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A recent IMF study of 42 systemic banking crises across the world

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provides evidence on how different crises were resolved. First of all only in 32 of the 42 cases there was government financial intervention of any sort; in 10 cases systemic banking crises were resolved without any government financial intervention. Of the 32 cases where the government recapitalized the banking system only seven included a program of purchase of bad assets/loans (like the one proposed by the US Treasury). In 25 other cases there was no government purchase of such toxic assets. In 6 cases the government purchased preferred shares; in 4 cases the government purchased common shares; in 11 cases the government purchased subordinated debt; in 12 cases the government injected cash in the banks; in 2 cases credit was extended to the banks; and in 3 cases the government assumed bank liabilities. Even in cases where bad assets were purchased – as in Chile – dividends were suspended and all profits and recoveries had to be used to repurchase the bad assets. Of course in most cases multiple forms of government recapitalization of banks were used.

But government purchase of bad assets was the exception rather than the rule. It was used only in Mexico, Japan, Bolivia, Czech Republic, Jamaica, Malaysia, and Paraguay. Even in six of these seven cases where the recapitalization of banks occurred via the government purchase of bad assets such recapitalization was a combination of purchase of bad assets together with other forms of recapitalization (such as government purchase of preferred shares or subordinated debt).

In the Scandinavian banking crises (Sweden, Norway, Finland) that are a model of how a banking crisis should be resolved there was not government purchase of bad assets; most of the recapitalization occurred through various injections of public capital in the banking system. Purchase of toxic assets instead – in most cases in which it was used – made the fiscal cost of the crisis much higher and expensive (as in Japan and Mexico). Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification.

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1. Vote NO to this $100-Trillion bank robbery, that gives the bank robbers criminal immunity, zero bookkeeping, zero Congressional oversight, zero judicial jurisdiction

2. Immediately impeach George W Bush, Richard B Cheney, Henry Paulson and Benjamin Bernanke for their millions of murders, treasons and other felonies

3. Immediately file criminal complaints in federal court against George W Bush, Richard B Cheney, Henry Paulson, Benjamin Bernanke and Sir Alan Greenspan Knight of the British Empire for their millions of murders, treasons and other felonies

4. Immediately nationalize the private Federal Reserve Bank that keeps all income taxes as interest on the federal debt, by repealing the Federal Reserve Act that was never properly voted on during midnight session of Xmas holiday by two Congressmen in 1913, per Ron Paul's Federal Reserve Abolition Act - HR 2755
http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.2755:

6. Immediately eliminate the IRS and income tax, and "repeal" the 16th Amendment that was never ratified by the States

7. Immediately end all wars and bring all troops home to USA

8. Immediately arrest and deport all 50-million illegal aliens, and arrest their employers and seize their assets

9. Re-criminalize all derivatives, which were criminal acts before Reagan/BushSr legalized that Ponzi scheme in the 1980s

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The Taxpayers for Common Sense also reports that the proposal includes such mouthwatering morsels as these:

Creation of a seven-year cost recovery period for construction of a motorsports racetrack: Track owners currently follow a seven-year depreciation schedule and write each year's depreciation off their taxes. The IRS wanted to increase the depreciation timetable to 15 years, which would mean the track owner's depreciation would be cut in half. The measure in the keeps the seven-year depreciation schedule for two years and would cost taxpayers $100 million.

www.cnn.com/2008/POLITICS/10/02/bailout.pork/index.html

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For example, the proposal includes an excise tax exemption for a very specific type of arrow used by child archers.

"This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more," Ellis wrote.

Oregon Sens. Ron Wyden, a Democrat, and Gordon Smith, a Republican, were the initial sponsors of the arrow provision. According to Bloomberg News, the earmark provision would be worth $200,000 a year to Rose City Archery in Myrtle Point, Oregon.

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Provisions related to film and television productions: In order to keep movie production in the U.S., production companies would be allowed to deduct the cost of producing the films from their taxes. Rep. Diane Watson, D-California, has been one of the program's biggest supporters. The measure would cost taxpayers $478 million over 10 years.

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