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!!!

 

U.S. Treasury Said to Invest in Nine Major U.S. Banks

The Bush administration will announce a plan to rescue frozen credit markets that includes spending about half of a total of $250 billion for preferred shares of nine major banks, people briefed on the matter said.

The companies are Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp., and Bank of New York Mellon Corp., the people said. One of the people also said Merrill Lynch & Co. will receive an investment.

Webmaster's Commentary: 

Whose money is it bailing out these banks?

Yours.

What Paulson has just told US taxpayers - and the world - is that these banks, which were supposed to be in reasonably decent shape financially.....really aren't.

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Posted on Oct 14, 2008 at 08:34
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Whose money is it bailing out these banks?

poorrichard

Hmmmm.. Is is possible the these banks are the stockholders of The Federal Reserve? and not the other banks.. In other words, the taxpayers bailout the owners of The Federal Reserve.. Who have screwed us to the Max since 1913.. These banks should be allowed to fail, and their CEO's set to prison or, hung from lampposts.

The other banks that are not shareholders of the Federal Reserve System.. will fail and their assets will go to those who have been bailed out and can afford to buy debt.

Who in the hell would want to buy debt?.. That would be the last thing I would want to buy.. But then again.. I am some kind of loser. Only the winners know how to buy debt and multiply their losses thru volume.

Grrrr. I am not happy with this bailout thingie.

10/14/2008 - 09:45

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