<?xml version='1.0' encoding='UTF-8'?><?xml-stylesheet href="http://www.blogger.com/styles/atom.css" type="text/css"?><feed xmlns='http://www.w3.org/2005/Atom' xmlns:openSearch='http://a9.com/-/spec/opensearchrss/1.0/' xmlns:georss='http://www.georss.org/georss' xmlns:gd='http://schemas.google.com/g/2005' xmlns:thr='http://purl.org/syndication/thread/1.0'><id>tag:blogger.com,1999:blog-19421653</id><updated>2011-12-03T07:02:08.407-08:00</updated><title type='text'>GalvestonLawyer</title><subtitle type='html'></subtitle><link rel='http://schemas.google.com/g/2005#feed' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/posts/default'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default?max-results=100'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/'/><link rel='hub' href='http://pubsubhubbub.appspot.com/'/><link rel='next' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default?start-index=101&amp;max-results=100'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><generator version='7.00' uri='http://www.blogger.com'>Blogger</generator><openSearch:totalResults>333</openSearch:totalResults><openSearch:startIndex>1</openSearch:startIndex><openSearch:itemsPerPage>100</openSearch:itemsPerPage><entry><id>tag:blogger.com,1999:blog-19421653.post-6445653290431753297</id><published>2011-03-14T06:59:00.000-07:00</published><updated>2011-03-14T06:59:08.338-07:00</updated><title type='text'>The Rude Pundit</title><content type='html'>&lt;a href="http://rudepundit.blogspot.com/"&gt;The Rude Pundit&lt;/a&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6445653290431753297?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://rudepundit.blogspot.com/' title='The Rude Pundit'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6445653290431753297/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6445653290431753297' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6445653290431753297'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6445653290431753297'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2011/03/rude-pundit.html' title='The Rude Pundit'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4465231181917905342</id><published>2011-03-13T20:01:00.001-07:00</published><updated>2011-03-13T20:01:52.948-07:00</updated><title type='text'>2011</title><content type='html'>Haven't posted in a while.  I've mainly been using Facebook to annoy people.  I will try to do better.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4465231181917905342?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4465231181917905342/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4465231181917905342' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4465231181917905342'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4465231181917905342'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2011/03/2011.html' title='2011'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6054925141695204185</id><published>2010-06-01T19:22:00.000-07:00</published><updated>2010-06-01T19:23:40.956-07:00</updated><title type='text'>No Posts In A While</title><content type='html'>Haven't been posting on this blog much.  Been spending most of my time on my Facebook page.  I'll try to do better.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6054925141695204185?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6054925141695204185/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6054925141695204185' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6054925141695204185'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6054925141695204185'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2010/06/no-posts-in-while.html' title='No Posts In A While'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5907012380346832265</id><published>2010-03-22T17:38:00.000-07:00</published><updated>2010-03-22T17:39:38.807-07:00</updated><title type='text'>Health Care Reform Passes</title><content type='html'>Well, let's see how this thing pans out.  The fascists are foaming at the mouth.  That has to be a good sign.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5907012380346832265?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5907012380346832265/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5907012380346832265' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5907012380346832265'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5907012380346832265'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2010/03/health-care-reform-passes.html' title='Health Care Reform Passes'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2578045134816569657</id><published>2010-02-02T14:28:00.000-08:00</published><updated>2010-02-02T14:30:30.763-08:00</updated><title type='text'>RIP Howard Zinn</title><content type='html'>The progressive movement has lost one of its greatest voices.  So long, Professor Zinn.  You opened a lot of eyes.  Thank you for that.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2578045134816569657?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2578045134816569657/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2578045134816569657' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2578045134816569657'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2578045134816569657'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2010/02/rip-howard-zinn.html' title='RIP Howard Zinn'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6576402484580504428</id><published>2009-11-30T18:46:00.000-08:00</published><updated>2009-11-30T18:47:01.722-08:00</updated><title type='text'>Creation Science Made Easy</title><content type='html'>I'm probably going to catch hell about this from the fundies...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6576402484580504428?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=xO7IT81h200&amp;feature=related' title='Creation Science Made Easy'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6576402484580504428/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6576402484580504428' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6576402484580504428'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6576402484580504428'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/11/creation-science-made-easy.html' title='Creation Science Made Easy'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3816381793419639419</id><published>2009-10-15T05:02:00.000-07:00</published><updated>2009-10-15T05:03:17.883-07:00</updated><title type='text'>Howard Zinn On The Bill Of Rights</title><content type='html'>&lt;h1 align="CENTER"&gt;The Bill of Rights&lt;/h1&gt;  &lt;h3 align="CENTER"&gt;by Howard Zinn, 1991&lt;/h3&gt;  &lt;h4 align="CENTER"&gt;from the Zinn Reader, Seven Stories Press&lt;/h4&gt;  &lt;p align="CENTER"&gt;&lt;img src="http://www.thirdworldtraveler.com/PageMill_Images/redblueline.gif" naturalsizeflag="0" width="301" align="BOTTOM" height="11" /&gt;&lt;/p&gt;  &lt;h4&gt; &lt;/h4&gt;  &lt;h4&gt;A few years back, a man high up in the CIA named Ray Cline was asked if the CIA, by its surveillance of protest organizations in the United States, was violating the free speech provision of the First Amendment. He smiled and said: "It's only an Amendment."&lt;/h4&gt;  &lt;h4&gt;And when it was disclosed that the FBI was violating citizens' rights repeatedly, a high official of the FBI was asked if anybody in the FBI questioned the legality of what they were doing. He replied: "No, we never gave it a thought."&lt;/h4&gt;  &lt;h4&gt;We clearly cannot expect the Bill of Rights to be defended by government officials. So it will have to be defended by the people.&lt;/h4&gt;  &lt;h4&gt;If you do a bit of research into the origins of the Bill of Rights- and I had to do some because it is a job requirement of the historical profession-you will find that when the new government of the United States adopted the Bill of Rights in 1791, it did not do so with enthusiasm. The Bill of Rights was a political tool to quiet down critics of the Constitution. A Bill of Rights on paper comforts people. You don't have to take it seriously. Like that CIA man, you can smile, and say, they're only Amendments.&lt;/h4&gt;  &lt;h4&gt;Well, in 1791, the first ten Amendments-the Bill of Rights- were added to the Constitution, and the First Amendment says, among other things: "Congress shall make no law...abridging the freedom of speech, or of the press..." Seven years later, in 1798, Congress passed a law abridging the freedom of speech and the press. It was the Sedition Act of 1798, and it provided jail sentences for people who criticized the government. A number of writers and speakers were imprisoned. They appealed to the court. Now we all learned in junior high school about checks and balances and how if Congress passes a law violating the Constitution, we are very lucky to have the Supreme Court to check that and declare the law null and void. (I was always proud to know such a fancy phrase, "null and void.")&lt;/h4&gt;  &lt;h4&gt;Well, the members of the Supreme Court, apparently having skipped junior high school, or perhaps understanding that the phrase "checks and balances" is just intended to satisfy schoolchildren-did not declare the Sedition Act null and void. Not at all. They said it was constitutional. You may ask: by what legal philosophy can Supreme Court justices explain how Congress can pass a law abridging the freedom of speech when the Constitution says Congress shall make no law abridging the freedom of speech? I could tell you how they did that; but it would take a while and cause indigestion. Let us just say that legal training is a wonderful thing, it enables you to explain the unexplainable, defend the indefensible, and rationalize the irrational.&lt;/h4&gt;  &lt;h4&gt;It seems that especially in time of war or near-war (and in 1798 it was such a time), the First Amendment is ignored. You may have noticed that the year 1991 did not start with a celebration of the Bill of Rights, but with a war. And that the government established control over information and the mass media became tongue-tied with patriotic fervor, and the First Amendment was bombed into oblivion. It is a truism of our political culture: if you are at war for freedom and democracy, you can't have freedom and democracy. So, exactly when free speech is most needed, that is, when it is a matter of life and death for the young people about to be sent to the battlefield-exactly at such a moment the government declares it can be suspended.&lt;/h4&gt;  &lt;h4&gt;In 1917, as armies of young men in Europe were slaughtering one another in the first World War, and the United States decided to send its own young men into the butchery, Congress passed the Espionage Act, and the Sedition Act, providing heavy sentences for those criticizing the war. The Supreme Court again put our junior high school lesson to shame: checks and balances? Not in wartime. Not when you need them. The great liberal Oliver Wendell Holmes himself wrote the opinions affirming the constitutionality of the Espionage Act, sending a man named Schenck to jail for distributing a leaflet criticizing the war and the draft. Two thousand people were prosecuted for speaking or writing against the war, including Eugene Debs, the great labor leader and Socialist.&lt;/h4&gt;  &lt;h4&gt;There were ludicrous episodes in all that. A filmmaker who made a movie about the American Revolution was sent to prison for ten years because the movie portrayed the British as the enemy in the American Revolution, and now the British were our allies in the war. The name of the movie was The Spirit of '76 and the title of the court case against the filmmaker was U.S. v. Spirit of '76. And that case sums up the relationship of the government to the Bill of Rights: U.S. v. Spirit of '76. It was the President of the United States, Harry Truman, who instituted loyalty oaths even before Joseph McCarthy waved his lists of Communists in the State Department. It was the Congress of the United States, Democrats as well as Republicans, that set up the House Un-American Activities Committee, and voted con tempt citations against people who refused to bow down to that Committee. It was the Supreme Court that affirmed the convictions of the Hollywood Ten for invoking the First Amendment. It was Republicans and Democrats, it was all three branches of government, all of them swearing to uphold the Constitution of the United States, and all of them violating that oath.&lt;/h4&gt;  &lt;h4&gt;A word about the Supreme Court. We now have nine conservative justices, including one conservative woman and one conservative black man. It's called American pluralism. Many people have been depressed over this. Frankly, I tried to get depressed, but didn't succeed. Sure, it's better to have a liberal Supreme Court. But the Supreme Court at its most liberal has never been a dependable protector of people's rights. One year it will say you have a constitutional right to distribute leaflets in front of a supermarket. Another year it will say you can go to jail for that. One year it will say: high school students have a right to wear black arm bands to protest a war. Another year it will say: high school students don't have the right to put out their own newspapers without censorship by the school authorities. The Supreme Court, when it was liberal, affirmed that Japanese-Americans could be put in concentration camps because we were at war. The Supreme Court, liberal or conservative, sworn to defend the Constitution, has never been a bulwark against unconstitutional wars.&lt;/h4&gt;  &lt;h4&gt;If it were left to the institutions of government, the Bill of Rights would be left for dead. But someone breathed life into the Bill of Rights. Ordinary people did it, by doing extraordinary things. The editors and speakers who, in spite of the Sedition Act of 1798, continued to criticize the government. The black and white abolitionists who defied the Fugitive Slave Law, defied the Supreme Court's Dred Scott decision, who insisted that black people were human beings, not property, and who broke into courtrooms and police stations to rescue them, to prevent their return to slavery.&lt;/h4&gt;  &lt;h4&gt;Women, who were arrested again and again as they spoke out for their right to control their own bodies, or the right to vote. Members of the Industrial Workers of the World, anarchists, radicals, who filled the jails in California and Idaho and Montana until they were finally allowed to speak to working people. Socialists and pacifists and anarchists like Helen Keller and Rose Pastor Stokes, and Kate O'Hare and Emma Goldman, who defied the government and denounced war in 1917 and 1918. The artists and writers and labor organizers and Communists- Dalton Trumbo and Pete Seeger, and W.E.B. Du Bois and Paul Robeson, who challenged the congressional committees of the 1950s, challenged the FBI, at the risk of their freedom and their careers.&lt;/h4&gt;  &lt;h4&gt;In the 1960s, the students of Kent State and Jackson State and hundreds of other campuses, the draft resisters and deserters, the priests and nuns and lay people, all the marchers and demonstrators and trespassers who demanded that the killing in Vietnam stop, the GIs in the Mekong Delta who refused to go out on patrol, the B52 pilots who refused to fly in the Christmas bombing of 1972, the Vietnam veterans who gathered in Washington and threw their Purple Hearts and other medals over a fence in protest against the war.&lt;/h4&gt;  &lt;h4&gt;And after the war, in the '70s and '80s, those courageous few who carried on, the Berrigans and all like them who continued to demonstrate against the war machine, the Seabrook fence climbers, the signers of the Pledge of Resistance against U.S. military action in Central America, the gays and lesbians who marched in the streets for the first time, challenging the country to recognize their humanity, the disabled people who spoke up, after a long silence, demanding their rights. The Indians, sup posed to be annihilated and gone from the scene, emerging ghostlike, to occupy a tiny portion of the land that was taken from them, Wounded Knee, South Dakota. Saying: we're not gone, we're here, and we want you to listen to us.&lt;/h4&gt;  &lt;h4&gt;These are the people, men, women, children, of all colors and national origins, who gave life to the Bill of Rights.&lt;/h4&gt;  &lt;h4&gt;The Bill of Rights was expanded after the Civil War, with the passage of the 13th, 14th, and 15th Amendments, to apply to the states, to prevent them from keeping slavery, to require that they give all people, regardless of race or color, the equal protection of the laws. But these amendments were soon ignored, as blacks were kept in semi-slavery in the South, segregated, humiliated, beaten, Iynched by mobs, unprotected by either the local police or the national government. For almost a hundred years after the 14th Amendment became law, every President, whether liberal or conservative, Republican or Democrat, violated his oath of office, his pledge to uphold the Constitution, by failing to enforce those Amendments. And the Supreme Court interpreted them so as to make them useless.&lt;/h4&gt;  &lt;h4&gt;And so black people in the South, in the most dangerous towns and cities in the country, decided to give life to the 14th Amendment, at the risk of their own. They boycotted the buses in Montgomery, Alabama, they sat in at segregated lunch counters, they rode the buses as Freedom Riders, they marched through the streets of Albany, Georgia and Birmingham, demonstrated in Alabama, were arrested, set upon by dogs, knocked down by water hoses, beaten bloody by state troopers, and murdered. There were protests in 800 cities in the year 1963. And then the President acted, then Congress acted, then the Supreme Court acted. The 15th Amendment was now being enforced, only a hundred years late.&lt;/h4&gt;  &lt;h4&gt;It is good to have a Bill of Rights, good to have a 14th and 15th Amendment. They are useful as standards. But it is disastrous to depend on them. Words have never been enough. Ask the authors of the Ten Commandments.&lt;/h4&gt;  &lt;h4&gt;For many people there were not even words-not for working people, women, gays and lesbians, disabled people. The Bill of Rights says nothing about the right to work, to a decent wage, to housing, to health care, to the rights of women, to the right of privacy in sexual preference, to the rights of people with disabilities.&lt;/h4&gt;  &lt;h4&gt;But we don't need permission from on high, words approved by the authorities, to tell us that certain truths are self-evident, as the Declaration of Independence put it. That we are all created equal, that we all have rights that cannot be taken from us, the rights to life, liberty, and the pursuit of happiness. And so working people went on strike thousands of times, were beaten and killed on the picket line, until they won an eight-hour day, and a bit of economic security. Women created a nation al movement that changed the consciousness of millions of people. Gays and lesbians, disabled people, organized, spoke up, declared: we exist, we must be paid attention to. And people began to pay attention.&lt;/h4&gt;  &lt;h4&gt;We should look beyond the Bill of Rights to the UN's Universal Declaration of Human Rights, which says that all people, everywhere in the world, are entitled to work and decent wages, to holidays and vacations, to food and clothing and housing and medical care, to education, to child care and maternal care.&lt;/h4&gt;  &lt;h4&gt;The guarantees of the Bill of Rights have little meaning so long as we have a class society with enormous differences of wealth and income. The rights of free speech and press depend on having the resources to use them. The right to legal counsel is different for rich and poor. The right to be free from unreasonable searches and seizures is different for a family living in a mansion and another living in a housing project, or out on the street.&lt;/h4&gt;  &lt;h4&gt;In the real world, the fate of human beings is decided every day not by the courts, but out of court, in the streets, in the workplace, by whoever has the wealth and power. The redistribution of that wealth and power is necessary if the Bill of Rights, if any rights, are to have meaning.&lt;/h4&gt;  &lt;h4&gt;The novelist Aldous Huxley once said: "Liberties are not given; they are taken." We are not given our liberties by the Bill of Rights, certainly not by the government which either violates or ignores those rights. We take our rights, as thinking, acting citizens.&lt;br /&gt;And so we should celebrate today, not the words of the Bill of Rights, certainly not the political leaders who utter those words and violate them every day. We should celebrate, honor, all those people who risked their jobs, their freedom, sometimes their lives, to affirm the rights we all have, rights not limited to some document, but rights our common sense tells us we should all have as human beings. Who should, for example, we celebrate?&lt;/h4&gt;  &lt;h4&gt;I think of Lillian Gobitis, from Lynn, Massachusetts, a seventh grade student who, back in 1935, because of her religious convictions, refused to salute the American flag even when she was suspended from school.&lt;/h4&gt;  &lt;h4&gt;And Mary Beth Tinker, a thirteen-year-old girl in Des Moines, Iowa, who in 1965 went to school wearing a black armband in protest against the killing of people in Vietnam, and defied the school authorities even when they suspended her.&lt;/h4&gt;  &lt;h4&gt;An unnamed black boy, nine years old, arrested in Albany, Georgia, in 1961 for marching in a parade against racial segregation after the police said this was unlawful. He stood in line to be booked by the police chief, who was startled to see this little boy and asked him: "What's your name?" And he replied: "Freedom, freedom."&lt;/h4&gt;  &lt;h4&gt;I think of Gordon Hirabayashi, born in Seattle of Japanese parents, who, at the start of the war between Japan and the United States, refused to obey the curfew directed against all of Japanese ancestry, and refused to be evacuated to a detention camp, and insisted on his freedom, despite an executive order by the President and a decision of the Supreme Court.&lt;/h4&gt;  &lt;h4&gt;Demetrio Rodriguez of San Antonio, who in 1968 spoke up and said his child, living in a poor county, had a right to a good education equal to that of a child living in a rich county.&lt;/h4&gt;  &lt;h4&gt;All those alternative newspapers and alternative radio stations and struggling organizations that have tried to give meaning to free speech by giving information that the mass media will not give, revealing information that the government wants kept secret.&lt;/h4&gt;  &lt;h4&gt;All those whistleblowers, who risked their jobs, risked prison, defying their employers, whether the government or corporations, to tell the truth about nuclear weapons, or chemical poisoning. Randy Kehler and Betsy Corner, who have refused to pay taxes to support the war machine, and all their neighbors who, when the government decided to seize and auction their house, refused to bid, and so they are still defending their right.&lt;/h4&gt;  &lt;h4&gt;The 550 people who occupied the JFK Federal Building in Boston in protest when President Reagan declared a blockade of Nicaragua. I was in that group-I don't mind getting arrested when I have company-and the official charge against us used the language of the old trespass law: "failure to quit the premises." On the letter I got dropping the case (because there were too many of us to deal with), they shortened that charge to "failure to quit."&lt;/h4&gt;  &lt;h4&gt;I think that sums up what it is that has kept the Bill of Rights alive. Not the President or Congress, or the Supreme Court, or the wealthy media. But all those people who have refused to quit, who have insisted on their rights and the rights of others, the rights of all human ~t, beings everywhere, whether Americans or Haitians or Chinese or Russians or Iraqis or Israelis or Palestinians, to equality, to life, liberty, and the pursuit of happiness. That is the spirit of the Bill of Rights, and beyond that, the spirit of the Declaration of Independence, yes, the spirit of '76: refusal to quit.&lt;/h4&gt;  &lt;h4 align="CENTER"&gt;&lt;hr noshade="noshade"&gt;&lt;/h4&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3816381793419639419?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.thirdworldtraveler.com/Zinn/BillRights_ZR.html' title='Howard Zinn On The Bill Of Rights'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3816381793419639419/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3816381793419639419' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3816381793419639419'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3816381793419639419'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/10/howard-zinn-on-bill-of-rights.html' title='Howard Zinn On The Bill Of Rights'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3519370161776295330</id><published>2009-10-12T14:41:00.000-07:00</published><updated>2009-10-12T14:42:53.359-07:00</updated><title type='text'>Howard Zinn on Vietnam</title><content type='html'>&lt;span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: medium; "&gt;&lt;h1 align="CENTER"&gt;The Impossible Victory: Vietnam&lt;/h1&gt;&lt;h4 align="CENTER"&gt;excerpted from a&lt;/h4&gt;&lt;h1 align="CENTER"&gt;People's History of the United States&lt;/h1&gt;&lt;h2 align="CENTER"&gt;by Howard Zinn&lt;/h2&gt;&lt;p align="CENTER"&gt;&lt;img src="http://www.thirdworldtraveler.com/PageMill_Images/redblueline.gif" width="301" height="11" naturalsizeflag="0" align="BOTTOM" /&gt;&lt;/p&gt;&lt;h4&gt; &lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;In the fall of 1945 Japan, defeated, was forced to leave Indochina, the former French colony it had occupied at the start of the war. In the meantime, a revolutionary movement had grown there, determined to end colonial control and to achieve a new life for the peasants of Indochina. Led by a Communist named Ho Chi Minh, the revolutionists fought against the Japanese, and when they were gone held a spectacular celebration in Hanoi in late 1945, with a million people in the streets, and issued a Declaration of Independence. It borrowed from the Declaration of the Rights of Man and the Citizen, in the French Revolution, and from the American Declaration of Independence, and began: "All men are created equal. They are endowed by their Creator with certain inalienable rights; among these are Life, Liberty, and the pursuit of Happiness." Just as the Americans in 1776 had listed their grievances against the English King, the Vietnamese listed their complaints against French rule:&lt;/h4&gt;&lt;h4&gt;They have enforced inhuman laws.... They have built more prisons than schools. They have mercilessly slain our patriots, they have drowned uprisings in rivers of blood. They have fettered public opinion.... They have robbed us of our rice fields, our mines, our forests, and our raw materials ...&lt;/h4&gt;&lt;h4&gt;They have invented numerous unjustifiable taxes and reduced our people, especially our peasantry, to a state of extreme poverty.... . . . from the end of last year, to the beginning of this year . . . more than two million of our fellow-citizens died of starvation....&lt;/h4&gt;&lt;h4&gt;The whole Vietnamese people, animated by a common purpose, are deter mined to fight to the bitter end against any attempt by the French colonialists to reconquer their country.&lt;/h4&gt;&lt;h4&gt;The U.S. Defense Department study of the Vietnam war, intended to be "top secret" but released to the public by Daniel Ellsberg and Anthony Russo in the famous Pentagon Papers case, described Ho Chi Minh's work:&lt;/h4&gt;&lt;h4&gt;"... Ho had built the Viet Minh into the only Vietnam-wide political organization capable of effective resistance to either the Japanese or the French. He was the only Vietnamese wartime leader with a national following, and he assured himself wider fealty among the Vietnamese people when in August September, 1945, he overthrew the Japanese . . . established the Democratic Republic of Vietnam, and staged receptions for in-coming allied occupation forces.... For a few weeks in September, 1945, Vietnam was-for the first and only time in its modern history-free of foreign domination, and united from north to south under Ho Chi Minh...."&lt;/h4&gt;&lt;h4&gt;The Western powers were already at work to change this. England occupied the southern part of Indochina and then turned it back to the French. Nationalist China (this was under Chiang Kai-shek, before the Communist revolution) occupied the northern part of Indochina, and the United States persuaded it to turn that back to the French. As Ho Chi Minh told an American journalist: "We apparently stand quite alone.... We shall have to depend on ourselves."&lt;/h4&gt;&lt;h4&gt;Between October 1945 and February 1946, Ho Chi Minh wrote eight letters to President Truman, reminding him of the self-determination promises of the Atlantic Charter. One of the letters was sent both to Truman and to the United Nations:&lt;/h4&gt;&lt;h4&gt;I wish to invite attention of your Excellency for strictly humanitarian reasons to following matter. Two million Vietnamese died of starvation during winter of 1944 and spring 1945 because of starvation policy of French who seized and stored until it rotted all available rice.... Three-fourths of cultivated land was flooded in summer 1945, which was followed by a severe drought; of normal harvest five-sixths was lost.... Many people are starving.... Unless great world powers and international relief organizations bring us immediate assistance we face imminent catastrophe....&lt;/h4&gt;&lt;h4&gt;Truman never replied.&lt;/h4&gt;&lt;h4&gt;In October of 1946, the French bombarded Haiphong, a port in northern Vietnam, and there began the eight-year war between the Vietminh movement and the French over who would rule Vietnam. After the Communist victory in China in 1949 and the Korean war the following year, the United States began giving large amounts of military aid to the French. By 1954, the United States had given 300,000 small arms and machine guns, enough to equip the entire French army in Indochina, and $1 billion; all together, the U.S. was financing 80 percent of the French war effort. Why was the United States doing this? To the public, the word was that the United States was helping to stop Communism in Asia, but there was not much public discussion. In the secret memoranda of the National Security Council (which advised the President on foreign policy) there was talk in 1950 of what came to be known as the "domino theory"-that, like a row of dominoes, if one country fell to Communism, the next one would do the same and so on. It was important therefore to keep the first one from falling.&lt;/h4&gt;&lt;h4&gt;A secret memo of the National Security Council in June 1952 also pointed to the chain of U.S. military bases along the coast of China, the Philippines, Taiwan, Japan, South Korea:&lt;/h4&gt;&lt;h4&gt;Communist control of all of Southeast Asia would render the U.S. position in the Pacific offshore island chain precarious and would seriously jeopardize fundamental U.S. security interests in the Far East.&lt;/h4&gt;&lt;h4&gt;Southeast Asia, especially Malaya and Indonesia, is the principal world source of natural rubber and tin, and a producer of petroleum and other strategically important commodities....&lt;/h4&gt;&lt;h4&gt;It was also noted that Japan depended on the rice of Southeast Asia, and Communist victory there would "make it extremely difficult to prevent Japan's eventual accommodation to communism." In 1953, a congressional study mission reported: "The area of Indochina is immensely wealthy in rice, rubber, coal and iron ore. Its position makes it a strategic key to the rest of Southeast Asia." That year, a State Department memorandum said that the French were losing the war in Indochina, had failed "to win a sufficient native support," feared that a negotiated settlement "would mean the eventual loss to Communism not only of Indochina but of the whole of Southeast Asia, and concluded: "If the French actually decided to withdraw, the U.S. would have to consider most seriously whether to take over in this area."&lt;/h4&gt;&lt;h4&gt;In 1954, the French, having been unable to win Vietnamese popular support, which was overwhelmingly behind Ho Chi Minh and the revolutionary movement, had to withdraw.&lt;br /&gt;An international assemblage at Geneva presided over the peace agreement between the French and the Vietminh. It was agreed that the French would temporarily withdraw into the southern part of Vietnam, that the Vietminh would remain in the north, and that an election would take place in two years in a unified Vietnam to enable the Vietnamese to choose their own government.&lt;/h4&gt;&lt;h4&gt;The United States moved quickly to prevent the unification and to establish South Vietnam as an American sphere. It set up in Saigon as head of the government a former Vietnamese official named Ngo Dinh Diem, who had recently been living in New Jersey, and encouraged him not to hold the scheduled elections for unification. A memo in early 1954 of the Joint Chiefs of Staff said that intelligence estimates showed "a settlement based on free elections would be attended by almost certain loss of the Associated States [Laos, Cambodia, and Vietnam-the three parts of Indochina created by the Geneva Conference] to Communist control." Diem again and again blocked the elections requested by the Vietminh, and with American money and arms his government became more and more firmly established. As the Pentagon Papers put it: "South Viet Nam was essentially the creation of the United States."&lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;During 1965, over 200,000 American soldiers were sent to South Vietnam, and in 1966, 200,000 more. By early 1968, there were more than 500,000 American troops there, and the U.S. Air Force was dropping bombs at a rate unequaled in history. Tiny glimmerings of the massive human suffering under this bombardment came to the outside world. On June 5, 1965, the New York Times carried a dispatch from Saigon:&lt;/h4&gt;&lt;h4&gt;As the Communists withdrew from Quangngai last Monday, United States jet bombers pounded the hills into which they were headed. Many Vietnamese one estimate is as high as 500 were killed by the strikes. The American contention is that they were Vietcong soldiers. But three out of four patients seeking treatment in a Vietnamese hospital afterward for burns from napalm, or jellied gasoline, were village women.&lt;/h4&gt;&lt;h4&gt;On September 6, another press dispatch from Saigon:&lt;/h4&gt;&lt;h4&gt;"In Bien Hoa province south of Saigon on August 15 United States aircraft accidentally bombed a Buddhist pagoda and a Catholic church . . . it was the third time their pagoda had been bombed in 1965. A temple of the Cao Dai religious sect in the same area had been bombed twice this year. In another delta province there is a woman who has both arms burned off by napalm and her eyelids so badly burned that she cannot close them. When it is time for her to sleep her family puts a blanket over her head. The woman had two of her children killed in the air strike that maimed her."&lt;/h4&gt;&lt;h4&gt;Few Americans appreciate what their nation is doing to South Vietnam with airpower ... innocent civilians are dying every day in South Vietnam.&lt;/h4&gt;&lt;h4&gt;Large areas of South Vietnam were declared "free fire zones," which meant that all persons remaining within them-civilians, old people, children-were considered an enemy, and bombs were dropped at will. Villages suspected of harboring Viet Cong were subject to "search and destroy" missions-men of military age in the villages were killed, the homes were burned, the women, children, and old people were sent off to refugee camps. Jonathan Schell, in his book The Village of Ben Suc, describes such an operation: a village surrounded, attacked, a man riding on a bicycle shot down, three people picnicking by the river shot to death, the houses destroyed, the women, children, old people herded together, taken away from their ancestral homes.&lt;/h4&gt;&lt;h4&gt;The CIA in Vietnam, in a program called "Operation Phoenix," secretly, without trial, executed at least twenty thousand civilians in South Vietnam who were suspected of being members of the Communist underground. A pro-administration analyst wrote in the journal Foreign Affairs in January 1975: "Although the Phoenix program did undoubtedly kill or incarcerate many innocent civilians, it did also eliminate many members of the Communist infrastructure."&lt;/h4&gt;&lt;h4&gt;After the war, the release of records of the International Red Cross showed that in South Vietnamese prison camps, where at the height of the war 65,000 to 70,000 people were held and often beaten and tortured, American advisers observed and sometimes participated. The Red Cross observers found continuing, systematic brutality at the two principal Vietnamese POW camps-at Phu Quoc and Qui Nhon, where American advisers were stationed.&lt;/h4&gt;&lt;h4&gt;By the end of the war, 7 million tons of bombs had been dropped on Vietnam, Laos, and Cambodia-more than twice the amount of bombs dropped on Europe and Asia in World War II. In addition, poisonous sprays were dropped by planes to destroy trees and any kind of growth- an area the size of the state of Massachusetts was covered with such poi son. Vietnamese mothers reported birth defects in their children. Yale biologists, using the same poison (2,4,5,T) on mice, reported defective mice born and said they had no reason to believe the effect on humans was different.&lt;/h4&gt;&lt;h4&gt;On March 16, 1968, a company of American soldiers went into the hamlet of My Lai 4, in Quang Ngai province. They rounded up the inhabitants, including old people and women with infants in their arms. These people were ordered into a ditch, where they were methodically shot to death by American soldiers. The testimony of James Dursi, a rifleman, at the later trial of Lieutenant William Calley, was reported in the New York Times:&lt;/h4&gt;&lt;h4&gt;Lieutenant Calley and a weeping rifleman named Paul D. Meadlo the same soldier who had fed candy to the children before shooting them-pushed the prisoners into the ditch...&lt;br /&gt;"There was an order to shoot by Lieutenant Calley, I can't remember the exact words-it was something like 'Start firing.' "Meadlo turned to me and said: 'Shoot, why don't you shoot?'&lt;/h4&gt;&lt;h4&gt;"He was crying. "I said, 'I can't. I won't.'&lt;/h4&gt;&lt;h4&gt;"Then Lieutenant Calley and Meadlo pointed their rifles into the ditch and fired.&lt;/h4&gt;&lt;h4&gt;"People were diving on top of each other; mothers were trying to protect their children...."&lt;/h4&gt;&lt;h4&gt;Journalist Seymour Hersh, in his book My Lai 4, writes:&lt;/h4&gt;&lt;h4&gt;"When Army investigators reached the barren area in November, 1969, in connection with the My Lai probe in the United States, they found mass graves at three sites, as well as a ditch full of bodies. It was estimated that between 450 and 500 people-most of them women, children and old men- had been slain and buried there."&lt;/h4&gt;&lt;h4&gt;The army tried to cover up what happened. But a letter began circulating from a GI named Ron Ridenhour, who had heard about the massacre. There were photos taken of the killing by an army photographer, Ronald Haeberle. Seymour Hersh, then working for an antiwar news agency in Southeast Asia called Dispatch News Service, wrote about it. The story of the massacre had appeared in May 1968 in two French publications, one called Sud Vietnam en Lutte, and another published by the North Vietnamese delegation to the peace talks in Paris-but the American press did not pay any attention.&lt;/h4&gt;&lt;h4&gt;Several of the officers in the My Lai massacre were put on trial, but only Lieutenant William Calley was found guilty. He was sentenced to life imprisonment, but his sentence was reduced twice; he served three years-Nixon ordered that he be under house arrest rather than a regular prison-and then was paroled. Thousands of Americans came to his defense. Part of it was in patriotic justification of his action as necessary against the "Communists." Part of it seems to have been a feeling that he was unjustly singled out in a war with many similar atrocities. Colonel Oran Henderson, who had been charged with covering up the My Lai killings, told reporters in early 1971: "Every unit of brigade size has its My Lai hidden someplace."&lt;/h4&gt;&lt;h4&gt;Indeed, My Lai was unique only in its details. Hersh reported a letter sent by a GI to his family, and published in a local newspaper:&lt;/h4&gt;&lt;h4&gt;"Dear Mom and Dad:&lt;/h4&gt;&lt;h4&gt;Today we went on a mission and I am not very proud of myself, my friends, or my country. We burned every hut in sight!&lt;/h4&gt;&lt;h4&gt;It was a small rural network of villages and the people were incredibly poor. My unit burned and plundered their meager possessions. Let me try to explain the situation to you.&lt;/h4&gt;&lt;h4&gt;The huts here are thatched palm leaves. Each one has a dried mud bunker inside. These bunkers are to protect the families. Kind of like air raid shelters.&lt;/h4&gt;&lt;h4&gt;My unit commanders, however, chose to think that these bunkers are offensive. So every hut we find that has a bunker we are ordered to burn to the ground.&lt;/h4&gt;&lt;h4&gt;When the ten helicopters landed this morning, in the midst of these huts, and six men jumped out of each "chopper", we were firing the moment we hit the ground. We fired into all the huts we could....&lt;/h4&gt;&lt;h4&gt;It is then that we burned these huts.... Everyone is crying, begging and praying that we don't separate them and take their husbands and fathers, sons and grandfathers. The women wail and moan.&lt;/h4&gt;&lt;h4&gt;Then they watch in terror as we burn their homes, personal possessions and food. Yes, we burn all rice and shoot all livestock."&lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;The massacre at My Lai by a company of ordinary soldiers was a small event compared with the plans of high-level military and civilian leaders to visit massive destruction on the civilian population of Vietnam. Assistant Secretary of Defense John McNaughton in early 1966, seeing that large-scale bombing of North Vietnam villages was not producing the desired result, suggested a different strategy. The air strikes on villages, he said, would "create a counterproductive wave of revulsion abroad and at home." He suggested instead:&lt;/h4&gt;&lt;h4&gt;Destruction of locks and dams, however-if handled right-might . . . offer promise. It should be studied. Such destruction doesn't kill or drown people. By shallow-flooding the rice, it leads after a time to widespread starvation (more than a million?) unless food is provided-which we could offer to do "at the conference table." . . .&lt;/h4&gt;&lt;h4&gt;The heavy bombings were intended to destroy the will of ordinary Vietnamese to resist, as in the bombings of German and Japanese population centers in World War II-despite President Johnson's public insistence that only "military targets" were being bombed. The government was using language like "one more turn of the screw" to describe bombing. The CIA at one point in 1966 recommended a "bombing program of greater intensity," according to the Pentagon Papers, directed against, in the ClA's words, "the will of the regime as a target system."&lt;/h4&gt;&lt;h4&gt;Meanwhile, just across the border of Vietnam, in a neighboring country, Laos, where a right-wing government installed by the CIA faced a rebellion, one of the most beautiful areas in the world, the Plain of Jars, was being destroyed by bombing. This was not reported by the government or the press, but an American who lived in Laos, Fred Branfman, told the story in his book Voices from the Plain of Jars:&lt;/h4&gt;&lt;h4&gt;Over 25,000 attack sorties were flown against the Plain of Jars from May, 1964, through September, 1969; over 75,000 tons of bombs were dropped on it; on the ground, thousands were killed and wounded, tens of thousands driven underground, and the entire aboveground society leveled.&lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;In September 1973, a former government official in Laos, Jerome Doolittle, wrote in the New York Times:&lt;/h4&gt;&lt;h4&gt;"The Pentagon's most recent lies about bombing Cambodia bring back a question that often occurred to me when I was press attaché at the American Embassy in Vientiane, Laos.&lt;/h4&gt;&lt;h4&gt;Why did we bother to lie?&lt;/h4&gt;&lt;h4&gt;When I first arrived in Laos, I was instructed to answer all press questions about our massive and merciless bombing campaign in that tiny country with: "At the request of the Royal Laotian Government, the United States is conducting unarmed reconnaissance flights accompanied by armed escorts who have the right to return if fired upon."&lt;/h4&gt;&lt;h4&gt;This was a lie. Every reporter to whom I told it knew it was a lie. Hanoi knew it was a lie. The International Control Commission knew it was a lie. Every interested Congressman and newspaper reader knew it was a lie....&lt;/h4&gt;&lt;h4&gt;After all, the lies did serve to keep something from somebody, and the somebody was us."&lt;/h4&gt;&lt;h4&gt;By early 1968, the cruelty of the war began touching the conscience of many Americans. For many others, the problem was that the United States was unable to win the war, while 40,000 American soldiers were dead by this time, 250,000 wounded, with no end in sight. (The Vietnam casualties were many times this number.)&lt;/h4&gt;&lt;h4&gt;Lyndon Johnson had escalated a brutal war and failed to win it. His popularity was at an all-time low; he could not appear publicly without a demonstration against him and the war. The chant "LBJ, LBJ, how many kids did you kill today?" was heard in demonstrations throughout the country. In the spring of 1968 Johnson announced he would not run again for President, and that negotiations for peace would begin with the Vietnamese in Paris.&lt;/h4&gt;&lt;h4&gt;In the fall of 1968, Richard Nixon, pledging that he would get the United States out of Vietnam, was elected President. He began to withdraw troops; by February 1972, less than 150,000 were left. But the bombing continued. Nixon's policy was "Vietnamization"-the Saigon government, with Vietnamese ground troops, using American money and air power, would carry on the war. Nixon was not ending the war; he was ending the most unpopular aspect of it, the involvement of American soldiers on the soil of a faraway country.&lt;/h4&gt;&lt;h4&gt;In the spring of 1970, Nixon and Secretary of State Henry Kissinger launched an invasion of Cambodia, after a long bombardment that the government never disclosed to the public. The invasion not only led to an outcry of protest in the United States, it was a military failure, and Congress resolved that Nixon could not use American troops in extending the war without congressional approval. The following year, without American troops, the United States supported a South Vietnamese invasion of Laos. This too failed. In 1971, 800,000 tons of bombs were dropped by the United States on Laos, Cambodia, Vietnam.&lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;... In August of 1965, 61 percent of the population thought the American involvement in Vietnam was not wrong. By May 1971 it was exactly reversed; 61 percent thought our involvement was wrong. Bruce Andrews, a Harvard student of public opinion, found that the people most opposed to the war were people over fifty, blacks, and women. He also noted that a study in the spring of 1964, when Vietnam was a minor issue in the newspapers, showed that 53 percent of college educated people were willing to send troops to Vietnam, but only 33 percent of grade school-educated people were so willing.&lt;br /&gt;It seems that the media, themselves controlled by higher-education, higher-income people who were more aggressive in foreign policy, tended to give the erroneous impression that working-class people were superpatriots for the war. Lewis Lipsitz, in a mid-1968 survey of poor blacks and whites in the South, paraphrased an attitude he found typical: "The only way to help the poor man is to get out of that war in Vietnam . . . These taxes-high taxes-it's going over yonder to kill people with and I don't see no cause in it."&lt;/h4&gt;&lt;h4&gt;The capacity for independent judgment among ordinary Americans is probably best shown by the swift development of antiwar feeling among American GIs-volunteers and draftees who came mostly from lower-income groups. There had been, earlier in American history, in stances of soldiers' disaffection from the war: isolated mutinies in the Revolutionary War, refusal of reenlistment in the midst of hostilities in the Mexican war, desertion and conscientious objection in World War I and World War II. But Vietnam produced opposition by soldiers and veterans on a scale, and with a fervor, never seen before.&lt;/h4&gt;&lt;h4&gt;It began with isolated protests. As early as June 1965, Richard Steinke, a West Point graduate in Vietnam, refused to board an aircraft taking him to a remote Vietnamese village. "The Vietnamese war," he said, "is not worth a single American life." Steinke was court-martialed and dismissed from the service. The following year, three army privates, one black, one Puerto Rican, one Lithuanian-Italian-all poor-refused to embark for Vietnam, denouncing the war as "immoral, illegal, and unjust." They were court-martialed and imprisoned.&lt;/h4&gt;&lt;h4&gt;In early 1967, Captain Howard Levy, an army doctor at Fort Jackson, South Carolina, refused to teach Green Berets, a Special Forces elite in the military. He said they were "murderers of women and children" and "killers of peasants." He was court-martialed on the ground that he was trying to promote disaffection among enlisted men by his statements. The colonel who presided at the trial said: "The truth of the statements is not an issue in this case." Levy was convicted and sentenced to prison.&lt;/h4&gt;&lt;h4&gt;The individual acts multiplied: A black private in Oakland refused to board a troop plane to Vietnam, although he faced eleven years at hard labor. A navy nurse, Lieutenant Susan Schnall, was court-martialed for marching in a peace demonstration while in uniform, and for drop ping antiwar leaflets from a plane on navy installations. In Norfolk, Virginia, a sailor refused to train fighter pilots because he said the war was immoral. An army lieutenant was arrested in Washington, D.C., in early 1968 for picketing the White House with a sign that said: " 120,000 American Casualties-Why?" Two black marines, George Daniels and William Harvey, were given long prison sentences (Daniels, six years, Harvey, ten years, both later reduced) for talking to other black marines against the war.&lt;/h4&gt;&lt;h4&gt;As the war went on, desertions from the armed forces mounted. Thousands went to Western Europe-France, Sweden, Holland. Most deserters crossed into Canada; some estimates were 50,000, others 100,000. Some stayed in the United States. A few openly defied the military authorities by taking "sanctuary" in churches, where, surrounded by antiwar friends and sympathizers, they waited for capture and court-martial. At Boston University, a thousand students kept vigil for five days and nights in the chapel, supporting an eighteen-year old deserter, Ray Kroll.&lt;/h4&gt;&lt;h4&gt;Kroll's story was a common one. He had been inveigled into joining the army; he came from a poor family, was brought into court, charged with drunkenness, and given the choice of prison or enlistment. He enlisted. And then he began to think about the nature of the war.&lt;/h4&gt;&lt;h4&gt;On a Sunday morning, federal agents showed up at the Boston University chapel, stomped their way through aisles clogged with students, smashed down doors, and took Kroll away. From the stockade, he wrote back to friends: "I ain't gonna kill; it's against my will...." A friend he had made at the chapel brought him books, and he noted a saying he had found in one of them: "What we have done will not be lost to all Eternity. Everything ripens at its time and becomes fruit at its hour."