Perhaps this rout, too, will stop at the gates of Rome

The Globe and Mail ^ | 9/27/08 | AVNER MANDELMAN

[nicola_tesla]

The financial system has just buckled before a financial marauder - Freddie and Fannie's huge debt - and to save the system, the U.S. government took over their $5-trillion (U.S.) of debt, annihilating its own balance sheet. It is just as the eight Roman legions that gave battle to Hannibal in Cannae in 216 BC also were annihilated. And, just as after Cannae the moneyless Roman state lay defenceless before Hannibal, so does the broke U.S. government now lie defenceless before the remaining debt - which is a hundred times bigger than F&F's. Yes, you read it correctly: A hundred times bigger. F&F cost $5-trillion, or 8 per cent of the $60-trillion global GDP; but there are $600-trillion of derivatives out there, or about 10 times the world's GDP. What would happen if some of these crumbled, as did F&F? AIG had a "mere" $1-trillion of derivatives, which was enough for the U.S. Federal Reserve to pale and renege on its vow not to bail out anyone after F&F. And AIG is small compared with, say, JPMorgan, which has perhaps $20-trillion of derivatives; or other insurance companies and banks each of which has half-a-trillion of derivatives here, half-a-trillion there. Almost every exchange-traded fund has derivatives (called swaps), every insurance company and every bank. It's a huge daisy chain of obligations. What would happen if a few trillion cracked? How would the now-broke U.S. authorities fight the problem?

[nicola_tesla]

Call your CONgresscritter and tell them HELL NO ON BAILOUT !

www.fedupusa.org

[Dr. Ursus]

We’re all coming home on our shields!

[Salvation]

U. S. Senate

U. S. House of Representatives

[familyop]

"...and to save the system, the U.S. government took over their $5-trillion (U.S.) of debt, annihilating its own balance sheet."

That's the only good thing about it. Other than another high intensity world war, it is the only way to eventually kill anti-family social programs and the public toward sexual confusion. The way that we're going, sooner or later, we'll see government revenue emergencies and a world war.

[familyop]

...the public trend toward sexual confusion, even.

[screaminsunshine]

Well two weeks ago you would be considered a KOOK like Ron Paul. However it looks to me like the kooks are right. If McCain votes for this I am writing in the one candidate who looks to be correct. RON PAUL.

[Left2Right]

At least at the Battle of Cannae(216 B.C.), 80 senators went down with the Roman army...

[nicola_tesla]

LOL that would be nice if we could include the Cabinet too, and more than a few Reps