Here is the link to Night mare Mortgage October 16, 2006 3:44 PM
The fraud consisting of ARM loans which were then sold through stocks and bonds was set up by one man.. and he has been promoted for the huge failure of the ARM loan financial system, right to the very top...
What kind of system do we have when one man has that kind of power, corrupts an entire financial system, causes it to collapse, and then is rewarded with the top spot in government?
The Fed has injected almost 1 TRILLION dollars into pumping up large firms or banks in the last year. This is the same amount of money spent on the Iraq war since 2001... How does that NOT affect the economy all by itself?
Where is this money coming from? Did you notice that the M4 money measure disappeared? Why? Could it be that they do not want to show how much money they are printing, backed up by NOTHING but hot air?
What did it cost the government to print all that money? NOTHING... Well, it did cost TAXPAYERS, like you and I. We have to pay to bailout all of these companies and banks, but we get nothing but higher taxes and costs to pay it all back. How about some help for the little guy at the bottom who is paying for all of this? NOPE.. we are all left to ourselves. That would be socialism... Well, what is it when the government buys private corporations or bails them out? Is that not socialism? Why is one OK and the other is EVIL?
Could this just be another example of greed, corruption and bailing out the very people who CAUSED this crisis?
Phil Gramm is the man who caused all of these problems by slipping in a law into the budget, at a time when no one was looking. He is now the economic advisor to guess who? McCain... He is saying that people who are complaining about the economy are "whiners". McCain said over twenty times in the last couple of years that the "fundamentals of the economy are strong".
McCain has admitted he knows little or nothing about economics and that he did not see this crisis coming, and does not know how to fix it. His top guy obviously knows nothing either, as he is the architect of all of this, and now has been hired to represent potentially the next President.. Do you want this guy in charge of the economy and Treasury?
This post was modified from its original form on 18 Sep, 7:23
How can Conservatives and Liberals agree that Communism is now needed, when we have been fighting it for generations? The defintion of Communism is government controlled enterprises.. right? Read it for yourself...
If we are going to become Communists, why not go all the way, and take over the biggest corporations, starting with the OIL companies? Start by distributing checks to all Americans as they do oil 'royalties' in Alaska, out of the profits from all of these companies that the government is taking over, including Fannie Mae, Freddie Mac, and all the rest.
If it works for Alaskans, and for Saudi Arabia, why not for the rest of us? If we are going to live under an authoritarian government controlled by corporations, which tries to shove solutions down everyones throat under threat of total collapse if we do not take the deal, does not debate issues or talk about issues of any substance, the least we can do is nationalize them, and the least they can do is hand out money in return for us bailing them out of their mess.
John McCain: Ha ha, google “bank collapse McCain” and you will find some fun results that old Walnuts had hoped were forgotten forever, because who remembers boring things like the Savings and Loan apocalypse or the Keating Five? Also, one of his sons just fled the board of a failed bank in Nevada!
Phil Gramm: Hateful old banking industry Texan crook was/is John McCain’s Economy Czar. He’s the one who called America a “nation of whiners” for being sad because of the New Depression. He also sponsored the deregulation that created the financial collapse. Gramm is also a vice-chairman at UBS, which is about to collapse, too.
"Phil Gramm? Wait, what did he do wrong?" Former Senator Phil Graham-- or as he was also known Senator Enron-- did so much wrong it boggles the mind. He pushed through the repeal of Glass-Steagall (banking regulations in place from 1932-1999). He pushed through energy deregulation, and an end to the prevention of oil speculation (which lead to oil speculation and Enron coming into CA and robbing us blind like Bonnie & Clyde). When he left the Senate, he went to work for the United Bank of Scotland as a lobbyist-- but before he left the Senate, he pushed AGAINST banking disclosure requirements that would have made it easier for us to track the money that funds terrorists against our Country
Thousands of you responded yesterday when I wrote. I'm writing to urge you to respond again. We are having an impact but it is going to take an avalanche of citizen input to re-think the bailout. The decision Congress is considering could affect us for a generation or even two.
