I have a sinking feeling that despite all Obama's efforts, the U.S. populace is about to discover exactly what a Third World nation goes through. The standard of living is about to crash because people are still discounting the pejorative effect of Reagonomics. Wealth has been redistributed criminally and interest on deficit spending is making the government more and more a deadbeat entity. Not taxing the rich and running a country on borrowed money is unsustainable. It is time to pay the piper!
What's about to happen is this latest heist via the banking system is probably the last straw for an overspent, non-producing country like ours. Yes, it's nice to build an industry based on money dreams like investment banking; but this industry seems important only because people were led to believe it was important and necessary.
Common sense tells me, giving strangers money to manage for me; only leaves me open for theft. All I have to go on is a promise this manager will look out for me over his own best interest. Yeah, right. Everybody is trustworthy over a penny. Make it ten thousand dollars and that trustworthy persons starts to sweat. Make it a million dollars and the person you believed in wholeheartedly is suddenly buying a condo, with no way to account for his windfall.
What's the point of saving for retirement, when the investment industry is out to steal my retirement savings before I ever get it. This industry has one goal. To convince me to offer up my cash; so they can pilfer as much of it as possible before I get a return. The Disclaimer that investment funds are not insured by the FDIC, is like catnip for investment houses. Who can resist the lure of managing a clients money in a way that benefits the investment house instead of the actual clients. This is why investment bankers make so much money. They steal from clients legally and then use that principal to invest smartly for themselves. The average investor is just the rube offering traders and bankers start up cash for their own schemes and dreams.
This is the problem with Wall Street. People lie, steal, and cheat. Therefore having a suspect industry account for 40% of your nations GDP is crazy. And that's where we are in America today. How do you save a country by really throttling down an industry that is the main product you have to sell?
The big fear in Washington is that people will finally realize investment banking is rigged, and stop giving these criminals money to steal thereby killing a big chunk of the US economy. This is all about trying to save the US sanctioned legal casino that has burned people over and over again, throughout the world. Because it's such a cash cow, the US government and the President must keep it afloat, even thought it deserves to be flushed as the huge criminal enterprise it really is.
Tuesday, March 31, 2009
Thursday, March 26, 2009
Populist Rage needs an outlet!
It's been two weeks, and the populist rage over 165 million in "retention bonuses" over at AIG; still looms. The 90% tax penalty seems doomed in the Senate. Taxing people punitively just doesn't seem appropriate in the first place; even though most of us will overlook this nagging doubt to right this wrong! But in all truth, the real travesty is that 182 billion of Federal money has gone to this business in the first place. AIG was a legal gambling casino. Credit-default-swaps are million dollar bets that mortgages will fail. To get paid off, it helps to make sure their are plenty bad mortgages in your CDS; since you don't really care about it. You just want it to fail as quickly as possible. This is called hedging and is supposed to take risk out of the Commodities market.
Instead, an insurance company, with few reserves decided the money it made selling these CDS's outweighed the possibility that they would ever default. Then they defaulted in droves in 2007, so AIG had to admit it had a gambling problem and the bankers would not only break AIG's legs if they failed to pay; but also break the legs of the U.S. financial markets.
These markets are full of shady dealings so not paying off the CDS's full value might cause the rest of the world to realize, America specializes in junk security. No more financial market confidence means no more stock exchange means 40% of American GDP instantly evaporates. In other words, since we don't make anything in America, we have to keep selling the junk we do make which is trades of overvalued stocks and risky financial instruments.
I say all this because I believe Americans are more angry at a system that allows the country to be held hostage by bankers and rogue administrations, than they are at the actual AIG employees. The "have nots" feel left out again of the American system of scamming, and need a target to attack, while they suffer. Bush, Cheney, and Rice would be more fulfilling monsters but Pelosi messed that up back in 2006; so now the populist has to make due with lowly AIG bandits. 165 million is less than 1/1000th of 182 billion. That is so small compared to the real scam, that 182 billion was needed from taxpayers in the first place. In the end this 182 billion will turn out to be little more than bribe money to keep the counter-parties of AIG from suing the SEC. Companies peddling worthless debt as high rated securities is fraud and should have been called so years ago during the Bush administration.
