the love of money is the root of all sorts of evil - that and it is impossible to serve two masters as you WILL love one more than the other.

this nation has been given over to its lusts. it's not like we shouldn't have known it - we were given a couple to a few thousand years' warnings.

Not the whole world, of course, but lots of folks are looking at this crisis as being brought about by de-regulation gone wild and cronyism between DC and NYC.

Who's shouting the loudest? The usual suspects of course.

Venezuela

CARACAS, Oct. 8 (Xinhua) -- Venezuelan President Hugo Chavez on Wednesday blamed the U.S. government and the International Monetary Fund (IMF) for the current world financial crisis

And who does Dumbya blame?

Why Fear itself apparently.

US President George W. Bush on Friday blamed "uncertainty and fear" for much of the global financial meltdown and insisted US authorities have the tools they need to confront the crisis.

"Not the whole world, of course, but lots of folks are looking at this crisis as being brought about by de-regulation gone wild and cronyism between DC and NYC."

A lot of people are looking for scapegoats, like poor people, but this is a capitalist crisis brought on by 30 year of free market fundamentalim, privatization, deregulation, free trade, outsourcing, etc.

As usual, socialism will have to save capitalism.

Iran blaming the US should come as no surprise by this point.

UNITED NATIONS (AP) Iran's president blamed U.S. military interventions around the world in part for the collapse of global financial markets ahead of his speech Tuesday to the U.N. General Assembly

"The Wall Street meltdown is not only due to greed and to the lack of government regulation of a hyperactive sector. This collapse stems ultimately from the crisis of overproduction that has plagued global capitalism since the mid-1970s.

The financialization of investment activity has been one of the escape routes from stagnation, the other two being neoliberal restructuring and globalization. With neoliberal restructuring and globalization providing limited relief, financialization became attractive as a mechanism to shore up profitability. But financialization has proven to be a dangerous road. It has led to speculative bubbles that produce temporary prosperity for a few but ultimately end up in corporate collapse and in recession in the real economy.

The key questions now are: How deep and long will this recession be? Does the U.S. economy need another speculative bubble to drag itself out of this recession? And if it does, where will the next bubble form? Some people say the military-industrial complex or the "disaster capitalism complex" that Naomi Klein writes about will be the next bubble. But that's another story."

Some people say the military-industrial complex or the "disaster capitalism complex" that Naomi Klein writes about will be the next bubble. But that's another story."

Spud concurs with this thought.

Bout bloody time too.

America spends waaaaaaaaaaaaay too much on the MIC every year and, like the twin deficits the US economy stands on, it's unsustainable in the long term, no matter how many fake wars the government manages to drum up in order to try and justify the unjustifiable and keep them in contracts.

Be Well.

"That's right ..."Nationalism"."

The silver lining of this crisis is the "nationalistic" rebellion against the dictates of the transnational dominated agencies of the IMF, WTO, and the World Bank. Given the most recent failures of WTO trade talks, it's running on fumes.

What's needed is the democratization of these institutions or their retirement.

How says South America other than Chavez with his perrenial "Yanqui go home" rhetoric?

Howsabout Brazil?

Brazilian President Lula da Silva blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.

What's needed is the democratization of these institutions or their retirement.

Agreed. From the virtual corporate dictatorship of "Free (from governmental oversight or regulations) Markets to something that resembles a system with feedback in which public opinion and the public good must be considered if not firdst and foremost then at least to a serious degree beyond the current "say anything but do wot you will and let that be the whole of thy law" philosophy.

Be Well.

The key questions now are: How deep and long will this recession be?

I heard a good commentary last night that said if this crisis we are now in was only a domestic recession it usually would last about 6 months or so.

They also said global recessions -- like the one we are now -- normally last about 18 months. This global recession is expected to last thru the end of 2009.

Of course Bush and the 'tards in the Republican party are still denying we are even in a recession at all. Uncanny!

Also heard some non-partisan economists talking just now on CNN and they said the Reagan era of economics is DEAD.

The Republican era of worship of a "small to nothing" government and low, low taxes is DEAD.

The economist said we have to "GROW UP" and stop living in a dream world of thinking we will never have to raise taxes. He said the US is not going to get rid of SS, Medicare, nor let our schools, infrastructure, and other needs just go to hell in order to keep the Republican dream of continuing tax cuts.

He said the states are now all starting to feel the pinch of years of Bush's federal tightening of the money for the states and are seeing the neglect of never getting enough money as they watch their infrastructure crumble and other desperately needed projects go by the wayside.

He said that the last 10 years have been wars paid for with foreign borrowing. He said no more foreign borrowing all in order to pay for necessities here at home so we can continue to give the rich bigger tax cuts and pay for all the wars. When did you ever see a country go to war for years yet never raise taxes as Bush has demanded year after year.