One reported quote from an anonymous congressional staffer about the effect of our e-mails, phone calls, faxes, etc. indicates that support for the bailout plan in its present form is rapidly declining due to citizen pressure. The Congressional newspaper Roll Call reports:
"The Bush administration's forceful lobbying effort failed Tuesday to win support from rank-and-file Republicans or Democrats for a $700 billion Wall Street bailout package, though GOP and Democratic leaders still planned to move a bipartisan bill by the end of the week. . . .
"The rank and file in both parties expressed deep concerns about anything resembling the $700 billion that the White House wants, and leaders struggled to keep their Members open-minded in the face of surging outside opposition from a diverse range of voices from former Speaker Newt Gingrich (R-Ga.) and the Club for Growth on the right to liberal bloggers on the left. . .
"But both sides face heat internally, with liberals upset with what some see as a handout to Wall Street cronies and with conservatives who are appalled at the unprecedented intervention in the free market."
It is important to get more people writing (click here) and calling their legislators (202-224-3121). Please forward this newsletter to everyone you know or send them to www.FreshAirCleanPolitics.net to take action. You can write/call again and update your representatives on your views as this drama is unfolding.
And, people are starting to ask very sensible questions that should slow down the process. One writer on economics and taxes that I have a great deal of respect for, David Kay Johnson of the N.Y. Times, is making some important points in a memo to the media:
"In covering the proposed $700 billion bailout of Wall Street don't repeat the failed lapdog practices that so damaged our reputations in the rush to war in Iraq and the adoption of the Patriot Act. Don't assume that Congress must act instantly, as so many news stories state as if it was an immutable fact. Don't assume there is a case just because officials say there is.
"The coverage of the Paulson plan focuses on the edges, on the details. The focus should be on the premise. And be skeptical of what gullible Congressional leaders, most of them up before the voters in a few weeks, say after being given a closed-door meeting on supposed horrors. . .
"Ask this question -- are the credit markets really about to seize up?
"If they are then lots of business owners should be eager to tell how their bank is calling their 90-day revolving loans, rejecting new loans and demanding more cash on deposit. I called businessmen I know yesterday and not one of them reported such problems. Indeed, Citibank offered yesterday to lend me tens of thousands of dollars on my signature at 2.99 percent, well below the nearly 5 percent inflation rate. That offer came after I said no last week to a 4.99 percent loan.
"If the problem is toxic mortgages then how come they are still being offered all over the Internet? On the main page AOL generates for me there is an ad for a 1.9% loan (which means you pay that interest rate and the rest of the interest is added to your balance due.) Why oh why or why would taxpayers be bailing out banks that are continuing to sell these toxic loans? . . .
"What steps are being taken to take back bonuses, fees and other compensation from the folks who got rich selling toxic mortgages and illiquid investments that Secretary Paulsen claims are threatening the whole system?
"How will adding $700 billion to the national debt ease strains on the credit markets?
"As of now we are, as a group, behaving just as we did the last two times the administration sought to rush through a hastily thought out, ill-conceived plan. Why in the world are we being so gullible and naive? Whatever happened to the core value of journalism -- check it out?
And, Nobel laureate Joseph Stiglitz, an economics professor at Columbia University, is describing the plan as a raw deal for taxpayers. What's needed most, Stiglitz argues, is to assist struggling homeowners.
Any financial assistance package must include help for the people hardest hit by the economic meltdown. High unemployment and low wages mean that many workers don't earn enough to put food on the table and to keep their families housed and safe. But as we write this, the package still does not include these important protections.
Call your representative's Washington, DC office today. Urge her or him to help homeowners and low-income families affected by the recession by including 3 things in the bailout bill:
1. Expand the Child Tax Credit.
2. Include measures to help homeowners avoid foreclosure.
3. Extend unemployment insurance.
Use FCNL's website to find your representative's phone number and find talking points to help you make your call.
Expanding the Child Tax Credit so that families earning less than $12,050 a year have access to the benefit would reach 3 million additional children in low-income families and increase support for 10 million more. More about the Child Tax Credit.
Restructuring mortgage payment will give millions of people the opportunity to pay off their debt and avoid foreclosure on their homes. More about how the bailout could potentially help homeowners.
