I don't know who that is, but it's NOT your father's John Kenneth Galbraith.

This cat "James", says that the GOVT must become the defacto central bank by holding equity stakes in more FRB's. WHAT A LOAD OF SHIT!!! He wants to fix a broken "NEOCON CAPITALIST" system with more "NEOCON CAPITALIST" junk.

Let's bring back Andrea Mitchell's husband [ IRRATIONAL EXUBERANCE GIBBERISH MASTER ] and Adam Smith whose scarcity model based on "labor" producing wealth that's virtually OBSOLETE, as opposed to technology and money itself generating wealth that has been the SECRET economic system quietly adopted via LEVERAGE BUY OUTS since Louis Kelso www.kelsoinstitute.org and Buckminster Fuller www.bfi.org went public during the Korean WAR and reiterated throughout the Vietnam POLICE ACTION, and kept saying as Reagan-Alzheimer's recollection of IRAN-CONTRA calcified. The distribution of future wealth options, and limited lifespan corporations that allocate ownership to workers has been the failure point since corrupted by its implementers due to lack of transparency typical of the US PLUTOCRATIC, now PROTO-FASCIST self perpetuating MILITARY INDUSTRIAL COMPLEX IRON TRIANGLE 90%+ incumbent reelection driven system of government.

STEP AWAY FROM THE MICROWAVE ANTENNA, OMELET FOR BRAINS!!!

1st of all:

As always, Senator Bernie Sanders (I-VT) is a force for good in this world. On October 2nd, he stood before the senate and described—in detail—how and where this bailout package fails middle class Americans.

He calls Bush’s original bailout proposal “absurd” and admits that while this second (and now passed) version is far better, it still falls woefully short in the following ways:

• oversight board members hand-picked by Bush
• does not specify what the $700 billion is buying
• does not protect middle class families from foreclosure
• does not prevent CEO rewards and golden parachutes
• does not fix the original causes of the problem
• forces the middle class to pay for the mistakes of the wealthy

Bernie has additional points, which you can see in the video.
airamerica.com/ ... 87513

We were told the problem is the credit markets are freezing up because those who have cash to place are not at all confident they will get their money back, even if it’s only loaned out for one night, so we approved this $700 billion bailout package.

When are they going to start spending the money? After the elections.

Now, what does that do about overnight lending and short-term lending? Absolutely nothing. That’s not what this was about.

This was a Goldman Sachs plan by the former head of Goldman Sachs to, first and foremost, take care of the people on Wall Street. ...

We can inject liquidity into the system, what you’re seeing the government doing, and the implication of that is inflation.

We didn’t discuss options. That’s what troubles me, is Congress only heard from the advocates of this plan. They took no testimony from anybody else, only from the two principal advocates of this plan. ...

You had flat-out falsehoods open the CBS Evening News with Katie Couric and the Nightly News on NBC with Brian Williams Monday, a week ago, when the stock market fell. Both of them said it was the one—the biggest one-day decline ever in the stock market. It isn’t even the biggest in the last twenty-one years. It was the third. Now, it’s a big story, it’s important, but why would you not tell the truth about that? And it’s because they’ve bought into the hype.

The administration, just as it came up with a plan, to focus on using the herd mentality, the gullibility, the lack of skepticism among the Washington press corps and the way that most people there operate, which is on access to sources while ignoring a vibrant, rich public record of documents that will tell you what’s going on, have understood how to play this to a fairly well. ...

After all, the first rule of journalism is check it out. And there was not checking here. There was advertising posing as news.

What appears to have tipped the crisis was the decision by Secretary Paulson to let Lehman Brothers collapse, and that panicked everyone. ...

Economic fantasy that Lewis Carroll, had he been an economist, could have written. The fact is that we have a government—we were promised in 1980 by Ronald Reagan: “Elect me, and I’ll get you very quickly to balanced budgets.” Instead, we have four times the amount of government debt that we had back in 1980.

The taxes that Americans have paid in advance for Social Security benefits in the future were spent, principally to finance tax cuts for the wealthiest Americans. Right now, with the bailout in effect next year, all of the tax—the equivalent of all the income taxes that you pay in January, February, March, April and a good chunk of May just go to pay interest on the national debt, you know, and that money goes to China, foreign sovereign funds, wealthy individuals, insurance companies. It is a transfer from working people to those who are already wealthy.

