Mr. Speaker, here is the latest reality game. Let's play Wall Street Bailout.
Rule one: Rush the decision. Time the game to fall in the week before Congress is set to adjourn and just six weeks before a historic election so your opponents will be preoccupied, pressured, distracted, and in a hurry.
Rule two: Disarm the public through fear. Warn that the entire global financial system will collapse and the world will fall into another Great Depression. Control the media enough to ensure that the public will not notice this bailout will indebt them for generations, taking from them trillions of dollars they earned and deserve to keep.
Rule three: Control the playing field and set the rules. Hide from the public and most of the Congress just who is arranging this deal. Communicate with the public through leaks to media insiders. Limit any open congressional hearings. Communicate with Congress via private teleconferencing calls. Heighten political anxiety by contacting each political party separately. Treat members of Congress condescendingly, telling them that the matter is so complex that they must rely on those few insiders who really do know what is going on.
Rule four: Divert attention and keep people confused. Manage the news cycle so Congress and the public have no time to examine who destroyed the prudent banking system that served America so well for sixty years after the financial meltdown of the 1920's.
Rule five: Always keep in mind the goal is to privatize gains to a few and socialize loss to many. For 30 years in one financial scandal after another, Wall Street game masters have kept billions of dollars of their gain and shifted their losses to American taxpayers. Once this bailout is in place, the greed game will begin again.
But I have a counter-game. It's called Wall Street Reckoning. Congress shouldn't go home to campaign. It should put America's accounts in order.
To Wall Street insiders, it says no on behalf of the American people. You have perpetrated the greatest financial crimes ever on this American Republic. You think you can get by with it because you are extraordinarily wealthy and the largest contributors to both presidential and congressional campaigns in both major parties, but you are about to be brought under firm control.
First, America doesn't need to bail you out, it needs to secure the real assets and property, not your paper, that means the homes and properties of hardworking Americans who are about to lose their homes because of your mortgage greed. There should be a new job for regional Federal Reserve Banks. We want no home foreclosed if a serious work-out agreement can be put into place. And if you don't do it, we want a notarized statement by a Federal Reserve official that they tried and failed.
Second, taxpayers should directly gain any equity benefits that may flow from this historic bailout. We want the American people to get first priority in taking ownership of the institutions that want to pass their toxic paper onto the taxpayers.
Third, before any bailouts for Wall Street, America needs major job creation to rebuild our major infrastructure. America needs assets, not paper. We need working assets.
Fourth, the time for real financial regulatory change is now, not next year. A modernized Glass-Steagall Act must be put in place. We need to reestablish locally-owned community savings banks across this country and create within the Justice Department a fully funded unit to prosecute every single high-flying thief whose fraud and criminal acts created this debacle and then forced their disgorgement of assets going back 15 years.
Fifth, any refinancing must return a major share of profits to a new Social Security and Medicare lockbox, where the monies can go to pay for a dignified and assured retirement for every American. This Member isn't voting for a penny of it. Those who created and profited from this game of games must be brought to justice. The assets they stole must be returned to the American taxpayers, right down to the tires on their Mercedes.
Mr. Speaker, I ask my colleagues to join me in cosponsoring my bill to create an independent commission to investigate these well-heeled wrongdoers. Real reform now, or nothing.(1)
On September 29, 2008 the US House of Representatives voted down the $700 billion bailout package by margin of 228 to 205.
But On October 1, 2008 Wall Street flexed it's muscles in opposition to the House of Representatives vote on September 29th by the Senate passing the $700 billion bailout package by a margin of 74 to 25. This forced the bill back into Congress with added pressure for the House of Representatives to respond in kind. Threats of global financial meltdown - and even martial law - were employed by Paulson et.all to force the representatives to vote in line with what Wall Street interests wanted. Finally on October 3, 2008, the House passed the Paulson bailout package by a margin of 263 to 171 reversing its earlier no vote. Within hours of it's passage from the Congress, President George W. Bush signed the bill into law.
On October 1, 2008 the American people lost control of the US Senate and on October 3, the American people lost control of the House of Representatives. Congress no longer works for the American people but for the international money cartel.
Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.(2)That power now controls our government!
Just before the passage of the National Banking Act, President Abraham Lincoln wrote a letter to William Elkin stating:
I see in the near future a crisis approaching, It unnerves me and causes me to tremble for the safety of my country...the Money Power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war.(3)Five months later President Lincoln was assassinated.
From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble in 2001, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve Policy.(4)In 1932 Pennsylvania Congressman Louis T. McFadden, sought to bring conspiracy charges against the Federal Reserve Board. In a speech that year before Congress McFadden declared:
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the government these United States and the people of the United States out of enough money to pay the nation's debt. The depredations and iniquities of the Fed have cost enough money to pay the national debt several times over."If the American people only understood the rank injustice of our money and banking system -- there would be a revolution by morning" -President Andrew Jackson, in a speech to Congress in 1829.(6)
This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed through the corrupt practices of the moneyed vultures who control it.
Some people think that the Federal Reserve Banks are United States government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.
There is not a man within the sound of my voice who does not know that this nation is run by international bankers.(5)
1. "The Latest Reality Game - Wall Street Bailout," Congresswoman Marcy Kaptur, House of Representatives, September 22, 2008.
2. Woodrow Wilson, The New Freedom: A Call for the Emancipation of the Generous Energies of a People (Englewood Cliffs, NJ: Prentice-Hall, 1961), p.17-18.
3. A letter to William F. Elkins, November 21, 1864, Archer H. Shaw, ed., The Lincoln Encyclopedia: The Spoken and Written Words of A. Lincoln(New York: Mcmillan Co., 1950), p.40.
4. From a speech by Representative Ron Paul, M.D., "Abolish the Fed," in the House of Representatives, September 10, 2002.
5. Ellen Hodgson Brown, Web of Debt: The Shocking Truth about Our Money System (Baton Rouge,LA: Third Millennium Press, 2007), p.36.
6. On January 8, 1835, President Andrew Jackson became the first- and only- president to ever pay off the U.S. national debt.