29 September 2008

Wow - Could We Have Actually Stopped It?

Just heard the latest roll call vote being 220-something against, 190-something for... with a few votes outstanding.

Does that mean the Bailout Bill failed? I'm keeping my fingers crossed...

Updates as I hear more...
[12:08 MDT] YES... FOR NOW. We'll just have to let the market fix itself.

[17:01] (Final count: 228 Nay - 205 Yea) Buckle up... it's going to be a very, VERY bumpy ride, and I'm pretty sure it's not the last we'll see of attempts to destroy the engine of the country, either. We're in a very, very dangerous place right now - economically and philosophically, and if we don't stand on principle, we'll end up in an even worse place than we're already headed.

[17:26] What the heck?!?! Check this out:
  • "The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression." and
  • "The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion." THAT IS A 200% INCREASE!!! Carefully worded for scanning readers, but DANG.
Doesn't look like the Fed needed any additional authorization.

1 comment:

Carissa said...

The defeat of this bill was a victory in that the people are speaking up and making their will known as they should. Unfortunately, as you noted, the Federal Reserve is not bound by the will of the people OR the peoples' elected representatives. This is where the regulation is needed. The free market (capitalism) is not the culprit. We need to go after crony-ism, corporatism, and especially the FED!

Great quotes on the subject:

"Whoever controls the volume of money in any country is absolute master of all industry and
commerce." -- James A. Garfield, President of the United States

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance". -- James Madison

"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it". -- Congressman Louis T. McFadden in 1932 (Rep. Pa)

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" -- Sen. Barry Goldwater (Rep. AR)

"I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power (of money) should be taken away from the banks and restored to the people to
whom it properly belongs."--Thomas Jefferson, U.S. President.

"From now on, depressions will be scientifically created." -- Congressman Charles A.
Lindbergh Sr. , 1913