The idea that we can cut our way out of this is just absurd. And let me give you a little example of this, Amy. I spent six weeks in Europe this year talking to ordinary people in twelve countries—rural Slovakia, Scandinavia, elsewhere—and about their economics and their finances. In Sweden, you are three times more likely to own a boat than you are in America. You’re much more likely to own a home free and clear. In fact, I walked up to a gaggle of bus drivers in Stockholm, and it turned out every one of them owned two houses—a city house or apartment and a country home—and every one of them owned them free and clear. What are the odds in the American economy that you could find a dozen bus drivers anywhere who owned one house free and clear?

There is a fundamental flaw in the economic theory that we have been operating on for years. And that theory doesn’t address the matters, what you spend your tax dollars on. We are not spending our tax dollars on greasing the wheels of commerce, building a stable society, educating people and removing the shocks from things like accidents and disease.

We are spending it on income transfers to the rich, on war, on interest on the national debt. And it’s impoverishing us steadily. Neither one of these presidential candidates is addressing the need for fundamental reform to build a sound economy that will take us into the future. ...

The question should be, how do we get the most effective, least expensive healthcare system? And running healthcare as a profit-making business is not the way to do that. The rest of the modern world has figured out that there are more efficient, more effective ways to do this. Look at our auto industry. It’s moving from Michigan to Ontario. Healthcare—it is damaging our economy to treat this as a business. ...

You can have a competitive system, but you don’t want to treat it as a profit- making business. You want to treat it as a public service, just as we do law enforcement, education and public health, rather than individual health.

www.democracynow.org/2008/10/8/debate#middle

NOW HERE'S A BLOODY FLASH FOR YA:

In the largest loss since the crash of 1987, the Dow Jones Industrial Average fell over seven percent on Thursday, closing below 9,000 for the first time in five years. Over the past six trading days, the Dow has plummeted more than 2,200 points, or about 21 percent. Earlier today, global stock values plummeted in trading as fears grew of a worldwide recession.

What upsets the Europeans and the foreigners is that the US plan has done nothing at all about the debt crisis itself. It’s bailed out the creditors, but not a penny of the actual debts, the subprime mortgage debts, are addressed.

Without any of the media knowing, the Federal Reserve over the last few months has given $850 billion of cash for trash already . This is what the $700 billion discussion in Congress was supposed to be about, but the Fed, without anyone knowing, has already been exchanging these securities. And the securities essentially have been swapped by the US bankers to their pals and not done anything at all to write down the actual subprime debts. There’s a big attempt to blame the victim now. And if you add up all of the subprime bad loans and defaults, that’s altogether $1 trillion. So far, the government has given away $6 trillion already to Wall Street. That’s much more than any of the subprime debt. And the volume of derivative trade has been estimated at $450 trillion, an unbelievable amount. ...

And what really trigger ed a lot of this was the way in which Lehman went bankrupt. The day—and this has not been discussed either in America, but it’s all over the European press. The day before Lehman went bankrupt, it basically looted all of its foreign offices. ... English bankers ... they’ve come to the conclusion that the American bankers—well, we won’t say “crooks,” but let’s say they’re cronies who deal among themselves and are willing to screw the foreigner.

And this has created such a mistrust abroad that Europeans and Asians and OPEC country investors are simply pulling their money out of the US , because they don’t have a clue as to the solvency of the banks. We’re seeing the end result of the Alan Greenspan deregulatory revolution, where he said markets are all self-regulating. Right now, you’re seeing the markets self-regulate themselves. And the result is a wipeout of the American pyramiding. ... no matter how much money the government is going to be giving the banks, with these trillions of dollars, the banks are not lending them out.

And the reason the banks are not lending them out to car buyers and homeowners and other people are that the population is already loaned up. 40 percent of American income is spent now on rent, and about 15 to 20 percent on interest payments. And without addressing the debt problem, no matter how much money the banks have, they are not going to lend money to somebody who can’t afford to take on any more debt. And most people in America right now cannot afford to meet the bank’s standards for taking on any more debt. So none of this money that’s being given away has any effect at all on real people and purchasing power and cars and goods and services. It’s all to settle debt pyramiding among the banks and Wall Street institutions themselves. ... it really has only a single line of solution, and that is to bail out the Wall Street banks. There’s— nobody is suggesting here, nobody is suggesting in Europe, write down the debts of the debtors, rewrite—nobody is suggesting to rewrite the bankruptcy law. Nobody is suggesting to reintroduce progressive taxation. They’re not even suggesting a closing down of all of the tax gimmicks that make so many companies tax-free. So they’re actually following a very narrow, single-minded approach to only make the creditors whole on their losses, don’t do anything about the debts , and so nothing at all they’re going to be talking about this weekend is going to be addressing the economic slowdown or the recession. And for that reason, we’re going to get worse. ...