&lt;/h4&gt;&lt;h4&gt;The GI antiwar movement became more organized. Near Fort Jackson, South Carolina, the first "GI coffeehouse" was set up, a place where soldiers could get coffee and doughnuts, find antiwar literature, and talk freely with others. It was called the UFO, and lasted for several years before it was declared a "public nuisance" and closed by court action. But other GI coffeehouses sprang up in half a dozen other places across the country. An antiwar "bookstore" was opened near Fort Devens, Massachusetts, and another one at the Newport, Rhode Island, naval base.&lt;/h4&gt;&lt;h4&gt;Underground newspapers sprang up at military bases across the country; by 1970 more than fifty were circulating. Among them: About Face in Los Angeles; Fed Up! in Tacoma, Washington; Short Times at Fort Jackson; Vietnam Gl in Chicago; Graffiti in Heidelberg, Germany; Bragg Briefs in North Carolina; Last Harass at Fort Gordon, Georgia; Helping Hand at Mountain Home Air Base, Idaho. These newspapers printed antiwar articles, gave news about the harassment of GIs and practical advice on the legal rights of servicemen, told how to resist military domination.&lt;/h4&gt;&lt;h4&gt;Mixed with feeling against the war was resentment at the cruelty, the dehumanization, of military life. In the army prisons, the stockades, this was especially true. In 1968, at the Presidio stockade in California, a guard shot to death an emotionally disturbed prisoner for walking away from a work detail. Twenty-seven prisoners then sat down and refused to work, singing "We Shall Overcome." They were court-martialed, found guilty of mutiny, and sentenced to terms of up to fourteen years, later reduced after much public attention and protest.&lt;/h4&gt;&lt;h4&gt;The dissidence spread to the war front itself. When the great Moratorium Day demonstrations were taking place in October 1969 in the United States, some GIs in Vietnam wore black armbands to show their support. A news photographer reported that in a platoon on patrol near Da Nang, about half of the men were wearing black armbands. One soldier stationed at Cu Chi wrote to a friend on October 26, 1970, that separate companies had been set up for men refusing to go into the field to fight. "It's no big thing here anymore to refuse to go." The French newspaper Le Monde reported that in four months, 109 soldiers of the first air cavalry division were charged with refusal to fight. "A common sight," the correspondent for Le Monde wrote, "is the black soldier, with his left fist clenched in defiance of a war he has never considered his own."&lt;/h4&gt;&lt;h4&gt;Wallace Terry, a black American reporter for Time magazine, taped conversations with hundreds of black soldiers; he found bitterness against army racism, disgust with the war, generally low morale. More and more cases of "fragging" were reported in Vietnam-incidents where servicemen rolled fragmentation bombs under the tents of officers who were ordering them into combat, or against whom they had other grievances. The Pentagon reported 209 fraggings in Vietnam in 1970 alone.&lt;/h4&gt;&lt;h4&gt;Veterans back from Vietnam formed a group called Vietnam Veterans Against the War. In December 1970, hundreds of them went to Detroit to what was called the "Winter Soldier" investigations, to testify publicly about atrocities they had participated in or seen in Vietnam, committed by Americans against Vietnamese. In April 1971 more than a thousand of them went to Washington, D.C., to demonstrate against the war. One by one, they went up to a wire fence around the Capitol, threw over the fence the medals they had won in Vietnam, and made brief statements about the war, sometimes emotionally, sometimes in icy, bitter calm.&lt;/h4&gt;&lt;h4&gt;In the summer of 1970, twenty-eight commissioned officers of the military, including some veterans of Vietnam, saying they represented about 250 other officers, announced formation of the Concerned Officers Movement against the war. During the fierce bombings of Hanoi and Haiphong, around Christmas 1972, came the first defiance of B-52 pilots who refused to fly those missions.&lt;/h4&gt;&lt;h4&gt;On June 3, 1973, the New York Times reported dropouts among West Point cadets. Officials there, the reporter wrote, "linked the rate to an affluent, less disciplined, skeptical, and questioning generation and to the anti-military mood that a small radical minority and the Vietnam war had created."&lt;/h4&gt;&lt;h4&gt;But most of the antiwar action came from ordinary GIs, and most of these came from lower-income groups-white, black, Native American, Chinese.&lt;/h4&gt;&lt;h4&gt;A twenty-year-old New York City Chinese-American named Sam Choy enlisted at seventeen in the army, was sent to Vietnam, was made a cook, and found himself the target of abuse by fellow GIs, who called him "Chink" and "gook" (the term for the Vietnamese) and said he looked like the enemy. One day he took a rifle and fired warning shots at his tormentors. "By this time I was near the perimeter of the base and was thinking of joining the Viet Cong; at least they would trust me. " Choy was taken by military police, beaten, court-martialed, sentenced to eighteen months of hard labor at Fort Leavenworth. "They beat me up every day, like a time clock." He ended his interview with a New York Chinatown newspaper saying: "One thing: I want to tell all the Chinese kids that the army made me sick. They made me so sick that I can't stand it."&lt;/h4&gt;&lt;h4&gt;A dispatch from Phu Bai in April 1972 said that fifty GIs out of 142 men in the company refused to go on patrol, crying: "This isn't our war!" The New York Times on July 14,1973, reported that American prisoners of war in Vietnam, ordered by officers in the POW camp to stop cooperating with the enemy, shouted back: "Who's the enemy?" They formed a peace committee in the camp, and a sergeant on the committee later recalled his march from capture to the POW camp:&lt;/h4&gt;&lt;h4&gt;Until we got to the first camp, we didn't see a village intact; they were all destroyed. I sat down and put myself in the middle and asked myself: Is this right or wrong? Is it right to destroy villages? Is it right to kill people en masse? After a while it just got to me.&lt;/h4&gt;&lt;h4&gt;Pentagon officials in Washington and navy spokesmen in San Diego announced, after the United States withdrew its troops from Vietnam in 1973, that the navy was going to purge itself of "undesirables"- and that these included as many as six thousand men in the Pacific fleet, "a substantial proportion of them black." All together, about 563,000 GIs had received less than honorable discharges. In the year 1973, one of every five discharges was "less than honorable." indicating something less than dutiful obedience to the military. By 1971, 177 of every 1,000 American soldiers were listed as "absent without leave," some of them three or four times. Deserters doubled from 47,000 in 1967 to 89,000 in 1971.&lt;/h4&gt;&lt;h4&gt;One of those who stayed, fought, but then turned against the war was Ron Kovic. His father worked in a supermarket on Long Island. In 1963, at the age of seventeen, he enlisted in the marines. Two years later, in Vietnam, at the age of nineteen, his spine was shattered by shellfire. Paralyzed from the waist down, he was put in a wheelchair. Back in the States, he observed the brutal treatment of wounded veterans in the veterans' hospitals, thought more and more about the war, and joined the Vietnam Veterans Against the War. He went to demonstrations to speak against the war. One evening he heard actor Donald Sutherland read from the post-World War I novel by Dalton Trumbo, Johnny Got His Gun, about a soldier whose limbs and face were shot away by gunfire, a thinking torso who invented a way of communicating with the outside world and then beat out a message so powerful it could not be heard without trembling.&lt;/h4&gt;&lt;h4&gt;Sutherland began to read the passage and something I will never forget swept over me. It was as if someone was speaking for everything I ever went through in the hospital.... I began to shake and I remember there were tears in my eyes.&lt;/h4&gt;&lt;h4&gt;Kovic demonstrated against the war, and was arrested. He tells his story in Born on the Fourth of July:&lt;/h4&gt;&lt;h4&gt;They help me back into the chair and take me to another part of the prison building to be booked. "What's your name?" the officer behind the desk says.&lt;/h4&gt;&lt;h4&gt;"Ron Kovic," I say. "Occupation, Vietnam veteran against the war."&lt;/h4&gt;&lt;h4&gt;"What?" he says sarcastically, looking down at me.&lt;/h4&gt;&lt;h4&gt;"I'm a Vietnam veteran against the war," I almost shout back.&lt;/h4&gt;&lt;h4&gt;"You should have died over there," he says. He turns to his assistant "I'd like to take this guy and throw him off the roof."&lt;/h4&gt;&lt;h4&gt;They fingerprint me and take my picture and put me in a cell. I have begun to wet my pants like a little baby. The tube has slipped out during my examination by the doctor. I try to fall asleep but even though I am exhausted, the anger is alive in me like a huge hot stone in my chest. I lean my head up against the wall and listen to the toilets flush again and again.&lt;/h4&gt;&lt;h4&gt;Kovic and the other veterans drove to Miami to the Republican National Convention in 1972, went into the Convention Hall, wheeled themselves down the aisles, and as Nixon began his acceptance speech shouted, "Stop the bombing! Stop the war!" Delegates cursed them: "Traitor!" and Secret Service men hustled them out of the hall.&lt;/h4&gt;&lt;h4&gt;In the fall of 1973, with no victory in sight and North Vietnamese troops entrenched in various parts of the South, the United States agreed to accept a settlement that would withdraw American troops and leave the revolutionary troops where they were, until a new elected government would be set up including Communist and non-Communist elements. But the Saigon government refused to agree, and the United States decided to make one final attempt to bludgeon the North Vietnamese into submission. It sent waves of B-52s over Hanoi and Haiphong, destroying homes and hospitals, killing unknown numbers of civilians. The attack did not work. Many of the B-52s were shot down, there was angry protest all over the world-and Kissinger went back to Paris and signed very much the same peace agreement that had been agreed on before.&lt;/h4&gt;&lt;h4&gt;The United States withdrew its forces, continuing to give aid to the Saigon government, but when the North Vietnamese launched at tacks in early 1975 against the major cities in South Vietnam, the government collapsed. In late April 1975, North Vietnamese troops entered Saigon. The American embassy staff fled, along with many Vietnamese who feared Communist rule, and the long war in Vietnam was over. Saigon was renamed Ho Chi Minh City, and both parts of Vietnam were unified as the Democratic Republic of Vietnam.&lt;/h4&gt;&lt;h4&gt;Traditional history portrays the end of wars as coming from the initiatives of leaders-negotiations in Paris or Brussels or Geneva or Versailles-just as it often finds the coming of war a response to the demand of "the people." The Vietnam war gave clear evidence that at least for that war (making one wonder about the others) the political leaders were the last to take steps to end the war-"the people" were far ahead. The President was always far behind. The Supreme Court silently turned away from cases challenging the Constitutionality of the war. Congress was years behind public opinion.&lt;br /&gt;In the spring of 1971, syndicated columnists Rowland Evans and Robert Novak, two firm supporters of the war, wrote regretfully of a "sudden outbreak of anti-war emotionalism" in the House of Representatives, and said: "The anti-war animosities now suddenly so pervasive among House Democrats are viewed by Administration backers as less anti-Nixon than as a response to constituent pressures."&lt;/h4&gt;&lt;h4&gt;It was only after the intervention in Cambodia ended, and only after the nationwide campus uproar over that invasion, that Congress passed a resolution declaring that American troops should not be sent into Cambodia without its approval. And it was not until late 1973, when American troops had finally been removed from Vietnam, that Congress passed a bill limiting the power of the President to make war without congressional consent; even there, in that "War Powers Resolution," the President could make war for sixty days on his own without a congressional declaration.&lt;/h4&gt;&lt;h4&gt;The administration tried to persuade the American people that the war was ending because of its decision to negotiate a peace-not because it was losing the war, not because of the powerful antiwar movement in the United States. But the government's own secret memoranda all through the war testify to its sensitivity at each stage about "public opinion" in the United States and abroad. The data is in the Pentagon Papers.&lt;/h4&gt;&lt;h4&gt;In June of 1964, top American military and State Department officials, including Ambassador Henry Cabot Lodge, met in Honolulu. "Rusk stated that public opinion on our SEA policy was badly divided and that, therefore, the President needed an affirmation of support."&lt;/h4&gt;&lt;h4&gt;Diem had been replaced by a general named Khanh. The Pentagon historians write: "Upon his return to Saigon on June 5 Ambassador Lodge went straight from the airport to call on General Khanh . . . the main thrust of his talk with Khanh was to hint that the United States Government would in the immediate future be preparing U.S. public opinion for actions against North Vietnam." Two months later came the Gulf of Tonkin affair.&lt;/h4&gt;&lt;h4&gt;On April 2, 1965, a memo from CIA director John McCone suggested that the bombing of North Vietnam be increased because it was "not sufficiently severe" to change North Vietnam's policy. "On the other hand . . . we can expect increasing pressure to stop the bombing . . . from various elements of the American public, from the press, the United Nations and world opinion." The U.S. should try for a fast knockout before this opinion could build up, McCone said.&lt;/h4&gt;&lt;h4&gt;Assistant Secretary of Defense John McNaughton's memo of early 1966 suggested destruction of locks and dams to create mass starvation, because "strikes at population targets" would "create a counterproductive wave of revulsion abroad and at home." In May 1967, the Pentagon historians write: "McNaughton was also very deeply concerned about the breadth and intensity of public unrest and dissatisfaction with the war . . . especially with young people, the underprivileged, the intelligentsia and the women." McNaughton worried: "Will the move to call up 20,000 Reserves . . . polarize opinion to the extent that the 'doves' in the United States will get out of hand-massive refusals to serve, or to fight, or to cooperate, or worse?" He warned:&lt;/h4&gt;&lt;h4&gt;There may be a limit beyond which many Americans and much of the world will not permit the United States to go. The picture of the world's greatest superpower killing or seriously injuring 1000 non-combatants a week, while trying to pound a tiny backward nation into submission, on an issue whose merits are hotly disputed, is not a pretty one. It could conceivably produce a costly distortion in the American national consciousness.&lt;/h4&gt;&lt;h4&gt;*****&lt;/h4&gt;&lt;h4&gt;One sign that the ideas of the antiwar movement had taken hold in the American public was that juries became more reluctant to convict antiwar protesters, and local judges too were treating them differently. In Washington, by 1971, judges were dismissing charges against demonstrators in cases where two years before they almost certainly would have been sent to jail. The antiwar groups who had raided draft boards- the Baltimore Four, the Catonsville Nine, the Milwaukee Fourteen, the Boston Five, and more-were receiving lighter sentences for the same crimes.&lt;/h4&gt;&lt;h4&gt;The last group of draft board raiders, the "Camden 28," were priests, nuns, and laypeople who raided a draft board in Camden, New Jersey, in August 1971. It was essentially what the Baltimore Four had done four years earlier, when all were convicted and Phil Berrigan got six years in prison. But in this instance, the Camden defendants were acquitted by the jury on all counts. When the verdict was in, one of the jurors, a fifty-three-year-old black taxi driver from Atlantic&lt;/h4&gt;&lt;h4&gt;City named Samuel Braithwaite, who had spent eleven years in the army, left a letter for the defendants:&lt;/h4&gt;&lt;h4&gt;To you, the clerical physicians with your God-given talents, I say, well done. Well done for trying to heal the sick irresponsible men, men who were chosen by the people to govern and lead them. These men, who failed the people, by raining death and destruction on a hapless country.... You went out to do your part while your brothers remained in their ivory towers watching . . . and hopefully some day in the near future, peace and harmony may reign to people of all nations.&lt;/h4&gt;&lt;/span&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3519370161776295330?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.thirdworldtraveler.com/Zinn/Vietnam_PeoplesHx.html' title='Howard Zinn on Vietnam'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3519370161776295330/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3519370161776295330' title='4 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3519370161776295330'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3519370161776295330'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/10/howard-zinn-on-vietnam.html' title='Howard Zinn on Vietnam'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>4</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1280349405300092959</id><published>2009-09-01T19:51:00.000-07:00</published><updated>2009-09-01T19:52:45.883-07:00</updated><title type='text'>This Is The Kennedy Who Should Have Been President</title><content type='html'>As I've said before, I am an RFK fan.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1280349405300092959?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.nytimes.com/learning/general/onthisday/bday/1120.htm' title='This Is The Kennedy Who Should Have Been President'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1280349405300092959/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1280349405300092959' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1280349405300092959'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1280349405300092959'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/09/this-is-kennedy-who-should-have-been.html' title='This Is The Kennedy Who Should Have Been President'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2154422447614454516</id><published>2009-08-31T07:10:00.000-07:00</published><updated>2009-08-31T07:15:21.437-07:00</updated><title type='text'>You've Waited Long Enough, Senator Feinstein</title><content type='html'>I just saw Sen. Dianne Feinstein on television opining that she wishes that AG Holder would have waited to begin his investigation of CIA interrogation practices.&lt;br /&gt;&lt;br /&gt;Well Senator, the waiting has gone on long enough.&lt;br /&gt;&lt;br /&gt;You had your shot. &lt;br /&gt;&lt;br /&gt;You and your spineless cronies sat by for 8 years while George Bush and Dick Cheney destroyed Constitutional liberty.&lt;br /&gt;&lt;br /&gt;You did nothing.&lt;br /&gt;&lt;br /&gt;It's too late for you and your colleagues to do anything meaningful.&lt;br /&gt;&lt;br /&gt;Go back to your Senate chamber and be ineffective.&lt;br /&gt;&lt;br /&gt;You've already proven how good you are at that.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2154422447614454516?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2154422447614454516/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2154422447614454516' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2154422447614454516'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2154422447614454516'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/08/youve-waited-long-enough-senator.html' title='You&apos;ve Waited Long Enough, Senator Feinstein'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8519638145931853034</id><published>2009-08-29T09:11:00.000-07:00</published><updated>2009-08-29T09:12:58.708-07:00</updated><title type='text'>We'll Never See His Kind Again</title><content type='html'>RIP Senator Kennedy.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8519638145931853034?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=SicFn8rqPPE' title='We&apos;ll Never See His Kind Again'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8519638145931853034/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8519638145931853034' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8519638145931853034'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8519638145931853034'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/08/well-never-see-his-kind-again.html' title='We&apos;ll Never See His Kind Again'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3399128112610514676</id><published>2009-08-26T16:47:00.000-07:00</published><updated>2009-08-26T16:48:35.143-07:00</updated><title type='text'>Edward Moore Kennedy</title><content type='html'>Sad loss for America.  A true progressive lion has passed from the scene.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3399128112610514676?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3399128112610514676/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3399128112610514676' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3399128112610514676'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3399128112610514676'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/08/edward-moore-kennedy.html' title='Edward Moore Kennedy'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6556815770155182904</id><published>2009-08-08T09:50:00.000-07:00</published><updated>2009-08-08T09:51:22.787-07:00</updated><title type='text'>How Health Care Reform Will Help Texas</title><content type='html'>&lt;table summary="This table is used to format page content" width="100%" border="0" cellpadding="0" cellspacing="0"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td class="leftside" rowspan="2"&gt;&lt;br /&gt;&lt;/td&gt;         &lt;td colspan="2" valign="top"&gt;             &lt;br /&gt;&lt;/td&gt;      &lt;td class="rightside" rowspan="2"&gt; &lt;/td&gt;     &lt;/tr&gt;     &lt;tr&gt;      &lt;td valign="top"&gt;         &lt;div style="margin-right: 10px;"&gt;                      &lt;h1&gt;HOW HEALTH INSURANCE REFORM WILL BENEFIT TEXAS&lt;/h1&gt;                      &lt;p&gt;&lt;b&gt;Topics on this page:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;a href="http://www.healthreform.gov/reports/statehealthreform/texas.html#status"&gt;The Health Care Status Quo: Why Texas Needs Health Reform&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://www.healthreform.gov/reports/statehealthreform/texas.html#secure"&gt;Stable and Secure Health Care for Texas&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt;&lt;hr /&gt;&lt;h2&gt;&lt;a id="secure" name="secure"&gt;Stable and Secure Health Care for Texas&lt;/a&gt;&lt;br /&gt;How Health Insurance Reform will Benefit Texas&lt;/h2&gt;&lt;p&gt;LOWER COSTS FOR RESIDENTS OF TEXAS&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;strong&gt;Ending the Hidden Tax – Saving You Money:&lt;/strong&gt; Right now, providers in Texas lose over $5.4 billion in bad debt which often gets passed along to families in the form of a hidden premium “tax”.&lt;sup&gt;1&lt;/sup&gt; Health insurance reform will tackle this financial burden by improving our health care system and covering the uninsured, allowing the 409 hospitals&lt;sup&gt;2&lt;/sup&gt; and the 59,797 physicians&lt;sup&gt;3&lt;/sup&gt; in Texas to better care for their patients.&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Health Insurance Premium Relief:&lt;/strong&gt; Premiums for residents of Texas have risen 104% since 2000.&lt;sup&gt;4&lt;/sup&gt; Through health insurance reform, 4,876,100 to 5,456,700 middle class Texas residents will be eligible for premium credits to ease the burden of these high costs.&lt;sup&gt;5&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Strengthening Small Businesses:&lt;/strong&gt; 273,011 employers in Texas are small businesses.&lt;sup&gt;6&lt;/sup&gt;  With tax credits and a health insurance exchange where they can shop for health plans, insurance coverage will become more affordable for them.&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Reforms that Reduce Your Costs:&lt;/strong&gt; Under health insurance reform, insurance companies will be prevented from placing annual or lifetime caps on the coverage you receive.  Insurance companies will also have to abide by yearly limits on how much they can charge for out-of-pocket expenses, helping 132,900 households in Texas struggling under the burden of high health care expenses.&lt;sup&gt;7&lt;/sup&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;INCREASE YOUR CHOICES: PROTECTING WHAT WORKS AND FIXING WHAT'S BROKEN&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;strong&gt;Insurance Stability and Security:&lt;/strong&gt; Health insurance reform will strengthen our system of employer-based health insurance, with an additional 202,000 people in Texas potentially getting insurance through their work.&lt;sup&gt;8&lt;/sup&gt; Health insurance reform will also ensure that you will always have guaranteed choices of quality, affordable health insurance if you lose your job, switch jobs, move or get sick.&lt;/li&gt;&lt;li&gt;&lt;strong&gt;Eliminating Discrimination for Pre-Existing Conditions, Health Status or Gender:&lt;/strong&gt; 10% of people in Texas have diabetes&lt;sup&gt;9&lt;/sup&gt;, and 28% have high blood pressure&lt;sup&gt;10&lt;/sup&gt; – two conditions that insurance companies could use as a reason to deny you health insurance. Health insurance reform will prevent insurance companies from denying coverage based on your health, and it will end discrimination that charges you more if you’re sick or a woman.&lt;/li&gt;&lt;li&gt;&lt;strong&gt;One-Stop Shopping – Putting Families in Charge:&lt;/strong&gt; With the new health insurance exchange, you can easily and simply compare insurance prices and health plans and decide which quality affordable option is right for you and your family. These proposals will help the 5,832,900 residents of Texas who currently do not have health insurance to obtain needed coverage, and it will also help the 1,043,300 Texas residents who currently purchase insurance in the individual insurance market.&lt;sup&gt;11&lt;/sup&gt; &lt;/li&gt;&lt;li&gt;&lt;strong&gt;Guaranteeing Choices:&lt;/strong&gt; The largest health insurer in Texas holds 44% of the market, which limits the choices that you have for finding coverage.&lt;sup&gt;12&lt;/sup&gt; With a competitive public insurance option, you will have more choices and increased competition that holds insurance companies accountable.&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;ASSURE QUALITY, AFFORDABLE HEALTH CARE FOR AMERICANS&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;strong&gt;Preventive Care for Better Health:&lt;/strong&gt; 44% of Texas residents have not had a colorectal cancer screening, and 25% of women have not had a mammogram in the past 2 years.&lt;sup&gt;13&lt;/sup&gt; By requiring health plans to cover preventive services for everyone, investing in prevention and wellness, and promoting primary care, health insurance reform will work to create a system that prevents illness and disease instead of just treating it when it’s too late and costs more. &lt;/li&gt;&lt;li&gt;&lt;strong&gt;Improving Care for Children and Seniors:&lt;/strong&gt; 26% of children in Texas have not visited a dentist in the past year,&lt;sup&gt;14&lt;/sup&gt;and 34% of seniors did not receive a flu vaccine&lt;sup&gt;15&lt;/sup&gt;. Health reform will ensure coverage for kids’ dental, vision, and hearing needs, and will promote quality coverage for America’s seniors, including recommended immunizations.&lt;/li&gt;&lt;/ul&gt;&lt;p&gt; &lt;/p&gt;&lt;hr /&gt;&lt;p&gt;&lt;sup&gt;1&lt;/sup&gt; Hospital uncompensated care cost is estimated using a GAO model and the Hospital Cost Reports. Total uncompensated care is computed as hospital uncompensated care divided by 63% (Hadley and Holahan’s study on “The Cost of Care for the Uninsured” for Kaiser in 2004 found that hospitals account for 63% of total uncompensated care). Data expressed in 2009 dollars using Centers for Medicare and Medicaid Services, “National Health Expenditure Data.”&lt;br /&gt;&lt;sup&gt;2&lt;/sup&gt; 2007 AHA Annual Survey Copyright 2009 by Health Forum LLC, an affiliate of the American Hospital Association, special data request, March 2009. Available at http://www.ahaonlinestore.com.&lt;br /&gt;&lt;sup&gt;3&lt;/sup&gt; American Medical Association, Physicians Professional Data, year of data 2008, copyright 2008: Special Data Request.&lt;br /&gt;&lt;sup&gt;4&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2000, Table II.D.1.&lt;br /&gt;Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2006, Table X.D. Projected 2009 premiums based on Centers for Medicare and Medicaid Services, “National Health Expenditure Data.”&lt;br /&gt;&lt;sup&gt;5&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. Annual Social and Economic Supplements, March 2007 and 2008.&lt;br /&gt;&lt;sup&gt;6&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2006, Table II.A.1a.&lt;br /&gt;&lt;sup&gt;7&lt;/sup&gt; Center for Financing, Access and Cost Trends, Agency for Healthcare Research and Quality, Medical Expenditure Panel Survey, 2006.&lt;br /&gt;&lt;sup&gt;8&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. HIA-4 Health Insurance Coverage Status and Type of Coverage by State--All Persons: 1999 to 2007, 2007. Calculations based on Congressional Budget Office. Letter to the Hon Charles Rangel on America’s Affordable Health Choices Act, July 14, 2009.&lt;br /&gt;&lt;sup&gt;9&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2008.&lt;br /&gt;&lt;sup&gt;10&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2007.&lt;br /&gt;&lt;sup&gt;11&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. Annual Social and Economic Supplements, March 2007 and 2008.&lt;br /&gt;&lt;sup&gt;12&lt;/sup&gt; American Medical Association. (2008,2009). "Competition in health insurance: A comprehensive study of U.S. Markets: 2008 Update," American Medical Association.&lt;br /&gt;&lt;sup&gt;13&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2007.&lt;br /&gt;&lt;sup&gt;14&lt;/sup&gt; Child and Adolescent Health Measurement Initiative. 2007 National Survey of Children's Health, Data Resource Center for Child and Adolescent Health.&lt;br /&gt;&lt;sup&gt;15&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2007.&lt;/p&gt;&lt;hr /&gt;&lt;h2 align="left"&gt;&lt;a id="status" name="status"&gt;The Health Care Status Quo:&lt;/a&gt;&lt;br /&gt;Why Texas Needs Health Reform&lt;/h2&gt;&lt;p&gt;Congress and the President are working to enact health care reform legislation that protects what works about health care and fixes what is broken. Texans know that inaction is not an option. Sky-rocketing health care costs are hurting families, forcing businesses to cut or drop health benefits, and straining state budgets. Millions are paying more for less. Families and businesses in Texas deserve better.   &lt;/p&gt;&lt;p&gt;TEXANS CAN’T AFFORD THE STATUS QUO&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Roughly 12 million people in Texas get health insurance on the job&lt;sup&gt;1&lt;/sup&gt;, where family premiums average $13,525, about the annual earning of a full-time minimum wage job.&lt;sup&gt;2&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Since 2000 alone, average family premiums have increased by 104 percent in Texas.&lt;sup&gt;3&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Household budgets are strained by high costs: 17 percent of middle-income Texas families spend more than 10 percent of their income on health care.&lt;sup&gt;4&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;High costs block access to care: 20 percent of people in Texas report not visiting a doctor due to high costs.&lt;sup&gt;5&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Texas businesses and families shoulder a hidden health tax of roughly $1,800 per year on premiums as a direct result of subsidizing the costs of the uninsured.&lt;sup&gt;6&lt;/sup&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;AFFORDABLE HEALTH COVERAGE IS INCREASINGLY OUT OF REACH IN TEXAS&lt;/p&gt;&lt;ul&gt;&lt;li&gt;25 percent of people in Texas are uninsured, and 75 percent of them are in families with at least one full-time worker.&lt;sup&gt;7&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;The percent of Texans with employer coverage is declining: from 57 to 50 percent between 2000 and 2007.&lt;sup&gt;8&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Much of the decline is among workers in small businesses. While small businesses make up 70 percent of Texas businesses,&lt;sup&gt;9&lt;/sup&gt; only 32 percent of them offered health coverage benefits in 2006 -- down 5 percent since 2000.&lt;sup&gt;10&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Choice of health insurance is limited in Texas. HCSC (Blue Cross Blue Shield ) alone constitutes 39 percent of the health insurance market share in Texas, with the top two insurance providers accounting for 59 percent.&lt;sup&gt;11&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Choice is even more limited for people with pre-existing conditions. In Texas, premiums can vary based on demographic factors and health status, and coverage can exclude pre-existing conditions or even be denied completely.&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;TEXANS NEED HIGHER QUALITY, GREATER VALUE, AND MORE PREVENTATIVE CARE&lt;/p&gt;&lt;ul&gt;&lt;li&gt;The overall quality of care in Texas is rated as “Weak.”&lt;sup&gt;12&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;Preventative measures that could keep Texans healthier and out of the hospital are deficient, leading to problems across the age spectrum: &lt;ul&gt;&lt;li&gt;20 percent of children in Texas are obese.&lt;sup&gt;13&lt;/sup&gt;&lt;/li&gt;&lt;li&gt;25 percent of women over the age of 50 in Texas have not received a mammogram in the past two years.&lt;/li&gt;&lt;li&gt;44 percent of men over the age of 50 in Texas have never had a colorectal cancer screening.&lt;/li&gt;&lt;li&gt;66 percent of adults over the age of 65 in Texas have received a flu vaccine in the past year. &lt;sup&gt;14&lt;/sup&gt;&lt;/li&gt;&lt;/ul&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;b&gt;The need for reform in Texas and across the country is clear.&lt;/b&gt; Texas families simply can’t afford the status quo and deserve better. President Obama is committed to working with Congress to pass health reform this year that reduces costs for families, businesses and government; protects people’s choice of doctors, hospitals and health plans; and assures affordable, quality health care for all Americans.&lt;/p&gt;&lt;p&gt; &lt;/p&gt;&lt;hr /&gt;&lt;p&gt;&lt;sup&gt;1&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. HIA-4 Health Insurance Coverage Status and Type of Coverage by State--All Persons: 1999 to 2007, 2007.&lt;br /&gt;&lt;sup&gt;2&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2006, Table X.D.&lt;br /&gt;Projected 2009 premiums based on Centers for Medicare and Medicaid Services, "National Health Expenditure Data," available at http://www.cms.hhs.gov/nationalhealthexpenddata/.&lt;br /&gt;&lt;sup&gt;3&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2000, Table II.D.1.&lt;br /&gt;Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2006, Table X.D.&lt;br /&gt;Projected 2009 premiums based on Centers for Medicare and Medicaid Services, "National Health Expenditure Data," available at http://www.cms.hhs.gov/nationalhealthexpenddata/.&lt;br /&gt;&lt;sup&gt;4&lt;/sup&gt; Center for Financing, Access and Cost Trends, Agency for Healthcare Research and Quality, Medical Expenditure Panel Survey, 2006.&lt;br /&gt;&lt;sup&gt;5&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2007.&lt;br /&gt;&lt;sup&gt;6&lt;/sup&gt; Furnas, B., Harbage, P. (2009). "The Cost Shift from the Uninsured." Center for American Progress.&lt;br /&gt;&lt;sup&gt;7&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. Annual Social and Economic Supplements, March 2007 and 2008.&lt;br /&gt;&lt;sup&gt;8&lt;/sup&gt; U.S. Census Bureau, Current Population Survey. HIA-4 Health Insurance Coverage Status and Type of Coverage by State--All Persons: 1999 to 2007, 2007.&lt;br /&gt;&lt;sup&gt;9&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2006, Table II.A.1a.&lt;br /&gt;&lt;sup&gt;10&lt;/sup&gt; Center for Financing, Access and Cost Trends, AHRQ, Medical Expenditure Panel Survey - Insurance Component, 2001, 2006, Table II.A.2.&lt;br /&gt;&lt;sup&gt;11&lt;/sup&gt; Health Care for America Now. (2009). "Premiums Soaring in Consolidated Health Insurance Market." Health Care for America Now.&lt;br /&gt;&lt;sup&gt;12&lt;/sup&gt; Agency for Health Care Research and Quality. 2007 State Snapshots. Available http://statesnapshots.ahrq.gov/snaps07/index.jsp.&lt;br /&gt;&lt;sup&gt;13&lt;/sup&gt; Child and Adolescent Health Measurement Initiative. 2007 National Survey of Children's Health, Data Resource Center for Child and Adolescent Health.&lt;br /&gt;&lt;sup&gt;14&lt;/sup&gt; Behavioral Risk Factor Surveillance System Survey Data. Atlanta, Georgia: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2007.&lt;/p&gt;        &lt;/div&gt;     &lt;/td&gt;     &lt;td class="leftside" valign="top"&gt;               &lt;br /&gt;&lt;/td&gt;    &lt;/tr&gt;          &lt;tr&gt;     &lt;td&gt;&lt;img src="http://www.healthreform.gov/images/sys_images/inactioncorner_bl.gif" alt="" /&gt;&lt;/td&gt;     &lt;td class="bottomside"&gt; &lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6556815770155182904?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.healthreform.gov/reports/statehealthreform/texas.html' title='How Health Care Reform Will Help Texas'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6556815770155182904/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6556815770155182904' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6556815770155182904'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6556815770155182904'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/08/how-health-care-reform-will-help-texas.html' title='How Health Care Reform Will Help Texas'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2175452835745669900</id><published>2009-07-31T16:42:00.001-07:00</published><updated>2009-07-31T16:44:05.064-07:00</updated><title type='text'>Here, Look At This, You Dumbass Birthers</title><content type='html'>&lt;dl messageid="8222294" class="thread"&gt;&lt;dd id="body_8222294"&gt;http://travel.state.gov/visa/immigrants/info/info_3195.html&lt;br /&gt;...&lt;br /&gt;Birth Certificates&lt;br /&gt;&lt;br /&gt;Each applicant will need to obtain an original birth certificate issued by the official custodian of birth records in the country of birth, showing the date and place of birth and the parentage of the alien, based upon the original registration of birth.&lt;br /&gt;&lt;br /&gt;The certificate must contain the:&lt;br /&gt;&lt;br /&gt;   * Person's date of birth&lt;br /&gt;   * Person's place of birth&lt;br /&gt;   * Names of both parents, and&lt;br /&gt;   * Annotation by the appropriate authority indicating that it is an extract from the official records&lt;br /&gt;...&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;I suggest you review the rules for a valid birth certificate for the US Government&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;FROM THE PASSPORT APPLICATION FOR US CITIZENS&lt;br /&gt;&lt;br /&gt;1. PROOF OF U.S. CITIZENSHIP&lt;br /&gt;APPLICANTS BORN IN THE UNITED STATES: Submit a previous U.S. passport or certified birth certificate. A birth certificate must include your full name, the full name of your parent(s), date and place of birth, sex, date the birth record was filed, and the seal or other certification of the official custodian of such records.&lt;br /&gt;&lt;br /&gt;THE COLB YOU CONSIDER INVALID CLEARLY QUALIFIES ON ALL REQUIREMENTS ----&lt;br /&gt;&lt;br /&gt;EVEN IF BERG WINS ALL THE GOVERNMENT CAN REQUIRE BY THEIR OWN STANDARDS APPEARS TO BE THE COLB WE ALL HAVE SEEN, ONLINE VERION.&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;According to the REAL ID ACT (passed by a Republican Congress in 2005 under a Republican President) which is failing miserably due to unfunded cost issues for the states only required the following (less than is required for a US PASSPORT) on a birth certificate to prove citizenship according to the state of Oklahoma -- (FYI: That is a red state near Texas, last time I checked)&lt;br /&gt;&lt;br /&gt;http://www.dps.state.ok.us/dls/dlid.htm&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;Primary proof of identification for a United States citizen&lt;br /&gt;...&lt;br /&gt;A certified birth certificate, as issued by the appropriate state agency from the state of birth. The birth certificate shall include the person's name, date of birth, and sex, shall be signed and sealed, and shall include the certificate number.&lt;br /&gt;&lt;br /&gt;SO much for any need for a "LONG FORM" Birth Certificate -- not according Federal Requirements to prove citizenship. It appears even the Republicans in control of Congress disagree with your assertions there is a need for a "LONG FORM" birth Certificate after 9/11.&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;Senator Posey's bill HR 1503 the birthers are so proud of does not indicate any minimum requirements for a birth certificate (Do your kinds have any paper and crayons?)&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;IN ADDITION, IT IS THE ONLY DOCUMENT ISSUED BY HAEAII TO ANY BIRTH CERTIFICATE REQUESTERS.&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;http://hawaii.gov/dhhl/applicants/appforms/applyhhl&lt;br /&gt;&lt;br /&gt;"Applying for Hawaiian Home Lands&lt;br /&gt;Loa'a Ka 'Aina Ho'opulapula&lt;br /&gt;&lt;br /&gt;Aloha Kakou!&lt;br /&gt;&lt;br /&gt;...&lt;br /&gt;&lt;br /&gt;Primary Documents&lt;br /&gt;&lt;br /&gt;Birth certificates (Certificates of Live Birth and Certifications of Live Birth) and Certificates of Hawaiian Birth are the primary documents used to determine native Hawaiian qualification."&lt;br /&gt;&lt;br /&gt;The Department of Hawaiian Home Lands accepts both Certificates of Live Birth (original birth certificate) and Certifications of Live Birth because they are official government records documenting an individual?s birth. The Certificate of Live Birth generally has more information which is useful for genealogical purposes as compared to the Certification of Live Birth which is a computer-generated printout that provides specific details of a person?s birth. Although original birth certificates (Certificates of Live Birth) are preferred for their greater detail, the State Department of Health (DOH) no longer issues Certificates of Live Birth. When a request is made for a copy of a birth certificate, the DOH issues a Certification of Live Birth.&lt;br /&gt;&lt;br /&gt;Last night the US House of Representatives voted unanimously that Obama was a citizen of Hawaii 378 For, 0 Against and 55 Not Voting.&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;H. RES. 593&lt;br /&gt;&lt;br /&gt;Recognizing and celebrating the 50th Anniversary of the entry of Hawaii into the Union as the 50th State.&lt;br /&gt;&lt;br /&gt;RESOLUTION&lt;br /&gt;&lt;br /&gt;Recognizing and celebrating the 50th Anniversary of the entry of Hawaii into the Union as the 50th State.&lt;br /&gt;&lt;br /&gt;...&lt;br /&gt;&lt;br /&gt;Whereas the 44th President of the United States, Barack Obama, was born in Hawaii;&lt;/dd&gt;&lt;dd class="tool clearfix"&gt;                                                           &lt;/dd&gt;&lt;dd class="toolstretch"&gt;                                                                                   &lt;br /&gt;&lt;/dd&gt;&lt;/dl&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2175452835745669900?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2175452835745669900/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2175452835745669900' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2175452835745669900'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2175452835745669900'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/here-look-at-this-you-dumbass-birthers.html' title='Here, Look At This, You Dumbass Birthers'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5766510794603779280</id><published>2009-07-26T10:43:00.000-07:00</published><updated>2009-07-26T10:47:40.560-07:00</updated><title type='text'>Socialist v. Fascist</title><content type='html'>I'm starting to get pretty sick of right-winger's bleating about "Obama's socialism", blah, blah, blah. &lt;br /&gt;&lt;br /&gt;Here's a thought: &lt;br /&gt;&lt;br /&gt;Look up the word "fascism" in the dictionary/encyclopedia (or just the convenient link I have provided).  That's what George Bush/Dick Cheney were steering us toward.&lt;br /&gt;&lt;br /&gt;So from now on, I am going to refer to the R's as what they are when they bitch about "socialists" in the public discourse.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5766510794603779280?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://en.wikipedia.org/wiki/Fascism' title='Socialist v. Fascist'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5766510794603779280/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5766510794603779280' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5766510794603779280'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5766510794603779280'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/socialist-v-fascist.html' title='Socialist v. Fascist'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2940352322391099618</id><published>2009-07-12T19:30:00.000-07:00</published><updated>2009-07-12T19:31:28.299-07:00</updated><title type='text'>Even Peggy Noonan Hates Her</title><content type='html'>Peggy rips Palin.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2940352322391099618?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://online.wsj.com/article/SB124716984620819351.html' title='Even Peggy Noonan Hates Her'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2940352322391099618/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2940352322391099618' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2940352322391099618'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2940352322391099618'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/even-peggy-noonan-hates-her.html' title='Even Peggy Noonan Hates Her'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7390886366649870482</id><published>2009-07-08T18:01:00.000-07:00</published><updated>2009-07-08T18:02:26.064-07:00</updated><title type='text'>Ha-ha-ha!  This Is Funny!</title><content type='html'>100 reasons why Palin is the queen of idiocracy.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7390886366649870482?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://trueslant.com/jeffhoard/2009/07/08/100-reasons-why-palin-is-the-queen-of-idiocracy/' title='Ha-ha-ha!  This Is Funny!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7390886366649870482/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7390886366649870482' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7390886366649870482'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7390886366649870482'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/ha-ha-ha-this-is-funny.html' title='Ha-ha-ha!  This Is Funny!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3367460938445742969</id><published>2009-07-07T18:50:00.001-07:00</published><updated>2009-07-07T18:50:44.340-07:00</updated><title type='text'>I Just Lost All Respect For Texas Tech</title><content type='html'>Fredo finds employment!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3367460938445742969?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.statesman.com/blogs/content/shared-gen/blogs/austin/politics/entries/2009/07/07/alberto_gonzales_set_to_teach.html' title='I Just Lost All Respect For Texas Tech'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3367460938445742969/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3367460938445742969' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3367460938445742969'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3367460938445742969'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/i-just-lost-all-respect-for-texas-tech.html' title='I Just Lost All Respect For Texas Tech'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4835506714367933190</id><published>2009-07-07T18:48:00.000-07:00</published><updated>2009-07-07T18:49:13.882-07:00</updated><title type='text'>Of Course, It's The Media's Fault</title><content type='html'>The liberal media playing gotcha journalism should be ashamed of itself.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4835506714367933190?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://gawker.com/5309297/sarah-palin-continues-her-brutal-war-on-the-media?skyline=true&amp;s=x' title='Of Course, It&apos;s The Media&apos;s Fault'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4835506714367933190/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4835506714367933190' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4835506714367933190'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4835506714367933190'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/of-course-its-medias-fault.html' title='Of Course, It&apos;s The Media&apos;s Fault'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-221929488340294560</id><published>2009-07-07T17:10:00.000-07:00</published><updated>2009-07-07T17:12:14.792-07:00</updated><title type='text'>WTF Is A "Department of Law"???????????</title><content type='html'>I love this moron.  She should give interviews every day for the next 3 1/2 years.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-221929488340294560?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/2009/07/07/palin-department-of-law-p_n_226881.html' title='WTF Is A &quot;Department of Law&quot;???????????'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/221929488340294560/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=221929488340294560' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/221929488340294560'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/221929488340294560'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/wtf-is-department-of-law.html' title='WTF Is A &quot;Department of Law&quot;???????????'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-294534791074156037</id><published>2009-07-07T08:25:00.000-07:00</published><updated>2009-07-07T08:27:00.548-07:00</updated><title type='text'>More Teabagging Fun!</title><content type='html'>Here's our illustrious Senator Cornyn meeting the wing-nut wack-jobs he loves so much.  Except it didn't quite turn out the way he expected...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-294534791074156037?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409695/teabaggers-boo-john-cornyn-even-though-hes-the-only-senator-for-freedom' title='More Teabagging Fun!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/294534791074156037/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=294534791074156037' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/294534791074156037'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/294534791074156037'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/more-teabagging-fun.html' title='More Teabagging Fun!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5512681854935679103</id><published>2009-07-07T08:14:00.000-07:00</published><updated>2009-07-07T08:15:31.902-07:00</updated><title type='text'>It Was The Paperwork...</title><content type='html'>What is wrong with this stupid fucking woman?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5512681854935679103?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409698/palin-was-driven-out-of-office-by-paperwork#more-409698' title='It Was The Paperwork...'