WN: 78% of Americans want a bailout - USA Today

[LadyRaven]

In 1913, the banking cartel fooled congress and the American government into the formation of a central, private bank called the Federal Reserve. It's not owned by the government, there is no oversight of it and the government is beholden to this bank to receive funds to run. This bank gives the government money, on loan, as much as it needs and requests. The interest on this debt is the foundation for our current monetary system. IOW, if the national debt disappears, there is no money, we'd have to go back to gold (which is a bad thing only due to the shock it would produce as few citizens actually have gold).

The fed has had an agenda since before it was founded to do certain things. These things were decided Nov 1910 on a place called Jekyll Island. (I personally find this ironic, actually). These goals were as follows:

1. Reduce competition from smaller banks

2. Make the money supply elastic by taking it away from the gold standard

3. Pool interests together so that failures could be controlled and minimized (for member banks)

4. Get congress to bail out member banks in the case of failure, at tax payer expense.

5. Convince the populace that this was a good idea to reduce interest rates and even out the economy.

Now, lets just take the #4 objective and think about it for a second. This is how it works.

A big borrower (like a nation, a big corporation, etc) takes out a loan to finance something it deems important (like investment for growth or maybe to purchase materials for defence). But when the economy dips, often these big borrowers cant repay these loans. So, the big bank rolls over the loan. But this loan might be at a higher interest rate than the first one, so eventually that too becomes a burden. So, the big bankers make a new loan, covering the old one and the interest and so the money comes in for a while. Eventually, as people who are overextended tend to do, they continue to overextend themselves and cant repay that new load, so they borrow more money to pay that loan, plus money to improve the situation (fund projects which might earn money to help pay off this debt). More often than not, he will also need to extend the terms of the loan over more time so that the payments are less repressive. Eventually, though, in situations like this, the economy will dip again and the debtor cant pay. So they will go to congress for a bail out. Taxpayers aren't asked because...this endeavour is to important to fail and...the fed can just conjure up some money from nothing and all will be fine (never mind inflation). Now, if that doesn't work the bank who loaned the money goes to Congress and gets Congress to guarantee the money if the debtor(s) cant pay the debt because the bank is too important to fail. sometimes the IMF and other interests also help pay this off. And if that doesn't work the bank and the debtor can go to the fed and they will give you the money, if you are important enough to them. The FDIC pays the depositor's losses, and when they run out of money, they go to the fed and get more... In the end everyone ends up beholden to the Fed.

Think about how many times people who should have been allowed to fail have been bailed out this way. Penn Central Rail, Lockheed, Chrysler... and we have bailed out failing financial interests who practice these policies such as the S n Ls yrs ago, and several large banks such as the bank of Detroit and first Penn of Philadelphia...

The Fed's objective is to consolidate all the money under it's control and by allowing banks to lend the way described above and by scaring people into bailing these things out, they are succeeding.

So no, I do not want a bail out. They practised dirty pool and need to fail.

And the Fed needs to go.

[NickyLouse]

Read these "Letters to Congress". Probably more than 99% of the letters are in opposition to the bailout - even in its latest form. See financialservices.house.gov for the absolute latest if you can gain access to their site. I read through 150 letters Friday before I came across any letter other than the bailout and every single letter in regard to the bailout was in opposition.

I believe Gallup and USA Today is operating as agencies of the government at this point to ward off any panic from the public. If the public knew the truth that essentially no one is in favor of the bailout, there would be a run on banks that could not make sufficient cash withdrawals and would have to close their doors. That would lead to further panic and the FDIC would be overwhelmed in producing cash for all of the insured banks.

Another reason for duping the public is because most people believe anything television tells them and when people accept that the bailout must be a good thing since everyone is in favor of it, they will not revolt against the incumbents in Congress.

Edited September 28, 2008 by NickyLouse

[MorningGlory]

Considering that alternatives haven't been offered (other than the Democratic "modifications" . . . which isn't saying a whole lot).

Actually, the major modifications came from Republicans who wouldn't toe the Bush line.

[MorningGlory]

Read these "Letters to Congress". Probably more than 99% of the letters are in opposition to the bailout - even in its latest form. See financialservices.house.gov for the absolute latest if you can gain access to their site. I read through 150 letters Friday before I came across any letter other than the bailout and every single letter in regard to the bailout was in opposition.

I believe Gallup and USA Today is operating as agencies of the government at this point to ward off any panic from the public. If the public knew the truth that essentially no one is in favor of the bailout, there would be a run on banks that could not make sufficient cash withdrawals and would have to close their doors. That would lead to further panic and the FDIC would be overwhelmed in producing cash for all of the insured banks.

Another reason for duping the public is because most people believe anything television tells them and when people accept that the bailout must be a good thing since everyone is in favor of it, they will not revolt against the incumbents in Congress.

The same numbers were reported on Fox News 'Sunday'; that 99% of Americans, who e-mailed the network, oppose the bail out. I also heard 95% on my local talk radio station. So where did gallup get these figures anyway? Did they just poll the extended Bush family or what??