Quote of the Moment

I testify that wickedness is rapidly expanding in every segment of our society.  It is more highly organized, more cleverly disguised, and more powerfully promoted than ever before. Secret combinations lusting for power, gain, and glory are flourishing. A secret combination that seeks to overthrow the freedom of all lands, nations, and countries is increasing its evil influence and control over America and the entire world.

Ezra Taft Benson
October 1988 General Conference

Monkey Business and the Wall Street Bailout

How the “bailout” will work!!

Once upon a time a man appeared in a village and announced to the villagers that he would buy monkeys for $10 each.

The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.

The man bought thousands at $10 and, as supply started to diminish, the villagers stopped their effort. He next announced that he would now buy monkeys at $20 each. This renewed the efforts of the villagers
and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so scarce it was an effort to even find a monkey, let
alone catch it!

The man now announced that he would buy monkeys at $50 each! However, since he had to go to the city on some business, his assistant would buy on his behalf. In the absence of the man, the assistant told the
villagers:

“Look at all these monkeys in the big cage that the man has already collected.  I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.”

The villagers rounded up all their savings and bought all the monkeys for 700 billion dollars.

They never saw the man or his assistant again, only lots and lots of monkeys!

Now you have a better understanding of how the WALL STREET BAILOUT PLAN WILL WORK !!!!

Doctor asks federal judge to stop bailout

10/10/2008 2:11 PM

EAST ST. LOUIS-A Belleville doctor is asking a federal judge to bar President George W. Bush from enforcing the congressionally-approved financial industry bailout bill.

Dr. Randy J. Jung filed the request for a restraining order Friday, arguing Congress and Bush exceeded their constitutional authority when passing H.R. 1424, otherwise known as the bailout bill.

“In the spirit of the Magna Carta where the King and government are required to follow their own laws; and in the honorable tradition of the Judicial Branch of government providing checks and balances for excesses of Congress and/or the President, I would like to plead that a restraining order be issued preventing the ‘bailout bill’ from being enforced until after a federal judge has ruled on the above maters which strongly indicate that the Congress and President have exceeded their Constitutional authority passing H.R. 1424 as amended,” the complaint states.

“After reading Article I, Section 8 of the U.S. Constitution, I do not see where Congress has the legal authority to deprive its citizens of property in the form of taxation to effect the above act and bailout the troubled financial district,” the complaint also states.

Jung argues since the bailout bill is an attachment to mental health legislation, it makes it “extra topical to the spirit and scope of the mental health act” and is an effort to “get around the fact that the U.S. Senate is the originator of a bill raising revenue of $700 billion, which exceeds the rights of the US Senate as indicated in Article I, section 7.

“The U.S. Senate has taken away the constitutional right of the House of Representatives to originate bills for raising revenue; and is assuming that function for the Senate,” the complaint states.

“Sometimes, children are abused by their parent, relative, acquaintance, or stranger,” the complaint also states. “This abuse generally occurs in a milieu of neglect where other adults fail to allege that the perpetrator has exceeded his rights; and exercised his will over the child simply because he is powerful enough to do so.”

U.S. District Judge Michael Reagan and Magistrate Clifford Proud have been assigned to the case. No hearings have yet been scheduled.

WaMu failed

The largest banking failure in US history happened a few hours ago when the Office of Thift Supervision took control of the Bank.  J.P. Morgan Chase purchased the banking assets for $1.9 billion dollars.  To quote the AP: “One positive is that the sale of WaMu’s assets to JPMorgan Chase prevents the thrift’s collapse from depleting the FDIC’sinsurance fund.” (source).  The new JPMorgan Chase is now the 2nd largest bank in the United States.

As a customer of WaMu (or rather, I guess, former customer), WaMu customer support has gotten horrible over the last several months and I think they would have failed at some point because of it.

I believe that this whole mess has been the end game that has been going on behind the scenes for many years…

Update: 11:05 pm – I believe that this bank failure was due to the “bailout” falling apart tonight.  The powers that be decided that the Senators needed some “motivation” to get something passed.  What a better way to do that than to have the largest bank failure in US history happen the day before the deadline that Secretary Paulson said this bailout had to be passed by or else the entire economy would collapse…  Mark my words, this “bailout” will pass at least one chamber tomorrow, if not both, in time for John McCain to triumphantly arrive at the debate at the University of Alabama…