Extending unemployment insurance would help the many people who have been unable to find work in this failing economy. In August, the unemployment rate was 6.1 percent, the highest it's been in a decade. Learn more about the unemployment crisis.
700 Billion bailout of Wall St. banks
2 Trillion in Pentagon funds missing
1 Trillion Federal Reserve fiat money created out of thin air to prop up financial firms
National debt going up fast
Credit market locking up due to losses from above, banks afraid to lend to one another
No money left in Social Security; all borrowed out to pay for war, etc.
No money left in most pension funds, all invested in losing stock market
No gold standard to prop anything up, nothing left under the dollar to prevent panic and plunge
This is serious folks...
US credit market for cars dropped off the map too.. car sales down by close to 40% last month in one month alone, on top of huge drop before that.
Business to business loans are dropping off and getting much more expensive if you can even get them... This segment is also locking up as those making loans are afraid companies will fail and they will not get paid back. Trust is disappearing, especially when bank CEO say one week that they are in good shape, and the next week they are gone or bankrupt.
With nothing backing up fiat dollar, nothing to manufacture, nothing to ship, nothing to sell, what is going to happen internationally?
This post was modified from its original form on 02 Oct, 15:59
Dear NaturalNews readers,
In 1942, German intelligence officers rounded up skilled Jewish prisoners and launched Operation Bernhardt, a clever scheme designed to counterfeit hundreds of millions of dollars worth of British Pounds and destroy the British economy by flooding it with counterfeit money. Located in the Sachsenhausen concentration camp, Operation Bernhardt was, even by modern standards, a runaway success that resulted in the creation of forged bank notes worth 132 million British Pounds.
Today, in America, the Federal Reserve is doing the exact same thing by flooding the U.S. economy with counterfeit dollars. But we're not talking about a few hundred million dollars here: The Federal Reserve is engaged in an economic carpet bombing campaign involving the counterfeiting of TRILLIONS of dollars.
Read my true, historical report of the similarities between the Federal Reserve and Operation Bernhardt:http://www.naturalnews.com/024427.html
(This true story will absolutely astonish you. Forward this to others. The People need to know what's really happening.)
Also today, Byron Richards reports on the health care implications of the $850 billion bailout:http://www.naturalnews.com/024426.html
- 1 day ago - voices.washingtonpost.com
I wonder how long this injection of fake money will last... we will see.. The rotten stuff and the gaping chest wound is still there...
How can inflation go down when all of this fake money is being printed right and left? How can gold go down in value at the same time??? I do not get it. None of this makes sense... it is all completely insane.
When a government prints money and stops tracking how much it is inflating it by doing so (US govt. stopped publishing M4 money supply measure) it is like the German government after World War II, printing more and more fake money to try and prop things up... Inflation took off and money became worthless. It took a wheelbarrow full of million dollar marks to buy a loaf of bread. That was real. There were consequences to unlimited printing of money with nothing tied to it as a real value (like gold or silver) and then putting it into circulation.
At that time, it was cheaper to use this fake money as wallpaper than to go buy the real wallpaper with million dollar marks.
I'm sure now that my retirement will be gone by the time I need it even though I have been paying into it most of my working life. While personally, I still have my job I also have 2 young adult children looking for work in this economy. If I ever get sick that could be the end of my family, scarry stuff indeed.
If you've ever wondered what a country like America would go through during a financial collapse, this video is worth seeing. Argentina in 1971 was a rich nation, like America, like several others. And like America, the government, Congress, big business and the banks milked the country of everything it had. Within 5-6 years, the people took to the streets in rebellion. Promising them the world, Peron stepped forward as representing "the people," became president and quickly betrayed the people by siding with the powers that had previously betrayed the country.
I won't give away this true story that has actual footage. It's one hour long, has subtitles, but will have you amazed at the parallels with what is happening right now in America. This documentary should be seen by everyone. While it's not a glossy presentation because of the quality of the filming, it makes its point...hard.
