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Bush is lying, there is enough oil and gas in Alaska, we don’t need to drill offshore

by Marvin J. Ramirez

Marvin J. RamirezMarvin J. Ramirez

The selling of the United States to the international bankers and oil consortiums continue going uncovered by the majestic media, while the sleeping beauty (the North American public) rest in front of their TV tubes watching their favorite flick, buy their latest ¡iPods, and continue driving and buying gas-burning cars.

The high emotions provoked by the latest skyrocketing gas prices that have alerted the people about something wrong happening to our country, have been atoned by the softly coming down of gas price by a few cents.

The célèbre politician, and de facto spokesperson of the oil industry George W. Bush, is again trying to act as a redeemer to our disgrace, by pleading to the Congress to let the oil moguls to start drilling for oil in our Pacific Coast offshore.

“Congress Should ‘schedule a vote on offshore oil exploration as soon as possible’ and “not insert any legislative poison pills,” was the message Bush sent in a capitalized headliner on Tuesday to the national media.

““There’s not a single answer to our energy problems.

But a part of solving the dilemma that our consumers are facing, that the hardworking Americans face, and that is high price of gasoline, we need to get after exploration here in America. And we can do it in a way that protects the environment. So when Congress comes back, they need to act. And they don’t need to gimmick up the legislation; they need to allow there to be an up or down vote, and let the members express the will of their constituents.”

At first value, the President’s words sound very altruistic, sincere, and full of true facts. Any innocent (sleeping) North American will believe their Commander In-Chief when the obedient and biased media repeat it through out the week in their networks.

However, what W. Bush is not saying, the media won’t highlight it, won’t pursue it, as they pursue. The Minute Men’s anti-immigrants activities. With another capitalized headliner, writer Marie Gunther contradicts most of what is saying.

“Huge Alaska Oil Reserves Go Unused, after 30 years, an insider fi nally acknowledges the United States has all the oil and gas it needs.”

The United States has more oil reserves than Saudi Arabia but this happy though shocking information has been covered up for years.

The wells have been drilled; it’s merely a matter of turning on the faucets to supply America’s needs for 200 years.

A 30-year veteran oil executive with leukemia who has decided to speak out has confirmed these astounding revelations.

In 1980, Lindsey Williams wrote a book, The Energy Non-Crisis, based upon his eyewitness accounts during the construction of the Trans-Alaska pipeline. As a chaplain assigned to executive status and the advisory board of Atlantic Richfi eld & Co. (ARCO), he was privy to detailed information.

“All of our energy problems could have been solved in the 70s with the huge discovery of oil under Gull Island, Prudhoe Bay, Alaska,” Williams said.

“There is more pure grade oil there than in all of Saudi Arabia. Gull Island contains as much oil and natural gas as Americans could use in 200 years.” Oddly though, immediately after this mas­sive discovery, the federal government ordered the rigs to be capped and oil production shut down.

Developing Alaskan oil would make the United States completely independent of oil imports, Williams said in his book, Gunther says in her article.

“Why is the government covering up such good news?” continues the article.

And adds: “Why does it want to be dependent on imported oil? Do international fi nanciers who are heavily invested in the oil industry want to keep the supply limited and prices up?

“Will the Senate Energy and Natural Resources Committee, chaired by Sen. Frank Murkowski (R-Alaska), investigate what could be a criminal cover-up?

Will the appropriate House committees inquire? Or the Justice Department? Since the cover-up has extended through four presidential administrations, only public outrage can force action.”

I can assume that the mass media is as an accomplice in this cover-up as is everyone in our government, especially elected public offi cials who, fallen in love with power, have sold their soul to the devil, and hence betrayed We the people.

(Lindsey Williams’s book, The Energy Non Crisis, for $7 plus S&H by calling toll free 1-800-321-2900.)

