|Obama Makes Historic White House Visit
WASHINGTON, Nov 10 (Reuters) - President-elect Barack Obama visited the White House on Monday for his first post-election meeting with President George W. Bush, a strikingly symbolic moment in the historic transition of power in Washington.
Washington Post reports that Obama will be the first "WIRED" President
How do we get out of this mess?
We will restore sanity and stability to America by putting back in place the laws governing banking and industry that served us so well after the Great Depression of '29. We need to make these laws ironclad so they can never again be repealed or "deregulated". This will allow us to make sure a depression like the depression of '08 WILL NEVER HAPPEN AGAIN.”
What do YOU think we should do to get out of this mess?
Email your suggestions to firstname.lastname@example.org.
Regarding all mail, If you can prove it we will print it.
Obama Makes History!!!!
Obama's Acceptance Speech
Transition Team Co-Chair Valerie Jarrett Discusses Priorities on ‘Meet the Press’
Sunday, November 9, 2008 05:51pm EST /
President-elect Barack Obama's transition team is "hitting the ground running" on its top priorities - the economy and foreign policy, Transition Co-Chair Valerie Jarrett said on 'Meet the Press' today.
Obama's hard-nosed right-hand man
Does Rahm Emanuel's selection as chief of staff undermine Obama's message of unity?
November 10, 2008
WAMU: Biggest Bank Failure or Biggest Bank Robbery in History?
On Wednesday, September 24, 2008, Seattle Based Washington Mutual owned 310 Billion Dollars in Assets. WAMU was liquid and able to pay its bills. On Thursday, September 25, 2008, the FDIC seized the assets of WAMU and sold them, without competitive bid, to JP Morgan Chase, for 1.9 billion.
Did WAMU “fail” or were its stockholders robbed of 308.1 Billion Dollars?
There are some investigations, as reported in the Wall Street Journal. Investigators are looking for fraud in the granting of so called sub prime mortgages, seeking to blame borrowers, mortgage loan officers and appraisers for the foreclosure crisis.
They are looking in all the wrong places.
The fault is with the deregulated banking system and the banks themselves.
The depression of 1929 prompted Congress to institute a series of regulations on the banking system
The regulations worked. For forty years, Americas’ economy soared from the depths of depression to the largest expanding economy in the world.
The seeds of our current crisis were sown with the unwarrented deregulation of Banks and Industry by Ronald Reagan and GHW Bush, resulting in the S&L collapse of the 1980’s and 1990’.
Americans are still paying for the Savings and Loan Bailout of the bankers engineered by President GHW Bush. Bush's son, Neil, a member of the board of directors of Silverado Savings and Loan, resigned and made off with 250 million dollars when Silverado Savings and Loan “failed”. Neil Bush’s depositors were repaid by taxpayers in GHW Bush’s bailout. Neil Bush was never brought to trial criminally. He never went to jail before being "bailed out" by his dad. He never paid a dime of restitution. Read More
John McCain's supporter, contributor and long time friend, Charles Keating, was convicted in federal and state courts of Fraud, Racketeering and Conspiracy, serving 4 1/2 years in prison for his role in the failure of Lincoln Savings and Loan. John McCain was rebuked by the Senate Ethics Committee for his role as one of 5 senators Keating recruited in his effort to receive favorable treatment regarding punishment for his role in the 3 Billion Dollar Lincoln S & L Scandal. More info
In an eerily similar situation, on July 26, 2008, John McCain's son, Andrew, resigned as a director and auditor of Nevada's Silver State Bank and its parent company, Silver State Bancorp, 5 weeks before regulators shut down the federally insured bank. To date, no charges have been filed against Andrew McCain in the matter. John McCain "suspended" his campaign in an historic effort to get the 700 Billion Dollar Bailout for bankers passed into law.
What are the causes of the current "Crisis"?
The current crisis was born when de-regulated banks sold adjustable rate mortgages to millions of Americans who could afford the mortgages at the rates charged at the time they took out their loans. Borrowers expected a "reasonable" adjustment, plus or minus, on periodic "adjustment" dates. Then, without underlying need, the Federal Reserve raised the rates it charges banks for money from 1% in 2003 to 5.25% in 2006. No one expected rates to rise 500% in 3 years. The "degregulated" banks, free to do whatever they wished, raised the rates to homeowners beyond their ability to pay, causing the current default and foreclosure crisis. Banks could and should have lowered their rates to the borrowers original rate, allowing borrowers to stay in their homes and avoid foreclosure. This would not have hurt the banks as the loans were “funded” at the time the loans were made. Instead, banks used the unwarranted rate increases to steal from homeowners with adjustable rate mortgages, much the same way the oil and gas industry is stealing from Americans with the unneeded, unwarranted, illegal 500% increase of the price of gas at the pump. The runup of the price of gas from $1.00 a gallon to $5.00 a gallon this summer, combined with the mortgage rate increases, are the primary villians causing this depression.
THERE IS NO GAS SHORTAGE:
Greg Palast, American journalist writing for the BBC and the Guardian newspaer and best selling author of "The Best Democracy Money Can Buy", points out in his new book “Armed Madhouse”, there is no oil shortage. According to Palast, the world is “awash” in oil. Palast also states the war in Iraq is being fought to suppress the production of Iraqi oil in order to maintain OPEC’s artificially inflated prices. IRAQ, alone, has enough oil to supply America into the foreseeable future. The problem for George W. Bush, who owns exclusive drilling rights in Baharain, 200 miles off the Kuwait coast, and Bush's allies in Saudi Arabia, is, we do not need Saudi/OPEC oil to meet Americas oil needs.
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