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5512681854935679103/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5512681854935679103' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5512681854935679103'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5512681854935679103'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/it-was-paperwork.html' title='It Was The Paperwork...'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-727790441667731594</id><published>2009-07-06T14:52:00.000-07:00</published><updated>2009-07-06T14:53:34.573-07:00</updated><title type='text'>Tea-Bag This, Again</title><content type='html'>There was a gathering of these dumbasses in Cass County, too.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-727790441667731594?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409657/409657' title='Tea-Bag This, Again'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/727790441667731594/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=727790441667731594' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/727790441667731594'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/727790441667731594'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/tea-bag-this-again.html' title='Tea-Bag This, Again'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1575600144761888750</id><published>2009-07-06T14:45:00.000-07:00</published><updated>2009-07-06T14:46:05.173-07:00</updated><title type='text'>Inbred Bastards</title><content type='html'>This is great.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1575600144761888750?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409681/mental-disability-break-classic-republican-comedy' title='Inbred Bastards'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1575600144761888750/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1575600144761888750' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1575600144761888750'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1575600144761888750'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/inbred-bastards.html' title='Inbred Bastards'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7649774487363294594</id><published>2009-07-05T19:58:00.000-07:00</published><updated>2009-07-05T20:00:04.366-07:00</updated><title type='text'>Interesting Article From The Secular Web</title><content type='html'>&lt;span style="font-weight: bold;" class="articleTitle"&gt;The Human Origin of the Bible: How Nicaea Defined God with a Vote&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;span class="authorLink"&gt;&lt;a href="http://secweb.infidels.org/?kiosk=authors&amp;amp;id=749"&gt;Gary  Lenaire&lt;/a&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;blockquote&gt;&lt;i&gt;&lt;b&gt;"The main point is not the names of the religionists who edited the first Bibles; nor is it the dates that those events occurred on. My Christian critics attempt to distract you with such trivia in order to evade the real issue here. What does matter is how the church fathers produced what is called 'God's Word.'"&lt;/b&gt;&lt;/i&gt;&lt;/blockquote&gt;  &lt;p&gt;The &lt;i&gt;circular&lt;/i&gt; argument is so persuasive that many people seldom realize the error no matter how often it's pointed out to them. As a younger man I was a prime candidate for this deception. In many cases I honestly thought that a circular argument was valid or didn't even realize that it was circular to begin with.&lt;/p&gt;  &lt;p&gt;What is a circular argument? When a series of statements in an argument is made such that the conclusion is assumed in one or more of the premises the argument is circular. For example:&lt;/p&gt;  &lt;blockquote&gt;The Bible is the true, perfect, and inerrant word of God. How do I know this? Because the Bible says so.&lt;/blockquote&gt;  &lt;p&gt;If scholars were to set out to verify whether the Bible (or any other religious book) is truly divine and perfect, they would make inquiries and comparisons with an independent, rational, and logical source. They would not let the early architects of the Bible go unchecked simply because they claim that it is God's Word. Likewise, the same scholars would not accept the authenticity of a newly found Shakespeare manuscript until examination and verification had taken place.&lt;/p&gt;  &lt;p&gt;It's called a circular argument because the premise gives the illusion of creating or reinforcing the conclusion. The following example further illustrates a circular argument:&lt;/p&gt;  &lt;blockquote&gt;Miracles happen and many ministers have witnessed them. We know that ministers witnessed miracles because these ministers say so. If the miracles were not witnessed, ministers would not say that they were. Therefore, the miracles happened and were witnessed.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#1"&gt;1&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;Roman Emperor Flavius Valerius Constantinus (Constantine) became the Eastern ruler of Rome in 305-306 CE (Common Era). Though the date of his conversion to Christianity is unclear, Constantine experienced his infamous "in hoc signo vinces" &lt;i&gt;(in this sign you shall conquer)&lt;/i&gt; vision around 312 CE before his victory at the Milvian Bridge battle. History states that he had a vision of those words on a Christian cross prompting him to pledge to convert if he actually did win the battle. Since Constantine did succeed in the fight, the alleged vision eventually led to his conversion. And because of that the world will never be the same. Crusades? Inquisitions? Male chauvinism? Forbidding condom usage in AIDS-stricken Africa?... So glad Christianity is improving the world!&lt;/p&gt;  &lt;p&gt;When Jesus and the Apostles are said to have existed, the Roman Empire ruled the Palestinian region. The empire destroyed Jerusalem in 70 CE thus scattering the Jews. At that time the Jesus Movement and Christ Cult, in their many diverse forms, were growing in influence throughout the Mediterranean. Because many of these believers would not worship the Roman emperors or serve the magistrates, they experienced persecution and political conflict over the next two centuries. In this respect I sort of liked the early Christians--you know, &lt;i&gt;sticking it to Caesar&lt;/i&gt; and all... but I digress.&lt;/p&gt;  &lt;p&gt;In 313 CE Constantine shared the Roman throne with emperor Licinius. The two met at Milan and issued the &lt;i&gt;Edict of Milan,&lt;/i&gt; confirming that Christianity would be legal throughout the empire. The edict made Christianity lawful but had not yet made Christianity the official state religion. When Constantine defeated Emperor Licinius in 323 CE, he ended the conflicts against the Christian church and took full control of the Empire. Shortly after that time Christianity was branded the primary religion of the Roman Empire. Up until then the various Christian movements were spread out and disorganized. Many disciples didn't associate the &lt;i&gt;earthly&lt;/i&gt; Jesus of Nazareth with a &lt;i&gt;spiritual&lt;/i&gt; Christ. Some simply followed the Gnostic teachings of the earthly Jesus Movement while others believed in a Jesus that never actually lived in the flesh. Many Christians did not regard any writings as inspired by God. Please notice that up until Constantine's reign there was no "official" and unified understanding of Jesus, the Father, and the Holy Spirit within the church. Under Constantine's rule the many various versions of Jesus were fused into one messiah. The other messiahs were then branded "heresy." Thus the "I am right you are wrong" fundamentalist tradition continues in Judeo-Christian religions. (Islam now shares that same brand of orthodox arrogance.)&lt;/p&gt;  &lt;p&gt;Constantine, in keeping with Roman logic and politics, brought order to the various Christian groups. How he did it, however, was very clever. He knew that there must be a unified creed to bring ecumenical peace between congregations throughout the empire. (Religion and politics are sisters in Western culture; the one is most always influenced by the other.) If Christianity was to be the Roman religion then it must be brought under submission to Constantine's interests. Written edicts were a Roman tradition and those edicts were used as legal creeds. Legal creeds were used to control and punish. Henceforth Christianity ruled, tortured, and murdered with an iron fist.&lt;/p&gt;  &lt;p&gt;Constantine's actions are very important. In the years before he took the throne, the various forms of the Jesus Movement were rapidly gaining influence in the minds of various Roman citizens, including many philosophers. Before Constantine, the emperor Diocletian tried to hinder the growth of Christianity by way of persecution. He failed. By that time, the church was too large and its leaders too resourceful to be eradicated. Christianity could not be destroyed by persecution. The refusal of Christians to honor the traditional gods, and hence to worship the Roman Emperor, created a conflict for the Roman leaders. By forcing the choice between the accepted Roman gods and Jesus, the emperors badly misjudged the resiliency of Christians. Many Christian fathers and mothers died for their faith thereby abandoning or endangering their children and elderly dependents. That fact becomes even less noble when we remember that Muslim suicide bombers and other martyrs die for their faith quite often. Faith is no reason to kill yourself or others.&lt;/p&gt;  &lt;p&gt;By 323 CE Constantine was sympathetic to the church. He devised a plan to make room for the Christian faith under the umbrella of a genial monotheism. In granting the church ecclesial legitimacy, Constantine not only diffused a tense situation, he harnessed Christian allegiance to the Roman State. Constantine had previously been the Eastern ruler of a divided Rome. Now that the consolidated throne wielded absolute power over the empire he was not about to see it divided again.&lt;/p&gt;  &lt;p&gt;Constantine commissioned the Council of Nicaea to vote on the orthodox (accepted / adjudicated) view of Jesus' identity. Columbia University published this statement:&lt;/p&gt;  &lt;blockquote&gt;When Constantine defeated Emperor Licinius in 323 CE he ended the persecutions against the Christian church. Shortly afterwards Christians faced a trouble from within: the Arian controversy began and threatened to divide the church. The problem began in Alexandria, it started as a debate between the bishop Alexander and the presbyter (pastor, or priest) Arius. Arius proposed that if the Father begat the Son, the latter must have had a beginning, that there was a time when he was not, and that his substance was from nothing like the rest of creation. The Council of Nicaea, a gathering similar to the one described in Acts 15:4-22, condemned the beliefs of Arius and wrote the first version of the now famous creed proclaiming that the Son was "one in being with the Father" by use of the Greek word &lt;i&gt;homoousius.&lt;/i&gt;[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#2"&gt;2&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;I want to stress the importance of this fact. In mandating the vote, Constantine directed the path of Christianity for centuries to come. Consider this: Flavius Constantine (the ruler of the known world) instituted Christianity as the official religion and then later demanded 40-50 copies of the "agreed upon" Bible be published to govern the church. This not only radically and exclusively defined Christianity; it changed the trajectory of history. The Holy Roman Empire was born. That "Christian" (yes folks, very Christian) Empire dominated humanity with a bloody sword for the next ten centuries. Perhaps the actual human rabbi "Jesus" had something very different in mind regarding his teachings. &lt;i&gt;Selah?&lt;/i&gt;&lt;/p&gt;  &lt;p&gt;The Council of Nicaea numbered around three hundred bishops and other Christians. In his writings, Eusebius lists many of them and their country of origin. Several of the believers present had, because of recent conflicts, faced the threat of death for their faith. Consider the fact that Nazis killed people for less than a generation; the Romans killed Christians for the first two hundred years of the first millennium! At any distance we can see the possibility of Christians on the Nicene council being politically persuaded in the aftermath of persecution. It is also significant to note that the Jews canonized their Old Testament Bible upon returning from their oppressive Babylonian Exile in 515 BCE (Before Common Era). Reactions to war and persecution have caused some similar subsequent patterns in those who suffered. After converting to Christianity, the Holy Roman Empire embarked upon its prestigious record of murder, torture, persecution, inquisitions, and crusades that lasted for centuries.&lt;/p&gt;  &lt;p&gt;The "born-again" Christian Emperor Constantine murdered his wife Fausta and son Crispus in the year 325 CE. That's right, he murdered, killed... &lt;i&gt;ended&lt;/i&gt; his own personal family. Only a very Christian-like figure (in the traditional sense) can dream of abandoning personal kin (see Matthew 19:29). These senseless killings happened just over a year after he ordered the Council of Nicaea to convene. The Nicene Christians voted on whether Jesus of Nazareth was merely a man, Christ, and or the Son of God. Under Constantine's mandate to vote, the log Nicene council also decided that Jesus was consubstantial with the father. Therefore, it was a family murderer who was ultimately responsible for directing the church to settle the debated question of the so-called divinity of Jesus.&lt;/p&gt;  &lt;p&gt;Violence runs thick in the history of Christianity. Don't think so? Jesus' description of his own worldwide judgment in the Revelation of John is the bloodiest and most violent text of the Bible. Eternal hell is Jesus' way of dealing with people who are not born with the ability to believe in him. That's because the early church fathers (Bible architects) chose a violent and eternally angry God instead of a forgiving one. Why?&lt;/p&gt;  &lt;blockquote&gt;From its beginning, Christianity has faced a huge problem: many people refuse to convert. In order to maintain control over the people, the priests have had to insist on the "universal sin" of Adam while denying "universal salvation" of Jesus. The reason for this is to make converts! If you tell the people that "all" will be saved, then very few people will convert to Christianity and then the church has no money, influence, or power. The writers (priests, bishops, etc.) of the Bible understood this fact very well. This is probably why the Apocalypse of Peter was rejected from the final New Testament canon. Peter wrote that Jesus would eventually save all people from hell.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#3"&gt;3&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;How did the Nicene Council decide the ontological status of the "Son of God"? Again, they literally voted on it![&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#4"&gt;4&lt;/a&gt;] The Holy Spirit's inspiration had nothing to do with the voting. Humans were the ones who made their choice in the election. Because Constantine mandated the ballot, these bishops had no choice but to do it. The voting bishops were under Constantine's authority and therefore had vested &lt;i&gt;political&lt;/i&gt; and &lt;i&gt;financial&lt;/i&gt; interests in following his orders.&lt;/p&gt;  &lt;p&gt;The Nicene Council, which included the highly influential church father Eusebius of Caesarea (263-339), produced a creed that preceded a collection of books that would later become the first Bible. Constantine, looking to promote and organize Christianity in the growing number of churches in Constantinople, directed Eusebius to have at least forty copies of the scriptures made by practiced scribes and written legibly on prepared parchment. Eusebius became acquainted with Bishop Agapius, presbyter Dorotheus in Antioch, and Pamphilus of Caesarea. With the help of Origen's &lt;i&gt;Hexapla&lt;/i&gt; and commentaries collected by Pamphilus, Eusebius prepared the first version New Testament. According to Eusebius:&lt;/p&gt;  &lt;blockquote&gt;Such were the emperor's commands, which were followed by the immediate execution of the work itself, which we sent him in magnificent and elaborately bound volumes of a threefold and fourfold form.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#5"&gt;5&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;Keep in mind the events that led up to this important first version of the New Testament. The Christians on the Nicene Council voted on the divine status of Jesus of Nazareth. Council member Eusebius, in concert with Dorotheus, Agapius, Pamphilus, Origen, and other believers, published their version (and that's all it was) of what they thought the Christian God was all about. Hundreds of other texts were thrown out as unorthodox or &lt;i&gt;uninspired.&lt;/i&gt; Emperor Constantine took those New Testament copies and instituted them as authoritative.&lt;/p&gt;  &lt;p&gt;The commentary from scholars, as well as from American Founding Father Thomas Paine (1737-1809), sees the Council of Nicaea as an election body because they did indeed vote upon various important issues concerning Jesus and the Church. The fact that the so-called Holy Spirit would depend on a few hundred mortal, fallible men to decide upon his words and characteristics with a mere vote should be enough to prove that the Christian religion and theology is man-made. Thomas Paine said this:&lt;/p&gt;  &lt;blockquote&gt;But by what authority do you call the Bible the Word of God? For this is the first point to be settled. It is not your calling it so that makes it so, any more than the Mahometans calling the Koran the Word of God makes the Koran to be so. The Popish Councils of Nice [Nicaea] and Laodicea, about 350 years after the time the person called Jesus Christ is said to have lived, voted the books that now compose what is called the New Testament to be the Word of God. This was done by yeas and nays, as we now vote a law. The Pharisees of the second temple, after the Jews returned from captivity in Babylon, did the same by the books that now compose the Old Testament, and this is all the authority there is, which to me is no authority at all. I am as capable of judging for myself as they were, and I think more so, because, as they made a living by their religion, they had a self-interest in the vote they gave.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#6"&gt;6&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;Constantine, the Council of Nicaea, and Eusebius are all responsible for the events leading up to the first version of the New Testament scriptures. Therefore, they are responsible for the Roman Empire's first &lt;i&gt;official and decreed version of God and Christianity.&lt;/i&gt; They dictated to the world by force the message of Jesus. They proselytized by the sword in order to convert the helpless and hopeless. They sold the message of damnation while claiming to own the only antidote to the curse. The Christian priests bathed in riches as they collected money from the poor. These wretched practices have been the church's calling card to this day.&lt;/p&gt;  &lt;p&gt;God did not drop the original Bible from the windows of heaven. No, it was human politics, violent religion, and compulsory votes that eventually determined the divinely extraterrestrial message of the so-called God. Human opinion, and opinion alone, determined God's Word! Because of that there have been many versions of the Bible since. The Church, in its 20,000+ denominations and sects, still argues about which books should be included. (Side note: the fact that the council could at least vote is ironically a positive thing; a voting body is better than just one monarch forcing his choice on the people.)&lt;/p&gt;  &lt;p&gt;OK, forget the previous paragraphs for a moment. There is something exceedingly more important than the names and dates of the people and events that formed the first Bibles. The main point is not the names of the religionists who edited the first Bibles; nor is it the dates that those events occurred on. My Christian critics attempt to distract you with such trivia in order to evade the real issue here. What does matter is how the church fathers produced what is called "God's Word." If you claim that the Holy Spirit guided the early Christians in the process of "receiving" God's Word then I would like for you to prove that assertion (fantastic claims require fantastic proof). There is no evidence that an invisible Holy Sprit even exists. Further, if you think you can discern the voice and words of God better than someone else then you are claiming the same authority as Eusebius and his cronies. That is, you think you know what God is and isn't saying to the world. That thinking is arrogant, irrational, and unfounded. You can claim that your invisible friend is better than someone else's but the only people who will agree with you are the ones sharing your religious membership! A quote from my first book, &lt;a href="http://www.amazon.com/exec/obidos/tg/detail/-/1424140854/thesecularweb/"&gt;An Infidel Manifesto&lt;/a&gt; (2006):&lt;/p&gt;  &lt;blockquote&gt;The argument is made by many Christians that the books that are now referred to as the Bible have been miraculously preserved by the Holy Spirit. Even if God had performed this miracle, it doesn't change the historical fact that people (not God) wrote the books in the first place. Again, if you decide who heard from God and who didn't, then you are using the same process as those who canonized the Bible. To accept the Bible's inerrancy is to accept the group of men who canonized it as inerrant. By making this choice you also are determining what is inerrant and what is not. You have become a part of the process that dictates to the world what God's inerrant word really is. Logically, then, you are claiming that your judgment is inerrant! Many Christians shrug this reality off by saying, "the Holy Spirit leads my thinking." Like love, circular logic can be blinding.&lt;br /&gt;&lt;br /&gt;The decision to include or exclude any particular book in the canon was made under the same influence that all other political and religious decisions have been made. That influence is love, money, power, vengeance, forgiveness, families, sex, unity, greed, loss, royalty, revenge, fear, geography, and all other human issues. It is naive to assume that your religious heroes were immune to the weaknesses and circumstances that all humans face. It is equally naive to think that your religious heroes possessed some kind of supernatural infallible powers.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#7"&gt;7&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;The idea of authority is called into question as we approach the topic of Jesus' identity and the canonization of the Bible. A group of Bishops on the Nicene Council literally voted to decide Jesus' divinity. Did they have magic or spiritual powers to discern God's characteristics? Of course they didn't; they were human, just like you and me. They voted like we vote for our laws and politicians; it's a popularity, political, and cultural race. Eusebius's publication was simply the first Roman version of the new orthodox Bible. It wasn't even close to perfect. The traditional Christian Bible, in all of its inconsistencies, contradictions, and anachronisms... frankly--sucked. That's why people have been trying to improve upon it since its beginning. Richard Carrier notes:&lt;/p&gt;  &lt;blockquote&gt; Contrary to common belief, there was never a one-time, truly universal decision as to which books should be included in the Bible. It took over a century of the proliferation of numerous writings before anyone even bothered to start picking and choosing, and then it was largely a cumulative, individual and happenstance event, guided by chance and prejudice more than objective and scholarly research, until priests and academics began pronouncing what was authoritative and holy, and even they were not unanimous. Every church had its favored books, and since there was nothing like a clearly-defined orthodoxy until the 4th century, there were in fact many simultaneous literary traditions. The illusion that it was otherwise is created by the fact that the church that came out on top simply preserved texts in its favor and destroyed or let vanish opposing documents. Hence what we call "orthodoxy" is simply "the church that won.[&lt;a href="http://secweb.infidels.org/?kiosk=articles&amp;amp;id=789#8"&gt;8&lt;/a&gt;]&lt;/blockquote&gt;  &lt;p&gt;Let me ask a very important question to evangelical Christians: How did you come to place your trust in the early church father's decision to choose the inspired books from the uninspired? Whatever your answer to that question is, you still had to make &lt;i&gt;that&lt;/i&gt; decision for yourself. You chose to believe in &lt;i&gt;their version&lt;/i&gt; of God and his word as published in the Bible. That means you, like the early church fathers, think you know what God says and what he doesn't say. By this logic you also know that the Apocalypse of Peter is uninspired and should not be in the Bible. You have become an authority on the validity of God's words. Bible Christians, for example, claim the authority to say that the Bible is God's Word but the Koran is not. Put simply Christians claim to know God's voice and insist that non-Christians do not. The Bible has no more authority than the Koran. If you don't already, you would do well to doubt the veracity of the Jewish-Christian Bible writ. More educated (and honest) believers tend to base their faith on nonwritten ideas about spirituality and gods.&lt;/p&gt;  &lt;p&gt;Again, the main point here is not the names of the religionists who edited the first Bibles; nor is it the dates that the events occurred on. Christian apologists attempt to distract you with those things in order to evade the non divine truth about the Bible. The importance dwells with &lt;i&gt;how&lt;/i&gt; the church fathers produced what they called "God's Word." It was and is a human fabrication. Even though there is some historical accuracy in the scriptures, the miracles and other fantastic claims are simply mythology.&lt;/p&gt;  &lt;p&gt;Constantine died in 337 CE. The city of Rome was founded in the year 753 BCE. Before Constantine, Rome had survived over a thousand years as a multicultural and polytheistic nation. In 410 CE Rome was conquered by the Visigoths, just 86 pathetic years after the commencement of Constantine's new Christian &lt;i&gt;church-state&lt;/i&gt; empire. Constantine is, in my opinion, the most important figure in Western history. He changed the face of religion, politics, and the world. He set the stage for modern Christianity and holy war.&lt;/p&gt;  &lt;p&gt;The Roman Catholic popes that Constantine gave birth to would later go on to design a bloodbath second to none. The Crusades, Inquisition, wars, torture, sexual oppression, pedophilia, witch hunts, persecution of scientists, and ignorance are all trademarks of the Roman Catholic Church. It all started with one man who married Christianity to the Roman state: Constantine. His existence has troubled the lives of millions since.&lt;/p&gt;  &lt;p&gt;Let's take moment and reflect upon the prestige, longevity, domination, privilege, and power the Church has held for the last 1,700 years. No one has done it better; the killing, torture, rape, pedophilia, nonsense, delusion oppression, and perversion the Church has enjoyed for centuries are second to none! The Church, if you will pardon my blunt edge, has partied with the best of them. And let's give credit where credit is due: the European Church has maintained its supreme royalty where their competitors have failed in comparison. Here in the States religion has prospered wholesale as the puritan and Baptist revolution gave way to the milquetoast and watered-down megachurches. From begging televangelists to greedy faith healers, America has lost that warm, heavenly, religious vibe of the pomp and ceremony that is the Roman Catholic and Orthodox (Eastern, Russian, Greek, etc.) churches. But what hasn't been lost is the Christian fundamentalist Bible-believing thirst to conquer the world for the Nicene version of Jesus.&lt;/p&gt;  &lt;h3&gt;Notes&lt;/h3&gt; &lt;br /&gt; &lt;p&gt;&lt;span style="font-size:-1;"&gt; [&lt;a name="1"&gt;1&lt;/a&gt;] Gary Lenaire, &lt;a href="http://www.amazon.com/exec/obidos/tg/detail/-/1424140854/thesecularweb/"&gt;An Infidel Manifesto: Why Sincere Believers Lose Faith&lt;/a&gt;, p. 73&lt;br /&gt;&lt;br /&gt;[&lt;a name="2"&gt;2&lt;/a&gt;] http://www.columbia.edu/cu/augustine/arch/sbrandt/nicea.htm&lt;br /&gt;&lt;br /&gt;[&lt;a name="3"&gt;3&lt;/a&gt;] Gary Lenaire, &lt;a href="http://www.amazon.com/exec/obidos/tg/detail/-/1424140854/thesecularweb/"&gt;An Infidel Manifesto: Why Sincere Believers Lose Faith&lt;/a&gt;, p. 44&lt;br /&gt;&lt;br /&gt;[&lt;a name="4"&gt;4&lt;/a&gt;] &lt;i&gt;Schaff's History of the Christian Church,&lt;/i&gt; Volume III, Nicene and Post-Nicene&lt;br /&gt;&lt;br /&gt;[&lt;a name="5"&gt;5&lt;/a&gt;] Vita Const. 4.36.37&lt;br /&gt;&lt;br /&gt;[&lt;a name="6"&gt;6&lt;/a&gt;] Thomas Paine, &lt;i&gt;&lt;a href="http://secweb.infidels.org/?kiosk=books&amp;amp;id=768"&gt;The Age of Reason&lt;/a&gt;&lt;/i&gt;&lt;br /&gt;&lt;br /&gt; [&lt;a name="7"&gt;7&lt;/a&gt;] Gary Lenaire, &lt;a href="http://www.amazon.com/exec/obidos/tg/detail/-/1424140854/thesecularweb/"&gt;An Infidel Manifesto: Why Sincere Believers Lose Faith&lt;/a&gt;, p. 91&lt;br /&gt;&lt;br /&gt;[&lt;a name="8"&gt;8&lt;/a&gt;] Richard Carrier, "The Formation of the New Testament Canon," (2000) &lt;/span&gt;&lt;/p&gt;  &lt;hr /&gt;  &lt;span style="font-size:-1;"&gt;&lt;!-- common kiosk footer --&gt; &lt;br /&gt;&lt;/span&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7649774487363294594?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://secweb.infidels.org/?kiosk=articles&amp;id=789' title='Interesting Article From The Secular Web'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7649774487363294594/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7649774487363294594' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7649774487363294594'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7649774487363294594'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/interesting-article-from-secular-web.html' title='Interesting Article From The Secular Web'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7845800761593413784</id><published>2009-07-05T19:22:00.000-07:00</published><updated>2009-07-05T19:24:41.671-07:00</updated><title type='text'>More Sarah</title><content type='html'>As I stated in response to a comment to a previous post, watching this white trash harpy grifter  unravel is like watching a car wreck in slow motion.  I just can't look away...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7845800761593413784?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409665/sarah-palins-advice-for-lady-politicians-ignore-mean-old-media#comments' title='More Sarah'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7845800761593413784/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7845800761593413784' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7845800761593413784'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7845800761593413784'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/more-sarah.html' title='More Sarah'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6456874363271048740</id><published>2009-07-05T09:31:00.000-07:00</published><updated>2009-07-05T09:32:05.384-07:00</updated><title type='text'>What A Bitch</title><content type='html'>Oh, Sarah, Sarah, Sarah...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6456874363271048740?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.cbsnews.com/stories/2009/07/01/politics/main5128672.shtml' title='What A Bitch'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6456874363271048740/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6456874363271048740' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6456874363271048740'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6456874363271048740'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/what-bitch.html' title='What A Bitch'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-182974595829723421</id><published>2009-07-05T08:52:00.001-07:00</published><updated>2009-07-05T08:53:11.205-07:00</updated><title type='text'>Bible Spice Delivers Again!</title><content type='html'>Please, please, please nominate this woman in 2012!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-182974595829723421?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/409650/insane-sarah-palin-late-at-night-on-july-4-threatens-to-sue-entire-internet-via-twitter#more-409650' title='Bible Spice Delivers Again!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/182974595829723421/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=182974595829723421' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/182974595829723421'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/182974595829723421'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/bible-spice-delivers-again.html' title='Bible Spice Delivers Again!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-448201248788671438</id><published>2009-07-04T12:06:00.000-07:00</published><updated>2009-07-04T12:07:06.706-07:00</updated><title type='text'>This Guy Is Great</title><content type='html'>Kind of a rant, but I agree with him.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-448201248788671438?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=6J38zFMtDt0&amp;NR=1' title='This Guy Is Great'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/448201248788671438/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=448201248788671438' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/448201248788671438'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/448201248788671438'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/this-guy-is-great.html' title='This Guy Is Great'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5351994964347692702</id><published>2009-07-03T16:24:00.000-07:00</published><updated>2009-07-03T16:27:55.597-07:00</updated><title type='text'>The Greatness Of America</title><content type='html'>You know, one of the most searing images in American history is that of LBJ taking the oath of office in Air Force One in Dallas on November 22, 1963.  Immediately to the new President's left is a young, recently widowed lady named Jaqueline Bouvier Kennedy.  This photo bespeaks volumes about what our American republic means.&lt;br /&gt;&lt;br /&gt;Happy Fourth.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5351994964347692702?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://antonilee.files.wordpress.com/2008/07/lyndon_b_johnson_taking_the_oath_of_office_november_19631.jpg' title='The Greatness Of America'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5351994964347692702/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5351994964347692702' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5351994964347692702'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5351994964347692702'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/07/greatness-of-america.html' title='The Greatness Of America'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7733872942016891143</id><published>2009-06-27T08:08:00.001-07:00</published><updated>2009-06-27T08:09:56.650-07:00</updated><title type='text'>Bennett's Criminal Defense Book List</title><content type='html'>Mark Bennett's list (pretty cool).&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7733872942016891143?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://bennettandbennett.com/blog/2009/06/fifteen-books-for-becoming-a-better-criminal-defense-trial-lawyer.html' title='Bennett&apos;s Criminal Defense Book List'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7733872942016891143/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7733872942016891143' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7733872942016891143'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7733872942016891143'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/06/bennetts-criminal-defense-book-list.html' title='Bennett&apos;s Criminal Defense Book List'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5976722163364483883</id><published>2009-06-27T08:03:00.000-07:00</published><updated>2009-06-27T08:05:17.090-07:00</updated><title type='text'>16 Books For Trial Lawyers</title><content type='html'>Came across this list on Evan Shaeffer's blog (Via Mark Bennett).&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5976722163364483883?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.amazon.com/gp/richpub/listmania/fullview/RCK1KMQWUX4QJ?ie=UTF8&amp;ref_=cm_lmt_srch_f_1_rsrsrs0' title='16 Books For Trial Lawyers'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5976722163364483883/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5976722163364483883' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5976722163364483883'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5976722163364483883'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/06/16-books-for-trial-lawyers.html' title='16 Books For Trial Lawyers'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-261406834227506962</id><published>2009-05-13T10:14:00.000-07:00</published><updated>2009-05-13T10:15:56.240-07:00</updated><title type='text'>Please, Please Do This, You Fucking Lunatics!</title><content type='html'>Does anybody at the Republican Party have one iota of sense?  It appears not.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-261406834227506962?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.politico.com/news/stories/0509/22445.html' title='Please, Please Do This, You Fucking Lunatics!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/261406834227506962/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=261406834227506962' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/261406834227506962'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/261406834227506962'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/please-please-do-this-you-fucking.html' title='Please, Please Do This, You Fucking Lunatics!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5178356908841175107</id><published>2009-05-12T04:45:00.000-07:00</published><updated>2009-05-12T04:48:48.129-07:00</updated><title type='text'>Dick Cheney</title><content type='html'>I am pretty sick of hearing Dick Cheney bleat about how "torture worked--release the memos that show that the programs worked, blah, blah, blah." &lt;br /&gt;&lt;br /&gt;Whether they worked or not isn't the point.  Hitler's policy for eradicating Jews from eastern Europe was highly effective, too.  This doesn't mean that the policy was right, morally or legally.&lt;br /&gt;&lt;br /&gt;Torture is a war crime.  Period.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5178356908841175107?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5178356908841175107/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5178356908841175107' title='5 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5178356908841175107'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5178356908841175107'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/dick-cheney.html' title='Dick Cheney'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>5</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4289617687167422923</id><published>2009-05-10T14:00:00.002-07:00</published><updated>2009-05-10T14:01:02.485-07:00</updated><title type='text'>Check This Documentary Out</title><content type='html'>This is fascinating.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4289617687167422923?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://vodpod.com/watch/37946-the-century-of-the-self-part-1-of-4?pod=pr' title='Check This Documentary Out'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4289617687167422923/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4289617687167422923' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4289617687167422923'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4289617687167422923'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/check-this-documentary-out_10.html' title='Check This Documentary Out'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2641718100655222041</id><published>2009-05-02T10:42:00.000-07:00</published><updated>2009-05-02T10:43:28.976-07:00</updated><title type='text'>This Michael Steele Is A Dumbass, Too</title><content type='html'>Where the hell did they dig this guy up?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2641718100655222041?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://thinkprogress.org/2009/05/02/steele-moderates-gop/' title='This Michael Steele Is A Dumbass, Too'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2641718100655222041/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2641718100655222041' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2641718100655222041'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2641718100655222041'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/this-michael-steele-is-dumbass-too.html' title='This Michael Steele Is A Dumbass, Too'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1149681575572967359</id><published>2009-05-01T16:10:00.000-07:00</published><updated>2009-05-01T16:11:01.941-07:00</updated><title type='text'>More Dumbass Rick Perry</title><content type='html'>Please don't let us all die of swine flu, Mr. Obama, just don't make our rich friends pay their fair share of taxes!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1149681575572967359?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/408082/rick-perry-begs-feds-for-flu-help/' title='More Dumbass Rick Perry'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1149681575572967359/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1149681575572967359' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1149681575572967359'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1149681575572967359'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/more-dumbass-rick-perry.html' title='More Dumbass Rick Perry'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8868562409925880322</id><published>2009-05-01T15:49:00.000-07:00</published><updated>2009-05-01T15:50:18.269-07:00</updated><title type='text'>Tea-Bag This, Too</title><content type='html'>These people are really stupid.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8868562409925880322?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/407900/liberal-perverts-know-nothing-about-american-history-unless-it-has-to-do-with-penises/' title='Tea-Bag This, Too'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8868562409925880322/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8868562409925880322' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8868562409925880322'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8868562409925880322'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/tea-bag-this-too.html' title='Tea-Bag This, Too'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5376965863438080612</id><published>2009-05-01T15:42:00.001-07:00</published><updated>2009-05-01T15:42:36.922-07:00</updated><title type='text'>Dumbass Rick Perry</title><content type='html'>Secession really worked last time, dipshits.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5376965863438080612?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.facebook.com/ext/share.php?sid=99828097743&amp;h=vtDs0&amp;u=I2XlA&amp;ref=mf' title='Dumbass Rick Perry'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5376965863438080612/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5376965863438080612' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5376965863438080612'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5376965863438080612'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/05/dumbass-rick-perry.html' title='Dumbass Rick Perry'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8385875434708904569</id><published>2009-04-30T19:00:00.000-07:00</published><updated>2009-04-30T19:01:25.087-07:00</updated><title type='text'>Sean Hannity Is An Idiot And An Asshole</title><content type='html'>Olbermann bitch-slapped Hannity on this issue.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8385875434708904569?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/408190/why-is-sean-hannity-denying-funds-to-the-troops-by-refusing-agree-to-be-waterboarded-by-keith-olbermann' title='Sean Hannity Is An Idiot And An Asshole'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8385875434708904569/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8385875434708904569' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8385875434708904569'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8385875434708904569'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/sean-hannity-is-idiot-and-asshole.html' title='Sean Hannity Is An Idiot And An Asshole'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8841366656684479163</id><published>2009-04-30T18:35:00.000-07:00</published><updated>2009-04-30T18:36:34.655-07:00</updated><title type='text'>An Anti-Torture Memorandum for President Obama</title><content type='html'>Please read this, Mr. President.  You too, Bob.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8841366656684479163?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.commondreams.org/view/2009/04/30' title='An Anti-Torture Memorandum for President Obama'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8841366656684479163/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8841366656684479163' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8841366656684479163'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8841366656684479163'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/anti-torture-memorandum-for-president.html' title='An Anti-Torture Memorandum for President Obama'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3846560284495429596</id><published>2009-04-30T07:17:00.001-07:00</published><updated>2009-04-30T07:18:22.653-07:00</updated><title type='text'>Who Would Jesus Torture?</title><content type='html'>An interesting essay by a gentleman named Glenn Melancon I thought worthy of repeat here:&lt;br /&gt;&lt;br /&gt;My oldest son will enter the US Army in June. In all likelihood he will go overseas with thousands of our brave men and women. If captured by the enemy, do I want him water boarded? Do I want his captors to strip him naked, to throw freezing water on him, to slap his face or to slam him repeatedly against a wall?&lt;br /&gt;&lt;br /&gt;When I think about torture, I’m reminded of the story told in almost every Roman Catholic Church. Hanging on the walls are the Stations of the Cross. They tell how the Romans tortured and then murdered Jesus.&lt;br /&gt;&lt;br /&gt;Who would Jesus torture? No one. Torture is wrong. It clearly violates the Golden Rule: “So in everything, do to others what you would have them do to you, for this sums up the Law and the Prophets” (Matthew 7:12).&lt;br /&gt;&lt;br /&gt;Torture is also un-American. President Barack Obama was right to let the American people see the torture memos. Now it’s time for him to appoint a Special Prosecutor to conduct a nonpartisan investigation. Here’s why.&lt;br /&gt;&lt;br /&gt;Our founding fathers rejected torture, and so should we. They specifically wrote two amendments to our Constitution to prevent it—the Fifth and Eighth Amendments. These Amendments outlawed torture.&lt;br /&gt;&lt;br /&gt;The Fifth Amendments says, “No person . . . shall be compelled in any criminal case to be a witness against himself.” In the Eighteenth Century European monarchies routinely “compelled,” or tortured, suspected criminals. The founders of our Republic wanted America to be different. They recognized the fact that government officials are not infallible. They make mistakes. Torturing an individual to gain information is wrong.&lt;br /&gt;&lt;br /&gt;The Eighth Amendment to the United States Constitution says, no “cruel and unusual punishments [shall be] inflicted.” Torture is both cruel and unusual. It is cruel and unusual to strip a person and put them in a box. It is cruel and unusual to strap a person to a board, invert the board, place a rag in the person’s mouth and then pour water down his throat. Our founders rejected this barbaric conduct.&lt;br /&gt;&lt;br /&gt;In 1882 the United States signed the Geneva Conventions and committed itself to the humane treatment of prisoners captured in war. As a treaty, the Geneva Conventions are the “supreme law of the land,” and the President must obey it (US Constitution, article VI, paragraph 2). Article Three of the Conventions clearly states that parties to the treaty may not torture detainees and must treat detainees humanely. Can anyone say with a straight face that the CIA treated detainees “humanely?”&lt;br /&gt;&lt;br /&gt;Torturing Al Qaida members also threatens our national security. The torture sessions produced unreliable information. Tortured prisoners simply made up information to end the physical pain and sent our intelligence officials on wild goose chases. The most useful information came by treating the captives humanely. They had been told that Americans were barbaric. When they discovered the truth, they opened up and betrayed their cause.&lt;br /&gt;&lt;br /&gt;We can’t move forward without accountability. The Bush Administration tried to sweep this information under the rug. President Bush himself repeatedly lied to the American people, saying his administration did not torture. Thanks to President Obama we know the truth.&lt;br /&gt;&lt;br /&gt;The only way to prevent future offenses against our values and our laws is to hold the architects of torture accountable. We must do to ourselves what we would do to others. After World War Two the United States prosecuted Japanese leaders for water boarding Americans. President Obama must appoint a Special Prosecutor to investigate and charge those responsible for this potential crime. To ignore his duty as President would be wrong.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3846560284495429596?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3846560284495429596/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3846560284495429596' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3846560284495429596'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3846560284495429596'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/who-would-jesus-torture.html' title='Who Would Jesus Torture?'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-9106452014680310351</id><published>2009-04-28T18:51:00.000-07:00</published><updated>2009-04-28T18:52:23.952-07:00</updated><title type='text'>Filibuster This!</title><content type='html'>That will make 60 when Franken gets to Washington.  So long, Fascists!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-9106452014680310351?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.time.com/time/politics/article/0,8599,1894394-2,00.html' title='Filibuster This!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/9106452014680310351/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=9106452014680310351' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/9106452014680310351'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/9106452014680310351'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/filibuster-this.html' title='Filibuster This!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-334379565583959498</id><published>2009-04-27T16:26:00.000-07:00</published><updated>2009-04-27T16:27:57.220-07:00</updated><title type='text'>Tea-Bag This!</title><content type='html'>Wow!  Despite the wing-nut's best efforts it appears our President is uncommonly popular.  I am still getting used to a chief executive who can read and speak in complete sentences.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-334379565583959498?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/408088/somehow-despite-the-teabaggers-obama-massively-popular#more-408088' title='Tea-Bag This!