
Bin Laden: Goal is to bankrupt U.S.
Al-Jazeera releases full transcript of al Qaeda leader's tapeTuesday, November 2, 2004 Posted: 0107 GMT (0907 HKT)
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Osama bin Laden delivers a videotaped message broadcast on Arabic-language network Al-Jazeera.more videoVIDEO
Bin Laden times message with U.S. election.
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Kerry reacts to the videotape from Osama bin Laden
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RELATED • On the Scene: Nasr: 'He's sending a message to the American people' • Partial transcript: Bin Laden's message • Timeline: Terror on tape, bin Laden messages • Special Report: The hunt for Osama bin Laden • U.S. probes pair of videotapes
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Manage alerts | What is this?(CNN) -- The Arabic-language network Al-Jazeera released a full transcript Monday of the most recent videotape from Osama bin Laden in which the head of al Qaeda said his group's goal is to force America into bankruptcy.
Al-Jazeera aired portions of the videotape Friday but released the full transcript of the entire tape on its Web site Monday.
"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript.
He said the mujahedeen fighters did the same thing to the Soviet Union in Afghanistan in the 1980s, "using guerrilla warfare and the war of attrition to fight tyrannical superpowers."
"We, alongside the mujahedeen, bled Russia for 10 years until it went bankrupt and was forced to withdraw in defeat," bin Laden said.
He also said al Qaeda has found it "easy for us to provoke and bait this administration."
"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.
Al-Jazeera executives said they decided to post the entire speech because rumors were circulating that the network omitted parts that "had direct threats toward specific states, which was totally untrue."
"We chose the most newsworthy parts of the address and aired them. The rest was used in lower thirds in graphics format," said one official.
U.S. intelligence officials Monday confirmed that the transcript made public Monday by Al-Jazeera was a complete one.
As part of the "bleed-until-bankruptcy plan," bin Laden cited a British estimate that it cost al Qaeda about $500,000 to carry out the attacks of September 11, 2001, an amount that he said paled in comparison with the costs incurred by the United States.
"Every dollar of al Qaeda defeated a million dollars, by the permission of Allah, besides the loss of a huge number of jobs," he said. "As for the economic deficit, it has reached record astronomical numbers estimated to total more than a trillion dollars.
The total U.S. national debt is more than $7 trillion. The U.S. federal deficit was $413 billion in 2004, according to the Treasury Department.
i say conspiracy,Bin laden is in on it if anything.
This,s a high praise for Ben Laden,s abilities , now he would believe his raving.
Seriously, no one can bunckrupt America but a master piece like Bush
i had figured that bin laden had that exact plan all along and truthfully, i cannot understand why our government did not see it for what it was..
instead, bush fell for the ploy hook, line, and sinker..
bin laden played him perfectly.
FINALLY, SOME ONE REMEMBERED. This has been Bin Laden goal and he is sitting there probably laughing at the USA and saying these people think they have won the war, spending billions a month and McCain is saying keep the troops there with no time table to come out so we end up spending more and more driving billions out of our own economy and placing the AMERICAN PEOPLE, YOU AND ME so deep in a hole we wont even have the funds to defend ourselves. And then our leaders will say we are making progress as the ship sinks. Our leaders, BUSH led this country into a UNNECESSARY WAR and has created an army overseas that is against the USA bigger than any ARMY USA can amass. The army I mean is not just the extremist but the ordinary peple in the world that hold a negative view of America because of our Aggression in the world. American need to step back and regroup and it start with a withdrawal from IRAQ, It needs dialog with all parties including those consider our enemies. We need to understand there clutures and not just try to enforce our Western views on the world.
We are giving BIN LADEN the war on a silver platter. If he not dead already we need to find him. he is the enemy. Even IRAN is not our enemny at this time. So we need to stop stirring the pot and seek diplomatic solutions. If you are not attacked now your allies attacked you have no enemy. The day they lift there hand to do so. YOU OBLITERATE THEM.
America WAKE UP..BIN LADEN IS BREAKING YOUR BANKS.
Islamic Scholar, where do you stand? Do you want the United States to collapse and become an Islamic caliphate? Be honest.
tschreck,
Check the timeline, Pres. Bush has tried to get Congress to raise lending standards. He was repeatedly ridiculed by democrats claiming that poor people (sub-prime) would not be able to get a home. It's the great leadership and foresight of the democrats that got us here. Republicans and Bush are only partially to blame.