That is all coming to an end. Foreign countries are thinking twice about lending us any more money. This economist said that from now on taxes will be higher, no more corporate tax perks like before, and that the increase in taxes will start with the rich. He also said the proposed tax stimulus package now being proposed by the Democrats will also probably have to be forgotten and that promises by the candidates for various programs might not all be fulfilled. The days of no taxes and instead borrowing foreign money to keep the wheels turning here at home are now finito!

Bush's 8 years of whining and wailing "Make mah tax cuts permanent" is now joke and a thing of the past.

REAGANOMICS IS DEAD.
FREE TRADE IS DEAD
DEREGULATION IS DEAD
BUSH'S TAX CUTS BEING MADE PERMANENT IS DEAD
THE REPUBLICAN PARTY IS (almost) DEAD

Here's a funny one from Bloomers.

AIG CEOs blame each other fer collapse...

Maurice 'Hank' Greenberg, who ran AIG for 38 years until 2005, told Congress today that controls he put in place were weakened or eliminated after he left. Martin Sullivan, who was CEO for three years until June, and Robert Willumstad, an ex- Citigroup Inc. president who ran AIG until last month, blamed an accounting rule that forced the firm to book unrealized losses.

"When I left AIG, the company operated in 130 countries and employed approximately 92,000 people,'' Greenberg said in a written statement presented to the House Committee on Oversight and Government Reform in Washington. ``Today, the company we built up over almost four decades has been virtually destroyed."

I feel for those who lost their retirement money, but that's as far as it goes, yes.

To the rich, the greedy, those who created their fantasy fairytale:

If you want sympathy, it's in the dictionary about midways between shit and syphilis.

Good day.

IT's a fact, taxes will definitely go up. I'm no economist but it seems if we only stopped having wars half way across the world and stopped funneling the us treasury to corporations, we would be a lot better off.

here's what we need to do as a start;

1) get rid of the federal reserve system.

2) have a balanced budget ammendment.

3) throw white collar criminals in jail.

Steal a loaf of bread? Go to jail

Steal 100 billion dollars? Get community service at most...

... "Wall Street and the world will never again be the way they were
before the crisis," said [Germany].

Maybe this isn't such a bad thing to have happened to our nation after all. It would never have stopped unless we had gone into economic meltdown.

The corruption, fraud and greed -- which ran rampant from the highest office in the White House down to members of Congress, along Wall Street, and in some cases all the way to mayors and city council members of our nation's cities and towns.

The people of this country have no government and we have not had one for quite awhile. We the people have had no President and we have no Congress. They work only for the special interest groups -- the ones with the money and hefty campaign donations -- and it is they who have ruled our nation for the last 15 years or more. The American people have not had a voice in our government for years.

I'm sorry if some good, hard working Americans have taken a huge financial loss through no fault of their own in this economic blowup, but finally maybe now the corruption can be cut out of our Congress and Wall Street before they were able to destroy us even more and it became too late.

All current politicians in both parties need to be voted out off office. We need to sweep the stench out of our government.

The people controlling the world are criminals.

"Alaskan magnetometers went BONKERS with every 9/11 "event", including the plane-shaped holes appearing in the towers."

[citation needed]

Do you smoke crack with Alex Jones much?

if you checked the link I gave, you wouldn't need to ask, DUH.

"checked the link"

HAHAHAHAHAHAHAAHA

You're really Buffalo Bob, aren't you?
There can't be two people that stupid.

German Official Blames US for Meltdown

At least they're not blaming the jews...

If left up to the liberals in the US, Germany will get another chance at taking over the world.

"Germany will get another chance"

Merkel has a PhD in Physics; Good idea.

If left up to the liberals in the US, Germany will get another chance at taking over the world.

#23 | Posted by aclusux
You better check your anus after pulling that one out of it..You may bleed to death....

Merkel has a PhD in Physics; Good idea

You sure those aren't double d's?

German Official Blames US for Meltdown

At least they're not blaming the jews...

#22 | Posted by DARTHCHENEY

Why not blame the Jews on this! Neocons, AIPAC, Greenspan, Bernanke, Friedman....Jeez, I don't know where to fucking end. It's definitley easy where to start though.

Ah. And the bigotry of Redsox is finally revealed. After taking Legio and the former Confederate states to task for their historical racism, it turns out that our resident Beantown douchebag is just another foamin'-at-the-mouth brownshirt.

Sieg Heil!

$850 billion of laundered Hank Paulson money. Fuck it. When does the revolution start?

Germany turned the tide on the weekend. The German Goverment used 500 billion Euro on the turnaround.

The Germans are good at blaming other people for whatever hardships they bring on themselves. No surprise here. Why would they be responsible for their own finances?

"The Germans are good at blaming other people for whatever hardships they bring on themselves. No surprise here."

