socialize_me
Member
- Joined
- Sep 21, 2008
- Messages
- 870
I like how the rest of the world knew what the US was doing was stupid, yet America thought it was great. It always fascinates me how we have these secretive bailout meetings, closed to the public, when the politicians are appropriating ~$700 billion of our own, or our grandkids' own, fucking money. Also, Central Banks around the world are having their own private meetings that are again closed to the public. Why in the fuck does this stuff have to be so classified?? Ron Paul made a great point; the intentions/plans/actions of the Federal Reserve are more secretive than the reports from the CIA to Congress---how the hell does that happen?? Why are covert, top secret missions disclosed to Congress behind closed doors, but the Federal Reserve doesn't even bother updating Congress on its actions...they find out with press releases from the Wall Street Journal.
Main thing, we gotta get this point out there. Central banks operate in secret so much so that we know more about what our own Intelligence Agencies are doing. I'm confident 99% of Americans would be pissed to find out that banking actions by unelected officials which affect billions of people around the globe are more private than our own CIA trying to get bin Laden. That'd register pretty well...what do these bankers have to hide?? It's a damn good question, and it can't be good.
Anyway, sorry for the rant, but here's the article:
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Sept. 27 (Bloomberg) -- The U.S. financial crisis will crimp consumption and spill over to the rest of the world including China, according to bankers and government officials meeting at the World Economic Forum in eastern China's Tianjin city.
``We are in the worst crisis since the Great Depression,'' said Citigroup Inc.'s Senior Vice Chairman William Rhodes. ``We are in a period of a tremendous lack of confidence'' where financial institutions require fresh funds to restore consumer trust, he said.
U.S. Treasury Secretary Henry Paulson has proposed a record $700 billion rescue package for U.S. financial institutions and the Securities and Exchange Commission banned short selling of insurance, bank and brokerage stocks. The unprecedented bailout has raised concern in China, prompting officials including bank regulator Liu Mingkang to slow the introduction of new financial products such as derivatives and futures contracts.
China's annual economic growth may slow to between 9 percent and 9.5 percent, Liu said without specifying the period, as the U.S. financial crisis may crimp consumption, affecting global growth. China's 2007 economy expanded 11.9 percent.
``This is good for China, China doesn't need speed, it needs quality,'' Liu said. ``When the U.S. had its zero down payment scheme and reverse mortgage loans, we thought it was ridiculous.'' China's ``first duty is to maintain financial stability.''
Opinions Divided
Bankers, corporate executives and officials gathering in Tianjin are almost equally divided on whether central banks should use taxpayers' money to bail out failed financial institutions. Chinese regulatory officials may be collaborating with U.S. officials to contain the impact of the financial crisis, Rhodes said.
The People's Bank of China is ``working closely with the U.S. Federal Reserve on a series of measures that could be taken,'' Rhodes said, citing a telephone conversation with a senior member of the Fed. He didn't elaborate.
China's bank regulator is also in ``close consultation'' with the Fed, Rhodes said without giving details.
Main thing, we gotta get this point out there. Central banks operate in secret so much so that we know more about what our own Intelligence Agencies are doing. I'm confident 99% of Americans would be pissed to find out that banking actions by unelected officials which affect billions of people around the globe are more private than our own CIA trying to get bin Laden. That'd register pretty well...what do these bankers have to hide?? It's a damn good question, and it can't be good.
Anyway, sorry for the rant, but here's the article:
----
Sept. 27 (Bloomberg) -- The U.S. financial crisis will crimp consumption and spill over to the rest of the world including China, according to bankers and government officials meeting at the World Economic Forum in eastern China's Tianjin city.
``We are in the worst crisis since the Great Depression,'' said Citigroup Inc.'s Senior Vice Chairman William Rhodes. ``We are in a period of a tremendous lack of confidence'' where financial institutions require fresh funds to restore consumer trust, he said.
U.S. Treasury Secretary Henry Paulson has proposed a record $700 billion rescue package for U.S. financial institutions and the Securities and Exchange Commission banned short selling of insurance, bank and brokerage stocks. The unprecedented bailout has raised concern in China, prompting officials including bank regulator Liu Mingkang to slow the introduction of new financial products such as derivatives and futures contracts.
China's annual economic growth may slow to between 9 percent and 9.5 percent, Liu said without specifying the period, as the U.S. financial crisis may crimp consumption, affecting global growth. China's 2007 economy expanded 11.9 percent.
``This is good for China, China doesn't need speed, it needs quality,'' Liu said. ``When the U.S. had its zero down payment scheme and reverse mortgage loans, we thought it was ridiculous.'' China's ``first duty is to maintain financial stability.''
Opinions Divided
Bankers, corporate executives and officials gathering in Tianjin are almost equally divided on whether central banks should use taxpayers' money to bail out failed financial institutions. Chinese regulatory officials may be collaborating with U.S. officials to contain the impact of the financial crisis, Rhodes said.
The People's Bank of China is ``working closely with the U.S. Federal Reserve on a series of measures that could be taken,'' Rhodes said, citing a telephone conversation with a senior member of the Fed. He didn't elaborate.
China's bank regulator is also in ``close consultation'' with the Fed, Rhodes said without giving details.