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/334379565583959498/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=334379565583959498' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/334379565583959498'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/334379565583959498'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/tea-bag-this.html' title='Tea-Bag This!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5474544740820954769</id><published>2009-04-24T16:25:00.000-07:00</published><updated>2009-04-24T16:27:37.468-07:00</updated><title type='text'>Appoint A Special Prosecutor NOW!!!!</title><content type='html'>I don't know why we're even debating this on the cable news shows.  The President should appoint an independent counsel now, and prosecute the war criminals (Republican AND Democrat) who signed off on torture.  Period.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5474544740820954769?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5474544740820954769/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5474544740820954769' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5474544740820954769'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5474544740820954769'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/appoint-special-prosecutor-now.html' title='Appoint A Special Prosecutor NOW!!!!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-485781936451013736</id><published>2009-04-08T19:36:00.000-07:00</published><updated>2009-04-08T19:37:08.763-07:00</updated><title type='text'>This Is Why We Need To Reform Our Criminal Justice System</title><content type='html'>This is damn infuriating to read.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-485781936451013736?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://docs.google.com/Doc?id=dchtq928_39ghbcxjhf' title='This Is Why We Need To Reform Our Criminal Justice System'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/485781936451013736/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=485781936451013736' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/485781936451013736'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/485781936451013736'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/this-is-why-we-need-to-reform-our.html' title='This Is Why We Need To Reform Our Criminal Justice System'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1065620274825559217</id><published>2009-04-01T06:00:00.000-07:00</published><updated>2009-04-01T06:02:01.191-07:00</updated><title type='text'>What Legacy?  War Crimes?</title><content type='html'>Does anyone really take this clown seriously anymore?  He should be at the Hague on trial, along with Cheney, Rumsfeld and that idiot Fredo Gonzalez.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1065620274825559217?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.cbsnews.com/sections/politics/bush_legacy/main503743.shtml' title='What Legacy?  War Crimes?'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1065620274825559217/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1065620274825559217' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1065620274825559217'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1065620274825559217'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/what-legacy-war-crimes.html' title='What Legacy?  War Crimes?'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2013291099414213545</id><published>2009-04-01T05:58:00.000-07:00</published><updated>2009-04-01T05:59:12.310-07:00</updated><title type='text'>About Damn Time</title><content type='html'>I wonder if they'll let me be a special prosecutor.  I would work pro bono.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2013291099414213545?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.cbsnews.com/stories/2009/03/28/world/main4900114.shtml' title='About Damn Time'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2013291099414213545/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2013291099414213545' title='5 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2013291099414213545'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2013291099414213545'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/04/about-damn-time.html' title='About Damn Time'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>5</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6967150160503137750</id><published>2009-03-29T09:06:00.000-07:00</published><updated>2009-03-29T09:07:05.218-07:00</updated><title type='text'>More On Vince--The Sham Wow Guy</title><content type='html'>Seems he likes hookers.  Until they bite his tongue.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6967150160503137750?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.thesmokinggun.com/archive/years/2009/0327092sham1.html' title='More On Vince--The Sham Wow Guy'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6967150160503137750/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6967150160503137750' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6967150160503137750'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6967150160503137750'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/more-on-vince-sham-wow-guy.html' title='More On Vince--The Sham Wow Guy'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-646630255158376023</id><published>2009-03-26T17:42:00.000-07:00</published><updated>2009-03-26T17:43:11.306-07:00</updated><title type='text'>Religulous</title><content type='html'>Just ordered the new Bill Maher movie.  Guess I'll offend more fundamentalists...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-646630255158376023?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.amazon.com/Religulous-Bill-Maher/dp/B001MFNB5I/ref=sr_1_2?ie=UTF8&amp;s=dvd&amp;qid=1238114502&amp;sr=1-2' title='Religulous'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/646630255158376023/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=646630255158376023' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/646630255158376023'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/646630255158376023'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/religulous.html' title='Religulous'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3863004395185130660</id><published>2009-03-24T18:00:00.000-07:00</published><updated>2009-03-24T18:02:08.330-07:00</updated><title type='text'>Ahh...Mr. President!</title><content type='html'>Just finished watching President Obama's primetime press conference.  It is quite refreshing to see someone in the office with the intellectual heft to intelligently discuss the issues confronting our nation.  Quite a contrast with the retard who occupied the office a mere three months ago.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3863004395185130660?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3863004395185130660/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3863004395185130660' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3863004395185130660'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3863004395185130660'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/ahhmr-president.html' title='Ahh...Mr. President!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8469528021629182592</id><published>2009-03-23T18:58:00.000-07:00</published><updated>2009-03-23T18:59:50.468-07:00</updated><title type='text'>GOP Begs Dick Cheney To Go Back Into Hiding</title><content type='html'>Seems they want Dick to get off their side.  I love it when this freaky Bond-villain comes out of his cave!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8469528021629182592?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://thehill.com/leading-the-news/go-back-into-hiding-gop-begs-dick-cheney--please-2009-03-23.html' title='GOP Begs Dick Cheney To Go Back Into Hiding'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8469528021629182592/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8469528021629182592' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8469528021629182592'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8469528021629182592'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/gop-begs-dick-cheney-to-go-back-into.html' title='GOP Begs Dick Cheney To Go Back Into Hiding'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4456700397073937479</id><published>2009-03-23T18:56:00.000-07:00</published><updated>2009-03-23T18:57:16.746-07:00</updated><title type='text'>Kudos To New Mexico</title><content type='html'>New Mexico joins the civilized world and bans the barbaric death penalty.  Good for you , Bill Richardson.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4456700397073937479?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/2009/03/18/new-mexico-bans-death-pen_n_176666.html' title='Kudos To New Mexico'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4456700397073937479/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4456700397073937479' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4456700397073937479'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4456700397073937479'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/kudos-to-new-mexico.html' title='Kudos To New Mexico'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1534296099412021338</id><published>2009-03-21T13:23:00.000-07:00</published><updated>2009-03-21T13:25:36.224-07:00</updated><title type='text'>MoJo's Six-Year Coverage Of The Iraq War</title><content type='html'>Yes, I am a subscriber and reader of Mother Jones magazine.  A fine liberal rag.  Here is their 6 year anniversary list of war coverage.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1534296099412021338?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.motherjones.com/politics/2009/03/iraq-war-six-year-anniversary' title='MoJo&apos;s Six-Year Coverage Of The Iraq War'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1534296099412021338/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1534296099412021338' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1534296099412021338'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1534296099412021338'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/mojos-six-year-coverage-of-iraq-war.html' title='MoJo&apos;s Six-Year Coverage Of The Iraq War'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6974540135493304408</id><published>2009-03-11T18:38:00.000-07:00</published><updated>2009-03-11T18:39:18.913-07:00</updated><title type='text'>They Have Truly Lost Their F****ing Minds, Pt. 2</title><content type='html'>My god!  These people are insane.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6974540135493304408?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/356096/the-christians-case-against-barack-saddam-hussein-obama' title='They Have Truly Lost Their F****ing Minds, Pt. 2'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6974540135493304408/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6974540135493304408' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6974540135493304408'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6974540135493304408'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/they-have-truly-lost-their-fing-minds.html' title='They Have Truly Lost Their F****ing Minds, Pt. 2'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6303675158949724967</id><published>2009-03-09T17:31:00.000-07:00</published><updated>2009-03-09T17:32:41.213-07:00</updated><title type='text'>Open Letter To Republican Traitors</title><content type='html'>This is pretty good.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6303675158949724967?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/frank-schaeffer/open-letter-to-the-republ_b_172822.html' title='Open Letter To Republican Traitors'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6303675158949724967/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6303675158949724967' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6303675158949724967'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6303675158949724967'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/open-letter-to-republican-traitors.html' title='Open Letter To Republican Traitors'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6102234128926811694</id><published>2009-03-09T16:50:00.000-07:00</published><updated>2009-03-09T16:52:10.866-07:00</updated><title type='text'>Rush Limbaugh - Fat, Stupid Bastard</title><content type='html'>I hope this guy keeps on playing into Obama's hands.  What a tool.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6102234128926811694?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.newsweek.com/id/188279/page/1' title='Rush Limbaugh - Fat, Stupid Bastard'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6102234128926811694/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6102234128926811694' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6102234128926811694'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6102234128926811694'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/rush-limbaugh-fat-stupid.html' title='Rush Limbaugh - Fat, Stupid Bastard'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6209063472390790946</id><published>2009-03-06T19:32:00.000-08:00</published><updated>2009-03-06T19:34:11.717-08:00</updated><title type='text'>While You're At It--Check This Little Number Out</title><content type='html'>John Lennon with a few friends (and yes, the guitarists are Eric Clapton and Keith Richards).  I would have loved to have been in the room for this little jam.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6209063472390790946?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=jQCtw2yo2Dg&amp;feature=related' title='While You&apos;re At It--Check This Little Number Out'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6209063472390790946/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6209063472390790946' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6209063472390790946'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6209063472390790946'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/while-youre-at-it-check-this-little.html' title='While You&apos;re At It--Check This Little Number Out'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6765406904671963128</id><published>2009-03-06T19:12:00.000-08:00</published><updated>2009-03-06T19:14:43.571-08:00</updated><title type='text'>Jim Morrison Interviews University President</title><content type='html'>Check this video out from the early '60's where Jim Morrison acts in and interviews a Florida State University official about projected student enrollment.  Bet this cat was never as hip as Jim.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6765406904671963128?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=-WIJd2sLuDA&amp;feature=related' title='Jim Morrison Interviews University President'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6765406904671963128/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6765406904671963128' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6765406904671963128'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6765406904671963128'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/jim-morrison-interviews-university.html' title='Jim Morrison Interviews University President'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3092229467884753959</id><published>2009-03-04T19:10:00.000-08:00</published><updated>2009-03-04T19:11:15.579-08:00</updated><title type='text'>Was Hunter S. Thompson Murdered???</title><content type='html'>Was HST murdered?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3092229467884753959?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=zIyWkinCsMs&amp;feature=rec-fresh+div' title='Was Hunter S. Thompson Murdered???'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3092229467884753959/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3092229467884753959' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3092229467884753959'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3092229467884753959'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/was-hunter-s-thompson-murdered.html' title='Was Hunter S. Thompson Murdered???'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4012495830774029849</id><published>2009-03-04T16:40:00.000-08:00</published><updated>2009-03-04T16:42:19.829-08:00</updated><title type='text'>Prosecute These Damn War Criminals</title><content type='html'>Republicans sure don't like investigations when they're not about relevant things like blowjobs and blue dresses.  Goddamn hypocrites.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4012495830774029849?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://roomfordebate.blogs.nytimes.com/2009/03/02/a-truth-commission-for-the-bush-era/?hp' title='Prosecute These Damn War Criminals'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4012495830774029849/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4012495830774029849' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4012495830774029849'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4012495830774029849'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/prosecute-these-damn-war-criminals.html' title='Prosecute These Damn War Criminals'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-9162826284159710333</id><published>2009-03-01T12:58:00.000-08:00</published><updated>2009-03-01T12:59:08.520-08:00</updated><title type='text'>This Guy Is My Hero</title><content type='html'>What's wrong with Jell-O wrestling at the South Pole?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-9162826284159710333?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.westword.com/2009-02-12/news/jell-o-wrestling-is-a-firing-offense-at-the-south-pole' title='This Guy Is My Hero'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/9162826284159710333/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=9162826284159710333' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/9162826284159710333'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/9162826284159710333'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/this-guy-is-my-hero.html' title='This Guy Is My Hero'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5810636376489049263</id><published>2009-03-01T07:25:00.000-08:00</published><updated>2009-03-01T07:29:20.302-08:00</updated><title type='text'>R.I.P. Paul Harvey</title><content type='html'>I've had a dirty little secret for some time:   I love listening to Paul Harvey.&lt;br /&gt;&lt;br /&gt;Despite the fact that he is a wing-nut that makes Rush Limbaugh look like a big old liberal, I still can't turn Paul Harvey off when he hits the airwaves.  But, I also understand just what his angle or twist on the story happens to be.  Here is an article about Mr. Rest of the Story from F.A.I.R.:&lt;br /&gt;&lt;br /&gt;&lt;span style="font-weight: bold;" class="main_headline"&gt;The Right of the Story&lt;/span&gt;&lt;br /&gt;   &lt;!-- BEGIN sub_headline_block --&gt;   &lt;span style="font-weight: bold;" class="sub_headline"&gt;Paul Harvey peddles tall tales--with a conservative kick&lt;/span&gt;&lt;br /&gt;   &lt;!-- END sub_headline_block --&gt;   &lt;br /&gt;   &lt;span class="author-block"&gt;By    &lt;a href="http://www.fair.org/index.php?page=10&amp;amp;author_id=178"&gt;&lt;span class="author"&gt;Dan Wilson&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;   &lt;div class="published-content-body"&gt;    &lt;span class="media_outlet"&gt;ABC&lt;/span&gt; probably doesn't want people to think it's in the business of passing off urban folklore stories as real news, or altering the facts of stories to fit a conservative spin. But that's what one of its most listened to broadcasters does--six days a week.&lt;br /&gt;&lt;br /&gt;Paul Harvey is regarded as a broadcasting icon. An institution. His radio show, distributed by the &lt;span class="media_outlet"&gt;ABC Radio Networks&lt;/span&gt;, is carried on more than 1,200 radio stations and, according to his own press releases, is heard by 23 million listeners six days a week.&lt;br /&gt;&lt;br /&gt;Even if you make allowances for self-promotion, his audience exceeds that of talkmeisters &lt;a href="http://www.fair.org/index.php?page=19&amp;amp;media_outlet_id=14"&gt;Rush Limbaugh&lt;/a&gt; and Dr. Laura Schlesinger. Harvey is advertised as the most listened-to broadcaster in the world.&lt;br /&gt;&lt;br /&gt;For more than 40 years, Harvey has been charming listeners with his folksy, down-home style. He calls his broadcasts "visits." While he is perhaps best known for his Rest of the Story feature, three generations have been brought up on his twice-daily newscasts, a 5-minute morning version and a 15-minute noon broadcast. These newscasts consist of a combination of rip-and-read wire copy, with Harvey's patented pregnant pauses and unique inflections, along with a sprinkling of anecdotes passed off as news.&lt;br /&gt;&lt;br /&gt;Here's a typical story from his May 1, 1997 broadcast:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;For what it's worth, San Antonio, Texas, woman motorist, 45, arrested when a mechanic told police he found 18 bags of marijuana under the hood of her car. The woman is indignant. She asked that the mechanic only check her oil, not look under the hood.&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;A cute story, but one that set off my BS detector. I called the San Antonio Police Department and read the piece to a spokesperson for their public information office. "I have been here two years and never heard of that story," he said. I also e-mailed the San Antonio News Express. The on-line managing editor, Jon Donley, replied, "I've been a journalist here for 14 years and I can't believe I missed this story."&lt;br /&gt;&lt;br /&gt;&lt;span class="sub_headline"&gt;Urban Legends&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;Others have tried without success to track down the sources of some of Harvey's "news."&lt;br /&gt;&lt;br /&gt;The following story aired on May 5:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;When a bird crashes through an airplane cockpit windshield it's a hazard to plane, to crew and to passengers. Our Federal Aviation Administration a while back experimented with several transparent windshields before discovering one which would bounce the bird off without cracking. A special gun developed at Texas A&amp;amp;M launched a dead chicken against the aircraft window until engineers could determine the precise angle of impact which would prevent the window from breaking.&lt;br /&gt;&lt;br /&gt;Well, British engineers having a similar problem with the front windows of high-speed locomotives asked to borrow our chicken launcher and they loaded a chicken into their cannon and they fired against their locomotive window. Well, the ballistic chicken shattered the windshield, it went through the engineer's hair, it embedded itself in the back wall of the engine cab. The British, stunned, asked our FAA to review their test procedure to see what they did wrong.&lt;br /&gt;&lt;br /&gt;The FAA did review it. And replied with a four-word recommendation. Quote, "Try a thawed chicken."&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;After this story aired, Jenny Nelson, a reporter for the &lt;span class="media_outlet"&gt;Bryan-College Station Eagle&lt;/span&gt;, Texas A&amp;amp;M's local paper, checked into it (5/6/97). She called Paul Harvey's Chicago office and talked to June Westgaard, his secretary, who told her, "To the best of my knowledge, the story was passed on to Mr. Harvey by a news stringer."&lt;br /&gt;&lt;br /&gt;If so, there's no telling where the stringer got it from. "There's a great deal of advanced transportation research going on here, but none of it involves chickens," Bernie Fette, spokesperson for A&amp;amp;M's Texas Transportation Institute, told Nelson. "I've heard it for at least 15 of the 20 years I've been in Bryan-College Station," a spokesperson for the university said. "I think it's a story that shows up occasionally. I think it's kind of an urban legend."&lt;br /&gt;&lt;br /&gt;Jan H. Brunvand is an author and columnist who has published several books on urban legends (among them&lt;br /&gt;&lt;i&gt;The Choking Doberman&lt;/i&gt;, &lt;i&gt;The Mexican Pet&lt;/i&gt; and &lt;i&gt;Curses! Broiled Again&lt;/i&gt;). "I have a copy of Harvey's book &lt;i&gt;For What It's Worth&lt;/i&gt; (1991) which I annotated for the urban legends I found," Brunvand wrote in response to my inquiry--"Nine stories, for sure, including several classics. Thus, I take his title to signify that these are 'worth' little as truth, but perhaps more as amusing fiction. The trouble is that many Americans get much of their 'news' from Paul Harvey."&lt;br /&gt;&lt;br /&gt;Brunvand listed several familiar urban legends documented as folklore in his books--and presented in Harvey's book as fact, often with names, places and dates attached to lend them spurious credibility. These include the story of the drunk who drives home in a police car; the old, rich woman who rams the car that steals her parking space; the woman who puts an ice-cream cone in her purse upon meeting a movie star. Harvey retells the popular tale of the women who drop to the floor of an elevator when the owner of a Doberman tells the dog to "sit"; usually the dog-owner is a famous black man, but in Harvey's version his name and race are not mentioned. Writes Brunvand:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;Paul Harvey seems to present as "news" mostly the whimsical, offbeat, slightly cockeyed stories, but delivering them in his deep, resonant, fatherly sort of voice which apparently lends credence to them. Perhaps some of his fans receive them more as tabloid entertainment than hard news; at least some of his listeners regularly send me notes saying they heard such and such a legend on Paul Harvey. Relying as he does at least partly on listener input, Paul Harvey might be thought of as an amateur part-time folklorist, except that he doesn't distinguish folklore from fact. To my mind he's the epitome of the old (journalistic?) slogan, "The truth never stands in the way of a good story."&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;&lt;span class="sub_headline"&gt;Beyond Tall Tales&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;If Harvey were just telling cutesy tall tales, his lackadaisical attitude toward fact might be more easily dismissed as harmless. But much of his news consists of stories re-cast into Harvey's conservative mold, presenting a world under attack by welfare recipients, big government and labor.&lt;br /&gt;&lt;br /&gt;Take this shot at labor unions broadcast last April 16:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;Would you agree to pay taxes to support labor union activity? Well, you do. Federal employees whose salaries you pay may also be labor union officials whose salaries you pay. Even when they are taking time away from their jobs for union activity.&lt;br /&gt;&lt;br /&gt;Heritage Foundation discovers that you are spending hundreds of millions of dollars a year on government workers performing non-government work. In just one agency of government, the Social Security Administration, it amounts to the total pay of 200 full-time workers. In the postal service, 838 workers. In the IRS, 253 full-time workers. If the employee is a union official, then he or she is allowed to collect full-time pay while off on union activities.&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;Unfortunately, here, as in many other cases, Harvey failed to tell the rest of the story. As anyone familiar with labor contracts would tell you, it is customary for union representatives to be paid for their work-related union activities, such as handling grievances or conducting collective bargaining talks. This would apply to both public and private sector unions. Hardly the scandal Paul Harvey would have you believe--leaving aside the fact that his biggest example of "taxes" paying for union activity is the postal service, which derives all its revenue from sales of postage.&lt;br /&gt;&lt;br /&gt;Another story reflects either outright carelessness or deliberate distortion. This was contained in his April 10 broadcast:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;Well, United States congressmen are learning Old World ways. Democrat David Obey and Republican Tom DeLay climaxed a debate on the house floor yesterday with some shouting, escalating into shoving and vulgarisms. Spectators say Obey initiated it and the vulgar language was his.&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;Which spectators were those? According to news reports, written mainly by journalists who were in the press gallery at the time, the incident occurred when Obey confronted DeLay with a newspaper clipping that disputed a point DeLay was making on the floor. The &lt;span class="media_outlet"&gt;Boston Globe&lt;/span&gt;'s account of what happened next (4/10/97) was typical: "'That's chicken shit,' Delay, the third-ranking Republican in the House, shouted away from the microphone but in hearing range of reporters. He jabbed a finger into Obey's chest, then shoved him. Several bystanders . . . leaped forward to separate the pair." While some reporters noted aggressive finger-pointing on the part of Obey, even DeLay acknowledged (&lt;span class="media_outlet"&gt;Milwaukee Journal&lt;/span&gt;, 4/14/97) that the Wisconsinite hadn't said anything off-color.&lt;br /&gt;&lt;br /&gt;&lt;span class="sub_headline"&gt;Something Smells&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;But it can't be carelessness that would account for the next story (4/26/97). It has to be read in its entirety to be appreciated:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;In a courtroom in Essex County, New York, in front of family and friends, Glenda Duell was shackled by the sheriff, taken from her husband and two young children. Court ordered to serve six months in prison. And to pay a fine of $68,000. And when she gets out of prison Glenda Duell must spend the next five years on probation. Then when she gets out of prison her husband, Kent Duell, must begin a six-month sentence. He must pay another $68,000 in fines and he must then do five years on probation. The sentence must be stayed on appeal for the moment.&lt;br /&gt;&lt;br /&gt;But what in the world could the Duells have done? Robbed a bank? Murdered somebody? No, District Attorney Ronald Briggs says what they did was violate environmental law. And indeed, under existing environmental law that family could have been sentenced to 1,200 years with fines exceeding $30 million. All because their home's septic system malfunctioned.&lt;br /&gt;&lt;br /&gt;Even though, now hear this, even though their family's septic system had been designed and approved by the department of Housing and Urban Development. Now there wasn't any proof that raw sewage had spilled out of the system, but even if it had it was a HUD system which had failed. Nonetheless, it was the Duell family which got sued.&lt;br /&gt;&lt;br /&gt;The judge in the case admitted he didn't understand what law the family had violated. He asked the prosecutors for help but the prosecutor couldn't understand the law either. The prosecutor finally put in a call to the government environmental lawyers and it was their opinion that got the family convicted, quote, for serious criminal behavior. And one looks on and wonders.&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;A clipping from the &lt;span class="media_outlet"&gt;Adirondack Journal&lt;/span&gt; (1/17/97) tells a much different tale. It seems the Duells owned an apartment building in Olmstedville, N.Y., which, five years ago, developed a broken pipe in the septic system. The Duells refused to make repairs despite repeated warnings. The &lt;span class="media_outlet"&gt;Journal&lt;/span&gt; reported:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;As a result of their failure to repair an open sewer pipe, raw sewage ran directly from the apartment toilets to the lawn and down to a nearby stream. . . . In November 1996 a jury convicted the couple of 164 felonies and misdemeanors for knowingly allowing sewerage to run out of their septic system at the Olmstedville building for an intermittent period of five years.&lt;br /&gt;&lt;br /&gt;According to the assistant district attorney, "You could see a broken pipe from the road, and the raw matter was flowing out in recognizable form onto the lawn where it would wash down to a nearby stream. The town of Minerva, Essex County officials, and people from the Department of Environmental Conservation all followed up on complaints but there was no compliance."&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;In a month of listening to Harvey, there were several other stories that lacked the ring of truth, but contained insufficient information to make fact-checking possible. However, of all the shows I monitored, none was as disturbing as his response to the Heaven's Gate suicides (4/12/97): "Someday, I am sad to say, our Supreme Court is going to have to specify limits on speech rights and on religious rights."&lt;br /&gt;&lt;br /&gt;It's troubling to hear such a popular broadcaster making a pitch for restrictions on freedom of speech--especially when he's used his own freedom to spread folklore, half-truths and propaganda.&lt;br /&gt;&lt;br /&gt;&lt;span class="sub_headline"&gt;Sidebar: The Rest of the Story&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;On June 9, I wrote the following letter to Paul Harvey:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;Dear &lt;span class="media_outlet"&gt;Paul Harvey News&lt;/span&gt;,&lt;br /&gt;&lt;br /&gt;I am a writer preparing an article on Paul Harvey and his newscasts. I have researched a number of his news stories and found some appear to be fictitious or have had their facts changed enough to render the story of dubious value.&lt;br /&gt;&lt;br /&gt;I would like to interview Paul Harvey on these issues to include his response in my article. Please contact me at the above address so we can arrange a suitable time for a telephone interview.&lt;/div&gt;&lt;br /&gt;&lt;br /&gt;On June 30 I received the following response, signed by Harvey's secretary, June Westgaard:&lt;br /&gt;&lt;br /&gt;&lt;div class="sideindent"&gt;Thank you for your June 9 letter and for the vote of confidence it included. Because of Mr. Harvey's confining schedule we must ask that he be excused from anything extracurricular at the present time. Thank you for your loyal listening.&lt;/div&gt;&lt;br /&gt;               --D.W.&lt;br /&gt;&lt;br /&gt;Dan Wilson is a reporter for the &lt;span class="media_outlet"&gt;Appleton&lt;/span&gt; (Wisc.) &lt;span class="media_outlet"&gt;Post-Crescent&lt;/span&gt;.   &lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5810636376489049263?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.fair.org/index.php?page=1394' title='R.I.P. Paul Harvey'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5810636376489049263/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5810636376489049263' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5810636376489049263'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5810636376489049263'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/03/rip-paul-harvey.html' title='R.I.P. Paul Harvey'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3806216424126010181</id><published>2009-02-26T20:24:00.000-08:00</published><updated>2009-02-26T20:26:43.134-08:00</updated><title type='text'>Lincoln &amp; Habeas Corpus</title><content type='html'>Interesting article from Newsweek (note to Bob: I don't just read Wonkette and Huffington Post) about Abraham Lincoln and his wartime suspensions of Habeas Corpus.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3806216424126010181?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.usnews.com/articles/news/history/2009/02/10/revoking-civil-liberties-lincolns-constitutional-dilemma.html?s_cid=related-links:TOP' title='Lincoln &amp; Habeas Corpus'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3806216424126010181/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3806216424126010181' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3806216424126010181'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3806216424126010181'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/lincoln-habeas-corpus.html' title='Lincoln &amp; Habeas Corpus'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7334894203814489506</id><published>2009-02-26T19:00:00.000-08:00</published><updated>2009-02-26T19:01:20.895-08:00</updated><title type='text'>The Wingnut Revolution</title><content type='html'>These damn Republicans have ruined our nation.  I'm sick of screwing with them.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7334894203814489506?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/bob-cesca/the-wingnut-revolution_b_170361.html' title='The Wingnut Revolution'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7334894203814489506/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7334894203814489506' title='3 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7334894203814489506'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7334894203814489506'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/wingnut-revolution.html' title='The Wingnut Revolution'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>3</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4196563803927067358</id><published>2009-02-09T09:09:00.001-08:00</published><updated>2009-02-09T09:10:58.393-08:00</updated><title type='text'>That Progressive Auto Insurance Chick</title><content type='html'>I've had this weird crush on the Progressive Auto Insurance chick ("Flo") for some time.  While cyber-stalking her, I found the article at the link.  Seems I'm not the only one who thinks she's hot.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4196563803927067358?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.austin360.com/tv/content/tv/stories/2008/10/1020progressive.html' title='That Progressive Auto Insurance Chick'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4196563803927067358/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4196563803927067358' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4196563803927067358'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4196563803927067358'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/that-progressive-auto-insurance-chick.html' title='That Progressive Auto Insurance Chick'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3969377152681736685</id><published>2009-02-08T19:33:00.000-08:00</published><updated>2009-02-08T19:34:11.950-08:00</updated><title type='text'>What An Idiot</title><content type='html'>God, I hope you stupid-ass Republicans run this woman for president in four years!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3969377152681736685?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.esquire.com/features/what-ive-learned/sarah-palin-interview-0309' title='What An Idiot'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3969377152681736685/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3969377152681736685' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3969377152681736685'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3969377152681736685'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/what-idiot.html' title='What An Idiot'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-550764160990144882</id><published>2009-02-08T19:09:00.000-08:00</published><updated>2009-02-08T19:12:31.442-08:00</updated><title type='text'>Stupid Bastards</title><content type='html'>Who gives a damn if Obama wears shirtsleeves in his office while trying to rescue this country (and world) from the mess left by the total fuck-up who preceded him in office?  Jerk offs.  I hope the new AG prosecutes these criminals.  Let them then bitch about the dress-code in another section of the federal government: &lt;br /&gt;&lt;br /&gt;Federal prisons!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-550764160990144882?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.washingtonpost.com/wp-dyn/content/article/2009/02/06/AR2009020601443.html?hpid%3Dtopnews&amp;sub=AR' title='Stupid Bastards'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/550764160990144882/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=550764160990144882' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/550764160990144882'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/550764160990144882'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/stupid-bastards.html' title='Stupid Bastards'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8946837577865176878</id><published>2009-02-08T14:44:00.000-08:00</published><updated>2009-02-08T14:47:21.301-08:00</updated><title type='text'>Galveston Update</title><content type='html'>I finally returned to the Island this weekend.  It was the first time I had been there since before Hurricane Ike.&lt;br /&gt;&lt;br /&gt;Things really suck for a lot of folks down there.  I hope things get better.&lt;br /&gt;&lt;br /&gt;Sorry I didn't get a chance to call, Bob.  We were in a capital murder seminar all day Thursday and Friday and just had time for a one night trip to Galveston after that.  I will be down for several days in late March and will take you up on the steak and absinthe.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8946837577865176878?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8946837577865176878/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8946837577865176878' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8946837577865176878'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8946837577865176878'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/02/galveston-update.html' title='Galveston Update'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4581362772585171902</id><published>2009-01-29T06:15:00.000-08:00</published><updated>2009-01-29T06:16:30.511-08:00</updated><title type='text'>The People v. Dick Cheney</title><content type='html'>Good article by my friends over at Mother Jones (a fine progressive magazine everyone should subscribe to).&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4581362772585171902?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.motherjones.com/news/feature/2009/01/the-people-vs-dick-cheney.html' title='The People v. Dick Cheney'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4581362772585171902/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4581362772585171902' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4581362772585171902'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4581362772585171902'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/people-v-dick-cheney.html' title='The People v. Dick Cheney'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1969786517907402418</id><published>2009-01-27T19:04:00.000-08:00</published><updated>2009-01-27T19:06:57.197-08:00</updated><title type='text'>These Are The Kinds Of Chicks Democrats Date</title><content type='html'>Yeah, baby!  Check this out, Bob--those closeted homosexual Republicans you vote for can't compete with this!&lt;br /&gt;&lt;br /&gt;I have to give credit to Wonkette for this story: http://wonkette.com/405755/obamas-27-year-old-speechwriter-gets-sexytime-with-hot-white-house-staffer-gal&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1969786517907402418?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.maxim.com/Ali-Campoverdi-Photo-3/girls-of-maxim/gallery/13778/953.aspx' title='These Are The Kinds Of Chicks Democrats Date'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1969786517907402418/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1969786517907402418' title='7 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1969786517907402418'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1969786517907402418'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/these-are-kinds-of-chicks-democrats.html' title='These Are The Kinds Of Chicks Democrats Date'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>7</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1839311233579207910</id><published>2009-01-26T19:58:00.000-08:00</published><updated>2009-01-26T20:00:01.783-08:00</updated><title type='text'>Why The Hell Doesn't This Guy Just Go Away?</title><content type='html'>Governor Blagojevich:&lt;br /&gt;&lt;br /&gt;PLEASE RESIGN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1839311233579207910?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/405778/rod-blagojevich-learned-to-curse-by-playing-basketball-in-the-hood' title='Why The Hell Doesn&apos;t This Guy Just Go Away?'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1839311233579207910/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1839311233579207910' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1839311233579207910'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1839311233579207910'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/why-hell-doesnt-this-guy-just-go-away.html' title='Why The Hell Doesn&apos;t This Guy Just Go Away?'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-1708556174024608366</id><published>2009-01-22T18:34:00.000-08:00</published><updated>2009-01-22T18:35:15.223-08:00</updated><title type='text'>Rush Limbaugh = Crazy Bastard</title><content type='html'>This election has been hard on old Rush.  Somebody give him an Oxy!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-1708556174024608366?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/2009/01/21/rush-limbaugh-attacks-oba_n_159868.html' title='Rush Limbaugh = Crazy Bastard'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/1708556174024608366/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=1708556174024608366' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1708556174024608366'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/1708556174024608366'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/rush-limbaugh-crazy-bastard.html' title='Rush Limbaugh = Crazy Bastard'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5011024076259764924</id><published>2009-01-08T17:59:00.000-08:00</published><updated>2009-01-08T18:00:11.789-08:00</updated><title type='text'>They Have Truly Lost Their Fucking Minds...</title><content type='html'>Ahhhh...Bible Spice...you keep delivering!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-5011024076259764924?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.howobamagotelected.com/' title='They Have Truly Lost Their Fucking Minds...'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/5011024076259764924/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=5011024076259764924' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5011024076259764924'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/5011024076259764924'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/they-have-truly-lost-their-fucking.html' title='They Have Truly Lost Their Fucking Minds...'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-7024861357781020686</id><published>2009-01-07T17:38:00.000-08:00</published><updated>2009-01-07T17:39:16.875-08:00</updated><title type='text'>A Bailout I Support</title><content type='html'>This is for you, Phil and Bob...something all three of us can agree upon.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-7024861357781020686?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://politicalticker.blogs.cnn.com/2009/01/07/porn-industry-seeks-federal-bailout/' title='A Bailout I Support'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/7024861357781020686/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=7024861357781020686' title='4 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7024861357781020686'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/7024861357781020686'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/bailout-i-support.html' title='A Bailout I Support'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>4</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-2826213121483919045</id><published>2009-01-05T19:52:00.000-08:00</published><updated>2009-01-05T20:00:48.883-08:00</updated><title type='text'>Al Franken, US Senator</title><content type='html'>Looks like Mr. Franken is going to be the new Senator from Minnesota. &lt;br /&gt;&lt;br /&gt;Congratulations to Mr. Franken, if that is the case.  While I miss his show on Air America, he may better serve progressive ideals from the floor of the Senate. &lt;br /&gt;&lt;br /&gt;I hope he continues some broadcasting, though.  He is one smart bastard.  I highly recommend every one of his books (one of which I have an autographed copy in which he inscribed: "Why do you hate America?").&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-2826213121483919045?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.huffingtonpost.com/2009/01/05/franken-race-minnesota-co_n_155298.html' title='Al Franken, US Senator'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/2826213121483919045/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=2826213121483919045' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2826213121483919045'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/2826213121483919045'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/al-franken-us-senator.html' title='Al Franken, US Senator'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-794458832673027999</id><published>2009-01-05T15:55:00.000-08:00</published><updated>2009-01-05T16:06:42.518-08:00</updated><title type='text'>So Long Bush, Cheney &amp; The Rest Of The War Pigs</title><content type='html'>No way Black Sabbath could have ever known that they were pegging the 43rd President and his criminal administration when they wrote the following little bit of poetry.  Even the little ditty about the politicians hiding themselves away while leaving the fighting to the poor.  Here's your theme song Georgie and Dick:&lt;br /&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Generals gathered in their masses&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Just like witches at black masses&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Evil minds that plot destruction&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Sorcerers of death's construction&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;In the fields the bodies burning&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;As the war machine keeps turning&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Death and hatred to mankind&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Poisoning their brainwashed minds, oh lord yeah!&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Politicians hide themselves away&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;They only started the war&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Why should they go out to fight?&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;They leave that role to the poor&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Time will tell on their power minds&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Making war just for fun&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Treating people just like pawns in chess&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Wait 'till their judgment day comes, yeah!&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Now in darkness, world stops turning&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;As the war machine keeps burning&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;No more war pigs of the power&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Hand of god has struck the hour&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Day of judgment, god is calling&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;On their knees, the war pigs crawling&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Begging mercy for their sins&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;Satan, laughing, spreads his wings&lt;/span&gt;&lt;br /&gt;&lt;span style="font-style: italic;"&gt;ALL RIGHT NOW!&lt;/span&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-794458832673027999?