Are we Americans first or are we Mankind first?
Are we capitalist first or are we Mankind first?
Is money our God or are we Mankind first?
Mankind do not need a reason to help other mankind…
We are Mankind. The earth planet is too big to fail. But its natural resources are very limited.
We are Mankind. Keep crowing America.
Authors such as the Holocaust expert David Cesarani have argued that the government and policies of the United States of America against certain indigenous peoples in furtherance of Manifest Destiny constituted genocide. Cesarani states that “in terms of the sheer numbers killed, the Native American Genocide exceeds that of the Holocaust”. He quotes David E. Stannard, author of American Holocaust, who speaks of the “genocidal and racist horrors against the indigenous peoples that have been and are being perpetrated by many nations in the Western Hemisphere, including the United States….”
Determining how many people died as a direct result of armed conflict between Native Americans, and Europeans and their descendants, is difficult as accurate records were not always kept. Various statistics have been developed concerning the devastation of the American Indian Wars on the peoples involved. One notable study by Gregory Michno used records dealing with figures “as a direct result of” engagements and concluded that “of the 21,586 total casualties tabulated in this survey, military personnel and civilians accounted for 6,596 (31%), while Indian casualties totaled about 14,990 (69%).” for the period of 1850–90. However, Michno says he “used the army’s estimates in almost every case” & “the number of casualties in this study are inherently biased toward army estimations”.
According to the U.S. Bureau of the Census (1894), “The Indian wars under the government of the United States have been more than 40 in number. They have cost the lives of about 19,000 white men, women and children, including those killed in individual combats, and the lives of about 30,000 Indians.”
In God, Greed, and Genocide: The Holocaust Through the Centuries, Grenke quotes Chalk and Jonassohn with regards to the Cherokee Trail of Tears that “an act like the Cherokee deportation would almost certainly be considered an act of genocide today”. The Indian Removal Act of 1830 led to the Trail of Tears. About 17,000 Cherokees — along with approximately 2,000 black slaves owned by Cherokees — were removed from their homes. The number of people who died as a result of the Trail of Tears has been variously estimated. American doctor and missionary Elizur Butler, who made the journey with one party, estimated 4,000 deaths.
“Too big to fail” is a colloquial term in describing certain financial institutions that are so large and so interconnected that their failure is widely held to be disastrous to the economy, and which therefore must be supported by government when they face difficulty.
The term “too big to fail” was popularized by U.S. Congressman Stewart McKinney in a 1984 Congressional hearing, discussing the Federal Deposit Insurance Corporation’s intervention with Continental Illinois. The term had previously been used occasionally in the press.
Proponents of this theory believe that the importance of some institutions means they should become recipients of beneficial financial and economic policies from governments or central banks. One of the problems that arises is moral hazard whereby a company that benefits from these protective policies will seek to profit by it, and take positions that are high-risk high-return, as they are able to leverage these risks based on the policy preference they receive. The term has emerged as prominent in public discourse since the 2007–2010 global financial crisis.
Some economists such as Nobel Laureate Paul Krugman hold that economy of scale in banks and in other businesses are worth preserving, so long as they are well regulated in proportion to their economic clout, and therefore that “too big to fail” status can be acceptable. The global economic system must also deal with sovereign states being too big to fail.
Critics see the policy as counterproductive and that large banks or other institutions should be left to fail if their risk management is not effective. Some critics, such as Alan Greenspan, believe that such large organisations should be deliberately broken up: “If they’re too big to fail, they’re too big”.
Too Big to Fail is a U.S. television drama film first broadcast on HBO on May 23, 2011. It is based on the non-fiction book Too Big to Fail by Andrew Ross Sorkin. The film was directed by Curtis Hanson. It received 11 nominations at the 63rd Primetime Emmy Awards; Paul Giamatti’s portrayal of Ben Bernanke earned him a Award for Outstanding Performance by a Male Actor in a Miniseries or Television Movie at the 18th Screen Actors Guild Awards.
Too Big to Fail chronicles the 2008 financial meltdown, focusing on the actions of Secretary of the Treasury Henry Paulson (William Hurt) to contain the problems during the period of August 2008 to October 3, 2008. Dick Fuld (James Woods), CEO of Lehman Brothers, is seeking external investment, but investors are wary as Lehman is seriously exposed to toxic housing assets and the Treasury is ideologically opposed to offering any sort of bailout as they did for Bear Stearns.
Paulson attempts to arrange a private solution to the Lehman problem, and both Bank of America and Barclays express interest in Lehman’s “good” assets. Bank of America pulls back from the deal and instead chooses to purchase Merrill Lynch. Barclays is prepared to accept the terms of the merger, but British banking regulators refuse to approve the deal. Paulson directs Fuld to declare bankruptcy before the market opens.
The initial reaction on Wall Street is favorable as is the political reaction. However, Paulson quickly learns that Lehman’s counterparty risk is impacting the entire financial market and the stock market is in freefall. Another crisis arises as AIG begins to collapse.
Paulson’s team realizes that if AIG is allowed to fail, its entire insurance portfolio will default and the entire financial industry will suffer massive losses. The Treasury takes over AIG. Ben Bernanke (Paul Giamatti), Chairman of the Federal Reserve, argues that the status quo is unsustainable and that the Congress must pass legislation to authorize any continued intervention by the Fed or the Treasury.
Paulson’s plan is to buy the “toxic” assets from the banks. Direct capital injection is considered and rejected. Timothy Geithner (Billy Crudup), President of the Federal Reserve Bank of New York, realizes that the market cannot wait for Congressional action and attempts to arrange mergers between consumer banks and investment banks, but this proves untenable. Paulson receives a call from Jeffrey Immelt (Tom Tammi) of General Electric who tells him that GE is unable to finance its daily operations. Paulson realizes the crisis has spread to Main Street.
Bernanke and Paulson lobby Congress, with Bernanke emphasizing that a lack of credit helped make the 1929 stock crash into the Great Depression, and that if Congress fails to act that the fallout will be far worse. The legislation looks likely to pass, but is thrown into chaos when John McCain suspends his campaign for president to join the negotiations.
Paulson begs Nancy Pelosi not to back away from the negotiations, but too many Republicans vote “no”, causing an immediate drop in the Dow of 600 points. After a wave of panic and personal haranguing from President George W. Bush, the legislation passes on a second attempt, and the Emergency Economic Stabilization Act of 2008 is signed into law.
Paulson decides that the only way to get credit flowing again is direct capital injections. With the help of FDIC chair Sheila Bair and the threat of an FDIC audit, Paulson informs the participating banks that they will be receiving mandatory capital injections and they must use this money to get credit moving again. The banks agree, but Paulson balks at putting additional restrictions on how the funds are to be used. Paulson’s Treasury deputy for public affairs (Cynthia Nixon) laments that the parties who caused the crisis are being allowed to dictate the terms. Bernanke states that he hopes the banks will use the funds as intended.
An epilogue reveals that although markets did stabilize and the banks repaid their Troubled Asset Relief Program funds, credit standards continued to tighten resulting in rising unemployment and foreclosures. As bank mergers continued in the wake of the crisis, these banks became even larger and at the time of the film, 10 financial institutions held 77% of all US banking assets and have been declared too big to fail.
– Gameness til the End