Support the Wall Street-Funded Rescue Plan

Forget Republican versus Democratic. That's a false dichotomy. Its the Democrats in Congress who are now trying to pass the fat cat welfare, taxpayer-funded bailout. Forget labels. Forget politics. Forget who should get credit for good ideas. Let's look at substance and do what's best for the country.

House Republicans are pushing a meaningful alternative to the Paulson bailout plan.

CNBC has the story:

In a letter to House Speaker Nancy Pelosi, House Minority Leader John Boehner urged that the proposals be "given the consideration they deserve."

The proposals include:

  • Wall Street – Not Taxpayers – Should Fund the Recovery
  • Private Capital – Not Tax Dollars – Should Be Injected Into Financial Markets
  • Immediate Transparency, Oversight, and Market Reform

Click Here to Read Boehner's Letter and Republican Proposal

This is a chance to stop the taxpayer bailout and to make the scam artists who created the economic mess clean it up.

So call Congress and demand that they support:

(1) Wall Street - not taxpayer - funding of the recovery

(2) Private - not public - capital injected into the markets

(3) Immediate transparency, oversight and market reform, and

(4) Insist that they clean up the derivatives mess, also.

(Find contact info at

It's the final collapse of Capitalism so

what we need is a bit more radical PROGRAM. The idealization of "market forces and prices" (Ron Paul) is not a workable program, as laissez faire leads as surely to complete collapse of the Capitalist System as do the various interventionist approaches. Why not read something from Trotsky's Transitional Program (1938).

Expropriation of the Private Banks and
State-ization of the Credit System
Imperialism means the domination of finance capital. Side by side with the trusts and syndicates, and very frequently rising above them, the banks concentrate in their hands the actual command over the economy. In their structure the banks express in a concentrated form the entire structure of modern capital: they combine tendencies of monopoly with tendencies of anarchy. They organize the miracles of technology, giant enterprises, mighty trusts; and they also organize high prices, crises and unemployment. It is impossible to take a single serious step in the struggle against monopolistic despotism and capitalistic anarchy – which supplement one another in their work of destruction – if the commanding posts of banks are left in the hands of predatory capitalists. In order to create a unified system of investments and credits, along a rational plan corresponding to the interests of the entire people, it is necessary to merge all the banks into a single national institution. Only the expropriation of the private banks and the concentration of the entire credit system in the hands of the state will provide the latter with the necessary actual, i.e., material resources – and not merely paper and bureaucratic resources – for economic planning.

The expropriation of the banks in no case implies the expropriation of bank deposits. On the contrary, the single state bank will be able to create much more favorable conditions for the small depositors than could the private banks. In the same way, only the state bank can establish for farmers, tradesmen and small merchants conditions of favorable, that is, cheap credit. Even more important, however, is the circumstance that the entire economy – first and foremost large-scale industry and transport directed by a single financial staff, will serve the vital interests of the workers and all other toilers.

However, the state-ization of the banks will produce these favorable results only if the state power itself passes completely from the hands of the exploiters into the hands of the toilers.

Both GOP proposals are crap

I don't support either plan. Nobody should. They are both pure shock doctrine.

You might have missed the part of the Boehner plan that says "removing burdensome regulatory and tax barriers."

This is more of the same Republican "tax cuts, deregulation, and privatization solves everything" nonsense that got us in this financial disaster to begin with.

$700 Billion SMALL POTATOES - Try $60 Trillion

I just finished listening to an interview of a woman who should be known to every American - Catherine Austin Fitts. Fitts suffered through 18 audits and investigations, and 12 pieces of litigation over 13 years, and came through clean as whistle.

Her sin was trying to facilitate the discovery of national fraud and mismanagement of Federal Government dollars. She had started a company which made software, called Community Wizard, which would connect to the internet, and download information which would show sources and used of Federal dollars in your (or any) community. This software made the tremendous waste of tax dollars stick out like a sore thumb. Most federal funding is discussed in terms of function, not locality.

E.g., in 1996, when running the Distressed Assets program for HUD, she found communities where HUD would spend $200,000 to $250,000 per apartment to rehab or build public housing, while $50,000 would have allowed the purchase and rehab of a foreclosed or distressed property in the same neighborhood.

Her reward for her economic patriotism was, besides the audits, investigations, and litigation already mentioned, to have the Department of Justice seize her company and to "essentially" steal her software.

Fitts claims that widespread adoption of her software would have made the housing bubble impossible. The principle, here, is that "following the money" by local citizens is the ultimate form of financial control - superior, in fact, to laws and regulation (which, she explains, have been perverted to prosecute honest people; and that's in the less reprehensible cases; in the more reprehensible cases, sex scandals were conjured up to "get the honest people out of government")

Fitts doesn't think much of any bailout, much less a bailout with no oversight. She is basically for the real economy, under as much local control as possible. Centralizing economic forces like Wall Street help suck money out of local communities, and even help put pressure on local jobs by funding expatriation of businesses. See her website,, for more information on what she calls "the tapeworm economy".

Another economic patriot every American should know about is Walter Burien, who discovered and made public the Comprehensive Annual Financial Reports (CAFR) - essentially a legally required, second set of books kept by all levels of government, but discussed in no newspaper, of even, AFAIK, any "alternative" media such as Mother Jones.

When you see how much money is involved in CAFR assets - in the multi trillions of dollars - you may be thankful that the $700 billions rape bailout is so public. The CAFR's and HUD-level of fraud and mismanagement is an old and continuing story, that gets zero publicity in the case of the former, and very little (that I know of, anyway) in the case of the latter.