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.youtube.com/watch?v=0GRR_n_yQGA' title='So Long Bush, Cheney &amp; The Rest Of The War Pigs'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/794458832673027999/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=794458832673027999' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/794458832673027999'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/794458832673027999'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/so-long-bush-cheney-rest-of-war-pigs.html' title='So Long Bush, Cheney &amp; The Rest Of The War Pigs'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4976365553374490456</id><published>2009-01-01T13:39:00.000-08:00</published><updated>2009-01-01T13:42:08.938-08:00</updated><title type='text'>Viva Fidel!!!!!</title><content type='html'>The Revolucion turns 50 today.  Too bad Che didn't live to see it...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4976365553374490456?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.sun-sentinel.com/news/opinion/sfl-editafcuba50sbdec31,0,4493545.story' title='Viva Fidel!!!!!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4976365553374490456/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4976365553374490456' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4976365553374490456'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4976365553374490456'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2009/01/viva-fidel.html' title='Viva Fidel!!!!!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8043572770710454209</id><published>2008-12-29T19:11:00.000-08:00</published><updated>2008-12-29T19:12:57.335-08:00</updated><title type='text'>Interesting GQ Article About Bush</title><content type='html'>I want to pick up Robert Draper's book &lt;span style="font-style: italic;"&gt;Dead Certain&lt;/span&gt;.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8043572770710454209?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://men.style.com/gq/features/landing?id=content_7778' title='Interesting GQ Article About Bush'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8043572770710454209/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8043572770710454209' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8043572770710454209'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8043572770710454209'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/interesting-gq-article-about-bush.html' title='Interesting GQ Article About Bush'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-783189073257665893</id><published>2008-12-29T15:24:00.000-08:00</published><updated>2008-12-29T15:26:22.908-08:00</updated><title type='text'>David Vitter--Another Sick Republican</title><content type='html'>Another fun one from the GOP Senate.  This one's a few months old, too--but who's keeping score?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-783189073257665893?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/281971/david-vitter-got-caught-with-his-pants-down' title='David Vitter--Another Sick Republican'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/783189073257665893/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=783189073257665893' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/783189073257665893'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/783189073257665893'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/david-vitter-another-sick-republican.html' title='David Vitter--Another Sick Republican'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-3223742313712981027</id><published>2008-12-28T08:02:00.000-08:00</published><updated>2008-12-28T08:03:57.039-08:00</updated><title type='text'>The Family Values Party</title><content type='html'>Hey Bob--why can't your party keep the pedophiles out?&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-3223742313712981027?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/405173/another-republican-politician-caught-trying-to-screw-children' title='The Family Values Party'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/3223742313712981027/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=3223742313712981027' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3223742313712981027'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/3223742313712981027'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/family-values-party.html' title='The Family Values Party'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-267814911795620604</id><published>2008-12-25T09:43:00.000-08:00</published><updated>2008-12-25T09:44:38.668-08:00</updated><title type='text'>More Of Brilliant Sarah Palin</title><content type='html'>It's all someone else's fault...&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-267814911795620604?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/405149/sarah-palin-still-blaming-campaign-loss-on-her-lack-of-interviews' title='More Of Brilliant Sarah Palin'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/267814911795620604/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=267814911795620604' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/267814911795620604'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/267814911795620604'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/more-of-brilliant-sarah-palin.html' title='More Of Brilliant Sarah Palin'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6108635896296091021</id><published>2008-12-10T19:12:00.000-08:00</published><updated>2008-12-10T19:17:13.433-08:00</updated><title type='text'>And They Call Themselves Capitalists...</title><content type='html'>&lt;div class="mod content-w-ad-w"&gt; &lt;div class="main"&gt; &lt;h1 class="main title"&gt; Socialism for the Rich &lt;/h1&gt;  &lt;h2 class="by"&gt;&lt;b&gt;By&lt;/b&gt; &lt;cite&gt;&lt;a href="http://www.thenation.com/directory/bios/robert_scheer"&gt;Robert Scheer&lt;/a&gt;&lt;/cite&gt;&lt;/h2&gt;  &lt;p class="context"&gt; &lt;/p&gt;&lt;h3 class="when"&gt;December 10, 2008&lt;/h3&gt;        &lt;script&gt; var EmailArticleWindow;    function email_article_popup (uri) {       if (!uri) { uri = window.location; }        var url = '/email/email.mhtml?i=20081222&amp;s=scheer&amp;type=article';       if ((EmailArticleWindow) &amp;&amp; (EmailArticleWindow.closed != true)) {          EmailArticleWindow.location.href = url;       } else {          EmailArticleWindow = window.open(url,'EmailArticleWindow',"scrollbars=1,resizable=1,height=450,width=520");       }    } &lt;/script&gt;    &lt;!-- /end .tools --&gt;   &lt;div style="text-align: justify;" id="main-content" class="mod"&gt;        &lt;p&gt; Let the record show that it was George W. Bush, the rich Texas Republican, who brought socialism to America, so don't blame it on that African-American Chicago Democrat community organizer who made it into the White House. The government takeover of the banking and automobile industries not only happened on President Bush's watch, it was also the deregulatory mania of this president's family, beginning with his father, which took this country into such starkly unfamiliar territory.  &lt;/p&gt; &lt;!-- /end .inset --&gt;    What a betrayal of free-market capitalism. And who would have thought that it would be the candidates backed by conservative pundits Bill O'Reilly and Rush Limbaugh who made it possible? You actually could trace the destruction of corporate capitalism to the much-ballyhooed "Reagan Revolution" of the movie actor who got his main training for the presidency as a huckster for General Electric, where he honed the message of "getting government off our backs." The revolution of unfettered corporate capitalism led to an era of unfettered corporate greed, which sowed the seeds of its own destruction.  &lt;p&gt;  True, the Democrats deserve much blame. The Wall Street runaway wouldn't have happened if President Bill Clinton hadn't cheered it on. The Great Triangulator provided seamless continuity between the administrations of the two Bushes in systematically dismantling the proven regulatory system, introduced by President Franklin D. Roosevelt, that saved capitalism from itself during the Great Depression. The danger with the incoming Democratic president is that Barack Obama has turned to some of the Clinton alums, most prominently former Clinton treasury secretary Lawrence Summers, to get us out of the mess that the Clinton administration worked mightily to create. &lt;/p&gt; &lt;p&gt;  At least in the auto bailout there is some talk from the Democrats that the failed corporate leaders must be fired as a condition of salvaging their corporate entities--and stock options. Both political parties are tougher in the auto bailout than they were in the Wall Street rescue, but what do you expect when leadership on this issue is coming from Treasury Secretary Henry Paulson? Like Robert Rubin, Clinton's first treasury secretary and now Obama confidante, Paulson came to government service immediately after heading up Goldman Sachs, the Wall Street powerhouse at the epicenter of the banking collapse. For the key practitioners of America's brave new game of corporate socialism, failure has its own lush reward. &lt;/p&gt; &lt;p&gt;  It's enough to drive one back to the invisible hand of Adam Smith. Personally, I would rather we took our chances these days with letting the corporations sink or swim on their own without government interference. If tough love was good enough for troubled families cut off the public dole by Clinton's welfare reform, which summarily ended the federal poverty program, why have a poverty program for troubled corporations? &lt;/p&gt; &lt;p&gt;  Forget saving the auto companies; let them become Japanese- or South Korean-owned, but sweeten the deal with US government guarantees of extended unemployment insurance, health care, retirement plan protection and job retraining for laid-off autoworkers. Be generous on the worker end, and figure out ways to reclaim the big bucks from the banking and auto moguls who ripped off the American dream. The only reason the moguls are not going to jail for their shenanigans is that they got their supplicants in Congress from both parties to rewrite the laws to legalize activities that should have been judged as crimes. &lt;/p&gt; &lt;p&gt;  If we are to have an expansion of government on this scale, we should start with extending health coverage to all Americans rather than with government bureaucrats micromanaging auto companies. Government-insured health care works. All the doctors I see want me to be on Medicare, and not one of them is eager to deal with the medical insurance provided to me as a retiree after thirty years of employment by the &lt;i&gt;Los Angeles Times&lt;/i&gt;--insurance now threatened by my once-proud capitalist employer seeking bankruptcy protection. A protection, incidentally, that a bipartisan congressional majority made much more difficult for individuals to use when we get in personal financial trouble. &lt;/p&gt; &lt;p&gt;  With the exception of my years as an undergraduate, when I sorted mail late into the night at the post office near Manhattan's Grand Central Terminal, I have never been on the public payroll. Thanks to the Reagan Revolution, and its endgame of socialism for the rich, we all may end up on the public dole, scrambling for droppings from a too heavily laden nationalized table. Socialism for the rich is not the way to go. &lt;/p&gt;&lt;br /&gt;&lt;div class="about-author"&gt;Robert Scheer, a contributing editor to &lt;i&gt;The Nation&lt;/i&gt;, is editor of &lt;a href="http://www.truthdig.com/"&gt;Truthdig.com&lt;/a&gt; and author of &lt;i&gt;&lt;a href="http://search.barnesandnoble.com/The-Pornography-of-Power/Robert-Scheer/e/9780446505277"&gt;The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America &lt;/a&gt;&lt;/i&gt; (Twelve) and &lt;a href="http://www.truthdig.com/bazaar/"&gt;Playing President&lt;/a&gt; (Akashic Books). He is author, with Christopher Scheer and Lakshmi Chaudhry, of &lt;i&gt;The Five Biggest Lies Bush Told Us About Iraq&lt;/i&gt; (Akashic Books and Seven Stories Press.)  His weekly column, distributed by Creators Syndicate, appears in the &lt;i&gt;San Francisco Chronicle&lt;/i&gt;.  &lt;a href="http://www.thenation.com/directory/bios/robert_scheer"&gt;more...&lt;/a&gt;        &lt;/div&gt;&lt;!-- /end .info-about --&gt;   &lt;!-- /end .ad --&gt;    &lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;!-- /end #main-content --&gt;  &lt;/div&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;!-- /end .main --&gt;  &lt;/div&gt;&lt;div style="text-align: justify;" class="additional"&gt;  &lt;div id="top_rectangle"&gt; &lt;script language="JavaScript" type="text/javascript"&gt;      GA_googleFillSlot("economics_ATFHalfPage_300x600");   &lt;/script&gt;  &lt;/div&gt;&lt;!-- /end .ad --&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6108635896296091021?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.thenation.com/doc/20081222/scheer?rel=hp_picks' title='And They Call Themselves Capitalists...'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6108635896296091021/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6108635896296091021' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6108635896296091021'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6108635896296091021'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/and-they-call-themselves-capitalists.html' title='And They Call Themselves Capitalists...'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-963229498804215804</id><published>2008-12-10T17:31:00.001-08:00</published><updated>2008-12-10T17:31:56.705-08:00</updated><title type='text'>Christopher Hitchens</title><content type='html'>I just read this book a few months ago.  I highly recommend it (are you listening Bob?).&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-963229498804215804?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://nymag.com/arts/books/features/31244/' title='Christopher Hitchens'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/963229498804215804/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=963229498804215804' title='2 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/963229498804215804'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/963229498804215804'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/christopher-hitchens.html' title='Christopher Hitchens'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>2</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-8287244426018022117</id><published>2008-12-10T16:51:00.000-08:00</published><updated>2008-12-10T16:54:38.795-08:00</updated><title type='text'>Wonkette's War On Xmas Guide</title><content type='html'>In honor of Bob (who loves Jesus and hates Wonkette), here's some great holiday gifts.  I especially like the "Build Your Own Bong"-- just don't forget to tell the arresting officer it's really some sort of new sexual device.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-8287244426018022117?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/404820/wonkettes-2008-war-on-xmas-gift-guide' title='Wonkette&apos;s War On Xmas Guide'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/8287244426018022117/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=8287244426018022117' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8287244426018022117'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/8287244426018022117'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/wonkettes-war-on-xmas-guide.html' title='Wonkette&apos;s War On Xmas Guide'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-4028345211500262042</id><published>2008-12-09T16:20:00.000-08:00</published><updated>2008-12-09T16:21:15.703-08:00</updated><title type='text'>Rod Blagojevich = Sleazy Bastard</title><content type='html'>Never let it be said that I don't call out corrupt-ass Democrats, too.  This guy belongs in prison.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-4028345211500262042?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.chicagobreakingnews.com/2008/12/source-feds-take-gov-blagojevich-into-custody.html' title='Rod Blagojevich = Sleazy Bastard'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/4028345211500262042/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=4028345211500262042' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4028345211500262042'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/4028345211500262042'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/rod-blagojevich-sleazy-bastard.html' title='Rod Blagojevich = Sleazy Bastard'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6957877958320493240</id><published>2008-12-09T16:15:00.000-08:00</published><updated>2008-12-09T16:16:30.656-08:00</updated><title type='text'>John McCain = Sleazy Bastard</title><content type='html'>Read the NYT article about the good Senator (linked in the Wonkette article).  What a scumbag.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6957877958320493240?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://wonkette.com/358941/john-mccains-long-career-of-sleazy-lies-semi-affairs-total-corruption' title='John McCain = Sleazy Bastard'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6957877958320493240/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6957877958320493240' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6957877958320493240'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6957877958320493240'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/john-mccain-sleazy-bastard.html' title='John McCain = Sleazy Bastard'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-97057771549742000</id><published>2008-12-05T17:54:00.000-08:00</published><updated>2008-12-05T17:55:20.271-08:00</updated><title type='text'>Prop 8: The Musical</title><content type='html'>This is hysterical.  Jack Black kicks ass as Jesus.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-97057771549742000?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.funnyordie.com/videos/c0cf508ff8/prop-8-the-musical-starring-jack-black-john-c-reilly-and-many-more-from-fod-team-jack-black-craig-robinson-john-c-reilly-and-rashida-jones' title='Prop 8: The Musical'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/97057771549742000/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=97057771549742000' title='5 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/97057771549742000'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/97057771549742000'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/prop-8-musical.html' title='Prop 8: The Musical'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>5</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6986512770886515355</id><published>2008-12-05T17:45:00.001-08:00</published><updated>2008-12-05T17:45:52.556-08:00</updated><title type='text'>Happy Repeal Day!</title><content type='html'>I need a drink!!!!&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6986512770886515355?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://www.repealday.org/' title='Happy Repeal Day!'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6986512770886515355/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6986512770886515355' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6986512770886515355'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6986512770886515355'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/happy-repeal-day.html' title='Happy Repeal Day!'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-6565920720557645882</id><published>2008-12-03T17:24:00.001-08:00</published><updated>2008-12-03T17:24:54.165-08:00</updated><title type='text'>Fox News Dumbasses</title><content type='html'>This is from back in July, but I can't believe I missed it.  Dumb bastards.&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/19421653-6565920720557645882?l=galvestonlawyerblog.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='related' href='http://thinkprogress.org/2008/07/21/during-a-segment-on-education-fox-news-misspells-the-word-education/' title='Fox News Dumbasses'/><link rel='replies' type='application/atom+xml' href='http://galvestonlawyerblog.blogspot.com/feeds/6565920720557645882/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://www.blogger.com/comment.g?blogID=19421653&amp;postID=6565920720557645882' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6565920720557645882'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/19421653/posts/default/6565920720557645882'/><link rel='alternate' type='text/html' href='http://galvestonlawyerblog.blogspot.com/2008/12/fox-news-dumbasses.html' title='Fox News Dumbasses'/><author><name>GalvestonLawyer</name><uri>http://www.blogger.com/profile/01297465477507355211</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-19421653.post-5649129340319471620</id><published>2008-12-01T15:33:00.000-08:00</published><updated>2008-12-01T15:40:28.552-08:00</updated><title type='text'>Wiki Explains The Shitty Economy</title><content type='html'>&lt;h1 class="firstHeading"&gt;Global financial crisis of 2008&lt;/h1&gt;       &lt;h3 id="siteSub"&gt;From Wikipedia, the free encyclopedia&lt;/h3&gt;              &lt;div id="jump-to-nav"&gt;&lt;br /&gt;&lt;/div&gt;   &lt;!-- start content --&gt;    &lt;table class="metadata plainlinks ambox ambox-notice" style=""&gt; &lt;tbody&gt;&lt;tr&gt; &lt;td class="mbox-image"&gt; &lt;div style="width: 52px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Gnome_globe_current_event.svg" class="image" title="Gnome globe current event.svg"&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Gnome_globe_current_event.svg/42px-Gnome_globe_current_event.svg.png" border="0" width="42" height="42" /&gt;&lt;/a&gt;&lt;/div&gt; &lt;/td&gt; &lt;td class="mbox-text" style=""&gt;&lt;b&gt;This article documents a &lt;a href="http://en.wikipedia.org/wiki/Portal:Current_events" title="Portal:Current events"&gt;current event&lt;/a&gt;.&lt;/b&gt; Information may change rapidly as the event progresses.&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt;&lt;/table&gt; &lt;dl&gt;&lt;dd&gt;&lt;i&gt;This article is about the details of the severe credit, banking, currency, and trade crisis which emerged in September 2008. For background financial market events dating from July, 2007 chronicling the credit crisis which resulted from the &lt;a href="http://en.wikipedia.org/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis"&gt;subprime mortgage crisis&lt;/a&gt;, see &lt;a href="http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008" title="Financial crisis of 2007–2008"&gt;financial crisis of 2007–2008&lt;/a&gt;. For an overview of all economic problems of 2008 see &lt;a href="http://en.wikipedia.org/wiki/Economic_crisis_of_2008" title="Economic crisis of 2008"&gt;economic crisis of 2008&lt;/a&gt;.&lt;/i&gt;&lt;/dd&gt;&lt;/dl&gt; &lt;p&gt;The &lt;b&gt;global financial crisis of 2008&lt;/b&gt; is a major &lt;a href="http://en.wikipedia.org/wiki/Financial_crisis" title="Financial crisis"&gt;financial crisis&lt;/a&gt;, the worst of its kind since the &lt;a href="http://en.wikipedia.org/wiki/Great_Depression" title="Great Depression"&gt;Great Depression&lt;/a&gt;,&lt;sup id="cite_ref-Global_Research-Torbat-2008-10-13_0-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Global_Research-Torbat-2008-10-13-0" title=""&gt;&lt;span&gt;[&lt;/span&gt;1&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; which is ongoing as of December 2008. It became prominently visible in September 2008 with the failure, merger or conservatorship of several large United States-based financial firms. The underlying causes leading to the crisis had been reported in business journals for many months before September, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the &lt;a href="http://en.wikipedia.org/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis"&gt;subprime mortgage crisis&lt;/a&gt;.&lt;sup id="cite_ref-Telegraph-Evans-Pritchard-2007-07-25_1-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Telegraph-Evans-Pritchard-2007-07-25-1" title=""&gt;&lt;span&gt;[&lt;/span&gt;2&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-Global_Research-Torbat-2008-10-13_0-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Global_Research-Torbat-2008-10-13-0" title=""&gt;&lt;span&gt;[&lt;/span&gt;1&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-Economist-House_Prices-2008-05-22_2-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Economist-House_Prices-2008-05-22-2" title=""&gt;&lt;span&gt;[&lt;/span&gt;3&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-Economist-House_Prices-2008-05-15_3-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Economist-House_Prices-2008-05-15-3" title=""&gt;&lt;span&gt;[&lt;/span&gt;4&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (&lt;a href="http://en.wikipedia.org/wiki/Stock" title="Stock"&gt;stock&lt;/a&gt;)&lt;sup id="cite_ref-4" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-4" title=""&gt;&lt;span&gt;[&lt;/span&gt;5&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; and &lt;a href="http://en.wikipedia.org/wiki/Commodity" title="Commodity"&gt;commodities&lt;/a&gt; worldwide.&lt;sup id="cite_ref-Telegraph-Evans-Pritchard-2007-07-25_1-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Telegraph-Evans-Pritchard-2007-07-25-1" title=""&gt;&lt;span&gt;[&lt;/span&gt;2&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The crisis has led to a &lt;a href="http://en.wikipedia.org/wiki/Liquidity" title="Liquidity" class="mw-redirect"&gt;liquidity&lt;/a&gt; problem and the &lt;a href="http://en.wikipedia.org/wiki/Leverage_%28finance%29" title="Leverage (finance)"&gt;de-leveraging&lt;/a&gt; of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis. World political leaders and national ministers of finance and central bank directors have coordinated their efforts to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the &lt;a href="http://en.wikipedia.org/wiki/International_Monetary_Fund" title="International Monetary Fund"&gt;International Monetary Fund&lt;/a&gt;.&lt;sup id="cite_ref-5" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-5" title=""&gt;&lt;span&gt;[&lt;/span&gt;6&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-6" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-6" title=""&gt;&lt;span&gt;[&lt;/span&gt;7&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The crisis was triggered by the subprime mortgage crisis and is an acute phase of the &lt;a href="http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008" title="Financial crisis of 2007–2008"&gt;financial crisis of 2007–2008&lt;/a&gt;.&lt;/p&gt; &lt;table id="toc" class="toc" summary="Contents"&gt; &lt;tbody&gt;&lt;tr&gt; &lt;td&gt; &lt;div id="toctitle"&gt; &lt;h2&gt;Contents&lt;/h2&gt;  &lt;span class="toctoggle"&gt;[&lt;a href="javascript:toggleToc()" class="internal" id="togglelink"&gt;hide&lt;/a&gt;]&lt;/span&gt;&lt;/div&gt; &lt;ul&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Prelude_.28Week_of_September_7.2C_2008.29"&gt;&lt;span class="tocnumber"&gt;1&lt;/span&gt; &lt;span class="toctext"&gt;Prelude (Week of September 7, 2008)&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Major_financial_firm_crisis_.28Week_of_September_14.2C_2008.29"&gt;&lt;span class="tocnumber"&gt;2&lt;/span&gt; &lt;span class="toctext"&gt;Major financial firm crisis (Week of September 14, 2008)&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Money_market_funds_insurance_and_short_sales_prohibitions"&gt;&lt;span class="tocnumber"&gt;2.1&lt;/span&gt; &lt;span class="toctext"&gt;Money market funds insurance and short sales prohibitions&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Troubled_Asset_Relief_Program"&gt;&lt;span class="tocnumber"&gt;2.2&lt;/span&gt; &lt;span class="toctext"&gt;Troubled Asset Relief Program&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_September_21.2C_2008"&gt;&lt;span class="tocnumber"&gt;3&lt;/span&gt; &lt;span class="toctext"&gt;Week of September 21, 2008&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_September_28.2C_2008"&gt;&lt;span class="tocnumber"&gt;4&lt;/span&gt; &lt;span class="toctext"&gt;Week of September 28, 2008&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_October_5"&gt;&lt;span class="tocnumber"&gt;5&lt;/span&gt; &lt;span class="toctext"&gt;Week of October 5&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_October_12"&gt;&lt;span class="tocnumber"&gt;6&lt;/span&gt; &lt;span class="toctext"&gt;Week of October 12&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_October_19"&gt;&lt;span class="tocnumber"&gt;7&lt;/span&gt; &lt;span class="toctext"&gt;Week of October 19&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_October_26"&gt;&lt;span class="tocnumber"&gt;8&lt;/span&gt; &lt;span class="toctext"&gt;Week of October 26&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_November_2"&gt;&lt;span class="tocnumber"&gt;9&lt;/span&gt; &lt;span class="toctext"&gt;Week of November 2&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Reports_of_economic_activity"&gt;&lt;span class="tocnumber"&gt;9.1&lt;/span&gt; &lt;span class="toctext"&gt;Reports of economic activity&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Events"&gt;&lt;span class="tocnumber"&gt;9.2&lt;/span&gt; &lt;span class="toctext"&gt;Events&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_November_9"&gt;&lt;span class="tocnumber"&gt;10&lt;/span&gt; &lt;span class="toctext"&gt;Week of November 9&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_November_16"&gt;&lt;span class="tocnumber"&gt;11&lt;/span&gt; &lt;span class="toctext"&gt;Week of November 16&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Reports_of_economic_activity_2"&gt;&lt;span class="tocnumber"&gt;11.1&lt;/span&gt; &lt;span class="toctext"&gt;Reports of economic activity&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Events_2"&gt;&lt;span class="tocnumber"&gt;11.2&lt;/span&gt; &lt;span class="toctext"&gt;Events&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_November_23"&gt;&lt;span class="tocnumber"&gt;12&lt;/span&gt; &lt;span class="toctext"&gt;Week of November 23&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Week_of_December_1"&gt;&lt;span class="tocnumber"&gt;13&lt;/span&gt; &lt;span class="toctext"&gt;Week of December 1&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Reports_of_economic_activity_3"&gt;&lt;span class="tocnumber"&gt;13.1&lt;/span&gt; &lt;span class="toctext"&gt;Reports of economic activity&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Events_3"&gt;&lt;span class="tocnumber"&gt;13.2&lt;/span&gt; &lt;span class="toctext"&gt;Events&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Key_risk_indicators_in_September_2008"&gt;&lt;span class="tocnumber"&gt;14&lt;/span&gt; &lt;span class="toctext"&gt;Key risk indicators in September 2008&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Global_responses"&gt;&lt;span class="tocnumber"&gt;15&lt;/span&gt; &lt;span class="toctext"&gt;Global responses&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#China_and_Other_Countries.27_Responses"&gt;&lt;span class="tocnumber"&gt;15.1&lt;/span&gt; &lt;span class="toctext"&gt;China and Other Countries' Responses&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#U.S._responses"&gt;&lt;span class="tocnumber"&gt;15.2&lt;/span&gt; &lt;span class="toctext"&gt;U.S. responses&lt;/span&gt;&lt;/a&gt; &lt;ul&gt;&lt;li class="toclevel-3"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Loans_to_banks_for_asset-backed_commercial_paper"&gt;&lt;span class="tocnumber"&gt;15.2.1&lt;/span&gt; &lt;span class="toctext"&gt;Loans to banks for asset-backed commercial paper&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-3"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Federal_Reserve_lowers_interest_rates"&gt;&lt;span class="tocnumber"&gt;15.2.2&lt;/span&gt; &lt;span class="toctext"&gt;Federal Reserve lowers interest rates&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-3"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Legislation"&gt;&lt;span class="tocnumber"&gt;15.2.3&lt;/span&gt; &lt;span class="toctext"&gt;Legislation&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-3"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Fed_response"&gt;&lt;span class="tocnumber"&gt;15.2.4&lt;/span&gt; &lt;span class="toctext"&gt;Fed response&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-2"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#UK_Responses"&gt;&lt;span class="tocnumber"&gt;15.3&lt;/span&gt; &lt;span class="toctext"&gt;UK Responses&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#See_also"&gt;&lt;span class="tocnumber"&gt;16&lt;/span&gt; &lt;span class="toctext"&gt;See also&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#References"&gt;&lt;span class="tocnumber"&gt;17&lt;/span&gt; &lt;span class="toctext"&gt;References&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#Further_reading"&gt;&lt;span class="tocnumber"&gt;18&lt;/span&gt; &lt;span class="toctext"&gt;Further reading&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;li class="toclevel-1"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#External_links"&gt;&lt;span class="tocnumber"&gt;19&lt;/span&gt; &lt;span class="toctext"&gt;External links&lt;/span&gt;&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt;&lt;/table&gt; &lt;script type="text/javascript"&gt; //&lt;![CDATA[  if (window.showTocToggle) { var tocShowText = "show"; var tocHideText = "hide"; showTocToggle(); }  //]]&gt; &lt;/script&gt; &lt;p&gt;&lt;a name="Prelude_.28Week_of_September_7.2C_2008.29" id="Prelude_.28Week_of_September_7.2C_2008.29"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=1" title="Edit section: Prelude (Week of September 7, 2008)"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Prelude (Week of September 7, 2008)&lt;/span&gt;&lt;/h2&gt; &lt;dl&gt;&lt;dd&gt; &lt;div class="noprint relarticle mainarticle"&gt;&lt;i&gt;Main article: &lt;a href="http://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac" title="Federal takeover of Fannie Mae and Freddie Mac"&gt;Federal takeover of Fannie Mae and Freddie Mac&lt;/a&gt;&lt;/i&gt;&lt;/div&gt; &lt;/dd&gt;&lt;/dl&gt; &lt;p&gt;The United States director of the &lt;a href="http://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency"&gt;Federal Housing Finance Agency&lt;/a&gt; (FHFA), &lt;a href="http://en.wikipedia.org/wiki/James_B._Lockhart_III" title="James B. Lockhart III"&gt;James B. Lockhart III&lt;/a&gt;, on September 7, 2008 announced his decision to place two United States &lt;a href="http://en.wikipedia.org/wiki/Government_sponsored_enterprises" title="Government sponsored enterprises" class="mw-redirect"&gt;Government sponsored enterprises&lt;/a&gt; (GSEs), &lt;a href="http://en.wikipedia.org/wiki/Fannie_Mae" title="Fannie Mae"&gt;Fannie Mae&lt;/a&gt; (Federal National Mortgage Association) and &lt;a href="http://en.wikipedia.org/wiki/Freddie_Mac" title="Freddie Mac"&gt;Freddie Mac&lt;/a&gt; (Federal Home Loan Mortgage Corporation), into &lt;a href="http://en.wikipedia.org/wiki/Conservatorship" title="Conservatorship"&gt;conservatorship&lt;/a&gt; run by FHFA.&lt;sup id="cite_ref-USTreasury-Paulson-2008-09-07_7-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-USTreasury-Paulson-2008-09-07-7" title=""&gt;&lt;span&gt;[&lt;/span&gt;8&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-FHFA-Lockhart-2008-09-07_8-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-FHFA-Lockhart-2008-09-07-8" title=""&gt;&lt;span&gt;[&lt;/span&gt;9&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-FHFA-Conservatorship-2008-09-07_9-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-FHFA-Conservatorship-2008-09-07-9" title=""&gt;&lt;span&gt;[&lt;/span&gt;10&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; United States Treasury Secretary &lt;a href="http://en.wikipedia.org/wiki/Henry_Paulson" title="Henry Paulson"&gt;Henry Paulson&lt;/a&gt;, at the same press conference stated that placing the two GSEs into conservatorship was a decision he fully supported, and said that he advised "that conservatorship was the only form in which I would commit taxpayer money to the GSEs." He further said that "I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing &lt;a href="http://en.wikipedia.org/wiki/United_States_housing_market_correction" title="United States housing market correction"&gt;housing correction&lt;/a&gt;."&lt;sup id="cite_ref-USTreasury-Paulson-2008-09-07_7-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-USTreasury-Paulson-2008-09-07-7" title=""&gt;&lt;span&gt;[&lt;/span&gt;8&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The same day, &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank" class="mw-redirect"&gt;Federal Reserve Bank&lt;/a&gt; Chairman &lt;a href="http://en.wikipedia.org/wiki/Ben_Bernanke" title="Ben Bernanke"&gt;Ben Bernanke&lt;/a&gt; stated in support: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies."&lt;sup id="cite_ref-Federal_Reserve-Bernanke-2008-09-07_10-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Federal_Reserve-Bernanke-2008-09-07-10" title=""&gt;&lt;span&gt;[&lt;/span&gt;11&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Major_financial_firm_crisis_.28Week_of_September_14.2C_2008.29" id="Major_financial_firm_crisis_.28Week_of_September_14.2C_2008.29"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Major financial firm crisis (Week of September 14, 2008)&lt;/span&gt;&lt;/h2&gt; &lt;div class="thumb tright"&gt; &lt;div class="thumbinner" style="width: 202px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Lehman_Brothers_Times_Square_by_David_Shankbone.jpg" class="image" title="The collapse of Lehman Brothers was a symbol of the global financial crisis"&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/5/53/Lehman_Brothers_Times_Square_by_David_Shankbone.jpg/200px-Lehman_Brothers_Times_Square_by_David_Shankbone.jpg" class="thumbimage" border="0" width="200" height="267" /&gt;&lt;/a&gt; &lt;div class="thumbcaption"&gt; &lt;div class="magnify"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Lehman_Brothers_Times_Square_by_David_Shankbone.jpg" class="internal" title="Enlarge"&gt;&lt;img src="http://upload.wikimedia.org/skins/common/images/magnify-clip.png" alt="" width="15" height="11" /&gt;&lt;/a&gt;&lt;/div&gt; The collapse of &lt;a href="http://en.wikipedia.org/wiki/Lehman_Brothers" title="Lehman Brothers"&gt;Lehman Brothers&lt;/a&gt; was a symbol of the global financial crisis&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;p&gt;On Sunday, September 14, it was announced that &lt;a href="http://en.wikipedia.org/wiki/Lehman_Brothers" title="Lehman Brothers"&gt;Lehman Brothers&lt;/a&gt; would file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers. The significance of the Lehman Brothers bankruptcy is disputed with some assigning it a pivotal role in the unfolding of subsequent events. The principals involved, Ben Bernanke and Henry Paulson, dispute this view, citing a volume of toxic assets at Lehman which made a rescue impossible.&lt;sup id="cite_ref-11" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-11" title=""&gt;&lt;span&gt;[&lt;/span&gt;12&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-12" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-12" title=""&gt;&lt;span&gt;[&lt;/span&gt;13&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Immediately following the bankruptcy, &lt;a href="http://en.wikipedia.org/wiki/J.P._Morgan" title="J.P. Morgan" class="mw-redirect"&gt;J.P. Morgan&lt;/a&gt; provided the broker dealer unit of &lt;a href="http://en.wikipedia.org/wiki/Lehman_Brothers" title="Lehman Brothers"&gt;Lehman Brothers&lt;/a&gt; with $138 billion to "settle securities transactions with customers of Lehman and its clearance parties" according to a statement made in a New York City Bankruptcy court filing.&lt;sup id="cite_ref-13" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-13" title=""&gt;&lt;span&gt;[&lt;/span&gt;14&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The same day, the sale of &lt;a href="http://en.wikipedia.org/wiki/Merrill_Lynch" title="Merrill Lynch"&gt;Merrill Lynch&lt;/a&gt; to &lt;a href="http://en.wikipedia.org/wiki/Bank_of_America" title="Bank of America"&gt;Bank of America&lt;/a&gt; was announced.&lt;sup id="cite_ref-Lehman_Merrill_14-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Lehman_Merrill-14" title=""&gt;&lt;span&gt;[&lt;/span&gt;15&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The beginning of the week was marked by &lt;a href="http://en.wikipedia.org/wiki/Global_stock_market_crash_of_September_2008" title="Global stock market crash of September 2008" class="mw-redirect"&gt;extreme instability in global stock markets&lt;/a&gt;, with dramatic drops in market values on Monday, September 15, and Wednesday, September 17. On September 16, the large insurer &lt;a href="http://en.wikipedia.org/wiki/American_International_Group" title="American International Group"&gt;American International Group&lt;/a&gt; (AIG), a significant participant in the &lt;a href="http://en.wikipedia.org/wiki/Credit_default_swap" title="Credit default swap"&gt;credit default swaps&lt;/a&gt; markets suffered a &lt;a href="http://en.wikipedia.org/wiki/Liquidity" title="Liquidity" class="mw-redirect"&gt;liquidity&lt;/a&gt; crisis following the downgrade of its credit rating. The &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect"&gt;Federal Reserve&lt;/a&gt;, at &lt;a href="http://en.wikipedia.org/wiki/AIG" title="AIG" class="mw-redirect"&gt;AIG&lt;/a&gt;'s request, and after AIG has shown that it could not find lenders willing to save it from insolvency, created a credit facility for up to US$85 billion in exchange for an &lt;a href="http://en.wikipedia.org/wiki/%25" title="%" class="mw-redirect"&gt;79.9%&lt;/a&gt; equity interest, and the right to suspend dividends to previously issued common and preferred stock.&lt;sup id="cite_ref-15" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-15" title=""&gt;&lt;span&gt;[&lt;/span&gt;16&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Money_market_funds_insurance_and_short_sales_prohibitions" id="Money_market_funds_insurance_and_short_sales_prohibitions"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Money market funds insurance and short sales prohibitions&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;On September 16, the &lt;a href="http://en.wikipedia.org/wiki/Reserve_Primary_Fund" title="Reserve Primary Fund"&gt;Reserve Primary Fund&lt;/a&gt;, a large &lt;a href="http://en.wikipedia.org/wiki/Money_fund" title="Money fund"&gt;money market mutual fund&lt;/a&gt;, lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted.&lt;sup id="cite_ref-NYT-Bernard-2008-09-17_16-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-NYT-Bernard-2008-09-17-16" title=""&gt;&lt;span&gt;[&lt;/span&gt;17&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.&lt;sup id="cite_ref-17" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-17" title=""&gt;&lt;span&gt;[&lt;/span&gt;18&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On September 19 the U.S. Treasury &lt;a href="http://en.wikipedia.org/wiki/Money_fund#September_2008" title="Money fund"&gt;offered temporary insurance&lt;/a&gt; (akin to &lt;a href="http://en.wikipedia.org/wiki/FDIC" title="FDIC" class="mw-redirect"&gt;FDIC&lt;/a&gt; insurance of bank accounts) to money market funds.&lt;sup id="cite_ref-Treasury-Money_Market_Insurance-2008-09-18_18-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Treasury-Money_Market_Insurance-2008-09-18-18" title=""&gt;&lt;span&gt;[&lt;/span&gt;19&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Toward the end of the week, &lt;a href="http://en.wikipedia.org/wiki/Short_%28finance%29" title="Short (finance)"&gt;short selling&lt;/a&gt; of financial stocks was suspended by the &lt;a href="http://en.wikipedia.org/wiki/Financial_Services_Authority" title="Financial Services Authority"&gt;Financial Services Authority&lt;/a&gt; in the United Kingdom and by the &lt;a href="http://en.wikipedia.org/wiki/Securities_and_Exchange_Commission" title="Securities and Exchange Commission" class="mw-redirect"&gt;Securities and Exchange Commission&lt;/a&gt; in the United States.&lt;sup id="cite_ref-NYT-Bajaj-2008-09-20_19-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-NYT-Bajaj-2008-09-20-19" title=""&gt;&lt;span&gt;[&lt;/span&gt;20&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Similar measures were taken by authorities in other countries.&lt;sup id="cite_ref-aus-09-22_20-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-aus-09-22-20" title=""&gt;&lt;span&gt;[&lt;/span&gt;21&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the &lt;a href="http://en.wikipedia.org/wiki/Securities_Exchange_Commission" title="Securities Exchange Commission" class="mw-redirect"&gt;Securities Exchange Commission&lt;/a&gt;&lt;sup id="cite_ref-21" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-21" title=""&gt;&lt;span&gt;[&lt;/span&gt;22&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-22" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-22" title=""&gt;&lt;span&gt;[&lt;/span&gt;23&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Troubled_Asset_Relief_Program" id="Troubled_Asset_Relief_Program"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=4" title="Edit section: Troubled Asset Relief Program"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Troubled Asset Relief Program&lt;/span&gt;&lt;/h3&gt; &lt;dl&gt;&lt;dd&gt; &lt;div class="noprint relarticle mainarticle"&gt;&lt;i&gt;Main articles: &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008"&gt;Emergency Economic Stabilization Act of 2008&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program" title="Troubled Assets Relief Program"&gt;Troubled Assets Relief Program&lt;/a&gt;&lt;/i&gt;&lt;/div&gt; &lt;/dd&gt;&lt;/dl&gt; &lt;p&gt;On September 19, 2008, a plan intended to ameliorate the difficulties caused by the &lt;a href="http://en.wikipedia.org/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis"&gt;subprime mortgage crisis&lt;/a&gt; was proposed by the Secretary of the Treasury, &lt;a href="http://en.wikipedia.org/wiki/Henry_Paulson" title="Henry Paulson"&gt;Henry Paulson&lt;/a&gt;. He proposed a &lt;a href="http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program" title="Troubled Assets Relief Program"&gt;Troubled Assets Relief Program&lt;/a&gt;, later incorporated into the &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008"&gt;Emergency Economic Stabilization Act&lt;/a&gt;, which would permit for the United States government to purchase &lt;a href="http://en.wikipedia.org/wiki/Market_liquidity" title="Market liquidity"&gt;illiquid&lt;/a&gt; assets, also termed &lt;i&gt;toxic assets&lt;/i&gt;, from financial institutions.&lt;sup id="cite_ref-23" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-23" title=""&gt;&lt;span&gt;[&lt;/span&gt;24&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-24" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-24" title=""&gt;&lt;span&gt;[&lt;/span&gt;25&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The value of the securities is extremely difficult to determine.&lt;sup id="cite_ref-NYT.3DBjaj-2008-09-24_25-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-NYT.3DBjaj-2008-09-24-25" title=""&gt;&lt;span&gt;[&lt;/span&gt;26&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Consultations between the &lt;a href="http://en.wikipedia.org/wiki/Secretary_of_the_Treasury" title="Secretary of the Treasury" class="mw-redirect"&gt;Secretary of the Treasury&lt;/a&gt;, the &lt;a href="http://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve" title="Chairman of the Federal Reserve"&gt;Chairman of the Federal Reserve&lt;/a&gt;, and the Chairman of the &lt;a href="http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission"&gt;U.S. Securities and Exchange Commission&lt;/a&gt;, Congressional leaders and the &lt;a href="http://en.wikipedia.org/wiki/President_of_the_United_States" title="President of the United States"&gt;President of the United States&lt;/a&gt; moved forward plans to advance a comprehensive solution to the problems created by illiquid mortgage-backed securities. At the close of the week the Secretary of the Treasury and President Bush announced a proposal for the federal government to buy up to US$700 billion of illiquid &lt;a href="http://en.wikipedia.org/wiki/Mortgage_backed_securities" title="Mortgage backed securities" class="mw-redirect"&gt;mortgage backed securities&lt;/a&gt; with the intent to increase the liquidity of the &lt;a href="http://en.wikipedia.org/wiki/Secondary_mortgage_market" title="Secondary mortgage market"&gt;secondary mortgage markets&lt;/a&gt; and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market. Details of the bailout remained to be acted upon by Congress.&lt;sup id="cite_ref-26" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-26" title=""&gt;&lt;span&gt;[&lt;/span&gt;27&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-27" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-27" title=""&gt;&lt;span&gt;[&lt;/span&gt;28&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-28" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-28" title=""&gt;&lt;span&gt;[&lt;/span&gt;29&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-29" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-29" title=""&gt;&lt;span&gt;[&lt;/span&gt;30&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_September_21.2C_2008" id="Week_of_September_21.2C_2008"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of September 21, 2008&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;On Sunday, September 21, the two remaining &lt;a href="http://en.wikipedia.org/wiki/Investment_bank" title="Investment bank" class="mw-redirect"&gt;investment banks&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs"&gt;Goldman Sachs&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Morgan_Stanley" title="Morgan Stanley"&gt;Morgan Stanley&lt;/a&gt;, with the approval of the Federal Reserve, converted to &lt;a href="http://en.wikipedia.org/wiki/Bank_holding_company" title="Bank holding company"&gt;bank holding companies&lt;/a&gt;, a status subject to more regulation, but with readier access to capital.&lt;sup id="cite_ref-30" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-30" title=""&gt;&lt;span&gt;[&lt;/span&gt;31&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On September 21, Treasury Secretary &lt;a href="http://en.wikipedia.org/wiki/Henry_Paulson" title="Henry Paulson"&gt;Henry Paulson&lt;/a&gt; announced that the original proposal, which would have excluded foreign banks, had been widened to include foreign financial institutions with a presence in the US. The US administration was pressuring other countries to set up similar bailout plans.&lt;sup id="cite_ref-31" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-31" title=""&gt;&lt;span&gt;[&lt;/span&gt;32&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Monday and Tuesday during the week of September 22, appearances were made by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve before Congressional committees and on Wednesday a prime-time presidential address was delivered by the President of the United States on television. Behind the scenes, negotiations were held refining the proposal which had grown to 42 pages from its original 3 and was reported to include both an oversight structure and limitations on executive salaries, with other provisions under consideration.&lt;/p&gt; &lt;p&gt;On September 25, agreement was reported by congressional leaders on the basics of the package;&lt;sup id="cite_ref-32" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-32" title=""&gt;&lt;span&gt;[&lt;/span&gt;33&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; however, general and vocal opposition to the proposal was voiced by the public.&lt;sup id="cite_ref-33" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-33" title=""&gt;&lt;span&gt;[&lt;/span&gt;34&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Thursday afternoon at a White House meeting attended by congressional leaders and the presidential candidates, John McCain and Barack Obama, it became clear that there was no congressional consensus, with Republican representatives and the ranking member of the Senate Banking Committee, &lt;a href="http://en.wikipedia.org/wiki/Richard_C._Shelby" title="Richard C. Shelby" class="mw-redirect"&gt;Richard C. Shelby&lt;/a&gt;, strongly opposing the proposal.