NY Times agrees with the DisturbingTrends opinion – the bailout seems an extraordinary measure, perhaps it is even criminal in nature even if the intentions seem favourable, it is making the tax payer responsible for the actions of financiers.

Kafkaesque – a blogger calls Nancy Polosi’s book signing concurrent with the bailout vote she was supposed to be supporting collaposed under 66% Republican rejection of the bill. John McCain’s shrill accusations that Obama’s democrats were to blame seemed odd since the Democrats voted 60% for this ideological mine field.

Yes, of course the ramifications are huge. But they are best faced now, while there is still some time to learn from the economic mistakes – the reloading of derivatives – so investors could recycle cash and effectively multiply the money supply.

The only solution is to start rebuilding from the factual level but with a social conscience, get rid of the excessive reinstrumentation of capital as though the market has a right to play with money supply. Governemnts used to try printing money as a solution to pay debts, but hidden inflation, or the accelerating erosion of value is the price. If there is now a sudden devaluation of the US dollar, then the market as a process is stalling and the price of USA Inc goes down on the world exchange. GW Bush has completely failed to notice the erosion and will do anything to accelerate the corruption that has ensued from the ultra rich having a few more billion to play with.

Unfair taxes in an late-capitalist empire may bring the public in America to change, a government that looks after its population instead of making dreadful blunders with national security. If John McCain has convinced me of anything, it is he who is prepared to fly in every which way to discover which way the public think he should be going. He keeps changing his mind. Sarah Palin must feel terrifically secure. Imagine that – an old dog of a man in the highest office with a clueless hockey mum from a tiny town near Siberia who happens to look like Geena Davis as MacKenzie Allen in the TV series Commander in Chief – screened two years ago and unfortunately for Mr McCain – it seems to be so far tracking reality. Unfortunately as the Republican nominee was elected President and then died of a brain anuryism leaving the ultra liberal republican woman vice president. Its freaky and uncanny – almost constructed – and defintely of another time.

The failure of this bill and its nature being judged in this way by Republicans who do not agree with their president marks the day that things started to change? Maybe it does.

Would the bail out have worked? Who ever will guess now?

The UK did it – it is fairly simple – the US government takes over the mortgages repayments of the worst hit and selectively bankrupts the mortgage deals rather than the individuals who can then rent the property back from the

“Within hours, however, the measure died in the House mainly at the hands of McCain’s own Republicans.” – International Herald Tribune

“Senator Obama and his allies in Congress infused unnecessary partisanship into the process,” Mr. McCain said, before adding in almost the same breath: “Now is not the time to fix the blame. It’s time to fix the problem.” – New York Times

‘the idea that the voters of the United States might install someone in the vice president’s office who is too unprepared or too intellectually insecure to appear on, say, “Meet the Press” or “Face the Nation” is mind-boggling.’ – International Herald Tribune

“The bailout is…economically foolish…downright sinister [and] makes a mockery of our Constitution.” – Rep. Ron Paul (R-TX)

John McCain, as the media have been pointing out is out to win the unwinnable election. The trouble is, that he may. His vice-presidential candidate does not inspire the faith of the masses. Even John McCain seems to flex his will according to which way the winds are blowing. Hence he always goes along with the insanity that Bush has led America through as though it were somehow justified.

His own party is starting to recognise that their own ideal of economic freedom without inhibition – by strengthening the rewards of being disgustingly wealthy as it was “good for the market” – has it’s consequence.

Some intervention in the market is appropriate after it has fallen as then it has somewhere to go. As the market is 90% composed of derivatives (bets on the market, intrinsically have no value; by definition they seem inflationary), it has to fall by a percentage of that before any sembalance of growth will come out from it. Protecting the inherent lies the way that Bush was speculating America would forgive is not only feeding into the motivations of the guilty (so it would be unstrategic for the Government to prop up insanity in the markets). Depressions are caused by the death of major motivations from the market place. The fact the 700billion was declined, and the market reacted to it, gives some scope for correction. The fact that it was historically the largest correction is an indictment of the policies of the its president. The Dow Jones has not shown real growth over the entire term of his reign as president.

So, where did the growth go?

American consumption can not account for all of it, can it?

NZ Herald article

Palin has to carry the VP debate, or be exposed as a fumbler who seems to not know what she is saying, in the same dyslexic mould of GW Bush that appealed so strongly to the illerate “belt-way” – that he could hold power even though what he was saying made little sense.

Palin’s interview with Kate Couric – it showed that she could well be using a ploy – look stupid – until the debate. If Joe Biden does not unleash the full force of his wit and ability in the debate, is prepared to hold back so he does not seem to be a sexist bully – then her tactic in shaping debate around a gender issue is playing the oldest trick in the book. Her first interview was probably a bit of a ploy. Biden should assume all her marbles will connect on debate night.

Perhaps the VP debate will be more interesting than it seems.