Instead, an insurance company, with few reserves decided the money it made selling these CDS's outweighed the possibility that they would ever default. Then they defaulted in droves in 2007, so AIG had to admit it had a gambling problem and the bankers would not only break AIG's legs if they failed to pay; but also break the legs of the U.S. financial markets.
These markets are full of shady dealings so not paying off the CDS's full value might cause the rest of the world to realize, America specializes in junk security. No more financial market confidence means no more stock exchange means 40% of American GDP instantly evaporates. In other words, since we don't make anything in America, we have to keep selling the junk we do make which is trades of overvalued stocks and risky financial instruments.
I say all this because I believe Americans are more angry at a system that allows the country to be held hostage by bankers and rogue administrations, than they are at the actual AIG employees. The "have nots" feel left out again of the American system of scamming, and need a target to attack, while they suffer. Bush, Cheney, and Rice would be more fulfilling monsters but Pelosi messed that up back in 2006; so now the populist has to make due with lowly AIG bandits. 165 million is less than 1/1000th of 182 billion. That is so small compared to the real scam, that 182 billion was needed from taxpayers in the first place. In the end this 182 billion will turn out to be little more than bribe money to keep the counter-parties of AIG from suing the SEC. Companies peddling worthless debt as high rated securities is fraud and should have been called so years ago during the Bush administration.
"Conservadems" are hideous!
Obama is the president. Obama is a Democrat. Yet sixteen Democrat senators decided they know how to do things better than the President-elect so they form an obstructionist caucus?
Republicans sat in office eight years with a moron President, who could have really used a caucus to guide him, but did intellectually superior Republican senators pull a stunt like this? No, they had a majority for six years in both Houses, so they crammed every bit of bad legislation through Congress that they could.
It is obvious to me "Conservadems" are Republicans in disguise. They probably never shared Democratic ideology, or got so rich and pampered as Senators; they just mutated.
It seems, in this country, you can never count on "certain" people to do the right thing long-term? Eventually everything they do becomes self-serving or hateful. Living in a country basically run by privileged people is forcing me to become religious, though I claim to be agnostic. Why?
Because everyday I have to live under powerful people, who seem genuinely evil and duplicitous at heart. Most Conservatives give me devil vibes, and seem intent to pillage all mankind and the world. Not all Conservatives are this way, but enough of them exist in the world to make me mad.
Republicans sat in office eight years with a moron President, who could have really used a caucus to guide him, but did intellectually superior Republican senators pull a stunt like this? No, they had a majority for six years in both Houses, so they crammed every bit of bad legislation through Congress that they could.
It is obvious to me "Conservadems" are Republicans in disguise. They probably never shared Democratic ideology, or got so rich and pampered as Senators; they just mutated.
It seems, in this country, you can never count on "certain" people to do the right thing long-term? Eventually everything they do becomes self-serving or hateful. Living in a country basically run by privileged people is forcing me to become religious, though I claim to be agnostic. Why?
Because everyday I have to live under powerful people, who seem genuinely evil and duplicitous at heart. Most Conservatives give me devil vibes, and seem intent to pillage all mankind and the world. Not all Conservatives are this way, but enough of them exist in the world to make me mad.
Monday, March 23, 2009
Comment to Frangela (Progressive Talk Radio Hosts)
As usual, Frangela is on fire today. I have to tell you, until Frangela came along, I never thought much of substitute hosts in general. I would get mad when my favorite radio show hosts went on vacation. I would sulk all day, and begrudge the host for seemingly taking so many vacations in a single year. Now, however, I know the secret to sub host success: Get good sub hosts like Frangela!
Anyway, I have a comment. Like most people I am angry about the sorry shape the U.S. is in right now. I feel the world is laughing at us because, unlike we the people, everyone else on the globe realizes the U.S. form of Capitalism is a huge failure.
