See Also: (USAToday) – Weill, ex-Citigroup CEO, says big banks need to be broken up – Read More Here

Also: (Forbest) – Rethinking Capitalism: Sandy Weill Says Bring Back Glass-Steagall – Read More Here

(WashingtonsBlog) – The government’s special inspector general in charge of oversight of the Troubled Asset Relief Program (the “TARP” bank bailouts) – Neil M. Barofsky – wrote a stunning editorial for Bloomberg yesterday, concluding: Read the rest of this entry »

The Bush/Obama bailout/stimulus plans are not going to work. Both are schemes hatched by a clique of financial insiders. The schemes will redistribute income and wealth from American taxpayers to the shyster banksters, who have destroyed American jobs, ruined the retirement plans of tens of millions of Americans, and worsened the situation of millions of people worldwide who naively trusted American financial institutions. The ongoing theft has simply been recast. Instead of using fraudulent financial instruments, the banksters are using government policy. Read the rest of this entry »

The financial crisis is deepening, with the risk of seriously disrupting the system of international payments.

This crisis is far more serious than the Great Depression. All major sectors of the global economy are affected. Recent reports suggest that the system of Letters of Credit as well as international shipping, which constitute the lifeline of the international trading system, are potentially in jeopardy.

The proposed bank “bailout” under the so-called Troubled Asset Relief Program (TARP) is not a “solution” to the crisis but the “cause” of further collapse.

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