The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time.
~ Jack London ~
By Matt Canham
The Salt Lake Tribune
Article Last Updated: 10/02/2008 11:02:16 AM MDT
WASHINGTON - The House may pass the $700 billion Wall Street bailout tomorrow, but they won't get any help from Rep. Jim Matheson, D-Utah.
Despite the additions to the bill, which includes money for rural counties with large federal land holdings, Matheson will once again vote against the bill. The House first rejected the proposal on Monday, but will have a second try on Friday after the Senate revised and passed the bailout, sweetening it with nearly $110 billion in tax breaks. "I don't believe this bill is the right medicine to cure the disease," Matheson said. "The Senate version is even worse. It's larded up with more debt and doesn't include long-term reform language that would prevent this kind of crisis from happening again." Matheson has been deeply skeptical of the plan, ever since the Bush administration first proposed it two weeks ago. Under the proposal, the Treasury secretary would have vast powers to use taxpayer money to assume the toxic debt from fragile financial institution. The goal is to keep money flowing in the credit markets. But Matheson says: "Economists aren't able to say that this bill is actually going to solve the credit freeze problem." He's not convinced the plan will function as designed or that taxpayers will receive an appropriate return on their investment.
He predicts that Congress will have to take further actions to respond to the financial crisis. "I am certain this isn't the end of the difficulties we face," he said.
There is a reason Ron Paul said we need to abolish the Federal Reserve.
The Federal Reserve will accept STOCKS as collateral for loans. This is allegedly illegal under Section 23A of the Federal Reserve Act (12 USC 371c):
So, are you still living under the belief that you live in a society governed by law?
Absolutely not! The judgment of history will be that they broke the law and that the Federal Reserve System has enslaved the American people. I'm not talking about winning or losing an economic battle. The end of the United States as a geopolitical entity is just a part of all this.
This is the beginning of a struggle to decide the future of all of humanity, whether we'll descend again into the darkness of the forms of the past, or create something totally new.
When these stocks (possibly/eventually) tank, the fed's going to have a lot of worthless collateral, right?
Isn't this the same thing that happened to the banks (ie: when the housing values crashed and the mortgages became worthless)?
I think this country is entering into a new era in its economic history. If the fed crashes and all the treasury notes other countries have on us become worthless the dollar is as screwed as we are. Yiiiikes.
Is there no end to this? From military recruits to Congress critters to Supreme Court justices to the president of the United States, all take an oath in which they solemnly swear to "uphold and defend the Constitution of the United States. It is beyond hypocritical for someone to swear "to preserve and protect the Constitution against ALL enemies, foreign and domestic" and subsequently focus on undermining, mitigating or abrogating the very document to which they have sworn protection ... in effect becoming a domestic enemy. We, and the United States Constitution, have been raped repeatedly by these corrupt fascist despots who are in power! Are we to stand by, and allow them to also Rape our children's children?!
If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; and may posterity forget that ye were our countrymen." ~ Samuel Adams
"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation."