Monday, September 22, 2008

Congress to force American Taxpayers to Bail Out Foreign Banks ?

Treasury Secretary Henry Paulson

In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.-- MIKE ALLEN, Politico
In what has been reported as the worst financial crisis since the Great Depression things keep getting worst.(see story)

Not only are the American taxpayer expected to bail out Wall street and American big money Bankers as under the original $700 billion dollar Bail Out plan that was submitted to Congress. Is has been reported that plan has been changed in the dark of night to included foreign-based banks also such as Barclays, Credit Suisse, Deutsche Bank, HSBC, Royal Bank of Scotland and UBS. (see story)

In an extraordinary interview with George Stephanopoulos on this weekTreasury Secretary Henry Paulson engaged in verbal slight of hand when he attempted to sneak pass the fact that unregulated investment Bankers have put the whole Global Free Trade and Money Market systems at risk and are now attempting to have the American taxpayer pay for it all.

You are going to want to see the entire 8mins of this interview where 7mins in Paulson explains to Mr. Stephanopoulos that just like illegal aliens in America if a foreign bank is doing business in America, it doesn’t matter that they are foreign, they have the right to the same protections that any America bank would have.

What that means is just like the America taxpayers bears the cost of 20 million illegal aliens in this country we will now bear the cost of foreign investment risk made by private foreign Global Bankers doing business in this country.(See 8min Video)

"If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.

That's a distinction without a difference to the American people. The key here is protecting the system. ... We have a global financial system, and we are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will.

But, remember, this is about protecting the American people and protecting the taxpayers. and the American people don't care who owns the financial institution. If the financial institution in this country has problems, it'll have the same impact whether it's the U.S. or foreign."
—Henry Paulson
What is so ironic about this development is Europe is condemning America for the lack of regulation of its markets and that condemnation comes even in the face of the American government’s attempt to protect European banks too. Europe is ridiculing America for what they call the "savage neoliberal capitalism" of Wall Street.

One such European that is holding America up to scorn is Hanna Evers of Berlin, a cellphone retailer. Hanna says, "I was taught that the U.S.A. is the motherland of moneymaking," she added. "And now all I can see is a herd of headless chickens running around on Wall Street." (see story)

No Hanna the herd of headless chickens that you see are the American people who are sitting by idly and allowing Henry Paulson and the American Government double talk them while getting away with placing the entire debt of Global speculators in the Global markets directly on the American people.

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