imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Oh, That Trillion Dollar Financial Bubble, It’s Leaking!

by William Hughes Friday, Mar. 07, 2008 at 12:58 AM
liamhughes@comcast.net

It’s here! Author Charles R. Morris calls it: “The greatest credit bubble in history!” He insists that the “writedowns and defaults” of credit devices will “come out about trillion.” Problem: President George W. Bush, Jr. is in denial about the crisis. Like that amiable dunce, President Ronald Reagan, he contributed to this horrible mess by turning the country over to the Vulture Capitalists and also by launching the Iraq War with its price tag of trillion!

	      Oh, That Tril...
cover_trillion_dollar_meltdown.jpg, image/jpeg, 421x641

“Credit is the air that financial markets breathe, and when the air is poisoned, there’s no place to hide.” - Charles R. Morris

“I hadn’t heard that!” This is how the President, George W. Bush, Jr., responded, when he was asked his thoughts on the prospect that gasoline could go over a gallon this summer. At the White House press conference, on Feb. 28, 2008, he also denied the country was headed into a recession. President Bush is a dimwit, a crude frat house wise guy, who never grew up. It’s fair to say that President Bush is also a one-man-train wreck, not only with respect to the Iraq War, the loss of Civil Liberties, (some of which predate the U.S. Constitution), but to the faltering economy as well. What he doesn’t know about basic economics could fill volumes. Following the lead of the late President Ronald Reagan, Bush turned the country over to the Vulture Capitalists to exploit. This was like putting the fox in charge of the chicken coop. (1)

In his just released book, “The Trillion Dollar Meltdown: Easy Money, High Rollers and the Great Credit Crash,” author, attorney and former banker, Charles R. Morris, walks the readers through the massive financial chicanery, shady corporate insiders’ dealings, really stupid government policies, predatory lending practices, stockholders’ conning schemes and the outright fantasies, that have created “the greatest credit bubble in history.” This is scary stuff! What makes it even scarier is that one of the most culpable parties to this ongoing crash, President Bush, is in total denial. And, he’s going to be in office for another nine months! (2)

Mr. Morris writes: “The sad truth...is that [the] subprime [mortgage market] is just the ‘first big boulder’ in an avalanche of asset writedowns that will rattle on through much of 2008. An overhaul of subprime-like assets, at least as large, is sitting in corporate debt, commercial mortgages, credit cards, and other portfolios. Even municipal bonds may be at risk. Loss estimates of 0 billion to 0 billion barely get your halfway there...When large wobbly objects tumble, they go very fast...I lay out...the likely course of writedowns and defaults on the whole asset gamut--residential mortgages, commercial mortgages, high-yield bonds, leverage loans, credit cards, and the complete bond structure that sits atop them. IT COMES OUT TO ABOUT TRILLION.”

Background: It’s hard to believe that oil was once selling, in 1998, on the international market for around a barrel. Today, it cost 4.50 a barrel. In a decade, the price of oil had increased by 680 percent! (3) The Persian Gulf Wars, thanks to the hawkish Bush Cabal, and others, have not only destabilized the Middle East, but the U.S., too. (4) As I write, the Bush-Cheney Gang’s plot to grab most of the oil of Iraq to benefit an Anglo-American Oil clique is well underway. (5) However, in 1981, it was President Reagan, who “ELIMINATED THE LAST VESTIGE OF OIL PRICE CONTROLS.” No wonder the pundit Nicholas von Hoffman said of that overrated, now wrongly canonized, air head: “It was humiliating to think of this unlettered, self assured bumpkin being our president.”

This is the same bumpkin, a stooge for the powerful Wire Pullers, who maliciously “busted” the striking PATCO union, in 1981, while many in the Labor Movement, who should have known better, chose to look the other way. Workers’ “solidarity” took a holiday as PATCO became history, union power began its steep decline in America and the grasping rich got even richer. (6)

Author Morris warns that to continue “to downplay and to conceal” the current crisis`will lead the country on “A PATH TO DISASTER.” He points an accusing finger again at the amiable dunce Reagan for originating a big share of the present economic chaos. He underscores: “The current conservative, free-market cycle, [think flawed guru Milton Friedman], that commenced with the Reagan presidency [1981-89]...seems to have long since foundered in the oily seas of ‘gross excess.’ If nothing else, a restoration of reasonable financial regulation is imperative.”