Every stock adviser that I know has their money out of the stock market now , .... why would you want to take a risk in this? At least you can preserve what you have.

www.democracynow.org/2008/10/10/bush_to_host_emergency_finance_meeting/#...

2nd:
Somehow this flew under the radar, despite BHO mentioning it while stroking McBush's ass with a feather in front Lehrer during the 1st debate:

Friday, Sep 26, 2008 The Arkansas Congressional delegation today announced that the House of Representatives has passed a $600 billion spending package containing critical new funds to support military construction projects and advance technology that strengthens our nation's defense. The Senate is expected to pass the legislation in the next few days.
www.arkansasmatters.com/content/fulltext/news/?cid=119352

On Wednesday, September 24, right in the middle of the fight over billions of taxpayer dollars slated to bail out Wall Street, the House of Representatives passed a $612 billion defense authorization bill for 2009 without a murmur of public protest or any meaningful press comment at all. (The New York Times gave the matter only three short paragraphs buried in a story about another appropriations measure.)

The defense bill includes $68.6 billion to pursue the wars in Iraq and Afghanistan, which is only a down payment on the full yearly cost of these wars. (The rest will be raised through future supplementary bills.) It also included a 3.9 percent pay raise for military personnel, and $5 billion in pork-barrel projects not even requested by the administration or the Secretary of Defense. It also fully funds the Pentagon's request for a radar site in the Czech Republic, a harebrained scheme sure to infuriate the Russians just as much as a Russian missile base in Cuba once infuriated us. The whole bill passed by a vote of 392-39 and will fly through the Senate, where a similar bill has already been approved. And no one will even think to mention it in the same breath with the discussion of bailout funds for dying investment banks and the like.

This is pure waste. Our annual spending on "national security"--meaning the defense budget plus all military expenditures hidden in the budgets for the departments of Energy, State, Treasury and Veterans Affairs, the CIA and numerous other places in the executive branch--already exceeds a trillion dollars, an amount larger than that of all other national defense budgets combined. Not only was there no significant media coverage of this latest appropriation, there have been no signs of even the slightest urge to inquire into the relationship between our bloated military, our staggering weapons expenditures, our extravagantly expensive failed wars abroad and the financial catastrophe on Wall Street.
www.thenation.com/doc/20081013/johnson/print

The fact that there are only 38 congressmen left that remain staunchly opposed to open ended blank check $600B+ funding of DoD & the Mesopotamian quagmire is telling:

Nay WV Byrd, Robert [D] * Nay WI Feingold, Russell [D] * Nay WI-2 Baldwin, Tammy [D] * Nay OR-3 Blumenauer, Earl [D] * Nay MA-8 Capuano, Michael [D] * Nay MI-14 Conyers, John [D] * Nay IL-7 Davis, Danny [D] * Nay OR-4 DeFazio, Peter [D] * Nay MA-10 Delahunt, William [D] * Nay MD-4 Edwards, Donna [D] * Nay MN-5 Ellison, Keith [D] * Nay MA-4 Frank, Barney [D] * Nay IL-4 Gutierrez, Luis [D] * Nay NY-22 Hinchey, Maurice [D] * Nay IL-2 Jackson, Jesse [D] * Nay TX-18 Jackson-Lee, Sheila [D] * Nay OH-10 Kucinich, Dennis [D] * Nay CA-9 Lee, Barbara [D] * Nay GA-5 Lewis, John [D] * Nay MA-7 Markey, Edward [D] * Nay NY-6 Meeks, Gregory [D] * Nay ME-2 Michaud, Michael [D] * Nay WI-4 Moore, Gwen [D] * Nay MA-1 Olver, John [D] * Nay NJ-10 Payne, Donald [D] * Nay IL-9 Schakowsky, Janice [D] * Nay NY-16 Serrano, José [D] * Nay CA-12 Speier, Jackie [D] * Nay CA-13 Stark, Fortney [D] * Nay MA-6 Tierney, John [D] * Nay NY-10 Towns, Edolphus [D] * Nay NY-12 Velazquez, Nydia [D] * Nay CA-35 Waters, Maxine [D] * Nay CA-33 Watson, Diane [D] * Nay VT-0 Welch, Peter [D] * Nay CA-6 Woolsey, Lynn [D]

www.tinyurl.com/4aoo7w govtrack.us/congress/vote.xpd?vote=s2008-201&sort=party
www.tinyurl.com/3s93rv govtrack.us/congress/vote.xpd?vote=h2008-631&sort=party