With regards to Binladen, it's no secret that the democrats and the enemies of the US have the same agenda.
Naftel
woudl you like to see this nation become a christian theocracy.. just tell me where you stand?
bin ladin could not have asked for anyone better than bush. Ladin also cried about have laughingly predictable the president was.
Still it does give bin ladin a bit of cried but it is hard to argue had we not gone into iraq.. the 700 billion bailout would be an easier pill to swallow
woudl you like to see this nation become a christian theocracy
No, I believe is separation of Church and State as outlined in the Constitution
.
bin ladin could not have asked for anyone better than bush.
Maybe so... I still side with Bush over Bin Laden, no matter how many mistakes Bush makes.
My question is still open to Scholar.
Liberal Dems constantly wanting to raise taxes are bankrupting our country without any assistance from Osama. The nail in the coffin would be if Obama gets elected. Pelosi and Obama with no checks and balances will destroy us, by promising handouts for votes. The "real working people" can't pay this bill forever. We are good , but not that good.
Frank - you are amazingly out of touch. Liberals haven't been the ones in power for 12 of the last 14 years. I would really check your GOP concepts against reality because you are seriously confused. Your good friends in the Repub party have brought you this mess. From your free spending president to the folks in congress who have no self control at all - they just opened the government checkbook to their GOP buds and let them have at it.
Amazing how someone can be so delusional. You should be proud of the fact that even someone as totally out of touch as you is still allowed to enter a voting booth and cast a vote. Personally - while I respect the concept - it scares the hell out of me that people like you are able to vote. Just one of the downsides to a republic that we have to live with.
Here is some more fruit for thought on how Obamas tax proposal will destroy our country. 10 Things You Need to Know About Senator Obama's Tax Proposals Under the tax plans of Barack Obama and his Democratic friends in Congress, American families will only be left with… the change in their pockets. In 2009, Barack Obama and the Democratic Congress have an idea for a bill. Well, really, it's a lot of bills that will be paid for by nearly every American in the form of higher taxes and higher costs for food, energy and other products. So if you have a retirement account, work in or shop at a small business, are close or in retirement, or even flip on a light switch, then there are a few things that you should consider. Under that plan: 1. Small main street businesses would be forced to pay tax rates as high as 62.3% under Senator Obama's tax proposals. 2. Senator Obama's tax plan would tax small businesses at a higher rate than large corporations! 3. Taxes on retirement income and savings could increase by at least 33%, hitting millions of seniors when they need these resources the most. 4. million workers over the age of 50 – those eagerly looking forward to retirement – would be hit with increased tax bills. 5. Millions of Americans would only keep 38 cents of every dollar that they earn. 6. Senator Obama's tax plan would reduce the after tax wages of millions of workers by 17.7%. 7. It will take 227 days per year, nearly 8 months, just to pay your tax bill! 8. 97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists would see tax increases, if the earnings cap was successfully eliminated. 9. 10.3 million workers would see an average of $5,650 taken from their paycheck and given to government programs. 10. Even YOU might be considered "Rich."
I know SM-701919. You like many other cult like liberals are very concerned with people who don't see the world the way you do. Maybe deep down you feel us people who think for ourselves should be silenced much like the communists do. It's for this reason we fight for freedom and yes unfortunately many good men and women have died, so fools like you can also voice your uninformed opinion. Not a lot of anger here just a lot of concern for our country. Maybe we should stop getting our news from Hollywood, who are paid to pretend, and start seeking credible sources. This might be an enlightening experience for you.
Have a great day!
Jim-
It's the great leadership and foresight of the democrats that got us here
wanna try to back that one up?
i'd love to hear you talk of the so called majority that the dems enjoy..
Nobody is denying that Bush has abandoned conservative principles when it comes to the economy. He has definitely spent money like a liberal. This is true! But raising taxes, and making "the people" more dependent on "The Great Pacifier" the Government does not solve the problem either, It will increase the problem drastically. You can call it taxing the rich if you want, but you are taking money out of the free market that provides jobs for small business owners like myself. As a small business owner, i don't want gifts or incentives from "the Great Pacifier" i want to succeed or fail on my own merit. Raising taxes will squash any ones chance of doing anything on their own. I don't know about you but i don't want to be a nation that is totally dependent on their Government. If you keep asking for handouts, you start to get addicted to them. If you understand the repercussions of the "Obama plan" you will see it's a lose-lose for everyone
Frank - I have your type figured out - no need to respond to my posts any more. Your just a nut. As soon as you toss out the communist crap with Hollywood babble and then mix in freedom and that nonsense about Obama leaving you with just change in your pocket - I knew you were just a nut.
