We pay taxes – and not on Our “profits” mind you – We pay taxes on the money We use to buy food, fuel, clothes for Our kids, and everything else We have to fork out to get by every month.
They want Us to pay for it. All of it. When I think about that I forget to breath for a minute. The don’t just want Us to pay for it, they are making Us pay for it, and We will pay for generations to come.
Paulson and Berneke are asking for a Blank Check to bailout people who had profited from the lax oversight and underwriting for years – and Pelosi Purse-strings has pledged to roll over on anything and push a bill through hastily, so they can all go home for a long vacation.
Congress probably will not even read it. You know they are not writing it, they will leave that to the lawyers and Corporate Lobbyists – you know, the “Experts.”
Now these same Bastards are going to “Fix” the problems they made (and Us) and create even opportunities for More Profits for Those with Money off the backs of the rapidly disappearing middle class.
Quick, check out this list of the 10 Biggest Bankruptcies Ever before they are replaced entirely with a whole new bevy of big-name losers by the end of next year regardless of how much money the Feds throw around.
“In a related move, the Federal Reserve said it will extend loans at the primary credit rate to finance the purchase of asset-backed commercial paper from money market funds. The Fed said the move should assist money funds that hold such paper in meeting demands for redemptions.”
“Concerns about the net asset value of money market funds falling below $1 have exacerbated global financial market turmoil and caused severe liquidity strains in world markets,” the Treasury said.“ The Treasury Department said it’s going to insure any publicly offered money market fund, both retail and institutional, that pays a fee. President Bush has authorized up to $50 billion in protection, and Treasury said it’s acting using the authority of the Exchange Stabilization Fund. ” — WOW! They are nationalizing literally everything! Well, the losses, at least…”
Things have obviously spun out of the Governments Locus of Control when you wake up one fine day to find that AIG is a Subprime Borrower:
“Under the deal, the Federal Reserve will provide a two-year $85 billion emergency loan at an interest rate of about 11.5 percent to AIG, which teetered on the edge of failure because of stresses caused by the collapse of the subprime mortgage market and the credit crunch that ensued. In return, the government will get a 79.9 percent stake in AIG and the right to remove senior management.”
“We are in historically unprecedented times. The foundation is being laid for a default of US Treasuries in the wake of the greatest regulatory failure in modern history, and the collapse of the US financial system.”
Who to elect? Obama has not produced anything more concrete than rhetoric, and after hearing the comments from Obama’s competition, it is clear to me now that McCain Understands Very Little about anything he has supposedly been legislating on for the last several decades.
And McCain is one of the asses who was so patronizing to Ron Paul during the the debates, like he was some eccentric relation to be tolerated. Hey everyone, Ron Paul Called it All, and he is the only candidate to put forth specific plans to rescue our country from the Goldman Sachs controlled Federal Regulatory Agencies. They all work for Wall Street now – they have for years, and now you see the mess.
“I am really sick of regulators acting like the stock market’s response to the crisis is the problem. The stock market has been badly lagging in discounting the problems for years, since the official cheerleading squad known as the press and the government have actually succeeded in brainwashing (or at least providing rhetorical cover for) the financial world.”
Maybe the States Can Help, but We will not be able to depend on them to foot the stupendous bill that is coming our way as we face record resets of ALT A and Pay Option Arm loans over the next two years, as well as a boatload of ARMs. There were 1.5 million Lost Their Homes This Year alone, and that number may double in 2009.
What you Government is doing might as well be Communism, but it’s worse – it makes a great platform for Fascism. They are in the process of a Nationalization of Private Debt and are setting a precedent for every other industry.
Now the US Government is now choosing to follow in the footsteps of Francisco Franco, Benito Mussolini, Hugo Chavez, Fidel Castro and every other petty economic dictator of history.
What is really making me angry is that the dialogue in the press and within our “leaders” rhetoric is a tendency to still blame the borrowers as if We had any control over their underwriting and risk abatement. They ran Our credit and decided what We could borrow, and now they Want To Blame Us For This Mess.
They are still sitting back Letting Old People Be Ripped Off by predatory Reverse Mortgages, and they will wait until the problem is so big – and the profits have already been made – to do anything about it. It’s Criminal!