The Black Power has made an application to the Treaty of Waitangi stating they exist because of colonization. What a move, they are not after asset or monetary gain, they are only looking at acceptance (that they exist). This at a time when Phil Goff is looking at new legislation which has just been implemented in South Australia. Ron Mark said the Black Power move is laughable. Yes its election time again and gang bashing is on the agenda. I think well done on the Black Power it almost looks like the comments made by the Politicians is Maori bashing. Black Power is made up of predominantly Maori like the Mongrel Mob the Black Power are accepted at Maraes. They take part in Huis at the Maraes. Their input is accepted. Outlawing the gangs would make them unable to congregate in public. Why then are they accepted at the Maraes but if this new law comes in that would make it in actual fact illegal.

This smells because it feels liken the White man is saying you are not good enough or allowed to be. It will not work because the only way you could destroy the gangs is to sentence them to death and that only happens in Governments of dictatorships or oppressive military rule. I believe in balance the universe exists on this rule, for every policeman there is a criminal of equal standing. The best the government could do would be to jail them and that would be a great infringement of human rights, to jail them for being a member of an organisation.

The gangs get blamed in the media for all sorts of crimes, I am not saying this is all wrong but I think when we hear this type of media we should take it with a grain of salt. Gang members do commit serious crimes but not all gang or club members commit crimes. Let me point something out gang members have disadvantaged backgrounds some of them have shocking history. They join these organisations because of what they lacked in the beginning; it offers them brotherhood, bonding and a sense of belonging. They are family to each other which is something most didn’t have to start with. The gangs and clubs make a big effort in the community to behave. Unlike the 1970’s when they behaved like a pack of animals they have developed into vital parts of our society. Why would gangs like the Black Power get invited to the Maraes if they didn’t behave they wouldn’t get invited. Each gang member has what each Policeman and Politian has and that’s family and roots or identity. Every effort a Policeman puts in there is equal effort from a criminal. Gangs are the scapegoat they get blamed for what happens across the whole criminal spectrum, even though they represent a small percentage of the criminal landscape. They tried to ban them a number of years ago with the non association law another Politicians election promise. When this happened gangs like the Headhunters became a motorcycle club, this is the best thing they have been given credit for. They were originally a gang known for their violence and criminal acts but when they became a motorcycle club they developed into an organisation known for their love of motorcycles. Their motorcycles are important to them and they take great pride in this. What I am saying is they evolved from being a criminal organisation to being known for something legal, they developed. Just like there is bad police and good police there are good members and bad members. Everything in the universe has equal value for what exists an equal value also exists. To wipe out the gangs you would have to destroy them, their support network, their family, their memory and that exists so to take that away would throw society out of balance. Gang members are people too, they don’t always want to be seen as a scapegoat for what happens across the entire criminal spectrum. The Politician’s are trying to buy votes at the gang’s expense and that stinks its not going to deliver what they want. The gangs would simply go deeper and that would make it significantly harder for the Police to monitor. What we need this election is a Politician like Rob Muldoon a Member of Parliament that actually did something proactive about the gangs. He meet with them at a time when being a gang member was absolute lawlessness. He helped them with grants and work schemes and they developed. Not since the 1970’s has a Pakeha Member of Parliament tried to help people so affected or disadvantaged by their circumstances.

Gang members do want to lead crime free lives, not all organisations or members display this but they are not all criminals. Making a law for diverse memberships as these is laughable in its self. If Phil Goff or Ron Mark becomes the ruling coalition of government they are more than likely going to initiate legislation banning gangs and their memberships. Which wont work and they are trying to buy votes with it right now. The gangs are here to stay, they make up balance to our society and to try and destroy them on membership is not going to deal with the problem that exists. How can we bring in a law that forces a ban on friendship, how can we expect them to cease on what is the best things in their lives. It can’t and wont work it will only make the problem harder to deal with. Every force in the universe has equal value and if we force this issue it will only inflame the criminal landscape and throw the balance of society out of kilter.

NY Times – Editorial opinion points out that the 700 billion Wall St bailout plan advocated by Henry Paulson should not be necessary if they allow mortgagees to be managed with reduced loans by the bankruptcy court system. i.e. the lender gets 50 cents in the dollar but the borrorower can go on paying under strict management at an affordable rate, keep the home and send the kids to college. In the next generation shines hope, if they get to school.

The bailout is the biggest con and not at all “socialist” – it is an attempt to muddy the fabric of political economics. It is wild theft on such a grand scale – it is almost hard to contemplate its audacity. The firms on Wall Street are vehicles for investment. Banks themselves are like portable reservoirs of cash – they are not like people who have lives and children. Yes they employ thousands but so does coal mining. The Bush years have seen no growth in the Dow Jones, and his inept management has caused the meltdown this bailout seeks to cement into process – further financial degradation that is not necessary.

Protections for blantent abusers of the public good are a deliberate socially destructive terrorism and compound the social abuse of the Bush Tax cuts and lousy war. Impeachment was never more necessary.

