Welcome To The Socialist States Of America
It's an outrage that cannot be denied. The government will save those reckless, greedy gangster bankers that walked away with hundreds of millions of dollars, and stick it to the little guy who will bear the burden for years to come. Sacrifice the many at the altar of the few, and do it now! Immediately! It's an emergency that if we don't act NOW the world as we know it will come to an end. Well,hello--WAKE UP AMERICA! Where is the outrage? Where are the perp walks? We are about to turn over 700 million ( likely over 1 BILLION) dollars of our hard-earned money to people that appear to be unable to punch their way out of paper bags. The same people that got us into this mess are not going to get us out of it. If you believe that, I have a couple of bridges to sell you.
The lame stream media will tell you that this is good for you, that the government will protect you and take care of you and save you from yourself. For this privilege of having the hen house guarded by the foxes---you will pay. You will pay something and you might get back part of it. How totally ridiculous is that anyway?
For those who have not followed The Big Rollover thesis that Nick Russo and I have been presenting since 2005, you have just been hit upside the head with a very sharp object and concussion is the least of your worries.
King Henry Will Run the United States of America as Dictator - If you think you're hearing the truth in the media, think again. The fact is, King Henry is demanding complete control and he can never be questioned or prosecuted for anything he does. Here is a section direct from his proposal . . .
Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
The king is dead. Long live the king!
Check out the 2 hour seminar I gave yesterday ( link below!)
It is not too late to save yourself and every bit of money you have worked for your entire life. Do not listen to the mainstream media, Bill Gross, Warren Buffett or anyone with the agenda to line their pockets at the expense of yours.
Listen to Ron Paul and the voices of reason for free market capitalism.
http://thetradingdoctor.com/qwic08.html
Janice Dorn, M.D., Ph.D.
www.the tradingdoctor.com
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As a socialist, I work constatnly for a Socialist States of America, unfortunatley this aint it. If this was socialism the executives who caused this mess would be behind bars, and their corparations would be turned over to the workers to run as public property. This mess is the result of the rolling back of the programs instituted by FDR to save capitalism from its inherent flaws. Don't get me wrong, i'd be happy to see Ron Paul's free market program instituted, because it would mean the gobal collapse of the capitalist system in a short time, with little effort. Nader/Gonzales 08!
"Do not take my words as a full defense of this plan. I am merely pointing out that the $700 billion does not disappear into a black hole. If the plan works (I know that this is a big if), the government may get back most or more of the $700 billion."
Anecdotal evidence and just paying attention leads me to believe there will be another mortgage exodus after the winter. Too many people are hanging on by just barely and will say "fuck it" after the cold has passed. Some will use their credit cards to get through the winter, and then bail out on all of it in the spring.
IF a bailout comes now, it won't solve the second wave of this tsunami.
Of course Americans were also at fault. Heck, even I jumped into the revenue stream in 02 and made some cash on this, but I got out a couple of years ago and will be living on that income while construction work goes away for a few years...
A socialist model implies government theft combined with some form of redistribution scheme of the stolen dollars (ruples, whatever) to suffering peasants. Here we have something entirely different-- something I call handout rather than bailout or socialism. What our DC criminals are doing is handing money to the Wall Street criminals premised on the hope . . . dream . . . prayer that the banksters will thereby deign to reopen LENDING to the little people. There is no redistribution to peasants here-- only the banksters get the cash. And that cash will never finds its way to the American people. To the extent the handouts actually succeed in sparking new bank lending (an outcome I don't expect in any meaningful way) the bank loans will be illusory, nonexistent fractional reserve magic money created out of thin air by the freshly recapitalized criminals. The handout cash need never leave the bankster hands. R
>>"What our DC criminals are doing is handing money to the Wall Street criminals premised on the hope . . . dream . . . prayer that the banksters will thereby deign to reopen LENDING to the little people."
You raise an interesting point. I think part of the reason the American people are going along with this is that they are such inveterate borrowers... It's not just about borrowing to start up a business; most people here feel entitled to get credit any time they want it, for anything they want, whether or not they will be able to pay it back. They can't accept the idea that maybe some of them might not get car loans or loans for college (I heard this argument in favor of the bailout on the radio today). They are going to insist that the government make sure that they can keep borrowing as much as they like.
