mpgrap-102208-102808

The Rules Are Set in Stone For the Rabble
A quote...."October 22, 2008 "Information Clearinghouse" -- I am struggling lately with finding meaningful and rational events to provide a basis for sanity. -- The world events that are currently happening are surreal in themselves but what I really struggle with is people's reaction to them. It appears like most everyone is hypnotized to not see the predator terror birds currently in our living rooms. It's business as usual as the birds wreak havoc and pick off choice morsels [victims] with impunity."
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NPR: Who Controls the Voting Machines?
A quote...."Today, National Public Radio released a nine-part video interview of William T. Biamonte, Democratic Commissioner of Elections from Nassau County, New York on its Science Friday program. Biamonte details the problems with transitioning from machines that allowed for complete control by election officials to those completely controlled by private for-profit corporations with no accountability to the public. He discusses the constitutionality of laws and court rulings that require the use of machines that cannot be certified as accurate and reliable, and includes a cost analysis for taxpayers."

Florida's GOP Lawmakers Blamed For Early-Voting Lines
A quote...."Saying early voting cost too much money with rules that weren't uniform, Republican legislators led a charge three years ago to set new statewide standards limiting the number of polling sites and their hours of operation. - Those revamped rules trimmed early voting from 12 hours per workday to eight.

GOP Sees Chances of Stealing Election Slipping Away
Must Read - (For the satire) -- A quote...."WASHINGTON – (PTSD News) – As polls indicate that Senator Barack Obama is slowly pulling away from rival John McCain, Republican leaders are concerned they will not be able to steal the election. "We project that we can overcome up to seven points of an actual Obama lead with the strategy we have in place," said Winthrop Downing of the Republican National Committee. -- Downing told the Post Times Sun Dispatch that this strategy, named Operation American Freedom, which was used successfully in 2000 in Florida and in 2004 in Ohio, uses shock and awe to disorient the opponent. "While black box tampering, challenging student, black and recently foreclosed voters, generic voter intimidation and voter roll purges have proven successful in the past," Downing said, "we may not be able to prevail if Obama gets more than 54 percent of the vote."

KBR gets military projects worth $197 million 24 Oct 2008 Engineering, construction and services company KBR Inc. said late Thursday it received multiple project task orders from the U.S. Army Corps of Engineers totaling just over $197 million. KBR will provide design, engineering, construction management and project management services. Work is expected to begin immediately. [See: KBR Awarded U.S. Department of Homeland Security Contingency Support for Emergency Support Services 24 Jan 2006 (halliburton.com) The contract, which is effective immediately, provides for establishing temporary detention and processing capabilities to augment existing ICE Detention and Removal Operations (DRO) Program facilities... to support the rapid development of new programs.] -- Paragraph quoted from CLG

Police fear riots if Barack Obama loses US election - Yeah, people get rather excited when their votes are stolen.
Guess that's what the KBR detention camps are for. - mpg -- A quote...."US police fear riots could break out if John McCain, the Republican presidential candidate, wins the election next month. " -- Article posted at BLN
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Maliki Won’t Submit US Security Deal to Parliament
A quote...."With political and popular support drying up and the Iraqi Council of Ministers unanimously demanding several amendments, the last draft of the Status of Forces Agreement (SOFA) between Iraq and the US seems all but dead as top Dawa party members say Prime Minister Nouri al-Maliki will not submit the deal to parliament. The latest draft was reportedly finished last week, and at the time was said to be the final one."

Al-Maliki Will Not Sign Security Agreement
A quote...."McClatchy reports that Prime Minister Nuri al-Maliki has reneged on the security agreement that his office negotiated with the Bush administration, and now says he will not sign it and will not submit it to parliament. Instead, it is likely that Iraq will go back to the United Nations Security Council for a further mandate of six months to a year for the multi-national forces."

French Anti-Tank Missiles Abandoned in Taliban Clash
A quote...."A French unit was surrounded last weekend in Kapisa Province Afghanistan and had to withdraw from the field, leaving behind two anti-tank Milan missiles and a launcher. Journalists say no French soldiers were hurt in the clash, but “all 14 Taliban insurgents were killed.”

