Bailout costs $8.5 trillion

Enough to make your eyes glaze over…

The Real News Network:

US Federal Government has pledged $8.56 trillion in economic bailout for financial institutions so far

With the credit crisis continuing to worsen, the US federal government is pledging a seemingly endless amount of money to shore up failing institutions hit hard by toxic assets. Federal government pledges now top $8 trillion with the most recent $800 billion announced Tuesday. The Real News Network spoke to journalist and author Nomi Prins.

CNN: Jack Cafferty on Sarah Palin for President 2012

According to a new Gallup Poll, Republicans and Republican-leaning Independents most would like to see Sarah Palin run for president in 2012. That’s right…Sarah “I read all the newspapers,” Palin. Former mayor of Wasilla, first-term governor of Alaska and hockey mom. Her interviews with Katie Couric are the stuff of legend. After she and McCain got their clocks cleaned, Governor Palin couldn’t get enough of the TV cameras. They were in her kitchen, her office, virtually every corner of her life. She is now reportedly being wooed to write a book-that would be interesting-or maybe do a TV show.

Here are some of the responses Jack received on his blog, they are really funny:

Anne from Chicago, Illinois writes:

Did I hear you say Palin is writing a book? How is that possible when I’ve yet to hear her complete a proper sentence? Shouldn’t she try reading one first?

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10 Republicans Who Should Go Away – Forever

The Daily Banter provides us with a list of 10 Republicans who should go away.  I added the forever.  Not just forever in the Britney Spears comeback sort of way, but forever forever.  Gone. Kaput. Never to infect American politics again.  Ever.

See Ya!

See Ya!

Who are these 10 Republicans?  I’m providing the list, but you have to read the entire piece to see why.  It’s quite good.

1. William Kristol – he who is wrong about everything. Go away, Bill. We don’t need your desire for empire building and global domination via war and misery.

2. Sarah Palin – vacuous, vapid, a pitbull piranha without a brain or a conscience.

3. Michelle Malkin – Hateful and ignorant. She even earned an award in her name, to be given to others (by Andrew Sullivan); the ‘Malkin Awards’ for bigotry, prejudice or downright meanness.

4. Dick Morris – a bought and paid for hack. Watching his constant boner for Palin was disgusting. And he does not lie too deftly. Buh bye, you lying sack of shit.

5. Dick Cheney – he who should not be named, or seen. Crawl back into that undisclosed location and take your dark heart with you. One of my favorite lines:

Cheney is the epitome of a political hack, a gutless grey blob of a man with a record of detached violence and personal greed. We won’t see much of him after next January, and hopefully someone will have the decency to arrest him should he venture out of the United States.

6. Mitt Romney – tried to buy the presidency by spending $47, 000, 000 of his own moolah. And lost. Don’t go away mad, Mittens, just go away.  Forever.

7. Alan Greenspan – Greenspan’s own words are best for why this guy should go away forever:

I made a mistake in presuming that the self-interest of organisations, specifically banks, is such that they were best capable of protecting shareholders and equity in the firms … I discovered a flaw in the model that I perceived is the critical functioning structure that defines how the world works.

8. Bill O’Reilly –  Cut his mike!  Forever!  Loofah’s anyone?

9. Sean Hannity – the manatee. Dumber than Palin a stone and unable to do anything but regurgitate GOP talking points.  Dumb and loud and proud.

10.George Bush – Why should GWB go away forever? Let’s let the Daily Banter run with this one.

The ‘Decider’ will go down as the worst President in the history of the United States, and as Chris Rock put it “Bush is not just the worst ever president of the USA, he’s the worst ever president, period. Of anything.” It’s hard to top the hyperbole commentators have used in describing just how bad Bush really was, because there aren’t really words to do it justice. Bush has presided over monumental fuck up after monumental fuck up, groping his way through the president with the finesse of a 800lb gorilla. I tried to come up with a list of accomplishments he has achieved, and came up with the following:

1. He has increased financial support to Africa to alleviate AIDs and poverty.

2. …………

Uh, that’s it.

He has presided over two disastrous wars, an increase in poverty at home, an increase in wealth inequality, an increase in the number of people without health care, a crisis in public education, the break down of national infrastructure, the literal drowning of a city, the use of torture as official policy, the biggest financial crisis in 80 years, and the irreversible decline of America’s prestige abroad. Here is something to think about. Every ex President (aside from Ronald Reagan who had alzheimers) has a role to play in public life after office. They give advice, do lecture tours, write books, sit on boards of huge companies and head non-profit organizations. How many people do you think will be itching to receive advice from W? How many companies would have him on their board? Who would buy his autobiography? Who would pay to hear him speak? No one. And that pretty much sums it up.

Turley: Democratic leaders want pardons for torturers

Raw Story:

President Bush pardoned 14 people, including a rapper who was charged with drug smuggling. The White House is unlikely to grant pardons to officials who are involved in terrorism policies. Is this right? Rachel Maddow is joined by George Washington University law professor Jonathan Turley.

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Who else will Bush pardon? I know a couple of people that he SHOULD pardon.. Don Siegelman? Border agents Ignacio Ramos and Jose Compean?
It blows my mind that Bush finds it unnecessary to pardon his ‘fellow torturers’ because they are covered by his “torture memos”.. I hope they are all proved very, VERY wrong.

The Top Ten Worst Corporations For 2008

To be on this list, not only do you have to be a corporate villain, the actions of the corporation have to be really bad, in some cases criminal, others are labor abuses, workplace safety violators and many fall into the category of not having one shred of human decency.  These corporate scoundrels will do anything to have a large bottom line, no sacrifice is too low, even at the expense of human lives.

Here are the 10 Worst Corporations of 2008 and their misdeeds by Multinational Monitor:

AIG: Money for Nothing

There’s surely no one party responsible for the ongoing global financial crisis. But if you had to pick a single responsible corporation, there’s a very strong case to make for American International Group (AIG).

Why did AIG – primarily an insurance company powerhouse, with more than 100,000 employees around the world and $1 trillion in assets – require more than $100 billion ($100 billion!) in government funds? The company’s traditional insurance business continues to go strong, but its gigantic exposure to the world of “credit default swaps” left it teetering on the edge of bankruptcy. Government officials then intervened, because they feared that an AIG bankruptcy would crash the world’s financial system.

AIG’s eventual problem was rooted in its entering a very risky business but treating it as safe. First, AIG Financial Products, the small London-based unit handling credit default swaps, decided to insure “collateralized debt obligations” (CDOs). CDOs are pools of mortgage loans, but often only a portion of the underlying loans – perhaps involving the most risky part of each loan. Ratings agencies graded many of these CDOs as highest quality, though subsequent events would show these ratings to have been profoundly flawed. Based on the blue-chip ratings, AIG treated its insurance on the CDOs as low risk. Then, because AIG was highly rated, it did not have to post collateral.

Through credit default swaps, AIG was basically collecting insurance premiums and assuming it would never pay out on a failure – let alone a collapse of the entire market it was insuring. It was a scheme that couldn’t be beat: money for nothing.

After the bailout, it emerged that AIG did not even know all of the CDOs it had ensured.

Cargill: Food Profiteers
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