Instead of discounting and carrying on, the inane faith in human greed is starting to sound more than merely hollow. It is criminal on a scale that is so large it is hard to discuss. Like going to war needlessly. This could cripple the next twenty years of American progress.

President Bush appears poised to shuffle the financial reality under the carpet, whistle dixie as he adds a cool 700 billion to his ideological war chest. The bail out should never occur. It is interesting that the McCain camp oppose this. I think the Obama campaign will approve of only bailing out the ones that affect the public at large. AIG – the insurance giant – if it collapsed would mean the loss of investment funds. The Bush faith in the market machine to grind out the problems created by the great property spirial is simply back to front. He is a creationist, and that means he can not abide by the concepts of evolution.

Corporate destruction, the Lehman Brothers bankruptcy has wiped the smiles and financial ability of a large number of people who trusted an organisation that simply became far too greedy and started essentially selling the same asset twice. Morgage funds represent a state of debt. When they are financed by a secondary market – well – it is like taxing taxes on the other side of the political equation.

Bush is conducting the most extraordinarily socialist style intervention, possibly ever. It is the wrong thing to do, and why he should have been impeached years ago. The reason is simple enough. The banking system requires immediate and far reaching reform. It is over deregulated and Bush’s pumping up the volume with his infamous tax cuts for the very rich has created hidden inflation. It’s sudden exposure – as the machine can not recycle debt backwards – is a very severe correction. Adding more capital to the basis of the issue is treating banks as a charity.

It will cause another collapse later on. Unless they add regulations which the rather disappointing Pelosi Demorcrat Congress is probably salivating over, thinking they have won the day. Actually nobody will win. They are scared of the political fallout – and bail out a broken model that does not provide real hope. Like nuclear weapons – it may not kill you – but it may kill your grandchildren.

The public do not want to own the banking system. The banking system in Bush’s hands seems part of a sinister jigsaw.

The Mariott Hotel in Islamabad has been attacked by a massive explosion – a truck bomb has devasted many buildings. Forty people are reported dead.

While Dennis Kuchinich presses for impeachment of Bush and Cheney – their unbalanced and faith based policies are bringing the banks to their knees.  Guardian.co.uk reports on many of the side effects of the crisis – but the effective handing over of capital to those who already gained the most from obscene risk taking, to patch up their mistakes, is effectively theft of capital from the next generation by this generation.  It is the same thing as the tax cuts for the super rich.  It makes risk less expensive.  It is hard to not advocate to salvage banks in trouble when people’s savings are at risk.  It is not so much that but creating an environment where capital is everything, and people – are considered less than nothing. War crimes against the next generation is not a solution to this generations greed or inability. Education and health provision is.

Tina Fey is a comic genius. The resembalance to Sarah Palin may explain why the US fell in love with Palin so instantly. It is Tina Fey they admire, she won an Emmy, didn’t she? Because she is so brilliant. It is Palin who is riding the resembalance nowhere near matching Fey’s wit or charm.

Palin is pure bait for the rednecks. She said she liked Tina Fey’s act, but she just had to dig, she said she watched it but with the sound down. She also had to have a dig at the actress, as though it was politics, saying, “In fact, I dressed up as Tina Fey once for Halloween. So we’ve been doing that before Tina Fey has been doing that.” What does she mean, exactly? Careful sifting and analysis of her words reveals only a level of human nastiness I would rather not encounter, let alone to be ruled under.

Palin reveals an inner streak of bitchiness that is simply not pretty. She implies that being a liberal comedian is a suitable mask for Halloween? That’s nice. The put down is limited as Fey is such a great comic, with a huge loving audience; whereas Palin, when you actually think about it is neither funny nor gracious. She does, however unlikely seem to approximate just the kind of danger to the economic state of the things and the world that the USA seems extraordinarily good at finding then electing.

She may try to make more sense than McCain, though I do not think so, its more a parody of Barak Obama – she is setting the stage as a bimbo might, then will come in guns blazing clear light over the issued to a befuddled old Democrat Biden who may end up cursing her little insults. It is hard to see what Palin has got, maybe that is the point. So far, I think she needs to get the story right from the party she represents. Shooting at Putin is what she implied in her classic interview with Katie Couric.

NYTimes

The financial collapse being experienced should be seen in terms of the Bush presidency. When he came to office the stock market was booming – the Dow Jones was above 11,000 – and now – eight years later it is lower. It’s Year to Date figure is a drop of 2350 points. That is extraordinarily poor. It reached an all-time closing high of 11722.98 on January 14, 2000

Americans considering more of the same, John McCain and his trusty sidekick Sarah Palin do not need to read between the lines. The same old Republican attack machine has proven it is capable of whipping the discussion into a frenzy of misinformation.

Bush may have been utterly convinced that he was doing the right thing. Fact was his policies were the most destructive of any president in modern times, and the most irresponsible leadership since perhaps Nero fiddled while Rome burned. It could take 2 generations to fix America, if you look how modern economies have dealt with depreciating assets (Japan).