An Indonesian example for the US
A quote...."Indonesia rose phoenix-like from 30 years of Suharto's dictatorship and has resolved major social conflicts, showing that democracy and Islam are not incongruous. As the United States presidential election nears, Indonesia is too important to remain so unknown to so many Americans."

Mass kidnapping as wave of attacks hits southern Russia
A quote...."NAZRAN, Russia (AFP) – More than 10 people have been kidnapped in Ingushetia province in southern Russia, a local official said Friday, as guerrilla attacks by rebels in the region intensify."

Guantanamo trial for Canadian delayed to January
A quote...."A Canadian charged with killing a U.S. soldier in Afghanistan now faces trial in January after a military judge postponed the proceeding. - The new date for Guantanamo detainee Omar Khadr's trial is Jan. 26. - This means the trial may never be heard at the U.S. military base in Cuba because it comes six days after the next U.S. president takes office. Both Barack Obama and John McCain have pledged to close the prison."

First wargames with China in India
A quote...."NEW DELHI: Despite the recent chill in bilateral relations with Beijing after it tried to derail New Delhi's case for civil nuclear commerce at the Nuclear Suppliers Group, India is all set to host Chinese soldiers for the first time on its territory after the bitter 1962 war." -- Also posted at BLN

Russia lines up new anti-missile system to counter U.S. missile shield plans
A quote...."MOSCOW, Oct. 22 (Xinhua) -- Russia's Strategic Missile Forces are being equipped with new anti-ballistic missile systems in response to U.S. plans to deploy a missile shield in Europe, Interfax reported Wednesday." -- Also posted at BLN

We Do Not Consent - Open Letter To The Media
A quote..."You are receiving this message because you are known to American progressives as a truth-teller. In this presidential campaign, despite the typical horse-race coverage, we also see the overall corporate media narrative influenced by daily debunking efforts from candidates' rapid response teams, the blogosphere, and the reality-based coverage and reporting that you provide. We need to take this to the next level. There are three very simple basic facts about the way US federal elections are conducted now, and we think they lead to an inescapable conclusion that must be addressed. See if you agree:"

Judge rules for officer who refused Iraq duty Federal court cites double jeopardy in Watada case
A quote...."If the Army tries to court-martial 1st Lt. Ehren Watada a second time, it cannot prosecute him for refusing to deploy to Iraq, a federal judge ruled Tuesday. -- Seeking a conviction on that charge -- the most serious that Watada faced -- would constitute double jeopardy, U.S. District Judge Benjamin Settle in Tacoma decided."

Eastern European economies face bankruptcy
A quote...."The economies of central and eastern Europe are being rocked by the crisis of world capitalism, compounded by the corrupt and pro-big business policies of their local elites. -- Defying many economists and commentators, who had forecast that the region would be well placed to deal with the credit crisis due to the lower relative weight of finance capital within their national economies, much of Eastern Europe stands on the verge of insolvency and deep and protracted recession."
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Pretenders all of us
Must Read - (For the satire) -- A quote..."I am highly inspired by the testimony provided by Alan Greenspan, former chairman of the Fed and formerly the most powerful man in financial markets, to the US House Committee of Government Oversight and Reform on Thursday. Headlines immediately captured the essence of the prepared testimony, namely that "the" Alan, as we can call him in the style of the times, had admitted some shock but hadn't really fessed up to any major mistake on his own part."

AIG Has Used Much of Its $123 Billion Bailout Loan - link posted at BuzzFlash
A quote...."The troubled insurance giant American International Group already has consumed three-quarters of a federal $123 billion rescue loan, a little more than a month after the government stepped in to save the company from bankruptcy. -- AIG has borrowed $90.3 billion from the Federal Reserve's credit line as of yesterday, the bulk of it to pay off bad bets the company made in guaranteeing other firms' risky mortgage investments. That's up from roughly $83 billion AIG had borrowed a week ago, and the $68 billion level it reached a week before that. The news comes as the company's new chief executive warned Wednesday that the government's financial lifeline may not be enough to keep AIG afloat."