Feel free to use sources for this information of yours by the way - might seem a little more reliable than just ranting.
You are the same goofballs that said Gore and Kerry would destroy the country. Turn on the TV - it has been Bush who has taken us to the cleaners and left us with just change in our pockets.
Islamic scholar, You never answered Naftels question. It's 1.4 in case there was an oversight
SM-701919 When you turn on your tv what comes on? The View, David Letterman, MTV News, Etc ? Sounds like it. These people are not in touch with real everyday people, most of them aren't even in touch with reality. No ranting here just rightchange.com. It's on the TV also
I'm sure many people felt the same way I did when I said in the very beginning that the goal was to financially bankrupt America. It's poetic justice to prove how evil and corrupt America is to people like Bin Laden. Throughout history the failures of great countries around the world fell from within. These types of people know full well they can't destroy America in military battle. Just simply survive a war of attrition is the real battle plan.It's not the attack on 9-11 that mattered, it is the monies we spend each day to insure it doesn't happen again. It's not to argue whether we should or should not be in Iraq, it's the monies we spend each day to do battle. And even if we "win " tomorrow we will still invest billions into a sandbox just for oil.
Islamic scholar, You never answered Naftels question. It's 1.4 in case there was an oversight
I'm glad someone else is in tune to the silence. Hopefully it is just an oversight and he will answer soon.
Frank - you figured me out. I get all my news from David Letterman. You once again proved my point - your a total tool.
Islamic Scholar, where do you stand? Do you want the United States to collapse and become an Islamic caliphate?
Seriously, wouldn't that be best for everybody?
They could keep the Christian fundamentalists in line. It would be almost like having a 2 party political system except that both groups would be more interested in useless, ineffectual ideology than any sort of practical problem solving...
Why is this sounding so familiar?
Islamic Scholar, where do you stand? Do you want the United States to collapse and become an Islamic caliphate?
Seriously, wouldn't that be best for everybody?
I sense the sarcasm in your answer, but I think any form of Religious fundamentalism is dangerous, Christian fundamentalism included. I think it is a fair question to ask the author who posted this in order to evaluate his motives and his posts. If he doesn't answer, I'll just have to draw my own conclusions.
tschreck,
I thought I did explain it. I never said the Dems had control of Congress. The leadership I meant was the proliferation of the idea that the poor and lower classes are entitled to the same possession and privileges that the middle class and upper class have earned. For example: A house. Where in the Constitution does it say that ALL men (people, but that's how it's written) have the right to happiness and the right to own a house? It doesn't! It says we all have the right to the PURSUIT of happiness. Democrats (and I do have to admit Bush jr. and Reps recently) have been promising all these things and writing checks with our taxes. These promises and loose spending is what got us here. Yes Republicans spent a lot of money but Dems were right there with them with a hand out. Raising taxes, increasing spending, and spreading the wealth is not leadership, it's socialism. And for all those favoring socialism, remember that the Top Cats still make the money in a socialistic society.
I have been saying this to anyone who will listen since I saw this release! I cannot believe there are people who still don't believe it! The plan is larger than the source of the release....people need to research these things and find out where the connections of individuals meet. At any rate, yes, I can't believe it has taken anyone this long to comment. Where is the real news, commentary, debates? Well, there is rarely anything like that. American people want to live in a house with no view of the outside world. That's the majority anyway and the government knows this. Unfortunately, the rest of us, who understands what makes America so great, and have a head on our shoulders are never listened to. Open your minds people! Open your eyes!
Wow, looks like we are getting some people who think for themselves. This is encouraging.
Islamic Scholar, where do you stand? Do you want the United States to collapse and become an Islamic caliphate? Be honest.
if Americans convert to Islam on their own only, but it doesn't matter its all part of Gods plan, if its in the plan, it will happen
there is no way bin laden masterminded anything, he can barley operate an AK
Verry well Scholar... thank you for your response. Would you agree that if it ever came to pass that Americans were forced, by threat of death, to embrace Islam, that would not be part of God's plan. It seems from your post that you would agree with that statement, but I just want to be clear on the subject.