YEAH!

Except when a country toutes itself as a world leader and chortles its greatness as the reason for such, its reasonable that others blame the ones who claimed the success soley thiers. Everyone just loves sticking it to the braggard, and some in america bragged hard and long!

Such is Humillity in the Great Christian Nation today!

Well, the Europeans who for years have salivated at the prospects of pulling ahead of the US financially, finally get their shot, and what's their angle..

THE US IS TO BLAME FOR EUROPE'S FAILINGS..

The US markets will recover, but Europe never will until they ditch the nanny state. The only fear I have, is the US falling into the same trap, and the "loser vote" swinging a US election.. losers meaning those who are not successful, never will be successful, and somehow think that's someone else's fault. (which is the primary reason they're not successful)

Corporate greed sure.. congressional stupidity, what else is new.. but individuals make up the economic engine in the long run.. and its hope for recovery is with them.. not the US or European governments.

Well, the Europeans who for years have salivated at the prospects of pulling ahead of the US financially, finally get their shot, and what's their angle..

THE US IS TO BLAME FOR EUROPE'S FAILINGS..

The US markets will recover, but Europe never will until they ditch the nanny state. The only fear I have, is the US falling into the same trap, and the "loser vote" swinging a US election.. losers meaning those who are not successful, never will be successful, and somehow think that's someone else's fault.

Doesn't he mean BushCo?

The US markets will recover, but Europe never will until they ditch the nanny state.

It is quite funny to read such comments. Do you read what you write?

"As usual, socialism will have to save capitalism."

And if socialism were the reigning economic system in America, capitalism would routinely be introduced to "save" it as well. What's your point?

The Germans are good at blaming other people for whatever hardships they bring on themselves. No surprise here. Why would they be responsible for their own finances?

#31 | Posted by Sully

* * * *

I'm largely sympathetic to that point of view, but IMO the German position over the past few years is a little different. It seems lately that there is almost no hardship they're not willing to assume, for the sake of this silly EUtopia they're trying to maintain, and it simply isn't working. I resent taking the French and German position on anything, but why should they continue to subsidize Italian, Spanish, and Polish employment? Why should Germany be forced to maintain deficit-reduction targets, so that Italy doesn't have to?

I can see why the EU is such a great benefit to Denmark and Portugal. It's less obvious why the French, the Germans, and the Irish keep playing along. This is a great opportunity for them to say, enough. We'll see.

"Except when a country toutes itself as a world leader and chortles its greatness as the reason for such, its reasonable that others blame the ones who claimed the success soley thiers. Everyone just loves sticking it to the braggard, and some in america bragged hard and long!

Such is Humillity in the Great Christian Nation today!"

Was this supposed contain some kind of sensible point? Basically, you are saying they are blaming us because they don't like us. No shit.

That doesn't change the fact that Germans are reponsible for the current circumstances Germans find themselves in. Acting as if they are a nation of overgrown babies who have no choice but to follow what others are doing is not nearly as impressive as you seem to believe. And no matter how much you want to parrot the Germans' anti-American sentiments, that isn't going to change.

Denmark still has its own currency. Denmark isn't completely in the EU. There's a weird Grey area there.
Denmark and the rest of Scandinavia, including, Greenland, Finland, and Iceland have an economy pact. They trade inside Scandinavia/outside of the EU.
Iceland, and Norway are heavily invested in US banking, So they have been hit hard by the banking collapse.
Denmark so far is not feeling it to bad. Although I just noticed in the local grocery store that the prices are up a bit.

Any country even partially populated by Redneckville's, who manage to misspell "touts", "it's", "solely", "theirs", and "braggart"--all in the space of two lines--doesn't have much to brag about.

Just because the Germans are famously known for their superiority complex doesn't mean you have to make their point for them.

Now that I have my new MacBookPro, I have auto-spell check.
Believe me... I need it.

BTW, I love my new Mac...It's a great PC.

Just because the Germans are famously known for their superiority complex

LOL, today the US-American superiority complex is superior, as usual.

WELL OF COURSE they blame us.........just like dems blame republicans and take no responsibility for themselves.........

of course when they need us to save their ass........they sing a whole different tune

First the policy makers pretend that they can be paid, then they denounce the pessimists as spreading panic, and then they say that students have been taught for four thousand years how the "magic of compound interest" keeps on doubling and redoubling debts faster than the economy can squeeze out an economic surplus to pay.

What has ended is the idea that "the magic of compound interest" can make economies rich without having to work and without industry. I hope we have seen the end of derivatives formulae seeking to make money by playing in a zero-sum game. A debt overload ends either in foreclosure or annulment to preserve the economy.