Guess what? They Want to Bill You For This Mess Twice too, by making sure you payback any losses from a short-sale of your home – even if it was to avoid a foreclosure, and even if you were forced to move to find work:
“With home prices tumbling, millions of people owe more on their mortgages than the houses are worth. If a new job or other life change compels them to sell, their choices include bringing a pile of cash to the closing to make the bank whole, going into foreclosure or cutting a deal with the lender to pay off the balance of the loan over time.”
“A sale for less than the value of the mortgage on a property is known as a “short sale,” because the transaction leaves a homeowner short of the funds needed to settle the debt. Agents and lenders say the number of short sales is rising markedly.”
“Reluctantly, banks are agreeing to let some short sales go through. But instead of writing off the unpaid portion of the debt, they want homeowners to sign a note promising to pay some or all of the balance due.”
But wait, it gets even worse. Instead of doing something like organizing to help homeowners under the threat of foreclosure, Michigan Republicans Plan to “Foreclose” on Voters to Help McCain by making sure poor black voters in distressed areas are intimidated out of their right to vote as citizens of the United States of America. It is shameful!
“According to CBS News, Michigan Republicans are planning to use a list of foreclosed homes throughout the state to block people from voting in the upcoming presidential election in counties where foreclosure rates are high. One of those counties, Macomb County, a “key swing county in a key swing state,” will use this “foreclosure” tactic as part of the state GOP’s effort to challenger some voters on Election Day, as Michigan is arguably the top “blue state” target of the McCain campaign.”
“McCain’s campaign has yet to respond to this issue, and it’s likely they’ll ignore it. The scheme would affect African-American families in the area, “who are more likely to vote Democratic, and more likely to be in foreclosure as a result of sub-prime loans,” (cbsnews.com, 9/12/08).”
“When asked about the GOP’s efforts, by CBS’s Steve Benen, Carabelli said, “I would rather not tell you all the things we are doing.”
“Benen ends his article aptly: “Because nothing says democracy like Republicans acting in secret to prevent Americans from participating in an election. And nothing says ‘in touch with the needs of working families’ like trying to capitalize, politically, on a foreclosure crisis, by stopping victims from voting.”
Probably thought of and planned out at a Christian Chruch, if I know them. Shameful in the eyes of God too! this whole thin is shaping up to be just a Massive Ponzi Scheme Robbing Americans of their wealth and status. soon it will be your standard of living and your freedom:
“Corruption is pervasive. The public uneasy but largely uninformed. The worst of what’s going on is hidden. A vast shady network of “interconnected institutions working through highly legalized and poorly understood systems.” Moving unimaginable sums around the world in seconds. Seducing people into the most outrageous schemes involving unrepayable debt. Then having to borrow more to service amounts already unaffordable. Heading for what money manager Jeremy Grantham calls a “slow motion trainwreck”- the inevitability that bubbles always burst. His advice in the current environment. What he calls the “first truly global bubble:” hunker down and “take as little risk as possible” because “I for one am officially scared.
“Schechter refers to “an unholy trinity of private players, Wall street firms, and non-regulating regulators” who saw a way to profit hugely. Do it with shady practices, and thus partner in a “criminal conspiracy” to rip off millions of working Americans. “It was the largest robbery in history – not a bank heist but a heist by banks.”
“Where are the prosecutors,” asks Schechter? A Congressional probe. Indictments to go after the guilty. Faint hope along with any chance for redress for victims. No chance either for most people to understand an “opaque and unregulated global financial system” with obscure terminology, according to economist Nouriel Roubini. A highly levered “financial monster that eventually leads to uncertainty, panic, market seizure, liquidity crunch, systemic risk and economic hard landing.”
“Crucial to understand is that the current economic crisis “is an outgrowth of the very corporatist policies that will haunt this country for decades.” Plus our costly wars. “Obscenely high levels of corruption,” and many other characteristics of a nation off its moorings and in trouble. This one in “the quicksand of debt and delusion.” Proving unfettered capitalism doesn’t work. At a time Business Week magazine suggested “an irresistible force (is) meet(ing) an immovable object.” The force is the economy and object an unrepayable wall of debt.”
“Little of this gets media attention or is addressed in political discourse. Never mind huge structural problems, an economy in crisis, millions in duress, and barely a sign of remedial help coming for the vulnerable. As conditions worsen “when will the American people realize how badly they have been had and turn on the plunderers,” asks Schechter? The politicians and regulators also who allowed it.”