OK Islamic Scholar lets not avoid Naftels new question #1.27. All Americans who have taken the bate blaming Bush, and America for everything, including bad weather WAKE UP. Divided we will fall. There are a lot more "Islamic Scholars" out there, and they want to see This great country fall no matter who is President. Be careful and watch closely when voting for who "you" believe is going to protect our country the best.
Verry well Scholar... thank you for your response. Would you agree that if it ever came to pass that Americans were forced, by threat of death, to embrace Islam, that would not be part of God's plan. It seems from your post that you would agree with that statement, but I just want to be clear on the subject.
No that would not be part of the plan, War is never in Gods plan. the Quran clearly states its man that starts fires and God extinguishes it. and the word fire refers to wars.
Thank you again for your calrification Scholar... May we both live long enough to see a new day where we ALL live together in peace and freedom.
Frank... I agree with your post #1.28, but I take Scholar at his word that he is not among those who wish to impose Islam by threat or force. It is my understanding and my experience that such people are a minority in the Islamic faith, which is not to say they are not a threat, they are, but they do not speak for the majority of their religion.
Would you agree that if it ever came to pass that Americans were forced, by threat of death, to embrace Islam, that would not be part of God's plan
Fundamentalist christian paranoid B.S. is what that is.
It's the same sort of incendiary brainwash that fundamentalists everywhere indoctrinate their sheep with. It doesn't matter the flavor - christian, muslim...it's all the same. It's a lever used in a fashion of: "believe our way, because there's no other way."
You might enjoy crapping your pants at the thought of anyone different than yourself - I don't.
The world is a lot bigger than your pea-brained little philosophy which is, incidentally, the thinking of an uneducated and fearful mob.
Do something useful, take a comparative religious studies course and, no, not one sponsored by your cult.
Seems to be working.
Fundamentalist christian paranoid B.S. is what that is.
Sorry Ire, I am not a fundamentalist Christian. I don't belong to a church and I certainly don't belong to a cult. I simply asked a "what if" question to help in my understanding of what one person, Islamic Scholars, believes. Did you see my post #1.30. There is much more paranoia in your respomse to me than there was in my question to Scholar, who, much more graciously than you, gave a thoughtful reply.
Islam can never be viewed as a threat, maybe some Muslims ,but Islam itself is not a threat
really?
if thats his plan then i gotta say wow.....hes definetly doing a heck of a job.
maybe im on the wrong side of this thing
i kidddd i kidddd
No. Absolutely not. The Bush administration is not going to pass the buck on this one. His failed economic policy is the root of our problems, not anyone or anything else. Reaganomics was based on deregulation and resulted in the collapse of the Savings & Loan financial institutions. During the Reagan administration Bin Laden was on the US payroll fighting the Russians in Afghanistan.
President Harry Truman had a sign on his desk in the Oval Office. It said, "The buck stops here." President Bush needs a sign that says, "The buck stops somewhere else, but not here." He believes that he is not capable of making mistakes and that everyone is out to get him. He is his own worst enemy.
So - NO, President Bush's economic policies are the cause of our current financial distaster. Period.
oh yeaaaaaa
this does seem a little timely....that bin laden steps up to take responsibility for economic failure
thats kinda wierd...
he literally makes it seem like the U.S economy failing is part of terrorism....
MANNNNN WHAT A CONSPIRACY THIS IS WILD!
Bin Scapegoat for bushs policies .
Trying to rewrite history....again.
It sounds like emboldening the terrorists to me.
YESSS! Someone finally remember what side Bin Laden was on before all this! Someone actually remembered this country's history in the Middle East. Someone also finally remember how Reaganomics nearly destroyed this country in the 80's! Thank you so much!
There are a combination of Factors including the IRAQ war which is causing this problem. Dont forget US has been fighting a war for over 5 years. Right now in "mopping up ops" it costing us 10 billion a month. How much was it costing us in the first month of this war????? More than that I am sure. Now if all these billions that BUSH wasted in in IRAQ had been pumped into this economy even with his policies we would not be here yet. We may have gotten to this point but maybe five years from now. From a a billion dollar SURPLUS that the Clinton admin left us to a trillion dollar deficit that this admin has left for me, my kids , my grand kids , my great grand kids....We need a Change of this Republican way of thinking. We need a fresh start and to regain or place in the world as #1.
Bin Scapegoat for bushs policies .