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Hispanic realtors support Freddie & Fannie

by Dana Lyn Guest

Los prominentes líderes comunitarios Gene y Eva Royale, celebraron con amigos cercanos, la boda homosexual de su hija Lisa Royal: , en una ceremonia azteca en la Alcaldía de San Francisco. El evento se llevó a cabo el 28 de julio. De izq-der: con corona de flores Tomasita Medal; Antonio, 6 años; Emiliano, 4 años; junto a Tomasita está Nena Royale; la pareja - Jane parada detrás deProminent community leaders, Gene and Eva Royale celebrated their daughter’s gay wedding with an Aztec ceremony and close friends to the family at San Francisco’s City Hall. The event took place on July 28.From left to right, with flower crown Tomasita Medal; Antonio 6 and Emiliano 4, next to Tomasita is Nena Royale, the couple – Jane standing behind Lisa Royale – Dolores Huerta; Eva and Gene Royale, Antonio Hobson; and Clara Gardner. (photo by Marvin J. Ramirez)

The National Association of Hispanic Real Estate Professionals, in a letter to lawmakers, supported measures for a federal bailout for Fannie Mae and Freddie Mac.

NAHREP joined cohort Asian and black real estate professional organizations in support.

The U.S. Treasury and the Federal Reserve Board took steps July 13 to assure the two mortgage companies would have adequate funds to weather the financial crisis caused by subprime financing.

Further instability in the housing market could potentially rock the overall national economy. Fannie Mae and Freddie Mac purchase or guarantee from 40 to 60 percent of all mortgages in the United States.

Treasury Secretary Henry Paulson said the Bush administration plans to ask Congress to enact legislation to increase temporarily the two housing corporations’ lines of credit. The U.S. Treasury would be also allowed to buy stock in the companies, if necessary.

The potential cost to taxpayers for the measures could top $25 billion, according to Congress’ top budget analyst Peter Orszag, director of the Congressional Budget Office.

He predicts the chance that the government might need to step in as less than 50 percent According to the Associated Press, Paulson stressed on July 22 in a New York speech that the support package was “central to the speed with which we emerge from this housing correction.”

“Fannie Mae and Freddie Mac have previously worked closely with NAHREP… to promote affordable homeownership in underserved communities,” said Timothy Sandos, NAHREP’s president.

He went on to stress, “Without these important institutions, we believe that the current real estate crisis would be signifi- cantly worse, particularly for many Hispanic families looking to fi nance their fi rst homes or to refi nance out of existing high-cost mortgage products. “

Hispanics make up about 15 percent of the total U.S. population. Many are in the under-40 age group that makes up a high proportion of first-time homebuyers.

In a tight economy these are the consumers least likely to have access to loans for home purchases,” said Sandos.

In other news:

Four More Conclaves Top Hispanic Agenda in July and August

­by Kelcey Cottin

While the 2008 cultural salutes of NALEO, LULAC and NCLR are now history, the summer parade of national gatherings focusing on Hispanic issues carries on. Four more Latino conventions and conferences are joining the celebration.

  • The American GI Forum of the United States, a frontline fi ghter for Latino civil rights following World War 11, is holding its 60th annual event in Denver July 22-27. Its focus is the advocacy for Latino veterans. Forum senior advisor George Autobe says 250 registered delegates and their families are expected to attend. For more information: www.americangiforum.org.
  • The National Association of Hispanic Journalistsis one of the four participating race- and ethnicity based professional groups joining together at the UNITY 2008 Conference in Chicago July 23-27. The world’s largest gathering of journalists of color, UNITY 2008’s fourth meeting since its 1994 debut in Atlanta will address pressing issues affecting journalism and the media industry. The nation’s Hispanic, black, Asian and Native American journalists’ associations now meet together in presidential election years. Some 8,000 alliance members came together at UNITY in 2004 in Washington, D.C. More information: www.2008unity.org.
  • The National Conference of Hispanic Legislators holds its 4th annual meeting in Chicago July 20-Aug. 3. It is being held in conjunction with the American Legislative Exchange Council’s annual session. For additional information, check: www.hispaniclegisiators.com/events_details.esp?fevents_id=22.
  • The Labor Council for Latin American Advancement holds its 17th national membership convention in Orlando Aug. 4-8. LCLM meets every two years, brining community leaders, unionists and members together for workshops, policy sessions and voter registration activities. Some 400 people are expected to attend. More information: www.lclaa.org. Hispanic Link.
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Bolivian opposition frets as Evo soars

