U.S. Government is attempting to rescue itself over the weekend

Well it's friday. This weekends financial shocker even tops last weekends spectacular banking failure.

The U.S. government is attempting to bail itself out this weekend.

In the last few hours, in a desperate attempt to ward off a catastrophic Wall Street meltdown, the government has announced three unprecedented actions:

First, President Bush, Fed Chairman Bernanke and Treasury Secretary Paulson have called on leaders of both parties in Congress to work through the weekend to develop a plan to let the government buy up bad debts from banks.

Second, The Securities and Exchange Commission has announced a temporary ban on short selling of 799 financial stocks — an attempt to reduce the massive downward pressure on their share values.

Third, early this morning, Washington moved to guarantee money market funds that invest in high risk instruments like commercial paper. This supposedly protects money fund investors from the kind of "Breaking the Buck" crisis that arose this week at Reserve Primary Fund, buying some time for a $2 trillion industry in turmoil. But alas, this, too, is a disastrous and futile gesture.

Bottom line: These three government bombshells do not end the credit crisis. They merely threaten to spread the plague to the one borrower who heretofore stood above the crowd of sinking debtors: The United States Government itself.

Washington declares war on debt crisis!
www.moneyandmarkets.com...

[edit on 19-9-2008 by In nothing we trust]

Classic. Just freakin Classic.

Let's see. War on Terror. War on Drugs. War on Crime. War on Poverty. War in Iraq. War in Afghanistan.

Now, War on Debt.

I vote for a name change for our little patch of dirt. United States of Awecrapweneedanotherwar. No need to even change the initials.

Q. How many wars can one government fight at once?
A. As many as it takes to bleed its citizens dry.

the biggest disconnect from reality that the citizens of the USA have is that there privaliged spot as a world super power is unshakeable.

not saying we deserve this but the ignorance is a testament to those who dont know where to look for the truth or don't want to debate the increasing possibility.

this bailout was unfortunately necessary to do the leverage the financial sysem now exerts over the "real economy". And yes the bailout will likely have the gov't overpaying for wall street toxic waste as well as bending tax payers over BUT the bigger issue will be how this effect's our FOREIGN CREDTIORS and the PETRO dollar as WORLD RESERVE currency which has been backed by the "full faith of the the u.s gov't" as well as our military.

judging by the SPP.GOV site . the USA biggest asset the petro dollar may not be around for much longer= bad news = big devaluation in currency= big reduction in standard of living= bigger gap between rich and poor

the best way to protect youself IMO is to buy silver (it is more practical than gold and has less chance of gov't confiscation)

Omgosh!

Draft of Bill from Fox News in this thread.

www.abovetopsecret.com...

A War on Debt... funded by deficit spending... using a debt based currency... by spending $700,000,000,000...

Current national debt: $9,668,546,432,171.53
Your share: $31,724.60
In the moments it took me to write that out, the debt rose by over a million dollars.

May this be the last war on anything.

reply to post by In nothing we trust


Actually our own for the people elected government is going to make the Federal Reserve a totalitarian entity with his own power to use and misused the tax payer money with not repercussions from any branch of the government.

This is not to bail out the government but to increased the national debt in favor of the bankers that run the Fed.

Relentless have all the links to the most incredible take over in our nation from a private run entity.

We are talking about 11 or more trillion dollars.