Bush’s bailout plan will Work,
But is only Temporary Solution
To a permanent problem of Man!
So the problem Will Reoccur Again
In office term of next U.S. President,
Regardless of who takes the Election,
But it Will occur Sooner If Obama Wins!
It will occur again because man’s Natural
Problem has long been his Inherent Greed,
Which exhibits an Unceasing Love of Money,
Leading Man to Serve Mammon and Not God!
September 20, 2008
http://www.tribulationperiod.com/
CONTRARY TO POPULAR BELIEF, GAIN IS NOT GODLINESS, WHICH ALL THE VERY RELIGIOUS PHARISEES TAUGHT AND BELIEVED, AS DO MANY OF THE VERY RELIGIOUS PEOPLE OF TODAY!
Matthew 6:24 – No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise
the other. Ye cannot serve God and mammon.
I Timothy 6:3-10 – If any man teach otherwise, and consent not to wholesome words, even the words of our Lord Jesus Christ, and to the doctrine which is according to godliness; [4] He is proud, knowing nothing, but doting about questions and strifes of words, whereof cometh envy, strife, railings, evil surmisings, [5] Perverse disputings of men of corrupt minds, and destitute of the truth, supposing that gain is godliness: from such withdraw thyself. [6] But godliness with contentment is great gain. [7] For we brought nothing into this world, and it is certain we can carry nothing out. [8] And having food and raiment let us be therewith content. [9] But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.
[10] For the love of money is the root of all evil: which while some coveted after, they have erred FROM THE FAITH, and pierced themselves through with many sorrows.
Luke 16:10-13 – He that is faithful in that which is least is faithful also in much: and he that is unjust in the least is unjust also in much. [11] If therefore ye have not been faithful in the unrighteous mammon, who will commit to your trust the true riches? [12] And if ye have not been faithful in that which is another man’s, who shall give you that which is your own
? [13] No servant can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon.
Begin Excerpts from BBC News and Preston’s Picks via World News
Bush defends US debt rescue plan
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President Bush says a big package is needed to deal with a big problem
US President George W Bush has defended a rescue package to tackle the worst financial markets crisis for decades.
The cost to taxpayers from shoring up markets was better than the alternative of job losses and blighted retirement accounts, he said in a radio address.
The US Treasury is proposing a fund worth up to $800bn (£440bn) to buy back a large proportion of the bad debt in the US mortgage market.
The fund would hold the debts until they can be sold off in the future.
Mr Bush said the measures required the US “to put a significant amount of taxpayer dollars on the line”.
“But I’m convinced that this bold approach will cost American families far less than the alternative,” he said.
“Further stress on our financial markets would cause massive job losses, devastate retirement accounts, further erode housing values, and dry up new loans for homes, cars and college tuitions.”
‘Queasy’ Congress
Congressional and Treasury officials will meet later to work on the plan.
Talks will continue throughout the weekend and
the package is expected to be signed into law within days.
It is believed the intention is to find a way of bringing all the bad debts into one organisation whose task will be to hold them on behalf of the taxpayer until they can be sold off at some point in the distant future, says the BBC’s Justin Webb in Washington.
There are some members of Congress who
are queasy at the thought of the taxpayer taking on hundreds of billions of dollars of currently worthless debt, he says.
But the leader of the Democrats in the House of Representatives, Steney Hoyer, said he expected quick action.
After a week of turmoil, stock markets around the world rallied on news of the rescue plan, with the UK’s FTSE 100 closing on Friday with its biggest one-day gain.
‘Maximum impact’
Earlier, Mr Bush said swift, politically bipartisan action was needed to keep the US economy from grinding to a halt as problems sparked by the credit crisis had begun to spread through the entire financial system – leaving jobs, pensions and companies under threat.
” These are risks the US cannot afford to take.
We must act now to protect economic health from serious risk,” he added.
PESTON’S PICKS
For us here in the UK the big question is whether what Paulson’s proposing makes it more or less likely that our government will have to launch a similar rescue scheme for our banks.
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