­by the El Reportero’s news services

On 3 August an opinion poll found that President Evo Morales’s support was running at between 54 percent and 59 percent. This level of support will mean that Morales should easily win the 10 August recall referendum. The problem is that a decision by the Corte Nacional Electoral (CNE) on 1 August may confuse the results of the eight recall referendums on departmental prefects. The likely outcome of the recall referendums is that the political chaos will continue and the leftwing federal government will continue to struggle with rightwing departmental governments in the east of the country. The only likely change is that the rightwingers will be weakened by the loss the prefectships of Cochabamba and, more surprisingly, Pando.

What the WTO failure means for Latin America

The latest collapse in the Doha round of talks to liberalise international trade, particularly in agriculture and services, is different from the previous collapse, at Cancún, Mexico in 2003. Then, Latin America broadly sided with the rest of the developing world. In Geneva this year, however, Latin America adopted a more independent position and acted as a constructive mediator between industrialised countries and less-economically developed countries. Some nifty diplomatic footwork by Latin America’s chief trade negotiator and Brazil’s experienced foreign minister, Celso Amorim, meant that the blame for the failure fell on the US, India, and China.

New pacts in Venezuelan Patriotic Alliance

CARACAS – Political parties conforming the Patriotic Alliance, coordinated by President Hugo Chavez, will announce Monday new electoral pacts in several Venezuelan states.

Caracas Mayor’s Office candidate Aristóbulo Isturiz said this weekend that the country will reveal important accords in the context of the union led by the United Socialist Party of Venezuela (PSUV).

According to the member of the national socialist leadership, spokespeople from leftwing organizations drawn together in the Alliance strengthen formulas of commitment in several departments for the November regional elections.

Isturiz stressed that meetings by PSUV and other political groups are positive. We have already achieved a perfect alliance in 10 states, he noted.

Cuba has trained over 6,000 foreign meds

HAVANA – Health workers trained in Cuba from 2005 to 2008 at the Latin American Medical School project (ELAM) and an accord with the Foreign Ministry (MINREX) sum 6,757 from 56 countries.

ELAM Rector, Dr. Juan Carrizo, says the doctors alone sum 6,254 from more than 30 countries, and 1,500 are from the 4th promotion at 21 ELAM schools through out Cuba.

ELAM, devised by Cuban Commander in Chief Fidel Castro, was set in motion late in 1998 following the havoc caused by hurricanes George and Mitch in Central America and the Caribbean where it helps meet serious health needs.

More observers in Bolivia referendum

LA PAZ – The August 10 revocation referendum will be the consultation with larger number of national and international observers in the history of the country, a government source reported Monday.

According to National Electoral Court president Jose Luis Exeni, the presence of observers will guarantee the transparence of this survey.

Over 200 foreign observers from international organizations and countries worldwide, as well as 4,000 from this country have been accredited for the referendum, Exeni stated.

According to the revocation law, promulgated May 12, Bolivian leaders to maintain their posts can not receive a figure of votes against higher to that obtained in the December 15, 2005 elections.

About 4,090,711 people are expected to vote this August 10 in Bolivia. (Latin News and Prensa Latina contributed to this report.)

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Congress goes on vacation leaving much to be resolved

by Kelcey Coffin

Phyllis Gutiérrez KennneyPhyllis Gutiérrez Kenney

Individually, Hispanics and women have made immense progress in getting involved in public office in recent years. However, the rate at which Hispanic women are gaining the power of office is slower than the rate of the leader who is only one or the other.