If Congress really wanted to restore confidence it could mark to market, not to model. Investors no longer believe America's Enron-style accounting, debt rating agencies or monoline risk insurers. They don't trust U.S. banks to be honest about their financial positions. They worry about the fraud charges brought by attorneys general in eleven states against predatory lenders such as Countrywide and Wachovia that Citibank, JPMorgan Chase and Bank of America were so eager to buy.

While Senators and Congressmen were debating $700 billion for the major Wall Street contributors to both parties (only for starters, Mr. Paulson explained), the Federal Reserve already had given even more, without public discussion and mention in the major media. Since Bear Stearns failed in March, the Federal Reserve has used the small print of its charter to go outside its commercial charter and give investment banks, brokerage houses and large corporations some $875 billion in "cash for trash" swaps. (see the Fed's H41 report.) The Fed has exchanged Treasury securities for junk mortgages and other securities that brokerage houses and investment banks did not have time to pawn off onto OPEC, Asian sovereign wealth funds or other investors.

The Fed Chairman is not elected democratically. He traditionally is designated by the Wall Street financial sector that the Fed is supposed to regulate, acting as its lobbyist for creditor interests the top 10 percent of the population against that of the indebted "bottom 90 percent." This "independence of the central bank" is trumpeted as a hallmark of democracy. But it is undemocratic, precisely by being isolated from public control.

The subprime mortgage problem could have been solved by writing down just $1 or $2 trillion of the face value and interest rates of predatory loans. Instead, the $10+ trillion in financial-sector damage in recent weeks reflects Wall Street's fraudulent packaging and sale of junk mortgages at unrealistically high prices, using junk mathematics to calculate junk derivatives and sell them to gullible investors who believe that the pretenses these mathematics, credit ratings and projected income have a basis in reality.
Today we can see the debt-fueled bubble of asset-price inflation that Alan Greenspan trumpeted as real wealth creation for what it really is credit creation to bid up real estate, stock market and packaged-debt prices. Tangible capital formation has been left out of account, as if postindustrial economies no longer need it.

Will voters see the asymmetry in Congress's failure to offer debt relief for homeowners as real estate prices plunge below the mortgages that are owed? Will its members be blamed for not rewriting the nation's bankruptcy laws to free families from debt peonage and free housing markets from the price declines that result from today's proliferation of foreclosure sales? Will there be no relief for Corporations having to cut back investment to service junk bonds and other debts with which Wall Street's corporate raiders and "shareholder activists" have loaded then down?

Evidently not.

Excerpted from Michael Hudson @ Counterpunch

Der Speigel blamed the US for ALL of their problems, until DB and the rest of their bank stocks sank like rocks in the past two weeks. Turns out they have the SAME problems there that are inflicting the world markets.

Now their newspaper is finally owning up to their own self inflicted issues....

you idiots, that's because our Wall Street cheated them all.

That doesn't change the fact that Germans are reponsible for the current circumstances Germans find themselves in.

Yes, we Germans and all people around the world are responsible for being successfully sold US trash papers. And you assholes here blame the victims. But believe me, there is a lesson learned.

Did US financial institutions cause the global financial crisis? Let's take a pass on that one with a quick, let's think about that for a while answer.

In all probability, the crisis was accelerated by the push to keep a flush economy going despite huge deficits and a trillion dollar war. It all was pushed by a president who urged Americans to shop instead of making sacrifices. And by a bunch of GOPs who wanted to tout home-ownership stats even as the middle class was getting squeezed and as the upper class and under class were getting richer and poorer respectively.

But the Eurobankers were part of the problem. All of Wall Street's uber-geniuses tried to invent new ways of increasing returns on financial products by dissipating risk. Now, for a real rocket scientist, dissipating heat is a key way of ensuring a craft's safety, because the ehat disappeared into the ether of thin air. But with financial risk, you cannot spread risk into thin air -- someone ends up holding the bag. And when the day of reckoning comes, someone has to lose and anyone who wrote insurance on what they presumed was negligible risk will end up owing the man when the bill comes due.

So it was with CDOs, currency swaps, interest rate swaps and credit default swaps! And it wasn't just American bankers who went along with the show or who choreographed it.

The blame is put exactly where it belongs, to the U.S.A.

Now it is our problem to get those idiots out, but that will take some time, too many wannabe bourgeoisie hiding in the mist.

Gee money war, you sure are full of guilt and rage aren't you. Over on the dow drops retort you said

"Wow, you mean all those crooks who are asking for a bailout"

So everybody in America who advocated for the TARP, everybody who might receive money from the TARP, and everybody who received benefit from the TARP must be purged according to you!!

I HAVE NEWS FOR YOU HAMMERHEAD OBAMA IS GOING TO TAP JAMIE DIMON FOR TREASURER, so here is JP Morgan's "bourgeoisie" going into the top spot. Kinda flushes your idea of cleansing down the drain heh HEH???/