Banks Borrow Record Amount From Fed
A quote...."Banks borrowed in record amounts from the Federal Reserve's emergency lending facility over the past week, while investment banks drew loans at a slightly lower - but still brisk - pace, a fresh sign of the credit stresses bedeviling the country. -- The Fed's report, released Thursday, showed commercial banks averaged a record $105.8 billion in daily borrowing over the past week. That surpassed the old record - a daily average of $99.7 billion - from the prior week. On Wednesday alone, $107.5 billion was drawn, an all-time high."

Paulson Mulls Buying Stakes In Regional Banks
A quote...."The U.S. Treasury is considering taking stakes in insurers as well as regional banks in the next round of capital injections to thaw a freeze-up of the financial system, a person briefed on the plan said."

It's All Caught on Videotape Colin Powell, Not Qualified for Government Service
Must Read - A quote...."Barack Obama would like to bring Colin Powell into his new administration. But Americans consider Powell only marginally more credible than how the rest of the world views him, and the rest of the world thinks he lies like a rug. Powell either wholeheartedly backed the biggest crime thus far this century, or he secretly opposed it but worked to make it happen anyway. I'm not sure which is worse, but either disqualifies him for future office." -- Also posted at CounterPunch

U.S. Economic Recovery? A Long Way to Go
Must Read - A quote...."When will U.S. subprime crisis reach the end? When will the U.S. economy step out of the crisis? It seems so far no one can give precise answers. As "bystanders", including Norbert Walter, chief economist at Deutsche Bank, along with a number of other German experts and scholars believe that the U.S. economy may not be out of the shadow of subprime crisis till at least the year 2010. As the real estate credit will inevitably spread to other financial entities in the economic field, the current U.S. economic crisis has not yet bottomed out. I am afraid U.S. economic recovery will probably last 10 years or even longer."

The Crisis Will Divide the West
Must Read - A quote...."We heard two totally different declarations on the future of capitalism from Bush and Sarkozy. Bush kept repeating the neoliberal mantra that only the free market is reasonable, and any intervention or regulation might have a catastrophic impact on the free- market rationality. These words did not sound very convincing coming from the man who had just accepted the biggest intervention in the financial sector in the history of capitalist government. Sarkozy, on the other hand, clearly stated that once the crisis is over, capitalism should not be revived by those who destroyed it. In the language of French politics, it might refer to greedy and unimaginative global speculators: banks and hedge funds. Sarkozy suggested that global capitalism should be bridled through global regulations."

America is self-destructing & bringing the rest of the world down with it
Must Read - A quote...."Often referred to as a sub-prime mortgage collapse, this obfuscates the real reason. By associating tangible useless failed mortgages, at least something ‘real’ can be blamed for the carnage. The problem is, this is myth. The magnitude of this fiscal collapse happened because it was all based on hot air. -- The banking industry renamed insurance betting guarantees as ‘credit default swaps’ and risky gambling wagers were called ‘derivatives’. Financial managers and banking executives were selling the ultimate con to the entire world, akin to the snake-oil salesmen from the 18th century but this time in suits and ties. And by October 2009 it was a quadrillion-dollar (that’s $1,000 trillion) industry that few could understand."
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Remember, remember the Fourth of November -- posted at Online Journal
Must Read - A quote...."Empires don’t elect presidents, they select emperors. The Empire’s Establishment picked up an unknown politician and made of him a star to save itself and control the masses with the American Democracy Show. Casting a handsome, charming black man (yes! the Establishment played the race card. Remember? Everything has to change so that nothing changes) to cover the ugly face of a bloody, ruthless Empire, the ruling class plans to rebuild the illusion of a respectable civilization, the stars and stripes mythology, the American way. The media -- owned by those who control the political process, the same people who control the economy and our lives -- played marvelously the game and another Hollywood movie is brainwashing the four corners of the planet."

