Never In The Annals Of Human History Was So Much Owed By So Few To So Many
Outrage, Is the word that springs to mind. The Wall Street parasites, criminals and sharks are trying to get away with it yet again. Obviously the early 90,s Savings & Loans fiasco was not enough? NO LESSONS WERE LEARNED. Late 90,s Dot Com implosion was again not enough? STILL NO LESSONS WERE LEARNED. So we now have the mother of all bubbles the 00, s Housing crash THE LESSON LEARNED? = THEY HAVE ALL GONE BANKRUPT, THEY HAVE IMPLODED.
These clowns never ever learn, and why should they? When the easy lessons of years of accumulated moral hazard is simply "whatever we do the Government will rescue us". Now we are supposed to believe that Henry Paulson the ex CEO of Goldman Sachs one of the major players in this latest Wall Street blockbuster disaster has a cunning plan, a solution to solve the problem. It is nothing but another Wall Street Scam, and here is the reason why.
There is nothing wrong with the assets that the banks hold, they are not impaired in any way whatsoever. They are just not worth what the bankers would like them to be worth. Everything has a price, and everything has a buyer. You simply keep dropping the price until a buyer steps forward. It is called the free market.
Remember Gordon Gecko in Wall Street "I loved it at $15, it's an insult at $17"
If this sham of a bailout proceeds the taxpayers will find out the hard way what the real price of these "assets" are, long after the bankers "sell" TO THE ONLY BUYER AVAILABLE the American taxpayer at the artificially high price rigged by Mr Paulson.
IT IS THEFT PURE AND SIMPLE. OFFLOAD THEIR RISK AND MAKE IT OURS. THE TAXPAYERS WILL BE LEFT HOLDING THE GARBAGE.
If the assets are not worth what Wall Street would like them to be worth, that is Wall Streets problem and Wall Streets alone. They took the decision to ignore any sensible valuations, to ignore all the busts of history and embark on this reckless business model. They are private companies, making private decisions if those decisions are wrong
THEY SHOULD GO BUST, you either believe in the FREE MARKET or you end up with this wacky command and control soviet style economy.
What is that I hear you say Mr Paulson? That is not acceptable because your friends the Bankers will be wiped out and no longer able to pull any more scams, frauds, or thefts on the American people? They need to be protected and we should once again trust you and your friends, "to help us" how touching, PLEEEEEEEAAASSSSSEEEEEE.
You are only trying to help yourselves you do not give a damn about the American people. Your bailout plan spoke volumes about yourself and Wall Street, lots of bailouts for Wall Street = THE CRIMINALS and nothing for main street = THE VICTIMS, ABSOLUTELY TYPICAL.
See Mr Paulson out here in the real world the ordinary people no longer trust politicians and bankers they are sick and tired of the cozy little relationships that exist between them. They know that the Politicians are paid off one way or another by the banks, it is good old fashioned corruption, and that whatever the crisis, the public ultimately picks up the bill. Our so called democracy has become a sham, it is perverted, it is no more than a collection of clichéd and tired phrases trotted out by Wall Street and their salesman and apologists the Politicians.
By the way how is Tony Blair the ex Socialist leader of the LABOUR party doing in his new job over at your friends place JP Morgans? I mean it is a natural move for any good socialist at the end of his political career to work for a large Wall Street/City bank. It simply shows the real beliefs, morals and caliber of the person. If you believe in Socialism like Tony Blair apparently does then fine WALK THE WALK if not be recognized as the hypocrite you actually are.
This is part of the problem, voting and the whole political process has become a complete waste of time as you are only voting for the bankers chosen man or the bankers other chosen man !! The only real certainty is that they are all subservient little lap dogs to the bankers. For example who could believe that a so called Republican Administration is nationalizing and bailing out all of these Wall Street firms, it goes directly against all that they supposedly stand for, whatever happened to the free market? Small and accountable Government? Actual REPUBLICAN VALUES that people thought they were voting for?
It is not democracy, it is not the free market, and it is not fair. It is an Oligarchy ran by the few,AND ONLY FOR THE FEW.
Wall Street has created misery on main street. The business model was to push mortgage credit, just like drug pushers to anybody who was warm and breathing this led to the very simple situation that mortgage credit that is simply supposed to facilitate the purchase of a property WAS NOW THE DOMINANT FACTOR DRIVING THE PRICES OF PROPERTY TO EVER MORE INSANE HEIGHTS.
The Bankers could not care less about the hardship they were creating as young people in particular could no longer afford a home. These young people were faced with a very simple choice by the Wall Street Bankers.
"Sign that mortgage contract for that huge amount that you cannot possibly pay back, so that we can get our end of year bonuses and book earnings to make the numbers this quarter. If you want to act sensible and not sign the mortgage contract THEN LIVE ON THE STREET, plenty more suckers where you came from"
Now, and it is so touching, we the victims, are supposed to help these parasites, criminals, and sharks in their hour of need, by
1 Destroying the purchasing power of our money as they recklessly print new Dollars to be GIVEN to the Bankers, thereby devaluing the purchasing power of all the existing Dollars.
2 More Taxes
3 Finally the Politicians solution, push the problem into the future, more debt that our children will have to pay back, and pay interest upon, we have already saddled them with $10 trillion Dollars of debt to largely fund Wall Streets and the Governments previous catastrophes.
Even if you have still got any savings left, and because of this insanity over the last few years you will be in the minority. You will be hard pushed to protect yourself against the real rate of inflation not the fantasy official numbers, as Gold and Silver are also manipulated by the very same parasites, criminals and sharks.
Lets be honest, we all enjoyed the housing party at our childrens expense, I am a young boomer and I have two children, for every $100,000 of free money in my house, made while I watched TV or was in bed !! my children now have to try and contend with $100,000 more mortgage debt, for the same house !!.
All the Politicians and the bankers are trying to do is firstly save there own sorry necks, and secondly ours as the dominant voting group at the expense of our children once again. As it is only democracy for the dominant voting group, that is a basic law of politics. All of these bailouts are simply designed to try and stop a market that had reached insanity carrying out its natural mean reversion to fair value.
It is an outrage and it is a disgrace, Wall Streets default mode is lying the truth does not come naturally. Only an idiot would believe that the cost of these bailouts will be what they actually say. It really makes you wonder about an industry that can as so called FINANCIAL EXPERTS create a boom of such a magnitude that it consumes itself in the ensuing BANKRUPTCY. Whatever happened to all those hot shot MBA Risk Managers and the vaunted Investment bankers?
They have been brutally exposed for what they actually are dangerous Parasites, Criminals and sharks and mostly clueless. Modern Finance and Keynesian economics as taught by the Universities and practiced by Wall Street to put it bluntly is a sham it does not work, how many more bubbles? and how many more busts and bailouts do we need to live through to accept this plainly obvious fact.
This bailout is very simple the bankers face bankruptcy if the "assets" are sold at a fair price within the free market, so the taxpayer is being called upon to buy the "assets" at an artificially high price we are buying stuff that is worth $5 for $20. Why would the taxpayer want to do this? What's the benefit?. SAY NO that's what Gordon Gecko would do. Quo Bono = Who Benefits? Only the bankers.