banks
Quote: BEIJING -- Mainland regulators have told domestic banks to stop lending to United States financial institutions in the interbank market in a bid to prevent possible losses during the financial crisis, industry sources said yesterday.
The ban from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to US banks but not to banks from other countries, a source said.
The CBRC was not available for comment yesterday.
The decree appears to be Beijing's first attempt to erect defences against the deepening US financial meltdown after the mainland's major lenders reported billions of US dollars in exposure to the credit crisis. http://www.gata.org/node/6670
And when did President Bush ask for this bailout?
Quote: September 25, 2008: 10:46 PM ET NEW YORK (CNNMoney.com) -- One day after President Bush said the nation's economy is at grave risk, the high-stakes negotiations over the proposed $700 billion bailout of the financial system ended in chaos on Thursday. [link edited for length]
A COINCIDENCE that President Bush asked for this bailout ONE DAY ahead of the action by the Chinese? I don't think so. So put two and two together and now we know why there is a credit crisis amongst the larger institutions in the financial sector and who do you think the money is going to?
Quote: That's correct, Brad Sherman (D-CA) was on Kudlow and explained to the world that the $700 Billion wasn't meant for the US, it was meant for foreign investors.
"Paulson [Secretary of the Treasury] has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury.
Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen." [link edited for length]
Is it ANY SURPRISE that the main stream media has COMPLETELY ignored all of these facts? Not to me. Call your Representatives. We don't have much time left!
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The views expressed in this
article are those of Sematary only and do not represent
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I sometimes jump into the chat (occasionally call in) to talk radio shows on blogtalkradio.com.
When I land in a show dominated by those drones of the hyper-conservatives,(rampaging orifices that they are) you can't explain to them that war is financed by debt and the Chinese (among other nations) are owed a great deal of money by us.
Their explanation is that we should tell China to go get bent when they call us on the debt.
They told us to go get bent first, it seems. It'll be interesting to find out just how the drooling apologists for the neo-conmen will attempt to wish this inconvenient fact away.
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