If Only McCain's Charges Were True Why I'm Not Voting for Obama
Related Article - A quote...."To begin with, there are his stated policies. He wants to keep at least 50,000 troops in Iraq to "fight terrorism" indefinitely, and he wants to send those who are withdrawn from Iraq to fight in Afghanistan. He agrees with John McCain that the size and budget of the American military must be increased, he stridently supports Israel's suppression of the Palestinian people, and he has said "me too" to reasserting American military might in Latin America, being especially hostile to Venezuelan president Hugo Chávez. -- Obama would be the first to repudiate the idea that he is any sort of anti-militarist or anti-imperialist--and we should take him at his word."

The Song Remains the Same -- Convergence and Avoidance in the Presidential Campaign
Related Article - A quote...."The three so-called presidential debates—really parallel interviews by reporters chosen by the Obama and McCain campaigns—are over and they are remarkable for two characteristics—convergence and avoidance."

Regarding the three articles shown above, see....You Have a Choice - Democracy or Empire - 07-24-08 - mpg
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Hell of a Success: Iraq After the Surge
A quote...."The Iraq that has emerged from the American invasion and occupation is now a thoroughly wrecked land, housing a largely dysfunctional society. More than a million Iraqis may have died; millions have fled their homes; many millions of others have been scarred by war, insurgency and counterinsurgency operations, extreme sectarian violence, and soaring levels of common criminality. Education and medical systems have essentially collapsed and, even today, with every kind of violence in decline, Iraq remains one of the most dangerous societies on earth."

Details of Iraq pact reveal US debacle
A quote...."WASHINGTON - The final draft of the United States-Iraq Status of Forces agreement on the US military presence represents an even more crushing defeat for the policy of the George W Bush administration than previously thought, the final text reveals. -- The final draft, dated October 13, not only imposes unambiguous deadlines for withdrawal of US combat troops by 2011, but makes it extremely unlikely that a US non-combat presence will be allowed to remain in Iraq for training and support purposes beyond the 2011 deadline for withdrawal of all US combat forces. -- Furthermore, Shi'ite opposition to the pact as a violation of Iraqi sovereignty makes the prospects for passage of even this agreement by the Iraqi parliament doubtful." -- Also posted at AsiaTimes & CommonDreams
-- C'mon everybody, Bush will simply attach some "signing statements" which will state that the US (NRE) can stay in Iraq forever and kill as many Iraqis whenever, where ever and however they want to. Bush even said the US's (NRE's) constitution was "just a God damn piece of paper". The US (NRE) has also lied to the UN about Iraq and many other things, ignored the Geneva Conventions (they were "quaint") refused to be bound by the ICC, tore-up the ABM treaty and the list goes on and on. No agreement signed by this government will ever be honored...period. - mpg

Dabbagh Rejects Bush Pressure Tactics on Iraq; Al-Haeri Declares Security Agreement Illicit; [and other issues]
A Juan Cole Round-Up -- A quote...."Iraqi government spokesman Ali Dabbagh reacted sharply on Wednesday to comments of US Chairman of the Joint Chiefs of Staff Admiral Michael Mullen last Tuesday that Iraqis did not have much time to pass the agreement and might not understand the full consequences of failure to do so. Dabbagh said, "It is not correct to force Iraqis into making a choice and it is not appropriate to talk with the Iraqis in this way."

Tomgram: Michael Schwartz, Iraq in Hell
A quote...."The Roman historian Tacitus famously put the following lines in the mouth of a British chieftain opposed to imperial Rome: "They have plundered the world, stripping naked the land in their hunger… they are driven by greed, if their enemy be rich; by ambition, if poor… They ravage, they slaughter, they seize by false pretenses, and all of this they hail as the construction of empire. And when in their wake nothing remains but a desert, they call that peace."

Sage Observations - PG's quotes - posted 07-24-07
A quote....