I'm going to type the subtitles so we can have the text for reference, so come back after you view the film if you missed anything. This is an important story that should be seen by every adult in America. Please share this message with your friends and contacts. If you feel it has value, please note and comment.
Peace, Light and Hope,
Here's what a full blown financial collapse looks like. Out of control foreign debt..enriched bankers and big business...made it easy to loot the country...and turned a rich country into a poor, one wiping out its middle class in the process. Sound familiar?
The only reason we do not have hyper inflation right now is that the world still believes in the dollar, and they are in worse position than we are.. As a result, they are buying US Treasury Bonds that pay 4% interest.. That is what we are living on, borrowed money from overseas...
If that stops, or if confidence in the US dollar is lost, then we will be just like Zimbabwe...
Secret, underhanded illegal and immoral provision slipped into $700 Billion bailout package...
Dennis Kucinich talks about the REAL solution to this problem... not the one we got rammed down our throats... disgraceful, immoral and contrary to what is really needed.
A 700 Billion dollar bill was passed to buy toxic mortgages, (but without helping drowning homeowners directly) .. Now the Treasury Secretary is saying he changed his mind.. he is NOT going to buy the mortgages with the 700 Billion...
Whatever happened to the we need to pass this now and buy up this toxic debt or the whole thing will fall apart today?
Where is the money going now? Well, to pay bonuses for whoever the companies want, trips, pay for dividends to shareholders and according to the latest news, to buy stocks in the failing companies.
Gee, just what I want, the government to buy stocks in failing companies, with no controls, no oversight, no standards, no nothing...
The whole thing stinks to high Heaven, and the pork that was included for big companies is just making things worse.. Each US taxpayer just got ripped off for $7,000 in my opinion, and got nothing to show for it, except to prop up rottten gambling enterprises that have nothing but greed in mind.
"Rep. McDermott explained that his legislation, H.R. 6867, to extend unemployment benefits passed the House in early October on a massive bi-partisan vote of 368-28, but the legislation stalled when Senate Republicans, after consultation with the President, would not permit the legislation to come to the floor for a vote. The bill would extend benefits a minimum of seven weeks in every state, but 13 weeks in states where the unemployment rate has averaged 6 percent or higher over three months."
Kucinich says a giant bait and switch has happened...
The Treasury Secretary has changed his mind several times about the cause and solution of the crisis.. In the process, he has destroyed any hope that it can be solved.. First he said; give me the power and money, I will fix the mess.
Then he got the money and power, now he is walking away, without solving the problems. What does that say? The money has gone to big financial companies who use it to merge with other banks, pay dividends and to buy stocks.. The bailout bill called for giving it to the homeowner in foreclosure, but that is NOT where it is going, because Bush and his gang do not believe in helping the people at the bottom.. just the ones at the top.. How does it feel to be trickled upon?
According to MSNBC news last night, the White House has spent a total of about 4.3 TRILLION trying to save the banks and large corporations from the effects of deregulation and outright fraud with mortgages... to little or no effect.
Why is this effort of borrowing so much money and throwing it at large financial institutions having so little effect?
Could it have anything to do with the fact that leveraging assets at a 40 or 60 to one ratio has dire consequences when the wheel of luck starts turning against them, as it is now?
Could it have anything to do with the fact that the amount of toxic debt out there is in the range of hundreds of TRILLIONS, or more, and no one wants to buy it or have anything to do with it, on a global basis? (That is why the banks do not want to buy each others debt.. That is why the credit markets are FROZEN..
This giant Ponzi scheme is falling off the cliff, and taking all of the banks participating in it with it.
Could this be the reason why smart investors are buying only real, cold, hard assets such as gold, silver, foreclosed real estate and very selective preferred class stocks?
Granted, many people are dumping money into US Treasuries, but remember, that the only thing holding that value up is the faith and trust that US taxpayers will repay that debt, and that may change at any time.
If the US can welsh on hundreds of Trillions in mortgage debt, why would that be any different with US Treasury debt? Granted, it is not leveraged like the credit card, car and mortgage debt, but when the world stops believing that the US debt is like pure gold, as it is now, all of that can change in a heartbeat.