S. 3001: National Defense Authorization Act for Fiscal Year 2009
Division A - Department of Defense Authorizations
Title I - Procurement

Subtitle A - Authorization of Appropriations

Section 101 -
Authorizes appropriations for FY2009 for the Army, Navy and Marine Corps, and Air Force for aircraft, missiles, weapons and tracked combat vehicles, ammunition, shipbuilding and conversion, and other procurement.

Section 104 -
Authorizes appropriations for FY2009 for defense-wide procurement.

Title XVI - Authorization of Additional Appropriations for Operations in Iraq

Section 1602 -
Authorizes appropriations to DOD for FY2009 to provide additional funds for operations in Iraq, specifically for: (1) procurement; (2) the Joint Improvised Explosive Device Defeat Fund; (3) RDT&E; (4) O&M; (5) military personnel; (6) Defense Working Capital Funds; (7) the Defense Health Program; (8) the Iraq Freedom Fund; and (9) the Iraq Security Forces Fund.

While ~$4 Billion Aug 2007 to prevent this meltdown or not, took 12 months to get to the POTUS's desk.

H.R. 3221: Housing and Economic Recovery Act of 2008

The following summary was for the Concurrence Vote for this bill on 2008-07-26.

• Increases the national debt limit from $9.82 trillion to $10.62 trillion (Sec. 3083).
• Establishes the Home Ownership Preservation Entity Fund to fund the HOPE (Home Ownership Preservation Entity) for Homeowners Program, which will insure up to $300 billion for 30 year refinanced loans for distressed borrowers between October 1, 2008-September 30, 2011 (Sec. 1402).
• Provides that the mortgagor and the Secretary for Housing and Urban Development each receive 50 percent of the appreciation value for each eligible mortgage insured under the HOPE program if changes occur to the property value 5 years after the loan is taken over by HOPE (Sec. 1402).
• Allocates $3.92 billion in grants to States and other units of local government to redevelop abandoned and foreclosed property and $180 million to the Neighborhood Reinvestment Corporation, given that at least 15 percent of the $180 million be provided to housing counseling organizations that provide services for loss mitigation to minority and low-income homeowners (Sec. 2305).
• ...

Other Titles: -- Building American Homeownership Act of 2008
-- Federal Housing Finance Regulatory Reform Act of 2008
-- FHA Manufactured Housing Loan Modernization Act of 2008
-- FHA Modernization Act of 2008
-- Foreclosure Prevention Act of 2008
-- HOPE for Homeowners Act of 2008
-- Housing Assistance Tax Act of 2008
-- Housing Tax Credit Coordination Act of 2008
-- Mortgage Disclosure Improvement Act of 2008
-- S.A.F.E. Mortgage Licensing Act of 2008
-- Secure and Fair Enforcement for Mortgage Licensing Act of 2008
-- Small Public Housing Authorities Paperwork Reduction Act

www.govtrack.us/congress/bill.xpd?bill=h110-3221

BTW:
All this hype about student loans not happening thanks to complex credit swap instruments imploding, wouldn't that cause students to RIOT as they will when Vader-Netanyahu-Lieberman unleash bunkerbusting ICBMs on Iran later this month?

We know they don't care when the foreclosures aren't theirs, but when the credit crunch effects them directly they'll move right?

Not even truckers shut down commerce when diesel went though the roof. This is a country of whipped wimps!!!

LAURA TYSON, FMR. CHAIR, W. HOUSE NAT'L ECONOMIC COUNCIL:
Good evening. Nice to be with you.

MADDOW: Let's play political analogy for a second. Is this global warming where it's really bad but there are some people saying, don't worry, don't worry, it's all fine or is this the Iraq war where there's widespread panic, but it's ginned-up and we shouldn't be falling prey to the hysteria?