The Second Treatise of Civil Government 1690 :

"That the aggressor, who puts himself into the state of war with another, and unjustly invades another man's right, can, by such an unjust war, never come to have a right over the conquered, will be easily agreed by all men, who will not think that robbers and pirates have a right of empire over whomsoever they have force enough to master, or that men are bound by promises which unlawful force extorts from them."

"Should a robber break into my house, and, with a dagger at my throat, make me seal deeds to convey my estate to him, would this give him any title? Just such a title by his sword has an unjust conqueror who forces me into submission. The injury and the crime is equal, whether committed by the wearer of a crown or some petty villain."

"The title of the offender and the number of his followers make no difference in the offense, unless it be to aggravate it. The only difference is, great robbers punish little ones to keep them in their obedience; but the great ones are rewarded with laurels and triumphs, because they are too big for the weak hands of justice in this world, and have the power in their own possession which should punish offenders."
-- *John Locke* - 1632-1704 -

Iran to UN: Drop Iraq from Chapter VII
Some quotes...."Iranian President Mahmoud Ahmadinejad has called for the exclusion of occupied Iraq from Chapter VII of the UN Charter." -- "Chapter VII of the UN Charter categorizes Iraq as an outlawed country, placing constraints on its political, military and economic activities due to the 1990 invasion of Kuwait by former Iraqi dictator Saddam Hussein."

Hot air and improbable peace
A quote...."KARACHI - The recent Saudi Arabia initiative to instigate a peace process with the Taliban-led resistance in Afghanistan was doomed to failure as the main actors - the Taliban - were not included, leading them to summarily dismiss any notion of talks. -- Indeed, Afghan President Hamid Karzai concluded that the only result was to give the Taliban an unprecedented moral boost, beside tacit legitimacy. And the Taliban have said they want to wind the clock back to when they were in power before the United States-led invasion of Afghanistan in late 2001, and may even be prepared for the first time to continue fighting throughout the winter."

Stuck in the Afghanistan Trap
A quote...."Europe is in for a hard time in the Hindu Kush – especially if Barack Obama is elected President. - One rule that all militaries try to observe is the one that says whoever goes to war must be prepared for worst-case scenarios. In Iraq and Afghanistan, that rule was apparently ignored."

More recriminations over US/NATO quagmire in Afghanistan
A quote...."An increasing number of politicians, diplomats, military commanders and media commentators are describing the US-led occupation of Afghanistan as a failure and warning that American and NATO forces face defeat at the hands of a strengthening resistance movement led by the Islamist Taliban movement."

Bipartisanship and Threats of War Toward Iran
War Alert - A quote...."Two former Senators -- conservative Democrat Chuck Robb and conservative Republican Dan Coats (that's what "bipartisan" means) -- have a jointly authored Op-Ed in The Washington Post today decreeing what the U.S. must do towards Iran. The essence: Iran must be prevented, using any means necessary, from not only obtaining nuclear weapons, but also denied even "the ability to quickly assemble a nuclear weapon," which means "the complete cessation of enrichment activities inside Iran," even for civilian purposes. " -- Also posted at CommonDreams

Biden “Predicted” 9/11 Attack On September 10, 2001
False Flag Warning - Gulf of Tonkin Redux Warning - (Number Two!) -- A quote...."Joe Biden the seemingly clairvoyant senator from Delaware, and vice presidential nominee was out making predictions, again. The last time Joe was using his crystal ball was on September 10, 2001, one day prior to the 9/11 attacks." -- See article shown below...

Colin Powell Warns Of Coming Crisis "We Don't Even Know About Right Now"
False Flag Warning - Gulf of Tonkin Redux Warning -- A quote...."Colin Powell has made bizarre comments that echo the recent declaration by Democratic VP candidate Joe Biden that there will be an "international crisis" early into Barack Obama's presidency that will test the new president by forcing him to make unpopular decisions." -- posted 10-22-08

For more on the two articles shown above see....Effective Fed Funds Rate 03-24-07 - mpg

Top international military officials meet in Adirondacks
A quote....A quote...."SARANAC LAKE - Powerful generals and admirals from some of the most powerful nations on Earth are reportedly meeting somewhere in the local area this weekend after flying into the Adirondack Regional Airport in Lake Clear on Friday." -- Also posted at WarInIraq

Mystery surrounds CIA chief Lebanon trip
A quote...."CIA Director Michael Hayden sparks controversy by holding covert meetings with top Lebanese officials in a secret visit to the country."