This post was modified from its original form on 26 Nov, 6:16
Banks are using the bailout money to buy other banks, have parties, pay dividends, but not help homeowners or modify terms of onerous loans...
Is this racketeering on a scale never seen before? Where is this money going? 300 Billion has been spent, but the Treasury Secretary cannot say where the money went or what it did...
Why rush to throw another $350 billion of taxpayer money at the Wall Street bandits and their political cronies who created the biggest financial mess since the Great Depression? And why should we taxpayers be expected to double our debt exposure when the 10 still-secret bailout contracts made in the first round are being kept from the public?
This post was modified from its original form on 16 Jan, 18:51
he same corporations that got billions in bailout also handed out 14 Billion in Bonuses... These are companies falling off the cliff, begging for help from taxpayers.. The people at the top got 14 BILLION of taxpayer money in the form of bonuses at the same time.... Obama stopped one company from buying a 50 MILLION dollar private jet with taxpayer money... Other banks that got bailout money were quoted as saying that they had NO INTENTIONS OF LOANING IT OUT... They were keeping it for later buyouts of other companies... So WHERE IS THE BIG EMERGENCY BUSH WAS POINTING AT? Is this another story of a boy crying wolf, as I warned about at the beginning of this thread??? It is starting to look like the wool got pulled over a bunch of peoples eyes... and taxpayers got SHEARED, FLEECED, BAMBOOZLED, SCAMMED, by BUSH and his CRONIES, AGAIN....
This post was modified from its original form on 30 Jan, 19:24
Here's the essence of contract law.
Two parties come to an agreement and
sign a piece of paper.
A loan is a contract.
If the owner of a loan wants to enforce
it (including predatory conditions), it
has to do two simple things:
1. Produce the paperwork
2. Prove it owns the loan,
In their brilliant financial machinations,
the "Masters of the Universe" on Wall Street
forgot these two simple laws.
Result: There are a lot of houses in
1. The paperwork can't be found
2. No one is able to figure out who
actually owns the loan because it's
been sold, resold, packaged and repackaged
One Ohio Congresswoman has a word of advice
for the thousands of people in her district
now in foreclosure:
"Stay put" and when the sheriff comes, tell
him to "Show me the paper."
You know, it sometimes takes a very, very
long time, but there often is justice in
Our campaign demanding accountability from Wall Street is off to a tremendous start. More than 200,000 people have already signed the petition to limit salaries at banks taking taxpayer bailouts.
And now, we have the perfect opportunity to confront the executives of these banks directly.
The CEOs of the eight biggest bailout recipients are getting hauled before Congress on Wednesday. And when they do, they should hear from us, the everyday Americans who bailed out their banks and are affected by their actions.
We need to take our campaign to the next level—can you help us get to 250,000 signatures by tomorrow? If we meet our goal, we can deliver boxes and boxes of petitions to the committee in time for the hearing. And our representatives will be able to show the banks how many Americans are outraged and demanding accountability.
Clicking the link below will add your name to the petition:
The petition says: "Congress must place enforceable, common-sense limits on salaries at all the banks that have taken taxpayer dollars."
After you sign the petition, you'll have the opportunity to leave a personal message for the committee members. If you have a question you want to make sure the CEOs have to answer, or a story about how the credit crisis has affected your family, please submit it after signing the petition. We'll make sure it gets to the committee in time for the hearing on Wednesday.
President Obama took a great first step last week, limiting pay at companies taking bailouts going forward.1 And Congress is poised to go even further this week. But they need to know that the public expects them to hold the banks accountable, first by reining in executive pay and then by ensuring our money is being spent the way it was intended.
When Congress authorized the Bush administration to use $700 billion of Americans' hard-earned dollars to bail out Wall Street, we were told that it was necessary to keep credit markets from freezing up. But instead, we're finding out that with no real restrictions on what Wall Street could do with the money, they've used it for private jet rides2, corporate mergers3, and astronomical salaries.4
We need to demand accountability from every bank taking taxpayer dollars. They need to use the money to get our economy moving again, and they need to do it in a way that protects our investment in them. The report that Wall Street bankers took home $18.4 billion in bonuses in 2008 was shocking, and proof that Wall Street isn't going to do the right thing on their own.