It should work in theory, except rich people are so greedy, they use money to buy influence (lobbyist and media) so that bad companies profit, and good companies fail. In the end the lowly consumer (U.S. citizens) are always left suffering and paying the bills with none of the "promised" rewards of the fabled Capitalist economy.
Basically I want Socialism in the U.S. I want Universal Healthcare and subsidized higher education. I want a Parliamentary form of government so that multiple political parties run the government. I am tired of our failed Federalism and lottery economy. Our country is a joke!
What can Obama really do? To change things he has to spend money, but thanks to Bush; every dollar Obama tries to spend looks like too much because of the huge deficits Bush ran up. If Obama does nothing to socialize the U.S. he is another status quo, failed president. But his hands are so tied by status quo politicians in Congress.
The truth is, most people I talk to one-on-one envy Socialistic European countries and Canada. They realize Capitalism only benefits big fish, but they don't know how to fix the situation other than escape the U.S. If Obama doesn't get something right in four years; I'm putting on my "sombrero" and heading to Canada.
Anyway, I have a comment. Like most people I am angry about the sorry shape the U.S. is in right now. I feel the world is laughing at us because, unlike we the people, everyone else on the globe realizes the U.S. form of Capitalism is a huge failure.
It should work in theory, except rich people are so greedy, they use money to buy influence (lobbyist and media) so that bad companies profit, and good companies fail. In the end the lowly consumer (U.S. citizens) are always left suffering and paying the bills with none of the "promised" rewards of the fabled Capitalist economy.
Basically I want Socialism in the U.S. I want Universal Healthcare and subsidized higher education. I want a Parliamentary form of government so that multiple political parties run the government. I am tired of our failed Federalism and lottery economy. Our country is a joke!
What can Obama really do? To change things he has to spend money, but thanks to Bush; every dollar Obama tries to spend looks like too much because of the huge deficits Bush ran up. If Obama does nothing to socialize the U.S. he is another status quo, failed president. But his hands are so tied by status quo politicians in Congress.
The truth is, most people I talk to one-on-one envy Socialistic European countries and Canada. They realize Capitalism only benefits big fish, but they don't know how to fix the situation other than escape the U.S. If Obama doesn't get something right in four years; I'm putting on my "sombrero" and heading to Canada.
Friday, March 20, 2009
Save the Budget and Do Nothing?
Honestly, is Congress daft, dumb, and completely dishonorable? When a former deadbeat President maxed out the US credit cards wastefully, and sent our National debt from 5 trillion to 8 trillion in 8 years ($36,000 per capita); how come no one demanded an immediate cease to this spending. Considering all Bush's spending went to unnecessary purchases and theft; trying to pull a fiscally conservative snow job now is just the height of hypocrisy.
Here's a clue dumb politicians and seemingly clueless Republican voters. The difference between Obama's spending and Bush's spending is Obama's budget helps the country move out of a second Great Depression that Bush's spending helped put us in.
It is a sad fact that just because Bush was President, I have to waste cyber-print still talking about him at all. This man should have been irrelevant his whole life if fate was kind to the world. Hitler should have been an irrelevant, failed painter. Manson should have been an irrelevant, failed musician. Bush was an irrelevant, lackluster Texas Governor; until the corporate power-brokers went in search of a stooge to plant in the White House. Yes, the U.S. is trapped in a death spiral. Love of money has murdered the dream!
Here's a clue dumb politicians and seemingly clueless Republican voters. The difference between Obama's spending and Bush's spending is Obama's budget helps the country move out of a second Great Depression that Bush's spending helped put us in.
It is a sad fact that just because Bush was President, I have to waste cyber-print still talking about him at all. This man should have been irrelevant his whole life if fate was kind to the world. Hitler should have been an irrelevant, failed painter. Manson should have been an irrelevant, failed musician. Bush was an irrelevant, lackluster Texas Governor; until the corporate power-brokers went in search of a stooge to plant in the White House. Yes, the U.S. is trapped in a death spiral. Love of money has murdered the dream!
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