Not exactly Ben Laden may be glad to see America falling into economic crisis , but he can,t be that briliant and influential guy to plan for such event
I think that he didn,t imagine for a moment that Bush would invade Iraq and spend huge money on it, because he knows that Iraq has nothing to do with 9/11 or al-quaeda.
Not exactly Ben Laden may be glad to see America falling into economic crisis , but he can,t be that briliant and influential guy to plan for such event
I agree, i think Bin laden could be in on everything
REPUBLICANS want to bankrupt the US and they are succeeding!
And now they insist we pay the bill to bailout the greedy bums on wall street but we not penalize the bums by regulating wall street nor should we stop the golden parachutes the wall street CEO's get.
Republicans beleive that they should prosper and we pay the bill.
And now they insist we pay the bill to bailout the greedy bums on wall street but we not penalize the bums by regulating wall street nor should we stop the golden parachutes the wall street CEO's get.
Actually, it is Conservative Republicans who are holding up the bailout. Democrats, who know they shoulder at leat half the blame and probably more for this problem are all on board. Some Repubilcans are looking for solutions that don't transfer the cost to taxpayers and Democrats on the banking committee are accusing them of stalling the process of getting the bill finished. Anyone who says this is all George Bush and the Republicans fault simply doesn't understand the issue. Fact: Democrats blocked proposed Republican reforms more than once. Fact: Bill Clinton accused his own party of blocking reforms proposed by his administration. Even top Democrats aren't laying the blame on Republicans because they know it isn't true and they would be fervently pushing it on Bush if there was even the slightest possibility they could make it stick. So I guess it's up to uninformed Newsviners to do that for them. Of course, it is much easier to blame Bush than to consider that your party members might not be the brilliant angelic saviors of humanity that you believe they are.
Here's what it comes down to: Democrats would LOVE to investigate Republicans and find them guilty of something. So....
Why aren't the Dems calling for investigations? Why aren't they sending out subpoenas?
Why aren't they calling for the CEOs (Obama's economic advisors) to be investigated for wrongdoing?
Seem the Dems got caught with lipstick and all they can do is point the finger.
Democrats would LOVE to investigate Republicans and find them guilty of something.
Maybe so; and if so it would be for something far more substantial than a B.J.
So.... Why aren't the Dems calling for investigations? Why aren't they sending out subpoenas?
Maybe they want to concentrate on things of importance to the country first. I realize that the 'Pubs would put vendetta before the best interest of the country, but that's philosophical difference between the 2 parties...
Maybe they want to concentrate on things of importance to the country first. I realize that the 'Pubs would put vendetta before the best interest of the country, but that's philosophical difference between the 2 parties...
Please... So now the Democrats are taking the moral high ground by ignoring the fact that is all the Republicans fault so they can focus on the country. They just now decided to start playing nice, even though the believe Repbulicans are 100% responsible for ruining the economy. You insult your own intelligence with a post like that.
Funny thing is, the Democrats are all on board for the bailout and Republicans are saying... not so fast. Liberal radio, Air America, has been completely against the bailout and calling for it to be stopped. The only ones who seem to agree with them are Conservative Republicans. So now they are starting to blame McCain for stalling and/or blocking the bailout, which is what they said they wanted all last week. Now that is irony at it's finest.
Dems do have the moral high ground because they represent a much broader base than the infantile idol worshipping pseudo-christian moralists and pseudo-free market greedheads of the right.
The @!$%#ry is sick and tired of the fear mongering and scapegoating and wants to be rational again. Meaning the type of thinking that spawned those self-righteous-self-loathing types like Larry Craig, Ted Haggart, Rumsfeld et. al. will have to go evolve or get stuck back in the closet with them...
The irrationality that your thinking represents is on its way out the door on a global scale.
You paint with a broad brush Ire... Way too broad. Anyway I will be glad to give yout he world you think you deserve and the world you think I am preventing you from having. I'll give you my address if you want to get rid of me first. I'll even supply the gun and the bullet... all you have to do is pull the trigger.
Ultimately there is much more fear in your heart and mind than there is in mine and it reflects in your posts.
I'll even supply the gun and the bullet... all you have to do is pull the trigger.
No worries Naftel - I don't like guns and you'll do yourself soon enough anyway.
Actually, I'll be fine and I hope you will be also. I am NOT your enemy, no matter what you hear on Air America.
He also said al Qaeda has found it "easy for us to provoke and bait this administration."