&lt;sup id="cite_ref-34" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-34" title=""&gt;&lt;span&gt;[&lt;/span&gt;35&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The alternative advanced by conservative House Republicans was to create a system of mortgage insurance funded by fees on those holding mortgages; as the working week ended, negotiations continued on the plan, which had grown to 102 pages and included mortgage insurance as an option.&lt;sup id="cite_ref-35" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-35" title=""&gt;&lt;span&gt;[&lt;/span&gt;36&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-36" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-36" title=""&gt;&lt;span&gt;[&lt;/span&gt;37&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-37" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-37" title=""&gt;&lt;span&gt;[&lt;/span&gt;38&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Thursday evening &lt;a href="http://en.wikipedia.org/wiki/Washington_Mutual" title="Washington Mutual"&gt;Washington Mutual&lt;/a&gt;, the nation's largest savings and loan, was seized by the &lt;a href="http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation"&gt;Federal Deposit Insurance Corporation&lt;/a&gt; and most of its assets transferred to &lt;a href="http://en.wikipedia.org/wiki/JPMorgan_Chase" title="JPMorgan Chase"&gt;JPMorgan Chase&lt;/a&gt;.&lt;sup id="cite_ref-38" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-38" title=""&gt;&lt;span&gt;[&lt;/span&gt;39&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; &lt;a href="http://en.wikipedia.org/wiki/Wachovia" title="Wachovia"&gt;Wachovia&lt;/a&gt;, one of the largest US banks, was reported to be in negotiations with &lt;a href="http://en.wikipedia.org/wiki/Citigroup" title="Citigroup"&gt;Citigroup&lt;/a&gt; and other financial institutions.&lt;sup id="cite_ref-39" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-39" title=""&gt;&lt;span&gt;[&lt;/span&gt;40&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_September_28.2C_2008" id="Week_of_September_28.2C_2008"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of September 28, 2008&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;Early into Sunday morning an announcement was made by the United States Secretary of the Treasury and congressional leaders that agreement had been reached on all major issues: the total amount of $700 billion remained with provision for the option of creating a scheme of mortgage insurance.&lt;sup id="cite_ref-40" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-40" title=""&gt;&lt;span&gt;[&lt;/span&gt;41&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;It was reported on Sunday, September 28, that a rescue plan had been crafted for the British mortgage lender &lt;a href="http://en.wikipedia.org/wiki/Bradford_%26_Bingley" title="Bradford &amp;amp; Bingley"&gt;Bradford &amp;amp; Bingley&lt;/a&gt;.&lt;sup id="cite_ref-41" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-41" title=""&gt;&lt;span&gt;[&lt;/span&gt;42&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; &lt;a href="http://en.wikipedia.org/wiki/Grupo_Santander" title="Grupo Santander"&gt;Grupo Santander&lt;/a&gt;, the largest bank in Spain, was slated to take over the offices and savings accounts while the mortgage and loans business would be nationalized.&lt;sup id="cite_ref-42" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-42" title=""&gt;&lt;span&gt;[&lt;/span&gt;43&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="http://en.wikipedia.org/wiki/Fortis_%28finance%29" title="Fortis (finance)"&gt;Fortis&lt;/a&gt;, a huge &lt;a href="http://en.wikipedia.org/wiki/Benelux" title="Benelux"&gt;Benelux&lt;/a&gt; banking and finance company was partially nationalized on September 28, 2008, with &lt;a href="http://en.wikipedia.org/wiki/Belgium" title="Belgium"&gt;Belgium&lt;/a&gt;, the &lt;a href="http://en.wikipedia.org/wiki/Netherlands" title="Netherlands"&gt;Netherlands&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Luxembourg" title="Luxembourg"&gt;Luxembourg&lt;/a&gt; investing a total of €11.2 billion (US$16.3 billion) in the bank. Belgium will purchase 49% of Fortis's Belgian division, with the Netherlands doing the same for the Dutch division. Luxembourg has agreed to a loan convertible into a 49% share of Fortis's Luxembourg division.&lt;sup id="cite_ref-43" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-43" title=""&gt;&lt;span&gt;[&lt;/span&gt;44&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;It was reported on Monday morning, September 29, that &lt;a href="http://en.wikipedia.org/wiki/Wachovia" title="Wachovia"&gt;Wachovia&lt;/a&gt;, the 4th largest bank in the United States, would be acquired by &lt;a href="http://en.wikipedia.org/wiki/Citigroup" title="Citigroup"&gt;Citigroup&lt;/a&gt;.&lt;sup id="cite_ref-44" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-44" title=""&gt;&lt;span&gt;[&lt;/span&gt;45&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-45" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-45" title=""&gt;&lt;span&gt;[&lt;/span&gt;46&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Monday the German finance minister announced a rescue of &lt;a href="http://en.wikipedia.org/wiki/Hypo_Real_Estate" title="Hypo Real Estate"&gt;Hypo Real Estate&lt;/a&gt;, a &lt;a href="http://en.wikipedia.org/wiki/Munich" title="Munich"&gt;Munich&lt;/a&gt;-based holding company comprised of a number of real estate financing banks, but the deal collapsed on Saturday, 4 October.&lt;/p&gt; &lt;p&gt;The same day the government of Iceland nationalized &lt;a href="http://en.wikipedia.org/wiki/Glitnir_%28bank%29" title="Glitnir (bank)"&gt;Glitnir&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Iceland" title="Iceland"&gt;Iceland’s&lt;/a&gt; third largest lender.&lt;sup id="cite_ref-46" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-46" title=""&gt;&lt;span&gt;[&lt;/span&gt;47&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-47" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-47" title=""&gt;&lt;span&gt;[&lt;/span&gt;48&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Stocks fell dramatically Monday in Europe and the US despite infusion of funds into the market for short term credit.&lt;sup id="cite_ref-48" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-48" title=""&gt;&lt;span&gt;[&lt;/span&gt;49&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-49" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-49" title=""&gt;&lt;span&gt;[&lt;/span&gt;50&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; In the US the Dow dropped 777 points (6.98%), the largest one-day point-drop in history (but only the 17th largest percentage drop).&lt;sup id="cite_ref-50" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-50" title=""&gt;&lt;span&gt;[&lt;/span&gt;51&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The U.S. bailout plan, now named the &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008"&gt;Emergency Economic Stabilization Act of 2008&lt;/a&gt; and expanded to 110 pages was slated for consideration in the House of Representatives on Monday, September 29 as HR 3997 and in the Senate later in the week.&lt;sup id="cite_ref-51" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-51" title=""&gt;&lt;span&gt;[&lt;/span&gt;52&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-52" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-52" title=""&gt;&lt;span&gt;[&lt;/span&gt;53&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The plan failed after the vote being held open for 40 minutes in the House of Representatives, 205 for the plan, 228 against.&lt;sup id="cite_ref-53" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-53" title=""&gt;&lt;span&gt;[&lt;/span&gt;54&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-54" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-54" title=""&gt;&lt;span&gt;[&lt;/span&gt;55&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Meanwhile US stock markets suffered steep declines, the Dow losing 300 points in a matter of minutes, ending down 777.68, the Nasdaq losing 199.61, falling below the 2000 point mark, and the S.&amp;amp;P. 500 off 8.77% for the day.&lt;sup id="cite_ref-55" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-55" title=""&gt;&lt;span&gt;[&lt;/span&gt;56&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; By the end of the day, the Dow suffered the largest drop in the history of the index.&lt;sup id="cite_ref-56" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-56" title=""&gt;&lt;span&gt;[&lt;/span&gt;57&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The S&amp;amp;P 500 Banking Index fell 14% on September 29 with drops in the stock value of a number of US banks generally considered sound, including &lt;a href="http://en.wikipedia.org/wiki/Bank_of_New_York_Mellon_Corporation" title="Bank of New York Mellon Corporation"&gt;Bank of New York Mellon&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/State_Street_Corporation" title="State Street Corporation"&gt;State Street&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Northern_Trust" title="Northern Trust"&gt;Northern Trust&lt;/a&gt;; three Ohio banks, &lt;a href="http://en.wikipedia.org/wiki/National_City_Corp." title="National City Corp."&gt;National City&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Fifth_Third_Bank" title="Fifth Third Bank"&gt;Fifth Third&lt;/a&gt;, and &lt;a href="http://en.wikipedia.org/wiki/KeyBank" title="KeyBank"&gt;KeyBank&lt;/a&gt; were down dramatically.&lt;sup id="cite_ref-57" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-57" title=""&gt;&lt;span&gt;[&lt;/span&gt;58&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-58" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-58" title=""&gt;&lt;span&gt;[&lt;/span&gt;59&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Tuesday, September 30, stocks rebounded but credit markets remained tight with the &lt;a href="http://en.wikipedia.org/wiki/London_Interbank_Offered_Rate" title="London Interbank Offered Rate"&gt;London Interbank Offered Rate&lt;/a&gt; (overnight dollar Libor) rising 4.7% to 6.88%.&lt;sup id="cite_ref-59" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-59" title=""&gt;&lt;span&gt;[&lt;/span&gt;60&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Tuesday, September 30, 9 billion was made available by the French, Belgian and Luxembourg governments to the French-Belgian bank &lt;a href="http://en.wikipedia.org/wiki/Dexia" title="Dexia"&gt;Dexia&lt;/a&gt;.&lt;sup id="cite_ref-60" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-60" title=""&gt;&lt;span&gt;[&lt;/span&gt;61&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;After Irish banks came under pressure on Monday, September 29, the Irish government undertook a two year "guarantee arrangement to safeguard all deposits (retail, commercial, institutional and inter-bank), covered bonds, senior debt and dated subordinated debt (lower tier II)" of 6 Irish banks: &lt;a href="http://en.wikipedia.org/wiki/Allied_Irish_Banks" title="Allied Irish Banks"&gt;Allied Irish Banks&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Bank_of_Ireland" title="Bank of Ireland"&gt;Bank of Ireland&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Anglo_Irish_Bank" title="Anglo Irish Bank"&gt;Anglo Irish Bank&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Irish_Life_and_Permanent" title="Irish Life and Permanent"&gt;Irish Life and Permanent&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Irish_Nationwide" title="Irish Nationwide"&gt;Irish Nationwide&lt;/a&gt; and the &lt;a href="http://en.wikipedia.org/wiki/EBS_Building_Society" title="EBS Building Society"&gt;EBS Building Society&lt;/a&gt;; the potential liability involved is about 400 billion dollars.&lt;sup id="cite_ref-61" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-61" title=""&gt;&lt;span&gt;[&lt;/span&gt;62&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The United States Senate's version of the $700 billion bailout plan, &lt;a href="http://en.wikipedia.org/wiki/HR1424" title="HR1424" class="mw-redirect"&gt;HR1424&lt;/a&gt;, modified to expand bank deposit guarantees to $250,000 and to include $100 billion in tax breaks for businesses and &lt;a href="http://en.wikipedia.org/wiki/Alternative_energy" title="Alternative energy"&gt;alternative energy&lt;/a&gt;, passed with bi-partisan support 74-25 on October 1st.&lt;sup id="cite_ref-62" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-62" title=""&gt;&lt;span&gt;[&lt;/span&gt;63&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Reaction in the House was mixed,&lt;sup id="cite_ref-63" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-63" title=""&gt;&lt;span&gt;[&lt;/span&gt;64&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-64" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-64" title=""&gt;&lt;span&gt;[&lt;/span&gt;65&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; but in a vote on Friday the House of Representatives passed the Emergency Economic Stabilization Act of 2008, as refashioned by the Senate, 263-171 in a bipartisan vote.&lt;sup id="cite_ref-65" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-65" title=""&gt;&lt;span&gt;[&lt;/span&gt;66&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Discussions were ongoing in Europe regarding possible remedies for financial instability in Europe leading up to a conference Saturday afternoon in Paris hosted by &lt;a href="http://en.wikipedia.org/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy"&gt;Nicolas Sarkozy&lt;/a&gt;, president of France. &lt;a href="http://en.wikipedia.org/wiki/UniCredit" title="UniCredit"&gt;UniCredit&lt;/a&gt; of Italy was reported to be the latest bank to come under pressure.&lt;sup id="cite_ref-66" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-66" title=""&gt;&lt;span&gt;[&lt;/span&gt;67&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; During the night of October 2 Greece followed Ireland's lead and guaranteed all bank deposits.&lt;sup id="cite_ref-67" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-67" title=""&gt;&lt;span&gt;[&lt;/span&gt;68&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 3 it was reported that Wachovia had rejected the previous offer from Citigroup in favor of acquisition by &lt;a href="http://en.wikipedia.org/wiki/Wells_Fargo" title="Wells Fargo"&gt;Wells Fargo&lt;/a&gt;,&lt;sup id="cite_ref-68" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-68" title=""&gt;&lt;span&gt;[&lt;/span&gt;69&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; resulting in a legal dispute with Citigroup.&lt;sup id="cite_ref-69" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-69" title=""&gt;&lt;span&gt;[&lt;/span&gt;70&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;In Britain, the Financial Services Authority announced on October 3 that effective Tuesday, October 7, the amount of the guarantee of bank deposits would be raised to £50,000 from £35,000.&lt;sup id="cite_ref-70" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-70" title=""&gt;&lt;span&gt;[&lt;/span&gt;71&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Friday, October 3, the government of the Netherlands took over the Dutch operations of &lt;a href="http://en.wikipedia.org/wiki/Fortis_%28finance%29" title="Fortis (finance)"&gt;Fortis&lt;/a&gt;, replacing the bailout plan of September 28.&lt;sup id="cite_ref-71" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-71" title=""&gt;&lt;span&gt;[&lt;/span&gt;72&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_October_5" id="Week_of_October_5"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of October 5&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;Over the weekend and on Monday a major banking and financial crisis emerged in &lt;a href="http://en.wikipedia.org/wiki/Iceland" title="Iceland"&gt;Iceland&lt;/a&gt; with its currency the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_krona" title="Icelandic krona" class="mw-redirect"&gt;krona&lt;/a&gt;, dropping 30% against the euro.&lt;sup id="cite_ref-72" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-72" title=""&gt;&lt;span&gt;[&lt;/span&gt;73&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; At a meeting on Monday night emergency legislation was passed granting broad powers to the government to seize and regulate banks. The &lt;a href="http://en.wikipedia.org/wiki/Landsbanki" title="Landsbanki"&gt;Landsbanki&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Glitnir" title="Glitnir"&gt;Glitnir&lt;/a&gt; were seized, while &lt;a href="http://en.wikipedia.org/wiki/Kaupthing" title="Kaupthing" class="mw-redirect"&gt;Kaupthing&lt;/a&gt; was subjected to a rescue plan.&lt;sup id="cite_ref-73" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-73" title=""&gt;&lt;span&gt;[&lt;/span&gt;74&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 6, the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_Financial_Supervisory_Authority" title="Icelandic Financial Supervisory Authority"&gt;Icelandic Financial Supervisory Authority&lt;/a&gt; decided temporarily to suspend from trading on regulated markets all financial instruments issued by &lt;a href="http://en.wikipedia.org/wiki/Glitnir_%28bank%29" title="Glitnir (bank)"&gt;Glitnir banki hf.&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Kaupthing_Bank" title="Kaupthing Bank"&gt;Kaupþing banki hf.&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Landsbanki" title="Landsbanki"&gt;Landsbanki Íslands hf.&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Straumur_Investment_Bank" title="Straumur Investment Bank"&gt;Straumur-Burðarás fjárfestingarbanki hf.&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Sparisj%C3%B3%C3%B0ur_Reykjav%C3%ADkur_og_n%C3%A1grennis" title="Sparisjóður Reykjavíkur og nágrennis"&gt;Spron hf.&lt;/a&gt;, and &lt;a href="http://en.wikipedia.org/wiki/Exista_hf." title="Exista hf." class="mw-redirect"&gt;Exista hf.&lt;/a&gt;&lt;sup id="cite_ref-74" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-74" title=""&gt;&lt;span&gt;[&lt;/span&gt;75&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Before the opening of the business day, October 6. &lt;a href="http://en.wikipedia.org/wiki/BNP_Paribas" title="BNP Paribas"&gt;BNP Paribas&lt;/a&gt;, the French bank, assumed control of the remaining assets of Fortis following Dutch nationalization of the operations of the bank in The Netherlands.&lt;sup id="cite_ref-75" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-75" title=""&gt;&lt;span&gt;[&lt;/span&gt;76&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; &lt;a href="http://en.wikipedia.org/wiki/Denmark" title="Denmark"&gt;Denmark&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Austria" title="Austria"&gt;Austria&lt;/a&gt;, and possibly &lt;a href="http://en.wikipedia.org/wiki/Germany" title="Germany"&gt;Germany&lt;/a&gt;&lt;sup class="noprint Inline-Template"&gt;&lt;span title="The text in the vicinity of this tag needs clarification or removal of jargon since October 2008" style="white-space: nowrap;"&gt;[&lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"&gt;clarification needed&lt;/a&gt;&lt;/i&gt;]&lt;/span&gt;&lt;/sup&gt;, joined &lt;a href="http://en.wikipedia.org/wiki/Ireland" title="Ireland"&gt;Ireland&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Greece" title="Greece"&gt;Greece&lt;/a&gt;&lt;sup id="cite_ref-wikinews1_76-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-wikinews1-76" title=""&gt;&lt;span&gt;[&lt;/span&gt;77&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; in guaranteeing bank deposits on Monday, October 6.&lt;sup id="cite_ref-77" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-77" title=""&gt;&lt;span&gt;[&lt;/span&gt;78&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-78" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-78" title=""&gt;&lt;span&gt;[&lt;/span&gt;79&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Following this, the FTSE100 index of leading British shares took its worst one-day hit in history.&lt;sup id="cite_ref-79" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-79" title=""&gt;&lt;span&gt;[&lt;/span&gt;80&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; A banking Bill easing rescues is slated for introduction in the British Parliament on Tuesday, October 7.&lt;sup id="cite_ref-80" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-80" title=""&gt;&lt;span&gt;[&lt;/span&gt;81&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On 6 October German chancellor &lt;a href="http://en.wikipedia.org/wiki/Angela_Merkel" title="Angela Merkel"&gt;Angela Merkel&lt;/a&gt; pledged that the government would guarantee all German private bank savings. The government also announced a revised bailout plan for German mortgage lender &lt;a href="http://en.wikipedia.org/wiki/Hypo_Real_Estate" title="Hypo Real Estate"&gt;Hypo Real Estate&lt;/a&gt; (HRE).&lt;sup id="cite_ref-81" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-81" title=""&gt;&lt;span&gt;[&lt;/span&gt;82&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-82" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-82" title=""&gt;&lt;span&gt;[&lt;/span&gt;83&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-83" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-83" title=""&gt;&lt;span&gt;[&lt;/span&gt;84&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Monday, October 6, the Dow Jones Industrial Average closed below 10,000, a drop of 30% from its high above 14,000 a year earlier on October 9, 2007.&lt;sup id="cite_ref-84" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-84" title=""&gt;&lt;span&gt;[&lt;/span&gt;85&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; In Brazil and Russia trading was suspended on Monday following dramatic drops in their markets.&lt;sup id="cite_ref-85" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-85" title=""&gt;&lt;span&gt;[&lt;/span&gt;86&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 7, the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_Financial_Supervisory_Authority" title="Icelandic Financial Supervisory Authority"&gt;Icelandic Financial Supervisory Authority&lt;/a&gt; took control of &lt;a href="http://en.wikipedia.org/wiki/Landsbanki" title="Landsbanki"&gt;Landsbanki&lt;/a&gt;.&lt;sup id="cite_ref-86" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-86" title=""&gt;&lt;span&gt;[&lt;/span&gt;87&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-87" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-87" title=""&gt;&lt;span&gt;[&lt;/span&gt;88&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On the same day, the &lt;a href="http://en.wikipedia.org/wiki/Central_Bank_of_Iceland" title="Central Bank of Iceland"&gt;Central Bank of Iceland&lt;/a&gt; announced that &lt;a href="http://en.wikipedia.org/wiki/Russia" title="Russia"&gt;Russia&lt;/a&gt; had agreed to provide a €4 billion loan,&lt;sup id="cite_ref-88" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-88" title=""&gt;&lt;span&gt;[&lt;/span&gt;89&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-89" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-89" title=""&gt;&lt;span&gt;[&lt;/span&gt;90&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; however this was soon denied by Russian authorities, and the Icelandic Finance Minister had to correct the earlier announcement and now stated that discussions had been initiated with Russia on providing a loan to Iceland. This was also denied by Russian Deputy Finance Minister &lt;a href="http://en.wikipedia.org/w/index.php?title=Dmitry_Pankin&amp;amp;action=edit&amp;amp;redlink=1" class="new" title="Dmitry Pankin (page does not exist)"&gt;Dmitry Pankin&lt;/a&gt;. Late in the evening, however, Russia's Finance Minister &lt;a href="http://en.wikipedia.org/wiki/Alexei_Kudrin" title="Alexei Kudrin"&gt;Alexei Kudrin&lt;/a&gt; did concede that a request had been received, to which Russia was positive, and that discussions on financial matters would be conducted later in the week when an Icelandic delegation was expected to arrive in Moscow.&lt;sup id="cite_ref-RD_90-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-RD-90" title=""&gt;&lt;span&gt;[&lt;/span&gt;91&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; &lt;a href="http://en.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard &amp;amp; Poor's"&gt;Standard &amp;amp; Poor's&lt;/a&gt; also cut Iceland's foreign-currency sovereign &lt;a href="http://en.wikipedia.org/wiki/Credit_rating" title="Credit rating"&gt;credit rating&lt;/a&gt; from A-/A-2 to BBB/A-3 and local-currency sovereign credit rating from A+/A-1 to BBB+/A-2. S&amp;amp;P also lowered Iceland's banking industry country risk assessment from group 5 to group 8, worrying that "In a severe recession scenario, the cumulative amount of nonperforming and restructured loans could reach 35% to 50% of total outstanding loans in Iceland.&lt;sup id="cite_ref-RD_90-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-RD-90" title=""&gt;&lt;span&gt;[&lt;/span&gt;91&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 7 the Federal reserve announced formation of a Commercial Paper Funding Facility (CPFF) which will serve as a funding backstop to facilitate the issuance of term commercial paper by eligible issuers.&lt;sup id="cite_ref-91" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-91" title=""&gt;&lt;span&gt;[&lt;/span&gt;92&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-92" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-92" title=""&gt;&lt;span&gt;[&lt;/span&gt;93&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Several countries announced new or increased deposit guarantees: Taiwan outlined plans to double the guarantee to NT$3 million ($92,000)&lt;sup id="cite_ref-93" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-93" title=""&gt;&lt;span&gt;[&lt;/span&gt;94&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; and the European Union agreed to increase guarantees across the EU to at least €50,000 per saver. Several EU states then announced increases on top of this minimum: &lt;a href="http://en.wikipedia.org/wiki/Netherlands" title="Netherlands"&gt;Netherlands&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Spain" title="Spain"&gt;Spain&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Belgium" title="Belgium"&gt;Belgium&lt;/a&gt;, and &lt;a href="http://en.wikipedia.org/wiki/Greece" title="Greece"&gt;Greece&lt;/a&gt;&lt;sup id="cite_ref-wikinews1_76-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-wikinews1-76" title=""&gt;&lt;span&gt;[&lt;/span&gt;77&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; each announced they would guarantee up to €100,000.&lt;sup id="cite_ref-BBCOct7_94-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-BBCOct7-94" title=""&gt;&lt;span&gt;[&lt;/span&gt;95&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The government of Britain announced on the morning of Wednesday, October 8 that it would make £25 billion available as "&lt;a href="http://en.wikipedia.org/wiki/Tier_1_capital" title="Tier 1 capital"&gt;Tier 1 capital&lt;/a&gt;" (&lt;a href="http://en.wikipedia.org/wiki/Preferred_stock" title="Preferred stock"&gt;preference share capital&lt;/a&gt; or "PIBS" [Permanent Interest-Bearing Securities]) to the following financial institutions: &lt;a href="http://en.wikipedia.org/wiki/Abbey_%28bank%29" title="Abbey (bank)"&gt;Abbey&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Barclays_plc" title="Barclays plc" class="mw-redirect"&gt;Barclays&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/HBOS" title="HBOS"&gt;HBOS&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/HSBC_Bank_%28Europe%29" title="HSBC Bank (Europe)"&gt;HSBC Bank plc&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Lloyds_TSB" title="Lloyds TSB"&gt;Lloyds TSB&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Nationwide_Building_Society" title="Nationwide Building Society"&gt;Nationwide Building Society&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Royal_Bank_of_Scotland_Group" title="Royal Bank of Scotland Group"&gt;Royal Bank of Scotland&lt;/a&gt;, and &lt;a href="http://en.wikipedia.org/wiki/Standard_Chartered_Bank" title="Standard Chartered Bank"&gt;Standard Chartered&lt;/a&gt; as part of a &lt;a href="http://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package"&gt;bank rescue package&lt;/a&gt;. An additional £25 billion was scheduled to be made available to other financial institutions, including British subsidiaries of foreign banks. "In reviewing these applications the Government will give due regard to an institution's role in the UK banking system and the overall economy". The plan included increased ability to borrow from the government, offered assistance in raising equity, and a statement of support for international efforts.&lt;sup id="cite_ref-95" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-95" title=""&gt;&lt;span&gt;[&lt;/span&gt;96&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The plan has been characterized as partial &lt;a href="http://en.wikipedia.org/wiki/Nationalization" title="Nationalization"&gt;nationalization&lt;/a&gt;.&lt;sup id="cite_ref-96" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-96" title=""&gt;&lt;span&gt;[&lt;/span&gt;97&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Wednesday, October 8, the &lt;a href="http://en.wikipedia.org/wiki/European_Central_Bank" title="European Central Bank"&gt;European Central Bank&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Bank_of_England" title="Bank of England"&gt;Bank of England&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect"&gt;Federal Reserve&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Bank_of_Canada" title="Bank of Canada"&gt;Bank of Canada&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Sveriges_Riksbank" title="Sveriges Riksbank"&gt;Swedish Riksbank&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Swiss_National_Bank" title="Swiss National Bank"&gt;Swiss National Bank&lt;/a&gt; all announced simultaneous cuts of 0.5% to their base rates at 11:00 UTC.&lt;sup id="cite_ref-97" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-97" title=""&gt;&lt;span&gt;[&lt;/span&gt;98&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-98" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-98" title=""&gt;&lt;span&gt;[&lt;/span&gt;99&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-99" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-99" title=""&gt;&lt;span&gt;[&lt;/span&gt;100&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-100" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-100" title=""&gt;&lt;span&gt;[&lt;/span&gt;101&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Shortly afterwards, the &lt;a href="http://en.wikipedia.org/wiki/People%27s_Bank_of_China" title="People's Bank of China"&gt;Central Bank of the People's Republic of China&lt;/a&gt; also cut interest rates.&lt;sup id="cite_ref-101" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-101" title=""&gt;&lt;span&gt;[&lt;/span&gt;102&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On October 8 there were sharp losses on stock markets worldwide with a loss of over 9% in Japan. Trading was suspended in Russia and Indonesia after steep morning losses. In the United States, following the funds cut by the Federal Reserve, stocks were volatile, finishing down.&lt;sup id="cite_ref-102" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-102" title=""&gt;&lt;span&gt;[&lt;/span&gt;103&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On October 8 the Federal Reserve loaned &lt;a href="http://en.wikipedia.org/wiki/AIG" title="AIG" class="mw-redirect"&gt;AIG&lt;/a&gt; $37.8 billion, in addition to the previous loan of $85 billion.&lt;sup id="cite_ref-103" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-103" title=""&gt;&lt;span&gt;[&lt;/span&gt;104&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Wednesday night, October 8, the &lt;a href="http://en.wikipedia.org/wiki/Central_Bank_of_Iceland" title="Central Bank of Iceland"&gt;Central Bank of Iceland&lt;/a&gt; abandoned its attempt to peg the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_kr%C3%B3na" title="Icelandic króna"&gt;Icelandic króna&lt;/a&gt; at 131 króna to the euro after trying to set this peg on Monday, October 6.&lt;sup id="cite_ref-104" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-104" title=""&gt;&lt;span&gt;[&lt;/span&gt;105&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; By Thursday October 9, the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_kr%C3%B3na" title="Icelandic króna"&gt;Icelandic króna&lt;/a&gt; was trading at 340 to the euro when the government suspended all trade in the currency.&lt;sup id="cite_ref-105" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-105" title=""&gt;&lt;span&gt;[&lt;/span&gt;106&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Thursday, October 9, the &lt;a href="http://en.wikipedia.org/wiki/Icelandic_Financial_Supervisory_Authority" title="Icelandic Financial Supervisory Authority"&gt;Icelandic Financial Supervisory Authority&lt;/a&gt; took control of the country's biggest bank &lt;a href="http://en.wikipedia.org/wiki/Kaupthing_Bank" title="Kaupthing Bank"&gt;Kaupþing banki hf.&lt;/a&gt;.&lt;sup id="cite_ref-106" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-106" title=""&gt;&lt;span&gt;[&lt;/span&gt;107&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-107" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-107" title=""&gt;&lt;span&gt;[&lt;/span&gt;108&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-108" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-108" title=""&gt;&lt;span&gt;[&lt;/span&gt;109&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; This occurred when the &lt;a href="http://en.wikipedia.org/wiki/Kaupthing" title="Kaupthing" class="mw-redirect"&gt;Kaupthing&lt;/a&gt; Board resigned and asked the national authorities to take control. This came about when "Britain transferred control of the business of &lt;a href="http://en.wikipedia.org/wiki/Kaupthing_Edge" title="Kaupthing Edge" class="mw-redirect"&gt;Kaupthing Edge&lt;/a&gt;, its Internet bank, to &lt;a href="http://en.wikipedia.org/wiki/ING_Direct" title="ING Direct"&gt;ING Direct&lt;/a&gt; and put Kaupthing's UK operations into administration" placing &lt;a href="http://en.wikipedia.org/wiki/Kaupthing" title="Kaupthing" class="mw-redirect"&gt;Kaupthing&lt;/a&gt; in technical default according to loan agreements.&lt;sup id="cite_ref-109" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-109" title=""&gt;&lt;span&gt;[&lt;/span&gt;110&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; This marked an escalating row between &lt;a href="http://en.wikipedia.org/wiki/Iceland" title="Iceland"&gt;Iceland&lt;/a&gt; and the &lt;a href="http://en.wikipedia.org/wiki/United_Kingdom" title="United Kingdom"&gt;United Kingdom&lt;/a&gt; over the growing crisis. All trade was also suspended on the &lt;a href="http://en.wikipedia.org/wiki/Iceland_Stock_Exchange" title="Iceland Stock Exchange"&gt;Iceland Stock Exchange&lt;/a&gt; until Monday October 13.&lt;sup id="cite_ref-110" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-110" title=""&gt;&lt;span&gt;[&lt;/span&gt;111&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Thursday, October 9, the one-year anniversary of the &lt;a href="http://en.wikipedia.org/wiki/DJIA" title="DJIA" class="mw-redirect"&gt;Dow&lt;/a&gt;'s peak, the cost of short term credit rose while there were heavy losses in the United States stock market; the &lt;a href="http://en.wikipedia.org/wiki/DJIA" title="DJIA" class="mw-redirect"&gt;Dow&lt;/a&gt; dropped below 8600, reaching a five year low. It was the first time since August 2003 that the Dow closed below 9000; losses were moderate in Europe.&lt;sup id="cite_ref-111" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-111" title=""&gt;&lt;span&gt;[&lt;/span&gt;112&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The following day, Friday, October 10, there were large losses in Asian and European markets &lt;sup id="cite_ref-112" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-112" title=""&gt;&lt;span&gt;[&lt;/span&gt;113&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; &lt;a href="http://en.wikipedia.org/wiki/Yamato_Life" title="Yamato Life" class="mw-redirect"&gt;Yamato Life&lt;/a&gt; filed for bankruptcy. Beset by falling commodities prices, Russia's stock markets remained closed on October 10. The Russian Parliament passed a plan authorizing lending of $36 billion gained from global oil sales to banks which met creditworthiness requirements. Special attention is being paid to shoring up Rosselkhozbank, the bank which provides credit to the reviving agricultural sector. The amount of funds available is limited due to falling oil prices.&lt;sup id="cite_ref-113" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-113" title=""&gt;&lt;span&gt;[&lt;/span&gt;114&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-114" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-114" title=""&gt;&lt;span&gt;[&lt;/span&gt;115&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The government of the United States, as authorized by &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008#Government_equity_interests_in_participating_firms" title="Emergency Economic Stabilization Act of 2008"&gt;the Emergency Economic Stabilization Act&lt;/a&gt;, announced plans to infuse funds into banks by purchasing equity interests in them, in effect, partial nationalization, as done in Britain. The Treasury secretary Henry M. Paulson Jr. met Friday in Washington with world financial leaders.&lt;sup id="cite_ref-115" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-115" title=""&gt;&lt;span&gt;[&lt;/span&gt;116&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; A meeting of international financial leaders hosted by President Bush at the White House in Washington is planned on Saturday to attempt to coordinate global response to the financial crisis. The annual meetings of both the International Monetary Fund and World Bank was scheduled to be held in Washington over that weekend.&lt;sup id="cite_ref-116" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-116" title=""&gt;&lt;span&gt;[&lt;/span&gt;117&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Friday, October 10th, stock markets crashed across Europe and Asia. London, Paris and Frankfurt dropped 10% within an hour of trading and again when Wall Street opened for trading. Global markets have experienced their worst weeks since 1987 and some indices, S&amp;amp;P 500, since the &lt;a href="http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929" title="Wall Street Crash of 1929"&gt;Wall Street Crash of 1929&lt;/a&gt;.&lt;sup id="cite_ref-117" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-117" title=""&gt;&lt;span&gt;[&lt;/span&gt;118&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 10th, within the first five minutes of the trading session on &lt;a href="http://en.wikipedia.org/wiki/Wall_Street" title="Wall Street"&gt;Wall Street&lt;/a&gt;, the &lt;a href="http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average"&gt;Dow Jones Industrial Average&lt;/a&gt; plunged 697 points, falling below 7900 to its lowest level since March 17, 2003. Later in the afternoon, the Dow made violent swings back and forth across the &lt;a href="http://en.wikipedia.org/wiki/Breakeven" title="Breakeven" class="mw-redirect"&gt;breakeven&lt;/a&gt; line, toppling as much as 600 points and rising 322 points. The Dow ended the day losing only 128 points, or 1.49%. Trading on New York Stock Exchange closed for the week with the Dow at 8,451, down 1,874 points, or 18% for the week, and after 8 days of losses, 40% down from its record high October 9, 2007. Trading on Friday was marked by extreme volatility with a steep loss in the first few minutes followed by a rise into positive territory, closing down at the end of the day. In S&amp;amp;P100 some financial corporate showing signals upwards also.&lt;sup id="cite_ref-118" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-118" title=""&gt;&lt;span&gt;[&lt;/span&gt;119&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; President &lt;a href="http://en.wikipedia.org/wiki/George_W._Bush" title="George W. Bush"&gt;George W. Bush&lt;/a&gt; reassured investors that the government will solve the financial crisis gripping world economies.&lt;sup id="cite_ref-119" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-119" title=""&gt;&lt;span&gt;[&lt;/span&gt;120&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The bonds of the bankrupt Lehman Brothers were auctioned on Friday, October 10. They sold for a little over 8 cents on the dollar. Many of the bonds of Lehman Brothers were insured with &lt;a href="http://en.wikipedia.org/wiki/Credit_default_swap" title="Credit default swap"&gt;credit default swaps&lt;/a&gt;. Apprehension that payments to the holders of Lehman bonds might severely damage the firms or hedge funds which issued the swaps proved unfounded, despite anticipated claims estimated to be several hundred billion dollars, as countervailing claims canceled each other out resulting in only 5.2 billion dollars changing hands.&lt;sup id="cite_ref-120" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-120" title=""&gt;&lt;span&gt;[&lt;/span&gt;121&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-121" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-121" title=""&gt;&lt;span&gt;[&lt;/span&gt;122&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-122" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-122" title=""&gt;&lt;span&gt;[&lt;/span&gt;123&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;As meetings proceeded with global financial leaders in Washington on Saturday, October 11, the United States government announced a change in emphasis in its rescue efforts from buying illiquid assets to recapitalizing banks, including strong banks, in exchange for preferred equity; and purchase of mortgages by Fannie Mae and Freddie Mac. These remedies can be put into effect quicker than the prior plan which was estimated to take a month to set into operation.&lt;sup id="cite_ref-123" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-123" title=""&gt;&lt;span&gt;[&lt;/span&gt;124&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_October_12" id="Week_of_October_12"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of October 12&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;On Sunday the British government was in negotiations with Royal Bank of Scotland, HBOS, Lloyds TSB and Barclays, major British banks, regarding recapitalization which would give the British government a substantial equity interest. An investment of more than 37 billion pounds is contemplated. Some purchases would be common stock with existing shareholders given a right of first refusal (the government would only purchase the shares if existing shareholders did not). Previously announced recapitalization plans contemplated only purchases of preferred equity without government participation in governance of the banks, however, as the financial emergency has rapidly developed, more aggressive measures are being advanced.&lt;sup id="cite_ref-124" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-124" title=""&gt;&lt;span&gt;[&lt;/span&gt;125&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Sunday, October 12, European leaders, meeting in Paris, led by France and Germany, announced recapitalization plans for Europe's banks. Plans were announced to guarantee bank deposits for five years. European countries would finance their own rescue plans and tailor them to local conditions. Mechanisms are also planned to increase the availability of short term credit. The total rescue plan totaled €1 trillion. Australia and New Zealand also announced bank guarantee plans. On Monday, October 13, the markets were closed in Japan and the bond market was closed in the United States.&lt;sup id="cite_ref-125" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-125" title=""&gt;&lt;span&gt;[&lt;/span&gt;126&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-126" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-126" title=""&gt;&lt;span&gt;[&lt;/span&gt;127&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Sunday, in Norway, which is not in the euro zone, the &lt;a href="http://en.wikipedia.org/wiki/Second_cabinet_Stoltenberg" title="Second cabinet Stoltenberg"&gt;Norwegian cabinet&lt;/a&gt; in a hastily called press conference announced a US$57.4 billion (350 billion Norwegian &lt;a href="http://en.wikipedia.org/wiki/Norwegian_krone" title="Norwegian krone"&gt;kroner&lt;/a&gt;) plan of offering Norwegian banks new &lt;a href="http://en.wikipedia.org/wiki/Government_bond" title="Government bond"&gt;government bonds&lt;/a&gt;. This came three days ahead of Wednesday's hastened interest rate meeting at &lt;a href="http://en.wikipedia.org/wiki/Norges_Bank" title="Norges Bank"&gt;Norges Bank&lt;/a&gt; to decide whether or not to announce rate cuts similar to the coordinated cuts of October 8. Central bank Governor &lt;a href="http://en.wikipedia.org/wiki/Svein_Gjedrem" title="Svein Gjedrem"&gt;Svein Gjedrem&lt;/a&gt; also made critical comments about some of the measures that had been implemented already by other countries, among them the concerted rate cuts which he said "was a strong card, which had a two-hour impact". He further commented that "It's important to be careful with measures  – so that one addresses the problems one really faces," and he also emphasized that acting at the right time was important saying "there are unusually many examples that show one can do too much too early." He cited the Icelandic government's takeover of banks as an example of quick action with no guarantee that the problems would be solved.&lt;sup id="cite_ref-127" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-127" title=""&gt;&lt;span&gt;[&lt;/span&gt;128&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;The G7 nations, at their meeting in Washington over the weekend pledged to "support systemically important financial institutions and prevent their failure". This decision is based on analysis of the consequences of the bankruptcy of Lehman Brothers which resulted in the loss of funds by other financial institutions. It is thought that those losses may have triggered a tightening of the credit crunch as banks ceased to lend to one another. No enforceable mechanism was created to support the pledge, but it is believed to extend to major firms such as Morgan Stanley and Goldman Sachs.&lt;sup id="cite_ref-128" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-128" title=""&gt;&lt;span&gt;[&lt;/span&gt;129&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 13 stock markets worldwide rose with the Dow Jones industrial average showing a 400 point leap at the start of trading. At the close of trading the average was up 936 points, a record climb, up 11%, closing above 9,000 at 9,387.&lt;sup id="cite_ref-129" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-129" title=""&gt;&lt;span&gt;[&lt;/span&gt;130&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; After announcement in France of a 320 billion euro rescue and guarantee plan, French CAC40 rose by 11.18% within the day.&lt;sup id="cite_ref-130" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-130" title=""&gt;&lt;span&gt;[&lt;/span&gt;131&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Germany announced a €400 billion plan. On Monday the &lt;a href="http://en.wikipedia.org/wiki/International_Monetary_Fund" title="International Monetary Fund"&gt;International Monetary Fund&lt;/a&gt; offered possible technical and financial aid to Hungary which has suffered during the crisis due to the flight of investors to euro, Swiss franc, and dollar denominated investments. As in the rest of the world, on Monday stock prices rose on the Hungarian exchange and pressure on the national currency, the &lt;a href="http://en.wikipedia.org/wiki/Hungarian_forint" title="Hungarian forint"&gt;forint&lt;/a&gt; eased. The forint has dropped 30% against the dollar since July.&lt;sup id="cite_ref-131" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-131" title=""&gt;&lt;span&gt;[&lt;/span&gt;132&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-132" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-132" title=""&gt;&lt;span&gt;[&lt;/span&gt;133&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The prime minister of Spain, Jose Luis Rodriguez Zapatero, announced that Spain would provide up to €100 billion of guarantees for new debt issued by commercial banks in 2008. This plan followed a meeting at the eurozone summit over the weekend to try to develop a coordinated effort to combat the credit crisis.&lt;sup id="cite_ref-autogenerated1_133-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The UK government started the nationalization process by injecting £37 billion in the nation’s three largest banks. The UK government would end up owning a majority share in the Royal Bank of Scotland (RBS) and over a 40% share in Lloyds and HBOS. In return for the bailout, the banks agreed to cancel dividend payments until the loans are repaid, have board members appointed by the Treasury, and limit executive pay.&lt;sup id="cite_ref-autogenerated1_133-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The European Central Bank attempted to revive credit market by weekly injections of unlimited euro funds at an interest rate of 3.75%. The ECB president, Jean-Claude Trichet, was also contemplating relaxing the collateral standards to make the funds more accessible to banks.&lt;sup id="cite_ref-autogenerated1_133-2" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Following its European partners, Italy pledged to intervene as necessary to prevent any bank failures in its country. Finance minister, Giulio Tremonti, said Italy would guarantee new bank bonds of up to 5 years until the end of 2009 and the Bank of Italy would provide €40 billion in treasury bills to banks to refinance inferior assets that can not be currently used as collateral.&lt;sup id="cite_ref-autogenerated1_133-3" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; In coordination with other eurozone countries, the Dutch government announced that it would guarantee interbank lending up to €200 billion. This followed the set up of a €20 billion Dutch fund to help recapitalize banks and insurers.&lt;sup id="cite_ref-autogenerated1_133-4" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Tuesday the United States announced a plan to take an equity interest of $250 billion in US banks with 25 billion going to each of the four largest banks. The 9 largest banks in the US: Goldman Sachs, Morgan Stanley, J.P. Morgan, Bank of America, Merrill Lynch, Citigroup, Wells Fargo, Bank of New York Mellon and State Street were called in to a meeting on Monday morning and pressured to sign; all eventually agreed. The plan will be open to any bank for 30 days. The equity interests purchased by the government are preferred shares that pay 5% but rise to 9% after 5 years; it is expected that the companies will repurchase this interest when they can raise private capital to do so. The plan also includes an option allowing the government to purchase common stock according to a formula which could return substantial profit to the taxpayers should the stock price of the companies substantially appreciate. The total liability assumed is $2.25 trillion including a $1.5 trillion guarantee of new senior debt issued by banks and a $500 billion guarantee of deposits in noninterest-bearing accounts (business accounts used to pay current obligations such as payroll). The theory is that with additional capitalization and the guarantees, banks will be willing to resume a normal lending pattern with each other and borrowers.&lt;sup id="cite_ref-134" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-134" title=""&gt;&lt;span&gt;[&lt;/span&gt;135&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-135" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-135" title=""&gt;&lt;span&gt;[&lt;/span&gt;136&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-136" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-136" title=""&gt;&lt;span&gt;[&lt;/span&gt;137&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-137" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-137" title=""&gt;&lt;span&gt;[&lt;/span&gt;138&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-138" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-138" title=""&gt;&lt;span&gt;[&lt;/span&gt;139&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Also on that day, United Arab Emirates’ (UAE) ministry of finance added a $19 billion liquidity injection to domestic banks bringing the total dollars injected to $32.7 billion. The UAE central bank offered 13.6 billion in liquidity to help domestic banks in September. To protect local deposits, the UAE government guaranteed all deposits and interbank lending.