Of the 75 women serving the statewide elective executive offices, only three are Latinas; and of the 88 serving in the 110th Congress, a mere seven are Latina. Nationwide, only 74 Latinas serve out of 1,748 female state legislators.

Various Latinas holding office shared their challenges and suggestions on how to improve these statistics with Hispanic Link News Service.

One great commonality among Latina officeholders is the struggle to be noticed, says Phyllis Gutierrez Kenney, a Mexican American member of the Washington House of Representatives. Even after gaining election with 76 percent of the vote, she still found herself treated as “invisible me.”

“In a room full of men, I would make a brilliant suggestion’ but would be ignored,’’ Kenney says. “Then a man would say the exact same thing and would be praised for it.”

As a Puerto Rican in Syracuse, N Y., where less than three percent of the population is Hispanic, 54-year-old Common Council President Bethsaida González describes herself as “the brown negotiator in a black and white community.” Starting as an activist parent because her son was failing first grade (he liked to read the newspaper instead of copying letters off the board, she says), Gonzalez’s involvement in politics was launched. “The reality is that as a woman, I have to work twice as hard and as a Hispanic woman, I have to work four times as hard in order to achieve any success,” Gonzalez said.

Jackie Col6n, Commissioner of District 5 in Florida’s Brevard County at age 42, reasons, “People are not ready for Hispanics.”

The Ecuadorian had no intention to go into politics, she says, but after being ignored by city council members when she asked why taxes were so high, she had to be heard. Running against four opponents in the Palm Bay City council race in 95, she received 41 percent of the vote. Colón says she still had to earn the trust of her constituency.

“Being a Latina on the city council hasn’t been an easy task,” says Avondale, Texas, Mayor Marie López Rogers, 59. As a Mexican American, Rogers continues to fight the discrimination there because, as she puts it, she wants everyone to enjoy all that America has to offer. Her mom convinced her that she could do “anything and everything’” Rogers says.

Washington’s Kenney agrees. “Women bring different perspectives and thoughts that are needed to make balance and good decisions.”

Syracuse’s Conzález adds, “l live by the four C’s: challenges, choices, confidence and control. When I ran for council president, there were people who assumed they were next in line and deserved the job, but I jumped ahead.” While many Latinas in public office feel a sense of urgency to increase their numbers, Rosario 1Marin, a Mexican immigrant who was appointed 41st U.S. Treasurer by President Bush, responds, “I don’t see these race and gender issues. I’ve been the first of many things, but I never say elect me because I’m Latina or elect me because I’m a woman. I want to be elected strictly based on my track record.” Marin says she nevertook notice of being a victim of racism or sexism. Hispanic Link.

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Boxing

August 13 (Wednesday), 2008 At The Hard Rock Casino, Hollywood, FL

  • NEW (ESPN2) Joel Julio (33-1) vs. Jose Varela (23-3).
  • NEW (ESPN2) Joe Greene (19-0) vs. TBA.

August 15 (Friday), 2008 At The Aragon Ballroom, Chicago, IL

  • (Telefutura) Carlos Hernandez (42-7-1) vs. TBA.
  • NEW (Telefutura) Antonio Escalante (18-2) vs. TBA.

At The Orleans Casino, Las Vegas, NV

  • Layla McCarter (30-13-5) vs. Loli Munoz (8-4-1).
  • Patrick Liles (7-0) vs. Avian Guillory (1-2).
  • Johnny Taunton (6-0-1) vs. Gamalier Rodriguez (7-7-1).

At The River Cree, Enoch, Canada

  • NEW Darren Barker (17-0) vs. TBA.
  • NEW Jason DeLaronde (8-0) vs. TBA.
  • NEW Andrew Kooner (8-1) vs. TBA.

August 16 (Saturday), 2008 At Korakuen Hall, Tokyo, Japan

  • NEW Norio Kimura (34-5-2) vs. Tomoyuki Shiotani (10-11-1).