I found this quote to be of particular interest. I feel more confident than ever, that the last 7 years have been one big "my d--k is bigger than your d--k" fight between Al Qaeda and the Bush Administration. Neither side actually wanting peace...though both invoke "God" on their own behalf to manipulate the populous.
True
LOL, We need Bin Laden to do that? We have a Republican president! Tax cuts for the rich with a growing National debt? Tax cuts for business and industries that ship jobs overseas shrinking the tax base? Allowing a flood of illegal and legal immigrants to enter the country driving down already stagnant wages? again shrinking tax revenues.
We don`t need help! Ever watch Mars Attacks? Listening to the Prez and congress is starting to sound like Slim Whitman`s Indian love call to Joe Citizen! We don`t have it but will spend it anyway! The taxpayers will pay!
He also said al Qaeda has found it "easy for us to provoke and bait this administration."
Its like he was sitting with us listening to everything, its not my fault, its Osamas fault.
I thought that eventual economic collapse was the biggest factor in the 9/11 attacks. That's why the World Trade Center was chosen as a target. If Bin Laden wanted to just kill a lot of people he'd have been more likely to attack a sporting event or another similar venue. I think Bin Laden was smart enough to figure that destroying the headquarters for many important Wall Street firms would at least get the ball rolling.
Osama Bin Laden is not responsible for the current economic situation, our own corporate greed is at fault there, but I do believe that the collapse of our economy was accelerated by the 9/11 attack.
I remember when Bin made that statement.And I kind of remember saying something to the order that He didn't have to lift a finger, that they would do it themselves.
And boy!! that man was right.
Now look at all them Jokers and Clowns running around.
Hetep and Respect ISLAMICSCHOLARS, Your ben Laden quote is remarkable food for thought.
"We, alongside the mujahedeen, bled Russia for 10 years until it went bankrupt and was forced to withdraw in defeat," bin Laden said.
He also said al Qaeda has found it "easy for us to provoke and bait this administration."
"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.
Hmm, who is doing what to whom in Bush's America.
Then what did we go to Iraq for? Bin Laden wasn't there, our gov't cooked the books on that, remember? And we aren't chasing him anywhere he is purported to be.
As far as al Qaeda provoking this administration, get on line. American Republicans are at war with their arch enemy, American Democrats, not to mention Libruls, the media, wall street, health insurance, fair wages, Mexicans, Canadians, elitists..........
Then what did we go to Iraq for?
We went to Iraq in order to create a forward base of operations to facilitate the isolation and, in my view, inevitable military confrontation with Iran, the single biggest state sponsor of terrorism for the past 30 years or more. The Government will never say that, but the writing is on the wall. Between Iraq, Afghanastan and Turkey, we now have military forces on all sides of their country. As the President stated shortly after 9/11 the invasion of Iraq was simply the first part of a much larger war that included Iran and North Korea. Iraq was never a threat, but Iran is in bed with Bin Laden and company, no matter how much they deny it, and it was decided that it would be better to have our forces ready to act from next door than from across the ocean.
While I am not necessarily persuaded that bin Laden is behind all of this, I do believe that the U.S. has been the target of an economic war. I seeded an article about it a month or so back and it is something that needs more attention.
Economic terrorism is REAL. We are seeing the evidence all around us.
Thanks for the seed.
So what country's innocent people can we bomb and kill to fix this? Certainly this can be fixed with more blood and tears.
And economic terrorism is also something we export. Ever read "Confessions of an Economic Hit Man"?
Mars: There are far better solutions, but until someone recognizes the problem, there will be NO solutions. Bombs solve nothing, they just create more pain and problems.
You have got to be F**##@* kidding me. So you mean to tell me that he is in control of the USAs lending industry? I knew it. (sarcasm) This article is doing what it is meant to do...point the finger, because the Americans had nothing to do with this. Wake up people, we need to start taking responsibilities for our actions otherwise we will repeat history. Unity and trading goods for services is what the future will be OR war.
It's not that we are not owning up to this. Like I said before, there is a much larger problem that involves a multitude of people, countries (not excluding powers in our own), etc. No, I don't, for a moment think Bin-Laden masterminded what is now going on, but face it, Washington, as a whole, has become predictable......it's not paranoia, it reality.
Autumnbo
This article is doing what it is meant to do...point the finger, because the Americans had nothing to do with this. Wake up people, we need to start taking responsibilities for our actions otherwise we will repeat history. Unity and trading goods for services is what the future will be OR war.
