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Banks Stacking Up In The Morgue, Waiting To Be Processed

 
Dennis the menace.
User ID: 475306
Australia
07/29/2008 08:03 AM
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Banks Stacking Up In The Morgue, Waiting To Be Processed
A Big hello to Dennis King and his dickead staff. I wonder what you will say about GLP?



July 28, 2008 (LPAC)--It is clear from the flurry of articles in the national and local press that there is great anxiety across the land about the safety and soundness of the U.S. banking system. A survey of local press reveals hundreds of articles which follow the same basic format: your bank is safe, your deposits are safe, so don't worry. Some of them even quote local bankers, saying there are no runs on their banks, so everything is fine, and besides, were insured by the FDIC. We view this rash of articles as a de facto admission that there are widespread withdrawals of deposits from U.S. banks, a quiet run which has the bankers and the regulators worried, a run which has the potential to turn into a full-fledged banking panic. No bank can withstand a serious run, and any widespread run on the U.S. banking system would quickly overwhelm the efforts of the authorities to preserve the illusion that the banking system is solvent.

We suspect that the FDIC is booked solid, with banks lined up waiting to be closed just as soon as the agency can get to them.

Lyndon LaRouche summed it up nicely, describing the U.S. banking system as a morgue, with all the banks stacked up and waiting to be processed by the morticians.

Rather than trying to lull the population into a false sense of security, the bankers ought to be organizing for LaRouche's Homeowners and Bank Protection Act. No one with a brain believes the reassurances anyway, so why not spend your efforts on the solution, instead of wasting it on propaganda? If you want a safe and sound banking system, pass the HBPA.

[link to www.larouchepac.com]
Anonymous Coward (OP)
User ID: 475306
Australia
07/29/2008 08:12 AM
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Re: Banks Stacking Up In The Morgue, Waiting To Be Processed
A big hello to Barney Frank. A guy that acts and sounds like a Warner Bros cartoon character. No need to create a 'voice' for this dickhead. Just listened to him speak in real life.

This asshole deserves more attention than most here realise.

Again, Barney Frank Attacks HBPA Approach, Defends 'Right To Foreclose'
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July 28, 2008 (LPAC)--Notably in January, speaking at Goucher College in Maryland, Rep. Barney Frank made clear that he was pushing to make sure that no Member of Congress should introduce Lyndon LaRouche's proposed Homeowners and Bank Protection Act (HBPA). LaRouche's August 2007 proposal was designed as a "firewall" to protect vital economic sectors from the unstoppable financial collapse. It would ban foreclosures nationally, and use Federal bankruptcy reorganization to protect chartered banks otherwise going insolvent in that collapse. But "Barney Bailout" had other ideas--bailing out securitized mortgages, and defending "the legal right to foreclose." He told his Goucher College audience that LaRouche's proposed HBPA was "unconstitutional and irresponsible, and no one in Congress is going to touch it."

On Friday July 25, with the Dodd-Frank massive mortgage bailout/Fannie and Freddie securities bailout now passed by the House and about to pass the Senate, Frank used his opening statement in a Financial Services Committee hearing to again justify himself--this time without naming LaRouche or the HBPA.

Frank allowed to the Committee that there were other ways they could have legislated: "A second [way] would have been an effort to legislatively say no to foreclosures. Some advocate that [no one has proposed it but the LaRouche Political Action Committee and its backers in localities around the country], but I think it has Constitutional problems. I think it also has problems in how you discriminate which foreclosures should go forward and which shouldn't." Frank, during 2008 debates, has claimed a Constitutional property "right to foreclose"--as has megaspeculator and Democratic financier George Soros,

Frank also repeatedly denied EIR News Service's documentation, in March 2007, that the Dodd/Frank bill was designed by Wall Street banks, to bail out their mortgage securities. "The legislation we just passed ... is unusual in the sense that it was written here," Frank claimed, more than once in his opener. "It was written by the staff of this Committee..., and it was written by the staff of the Ways and Means Committee.... I am very proud of that." In fact, on June 29 a Washington Post article confirmed what EIR had earlier reported: that the legislation was primarily designed by Credit Suisse bank.


[link to www.larouchepac.com]





GLP