That's why we need to make sure that Congress demands accountability.
Wednesday's hearing is a great opportunity, and it will be much more powerful if these Wall Street CEOs have to face all of us, not just our representatives. Can you sign the petition and then share a question or personal story for Wednesday's hearing?
Thanks for all you do.
–Daniel, Anna, Eli, Patrick S. and the rest of the team
1. "Obama Outlines Limits on Executive Pay," The Washington Post, February 5, 2009
2. "Scrutiny of Bankers' Perks Will Grow, Too," The New York Times, February 4, 2009
3. "Pfizer's Wyeth Deal Perverts U.S. Bailout, Group Says," Bloomberg News, February 2, 2009
4. "What Red Ink? Wall St. Paid Fat Bonuses," The New York Times, January 28, 2009
vAmerica's Fiscal Collapse
Subject: Tell CNBC: Listen to Jon Stewart and report the news.
We know about the Bush administration turning a blind eye and refusing to regulate bad behavior. We know about the banks that played fast and loose with our retirements, and then, when it all blew up, they took golden parachutes lined with our tax dollars.
On March 12, Jon Stewart of The Daily Show discussed another serious problem: financial news networks like CNBC that promoted Wall Street propaganda and then blamed the financial crisis on "losers" who couldn't make their mortgage payments.
Stewart took on Jim Cramer of CNBC; the interview was moving, appalling, and a searing indictment that really hit home.
I just watched the interview and signed a petition to tell CNBC that they should be ashamed of their behavior. A financial news channel should investigate and report the truth, not merely air infomercials for Wall Street.
Please have a look and take action.
I signed,... the fraud and the greed are just disgusting,
>From: Care2 Groups: Fraud, Scam & Crime Prevention Network Mailing List
>Sent: 3/14/2009 4:12:01 PM
>Subject: Re: [Fraud, Scam & Crime Prevention Network] International
Mortgage Loan And Credit Scam
>Stewart took on Jim Cramer of CNBC 2:09 PM
>Subject: Tell CNBC: Listen to Jon Stewart and report the news.
>We know about the Bush administration turning a blind eye and refusing
to regulate bad behavior. We
>know about the banks that played fast and loose with our retirements,
and then, when it all blew up, they
>took golden parachutes lined with our tax dollars.
>On March 12, Jon Stewart of The Daily Show discussed another serious
problem: financial news networks
>like CNBC that promoted Wall Street propaganda and then blamed the
financial crisis on "losers" who
>couldn't make their mortgage payments.
>Stewart took on Jim Cramer of CNBC; the interview was moving,
appalling, and a searing indictment that
>really hit home.
>I just watched the interview and signed a petition to tell CNBC that
they should be ashamed of their
>behavior. A financial news channel should investigate and report the
truth, not merely air infomercials for
>Please have a look and take action.
>49 messages in this topic | post via the web | start a topic via the
>home | announcements | discussions |
>=== message truncated ===
toolbar.Care2.com Make your computer carbon-neutral (free).
www.Care2.com Green Living, Human Rights and more - 8 million members!
What I have noticed is that there is a tendency for some to believe in magical leader thinking. In other words, a very powerful leader will save us all from ourselves.
No one can do that... We have to save ourselves. To the extent we allow a magical leader, we will get into more hot water.
Electing a magical leader is how Hitler got into office and did what he did. The worse things get, the more people tend to gravitate towards a strong dictator who can 'fix' everything. These leaders all say; "Just give me more power and let me print more fiat money, and I will........... Fill in the blanks".
What is the same as during Bush era? Iraq, Afghanistan and other wars are still on, same as before. Pakistan war is now added to all of the others. They no longer call it a war on terror, but the money flows are still the same. The Costs for war are still the same, but on the books, which is better than off the books and callled an emergency. So a minor improvement, but the same generals that were there under Bush are still there under Obama, no changes.