Terrorism laws can be abused to stifle dissent: UN rights expert
A quote...."Britain's use of anti-terror laws to freeze the assets of failing Icelandic banks shows how such legislation can be abused for purposes other than originally intended, according to a UN independent expert."

Evidence that the GOP Plans to Steal the Election
A quote...."Police departments across the country are 'beefing up their ranks' in anticipation of violence, civil unrest or peaceful protests on election day. Police merely 'gearing up' for unrest is one thing. But a combat brigade has been withdrawn from Iraq for the stated objective of dealing with 'civil unrest'. That's something else! It's against the law."

Protect This Election
A quote...."Not so long ago, when Karl Rove was still dreaming of a permanent Republican majority based on his "50 percent plus one" model for fighting and winning elections, 2008 was shaping up as possibly the dirtiest election season yet."

The children of Gaza: Weaned on fear and trauma
A quote...."The summer of 2007 was a start of a mayhem for the poor Bedouin family of Sahar. Sahar Owaidat, 6, remains in state of shock or perhaps is exhibiting symptoms of post traumatic stress disorder ever since Israeli soldiers stormed her home and brutally beat her father and siblings while she and the rest of the family members helplessly observed. -- In all cultures, the father of the family represents safety and security to the family. The Israeli soldiers routinely rob Palestinian fathers of their role."

ECONOMY: World Bank Assails Israeli Chokehold on West Bank
A quote...."WASHINGTON, Oct 23 (IPS) - The West Bank's economy continues to gasp for air despite increased international aid mainly because Israel keeps the Palestinian territory in a stranglehold, says the World Bank."

ASEAN to create USD 80b fund
A quote...."ASEAN Plus Three” agree in Beijing to speed up multilateral cooperation to create USD 80b fund to avert regional financial crisis. Leaders of South Korea, China, Japan and the 10 members of the Association of Southeast Asian Nations at the end of the informal breakfast meeting urged coordination in policy making and strengthening regional cooperation to avert global financial crisis, South Korean President Lee Myung-bak's spokesman said in a statement."

Five years on, the EU and Cuba formally restore ties
A quote...."The European Union and Cuba have formally restored ties five years after the EU imposed diplomatic sanctions on the island following mass arrests of dissidents."

COLOMBIA: Uribe Agrees to Talks with Indigenous Protesters
A quote...."BOGOTA, Oct 23 (IPS) - "The police did fire" on indigenous protesters, said Colombian President Álvaro Uribe, who yielded to pressure to meet next Sunday with the leaders of a two-week-long demonstration by native groups."

Chinese money for global economy: Take it or leave it
A quote...."MOSCOW. (RIA Novosti commentator Alexei Yefimov) - China is a true "island of stability" amid the raging financial crisis. Given its huge international reserves, assessed at $1.9 trillion, it can maintain its own stability, but it can also help developed countries overcome the crisis."

Azerbaijan diverts EU oil, gas to Russia and Iran after Georgian crisis
A quote...."Azerbaijan is planning to divert its oil and natural gas export routes to Europe with increasing shipments to Russia and Iran, a move possible to raise concerns in the West. -- In early August when clashes erupted between Georgia and Russia, Azerbaijan has responded by reducing its reliance on trans-Caucasus oil pipelines, increasing shipments to Russia and starting to sell crude to Iran."

Soyuz capsule safely lands in Kazakhstan
A quote...."MISSION CONTROL CENTER (Moscow Region), October 24 (RIA Novosti) - A Soyuz-TMA-12 space capsule carrying two Russian cosmonauts and an American space tourist landed in north-central Kazakhstan at 9.37 a.m. (03:37 GMT) on Friday."

