reply to post by detachedindividual
Without knowing the true cause no one can find a permanent remedy
Unfortunately, this was Bush's doing, you can't blame Obama for this. You can blame him when he fails to act though, which is the case. The
government can afford to give billions to banks and businesses in the pathetic "hope" that it'll trickle down, but they cant afford to do anything
about this? Sorry, just not buying it.
Wrong it goes back a lot further than that. Actually you can not blame a single President
See: Feudalism aka American Capitalism
Remember the roaring twenties lead to the great depression of the 1930's??? Well we have just had an instant replay. It worked so well for the
bankers the first time that they did it again!
SECRETS OF THE FEDERAL RESERVE
gives a detailed account of how the bankers pulled it off the first
The modern bank with the credit facilities it affords, gives an opportunity which had not previously existed for such operators as Kreuger to make an
appearance of abundant capital by the aid of borrowed capital. This enables the speculator to buy securities with securities. The only limit to the
amount he can corner is the amount to which the banks will back him, and, if a speculator is being promoted by a reputable banking house, as Kreuger
was promoted by Lee Higginson Company, the only way he could be stopped would be by an investigation of his actual financial resources, which in
Kreuger’s case would have proved to be nil.
[Bankers pull the rug out]
Curtis B. Dall, who was a broker on Wall Street at that time, writes of the Crash, "Actually it was the calculated ‘shearing’ of the public by
the World Money-Powers, triggered by the planned sudden shortage of the supply of call money in the New York money market."90 Overnight, the Federal
Reserve System had raised the call rate to twenty percent. Unable to meet this rate, the speculators’ only alternative was to jump out of
The New York Federal Reserve Bank rate, which dictated the national interest rate, went to six percent on November 1, 1929. After the investors had
been bankrupted, it dropped to one and one-half percent on May 8, 1931. Congressman Wright Patman in "A Primer On Money", says that the money supply
decreased by eight billion dollars from 1929 to 1933, causing 11,630 banks of the total of 26,401 in the United States to go bankrupt and close their
The Federal Reserve Board had already warned the stockholders of the Federal Reserve Banks to get out of the Market, on February 6, 1929, but it had
not bothered to say anything to the rest of the people. Nobody knew what was going on except the Wall Street bankers who were running the show.
[the Bankers come out the winners]
During this depression, the trust operators achieved further control by their backing of three international swindlers, The Van Sweringen brothers,
Samuel Insull, and Ivar Kreuger. These men pyramided billions of dollars worth of securities to fantastic heights. The bankers who promoted them and
floated their stock issue could have stopped them at any time, by calling loans of less than a million dollars, but they let these men go on until
they had incorporated many industrial and financial properties into holding companies, which the banks then took over for nothing
SECRETS OF THE FEDERAL RESERVE
The eighties saw three regulatory factors combine to cause the Hostile takeover craze in the eighties.
* the Reagan administration's laissez-faire policies on antitrust and securities laws, allowing mergers the government would have challenged in
* the 1982 Supreme Court decision striking down state antitakeover laws
* deregulation of many industries, which prompted restructurings and mergers
"The main economic factor was the development of the original-issue high-yield debt instrument. The so-called "junk bond" innovation, pioneered
by Michael Milken of Drexel Burnham, provided many hostile bidders and LBO firms with the enormous amounts of capital needed to finance
multi-billion-dollar deals." Link
Decent well funded, well run American companies were the target of the "leveraged - buyout" feeding frenzy in the eighties and nineties. Many were
torn apart and shipped over seas because they were worth more in pieces than as a whole. Others after a hostile takeover went from no debt to such
high debt the companies were forced to become "lean and mean" More changes in the laws allowed companies to import foreigners to replace Americans.
To add insult to injury the Americans have to TRAIN their foreign replacements.
The final blow was the World Trade Organization (Clinton) and China's membership. The result is America has been quietly sold off piece by
piece. A sampling of the industries with over 50% foreign ownership, according to Source Watch
* Sound recording industries - 97%
* Commodity contracts dealing and brokerage - 79%
* Motion picture and sound recording industries - 75%
* Metal ore mining - 65%
* Wineries and distilleries - 64%
* Database, directory, Book and other publishers - 63%
* Cement, concrete, lime, and gypsum product - 62%
* Engine, turbine and power transmission equipment - 57%
* Rubber product - 53%
* Nonmetallic mineral product manufacturing - 53%
* Plastics and rubber products manufacturing - 52%
* Other insurance related activities - 51%
* Boiler, tank, and shipping container - 50%
* Glass and glass product - 48%
* Coal mining – 48%
A real eye opener isn't it. But it gets worse. The Department of Homeland Security says 80% of our ports are operated by Foreigners and they are
buying and running US bridges and toll roads. www.alabamaeagle.org...
Statistics (courtesy of Bridgewater) showed in 1990,before WTO was ratified, Foreign ownership of U.S. assets amounted to 33% of U.S. GDP. By 2002
this had increased to over 70% of U.S. GDP. www.fame.org...
An analysis of the 2007 financial markets of 48 countries shows the world's finances are in the hands of a few mutual funds, banks, and
corporations. This is the first report of global concentration of financial power
The “harmonization” www.fda.gov...
of first world agriculture laws with WTO wishes resulted in a massive transfer of land ownership from private to corporate worldwide. But the greedy
cartels running the World Trade Organization are not satisfied with part of the cake they want it ALL.
Up for grabs at the negotiating table is worldwide privatization and deregulation of public energy and water utilities, postal services, higher
education and state alcohol distribution controls; a new right for foreign firms to obtain U.S. Small Business Administration loans; elimination of a
list of specific U.S. state laws about land use, professional licensing and consumer protections, and extreme deregulation of private-sector service
industries such as insurance, banking, mutual funds and securities. www.commondreams.org...