There are No timetable changes different from Bush, other than Guantanamo. Actually, Afghanistan and Pakistan is going to increase costs of 'war' which is now a non war, from 15 Billion a month to much more than that. So far, everything illegal done under Bush has been swept under the rug. Is that the way to 'fix' problems?
Guantanamo promised to close, but nothing changed yet. Bush released many, but so far, none have been released under Obama. There are promises to not torture, but have the prisons in Iraq or Afghanistan been closed? Have the secret CIA prisons been closed? Has the secret monitoring of phone calls been stopped? I think not... I have heard nothing about any of this YET.
The financial gurus that leveraged money forty times over are still in power and in control; Geitner is cut from the same cloth as the Bush crowd. The leverage and gambling of huge mega corporations that control Congress then and now is what got this country into a depression, and that is NOT being changed.
As a solution, they are ADDING another layer of leverage on TOP of the 40 times leverage of cash to existing financial companies, to buy up the toxic debt. What happens when you leverage money on top of leveraged money? When the falls comes, it just makes it worse. A gambler is going to hit bottom, but if he resists by gambling more to try and get out of it, it delays the bottom and makes it worse long term. That is what we are doing now, in my opinion.
Some counties are now up to 50% unemployment rate, real world figures, not the fake ones made up by the government. Houses in my area are now selling for 25K each that used to sell for 200K. We still use money, so that is good compared to the Depression when barter was the main medium of exchange and there was NO money to spend, but if trust evaporates further, we could end up there... I pray this does not get worse, but it could go there. Why?
Fake money is fake.. Printing more fake money on top of fake money is not sound fiscal policy. Borrowing more money when a country is already bankrupt is not sound financial policy. Leveraging fake money forty times over is also not healthy or sustainable. It could all come crashing down, to reflect reality, which is that fake money has NO real value at all. It is just like toilet paper.
What is sustainable and REAL? Not the hundreds of nuclear power plants Obama is planning on building, not the clean coal Obama is supporting with BILLIONS, and not the increased military power that is projected out, while spending 51% of our annual budget on weapons, violence and death.. THIS is what is going on, and it has not changed. If anything these things have accelerated in a negative direction in my opinion.
Yes, there is a shift to renewable energy, yes there is a shift to working together.. But what kind of world do we want? A world powered by private corporations paid cost plus contracts to kill millions of civilians in pursuit of a few terrorists? Do we want a future powered MOSTLY BY coal, nuclear and just a little wind? Do we want a world forced to 'get along' with constant never ending 'non wars'?
I will continue to pressure Congress, which is still owned by large corporations, not you and I. I will continue to fight for a green and sustainable future.. for the people and BY the people. Mainly, I see corporations still in control and in power and benefiting from the crisis by lining their pockets. In the process they are breaking unions left and right, while rewarding rich fat cats and white collar workers not governed by unions.
- 18 seconds ago - motherjones.com
What We Could Have Done With the Bailout Money
"Pox Americana: The Real Cost of Bailing Out Wall Street" -- In the 20th century, smallpox killed more people than all of that bloody century’s wars combined. It cost $300 million to eradicate the disease. What might have been achieved with the $4 trillion we gave Wall Street?
Well, here we are years down the road from deregulation of the financial industry. Enron was a lesson in what happens when you unleash smart people and unlicensed, unregulated GREED..The leveraged money on top of money, much like what is happening today, only times 4 TRILLION.
The same derivatives that caused the original problems and almost total collapse of the monetary system overnight are still here. They are still being sold today, with no restrictions. They still have the same amount of leverage,w which lets banks gamble like drunk sailors on a midnight two hour shore leave.
This derivative market is where the bank and financial industry profit is coming from.. This is why they can pay the billions in bonuses to the fat cats at the top... and we are headed for the same or worse disaster when those things implode.
The toxic assets are still there... nothing was done with them. The Feds were buying them at retail value from the banks, but they say they are stopping that this month. I wonder what will happen now?
No one is going to jail for a corruption, frauds and scams that are 10000 times worse than Enron.. The same players are still playing the same game. To top it off, they got a taxpayer bailout to keep doing the very thing that caused the financial collapse which now affects everyone in the United States.