[TranceAm]

If it was only about the mortgages, this next piece claims something different...

I just read this (extract):

1) Oct 1st: Basel II Banking reforms required to be completed by US banks.....requiring
them to have more capital to be in line with European banks.....which are already
compliant....no doubt this will cause a stock market collapse reminiscent of 1929's.....which
was also caused by the banksters.

2) Oct 1st: Bush will deploy US Army HERE IN THE UNITED STATES.....for Martial Law!

This is NEXT WEEK folks!.....and yes, expect the Internet to be taken down at or
near the same time to end "alternative viewpoint" communication (to end
free speech) during martial law.

US ARMY TO DEPLOY... HERE. MARTIAL LAW RAMPING UP!!!!....Oct 1st

http://www.rumormillnews.com/cgi-bin...gi?read=131712

This is NO Rumor!!

http://www.rumormillnews.com/cgi-bin...gi?read=132199

THE *REAL* REASON FOR THE SUDDEN RUSH FOR BAILOUT? (BASEL-II)

Date: Thursday, 25 September 2008, 8:33 a.m. Why the Crooks (Fed) are in a Panicked
Rush

Why the big panicked rush to pass the bailout? Two clues:

1.) the U.S. fiscal year ENDS on Sept. 30th and a NEW one starts on Oct. 1st. and
2.) The Basel-II deadline for U.S. banks to be "Basel-II compliant," originally
Sept. 1st, must surely come due on Oct. 1st, 2008.

Basel-II compliant banks in Europe and elsewhere will be forbidden to do business
with non-compliant banks in the U.S., effectively bringing the non-compliant banks
down.

from Wiki:

A fiscal quarter is 3 months (1/4 of a year). For example, the United States government
fiscal year for 2008 ("FY08", sometimes written "FY07-08") is
as follows:

* 1st Quarter: October 1, 2007 - December 31, 2007

* 2nd Quarter: January 1, 2008 - March 31, 2008

* 3rd Quarter: April 1, 2008 - June 30, 2008

* 4th Quarter: July 1, 2008 - September 30, 2008

The U.S. government's fiscal year begins on October 1 of the previous calendar
year and ends on September 30 of the year with which it is numbered.

http://en.wikipedia.org/wiki/Fiscal_year

Also from Wiki:

Basel II is the second of the Basel Accords, which are recommendations on banking
laws and regulations issued by the Basel Committee on Banking Supervision. The purpose
of Basel II, which was initially published in June 2004, is to create an international
standard that banking regulators can use when creating regulations about how much
capital banks need to put aside to guard against the types of financial and operational
risks banks face.

Advocates of Basel II believe that such an international standard can help protect
the international financial system from the types of problems that might arise should
a major bank or a series of banks collapse. In practice, Basel II attempts to accomplish
this by setting up rigorous risk and capital management requirements designed to
ensure that a bank holds capital reserves appropriate to the risk the bank exposes
itself to through its lending and investment practices.

Generally speaking, these rules mean that the greater risk to which the bank is
exposed, the greater the amount of capital the bank needs to hold to safeguard its
solvency and overall economic stability.

[snip]

On July 16, 2008 The federal banking and thrift agencies ( The Board of Governors
of the Federal Reserve System; the Federal Deposit Insurance Corporation; the Office
of the Comptroller of the Currency, and; the Office of Thrift Supervision) issued
a final guidance outlining the supervisory review process for the banking institutions
that are implementing the new advanced capital adequacy framework (known as Basel
II). The final guidance, relating to the supervisory review, is aimed at helping
banking institutions meet certain qualification requirements in the advanced approaches
rule, which took effect on April 1, 2008. http://www.occ.gov/ftp/release/2008-81a.pdf

[snip]

The European Union has already implemented the Accord via the EU Capital Requirements
Directives and many European banks already report their capital adequacy ratios
according to the new system. All the credit institutions will adopt it by 2008.

http://en.wikipedia.org/wiki/Basel_II>

Apparently a 90-day extension was given for U.S. banks to get their books in order.
That extension expires on Sept. 30th so by Oct. 1st U.S. banks MUST be compliant
or they CAN'T DO BUSINESS WITH COMPLIANT (more honest) BANKS.

I would guess that the REAL REASON for the sudden big PANIC and RUSH has to do with
these deadlines. Nothing else makes sense. And the blaming of "bad mortgages"
for the whole mess is totally disingenuous.

IT'S ABOUT THE CRIMINALITY, STUPID!

Basel-II has been a long time coming, and NOW is the due date.

If we consider C. Story's reports we realize that major U.S. banks have been
involved for years in illegal off-the-books hanky panky involving vast sums (trillions)
from various trusts. I think Basel-II would put an end to that.

Take a look at Story's report about this at:
http://www.worldreports.org/news/112...otage_basel_ii

BUSH CRIMINAL OPERATION TO SABOTAGE BASEL II

U.S. CRIMINAL OPERATION TO SABOTAGE BASEL II
The US Dark Forces led by Godfather Bush Sr., George Bush 43, Mk-Ultra ('Himmler')
Cheney, the 'late' Henry M. Paulson, the late Robert M. Kimmitt, and their
collaborators and partners in High Crimes and Misdemeanours, former President William
Jefferson Clinton and Hillary Rodomski Clinton, have been desperately seeking, with
the enthusiastic assistance of their co-conspirator Robert Rubin at Citibank, and
the other US criminal financial institutions led by the CIA's Bank of America,
to torpedo the implementation of Basel II, since it defangs their corruption at
the source, causing the criminal kleptocracy immense problems for the future.

CLICK HERE FOR MORE OF STORY RE: BASEL-II

Summary: the panic of Paulson, Bernanke, Bush, Cheney is because their crimes are
close to being exposed. Those congressmen who have been bribed to ignore these crimes
are also in a panic.

from: http://www.rumormillnews.com/cgi-bin...gi?read=132401

Edit: I don't know enough about the international bankers, or their practices, to defend this article.
I post this as reference for people who know how it works, and see the merit in the article for its truth or can discredit it.