Ive read that his been dead already tobegin with, and his son said that videos are mostly fakes, Bin laden is given way to much credit here and i do agree with what your saying
smart american woman...really! With a brain
No, I don't, for a moment think Bin-Laden masterminded what is now going on, but face it, Washington, as a whole, has become predictable......it's not paranoia, it reality.
Washington is very predictable, protect the rich at all costs is what i think.
The problem in Wall Street "now" not what has led up to or caused the bankruptcies is "Confidence".
Washington Mutual went bankrupt last night because the American people lost faith and withdrew their funds. WaMu had nothing left to give, the FDIC stepped in, handed it over to JP Morgan Chase.
Banks are not loaning other banks money, because they lack confidence that debts will be paid.
This is all about emotion, not logic. It hasn't helped that for the past few decades politicians have been feeding the American people fear, uncertainty and doubt, creating the atmosphere for a confidence.
Come election day, think about your choices and which politicians have fed this fear this machine.
Check out what Daily Kos has to say about this if you think that it is a Republican ploy.
Of course our government is still responsible for not seeing and stopping any economic terrorism. Just like they were responsible for not seeing and stopping the 9-11 plot before the damage was done.
This is serious business. It does not let anyone on Wall Street or in Washington off the hook. But it might let the American people know what is going on before we decide to pay the trillion dollar bill.
Daily Kos? LOL
Sorry..but the Congressional Record tells the story
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''
Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable.
The CRA was passed into law by the U.S. Congress in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act.
The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions.
President Clinton's administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators' attention on institutions' performance in helping to meet community credit needs. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for five years.
Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages.
Racial inequities in mortgage acceptance rates (as reported by Inner City Press, the National Community Reinvestment Coalition, ACORN and other groups) are cited as a primary reason to maintain or even increase the scope of the CRA.
Perhaps the greatest scandal of the mort gage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults. At the crisis' core are loans that were made with virtually nonexistent underwriting standards - no verification of income or assets; little consideration of the applicant's ability to make payments; no down payment.
From the current hand-wringing, you'd think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards - at the behest of community groups and "progressive" political forces.
In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
In fact, minority mortgage applications were rejected more frequently than other applications - but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.
A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities. It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.
Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with "100 percent financing . . . no credit scores . . . undocumented income . . . even if you don't report it on your tax returns." Credit counseling is required, of course.
Thomas DiLorenzo, an economist who calls Ron Paul "the Jefferson of our time," wrote in September that the housing crisis is "the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers." The policy DiLorenzo decries is the 1977 Community Reinvestment Act, which requires banks to lend throughout the communities they serve.
You can not change the facts.
the housing crisis is "the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers."
These policies, which were written and championed by Democrats, were vote generators and nothing more. Republicans eventually jumped on board because the programs were popular with voters who wanted to buy a house, but needed government help to do it. Bottom line, the Government never should have gotten itself involved in the realestate or mortgage lending market.
True
I think blaming the crisis on mortgages is not really getting to the root of the issue and is somewhat misleading. The true root of the problem is that banks were required to keep enough capital on hand to cover the possibility of any loans going bad and bankers devised a way to get around this requirement through CDS's (credit default swaps) which are not regulated by the government. At the time these CDS's were invented, most of the loans they covered represented loans to big corporations. In fact, one of the earliest CDS deals, known as the Bistro made loans to such big corporations such as Ford, Wal-Mart, and IBM. As these CDS's became more popular, riskier investments were being covered such as covering debt in emerging foreign markets. As the Fed cut interest rates, CDS's were being used more and more frequently to cover that debt as well but traditional insurance methods were being used to cover these CDS's which was not practical because so many of these institutions were becoming tied to each other through these instruments and the risk of one major default would reverberate from one institution to the next, unlike a traditional insurance event. With interest rates low and the popularity of the CDS's and the potential for profit, predatory lenders started making riskier and risker loans. What it all boils down to is greed, profiteering, and the misuse of credit default swaps.
Thanks for the informative comment. I certainly agree about the CRA and looser and looser underwriting guidelines, but I still think that there has been a lot more at work to bring us to this crisis.
Bhutto told Frost in an interview a couple of weeks before she was assassinated that Bin Laden was dead; she repeated herself (look on YouTube)
So does this mean Bin Laden gets to do a "Mission Accomplished" photo-op on a Donkey Carrier?
