Recap

Bailout & Financial Turmoil

Investment adviser Catherine Austin Fitts was joined by financial commentators Bill Murphy (2nd hour) and Andy Gause (3rd hour) to discuss the current state of the economy, bailouts, and how fraud and manipulation are at the root of our financial turmoil.

We've been draining value out of the real economy, and the proposed bailout will just funnel investments into propping up the bubble, said Fitts, suggesting that the plan will actually send money from Main St. to Wall St., instead of the reverse. What's going on with the bailout is more than theft, "it's a coup d’état" –-a "reengineering of government institutions," she declared. Fitts has listed 10 reasons not to bail out Wall Street in her recent blog entry.

Murphy, who's done extensive research to show the price of gold has been suppressed and manipulated, commented that the free market process has been thwarted in the US. Gause metaphorically described the huge amount of debt as "radioactive and toxic." This pool of mortgages has been changed at the atomic level and can't be put back together-- it can only be taken out to a field and covered with a tarp, he opined. In the last hour, Fitts took calls from 'sound off' listeners.

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Fossett Discovery

The discovery of some of Steve Fossett's personal belongings and plane wreckage near Mammoth Lakes was announced this week. Pictured (click on image for larger) is a map with location "B" being the general area where Fossett's items were found, and the location of the plane wreckage "A" cited by Ed Dames during his July 10, 2008 C2C appearance. Based on the map legend, the locations are around 40-50 miles apart. Ed Dames appeared briefly at the start of the show, commenting that the objects found on the ground may not be relevant to the crash site. He also sent us a video clip regarding his search efforts.