THOUGHT FOR THE DAY!

"Imperialism today is taking place in the context of...the 'universalization' of capitalism. It is not now primarily a matter of territorial conquest or direct military or colonial control. It is not now a matter of capitalist powers invading non-capitalist powers in order to bleed them dry directly and by brute force. Now it is more a matter of ensuring that the forces of the capitalist market prevail in every corner of the world (even if this means marginalizing and impoverishing parts of it), and of manipulating those market forces to the advantage of the most powerful capitalist economies and the United States in particular." ... "Military force is still central to the imperialist project, in some ways more than ever."-- Political scientist Ellen Meiksins-Wood, Z magazine Nov 1999, p26

 

HAPPY 'KICK OUT THE GOVERNMENT' DAY!!!

 

F&F Bust

Fannie Mae and Freddie Mac are the big news today. Over this weekend they will, in effect, get nationalized and in the end the U.S. taxpayer will take responsibility for their losses.

China, Russia, Pimco and others who own F&F issued mortgage backed securities will not have to bear losses.

Current owners of preferred F&F stock will not have to bear losses either. Most of them are smaller U.S. banks and if these stocks would have been wiped out, many of them would have failed.

Webmaster's Commentary: 

Once again (remember the S&L bailout of the Bush 1 administration??), every taxpayer in the U.S. now is expected to take a sucker punch to the gut in terms of higher taxes to protect large private financial institutions from their own stupidity.

There will be a point where We the People will have to scream "Enough!" at those people in government who consider us an endless stream for their revenue, and compel them to understand that we have a finite upper limit of tolerance for their behavior.

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Posted on Sep 07, 2008 at 09:46
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