Many people seem to blame the bankers alone. While many of them definitely deserve blame, there are many other culprits here, including many consumers. It takes two to tango, and for every bad banker that originated a bad mortgage, there was a consumer who either lied on the application, speculated on rising house prices, or simply bought something that they could not afford or didn't read the disclosure. Add to that list the easy money environment created by the Fed, the push by Congress to raise homeownership rates (Fannie/Freddie, and the Community Reinvestment Act), the strange dual mission that Fannie and Freddie had, the complicit ratings agencies that poorly rated the debt, and the investors that did not perform enough due diligence.
I wonder if everyone who is outraged by this crisis is current on their mortage for the reasons listed above. I keep hearing that the taxpayers are outraged. Yet, many of them are partially to blame.
Bankers and borrowers are both to blame! NONE of them should be bailed out! They made their beds now let them lie in them!
I think there are some misconceptions here. First, the $700 billion is not an expenditure, it is an investment. The government will likely recover most of this and could even make a profit when all is said and done. Second, I don't think it is accurate to term this a bailout of the bankers and/or Wall Street. Many of them have lost their jobs, their companies' are either bankrupt or were sold at distressed prices, and the investment banking industry has been forever changed. They have definitely paid a price for what they did. A true bailout would involve buying back the debt at cost. But this will not happen. If it happend, the government will buy the debt at big discounts to par (cost), which will result in the realization of significant losses for the banks and holders of the debt. If it is a bailout at all, it is a bailout for the entire economy, including consumers and all of us. Third, Paulson will not be running the show. There will be oversight, transparency, and accountability and the execution of the plan will be made by a consortium of bond experts and the like, not Paulson. They will try to use free market forces in order to price the debt.
I am not saying this is a good thing at all. But it is not nearly as bad as some people are reporting.
I don't want to "lend" my $5000 share of this money to bail out bankers, consumers, the economy, or anything else. I don't consider it to be a good risk. And why should I, when I could invest that money into something that would most likely net me much higher returns? Why should I be forced to "invest" my $5000 in this? There is nothing free about this supposed "free market"
Remember, this is not a $700 billion expenditure. Some or all of it may be recouped. My whole point here is that there is some exaggeration about what this plan means. The downside has been fully described. Yet, the upside gets no attention. The government may make money on this deal. I am not defending it as a good idea; I am merely saying that a complete criticism needs to take into account all potential outcomes. If it gets set up with oversight and transparency and accountability and professional management, it is several times better than the social security and medicare debacles that we face. Where is the outrage on that? The unfunded liabilities number in the tens of TRILLIONS, making $700 billion look small. And these unfunded liabilities are actual gaps (true liabilities to be funded somehow), not invested taxpayer money that can be recouped.
here on social security and medicare, blloyd. I'm on the record that I'm not taking the money or the health benefits and I consider the collection of the taxes for them from me as armed theft. :)
Tom Mullen
www.tommullen.net
www.myspace.com/skepticsongs
"Question with boldness even the existence of a God" - Thomas Jefferson
Not an expenditure? Oh, an investment, just like your social security that they take and use at will is an investment. Okay. They should let the beast die. If you take in money of say your friends and family on the proposition to invest and make it grow, then spend poorly, unwisely, gamble and lose all your money and the money of your friends and neighbors you will end up with your ass kicked and likely facing jail time. Certainly you would not get a nice fat bonus and more money from perfect strangers in order to make all of your misdeeds go away.
This entire thing is a scam. No country has ever been able to borrow themselves into prosperity.
This bailout is only the beginning of the end.
And don't make me laugh with the idea there will ever be transparency in government financial dealings.
Do not take my words as a full defense of this plan. I am merely pointing out that the $700 billion does not disappear into a black hole. If the plan works (I know that this is a big if), the government may get back most or more of the $700 billion.
Isn't it 700 billion, or likely over 1 TRILLION dollars? I know-- it seems impossible.
Thanks Dr. Dorn!!! Great article.
Janice Dorn, M.D., Ph.D.