Superjet-100 passes test with flying colours
A quote...."Preliminary tests have been passed by a new generation of a Russian passenger plane, the Sukhoi Superjet-100. The aviation project, costing around $US 1.4 billion, is to help overhaul Russia's ageing passenger aircraft fleet."
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Any Pay Cuts on Wall Street Yet?
A quote..."Congress assured us that there would be no more big paychecks for incompetent Wall Street bankers when they passed their bailout bill. They told us that the tough pay provisions would put an end to the multi-million dollar payouts to these folks. - Last week, Secretary Paulson mailed $150 billion in checks to the big banks. From that point forward, the CEOs and all the other top executives of these banks are now our dependents. They are living off the tax dollars of school teachers in Iowa, truck drivers in Montana, and even Joe the Plumber. - It is difficult to understand why we should be taxing people who make $40,000 a year to boost the paychecks of bankers who make more than $1 million a year and in many cases more than $10 million a year."

We Are Giving Them Our Real Money to Make Up for Losses of Pseudo Money that Never Really Existed
A quote...."In response to an essay about the government bailouts, I received the following comment:"

US government throws oil on fire
A quote...."The US government, by continuing to misdiagnose the credit crisis, perhaps even purposely, has become part of the problem thanks to flawed responses backed by the people's money. On top of a trickle down of prosperity during the boom phase of the bubble in which wealth stayed mostly at the top, there will be a pouring down of the hot oil of loss on taxpayers."

Bush Treasury Dept. Redacts More Bailout Contracts - posted at the SmirkingChimp
What are the Bush Boys hiding? What the American taxpayers don't know really can hurt them. - mpg
Special Note - A quote...."I was on CNBC this morning discussing the Wall Street bailout, and specifically, the Bush Treasury Department's decision to redact key parts of private contracts that would tell the public how much taxpayer cash various law firms, accounting companies and stock management houses are going to receive as part of this boondoggle. The lack of transparency is stunning, even if it is exactly what many bailout opponents predicted. You can watch the clip here, and you can see the redacted documents here and here (and a big hat's off to Bailoutsleuth.com for all its great work)."

Job Losses Accelerate, Signaling Deeper Distress
A quote...."In September, there were more mass layoffs -- instances in which employers slashed 50 or more jobs at one time -- than in any month since September 2001, the Labor Department said yesterday. And nearly half a million Americans have filed new claims for unemployment benefits in each of the past four weeks, the highest rate of such claims since just after the terrorist attacks seven years ago." -- Website editor's note: Job losses are a lagging indicator, but the fact they haven't even really begun yet is not a good sign of things to come. - mpg

Job losses accelerating, and the worst is ahead - link posted at BuzzFlash
A quote...."WASHINGTON – Unemployment claims, already well into recession territory, are rising even faster than expected, leading economists to warn Thursday that the worst is yet to come."

Greenspan says 'credit tsunami' to wipe out spending, jobs - link posted at BuzzFlash
A quote...."WASHINGTON (AFP) — Former Federal Reserve chairman Alan Greenspan said Thursday the United States is swept by a "once-in-a-century credit tsunami" that will hit consumer spending and jobs."

The Architects of Derivatives and Sub-Primes: Greenspan and Cox Confess
A quote...."Former Fed chair Alan Greenspan and SEC head Christopher Cox confessed their mistakes to Congress."

Carry trade derivatives turn toxic for Japan markets
Special Note - Financial Alert -- A quote...."TOKYO (Reuters) - When the credit conflagration morphed into a full-fledged panic in financial markets this month, the major stock market that plunged the most was Japan's -- one of the countries least affected by the crisis." -- The derivative unwind is just beginning. - mpg

Investors Flee as Hedge Fund Woes Deepen -- link posted at Online Journal
A quote...."The gilded age of hedge funds is losing its luster. The funds, pools of fast money that defined the era of Wall Street hyper-wealth, are in the throes of an unprecedented shakeout. Even some industry stars are falling back to earth."