&lt;sup id="cite_ref-autogenerated1_133-5" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Japan announced a plan that will help steady the Japanese market and avoid the worse of the credit crisis. Among the measures included are lifting restrictions on companies buying back their shares, strengthening disclosure on short selling, and the temporary suspension of the sale of government-owned stocks.&lt;sup id="cite_ref-autogenerated1_133-6" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The Australian government unveiled a $10.4 billion stimulus package. The Economic Security Strategy is designed to help pensioners, low and middle income families, and first time home buyers withstand the credit crisis and global economic slowdown. This followed the Australian government announcing that it would guarantee all bank deposits for three years, guarantee all term wholesaling funding by Australian banks in international markets and double its planned purchase of residential mortgage backed securities.&lt;sup id="cite_ref-autogenerated1_133-7" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The Icelandic stock exchange began trading again after a three day shutdown. The opening did not include Iceland’s three largest banks which were nationalized last week.&lt;sup id="cite_ref-autogenerated1_133-8" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-autogenerated1-133" title=""&gt;&lt;span&gt;[&lt;/span&gt;134&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Wednesday, October 15, the &lt;a href="http://en.wikipedia.org/wiki/London,_England" title="London, England" class="mw-redirect"&gt;London&lt;/a&gt; stock exchange &lt;a href="http://en.wikipedia.org/wiki/FTSE_100" title="FTSE 100" class="mw-redirect"&gt;FTSE 100&lt;/a&gt; fell substantially, surrendering over 314 points to slip down 7.16 percent. The losses precipitated more losses in the U.S., as the &lt;a href="http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average"&gt;Dow Jones Industrial Average&lt;/a&gt; suffered its largest drop in terms of percentage since 1987, falling over 733 points. The &lt;a href="http://en.wikipedia.org/wiki/NASDAQ" title="NASDAQ"&gt;NASDAQ&lt;/a&gt; plunged almost eight and a half percent, and the &lt;a href="http://en.wikipedia.org/wiki/Standard_%26_Poor" title="Standard &amp;amp; Poor" class="mw-redirect"&gt;Standard &amp;amp; Poor&lt;/a&gt; collapsed down over nine percent.&lt;sup id="cite_ref-139" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-139" title=""&gt;&lt;span&gt;[&lt;/span&gt;140&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On October 16, a rescue plan was announced for the Swiss banks &lt;a href="http://en.wikipedia.org/wiki/UBS_AG" title="UBS AG"&gt;UBS&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Credit_Suisse" title="Credit Suisse"&gt;Credit Suisse&lt;/a&gt;. Recapitalization involved Swiss government funds, private investors, and the sovereign wealth fund of Qatar. A Swiss agency was set up to purchase and workout toxic funds. UBS had suffered substantial withdrawals by domestic Swiss depositors but still reported profits; Credit Suisse has reported losses.&lt;sup id="cite_ref-140" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-140" title=""&gt;&lt;span&gt;[&lt;/span&gt;141&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-141" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-141" title=""&gt;&lt;span&gt;[&lt;/span&gt;142&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Most large banks in the United States continued to report large losses.&lt;sup id="cite_ref-142" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-142" title=""&gt;&lt;span&gt;[&lt;/span&gt;143&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_October_19" id="Week_of_October_19"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of October 19&lt;/span&gt;&lt;/h2&gt; &lt;div class="thumb tright"&gt; &lt;div class="thumbinner" style="width: 202px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Mvc-017x_%28square%29.jpg" class="image" title="During testimony before the US Committee of Government Oversight and Reform, Alan Greenspan remarked that the crisis is &amp;quot;a once-in-a-century credit tsunami&amp;quot;"&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Mvc-017x_%28square%29.jpg/200px-Mvc-017x_%28square%29.jpg" class="thumbimage" border="0" width="200" height="200" /&gt;&lt;/a&gt; &lt;div class="thumbcaption"&gt; &lt;div class="magnify"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Mvc-017x_%28square%29.jpg" class="internal" title="Enlarge"&gt;&lt;img src="http://upload.wikimedia.org/skins/common/images/magnify-clip.png" alt="" width="15" height="11" /&gt;&lt;/a&gt;&lt;/div&gt; During testimony before the &lt;a href="http://oversight.house.gov/" class="external text" title="http://oversight.house.gov/" rel="nofollow"&gt;US Committee of Government Oversight and Reform&lt;/a&gt;, Alan Greenspan remarked that the crisis is "a once-in-a-century credit tsunami"&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;p&gt;Following a conference at Camp David over the weekend of October 18th and 19th attended by President &lt;a href="http://en.wikipedia.org/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy"&gt;Nicolas Sarkozy&lt;/a&gt; of France and &lt;a href="http://en.wikipedia.org/wiki/Jos%C3%A9_Manuel_Barroso" title="José Manuel Barroso"&gt;José Manuel Barroso&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/President_of_the_European_Commission" title="President of the European Commission"&gt;President of the European Commission&lt;/a&gt;, President George W. Bush announced on Wednesday, October 22 that he would host an international conference of financial leaders on November 15 in Washington, D.C. Participants would be drawn from both the developed world and the developing world, including participants from the &lt;a href="http://en.wikipedia.org/wiki/G20_industrial_nations" title="G20 industrial nations" class="mw-redirect"&gt;G20 industrial nations&lt;/a&gt; such as India, Brazil and China.&lt;sup id="cite_ref-143" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-143" title=""&gt;&lt;span&gt;[&lt;/span&gt;144&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Sunday, October 19 the government of the Netherlands bailed out &lt;a href="http://en.wikipedia.org/wiki/ING_Group" title="ING Group"&gt;ING&lt;/a&gt;, the Dutch bank, with a €10 billion capital rescue plan. On Monday the government of Belgium rescued the insurance company &lt;a href="http://en.wikipedia.org/w/index.php?title=Ethias&amp;amp;action=edit&amp;amp;redlink=1" class="new" title="Ethias (page does not exist)"&gt;Ethias&lt;/a&gt; with a €1.5 billion capital injection. In Germany &lt;a href="http://en.wikipedia.org/wiki/BayernLB" title="BayernLB"&gt;BayernLB&lt;/a&gt; has decided to apply for funds from the German €500 billion rescue program. Sweden announced formation of a 1.5 trillion &lt;a href="http://en.wikipedia.org/wiki/Swedish_krona" title="Swedish krona"&gt;kronor&lt;/a&gt; fund to support inter-bank lending and a 15 billion kronor capital injection plan. Swedish banks were reported to be increasingly affected by the financial crisis. An IMF rescue plan for Iceland was reported to be near finalization while Ukraine was reported to be in discussions with the IMF. Iceland was reported to have also received assistance from Denmark and Norway while Britain has offered a loan to support compensation of British depositors in failed Icelandic bank Landsbanki. On Monday France announced a €10.5 billion rescue plan for six of its largest banks, including &lt;a href="http://en.wikipedia.org/wiki/Cr%C3%A9dit_Agricole" title="Crédit Agricole"&gt;Crédit Agricole&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/BNP_Paribas" title="BNP Paribas"&gt;BNP&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale"&gt;Société Générale&lt;/a&gt;.&lt;sup id="cite_ref-144" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-144" title=""&gt;&lt;span&gt;[&lt;/span&gt;145&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Despite some improvement in the availability of credit, stock markets and weak currencies such as the British pound and the euro continued to decline worldwide during the week of October 19. Markets across Asia suffered particularly heavy losses while European markets experienced substantial losses too, but to a lesser extend compared to those in Asia. The Dow Industrials Index, on the other hand, experienced a week of extreme volatility with violent swings both upwards and downwards, eventually ending lower. The yen and the dollar showed particular strength with the yen rising with respect to the dollar. This "flight to quality" had baleful effects on the economies of all nations including the United States and Japan.&lt;sup id="cite_ref-145" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-145" title=""&gt;&lt;span&gt;[&lt;/span&gt;146&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-146" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-146" title=""&gt;&lt;span&gt;[&lt;/span&gt;147&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-147" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-147" title=""&gt;&lt;span&gt;[&lt;/span&gt;148&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-148" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-148" title=""&gt;&lt;span&gt;[&lt;/span&gt;149&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Wednesday, Pakistan joined Iceland, Hungary, Serbia and Ukraine and requested aid from the International Monetary Fund in dealing with severe balance of payments difficulties.&lt;sup id="cite_ref-149" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-149" title=""&gt;&lt;span&gt;[&lt;/span&gt;150&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Hungary, Russia, Ukraine, Pakistan, Turkey, South Africa, Argentina, Iceland, Estonia, Latvia, Lithuania, Romania and Bulgaria are all experiencing financial difficulties with others threatened. These countries did not hold securities based on subprime mortgages, but are affected by inability to borrow money, the credit crisis. Plans are under discussion to increase credit available to the IMF, perhaps to a trillion dollars.&lt;sup id="cite_ref-150" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-150" title=""&gt;&lt;span&gt;[&lt;/span&gt;151&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-151" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-151" title=""&gt;&lt;span&gt;[&lt;/span&gt;152&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Friday, October 24, stock markets plummeted worldwide amidst growing fears among investors that a deep global recession is imminent if not already settled in. The panic was partly fueled by remarks made by &lt;a href="http://en.wikipedia.org/wiki/Alan_Greenspan" title="Alan Greenspan"&gt;Alan Greenspan&lt;/a&gt; that the crisis is "a once-in-a-century credit tsunami" and by comments made by &lt;a href="http://en.wikipedia.org/wiki/Gordon_Brown" title="Gordon Brown"&gt;Gordon Brown&lt;/a&gt; during a speech, admitting essentially that Great Britain is already in recession mode. Following the trend, the US stock markets also fell sharply on opening and ended with the Dow Industrial Index down 312 points.&lt;sup id="cite_ref-152" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-152" title=""&gt;&lt;span&gt;[&lt;/span&gt;153&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Friday and Saturday (October 24 and 25) the 7th &lt;a href="http://en.wikipedia.org/wiki/Asia-Europe_Meeting" title="Asia-Europe Meeting"&gt;Asia-Europe Meeting&lt;/a&gt; was held in Beijing with the European Union meeting Asian states in an attempt to discuss a common approach ahead of the Emergency International Meeting that is scheduled to take place in Washington on November 15. No specific recommendations to solve the crisis were developed.&lt;sup id="cite_ref-153" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-153" title=""&gt;&lt;span&gt;[&lt;/span&gt;154&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-154" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-154" title=""&gt;&lt;span&gt;[&lt;/span&gt;155&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_October_26" id="Week_of_October_26"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of October 26&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;On Sunday, October 26, Hungary and Ukraine made tentative arrangements with the International Monetary Fund for emergency aid packages. In Poland the value of stocks has fallen 50% for the year and the &lt;a href="http://en.wikipedia.org/wiki/Zloty" title="Zloty" class="mw-redirect"&gt;zloty&lt;/a&gt;, the Polish currency, has fallen against both the dollar and the euro. The crisis has affected South Africa, Brazil and Turkey. South Africa was particularly affected by a dramatic drop in the price of platinum, a commodity used in automobile manufacturing.&lt;sup id="cite_ref-155" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-155" title=""&gt;&lt;span&gt;[&lt;/span&gt;156&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; In addition to Iceland, Ukraine and Hungary, Belarus and Pakistan are also engaged in emergency discussions with the IMF. Pakistan has what is described as a "growing balance of payments crisis".&lt;sup id="cite_ref-156" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-156" title=""&gt;&lt;span&gt;[&lt;/span&gt;157&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-157" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-157" title=""&gt;&lt;span&gt;[&lt;/span&gt;158&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; In the Gulf states, impacted by the falling price of oil and a drop in equities prices of 40% for the year, the &lt;a href="http://en.wikipedia.org/wiki/Gulf_Cooperation_Council" title="Gulf Cooperation Council" class="mw-redirect"&gt;Gulf Cooperation Council&lt;/a&gt; met in Riyadh on Saturday to discuss a coordinated response to the crisis.&lt;sup id="cite_ref-158" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-158" title=""&gt;&lt;span&gt;[&lt;/span&gt;159&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Monday, October 27, Hong Kong stocks crashed, losing more than 12% of their value while in Japan, the Nikkei 225 Index plummeted by 6.4% to its lowest level since 1982. European stock markets showed mixed results. After suffering an initial drop, the Dow Jones Industrial Average was in slightly positive territory for much of the trading day but eventually closed down 203 points. Oil futures continued to decline and the yen continued to rise against all other currencies.&lt;sup id="cite_ref-159" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-159" title=""&gt;&lt;span&gt;[&lt;/span&gt;160&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; There was consideration given by both the G7 and the Japanese government to take measures to support other currencies as against the yen.&lt;sup id="cite_ref-160" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-160" title=""&gt;&lt;span&gt;[&lt;/span&gt;161&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;In a second round of recapitalization, the U.S. Treasury has funded 22 banks with 38 billion dollars. The list of banks aided was confidential, but some banks including &lt;a href="http://en.wikipedia.org/wiki/BB%26T" title="BB&amp;amp;T"&gt;BB&amp;amp;T&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Capital_One" title="Capital One"&gt;Capital One&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/SunTrust_Banks" title="SunTrust Banks"&gt;SunTrust Banks&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/City_National_Bank" title="City National Bank"&gt;City National Bank&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Comerica" title="Comerica"&gt;Comerica&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/First_Niagara_Bank" title="First Niagara Bank"&gt;First Niagara Bank&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Huntington_Bancshares" title="Huntington Bancshares"&gt;Huntington Bancshares&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Northern_Trust" title="Northern Trust"&gt;Northern Trust&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/State_Street_Corporation" title="State Street Corporation"&gt;State Street Corporation&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/UCBH_Holdings" title="UCBH Holdings" class="mw-redirect"&gt;UCBH Holdings&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/First_Horizon_National_Corporation" title="First Horizon National Corporation"&gt;First Horizon National Corporation&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/PNC_Financial_Services" title="PNC Financial Services"&gt;PNC Financial Services&lt;/a&gt; (buyer of the &lt;a href="http://en.wikipedia.org/wiki/National_City_Corp." title="National City Corp."&gt;National City Corporation&lt;/a&gt;), &lt;a href="http://en.wikipedia.org/wiki/Regions_Financial_Corporation" title="Regions Financial Corporation"&gt;Regions Financial Corporation&lt;/a&gt;, &lt;a href="http://en.wikipedia.org/wiki/Valley_National_Bancorp" title="Valley National Bancorp" class="mw-redirect"&gt;Valley National Bancorp&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/KeyBank" title="KeyBank"&gt;KeyBank&lt;/a&gt;, and &lt;a href="http://en.wikipedia.org/wiki/Washington_Federal_Savings" title="Washington Federal Savings"&gt;Washington Federal Savings&lt;/a&gt; said they would receive government money. &lt;a href="http://en.wikipedia.org/wiki/Fifth_Third_Bank" title="Fifth Third Bank"&gt;Fifth Third Bank&lt;/a&gt; announced that they would apply. Criteria for funding was based on the strength of the bank with stronger banks with higher &lt;a href="http://en.wikipedia.org/wiki/CAMELS_ratings" title="CAMELS ratings"&gt;CAMELS ratings&lt;/a&gt; having a greater chance of being offered aid.&lt;sup id="cite_ref-161" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-161" title=""&gt;&lt;span&gt;[&lt;/span&gt;162&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-162" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-162" title=""&gt;&lt;span&gt;[&lt;/span&gt;163&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The American Bankers Association stated that due to restrictions on salaries and payment of dividends that some U.S. banks may not participate. Another concern was that acceptance of the recapitalization plan might give a false signal that a bank was troubled.&lt;sup id="cite_ref-163" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-163" title=""&gt;&lt;span&gt;[&lt;/span&gt;164&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Tuesday, October 28, stocks rose dramatically worldwide in anticipation of rate cuts by central banks. In the U.S. the Dow Industrial Average rose 10.8%, closing at over 9000.&lt;sup id="cite_ref-164" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-164" title=""&gt;&lt;span&gt;[&lt;/span&gt;165&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On Wednesday, October 29, markets in the U.S. closed down slightly despite announcement by the Federal Open Market Committee of a reduction in the &lt;a href="http://en.wikipedia.org/wiki/Federal_funds_rate" title="Federal funds rate"&gt;federal funds rate&lt;/a&gt; 50 points to 1 percent&lt;sup id="cite_ref-165" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-165" title=""&gt;&lt;span&gt;[&lt;/span&gt;166&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-166" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-166" title=""&gt;&lt;span&gt;[&lt;/span&gt;167&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Markets in the U.S. were up Thursday and Friday, closing up for the week, cutting losses to the Dow Industrial Average during October to 17%, down 30% for the year.&lt;sup id="cite_ref-167" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-167" title=""&gt;&lt;span&gt;[&lt;/span&gt;168&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-168" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-168" title=""&gt;&lt;span&gt;[&lt;/span&gt;169&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;In Russia the $50 billion rescue program administered by the state development bank &lt;a href="http://en.wikipedia.org/wiki/Vnesheconombank" title="Vnesheconombank"&gt;Vnesheconombank&lt;/a&gt; (VEB) is assisting Russian firms controlled by &lt;a href="http://en.wikipedia.org/wiki/Business_oligarch#Russian_oligarchs" title="Business oligarch"&gt;Russian oligarchs&lt;/a&gt; who gave ownership of portions of their companies as security for loans from Western financial institutions. Recipients include &lt;a href="http://en.wikipedia.org/wiki/Oleg_Deripaska" title="Oleg Deripaska"&gt;Oleg Deripaska&lt;/a&gt; of &lt;a href="http://en.wikipedia.org/wiki/Rusal" title="Rusal" class="mw-redirect"&gt;Rusal&lt;/a&gt; owner of &lt;a href="http://en.wikipedia.org/wiki/Norilsk_Nickel" title="Norilsk Nickel" class="mw-redirect"&gt;Norilsk Nickel&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/Mikhail_Fridman" title="Mikhail Fridman"&gt;Mikhail Fridman&lt;/a&gt; of &lt;a href="http://en.wikipedia.org/wiki/Alfa_Group" title="Alfa Group"&gt;Alfa Group&lt;/a&gt; whose assets &lt;a href="http://en.wikipedia.org/wiki/VimpelCom" title="VimpelCom" class="mw-redirect"&gt;VimpelCom&lt;/a&gt; and &lt;a href="http://en.wikipedia.org/wiki/TNK-BP" title="TNK-BP"&gt;TNK-BP&lt;/a&gt; were threatened. &lt;sup id="cite_ref-169" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-169" title=""&gt;&lt;span&gt;[&lt;/span&gt;170&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Stock markets in Russian have crashed, down 70% and there is lack of faith in its currency the &lt;a href="http://en.wikipedia.org/wiki/Russian_ruble" title="Russian ruble"&gt;ruble&lt;/a&gt;. Despite significant foreign reserves from the sale of oil, Russia is now faced with sharply reduced commodities prices.&lt;sup id="cite_ref-170" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-170" title=""&gt;&lt;span&gt;[&lt;/span&gt;171&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;In Asia Japan announced its second economic stimulus plan of $51 billion on Thursday, October 30. Hong Kong and Taiwan cut interest rates while an interest cut to .3% was announced by the &lt;a href="http://en.wikipedia.org/wiki/Bank_of_Japan" title="Bank of Japan"&gt;Bank of Japan&lt;/a&gt; on Friday.&lt;sup id="cite_ref-171" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-171" title=""&gt;&lt;span&gt;[&lt;/span&gt;172&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-172" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-172" title=""&gt;&lt;span&gt;[&lt;/span&gt;173&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Also on Thursday the Federal Reserve established a $30 billion &lt;a href="http://en.wikipedia.org/wiki/Currency_swap" title="Currency swap"&gt;currency swap&lt;/a&gt; line with South Korea and Singapore as well as Brazil and Mexico.&lt;sup id="cite_ref-173" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-173" title=""&gt;&lt;span&gt;[&lt;/span&gt;174&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="http://en.wikipedia.org/wiki/JPMorgan_Chase" title="JPMorgan Chase"&gt;JPMorgan Chase&lt;/a&gt;, the largest bank in the United States, announced that it would work with homeowners who demonstrate a willingness to pay their mortgages by reducing interest payments or principal. Counseling centers are planned for troubled areas. Washington Mutual, and EMC Mortgage Corporation, a loan servicing company, acquired by JPMorgan, will be included. Bank of America has announced a similar program, as has Countrywide Financial as the result of a court settlement.&lt;sup id="cite_ref-174" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-174" title=""&gt;&lt;span&gt;[&lt;/span&gt;175&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_November_2" id="Week_of_November_2"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of November 2&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;&lt;a name="Reports_of_economic_activity" id="Reports_of_economic_activity"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Reports of economic activity&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;October sales of cars and light trucks in the United States fell precipitously in 2008 when compared with sales in October 2007, with General Motors falling 45%, Ford falling 30%, Chrysler falling 35%, Toyota falling 23%, Honda falling 25%, and Nissan falling 33%. Much of the falloff in sales was attributable to customers being unable to arrange financing.&lt;sup id="cite_ref-175" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-175" title=""&gt;&lt;span&gt;[&lt;/span&gt;176&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Except for Wal-Mart, which posted a slight gain, retail sales were off during October, 2008 as compared with October, 2007 in the United states with some moderate priced stores reporting double digit decreases.&lt;sup id="cite_ref-176" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-176" title=""&gt;&lt;span&gt;[&lt;/span&gt;177&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;October retail sales were down 4.1% from October, 2007 and down 2.8% from September, 2008 with sales of cars and auto parts leading the way with a 23.4% decline from October, 2007, and a 31.9% decline from September, 2008.&lt;sup id="cite_ref-177" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-177" title=""&gt;&lt;span&gt;[&lt;/span&gt;178&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Employment reports released by the Labor Department on Friday, November 7, showed that about 500,000 jobs were lost in the United States during September and October, 2008 with unemployment rising to 6.5% at the end of October. The September figure was revised to 284,000 from the initial 159,000 reported. The initial October figure was 240,000. This is a substantial acceleration from the average 75,000 jobs lost each month since the beginning of 2008. It is anticipated by experts that unemployment will rise to 8% by the middle of 2009.&lt;sup id="cite_ref-178" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-178" title=""&gt;&lt;span&gt;[&lt;/span&gt;179&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;In the UK car sales fell by 23% in October, following a 21% decline in September.&lt;sup id="cite_ref-179" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-179" title=""&gt;&lt;span&gt;[&lt;/span&gt;180&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Events" id="Events"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Events&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;Amid predictions of a "deep recession" in the UK and the Eurozone,&lt;sup id="cite_ref-180" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-180" title=""&gt;&lt;span&gt;[&lt;/span&gt;181&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; on Thursday, November 6, the &lt;a href="http://en.wikipedia.org/wiki/Bank_of_England" title="Bank of England"&gt;Bank of England&lt;/a&gt;, citing a reduced danger of inflation due to falling commodities prices, lowered its base rate by 1.5 percentage points, from 4.5% to 3%.&lt;sup id="cite_ref-181" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-181" title=""&gt;&lt;span&gt;[&lt;/span&gt;182&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-182" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-182" title=""&gt;&lt;span&gt;[&lt;/span&gt;183&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; This was accompanied by a 50 basis point drop in the base rate to 3.25% by the &lt;a href="http://en.wikipedia.org/wiki/European_Central_Bank" title="European Central Bank"&gt;European Central Bank (ECB)&lt;/a&gt;.&lt;sup id="cite_ref-183" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-183" title=""&gt;&lt;span&gt;[&lt;/span&gt;184&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-184" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-184" title=""&gt;&lt;span&gt;[&lt;/span&gt;185&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On November 6, the &lt;a href="http://en.wikipedia.org/wiki/IMF" title="IMF" class="mw-redirect"&gt;IMF&lt;/a&gt; at Washington. D.C., predicted for 2009 a wordwide -0.3% decrease of the BIP for the developed economies (-0.7% for the USA and -0.8% for Germany).&lt;sup id="cite_ref-185" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-185" title=""&gt;&lt;span&gt;[&lt;/span&gt;186&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_November_9" id="Week_of_November_9"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=14" title="Edit section: Week of November 9"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of November 9&lt;/span&gt;&lt;/h2&gt; &lt;div class="thumb tright"&gt; &lt;div class="thumbinner" style="width: 302px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Bush-manhattan-institute.jpg" class="image" title="George W. Bush addressing a Manhattan Institute-sponsored event at Federal Hall on November 13, 2008, speaking against too much government involvement in resolving the crisis."&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/en/thumb/c/c8/Bush-manhattan-institute.jpg/300px-Bush-manhattan-institute.jpg" class="thumbimage" border="0" width="300" height="202" /&gt;&lt;/a&gt; &lt;div class="thumbcaption"&gt; &lt;div class="magnify"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Bush-manhattan-institute.jpg" class="internal" title="Enlarge"&gt;&lt;img src="http://upload.wikimedia.org/skins/common/images/magnify-clip.png" alt="" width="15" height="11" /&gt;&lt;/a&gt;&lt;/div&gt; &lt;a href="http://en.wikipedia.org/wiki/George_W._Bush" title="George W. Bush"&gt;George W. Bush&lt;/a&gt; addressing a &lt;a href="http://en.wikipedia.org/wiki/Manhattan_Institute" title="Manhattan Institute"&gt;Manhattan Institute&lt;/a&gt;-sponsored event at &lt;a href="http://en.wikipedia.org/wiki/Federal_Hall" title="Federal Hall"&gt;Federal Hall&lt;/a&gt; on November 13, 2008, speaking against too much government involvement in resolving the crisis.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;p&gt;On Sunday, November 9, the People's Republic of China announced a &lt;a href="http://en.wikipedia.org/wiki/China_Stimulus_Plan" title="China Stimulus Plan" class="mw-redirect"&gt;$586 billion domestic stimulus package&lt;/a&gt; for the remainder of 2008, 2009, and 2010. Economic growth has slowed in China with sharp drops in property and stock values.&lt;sup id="cite_ref-186" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-186" title=""&gt;&lt;span&gt;[&lt;/span&gt;187&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The money from the stimulus package will be spent on upgrading infrastructure, particularly roads, railways, airports and the power grids throughout the country and raise rural incomes via land reform. Also spending will be made on social welfare projects such as affordable housing and environmental protection.&lt;sup id="cite_ref-187" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-187" title=""&gt;&lt;span&gt;[&lt;/span&gt;188&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-188" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-188" title=""&gt;&lt;span&gt;[&lt;/span&gt;189&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Some Chinese factories engaged in low-end export manufacturing have gone out of business.&lt;sup id="cite_ref-189" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-189" title=""&gt;&lt;span&gt;[&lt;/span&gt;190&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Monday, November 10, the US Treasury announced investment of 40 billion dollars in preferred stock of AIG, adjusting the terms of the existing credit line and its amount. Total exposure, including equity and debt, is now 150 billion dollars. Funds were drawn from the Troubled Asset Relief Program which was not available at the time of the original bailout of AIG.&lt;sup id="cite_ref-190" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-190" title=""&gt;&lt;span&gt;[&lt;/span&gt;191&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-191" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-191" title=""&gt;&lt;span&gt;[&lt;/span&gt;192&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The question of whether emergency funding would be made available to the &lt;a href="http://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008" title="Automotive industry crisis of 2008"&gt;troubled American auto industry&lt;/a&gt; remained under consideration. &lt;a href="http://en.wikipedia.org/wiki/General_Motors" title="General Motors"&gt;General Motors&lt;/a&gt; is the most threatened with a sharp drop in sales and diminishing cash reserves.&lt;sup id="cite_ref-192" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-192" title=""&gt;&lt;span&gt;[&lt;/span&gt;193&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Wednesday, November 12, US Treasury Secretary Henry Paulson scrapped the original Troubled Asset Relief Program (TARP) and announced shift in the focus to consumer lending. The remaining portion of the TARP budget will be used to help relieve pressure on consumer credits such as car loans, student loans, credit cards etc. &lt;sup id="cite_ref-193" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-193" title=""&gt;&lt;span&gt;[&lt;/span&gt;194&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Thursday November 13, the &lt;a href="http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average"&gt;Dow Jones Industrial Average&lt;/a&gt; marked another dramatic session, with the index (opening at 8,282.66) that after a mixed start tumbled again below the 8,000 mark (to a low of 7,965.42) but then reversed the trend and gained more than 900 points (fourth largest daily swing ever) in less than three hours closing at 8,835.25 with a net gain of more than 550 points (third largest ever).&lt;/p&gt; &lt;p&gt;The prospect of a federal bailout of failing US automakers appeared dim pending the inauguration of Barack Obama. There appeared to be opposition from both the Republican members of the Senate and the office of the incumbent president, George W. Bush, which expressed doubt that the companies could be salvaged.&lt;sup id="cite_ref-194" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-194" title=""&gt;&lt;span&gt;[&lt;/span&gt;195&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;At the invitation of US President George W. Bush the leaders of the &lt;a href="http://en.wikipedia.org/wiki/G-20" title="G-20" class="mw-redirect"&gt;G-20&lt;/a&gt; held the initial session of the &lt;a href="http://en.wikipedia.org/wiki/2008_G-20_Washington_summit" title="2008 G-20 Washington summit"&gt;Summit on Financial Markets and the World Economy&lt;/a&gt; on Saturday, November 15, in Washington, D.C. They agreed to cooperate with respect to the global financial crisis and issued a statement regarding immediate and medium term goals and actions considered necessary to support and reform the international economy. The next session will be held April 30, probably in London, after Barack Obama takes office as President of the United States. The initial session, attended by the leaders of the G-20 set forth a road map of proposed reforms which will be followed up in coming months by the development of specific proposals, including a comprehensive reform of the Bretton Woods Institutions.&lt;sup id="cite_ref-195" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-195" title=""&gt;&lt;span&gt;[&lt;/span&gt;196&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-196" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-196" title=""&gt;&lt;span&gt;[&lt;/span&gt;197&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_November_16" id="Week_of_November_16"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of November 16&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;&lt;a name="Reports_of_economic_activity_2" id="Reports_of_economic_activity_2"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Reports of economic activity&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;In the third quarter of 2008 the gross domestic product of Japan fell 0.4% following a 3.7% drop in the second quarter. Similar reports of recession level economic activity had been released previously by Hong Kong, Germany and the European Union.&lt;sup id="cite_ref-197" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-197" title=""&gt;&lt;span&gt;[&lt;/span&gt;198&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;It was widely anticipated that economic activity in the United States would be found to be at recession levels when statistics were released&lt;sup id="cite_ref-198" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-198" title=""&gt;&lt;span&gt;[&lt;/span&gt;199&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;. As of November 20 new applications for unemployment benefits rose to a seasonally adjusted 542,000 per week; new applications averaged over 500,000 a week for the last four weeks.&lt;sup id="cite_ref-199" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-199" title=""&gt;&lt;span&gt;[&lt;/span&gt;200&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Events_2" id="Events_2"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt; &lt;span class="mw-headline"&gt;Events&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;On Wednesday, November 19, proposed federal bailouts of US auto makers failed with Republican senators rejecting the Democratic plan and Democratic senators rejecting the Republican plan.&lt;sup id="cite_ref-200" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-200" title=""&gt;&lt;span&gt;[&lt;/span&gt;201&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Negotiations continued with the Democrats requesting a plan for viability from the automakers.&lt;sup id="cite_ref-201" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-201" title=""&gt;&lt;span&gt;[&lt;/span&gt;202&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Automobile sales were also down sharply in Europe and bailouts were under consideration, particularly for subsidiaries of General Motors such as Opel in Germany&lt;sup id="cite_ref-202" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-202" title=""&gt;&lt;span&gt;[&lt;/span&gt;203&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; and Vauxhall in the United Kingdom.&lt;sup id="cite_ref-203" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-203" title=""&gt;&lt;span&gt;[&lt;/span&gt;204&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Wednesday, November 19, the &lt;a href="http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average"&gt;Dow Jones Industrial Average&lt;/a&gt; fell sharply by 427.47 points or 5.07%, closing below 8,000 points for the first time since &lt;a href="http://en.wikipedia.org/wiki/March" title="March"&gt;March&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/2003" title="2003"&gt;2003&lt;/a&gt;.&lt;sup id="cite_ref-204" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-204" title=""&gt;&lt;span&gt;[&lt;/span&gt;205&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; United States financial stocks led the way with &lt;a href="http://en.wikipedia.org/wiki/Citigroup" title="Citigroup"&gt;Citigroup&lt;/a&gt; showing a 23% drop.&lt;sup id="cite_ref-205" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-205" title=""&gt;&lt;span&gt;[&lt;/span&gt;206&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The UK &lt;a href="http://en.wikipedia.org/wiki/FTSE100" title="FTSE100" class="mw-redirect"&gt;FTSE100&lt;/a&gt; fell by about the same percentage, closing just above 4000. The &lt;a href="http://en.wikipedia.org/wiki/BBC_Global_30" title="BBC Global 30"&gt;BBC Global 30&lt;/a&gt;, combining Europe, Asia and North America in a single index, fell by 5.1%.&lt;/p&gt; &lt;p&gt;On Thursday, November 20 the Dow Jones Industrial Average dropped 445 points in the last minutes of the trading session, closing at 7,552, the lowest point in six years. Shares in Citigroup plummeted another 26%, and shares of other major US financial institutions dropped by more than 10%.&lt;sup id="cite_ref-206" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-206" title=""&gt;&lt;span&gt;[&lt;/span&gt;207&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-207" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-207" title=""&gt;&lt;span&gt;[&lt;/span&gt;208&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On Friday, November 21 the Dow Jones Industrial Average recovered about half of the loss for the week and closed above 8,000; however, stocks of Citibank, Bank of America, and J.P. Morgan Chase continued to decline.&lt;sup id="cite_ref-208" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-208" title=""&gt;&lt;span&gt;[&lt;/span&gt;209&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; It was unclear whether the drop in the value of &lt;a href="http://en.wikipedia.org/wiki/Citigroup" title="Citigroup"&gt;Citigroup&lt;/a&gt; stock to under $4 reflected financial weakness of the bank or what rescue plan could be crafted.&lt;sup id="cite_ref-209" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-209" title=""&gt;&lt;span&gt;[&lt;/span&gt;210&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; One theory for the disapointment of investors was that the failure of the Treasury to purchase toxic mortgage related securities held by the bank left billions of unrealized losses on the books.&lt;sup id="cite_ref-210" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-210" title=""&gt;&lt;span&gt;[&lt;/span&gt;211&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Citigroup continues to hold $20 billion in mortgage-related securities, currently valued at a substantial discount.&lt;sup id="cite_ref-211" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-211" title=""&gt;&lt;span&gt;[&lt;/span&gt;212&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;As of the week of November 16 stock losses in United States markets during 2008 as measured by the &lt;a href="http://en.wikipedia.org/wiki/S%26P_500" title="S&amp;amp;P 500"&gt;S&amp;amp;P 500&lt;/a&gt; were equivalent to those suffered in 1931, over 50%.&lt;sup id="cite_ref-212" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-212" title=""&gt;&lt;span&gt;[&lt;/span&gt;213&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Total losses during the Great Depression exceeded 80% but that was over a three year period.&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_November_23" id="Week_of_November_23"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=18" title="Edit section: Week of November 23"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Week of November 23&lt;/span&gt;&lt;/h2&gt; &lt;p&gt;Late on Sunday, November 23, a rescue plan for Citigroup was agreed by the United States government. In a joint statement by the &lt;a href="http://en.wikipedia.org/wiki/Treasury_Department" title="Treasury Department" class="mw-redirect"&gt;Treasury Department&lt;/a&gt;, the &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect"&gt;Federal Reserve&lt;/a&gt; and the &lt;a href="http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corp" title="Federal Deposit Insurance Corp" class="mw-redirect"&gt;Federal Deposit Insurance Corp&lt;/a&gt; it was announced that in exchange for preferred stock valued at $27 billion paying 8% interest, a further $20 billion would be invested into the company and that the government would limit loss on $306 billion in risky loans and securities to 29 billion dollars plus 10% of any remaining losses.&lt;sup id="cite_ref-213" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-213" title=""&gt;&lt;span&gt;[&lt;/span&gt;214&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; According to the joint statement, "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."&lt;sup id="cite_ref-214" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-214" title=""&gt;&lt;span&gt;[&lt;/span&gt;215&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;Friday, November 21 and Monday, November 24 marked the &lt;a href="http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average"&gt;Dow Jones Industrial Average&lt;/a&gt;'s largest two-session gain since &lt;a href="http://en.wikipedia.org/wiki/October" title="October"&gt;October&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/1987" title="1987"&gt;1987&lt;/a&gt;. The Dow gained 891.10 points, 11.8%, bringing it to a close at 8,443.39 points.&lt;sup id="cite_ref-215" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-215" title=""&gt;&lt;span&gt;[&lt;/span&gt;216&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Week_of_December_1" id="Week_of_December_1"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;&lt;/span&gt;&lt;span class="mw-headline"&gt;Week of December 1&lt;/span&gt;&lt;span class="editsection"&gt;&lt;/span&gt;&lt;/h2&gt;&lt;h2&gt;&lt;br /&gt;&lt;span class="editsection"&gt;&lt;/span&gt;&lt;span class="mw-headline"&gt;Reports of economic activity&lt;/span&gt;&lt;/h2&gt;   &lt;p&gt;On December 1, the &lt;a href="http://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research"&gt;National Bureau of Economic Research&lt;/a&gt; officially declared that the U.S. economy had entered recession in December, 2007.&lt;sup id="cite_ref-216" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-216" title=""&gt;&lt;span&gt;[&lt;/span&gt;217&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Events_3" id="Events_3"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt;&lt;span class="editsection"&gt;&lt;/span&gt;&lt;span class="mw-headline"&gt;Events&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;After 5 positive days the previous week, the S&amp;amp;P 500 fell 80 points to 816, down 9%. Citigroup, American Express and Bank of America all fell 10% or more.&lt;sup id="cite_ref-217" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-217" title=""&gt;&lt;span&gt;[&lt;/span&gt;218&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The Dow Jones closed with a drop of 678.95 points or 7.70%.&lt;/p&gt; &lt;p&gt;&lt;a name="Key_risk_indicators_in_September_2008" id="Key_risk_indicators_in_September_2008"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=22" title="Edit section: Key risk indicators in September 2008"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Key risk indicators in September 2008&lt;/span&gt;&lt;/h2&gt; &lt;div class="thumb tright"&gt; &lt;div class="thumbinner" style="width: 182px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:TED_Spread_Chart_-_Data_to_9_26_08.png" class="image" title="The TED spread – an indicator of credit risk – increased dramatically during September 2008."&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/en/thumb/7/70/TED_Spread_Chart_-_Data_to_9_26_08.png/180px-TED_Spread_Chart_-_Data_to_9_26_08.png" class="thumbimage" border="0" width="180" height="135" /&gt;&lt;/a&gt; &lt;div class="thumbcaption"&gt; &lt;div class="magnify"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:TED_Spread_Chart_-_Data_to_9_26_08.png" class="internal" title="Enlarge"&gt;&lt;img src="http://upload.wikimedia.org/skins/common/images/magnify-clip.png" alt="" width="15" height="11" /&gt;&lt;/a&gt;&lt;/div&gt; The &lt;a href="http://en.wikipedia.org/wiki/TED_spread" title="TED spread"&gt;TED spread&lt;/a&gt; – an indicator of credit risk – increased dramatically during September 2008.&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;p&gt;Key risk indicators became highly volatile during September 2008, a factor leading the U.S. government to pass the &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008"&gt;Emergency Economic Stabilization Act of 2008&lt;/a&gt;. The “&lt;a href="http://en.wikipedia.org/wiki/TED_spread" title="TED spread"&gt;TED spread&lt;/a&gt;” is a measure of credit risk for inter-bank lending. It is the difference between: 1) the risk-free three-month U.S. treasury bill rate; and 2) the three-month London InterBank Offered Rate (&lt;a href="http://en.wikipedia.org/wiki/LIBOR" title="LIBOR" class="mw-redirect"&gt;LIBOR&lt;/a&gt;), which represents the rate at which banks typically lend to each other. A higher spread indicates banks perceive each other as riskier counterparties. The t-bill is considered "risk-free" because the full faith and credit of the U.S. government is behind it; theoretically, the government could just print money so that the principal is fully repaid at maturity. The TED spread reached record levels in late September 2008. The diagram indicates that the Treasury yield movement was a more significant driver than the changes in LIBOR. A three month t-bill yield so close to zero means that people are willing to forgo interest just to keep their money (principal) safe for three months – a very high level of risk aversion and indicative of tight lending conditions. Driving this change were investors shifting funds from money market funds (generally considered nearly risk free but paying a slightly higher rate of return than t-bills) and other investment types to t-bills.&lt;sup id="cite_ref-Gullapalli_218-0" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Gullapalli-218" title=""&gt;&lt;span&gt;[&lt;/span&gt;219&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; These issues are consistent with the September 2008 aspects of the &lt;a href="http://en.wikipedia.org/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis"&gt;subprime mortgage crisis&lt;/a&gt; which prompted the Emergency Economic Stabilization Act of 2008 signed into law by the U.S. President on October 2, 2008.&lt;/p&gt; &lt;p&gt;In addition, an increase in LIBOR means that financial instruments with variable interest terms are increasingly expensive. For example, car loans and credit card interest rates are often tied to LIBOR; some estimate as much as $150 trillion in loans and &lt;a href="http://en.wikipedia.org/wiki/Derivative_%28finance%29" title="Derivative (finance)"&gt;derivatives&lt;/a&gt; are tied to LIBOR.&lt;sup id="cite_ref-219" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-219" title=""&gt;&lt;span&gt;[&lt;/span&gt;220&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Higher interest rates place additional downward pressure on consumption, increasing the risk of recession.&lt;/p&gt; &lt;p&gt;&lt;a name="Global_responses" id="Global_responses"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt; &lt;span class="mw-headline"&gt;Global responses&lt;/span&gt;&lt;/h2&gt; &lt;div class="thumb tright"&gt; &lt;div class="thumbinner" style="width: 182px;"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:UK_US_2008_October_bank_bailouts.png" class="image" title="Responses by the UK and US in proportion to their GDPs"&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/en/thumb/b/b0/UK_US_2008_October_bank_bailouts.png/180px-UK_US_2008_October_bank_bailouts.png" class="thumbimage" border="0" width="180" height="160" /&gt;&lt;/a&gt; &lt;div class="thumbcaption"&gt; &lt;div class="magnify"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:UK_US_2008_October_bank_bailouts.png" class="internal" title="Enlarge"&gt;&lt;img src="http://upload.wikimedia.org/skins/common/images/magnify-clip.png" alt="" width="15" height="11" /&gt;&lt;/a&gt;&lt;/div&gt; Responses by the UK and US in proportion to their GDPs&lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;p&gt;&lt;a name="China_and_Other_Countries.27_Responses" id="China_and_Other_Countries.27_Responses"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt; &lt;span class="mw-headline"&gt;China and Other Countries' Responses&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;On September 15, 2008 China cut its interest rate for the first time since 2002. Indonesia reduced its overnight repo rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The &lt;a href="http://en.wikipedia.org/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia"&gt;Reserve Bank of Australia&lt;/a&gt; injected nearly $1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The Reserve Bank of India added almost $1.32 billion, through a refinance operation, its biggest in at least a month.