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Of Credit Cruches and Bail Outs….

At this precise moment in time, it’s worth watching this documentary again….


…. and then a couple of articles I was sent by a reader….

US Senate backs new bail-out bill
‘The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system. Senators voted 74 to 25 in favour of the emergency legislation, which is designed to buy up bad debts and stabilise financial markets. It includes tax breaks for families and businesses, among other measures designed to win over sceptics.’
Get Full Article @
(– so, they basically agree to give money to the banks to loan back to the people at interest… but – woohoo – with ‘tax breaks for families’…The Phantom)

Not one dime!
‘For nearly a year, we have been asking ourselves why the investors and foreign banks that bought up hundreds of billions of dollars of worthless mortgage-backed securities (MBS) from US investment banks have not taken legal action against these same banks or initiated a boycott of US financial products to prevent more people from getting ripped off? Now we know the answer. It’s because, behind the scenes, Henry Paulson and Co. were working out a deal to dump the whole trillion dollar mess on the US taxpayer. That’s what this whole $700 billion boondoggle is all about; wiping out the massive debts that were generated in the biggest incident of fraud in history.’
Get Full Article @

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