The past few days here in New Zealand have felt numb as I watch Wall Street take over Washington.
The financial crisis that began in the United States spread to many corners of the globe. Now, the U.S. bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.
Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic U.S. mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.
The prospect of being locked out of the bailout set off alarm bells among chief executives of overseas banks whose American affiliates also hold distressed mortgage-related assets, like Barclays and UBS. The original text provided access to the $700 billion bailout for any financial institution based in the United States.
As the day wore on, some raised their concerns with the Treasury Department, arguing that foreign institutions were both big employers and major players in the American capital markets. By Saturday evening, the language had been changed to allow any financial institution “having significant operations” in the United States.
While Paulson has agreed with that argument, the Bush administration is also leaning on foreign governments to pitch in with bailout programs of their own as needed. “We have a global financial system and we are talking very aggressively with other countries around the world, and encouraging them to do similar things, and I believe a number of them will,” Paulson said on Sunday.
The request is expected to be discussed during a conference call among Group of 7 finance ministries scheduled for Sunday evening, a European official said.
Allowing foreign banks to participate in the federal rescue package has not yet drawn widespread scrutiny in Congress, where a number of lawmakers, including Senator Christopher Dodd, Democrat of Connecticut, have acknowledged that millions of U.S. citizens do business with UBS, the Royal Bank of Scotland, and many other foreign-based banks in the United States.
But a number of lawmakers are wary that such an extension may worsen what could ultimately turn out to be a trillion-dollar bailout for Wall Street.
“I’m skeptical of the bailout, the whole bill is only a couple of pages long,” said Representative Scott Garrett, Republican of New Jersey, who is a member of the House Financial Services Committee. As for the participation of foreign banks, Garrett said: “I have a concern with it, they probably should be treated differently, but Congress is really not getting any say.”
If you are still in America, call Washington DC and tell them no.
If your outside the USA like me, buy storable food, store water, acquire some gold coins and stay out of the USA right now.
Cheers!
Duration : 0:4:40
October 1st, 2008 at 10:46 am
Come to NH and …
Come to NH and fight it out.
Free State Project.
October 1st, 2008 at 10:46 am
I heard theres a …
I heard theres a new tax on Americans leaving the country and given their goal is to combine Canada, the U.S and Mexico out of this created crisis its will just melt into where your headed, though maybe if the U.S is paralyzed millitarily there might be hope to move to another country not to the dollar that it wont be able to invade. The best part of the deal (I’m hoping anyway) is that this nation leaves other countries alone so if that means we come down then I’d rather suffer for their relief
October 1st, 2008 at 10:46 am
America is run and …
America is run and controlled by Zionist Jews. Check out the number in the government and financial institutions! Greed, deception, and eventual ruin is all they bring.
October 1st, 2008 at 10:46 am
Sadly its your …
Sadly its your blame the Republicans that infects Congress. Why should the taxpayers support these bigshots who up. Its a joke. if this is passed I am moving to canada.
October 1st, 2008 at 10:46 am
Yesterday stocks …
Yesterday stocks went down, today they went back up, recovered nicely. Doesn’t that mean that the market is correcting itself? No need for a bailout after all.. Right?
October 1st, 2008 at 10:46 am
I don’t get it. Why …
I don’t get it. Why are the beatles and other non american people in this? to whom are we saying goodbye? America? I don’t think so. We always pull through- sooner or later. Do you think we’ll just lay down and die? no.
And why is afteramerica, who is from …New Zealand? Yes?… spending so much time on making these snippets? It’s weird.
October 1st, 2008 at 10:46 am
“My Way”, sang by …
“My Way”, sang by Frank Sinatra.
October 1st, 2008 at 10:46 am
this song is …
this song is fantastic can some one help me out with the name.
October 1st, 2008 at 10:46 am
yeahay end of days .
yeahay end of days .
