Beware ‘next wave’ of financial woes, NYC mayor warns
# New York Mayor Michael Bloomberg says foreign investors may stop buying U.S. debt
# U.S. financial markets experiencing meltdown in confidence
# Bloomberg expected to meet with Treasury Secretary, SEC Chairman on Thursday
NEW YORK (AP) — New York Mayor Michael Bloomberg warned Wednesday a “next wave” of financial pain may come from overseas if foreign entities stop buying U.S. debt.The billionaire mayor spoke before an audience at Georgetown University, telling them it’s not clear who is going to continue buying U.S. debt as financial firms try to cope with a crisis of confidence on Wall Street.
Bloomberg said he was concerned that the credit crisis in the United States may scare off foreign investors that, until now, have been willing to buy debt that the U.S. uses to maintain a deficit.
“It’s not clear who’s going to be buying our debt,” said Bloomberg. “It may very well be that the next wave is going to come back and bite us.” MUCH MORE
Taxation Without Representation
President Bush, acting in his self-proclaimed role as a “Unitary Executive”, has committed taxpayer dollars to bail-out these huge corporations at taxpayer expense with no Congressional approval - and in fact, didn’t even bother to consult with his Republican cohorts in Congress, to which there is now wide criticism and anger at another decision by Bush to ignore Congress and his duty to to allow decisions such as this to be properly scrutinized by Congress:
AIG bailout upsets Republican lawmakers
From Ted Barrett, Deirdre Walsh and Brianna Keilar, CNN
WASHINGTON (CNN) — Key Republicans on Capitol Hill blasted the Treasury Department and the Federal Reserve on Wednesday for orchestrating an $85 billion bailout of insurance giant American International Group, and the White House for not informing them of the plan.“Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off,” said Sen. Jim Bunning, R-Kentucky, a member of the Senate Banking Committee.
A spokesman for Sen. Richard Shelby of Alabama, the top Republican on the committee, said the senator “profoundly disagrees with the decision to use taxpayer dollars to bail out a private company” and is upset the government has sent an inconsistent message to the markets by bailing out AIG after it just refused to save investment bank Lehman Brothers from bankruptcy. Much More
When you add all of the above to our tax money being used for “faith based charities”, which is in direct conflict of the separation of church and state doctrine, plus the billions of dollars being expended on the Iraq War, which was started under false pretenses, the amount of taxpayer money that has been spent “without representation” is staggering - and unconstitutional! How does it feel to know that our taxes are being reaped by the wealthy and criminals in Washington rather than being expended on legitimate purposes? They say history always repeats itself - and when we look back at history and understand that “Taxation without Representation” was one of the major reasons we declared our independence from England and started the Revolutionary War - we are again struck with circumstances that again call on American citizens to demand fair and honest representation - or in the alternative, refuse to pay any taxes at all until this issue has been resolved, not to the satisfaction of politicians, but to the satisfaction of the people - the one group that is almost never represented by this Presidency or our Congress.
William Cormier
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