August 21 (Thursday), 2008 At The Tachi Palace Casino, Lemoore, CA

  • NEW Carina Moreno (18-1) vs. Yahaira Martinez (7-2).
  • NEW Dewey Cooper (16-1-3) vs. TBA.
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Southern Exposure’s Artists in Education

by Juliana Birnbaum Fox

The Grito de la Misión invites the community to celebrate the opening of the INsight OUT exhibition, created over the course of a six week summer program, with a BBQ, music, refreshments and refl ections on Saturday, August 16, 2008 from 2 – 5pm. The theme selected by program participants as the focus for MVS 2008 is INsight OUT. INsight OUT explores and reveals layers of the self, from looking inside out, and outside in. Mission Voices participants tackle the issues of stereotypes and individuality through photography, installation, silk screening, sculpture, drawing, mapping, modelmaking, painting, collage, and sound engineering. The show will run August 16 – 29, 2008, at 417, 14th Street (at Valencia) in San Francisco. Gallery hours open Tuesday – Saturday; 12- 6pm, and admission is free. For more information go to www.soex.org.

Mes Latinoamericano Annual Juried Exhibition

We are honored to host the fi rst cartoon exhibition at the MCCLA gallery in collaboration with the Cartoon Art Museum of San Francisco. Invited to the exhibition are popular cartoon artist from the Bay Area, Los Angeles, and beyond, showing caricatures of our time. Combined in the show are also experimental drawings by local artists. The show runs August 15 – September 12, 2008 and tickets are $2.

Hugh D’ Andrade, guest artist will create a live political cartoon mural at the opening reception on Friday, August 15, 7- 9pm in the Main Gallery. Admission is $5.00. At the Mission Cultural Center for Latino Arts Gallery, 2868 Mission Street @ 24th Street, San Francisco, CA 94110 For information go to (415) 821-1155 or www.missionculturalcenter.org.

Frida Kahlo at the SFMOMA

Mexican artist Frida Kahlo’s folkloric style and fantastical imagery earned her recognition among the Surrealists, but her intriguing persona propelled her to become a leading figure in modern art. This exhibition brings together paintings that span her career, along with a selection of her own collection of photographs, most of which have never been on public display. It is running June 14 – September 28.

A special $5 advance timed ticket is required for general admission to Frida Kahlo. Tickets are available at the museum (with no surcharge), online through MuseumTix.com, or by phone at 1.866.99.FRIDA.

Construction-Related Opportunities Open House

San Francisco Community College District and Bovis Lend Lease announces an open house for construction and construction related firms. The Open House will provide information on upcoming construction and construction related contract opportunities, bid forms workshops and networking. All small local firms are invited. Refreshments will be served.

Mark your calendar! August 19th, 2008 at 5:30 p.m. in the Alex L. Pitcher Community Room at Southeast Community Facilities, 1800 Oakdale Avenue, San Francisco. FREE!

To register, please email ccsfopenhouse@mtaltd.com or call (415)358-8715.

Celebrate Santo Domingo de Guzman

Happy Kermess of August benefit to Griteria de la Purísima Concepción. Come and enjoy of a happy afternoon celebrating Santo Domingo de Guzman with the group Los Ejecutivos, and singer Ana Daisy!

caTypical Nicaraguan food and refreshments. Mass at 12 noon, and Tardeada from 1 to 6 pm. At the Saint Peter Church’s hall, 1249 Alabama ­Street, @ 24th Street in San Francisco. Tickets sold at Alexander’s Hair Salon 415-643-9663, and at the Parish at 1200 Florida Street, SF. $10 cover charge. For more information call 415-282-1652.

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Renown artist in tour to El Salvador and Central America

Luis Alonzo MuñozLuis Alonzo Muñoz.(photo by Marvin J. Ramirez)

The painter and ex-own­er of the Spanish-Language newspaper, Tiempo Latino, Luis Alonzo Muñoz, who will carry out an exhibition of his fi nest paintings in October, is leaving on a tour to his native country, El Salvador, and Central America in August, where he will stay one and half months.