&lt;sup id="cite_ref-220" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-220" title=""&gt;&lt;span&gt;[&lt;/span&gt;221&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On 9 November 2008 the 2008 Chinese economic stimulus plan is a RMB¥ 4 trillion ($586 billion) stimulus package announced by the central government of the People's Republic of China in its biggest move to stop the global financial crisis from hitting the world's fourth largest economy. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan ($586 billion) in infrastructure and social welfare by the end of 2010. The stimulus package will be invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance.&lt;/p&gt; &lt;p&gt;China's export driven economy is starting to feel the impact of the economic slowdown in the United States and Europe, and the government has already cut key interest rates three times in less than two months in a bid to spur economic expansion. On the 28th of November, China Ministry of Finance and the State Administration of Taxation jointly announced a rise in export tax rebate rates on some labor-intensive goods. These additional tax rebates will take place on December, 1st 2008 &lt;sup id="cite_ref-221" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-221" title=""&gt;&lt;span&gt;[&lt;/span&gt;222&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;.&lt;/p&gt; &lt;p&gt;The stimulus package was welcomed by world leaders and analysts as larger than expected and a sign that by boosting its own economy, China is helping to stabilize the global economy. News of the announcement of the stimulus package sent markets up across the world&lt;/p&gt; &lt;p&gt;In Taiwan territory, the central bank on September 16, 2008 said it would cut its required reserve ratios for the first time in eight years. The central bank added $3.59 billion into the foreign-currency interbank market the same day. Bank of Japan pumped $29.3 billion into the financial system on September 17, 2008 and the Reserve Bank of Australia added $3.45 billion the same day. The &lt;a href="http://en.wikipedia.org/wiki/European_Central_Bank" title="European Central Bank"&gt;European Central Bank&lt;/a&gt; injected $99.8 billion in a one-day money-market auction. The Bank of England pumped in $36 billion. Altogether, central banks throughout the world added more than $200 billion from the beginning of the week to September 17.&lt;sup id="cite_ref-222" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-222" title=""&gt;&lt;span&gt;[&lt;/span&gt;223&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;On September 29, 2008 the Belgian, Luxembourg and Dutch authorities partially nationalized &lt;a href="http://en.wikipedia.org/wiki/Fortis_%28finance%29" title="Fortis (finance)"&gt;Fortis&lt;/a&gt;. The German government bailed out &lt;a href="http://en.wikipedia.org/wiki/Hypo_Real_Estate" title="Hypo Real Estate"&gt;Hypo Real Estate&lt;/a&gt;.&lt;sup id="cite_ref-223" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-223" title=""&gt;&lt;span&gt;[&lt;/span&gt;224&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="U.S._responses" id="U.S._responses"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt; &lt;span class="mw-headline"&gt;U.S. responses&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50 billion program to insure the investments, similar to the &lt;a href="http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation"&gt;Federal Deposit Insurance Corporation&lt;/a&gt; (FDIC) program.&lt;sup id="cite_ref-Gullapalli_218-1" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Gullapalli-218" title=""&gt;&lt;span&gt;[&lt;/span&gt;219&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve_Board" title="Federal Reserve Board" class="mw-redirect"&gt;Federal Reserve Board&lt;/a&gt;.&lt;sup id="cite_ref-224" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-224" title=""&gt;&lt;span&gt;[&lt;/span&gt;225&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; The Securities and Exchange Commission announced termination of short-selling of 799 financial stocks, as well as action against &lt;a href="http://en.wikipedia.org/wiki/Naked_short_selling" title="Naked short selling"&gt;naked short selling&lt;/a&gt;, as part of its reaction to the mortgage crisis.&lt;sup id="cite_ref-225" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-225" title=""&gt;&lt;span&gt;[&lt;/span&gt;226&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Loans_to_banks_for_asset-backed_commercial_paper" id="Loans_to_banks_for_asset-backed_commercial_paper"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h4&gt; &lt;span class="mw-headline"&gt;Loans to banks for asset-backed commercial paper&lt;/span&gt;&lt;/h4&gt; &lt;div class="floatright"&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:Money_market_fund.png" class="image" title="How money markets fund corporations"&gt;&lt;img alt="How money markets fund corporations" src="http://upload.wikimedia.org/wikipedia/en/thumb/4/49/Money_market_fund.png/500px-Money_market_fund.png" border="0" width="500" height="375" /&gt;&lt;/a&gt;&lt;/div&gt; &lt;p&gt;During the week ending September 19, 2008, &lt;a href="http://en.wikipedia.org/wiki/Money_market" title="Money market"&gt;money market&lt;/a&gt; mutual funds had begun to experience significant withdrawals of funds by investors. This created a significant risk because money market funds are integral to the ongoing financing of corporations of all types. Individual investors lend money to money market funds, which then provide the funds to corporations in exchange for corporate short-term securities called &lt;a href="http://en.wikipedia.org/wiki/Asset-backed_commercial_paper" title="Asset-backed commercial paper"&gt;asset-backed commercial paper&lt;/a&gt; (ABCP). However, a potential &lt;a href="http://en.wikipedia.org/wiki/Bank_run" title="Bank run"&gt;bank run&lt;/a&gt; had begun on certain money market funds. If this situation had worsened, the ability of major corporations to secure needed short-term financing through ABCP issuance would have been significantly affected. To assist with liquidity throughout the system, the Treasury and Federal Reserve Bank announced that banks could obtain funds via the Federal Reserve's Discount Window using ABCP as collateral.&lt;sup id="cite_ref-226" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-226" title=""&gt;&lt;span&gt;[&lt;/span&gt;227&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;sup id="cite_ref-Gullapalli_218-2" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-Gullapalli-218" title=""&gt;&lt;span&gt;[&lt;/span&gt;219&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Federal_Reserve_lowers_interest_rates" id="Federal_Reserve_lowers_interest_rates"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h4&gt; &lt;span class="mw-headline"&gt;Federal Reserve lowers interest rates&lt;/span&gt;&lt;/h4&gt; &lt;table class="wikitable" align="center" border="1"&gt; &lt;tbody&gt;&lt;tr&gt; &lt;td colspan="6"&gt;&lt;b&gt;Federal reserve rates changes&lt;/b&gt; ( Just data after January 1, 2008 )&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Date" title="Date"&gt;Date&lt;/a&gt;&lt;/th&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Discount_rate" title="Discount rate"&gt;Discount rate&lt;/a&gt;&lt;/th&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Discount_rate" title="Discount rate"&gt;Discount rate&lt;/a&gt;&lt;/th&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Discount_rate" title="Discount rate"&gt;Discount rate&lt;/a&gt;&lt;/th&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Fed_funds" title="Fed funds" class="mw-redirect"&gt;Fed funds&lt;/a&gt;&lt;/th&gt; &lt;th&gt;&lt;a href="http://en.wikipedia.org/wiki/Fed_funds_rate" title="Fed funds rate" class="mw-redirect"&gt;Fed funds rate&lt;/a&gt;&lt;/th&gt; &lt;/tr&gt; &lt;tr&gt; &lt;th&gt;&lt;br /&gt;&lt;/th&gt; &lt;th&gt;&lt;br /&gt;&lt;/th&gt; &lt;th&gt;Primary&lt;/th&gt; &lt;th&gt;Secondary&lt;/th&gt; &lt;th&gt;&lt;br /&gt;&lt;/th&gt; &lt;th&gt;&lt;br /&gt;&lt;/th&gt; &lt;/tr&gt; &lt;tr&gt; &lt;th&gt;&lt;br /&gt;&lt;/th&gt; &lt;th&gt;rate change&lt;/th&gt; &lt;th&gt;new interest rate&lt;/th&gt; &lt;th&gt;new interest rate&lt;/th&gt; &lt;th&gt;rate change&lt;/th&gt; &lt;th&gt;new interest rate&lt;/th&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Oct 8, 2008*&lt;/td&gt; &lt;td&gt;-.50%&lt;/td&gt; &lt;td&gt;1.75%&lt;/td&gt; &lt;td&gt;2.25%&lt;/td&gt; &lt;td&gt;-.50%&lt;/td&gt; &lt;td&gt;1.50%&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Apr 30, 2008&lt;/td&gt; &lt;td&gt;-.25%&lt;/td&gt; &lt;td&gt;2.25%&lt;/td&gt; &lt;td&gt;2.75%&lt;/td&gt; &lt;td&gt;-.25%&lt;/td&gt; &lt;td&gt;2.00%&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Mar 18, 2008&lt;/td&gt; &lt;td&gt;-.75%&lt;/td&gt; &lt;td&gt;2.50%&lt;/td&gt; &lt;td&gt;3.00%&lt;/td&gt; &lt;td&gt;-.75%&lt;/td&gt; &lt;td&gt;2.25%&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Mar 16, 2008&lt;/td&gt; &lt;td&gt;-.25%&lt;/td&gt; &lt;td&gt;3.25%&lt;/td&gt; &lt;td&gt;3.75%&lt;/td&gt; &lt;td&gt;&lt;br /&gt;&lt;/td&gt; &lt;td&gt;&lt;br /&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Jan 30, 2008&lt;/td&gt; &lt;td&gt;-.50%&lt;/td&gt; &lt;td&gt;3.50%&lt;/td&gt; &lt;td&gt;4.00%&lt;/td&gt; &lt;td&gt;-.50%&lt;/td&gt; &lt;td&gt;3.00%&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;Jan 22, 2008&lt;/td&gt; &lt;td&gt;-.75%&lt;/td&gt; &lt;td&gt;4.00%&lt;/td&gt; &lt;td&gt;4.50%&lt;/td&gt; &lt;td&gt;-.75%&lt;/td&gt; &lt;td&gt;3.50%&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt;&lt;/table&gt; &lt;p&gt;- * Part of a coordinated global rate cut of 50 basis point by main central banks.&lt;sup id="cite_ref-227" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-227" title=""&gt;&lt;span&gt;[&lt;/span&gt;228&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;- See more detailed &lt;a href="http://en.wikipedia.org/wiki/US_federal_discount_rate" title="US federal discount rate" class="mw-redirect"&gt;US federal discount rate&lt;/a&gt; chart:&lt;sup id="cite_ref-228" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-228" title=""&gt;&lt;span&gt;[&lt;/span&gt;229&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="Legislation" id="Legislation"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h4&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=28" title="Edit section: Legislation"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Legislation&lt;/span&gt;&lt;/h4&gt; &lt;dl&gt;&lt;dd&gt; &lt;div class="noprint relarticle mainarticle"&gt;&lt;i&gt;Main article: &lt;a href="http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008"&gt;Emergency Economic Stabilization Act of 2008&lt;/a&gt;&lt;/i&gt;&lt;/div&gt; &lt;/dd&gt;&lt;/dl&gt; &lt;p&gt;The Secretary of the United States Treasury, &lt;a href="http://en.wikipedia.org/wiki/Henry_Paulson" title="Henry Paulson"&gt;Henry Paulson&lt;/a&gt; and President &lt;a href="http://en.wikipedia.org/wiki/George_W._Bush" title="George W. Bush"&gt;George W. Bush&lt;/a&gt; proposed legislation for the government to purchase up to &lt;a href="http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program" title="Troubled Assets Relief Program"&gt;US$700 billion of "troubled mortgage-related assets"&lt;/a&gt; from financial firms in hopes of improving confidence in the mortgage-backed securities markets and the financial firms participating in it.&lt;sup id="cite_ref-229" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-229" title=""&gt;&lt;span&gt;[&lt;/span&gt;230&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; Discussion, hearings and meetings among legislative leaders and the administration later made clear that the the proposal would undergo significant change before it could be approved by Congress.&lt;sup id="cite_ref-230" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-230" title=""&gt;&lt;span&gt;[&lt;/span&gt;231&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt; On October 1, a revised compromise version was approved by the Senate with a 74-25 vote, the sole Senator not to vote was cancer-stricken &lt;a href="http://en.wikipedia.org/wiki/Ted_Kennedy" title="Ted Kennedy"&gt;Ted Kennedy&lt;/a&gt; of &lt;a href="http://en.wikipedia.org/wiki/Massachusetts" title="Massachusetts"&gt;Massachusetts&lt;/a&gt;. The bill, &lt;a href="http://en.wikipedia.org/wiki/Public_Law_110-343" title="Public Law 110-343"&gt;HR1424&lt;/a&gt; was passed by the House on October 3, 2008 and signed into law.&lt;/p&gt; &lt;p&gt;&lt;a name="Fed_response" id="Fed_response"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h4&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=29" title="Edit section: Fed response"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;Fed response&lt;/span&gt;&lt;/h4&gt; &lt;p&gt;In an effort to increase available funds for &lt;a href="http://en.wikipedia.org/wiki/Commercial_banks" title="Commercial banks" class="mw-redirect"&gt;commercial banks&lt;/a&gt; and lower the &lt;a href="http://en.wikipedia.org/wiki/Fed_funds_rate" title="Fed funds rate" class="mw-redirect"&gt;fed funds rate&lt;/a&gt;, on September 29 the U.S. &lt;a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect"&gt;Federal Reserve&lt;/a&gt; announced plans to double its &lt;a href="http://en.wikipedia.org/wiki/Term_Auction_Facility" title="Term Auction Facility" class="mw-redirect"&gt;Term Auction Facility&lt;/a&gt; to $300 billion. Because there appeared to be a shortage of U.S. dollars in Europe at that time, the Federal Reserve also announced it would increase its swap facilities with foreign central banks from $290 billion to $620 billion.&lt;sup id="cite_ref-231" class="reference"&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_note-231" title=""&gt;&lt;span&gt;[&lt;/span&gt;232&lt;span&gt;]&lt;/span&gt;&lt;/a&gt;&lt;/sup&gt;&lt;/p&gt; &lt;p&gt;&lt;a name="UK_Responses" id="UK_Responses"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h3&gt; &lt;span class="mw-headline"&gt;UK Responses&lt;/span&gt;&lt;/h3&gt; &lt;p&gt;On the October 8, 2008 the &lt;a href="http://en.wikipedia.org/wiki/British_Government" title="British Government" class="mw-redirect"&gt;British Government&lt;/a&gt; announced a &lt;a href="http://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package"&gt;bank rescue package&lt;/a&gt; of around £500 billion ($850 billion at the time). The plan comprises three parts. First, £200 billion will be made available to the banks in the &lt;a href="http://en.wikipedia.org/wiki/Bank_of_England" title="Bank of England"&gt;Bank of England&lt;/a&gt;'s Special Liquidity scheme. Second, the Government will increase the banks' market capitalisation, through the Bank Recapitalisation Fund, with an initial £25 billion and another £25 billion to be provided if needed. Third, the Government will temporarily underwrite any eligible lending between British banks up to around £250 billion.&lt;/p&gt; &lt;p&gt;&lt;a name="See_also" id="See_also"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt; &lt;span class="mw-headline"&gt;See also&lt;/span&gt;&lt;/h2&gt; &lt;div class="tright portal" style="border: 1px solid rgb(170, 170, 170); margin: 0.5em 0pt 0.5em 0.5em;"&gt; &lt;table style="background: rgb(249, 249, 249) none repeat scroll 0% 0%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; font-size: 85%; line-height: 110%;"&gt; &lt;tbody&gt;&lt;tr&gt; &lt;td&gt;&lt;a href="http://en.wikipedia.org/wiki/Image:EUR_1_%282007_issue%29.png" class="image" title="EUR 1 (2007 issue).png"&gt;&lt;img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/5/5a/EUR_1_%282007_issue%29.png/28px-EUR_1_%282007_issue%29.png" border="0" width="28" height="28" /&gt;&lt;/a&gt;&lt;/td&gt; &lt;td style="padding: 0pt 0.2em;"&gt;&lt;i&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Portal:Business_and_economics" title="Portal:Business and economics"&gt;Business and economics portal&lt;/a&gt;&lt;/b&gt;&lt;/i&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt;&lt;/table&gt; &lt;/div&gt; &lt;ul&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/2008_G-20_Washington_summit" title="2008 G-20 Washington summit"&gt;2008 G-20 Washington summit&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008" title="Automotive industry crisis of 2008"&gt;Automotive industry crisis of 2008&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/2008_Icelandic_financial_crisis" title="2008 Icelandic financial crisis"&gt;2008 Icelandic financial crisis&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/2008_Russian_financial_crisis" title="2008 Russian financial crisis"&gt;2008 Russian financial crisis&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/China_Stimulus_Plan" title="China Stimulus Plan" class="mw-redirect"&gt;China Stimulus Plan&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation"&gt;Collateralized debt obligation&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/Credit_derivative" title="Credit derivative"&gt;Credit derivative&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/Margin_call" title="Margin call" class="mw-redirect"&gt;Margin call&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href="http://en.wikipedia.org/wiki/Mark_to_market" title="Mark to market" class="mw-redirect"&gt;Mark to market&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt; &lt;p&gt;&lt;a name="References" id="References"&gt;&lt;/a&gt;&lt;/p&gt; &lt;h2&gt;&lt;span class="editsection"&gt;[&lt;a href="http://en.wikipedia.org/w/index.php?title=Global_financial_crisis_of_2008&amp;amp;action=edit&amp;amp;section=32" title="Edit section: References"&gt;edit&lt;/a&gt;]&lt;/span&gt; &lt;span class="mw-headline"&gt;References&lt;/span&gt;&lt;/h2&gt; &lt;div class="references-small references-column-count references-column-count-2" style="-moz-column-count: 2;"&gt; &lt;ol class="references"&gt;&lt;li id="cite_note-Global_Research-Torbat-2008-10-13-0"&gt;^ &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Global_Research-Torbat-2008-10-13_0-0" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;a&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Global_Research-Torbat-2008-10-13_0-1" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;b&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; Torbat, Akbar E. (2008-10-13). "&lt;a href="http://www.globalresearch.ca/index.php?context=va&amp;amp;aid=10549" class="external text" title="http://www.globalresearch.ca/index.php?context=va&amp;amp;aid=10549" rel="nofollow"&gt;Global Financial Meltdown and the Demise of Neoliberalism&lt;/a&gt;", &lt;i&gt;Global Research&lt;/i&gt;, Center for Research on Globalization&lt;span class="reference-accessdate"&gt;. Retrieved on 15 October 2008&lt;/span&gt;. "These happened in a matter of a few weeks in September, constituting the largest financial failure in the US since the great depression."&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Akbar+E.&amp;amp;rft.aulast=Torbat&amp;amp;rft.title=Global+Financial+Meltdown+and+the+Demise+of+Neoliberalism&amp;amp;rft.identifier=http%3A%2F%2Fwww.globalresearch.ca%2Findex.php%3Fcontext%3Dva%26aid%3D10549&amp;amp;rft.source=Global+Research&amp;amp;rft.publisher=Center+for+Research+on+Globalization&amp;amp;rft.date=2008-10-13"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-Telegraph-Evans-Pritchard-2007-07-25-1"&gt;^ &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Telegraph-Evans-Pritchard-2007-07-25_1-0" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;a&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Telegraph-Evans-Pritchard-2007-07-25_1-1" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;b&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; Evans-Pritchard, Ambrose (2007-07-25). "&lt;a href="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/25/cnusecon125.xml" class="external text" title="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/25/cnusecon125.xml" rel="nofollow"&gt;Dollar tumbles as huge credit crunch looms&lt;/a&gt;", &lt;i&gt;Telegraph.co.uk&lt;/i&gt;, Telegraph Media Group Limited&lt;span class="reference-accessdate"&gt;. Retrieved on 15 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Ambrose&amp;amp;rft.aulast=Evans-Pritchard&amp;amp;rft.title=Dollar+tumbles+as+huge+credit+crunch+looms&amp;amp;rft.identifier=http%3A%2F%2Fwww.telegraph.co.uk%2Fmoney%2Fmain.jhtml%3Fxml%3D%2Fmoney%2F2007%2F07%2F25%2Fcnusecon125.xml&amp;amp;rft.source=Telegraph.co.uk&amp;amp;rft.publisher=Telegraph+Media+Group+Limited&amp;amp;rft.date=2007-07-25"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-Economist-House_Prices-2008-05-22-2"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Economist-House_Prices-2008-05-22_2-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; "&lt;a href="http://www.economist.com/finance/displaystory.cfm?story_id=11412394" class="external text" title="http://www.economist.com/finance/displaystory.cfm?story_id=11412394" rel="nofollow"&gt;Structural Cracks: Trouble ahead for global house prices&lt;/a&gt;", &lt;i&gt;The Economist&lt;/i&gt;, The Economist Newspaper Limited (2008-05-22)&lt;span class="reference-accessdate"&gt;. Retrieved on 15 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.title=Structural+Cracks%3A+Trouble+ahead+for+global+house+prices&amp;amp;rft.identifier=http%3A%2F%2Fwww.economist.com%2Ffinance%2Fdisplaystory.cfm%3Fstory_id%3D11412394&amp;amp;rft.source=The+Economist&amp;amp;rft.publisher=The+Economist+Newspaper+Limited&amp;amp;rft.date=2008-05-22"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-Economist-House_Prices-2008-05-15-3"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Economist-House_Prices-2008-05-15_3-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; "&lt;a href="http://www.economist.com/specialreports/displaystory.cfm?story_id=11325408" class="external text" title="http://www.economist.com/specialreports/displaystory.cfm?story_id=11325408" rel="nofollow"&gt;Tightrope artists: Managers of banks face a tricky balancing-act&lt;/a&gt;", &lt;i&gt;The Economist&lt;/i&gt;, The Economist Newspaper Limited (2008-05-15)&lt;span class="reference-accessdate"&gt;. Retrieved on 15 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.title=Tightrope+artists%3A+Managers+of+banks+face+a+tricky+balancing-act&amp;amp;rft.identifier=http%3A%2F%2Fwww.economist.com%2Fspecialreports%2Fdisplaystory.cfm%3Fstory_id%3D11325408&amp;amp;rft.source=The+Economist&amp;amp;rft.publisher=The+Economist+Newspaper+Limited&amp;amp;rft.date=2008-05-15"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-4"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-4" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Norris, Floyd (2008-10-24). "&lt;a href="http://norris.blogs.nytimes.com/2008/10/24/united-panic" class="external text" title="http://norris.blogs.nytimes.com/2008/10/24/united-panic" rel="nofollow"&gt;United Panic&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 24 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Floyd&amp;amp;rft.aulast=Norris&amp;amp;rft.title=United+Panic&amp;amp;rft.identifier=http%3A%2F%2Fnorris.blogs.nytimes.com%2F2008%2F10%2F24%2Funited-panic&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-10-24"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-5"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-5" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Landler, Mark (2008-10-23). "&lt;a href="http://www.nytimes.com/2008/10/24/business/worldbusiness/24emerge.html" class="external text" title="http://www.nytimes.com/2008/10/24/business/worldbusiness/24emerge.html" rel="nofollow"&gt;West Is in Talks on Credit to Aid Poorer Nations&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 24 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Mark&amp;amp;rft.aulast=Landler&amp;amp;rft.title=West+Is+in+Talks+on+Credit+to+Aid+Poorer+Nations&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F24%2Fbusiness%2Fworldbusiness%2F24emerge.html&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-10-23"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-6"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-6" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Fackler, Martin (2008-10-23). "&lt;a href="http://www.nytimes.com/2008/10/24/business/worldbusiness/24won.html" class="external text" title="http://www.nytimes.com/2008/10/24/business/worldbusiness/24won.html" rel="nofollow"&gt;Trouble Without Borders&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 24 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Martin&amp;amp;rft.aulast=Fackler&amp;amp;rft.title=Trouble+Without+Borders&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F24%2Fbusiness%2Fworldbusiness%2F24won.html&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-10-23"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-USTreasury-Paulson-2008-09-07-7"&gt;^ &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-USTreasury-Paulson-2008-09-07_7-0" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;a&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; &lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-USTreasury-Paulson-2008-09-07_7-1" title=""&gt;&lt;sup&gt;&lt;i&gt;&lt;b&gt;b&lt;/b&gt;&lt;/i&gt;&lt;/sup&gt;&lt;/a&gt; Paulson, Henry M., Jr.; (Press release statement) (2008-09-07). "&lt;a href="http://www.treas.gov/press/releases/hp1129.htm" class="external text" title="http://www.treas.gov/press/releases/hp1129.htm" rel="nofollow"&gt;Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers&lt;/a&gt;", United States Department of the Treasury&lt;span class="reference-accessdate"&gt;. Retrieved on 7 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Henry+M.%2C+Jr.&amp;amp;rft.aulast=Paulson&amp;amp;rft.title=Statement+by+Secretary+Henry+M.+Paulson%2C+Jr.+on+Treasury+and+Federal+Housing+Finance+Agency+Action+to+Protect+Financial+Markets+and+Taxpayers&amp;amp;rft.identifier=http%3A%2F%2Fwww.treas.gov%2Fpress%2Freleases%2Fhp1129.htm&amp;amp;rft.publisher=United+States+Department+of+the+Treasury&amp;amp;rft.date=2008-09-07"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-FHFA-Lockhart-2008-09-07-8"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-FHFA-Lockhart-2008-09-07_8-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Lockhart, James B., III (2008-09-07). "&lt;a href="http://www.ofheo.gov/newsroom.aspx?ID=456&amp;amp;q1=0&amp;amp;q2=0" class="external text" title="http://www.ofheo.gov/newsroom.aspx?ID=456&amp;amp;q1=0&amp;amp;q2=0" rel="nofollow"&gt;Statement of FHFA Director James B. Lockhart&lt;/a&gt;", Federal Housing Finance Agency&lt;span class="reference-accessdate"&gt;. Retrieved on 7 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=James+B.%2C+III&amp;amp;rft.aulast=Lockhart&amp;amp;rft.title=Statement+of+FHFA+Director+James+B.+Lockhart&amp;amp;rft.identifier=http%3A%2F%2Fwww.ofheo.gov%2Fnewsroom.aspx%3FID%3D456%26q1%3D0%26q2%3D0&amp;amp;rft.publisher=Federal+Housing+Finance+Agency&amp;amp;rft.date=2008-09-07"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-FHFA-Conservatorship-2008-09-07-9"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-FHFA-Conservatorship-2008-09-07_9-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; "&lt;a href="http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf" class="external text" title="http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf" rel="nofollow"&gt;Fact Sheet: Questions and Answers on Conservatorship&lt;/a&gt;", Federal Housing Finance Agency (2008-09-07)&lt;span class="reference-accessdate"&gt;. Retrieved on 7 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.title=Fact+Sheet%3A+Questions+and+Answers+on+Conservatorship&amp;amp;rft.identifier=http%3A%2F%2Fwww.ofheo.gov%2Fmedia%2FPDF%2FFHFACONSERVQA.pdf&amp;amp;rft.publisher=Federal+Housing+Finance+Agency&amp;amp;rft.date=2008-09-07"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-Federal_Reserve-Bernanke-2008-09-07-10"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Federal_Reserve-Bernanke-2008-09-07_10-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Bernanke, Ben S. (2008-09-007). "&lt;a href="http://www.federalreserve.gov/newsevents/press/other/20080907a.htm" class="external text" title="http://www.federalreserve.gov/newsevents/press/other/20080907a.htm" rel="nofollow"&gt;Statement by Federal Reserve Board Chairman Ben S. Bernanke:&lt;/a&gt;", Board of Governors of the Federal Reserve System&lt;span class="reference-accessdate"&gt;. Retrieved on 10 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Ben+S.&amp;amp;rft.aulast=Bernanke&amp;amp;rft.title=Statement+by+Federal+Reserve+Board+Chairman+Ben+S.+Bernanke%3A&amp;amp;rft.identifier=http%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpress%2Fother%2F20080907a.htm&amp;amp;rft.publisher=Board+of+Governors+of+the+Federal+Reserve+System&amp;amp;rft.date=2008-09-007"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-11"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-11" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Grynbaum, Michael M. (2008-10-15). "&lt;a href="http://www.nytimes.com/2008/10/16/business/economy/16bernanke.html" class="external text" title="http://www.nytimes.com/2008/10/16/business/economy/16bernanke.html" rel="nofollow"&gt;Bernanke Says Bailout Will Need Time to Work&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 15 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Michael+M.&amp;amp;rft.aulast=Grynbaum&amp;amp;rft.title=Bernanke+Says+Bailout+Will+Need+Time+to+Work&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F16%2Fbusiness%2Feconomy%2F16bernanke.html&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-10-15"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-12"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-12" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Nocera, Joe; Edmund L. Andrews (2008-10-22). "&lt;a href="http://www.nytimes.com/2008/10/23/business/economy/23paulson.html" class="external text" title="http://www.nytimes.com/2008/10/23/business/economy/23paulson.html" rel="nofollow"&gt;Struggling to Keep Up as the Crisis Raced On&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 23 October 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Joe&amp;amp;rft.aulast=Nocera&amp;amp;rft.title=Struggling+to+Keep+Up+as+the+Crisis+Raced+On&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F23%2Fbusiness%2Feconomy%2F23paulson.html&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-10-22"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-13"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-13" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Kary, Tiffany; Chris Scinta (2008-9-16). "&lt;a href="http://www.bloomberg.com/apps/news?pid=20601087&amp;amp;sid=aX7mhYCHmVf8&amp;amp;refer=home" class="external text" title="http://www.bloomberg.com/apps/news?pid=20601087&amp;amp;sid=aX7mhYCHmVf8&amp;amp;refer=home" rel="nofollow"&gt;JPMorgan Gave Lehman $138 Billion After Bankruptcy&lt;/a&gt;", Bloomberg&lt;span class="reference-accessdate"&gt;. Retrieved on 2008-9-16&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Tiffany&amp;amp;rft.aulast=Kary&amp;amp;rft.title=JPMorgan+Gave+Lehman+%24138+Billion+After+Bankruptcy&amp;amp;rft.identifier=http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601087%26sid%3DaX7mhYCHmVf8%26refer%3Dhome&amp;amp;rft.publisher=Bloomberg&amp;amp;rft.date=2008-9-16"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-Lehman_Merrill-14"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Lehman_Merrill_14-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/15/business/15lehman.html" class="external text" title="http://www.nytimes.com/2008/09/15/business/15lehman.html" rel="nofollow"&gt;"Lehman Files for Bankruptcy; Merrill Is Sold"&lt;/a&gt; article by Andrew Ross Sorkin in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt; September 14, 2008&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-15"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-15" title=""&gt;^&lt;/a&gt;&lt;/b&gt; See &lt;a href="http://en.wikipedia.org/wiki/American_International_Group" title="American International Group"&gt;American International Group&lt;/a&gt; for details and citations.&lt;/li&gt;&lt;li id="cite_note-NYT-Bernard-2008-09-17-16"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-NYT-Bernard-2008-09-17_16-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/18/business/yourmoney/18money.html" class="external text" title="http://www.nytimes.com/2008/09/18/business/yourmoney/18money.html" rel="nofollow"&gt;"Money Market Funds Enter a World of Risk"&lt;/a&gt; article by Tara Siegel Bernard in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt; September 17, 2008&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-17"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-17" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Gray, Michael. &lt;a href="http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm" class="external text" title="http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm" rel="nofollow"&gt;"Almost Armageddon: Markets Were 500 Trades from a Meltdown&lt;/a&gt; (September 21, 2008 ) &lt;a href="http://en.wikipedia.org/wiki/New_York_Post" title="New York Post"&gt;New York Post&lt;/a&gt;&lt;/li&gt;&lt;li id="cite_note-Treasury-Money_Market_Insurance-2008-09-18-18"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-Treasury-Money_Market_Insurance-2008-09-18_18-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.treasury.gov/press/releases/hp1147.htm" class="external text" title="http://www.treasury.gov/press/releases/hp1147.htm" rel="nofollow"&gt;"Treasury Announces Guaranty Program for Money Market Funds"&lt;/a&gt; ( September 19, 2008) Press Release. United States Department of the Treasury.&lt;/li&gt;&lt;li id="cite_note-NYT-Bajaj-2008-09-20-19"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-NYT-Bajaj-2008-09-20_19-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/20/business/20sec.html" class="external text" title="http://www.nytimes.com/2008/09/20/business/20sec.html" rel="nofollow"&gt;"S.E.C. Issues Temporary Ban on Short-Selling"&lt;/a&gt; article by Vikas Bajaj and Jonathan D. Glater in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 19, 2008&lt;/li&gt;&lt;li id="cite_note-aus-09-22-20"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-aus-09-22_20-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; "&lt;a href="http://www.nbr.co.nz/article/australian-short-selling-ban-goes-further-other-bourses-35494" class="external text" title="http://www.nbr.co.nz/article/australian-short-selling-ban-goes-further-other-bourses-35494" rel="nofollow"&gt;Australian short selling ban goes further than other bourses&lt;/a&gt;", &lt;i&gt;NBR&lt;/i&gt; (2008-09-22)&lt;span class="reference-accessdate"&gt;. Retrieved on 22 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.title=Australian+short+selling+ban+goes+further+than+other+bourses&amp;amp;rft.identifier=http%3A%2F%2Fwww.nbr.co.nz%2Farticle%2Faustralian-short-selling-ban-goes-further-other-bourses-35494&amp;amp;rft.publisher=%27%27NBR%27%27&amp;amp;rft.date=2008-09-22"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-21"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-21" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/20/business/economy/20cndleadall.html" class="external text" title="http://www.nytimes.com/2008/09/20/business/economy/20cndleadall.html" rel="nofollow"&gt;"Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling"&lt;/a&gt; article by Graham Bowley in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 19, 2008&lt;/li&gt;&lt;li id="cite_note-22"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-22" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html" class="external text" title="http://www.nytimes.com/2008/09/20/washington/19cnd-cong.html" rel="nofollow"&gt;"Congressional Leaders Were Stunned by Warnings"&lt;/a&gt; article by David M. Herszenhorn in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 19, 2008&lt;/li&gt;&lt;li id="cite_note-23"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-23" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/19/business/19fed.html" class="external text" title="http://www.nytimes.com/2008/09/19/business/19fed.html" rel="nofollow"&gt;"Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis"&lt;/a&gt; article by Edmund L. Andrews in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 18, 2008&lt;/li&gt;&lt;li id="cite_note-24"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-24" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/20/business/economy/20paulson.html" class="external text" title="http://www.nytimes.com/2008/09/20/business/economy/20paulson.html" rel="nofollow"&gt;"Paulson Argues for Need to Buy Mortgages"&lt;/a&gt; article by David Stout in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 19, 2008&lt;/li&gt;&lt;li id="cite_note-NYT.3DBjaj-2008-09-24-25"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-NYT.3DBjaj-2008-09-24_25-0" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/25/business/25value.html" class="external text" title="http://www.nytimes.com/2008/09/25/business/25value.html" rel="nofollow"&gt;"Plan’s Mystery: What’s All This Stuff Worth?"&lt;/a&gt; article by Vikas Bajaj in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 24, 2008&lt;/li&gt;&lt;li id="cite_note-26"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-26" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/20/business/20fed.html" class="external text" title="http://www.nytimes.com/2008/09/20/business/20fed.html" rel="nofollow"&gt;"Bush Officials Urge Swift Action on Rescue Powers}"&lt;/a&gt; article by Edmund L. Andrews in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 19, 2008&lt;/li&gt;&lt;li id="cite_note-27"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-27" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/21/business/21draftcnd.html" class="external text" title="http://www.nytimes.com/2008/09/21/business/21draftcnd.html" rel="nofollow"&gt;Draft Proposal for Bailout Plan&lt;/a&gt; (September 21, 2008). &lt;i&gt;New York Times&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-28"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-28" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/aponline/business/AP-Financial-Meltdown.html" class="external text" title="http://www.nytimes.com/aponline/business/AP-Financial-Meltdown.html" rel="nofollow"&gt;"Rescue Plan Seeks $700 Billion to Buy Bad Mortgages"&lt;/a&gt; article by &lt;a href="http://en.wikipedia.org/wiki/The_Associated_Press" title="The Associated Press" class="mw-redirect"&gt;The Associated Press&lt;/a&gt; in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 20, 2008&lt;/li&gt;&lt;li id="cite_note-29"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-29" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/21/business/21cong.html" class="external text" title="http://www.nytimes.com/2008/09/21/business/21cong.html" rel="nofollow"&gt;"$700 Billion Is Sought for Wall Street in Vast Bailout"&lt;/a&gt; article by David M. Herszenhorn in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 20, 2008&lt;/li&gt;&lt;li id="cite_note-30"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-30" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/22/business/22bank.html" class="external text" title="http://www.nytimes.com/2008/09/22/business/22bank.html" rel="nofollow"&gt;"Shift for Goldman and Morgan Marks the End of an Era"&lt;/a&gt; article by Andrew Ross Sorkin and Vikas Bajaj in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 21, 2008&lt;/li&gt;&lt;li id="cite_note-31"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-31" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Schwartz, Nelson D.; Carter Dougherty (2008-09-22). "&lt;a href="http://www.nytimes.com/2008/09/22/business/22global.html?hp" class="external text" title="http://www.nytimes.com/2008/09/22/business/22global.html?hp" rel="nofollow"&gt;Foreign Banks Hope Bailout Will Be Global&lt;/a&gt;", &lt;i&gt;The New York Times&lt;/i&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Nelson+D.&amp;amp;rft.aulast=Schwartz&amp;amp;rft.title=Foreign+Banks+Hope+Bailout+Will+Be+Global&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F09%2F22%2Fbusiness%2F22global.html%3Fhp&amp;amp;rft.source=The+New+York+Times&amp;amp;rft.date=2008-09-22"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-32"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-32" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/26/business/26bush.html" class="external text" title="http://www.nytimes.com/2008/09/26/business/26bush.html" rel="nofollow"&gt;"Lawmakers Agree on Outline of Bailout"&lt;/a&gt; article by David M. Herszenhorn in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 25, 2008&lt;/li&gt;&lt;li id="cite_note-33"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-33" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/25/business/25voices.html" class="external text" title="http://www.nytimes.com/2008/09/25/business/25voices.html" rel="nofollow"&gt;"Lawmakers’ Constituents Make Their Bailout Views Loud and Clear"&lt;/a&gt; article by Sheryl Gay Stolberg in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 24, 2008&lt;/li&gt;&lt;li id="cite_note-34"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-34" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/26/business/26bailout.html" class="external text" title="http://www.nytimes.com/2008/09/26/business/26bailout.html" rel="nofollow"&gt;"Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved"&lt;/a&gt; article by David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 25, 2008&lt;/li&gt;&lt;li id="cite_note-35"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-35" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/27/business/27repubs.html" class="external text" title="http://www.nytimes.com/2008/09/27/business/27repubs.html" rel="nofollow"&gt;"Conservatives Viewed Bailout Plan as Last Straw"&lt;/a&gt; article by Carl Hulse in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 26, 2008&lt;/li&gt;&lt;li id="cite_note-36"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-36" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/27/business/27cong.html" class="external text" title="http://www.nytimes.com/2008/09/27/business/27cong.html" rel="nofollow"&gt;"Politics Take Hold of Bailout Proposal"&lt;/a&gt; article by David M. Herszenhorn in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt; September 26, 2008&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-37"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-37" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/27/business/27plan.html" class="external text" title="http://www.nytimes.com/2008/09/27/business/27plan.html" rel="nofollow"&gt;"House Republicans Support a Plan That Would Insure Troubled Mortgages"&lt;/a&gt; article by Edmund L. Andrews in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 26, 2008&lt;/li&gt;&lt;li id="cite_note-38"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-38" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/26/business/26wamu.html" class="external text" title="http://www.nytimes.com/2008/09/26/business/26wamu.html" rel="nofollow"&gt;"Government Seizes WaMu and Sells Some Assets"&lt;/a&gt; article by Eric Dash and Andrew Ross Sorkin in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-39"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-39" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/27/business/27bank.html" class="external text" title="http://www.nytimes.com/2008/09/27/business/27bank.html" rel="nofollow"&gt;"Wachovia, Looking for Help, Turns to Citigroup"&lt;/a&gt; article by Ben White and Eric Dash in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt; September 26, 2008&lt;/i&gt;&lt;/li&gt;&lt;li id="cite_note-40"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-40" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/28/business/28bailout.html" class="external text" title="http://www.nytimes.com/2008/09/28/business/28bailout.html" rel="nofollow"&gt;"Breakthrough Reached in Negotiations on Bailout"&lt;/a&gt; article by David M. Herszenhorn and Carl Hulse in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 27, 2008&lt;/li&gt;&lt;li id="cite_note-41"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-41" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.nytimes.com/2008/09/29/business/worldbusiness/29britbank.html" class="external text" title="http://www.nytimes.com/2008/09/29/business/worldbusiness/29britbank.html" rel="nofollow"&gt;"Britain Close to Takeover of Another Lender"&lt;/a&gt; article by Landon Thomas, Jr. in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_New_York_Times" title="The New York Times"&gt;The New York Times&lt;/a&gt;&lt;/i&gt; September 28, 2008&lt;/li&gt;&lt;li id="cite_note-42"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-42" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://en.wikipedia.org/wiki/The_Times" title="The Times"&gt;The Times&lt;/a&gt;. &lt;a href="http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4842950.ece" class="external text" title="http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4842950.ece" rel="nofollow"&gt;"Taxpayers must risk billions for Bradford &amp;amp; Bingley"&lt;/a&gt; article by Philip Webster, Patrick Hosking and Tim Reid in &lt;i&gt;&lt;a href="http://en.wikipedia.org/wiki/The_Times" title="The Times"&gt;The Times&lt;/a&gt;&lt;/i&gt; September 29, 2008&lt;/li&gt;&lt;li id="cite_note-43"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-43" title=""&gt;^&lt;/a&gt;&lt;/b&gt; van der Starre, Martijn; Meera Louis (2008-09-29). "&lt;a href="http://www.bloomberg.com/apps/news?pid=20601087&amp;amp;sid=ahlKDjeO0Lik&amp;amp;refer=home" class="external text" title="http://www.bloomberg.com/apps/news?pid=20601087&amp;amp;sid=ahlKDjeO0Lik&amp;amp;refer=home" rel="nofollow"&gt;Fortis Gets EU11.2 Billion Rescue From Governments&lt;/a&gt;", Bloomberg&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Martijn&amp;amp;rft.aulast=van+der+Starre&amp;amp;rft.title=Fortis+Gets+EU11.2+Billion+Rescue+From+Governments&amp;amp;rft.identifier=http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601087%26sid%3DahlKDjeO0Lik%26refer%3Dhome&amp;amp;rft.publisher=Bloomberg&amp;amp;rft.date=2008-09-29"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-44"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-44" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Sorkin, Andrew Ross (2008-09-30). "&lt;a href="http://dealbook.blogs.nytimes.com/2008/09/29/citigroup-nears-a-deal-for-wachovia/index.html" class="external text" title="http://dealbook.blogs.nytimes.com/2008/09/29/citigroup-nears-a-deal-for-wachovia/index.html" rel="nofollow"&gt;Citigroup to Buy Wachovia Banking Operations&lt;/a&gt;", The New York Times blog Dealbook&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Andrew+Ross&amp;amp;rft.aulast=Sorkin&amp;amp;rft.title=Citigroup+to+Buy+Wachovia+Banking+Operations&amp;amp;rft.identifier=http%3A%2F%2Fdealbook.blogs.nytimes.com%2F2008%2F09%2F29%2Fcitigroup-nears-a-deal-for-wachovia%2Findex.html&amp;amp;rft.publisher=The+New+York+Times+blog+Dealbook&amp;amp;rft.date=2008-09-30"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-45"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-45" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Sorkin, Andrew Ross; Eric Dash (2008-09-28). "&lt;a href="http://www.nytimes.com/2008/09/29/business/29bank.html" class="external text" title="http://www.nytimes.com/2008/09/29/business/29bank.html" rel="nofollow"&gt;Citigroup and Wells Fargo Said to Be Bidding for Wachovia&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Andrew+Ross&amp;amp;rft.aulast=Sorkin&amp;amp;rft.title=Citigroup+and+Wells+Fargo+Said+to+Be+Bidding+for+Wachovia&amp;amp;rft.identifier=http%3A%2F%2Fwww.nytimes.com%2F2008%2F09%2F29%2Fbusiness%2F29bank.html&amp;amp;rft.publisher=The+New+York+Times&amp;amp;rft.date=2008-09-28"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-46"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-46" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://www.glitnir.is/english/about-glitnir/news/detail/item14983/The_government_of_Iceland_acquires_75_percent_share_in_Glitnir_Bank/" class="external text" title="http://www.glitnir.is/english/about-glitnir/news/detail/item14983/The_government_of_Iceland_acquires_75_percent_share_in_Glitnir_Bank/" rel="nofollow"&gt;Glitnir, &lt;i&gt;About Glitnir, News: 29.09.2008, The government of Iceland acquires 75 percent share in Glitnir Bank&lt;/i&gt;&lt;/a&gt;&lt;/li&gt;&lt;li id="cite_note-47"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-47" title=""&gt;^&lt;/a&gt;&lt;/b&gt; &lt;a href="http://eng.forsaetisraduneyti.is/news-and-articles/nr/3016" class="external text" title="http://eng.forsaetisraduneyti.is/news-and-articles/nr/3016" rel="nofollow"&gt;Prime Minister's Office, &lt;i&gt;News and Articles: The Government of Iceland provides Glitnir with new equity (9/29/08)&lt;/i&gt;&lt;/a&gt;&lt;/li&gt;&lt;li id="cite_note-48"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-48" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Hunter, Michael; Neil Dennis (2008-09-29). "&lt;a href="http://www.ft.com/cms/s/0/d925b966-8dec-11dd-8089-0000779fd18c.html" class="external text" title="http://www.ft.com/cms/s/0/d925b966-8dec-11dd-8089-0000779fd18c.html" rel="nofollow"&gt;Heavy stock losses after Fed action&lt;/a&gt;", The Financial Times&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Michael&amp;amp;rft.aulast=Hunter&amp;amp;rft.title=Heavy+stock+losses+after+Fed+action&amp;amp;rft.identifier=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fd925b966-8dec-11dd-8089-0000779fd18c.html&amp;amp;rft.publisher=The+Financial+Times&amp;amp;rft.date=2008-09-29"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-49"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-49" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Politi, James; Krishna Guha, Daniel Dombey and Harvey Morris (2008-09-29). "&lt;a href="http://www.ft.com/cms/s/0/f9525dd4-8d24-11dd-83d5-0000779fd18c.html" class="external text" title="http://www.ft.com/cms/s/0/f9525dd4-8d24-11dd-83d5-0000779fd18c.html" rel="nofollow"&gt;Central banks pump cash into system&lt;/a&gt;", The Financial Times&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=James&amp;amp;rft.aulast=Politi&amp;amp;rft.title=Central+banks+pump+cash+into+system&amp;amp;rft.identifier=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff9525dd4-8d24-11dd-83d5-0000779fd18c.html&amp;amp;rft.publisher=The+Financial+Times&amp;amp;rft.date=2008-09-29"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-50"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-50" title=""&gt;^&lt;/a&gt;&lt;/b&gt; "&lt;a href="http://www.marketwatch.com/news/story/us-stocks-slide-dow-plunges/story.aspx?guid=%7B7F45BE2A-0486-494E-B87C-76D9F2688338%7D" class="external text" title="http://www.marketwatch.com/news/story/us-stocks-slide-dow-plunges/story.aspx?guid={7F45BE2A-0486-494E-B87C-76D9F2688338}" rel="nofollow"&gt;U.S. stocks slide, Dow plunges 777 points, as bailout fails&lt;/a&gt;", &lt;a href="http://en.wikipedia.org/wiki/MarketWatch" title="MarketWatch"&gt;MarketWatch&lt;/a&gt; (2008-09-29)&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.title=U.S.+stocks+slide%2C+Dow+plunges+777+points%2C+as+bailout+fails&amp;amp;rft.identifier=http%3A%2F%2Fwww.marketwatch.com%2Fnews%2Fstory%2Fus-stocks-slide-dow-plunges%2Fstory.aspx%3Fguid%3D%7B7F45BE2A-0486-494E-B87C-76D9F2688338%7D&amp;amp;rft.publisher=%5B%5BMarketWatch%5D%5D&amp;amp;rft.date=2008-09-29"&gt;&lt;span style="display: none;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/li&gt;&lt;li id="cite_note-51"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-51" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Information from C-Span September 29, 2008&lt;/li&gt;&lt;li id="cite_note-52"&gt;&lt;b&gt;&lt;a href="http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008#cite_ref-52" title=""&gt;^&lt;/a&gt;&lt;/b&gt; Hulse, Carl; David M. Herszenhorn (2008-09-28). "&lt;a href="http://www.nytimes.com/2008/09/29/business/29bailout.html" class="external text" title="http://www.nytimes.com/2008/09/29/business/29bailout.html" rel="nofollow"&gt;Bailout Plan in Hand, House Braces for Tough Vote&lt;/a&gt;", The New York Times&lt;span class="reference-accessdate"&gt;. Retrieved on 29 September 2008&lt;/span&gt;.&lt;span class="Z3988" title="ctx_ver=Z39.88-2004&amp;amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&amp;amp;rft.type=newspaperArticle&amp;amp;rft.subject=News&amp;amp;rft.aufirst=Carl&amp