Dollar roars back as global debts are called in
Must Read - Special Note - A quote....."For six years the world has been borrowing dollars to bet on property, oil, metals, emerging markets, and every bubble in every corner of the globe. This has been the dollar "carry trade", conducted on a huge scale with high leverage. Now the process has reversed abruptly as debt deflation - or "deleveraging" - engulfs world markets. The dollars must be repaid. -- Hence a wild scramble for Greenbacks which has shaken the global currency system and shattered assumptions [including this website editor's] about the way the world works. The unwinding drama reached a crescendo yesterday as the euro fell to $1.28, down from $1.61 in July. The slide in the Brazilian real, the South African rand, the Indian rupee, and the Korean won, among others, has been stunning." -- One: this essentially means that the more money the Fed prints and the more it cuts interest rates, the higher the dollar will go -- this is a contradiction that cannot be sustained for very long. – Two: this current unwinding is a result of a massive, and very costly, dollar de-investment worldwide, something that cannot help but hurt the dollar in the future. -- And three: while the dollar keeps going up it means an end to any US hopes for an export led recovery in the forseeable future. - mpg -- For more on this issue see....The Dollar's Spike - 10-06-08 - mpg

Yen soars above 13-year high on risk aversion - Another "carry-trade" currency where trades are unwinding. - mpg
Special Note - Related Article -- A quote...."SAN FRANCISCO (MarketWatch) -- Mounting worries over emerging markets and massive losses in global equity markets lifted the dollar but also fueled another sharp rise by the Japanese yen Friday, sending the currency to its strongest level against the greenback in over 13 years."

Gold May Do Well During the Later Stages of Deflation - Maybe. - mpg
A quote...."Most people agree that gold does well during periods of inflation. -- But what about during periods of deflation? -- Leading economist Dr. Marc Faber wrote in October 2007 that gold will do well even in a deflation:"

Perception Management and the Economic Spider's Web - posted at SOTT
A quote....

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- *Thomas Jefferson*, 3rd president of the US (1743-1826), Letter to the Secretary of the Treasury Albert Gallatin (1802)

Foreclosure filings spike 71%
A quote...."All told 765,558 foreclosure filings were made on U.S. properties in the third quarter of this year - up 3% from the second quarter and 71% from the same period last year."

Britain: Millions threatened with negative home equity and repossession
A quote...."A report by Standard & Poor's revealed that 335,000 households in Britain now find themselves in negative equity, meaning that the value of their homes has fallen below the cost of their mortgage. This is an increase of 250,000 in only four months, and the report makes clear that this may only be the beginning. By 2010, it predicts that as many as 2 million households could be threatened with falling into negative equity."

A 50 billion USD package to support Brazilian currency
A quote...."Brazil's central bank said Wednesday it would pump the equivalent of 50 billion US dollars into currency markets to stem a two-month tumble in the Real that is threatening companies and stoked inflation."

Russian default risk tops Iceland as crisis deepens
Special Note -- Some quotes...."Russian companies must roll over $47bn of foreign loans over the next two months, and a further $150bn or so next year, a task that has become close to impossible as investors flee Eastern Europe. President Dmitry Medvedev said yesterday that disaster could still be kept at bay. "We can avoid a banking, forex or debt crisis and get through today's difficulties. Russia has not yet got in this difficult situation. It must avoid this," he said." -- "Hans Redeker, currency chief at BNP Paribas, said markets no longer believe Russia is strong enough to guarantee the estimated $530bn of foreign debts accumulated by its companies during the break-neck expansion of the oil boom. "The surge in Russian CDS spreads is paralysing the whole system. The government can offer very little help to the banks at this point because its own sovereign debt is in question," he said. - This crisis is starting to look like the Black Wednesady in 1992. Unless we see an extension of central bank swaps in dollars and euros to Eastern Europe within days to stop this uncontrolled process of deleveraging, this could get out of control and do serious damage to Western Europe. We could see the euro fall to parity against the dollar by next year," he said."