Behind him, Las Tinajas, one of the artist’s painting, which is part of his private collection and part of the exhibition that he will start preparing upon his return to the U.S.A.

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The House Bunny

Anna FarisAnna Faris

In Columbia Pictures’ comedy The House Bunny, Anna Faris charms as Shelley Darlington, a Playboy Bunny who teaches an awkward sorority about the opposite sex only to learn that what boys really like is what’s on the inside. Shelley is living a carefree life until a rival gets her tossed out of the Playboy Mansion. With nowhere to go, fate delivers her to the sorority girls from Zeta Alpha Zeta. Unless they can sign a new pledge class, the seven socially clueless women will lose their house to the scheming girls of Phi Iota Mu. In order to accomplish their goal, they need Shelley to teach them the ways of makeup and men; at the same time, Shelley needs some of what the Zetas have – a sense of individuality. The combination leads all the girls to learn how to stop pretending and start being themselves.

Directed by Fred Wolf, The House Bunny is a Columbia Picture, in association with Relativity Media. Its cast include, Anna Faris, Colin Hanks and Emma Stone. Its direction is under Fred Wolf. Its producers are Adam Sandler, Jack Giarraputo, Allen Covert and Heather Parry. Its script is written by Karen McCullah Lutz and Kirsten Smith.

The House Bunny has been qualified PG-13 by Motion Picture Association of America for containing obscene humor, partial scenes of nudity and adult language.

The movie will be released in the USA on Aug. 22, 2008.

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Feeling nervous about ‘aliens? So was Ben

by José de la Isla

HOUSTON – When a country undergoes fast and unexpected change or feels under threat, its people are subject to commit outrages. By now the list of offenses and crimes committed against immigrants that violate our own moral codes in the Unites States are worthy of a human-rights investigation.

Yet, is today different from other eras when intemperate prejudices by a loud minority shaped public attitudes?

One example some may remember hearing. It’s how Benjamin Franklin alienated German migrants to the colonies in the 1760s by calling them “Palatine Boors.” That’s the equivalent of saying they were “bad-mannered money suckers.” Franklin is now often used to illustrate how the German communities forming back then didn’t come about without rubbing the establishment the wrong way. He even had some complaints about their language and how English might be in jeopardy.

Sound slightly familiar?

The other part of the story, often left out, is that Ben Franklin, already famous and wealthy, stood for reelection to the Pennsylvania Assembly in 1764. He lost because the Germans, angry about the ethnic slur, turned out to vote against him.

A tempting moral could be one about political justice, but it actually runs deeper. That was 244 years ago. Much has happened since then.

Back then the national communities, with the exclusion of Native Americans, were getting established for the first time. It’s what we call nation-building today. But the form it took is virtually settled now, with our institutions, traditions and laws in place. Yet “community”–with over 40 working definitions making the settlement part of town, neighborhood, subdivision, identity and interest groups is a work in progress, and never really complete.

That’s just the nature of a dynamic society. It doesn’t really worry conscientious citizens. But something else is bothersome.

The editors of The Economist put their finger on it. “Countries, like people,” they said, “behave dangerously when their mood turns dark.” That darkness can result in bad law. It reflects anxiety turned into disdain. It is not fear. Fearful people cower. They run away. People act out of anxiety.

In her amazingly insightful book, “A Brief History of Anxiety,” Patricia Pearson recognizes the sense of alarm that makes up fear. She mentions dread, suspicion and anxiety.

The anxieties from 9/11 brought an end to the pop economics that had us believe we would get rich by willfulness and individualism and deregulation.

Followed by an endless war with a stateless, ununiformed enemy, it compromised civil rights and fed alien suspicions, the dread of a future continuing like our immediate past. Many today believe the more we work, the further behind we get. Ninety-nine percent of us didn’t advance economically in the last five years.

