Tuesday, September 23, 2008

The Great American Coup Of Black September 2008 Seeks Congressional Approval

According to the BBC,
"BBC Business Editor Robert Peston said the US Treasury Secretary's proposal to buy bad mortgage debts from banks represented "the mother of all bail-outs".

He said that during the hearing Fed chairman Mr Bernanke disclosed that the Treasury would attempt to buy these debts from banks at close to their "hold-to-maturity" value, not the market value.

"In practice, it means banks who sell their debts to the Treasury would receive cash equivalent to something like twice the value in their books of these poisonous assets," our correspondent said.

"In other words they would book a profit from selling to taxpayers.

"It would represent a massive injection of new capital into the US banking system - for which taxpayers would receive nothing in return, except for the assurances from Mr Paulson and Chairman Bernanke that their banking system would not collapse," he added. "
Will nobody in the mainstream media ever come out and say that what is being proposed here is nothing less than fascism?


Blogger DiverCity said...

One of the Senators representing my state is on the Senate Banking Committee. I called his office today and voiced a very similar criticism. The voice on the other end appeared stupified....

24 September, 2008 02:02  
Blogger KlaosOldanburg said...

I put one of those current events boxes on the top of that wiki page to better reflect reality.

24 September, 2008 18:30  

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