Posted on 05/10/2010 3:36:08 AM PDT by tobyhill
The European Union spearheaded a $1 trillion plan Monday to contain Europe's spreading debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery.
Central banks around the world joined the coordinated effort to prop up the euro and repel speculative attacks against Europe's weakest countries. The European Central Bank used what analysts called its "nuclear option" — buying public and private debt to shore up liquidity in "dysfunctional" markets and lower borrowing costs.The U.S. Federal Reserve separately reopened a currency "swap" program to ship billions of dollars overseas, pumping more short-term cash into the financial system.
Many investors, rattled for weeks by the prospect Greece would default on its mountain of debt, showed relief. The euro climbed as high as $1.2984, up from the 14-month low of $1.2523 it hit late last week. Japan's Nikkei 225 stock average rose 1.5 percent and Hong Kong's Hang Seng index added 1.3 percent. European markets jumped higher — major indexes were up more than 3 percent — and Wall Street was also expected to surge on the open, with Dow futures also 3.0 percent higher.
(Excerpt) Read more at foxnews.com ...
The Berlin airlif on the way. This time it is Bernake flying in money. AUDIT THE FED NOW!
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The BIG question is----how much is Gangster Government pocketing? The Gangsters blanketed Wall Street with billions and billions of tax dollars with virtually no accountability.
The $700B TARP Bailout is now being called, "A MASTERFUL DECEIT." If HR 1424 was a 'MASTERFUL DECEIT' then CONGRESS didn't do its job.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM (required 'Congressional Oversight' sections listed)
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 111. Executive compensation and corporate governance.
Sec. 116. Oversight and audits.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 125. Congressional Oversight Panel.
Sec. 127. Cooperation with the FBI.
Sec. 129. Disclosures on exercise of loan authority.
In HR 1424, there are enough rules, regs and CONGRESSIONAL OVERSIGHT REQUIRED that Not One Thin Dime should have been 'misspent.' So if anything crooked did go on, Congress should look in a mirror. They dropped the ball -- again. And the same Gangster Government is bailing out Europe, and ruining our healthcare.
ITEM Greece paid Goldman Sachs $300 million in fees for arranging the toxic 2001 transactions, according to several bankers familiar with the deal.
ITEM In Greece, we are witnessing the extensive political power of dominant public sector unions....rioting in the streets, capable of bringing the gov't down.
ITEM Ohaha reflexively bails out anything that has a union.
ITEM "Professor Ohaha" knows nothing about int'l finance. But Wall Street Rahm Emanuel sits in OUR WH.....AND is a G/S toadie.
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Goldman Sachs Will Be Sitting Pretty With Emanuel in the Obama White House
Timothy P. Carney, Examiner Columnist, November 21, 2008 Goldman Sachs always has clout in Washington, as evidenced by the firm’s alumni serving as Treasury secretaries under both Presidents Bush and Clinton. Today, in these tumultuous times of bailouts and meltdowns when the investment banking leviathan needs Washington more than ever before, Goldman can leverage its most valuable asset yet—incoming White House chief of staff Rahm Emanuel. Goldman Sachs is the giant of Wall Street, and more than any other investment bank, Goldman is surviving the current financial storm.
Traditionally a Democratic booster, and one of Barack Obama’s top sources of funds in this past election, Goldman has always had some particularly strong allies within government.
Emanuel is one such ally. An interesting early chapter in the Goldman-Emanuel relationship took place in the setting of Bill Clinton’s campaign for the White House in 1992. Clinton hired Emanuel as his chief fundraiser. At the same time, however, Emanuel was on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time. This is certainly a noteworthy relationship, but it’s one that has almost entirely escaped scrutiny. (snip)
In his four terms in Congress, Emanuel has raised $74,750 from Goldman, making the firm his number four source of funds.
Goldman has helped Emanuel. How has Emanuel helped Goldman? The most obvious answer, as mentioned in this column two weeks ago, is in Emanuel’s lead role in shepherding the “$700 billion” bailout—first proposed by former a Goldman CEO, Bush Treasury Secretary Henry Paulson—through the skeptical House.
Of course, back in the Clinton days, Goldman benefited from NAFTA and the bailout of the Mexican currency, with Emanuel pushing NAFTA through Congress, and Rubin hammering out the peso bailout.
Did Goldman improperly funnel money to the Clinton campaign by subsidizing Emanuel’s salary in 1992? Did Goldman’s help to Clinton spur the Democratic president to push NAFTA and the Mexican bailout?
The answers to these questions are opaque, and with Emanuel burrowed deep within the Obama White House, the continued relationship between Goldman Sachs and Obama’s right hand man won’t be easy to follow.
Watch which regulations of Wall Street Obama fights for. Watch where the bailout money goes. And don’t be surprised to see Goldman soon sitting pretty once again.
SOURCE http://www.washingtonexaminer.com/opinion/columns/TimothyCarney/
This is insane!! ...might as well be Monopoly Money.
A trillion bucks raised the euro by 3 cents?
Looting the banks of a trillion bucks to prop up the euro by 3 cents is government’s version of spearheading a plan?
If the American people knew we wefe borrowing from our enemies in China to give to our frenemies in Europe there would be riots in the streets.
But fortunately for 0 the press as usual is actively supporting the administration by ignoring this.
And we're trying to do the same, basically ‘beggaring thy neighbor’.
But it won't work. As long as China pegs their currency to a basket of currencies, mainly the dollar and Euro. For with a fixed currency, when the currencies that you are pegged to drop, so does yours. Leaving China with a currency that will always undercut their competition.
May 10 (Bloomberg) —
“The U.S. Federal Reserve will restart its emergency currency-swap tool by providing as many dollars as needed to European central banks to keep the continent’s sovereign-debt crisis from spreading.
The swaps with the European Central Bank, Bank of England and Swiss central bank will allow them to provide the “full allotment” of U.S. dollars as needed, the Fed said late yesterday in a statement in Washington”
http://www.bloomberg.com/apps/news?
pid=20601087&sid=amiI5qIW8gDI
Uncle Sugar and those dumb cowboy Americans to the rescue of Europe. Again.
Nothing like subsidizing Greeks on their vacations and retirement at age 50.
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