Seven Days In OctoberSubmitted by StaxBrix on Fri, 10/10/2008 - 20:33
These are the Seven Days in October that will change the World!
Cheney-Bush, Bernanke, Pelosi & Paulson have successfully destroyed 'trust' and have replaced this universal value with 'fear,' compounded by public paranoia over the chaos they've created; in an uncertain world where there are no longer any laws that govern governments or money-changers!
The public is paying for this charade with trillions of dollars that was their money until this depression was created to bleed us; in direct and opposite proportion, to the trillions in bailouts that have gone, or will soon go, into the private pockets of the money-changers at the top.
Welcome to Democracy Now! What about this latest news?
MICHAEL HUDSON: Well, what upsets the Europeans and the foreigners is that the US plan has done nothing at all about the debt crisis itself. It's bailed out the creditors, but not a penny of the actual debts, the subprime mortgage debts, are addressed. Without any of the media knowing, the Federal Reserve over the last few months has given $850 billion of cash for trash already. This is what the $700 billion discussion in Congress was supposed to be about, but the Fed, without anyone knowing, has already been exchanging these securities. And the securities essentially have been swapped by the US bankers to their pals and not done anything at all to write down the actual subprime debts. There's a big attempt to blame the victim now. And if you add up all of the subprime bad loans and defaults, that's altogether $1 trillion. So far, the government has given away $6 trillion already to Wall Street. That's much more than any of the subprime debt. And the volume of derivative trade has been estimated at $450 trillion, an unbelievable amount. So nobody has any idea about how much money is at stake.