The government’s planned financial bailout is a significant if costly step intended to avert economic calamity, but it may not be the last one, according to economists and finance experts. 

The submissions made on Dr Haneef's behalf contain a detailed analysis of the different factual statements made by government agencies against other documents and the now known facts.  

In carrying out this analysis, we were startled by the degree of factual error that we discovered.  

Just days after the United States government brokered the sale of the nation’s largest failed savings and loan, Washington Mutual, regulators in Britain and Belgium swooped in this weekend to engineer emergency rescues of two leading European banks with heavy exposure to soured mortgages. 

Once upon a time there lived an emperor who had three sons.  

The emperor was getting old, and began grooming a replacement. He soon concluded that one of the sons, a simpleton called Clever Jorg, could never succeed him.  

You've got to love the banking industry.

As our friends in the financial sector were passing the hat among taxpayers last week for $700 billion in bailouts to cover their crappy mortgage investments, they were simultaneously condemning the House of Representatives' passage of a "Credit Cardholders' Bill of Rights," which aims to crack down on some of the industry's more troublesome practices.

 

Enraged by the prospect of $700 billion of their taxes going to reimburse Wall Street speculators for their dubious investments, about 500 protesters paraded through Lower Manhattan's financial district Thursday afternoon, their chants of "You broke it, you bought it" reverberating through the narrow office building canyons and off the flag-draped wall of the New York Stock Exchange. 

On Wednesday, the House passed a mammoth defense bill by a 392-39 vote. It's expected to clear the Senate with little difficulty next week. 

It was part of a trillion-dollar stop-gap measure to keep programs running through next March, allowing lawmakers to skip town without passing a final budget.

Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.

On Thursday morning, September 18, 2008 a tragedy almost befell the 450 billionaires and 3,000,000 millionaires that live in the United States.  

The billionaires were on their way to becoming millionaires and the millionaires were about to leave the club.

Luckily, Hank Paulson, U.S. Treasury Secretary, felt their pain.  

Americans’ anger is in full bloom, jumping off the screen in capital letters and exclamation points, in the e-mail in-boxes of elected representatives in the nation’s capital. 

“I am hoping Congress can find the backbone to stand on their feet and not their knees before BIG BUSINESS,” one correspondent wrote to Representative Jim McDermott of Washington. 

The Queen and the Government are locked in a secret dispute over royal demands for increased public funding to meet the growing expense of the monarchy. 

Palace aides have told ministers they need extra money to offset the cost of maintaining the Royal Estate of palaces and pay for increased fuel, food and staffing costs.  

ANZ Bank chief executive Mike Smith says Australian banks are looking very strong, despite the current financial market turmoil. 

Mr Smith, who was speaking at an Australia-Israel Chamber of Commerce (AICC) lunch in Sydney, said the Reserve Bank of Australia (RBA) had been ahead of game in dealing with the ramifications of the crisis, which began in the US. 

The timing and urgency of the Bush Administration's call for action from Congress on Treasury Secretary Henry Paulson's plan to save the financial industry from collapse leaves only two possibilities.

Either the White House is criminally incompetent when it comes to the economy, or our current financial status is part of a structured crisis planned as an early October surprise. 

from Crikey ….. 

George Bush: proof there is life on Mars 

'as under-heard' on Fran Kelly's Radio National show by Gus' vivid imagination...