TYSON: You know, this is not ginned up. ... All along, this has been called a bailout bill. It's such a misnomer. We are in the midst of a massive credit contraction. ... It's making it impossible for students to borrow, to keep their loans going ...

msnbc.msn.com/id/26958774/print/1/displaymode/1098

PS:

As far as Palin goes airamerica.com/ ... 492716

KUBY, watching you shuffle those papers around is hilarious.
What's up with yellow , is it your favorite color?

WE HAVE ALL HEARD FOR YEARS THAT PEOPLE WITH SUPPOSEDLY "BAD" CREDIT ARE CHARGED HIGHER INTEREST RATES THAN THOSE WITH SUPPOSEDLY "GOOD" CREDIT. THIS IS A FORM OF ECONOMIC OPPRESSION.

ON A HUMANITARIAN AND EVEN AN ECONOMIC LEVEL THIS DOESN'T MAKE ANY SENSE. PEOPLE WITH "BAD" CREDIT ARE PROBABLY LESS WELL OFF, SO CHARGING THEM MORE MONEY TO BORROW JUST MAKES THE PERSON MORE LIKELY TO HAVE PROBLEMS REPAYING, NOT FEWER PROBLEMS.

IF A FAIR RATE OF RETURN ON MONEY IS SOME ANNUAL PERCENTAGE RATE, THAN WHY SHOULD SOMEBODY BE CHARGED MORE BASED UPON SOME ASSESSMENT OF SUPPOSED CREDIT RISK? WHY SHOULDN'T EVERYBODY PAY THE SAME INTEREST RATE FOR VARIOUS CLASSES OF LOAN, I.E. A STANDARD INTEREST RATE FOR AUTO LOANS, HOME LOANS, CREDIT CARDS, ETC. THAT WAY THE TOTAL RISK OF LENDING IS SPREAD OUT AMONG EVERYBODY IN A PARTICULAR CLASS OF LOANS. AND FEES SHOULD BE STRICTLY LIMITED. WHY DIDN'T CONSUMERS GET A PROVISION LIKE THIS AS A COUNTERBALANCE TO THE UNFAIR BANKRUPTCY LAW.

THESE PRACTICES ARE THE REASONS WHY BANKING IS TRADITIONALLY A VERY LUCRATIVE BUSINESS. THESE BANKS HAVE BEEN EATING AMERICAN CONSUMERS ALIVE.

I DON'T THINK IT'S RIGHT TO PILE ON THE ECONOMICALLY DISADVANTAGED, WHO ARE SO OFTEN THE PEOPLE WHO ARE DISCRIMINATED AGAINST AND HAVE LESS EDUCATION. I THINK THERE ARE TIMES WHERE EVEN IF YOU DO NOT HAVE SUPPOSEDLY "BAD" CREDIT, LENDERS CHARGE YOU MORE JUST BECAUSE YOU DO NOT HAVE A LOT OF MONEY TO PUT DOWN ON A TRANSACTION. THIS IS A BEGGER THY NEIGHBOR POLICY, IT IS WRONG, IT IS INHUMANE, AND AS WE SEE BY THE CURRENT ECONOMIC CRISIS, IT IS UNSUSTAINABLE. THIS WHOLE ECOMONY IS BUILT ON THE BACKS OF THE SUPPOSED "BAD" CREDIT RISKS, WHO WORK EVERYDAY TO PAY THEIR BILLS, BUT SOME COMPANY HAS DECIDED THEY ARE "BAD" CREDIT RISKS.

ALSO, IF YOU MAKE IT LEGAL TO IMPOSE ONEROUS RESTRICTIONS ON PEOPLE WHO ARE SUPPOSEDLY "BAD" CREDIT RISKS, YOU OPEN THE DOOR TO ABUSE, I.E. REDLINING, ETC.

THIS IS A SERIOUS PROBLEM UNDERLINING THE SUBPRIME CRISIS AND SHOULD BE DISCUSSED, ESPECIALLY IN RESPONSE TO THE FALSE CLAIMS THAT LIBERAL CREDIT CAUSED THE SUBPRIME CRISIS. LIBERAL CREDIT DID NOT CAUSE THE SUBPRIME CRISIS, UNFAIR LOAN TERMS CAUSED THE SUBPRIME CRISIS.

WHAT ABOUT IT, RON?

Not sure how to communicate to you so I'm doing it this way.

Your Friday podcasts are not being made available on iTunes until late Monday..... is there any way we could get them on Friday so we can listen to them over the weekend?