This report, from September 12, puts the bailout figure much higher than the $700 billion we were told
The U.S. Treasury Department is working through the weekend with Congress to craft a plan to spend as much as $700 billion to absorb bad mortgages and other assets from bank or other institution balance sheets to keep the financial system from collapsing.
The move comes close on the heels of an $85 billion Federal Reserve rescue of American International Group and the Treasury’s takeover of housing finance firms Fannie Mae and Freddie Mac.
The Treasury plan, which follows a new federal guarantee for money market fund holdings, would push Washington’s potential bailout tab to $1.8 trillion.
source: CNBC/Reuters
Categories: Wall Street · news
Tagged: $1.8 trillion, $700 billion, bailout, Ben Bernanke, derivatives, Fannie Mae, Federal Reserve, Freddie Mac, Henry Paulson, sub-prime mortgage crisis, treasury
Representative Ron Paul, R-Texas
Derivatives is a taboo word these days. It’s rare that someone even mentions them directly. As a protest vote, Ron Paul is good. However, I question his economic polices. Libertarian Austrian School economics is what got us into this mess in the first place. It’s time to get rid of Milton Friedman and Friedrich von Hayek and return to the Alexander Hamilton, Abraham Lincoln, FDR New Deal, and the American School of economics.
video: Neil Cavuto interviewing Rep. Ron Paul (R-Texas)
transcript: (more…)
Categories: +video · Wall Street · interview · news
Tagged: Abraham Lincoln, AIG, Alexander Hamilton, American school, Austrian School, Bear Stearns, derivatives, economics, Fannie Mae, FDR, Federal Reserve, Freddie Mac, Friedrich von Hayek, goldman sachs, inflation, JP Morgan Chase, Lehman Bros, Lehman Brothers, Libertarian, Milton Friedman, morgan stanley, new deal, Ron Paul, Warren Buffett
Web of Debt, by Ellen Hodgson Brown
Ellen Brown explains the web of control of the world financial system by Wall St financiers.
EXCELLENT article!
(more…)
Categories: Wall Street
Tagged: AIG, Alan Greenspan, bankruptcy, Barclay's, Bear Stearns, Ben Bernanke, credit default swaps, derivatives, Ellen Hodgson Brown, Fannie Mae, FDIC, FDR, FED bailouts, Federal Reserve, Federal Reserve Act, financiers, Franklin Delano Roosevelt, Freddie Mac, hedge funds, Henry Paulson, Herbert Hoover, Home Owners Loan Corporation, JP Morgan, Lehman Bros, ponzi scheme, pyramid scheme, quadrillion, Reconstruction Finance Corporation, sub-prime mortgage crisis, Sustainable Energy Development, The New Deal, Tim Geithner, unravelling, unwinding, US Treasury, Wall Street, Warren Buffett, Weapons of Financial Mass Destruction, Web of Debt
Categories: +audio · Wall Street · Webster Tarpley · interview
Tagged: AIG, bailout, Ben Bernanke, crisis, derivatives, Fannie Mae, Federal Reserve, Freddie Mac, goldman sachs, Henry Paulson, JP Morgan, morgan stanley, sub-prime mortgage crisis, Webster Tarpley