That’s what popular anxiety looks like to us. But by definition it is the result of someone new com- ing onto the scene. Plenty of people support the notion that somehow those “other people” are at least partly responsible. Even if they are not the disease, they are an unwanted symptom.

Referencing a WHO world mental health survey, Pearson points out that we are the most anxious people on earth. A person in the United States is four times more likely to experience generalized anxiety disorder than someone in Mexico. WHO reported that despite economic differences, 94.4 percent of Mexicans have never experienced depression or a major anxiety episode. (Other data show Mexicans, when they get here, get like us.) We are nine times more likely to experience anxiety than a Chinese laborer.

Pearson uses anthropological data to show that people in some cultures don’t even have a concept of fear as we know it. Others have ritual practices, which break the spells and bring relief.

Our communal cultural ritual for breaking the spell of rampant anxiety is an election. And as in colonial times, those who spur on dissention instead of encouraging civil community-building, even Benjamin Franklin, deserves to lose.

[José de la Isla writes a weekly commentary for Hispanic Link News Service. He is author of The Rise of Hispanic Political Power (Archer Books). Email him at joseisla3@yahoo.com]. ©2008

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Putting the “Federal” back in the Federal Reserve

“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves…”

by Dr. Ellen Brown

Global Research, July 25, 2008 webofdebt.com (Part 1 of a two-parts article).

The Federal Reserve Act of 1913 was a major coup for the international bankers. They had battled for more than a century to establish a private central bank in the United States with the exclusive right to “monetize” the government’s debt; that is, to print their own money and exchange it for government securities or I.O.U.s. The Federal Reserve Act authorized a private central bank to create money out of nothing, lend it to the government at interest, and control the national money supply, expanding or contracting it at will. Representative Charles Lindbergh Sr. called the Act “the worst legislative crime of the ages.” He warned prophetically:

“[The Federal Reserve Board] can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by greater rate variation, and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down.

“This is the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The financial system has been turned over to a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profi ts from the use of other people’s money.

In 1934, in the throes of the Great Depression, Representative Louis McFadden would go further, stating on the Congressional record:

“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. In that dark crew of fi nancial pirates there are those who would cut a man’s throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislatures; there are those who maintain International propaganda for the purpose of deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.

“These 12 private credit monopolies were deceitfully and disloyally foisted upon this Country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions.”

As for Fannie Mae – the Federal National Mortgage Association – it actually began under Roosevelt’s New Deal as a government agency. But like the Federal Reserve, Fannie Mae is now “federal” only in name. In 1968, it was re-chartered by Congress as a shareholderowned company, funded solely with private capital. If it were a bank, today it would be the third largest bank in the world; and it makes enormous amounts of money in the real estate market for its private owners.

In 1970, Freddie Mac (the Federal Home Mortgage Corporation) was created to provide competition and end Fannie Mae’s monopoly in the secondary mortgage market. But Freddie Mac too is a wholly shareholder owned, publicly-traded corporation.

Under a 1992 law, if either of these two mortgage giants is seen to be severely undercapitalized, it may be placed into government conservatorship. But the plan now being pursued is to bail out these private corporations by increasing their capital base with taxpayer money and their profi t margins with greater access to Federal Reserve loans. The result will be to privatize profi ts to their management and shareholders while socializing risk to the taxpayers. We the people will foot the bill. If the people are going to bear the risk, we should reap the benefits. Either these two mega-corporations should take their licks in the market like any other private corporation, or they should be nationalized, delivering not just their debts but their assets to the taxpayers. Not just Fannie Mae and Freddie Mac but the Federal Reserve itself should be made truly federal entities, as the voters have been led to believe and their names imply. Remove the myth that these Wall Street-controlled entities act by and for the people rather than being run for private gain, and we will soon see the outrage Mr. Grant says is curiously missing.

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.

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