How many times have we heard from Reagan, and Bush, too, this dubious mantra: “Government is the problem!” The truth is that it was their pro-corporate polices which empowered the Vulture Capitalists. They are the ones who cut the taxes for the filthy rich, while increasing the burden on the fading middle class. They also brought us the Racket of Deregulation, along with the “Enrons and WorldComs, and now the CDO mess,” and widespread corporate fraud on a scale that shames the devil. (7) And, it was Bush, who recklessly launched the Iraq War, whose costs are now estimated at a mind-bending trillion dollars! (8)

One of the consequences of all of the above are higher energy prices that are beyond the scope of many on fixed incomes to deal with in today’s society. Plus, there has been the out sourcing of millions of middle class jobs to foreign countries. The author cites this damning example: “By 1980, for all practical purposes, America no longer manufactured televisions or radios, the Germans and Japanese controlled the machine tool industry, and ‘American steel and textile industries were a catastrophe.’”

Finally, in his insightful tome, Mr. Morris goes into great detail, citing specifics across a wide range of financial issues, some in the arcane categories, to argue his case about how this present crisis has come about. He believes: “This is a crash with no firebreaks...After a quarter of century of antiregulatory zealotry...the credibility of...American markets is at risk...Market dogmatism has become the problem, rather than the solution...It’s time for the pendulum to swing in the other direction.”

Notes:

1. http://www.new-enlightenment.com/capitalism_afford.htm and http://www.economyincrisis.org/

2. http://www.indystar.com/apps/pbcs.dll/article?AID=/20080303/OPINION/803030314/1301/OPINION

3. http://www.wtrg.com/prices.htm and http://www.ioga.com/Special/crudeoil_Hist.htm

4. See, “The Sorrows of Empire,” “Blowback,” and “Nemesis” by Chalmers Johnson

5. http://www.youtube.com/watch?v=ZTb3SLa_2VE and

http://www.youtube.com/watch?v=O2HCR616ETI

6. http://www.isreview.org/issues/49/patco.shtml and

http://www.commondreams.org/archive/2007/08/06/3003/

7. http://www.corporatecrimereporter.com/

8. http://www.democracynow.org/2008/2/29/exclusive_the_three_trillion_dollar_war

©2008, William Hughes, All Rights Reserved.

William Hughes is a video and print journalist. His videos can be found at: http://www.youtube.com/profile?user=liamh2.

Email Contact: liamhughes@comcast.net.



Report this post as:

LATEST COMMENTS ABOUT THIS ARTICLE
Listed below are the 10 latest comments of 1 posted about this article.
These comments are anonymously submitted by the website visitors.
TITLE AUTHOR DATE
not quite what is this? Friday, Mar. 07, 2008 at 4:10 AM

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A13 12:39AM

lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

Antrhopocène, le grand effondrement S19 9:53AM

Creative Destruction Hack Diamonds Windows/iOS/Android - Creative Destruction Generator S19 12:51AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Creative Destruction Hack Mod Generator S15 3:49AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Propagande de virus, virus de propagande S10 7:34AM

Steer clear of work morality! S09 12:10PM

Sweatshop Lodge Ceremony Continues in US Fed Prisons Led by Inmates S08 6:17PM

Paraphysique de l'origami S08 7:11AM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Du réussissement putréfié S06 10:55AM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Log S06 4:25AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

Paraphysique de contextualité S05 8:29AM

Crisis Regulation in Global Capitalism S03 3:39PM

Ex-voto de réification S03 10:24AM

Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh A31 10:45PM

Paraphysique d'exploitation occultation A31 10:24PM

Ryan Zinke Is Charging Taxpayers For A Trophy Hunters' Council A31 2:10PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy