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God Did It

By Danny Schechter  Posted by Deborah Emin (about the submitter)     Permalink
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As the Job Losses Mount, the Government’s Bailout Flouders/Fails

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By Danny Schechter
Author of PLUNDER

It has taken a while for the stars to align and the truth to come dripping down. Now we know who caused the financial crisis: 


Just as Jerry Falwell saw a divine hand behind 9/11, our golden boy icon of Capitalism By My Rules, Mr. “You’re fired” Donald Trump, has now unearthed the secret,  blaming the recession on the ONE above.

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The Donald came up with this conspiracy—along with the not totally unreasonable assertion that the banks engineered the disaster—in a lawsuit filing offering a reason for not paying on a big construction loan from a German Bank for a skyscraper he was building in Chicago. He cites an Act of God -- “unlikely events,” clause in his contract to justify not paying. 

A New York Times columnist also recycles a Trumpian fairy tale in which this master publicity seeker reveals that in some cases he told banks NOT to finance his projects because they were a “bad deal.” The banks, he claimed,                went ahead anyway. This could be true, given what we have learned about banking practices. (He will no doubt sell them the Brooklyn Bridge in the future.)

So now the proverbial S is hitting the fan on every front. Xmas shipping will not save us this year. We are being warned about the likely onset of stag deflation. Sounds bad. 

The brilliant young economist Max Wolfe—soon to star in my film in the making based on my PLUNDER book in the selling—says the latest jobs report is a recipe for more pain on the way

“We have lost 533k jobs in November and over 2.5 million for the year 2008. Thus, we see the worst jobs report in 34 years …We have seen the Fed and Treasury swallow toxic assets as the markets turn more and more assets toxic. Today's job losses assure many more delinquent and default experiences for creditors…This is a sad day for the world economy.”

(Note: These figures don’t count people who have stopped looking for work, 

an estimated 637,000.)

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And our government’s response?  If there is a plan, it is this: Open the sluice, get the money printing press working overtime, and try to bail the sinking ship. (Is that where the term bailout came from?) The costs are stratospheric and going up. In fact, we have just learned that the stock the bailout boys bought to supposedly make money for the American people dropped over $8 Billion in value just last week.

Nicholas Jones writes on the Seeking Alpha finance website:

“The $3.2 trillion spent thus far is a massive figure, but dwarfs the $8.5 trillion that is all but committed. Unfortunately, I don’t expect it to stop there. I would be fully shocked if we don’t see that $8.5 AT LEAST DOUBLE from here.

The problem is that nobody really understands the true size of these figures. It’s shocking how quickly America just accepted whatever –illion it was whether it started with a M, B, or T. I mean, what the hell... what’s $30 billion for Detroit when HYPERLINK "


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