How generous of Bin Laden to offer himself up as a scapegoat for the policies of Bush, Reaganomics and the Republican administrations that have played with the economic policies of deregulation in order to line their own pockets and those of fat cat business leaders to rob the average American. And all the while living in the mountains and caves. If anything Al Qaeda was foresightful enough to see that our own leaders would choke our economic stability and just wanted to stake claim for having done it themselves.
Bin Laden won all the way back in 2001, when we started frisking old ladies in airports.
ouch thats something to think about
PS- who are we borrowing from to pay for the Iraq War if China stops loaning us 3B a day?
IslamicScholars
Thank you for the post:
Now I understand Obama's Economy plan.
I think maybe you meant Bush/ Cheney and McCain/ Palin's economic plan...? After all, it was Bush/ Cheney who did this to us and McCain/ Palin who will finish the job...
McCain/ Palin who will finish the job...
hopefully that wont happen
The following just to show that Bin Laden has been wanting to hurt the American economy from the very beginning, but he doesn't think that his own efforts will be enough:
Just after Christmas 2001 Al Jazeera published a video (undated) from Osama bin Laden. In it he asks that all islamists attack the US economy with all means at their disposal. He says to Americans: the US will soon succumb, independently of the fate of Al Qaeda.(my source NRK news - Norwegian public TV and radio)
Bingo! The GOP fear card has been dealt- what a load of steaming male bovine excrement.
There seems to be some confusion by people on this post about what that article means. Quite a few in here seem to be under the impression that Bin Laden did something to cause this mess "economic terrorism" as it was mentioned a few times.
The key point is that he never claimed that he would a hand (direct or otherwise) in bancrupting the US - his idea, it seems, was to get us to react to the wrong things in the wrong ways and bancrupt ourselves. Bush has made one blundering move after another - like all those oil businesses he ran in to the ground - we let him do it to the biggest business of all. Only this time his daddies friends aren't rich enough to bail his sorry butt out.
For those that want to heap the blame on the democrats - do some research as to who has controlled policy and the purse strings in washington for 5 of the last 7 years and 12 of the last 14 years. You will find that it is the GOP. Until January of 2007 Democrats didn't even have control of any committees and couldn't bring legislation to a vote - even if they wanted to.
It is amazing how conservatives can be so blind while the money is being spent and even more blind when it comes to laying the blame.
The key point is that he never claimed that he would a hand (direct or otherwise) in bancrupting the US - his idea, it seems, was to get us to react to the wrong things in the wrong ways and bancrupt ourselves.
BINGO!
It is amazing how conservatives can be so blind while the money is being spent and even more blind when it comes to laying the blame.
Conservatives are blind? LOL... Look
That's exactly right!
Bushladen ?
So wait a minute...are you telling me that it's Osama's fault that our lenders lied to their clients, and that people that had no financial reason to own a house felt compelled to purchase a 100% mortgage with an APR that would bounce 2-5% per year after a couple years....holy cow...and I thought that was just people living the "keep up with the Jones' mentality of life".
So does that mean when my neighbor took his kid out of Catholic school and greedily bought himself a Hummer, what was REALLY happening was a little Bin Ladin devil was sitting on his shoulder telling him that it was the right thing to do!??!?
Wow - that's awesome...because I guess since we're not going to take responsibility for our actions and their outcomes, I'm going out now to drop my 5.25% 30-year fixed mortgage and pick up a house for 3x the amount with interest only payments. And then on the way home, drop off my 8 year old Hyundai (which is affordable and under warrenty) and pick up a new Lotus - because Osama's getting into my head from across the planet.
Whew - for a moment I thought I'd have to be responsible and accountable for my actions...thank heaven's he did what he did so I can be frivious and care free with my income to debt ratio again...
are you telling me that it's Osama's fault that our lenders lied to their clients, and that people that had no financial reason to own a house felt compelled to purchase a 100% mortgage with an APR that would bounce 2-5% per year after a couple years....holy cow...and I thought that was just people living the "keep up with the Jones' mentality of life".
nope.. thats not the whole enchilada..
our economy would be in much better shape if we did not owe billions due to silly policies from bushco.
tschrek,
Yep - 10 billion borrowed dollars/mo. for the illegal/unnecessary Iraq war, alone, does a lot to damage our credit. And trickle down, deregulated Supply Side economics: a lie. Did the Pentagon not lose a vast amount of money?
'Pubs are addicted to failure.
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