N.B.: See Fitts comments re Jack Kemp, to see how high the corruption goes.
See also for more info on Catherine Austin Fitts

See 19:00 into Burien's April 28th 2001 lecture to the Arizona Breakfast Club :

if you look at the composite total of all, inclusive of the Federal government, standing liquid investment assets, as a conservative figure, is about 60 Trillion dollars

The public may be kept in the dark about CAFR's, but not everybody is. People who receive a copy each and every year are mentioned 17:50 into the video:

Every editor of every primary paper was sent a copy (of the CAFR) each and every year. The CEO and every one of the directors from ABC, CBS, NBC, CNN were sent a copy each and every year and they have been for 18 years...I found out that deans of all of the colleges were sent a copy each and every year

We've been through this mess

with the Mexican peso bailout in 1995. Clinton could not get Congress aboard for that one, so he raided the exchange stabilization fund, and had the IMF cough up some fund. That was only a $40 B bailout however. But it set the precedent for today.

The real cause of our problems is the removal of reserve requirements for federal reserve notes in the 1960s during the Johnson administration. Before that, there was a reserve requirement of 25 percent gold for the issuance of Federal Reserve notes, while the value of the notes themselves was maintained at35 dollars to an ounce of gold.. While this was not a perfect system, it did prevent the Fed from unbridled issuance of currency. When the reserve requirements were removed, the Fed had no incentive to stop printing money, and so much was circulated that it was impossible to defend the $35/oz. standard. This was changed to $42/oz, and then Nixon finally abandoned a fixed relationship between gold and the dollar.

The basic problem is that there is no way to create value by merely printing money. The money is inevitably revalued to equal the quantity of tangible assets held in reserve to support it. What happens is that the economy becomes starved for money, because the money stock becomes revalued to the point where it equals the gold reserve. Since the gold reserve has not increased since the 1950s, this means that we end up having a money supply suitable for a 1950s economy, when our present economy is much larger.

What is the solution? A return to a commodity standard such as a gold or a silver standard is the only solution. Only under such a standard can the monetary base grow while the monetary unit remains relatively stable in its purchasing power. How can this be done? Well, get a gold or silver coin and try to exchange it for something you want or need. That is the beginning of the revival of the gold standard. The seller has to determine how much of what he has he will give you for the silver or gold you offer him.

The constitution gives the federal government the responsibility for coining money, meaning forging monetary metal into a convenient form for commercial transactions. The monetary metals are spelled out in the responsibilities of the state, where it says that the states may not make anything a tender in payment of debt but gold or silver coin. Originally, the government was to coin money, because the states would not be able to levy taxes in anything but gold and silver coin, and the states raised the money to be handed to the federal government. Thus a gold/silver standard was ensured. This relationship changed with the amendment mandating the income tax, because the federal government could directly tax the individual without the state intervening. Therefore, in terms of federal tax collection, the fact that states could not collect taxes in anything other than gold and silver coin became moot. The federal government could collect the taxes in any old currency it pleased, including federal reserve notes.

When the bimetallic standard was introduced into the constitution, gold traded for about 15 times the price of silver for the same weight of metal. This was thought to be a kind of economic constant, but of course it was not. Today silver is about $13/oz while gold is $850 an ounce. That's a much wider spread than fifteen times. A metallic standard should be limited to one metal, either gold or silver, for that reason.

GW, you might want to take a look at this:

The Wall Street Examiner (alternative wall street blogger)

Tar Pit Operation at Work

I think Russ is on to something. The embedded links are a must to understand what he is saying.

Demand a 9/11 criminal Investigation

Let's stay focused on the mission of this blog..

1) Demand a 9/11 criminal Investigation.


They are inextricably related

While 9/11 accomplished other things, both are a part of one big bank heist.

"But truthfully, I don't really know. We've had trouble getting a handle on Building No. 7."
~Dr. Shyam Sunder - Acting Dir. Bldg. & Fire Research Lab. (NIST)
"We are [still] unable to provide a full explanation of the total collapse." (NIST)

Right ...

And because this is hitting people in their pocket book, it is waking up the masses in droves. 9/11 on the way in to this administration and a manipulation of depression on the way out, and the planning all took place in the mid 90's.

The octopus has many arms, and with each crisis the head becomes clearer for everyone to see.

Economic 911

... another inside job.

If you're not outraged, you're not paying attention.

You are so right Joann

I protested yesterday on the west lawn of the Capitol in DC with a group of investors who organized the protest at the forum on People came from Indiana, Texas and North Carolina for this protest. Some of them were so mad about the bailout they said they had barely slept all week.

When I brought up 9/11 to people in this group of primarily well off Republicans, I got a surprisingly warm reception. People are now saying: "if they could do this (bail out) what else could they do? What else might they have done?" One man told me that after being a lifelong Republican, he is through with them now.

The best part is that CNN showed up and stayed about 20 minutes, interviewing several of the investor-protestors. Whether anything was broadcast, I don't know.

Shelia ...

TF, as well as 911/blogger, is another great group of people trying their best to take back our country.

Funny, we didn't see see that protest of MSM? Lol.

Stange Bedfellows

Russ Hallberg
We can do more for 911 truth with a stable economy than a collapsed one. House Minority Leader John Boehner's proposal merits some support. Roosevelt slipped in a strengthened FED during the New Deal. Watch out.