October 1st, 2008 at 10:46 am
I’m not sure what …
I’m not sure what you mean by “Wall Street never took over anything in my lifetime.” I agree with what you say about Reagan, et al. But that’s the kind of thing I’m talking about when I say that Wall Street has been taking over the government for the past 30 years - the government has more and more operated in the interest of the big players, to the detriment of the rest of us.
October 1st, 2008 at 10:46 am
yup we are truly …
yup we are truly fucked!
October 1st, 2008 at 10:46 am
@dfthompson: Before …
@dfthompson: Before Reagen, Companies were forbidden to form monopolies. That is how the banks became so powerful. After Reagan, there were no reigns on big business. That is why business is so powerful now. Banks could only do banking. After Reagan, the small banks began to slowly eat up other banks. Until you have a monstrosity like Bank of America that gives a customer no choices. They can charge whatever they want when it comes to checking etc.They have no competition. Now,the banks own us.
October 1st, 2008 at 10:46 am
@dfthompson: Wall …
@dfthompson: Wall Street never took over anything in my lifetime. Blame Ronald Reagan for deregulating. He hated regulations. That is what the Republications wanted and that is exactly what they got. Of course, all of this countries can be blamed on the “libs.” It wasn’t until 2000 when Bush was not elected and Rush Limbaugh became an arm of the Republican Party. Limbaugh redefined the word liberal and it stuck.(unfortunately) Stock couldn’t be bought by the middle class. It was too expensive.
October 1st, 2008 at 10:46 am
This video meant so …
This video meant so much to me, probably because I am so much older than most on the Internet. My father was born in 1910. He had to quit 7th grade because he had a sister and brother to raise. His stepfather was a bootlegger. My uncle, in the US Army, was killed when the Germans torpedoed his ship on the coast of North Africa. My cousin was in the Sea Bees, but came home alive. We did not brag that we were patriotic. It was a given. I retired from the Arlington National Cemetery in 2000.
October 1st, 2008 at 10:46 am
Yeah, but didn’t he …
Yeah, but didn’t he get himself into some kinda jam over that?
October 1st, 2008 at 10:46 am
I agree. This has …
I agree. This has been going on for a long long time.
October 1st, 2008 at 10:46 am
afteramerica: I …
afteramerica: I don’t think Wall Street took over Washington “in the past few days.” The takeover has been going on for at least thirty years.
October 1st, 2008 at 10:46 am
george washington …
george washington must be turning in his grave…lol…but dont worry US is not going broke so soon…may be in 30-40 yrs yes but not now (but u never know if this could happen to a company like Goldman). They are going to be a LOT poorer then let say 8 yrs ago.
October 1st, 2008 at 10:46 am
economic bailout …
economic bailout news and updates on army occupation of another sovereign land
watch?v=P1qOMCBLIB0
THIS BREAKING NEWS ON THE ECONOMY AND OUR TROOPS COMING TO PATROL OUR STREETS NEXT WEEK
PLEASE SPREAD THE WORD to all your friends, subscribers, facebook, myspace, digg, etc
October 1st, 2008 at 10:46 am
the interesting …
the interesting part about the war was started due to weapons of mass destruction being in iraq however 8 years later the weapons of mass destruction where right here in our country = bush cheney and the rest of the bastards
October 1st, 2008 at 10:46 am
Revise; Excellent …
Revise; Excellent video
October 1st, 2008 at 10:46 am
Great video. Love …
Great video. Love the soundtrack.
October 1st, 2008 at 10:46 am
these asswipes did …
these asswipes did more to americans than
osama bin laden could even dream of.
October 1st, 2008 at 10:46 am
Oh fools who …
Oh fools who supported the Iraq war- trillions of dollars down the drain while Bush, Cheney + their cronies lined their pockets, and now the policies of greed are coming home to roost
October 1st, 2008 at 10:46 am
Tradesmen …
Tradesmen organizing, we will be here, we know the truth we will defend.