Bad banks? We don’t have enough of them already? We need MORE bad banks? Oh, give me a BREAK!
By Daniel at 14 January, 2009, 2:32 am
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The real crisis in the country now is in the realization that the government, for the most part, is comprised of narcissistic, greedy, vacuous cretins. It is a crisis of credibility, a lack of moral fiber, a lack of leadership, a lack of transparency, and a perceived meltdown of the concept of law, order and justice. The bad guys walk away — pockets filled with taxpayer money. Hard working, honest citizens feel powerless and defeated — even their borders are no longer protected. What does the immediate future hold?…more of the same. Somebody, anybody, show the people the way out of this mess.
Bernenke tap-dances around the fact that ALL banks are inherently evil in the first place and that’s why we’ve seen the collapse of the financial sector. No amount of government intervention will change the fact that the bankers live under the delusion that people can’t exist without them.
The government suffers with that delusion also. It gives them an inflated sense of self importance. They think we can’t get along without them, so we should just accept all of their criminality and greed as a lesser evil than not having them trying to control our lives.
I was watching reporters on ABC news this morning laughing at the idea of Congress setting up You Tube links. The reporters didn’t think anyone would watch, because as the reporters put it, THEY THEMSELVES had better things to do than sit around watching our politicians.
The fact is, if anyone actually watched the bankers and politicians for an hour, they would never vote for ANY of these jokers again, and they would NEVER put another dime in a bank anywhere.
The issue here is trust and respect. Do we trust the same bankers who melted it all down with their corruption to spend the American tax-payers’ money wisely? Of course not. They’ve already melted down the global economy, then as though they had any right to exist, our politicians rode to the rescue and gave them billions more. The bankers gave themselves bonuses. They didn’t lend to ANYONE. And they aren’t going to tell you who it went to either.
Now, they want more. Of course they want more. And our politicians will give them more, just like they gave them the first chuck of money, despite the millions of calls and e-mails and letters demanding the politicians turn them away. So, do we trust or respect our politicians? No. We EXPECT them to act in direct opposition to the will of the voters and take care of their banker buddies.
Will ANY of this get our economy “back to normal”? No. Because THIS economy IS normal. It isn’t normal for everyone to be able to borrow every penny that comes into their hands. It’s not normal for people to WANT to maintain a debt load they can never repay. It’s normal for people to have to work and struggle and innovate; to dream up new ways of surviving and prospering in a cold cruel world of limited resources. The wanton excesses of the last 20 years have been abnormal and people have descended into the “all for one, one for none” mentality exhibited by our President, our politicians at EVERY level of government, and certainly the bankers.
They can use tax dollars to borrow, spend, and lend to the bankers all they want, but Americans are rising in protest the only way they can. Americans have stopped spending and they have begun voting another way. It may not seem terribly effective as a protest, but the markets have lost nearly 6,000 points in only 2 years. That seems pretty darn effective to me.
It’s a statement made by Americans who no longer trust or respect bankers and politicians. They are saying, “We’re mad as hell and we’re not going to take it anymore.” And as long as the banksters, politicians, corporate executives, and lobbyists are not prosecuted trust will never be restored.
Reality Check—
1)We are into 50% of the sub prime mess, and the bottom hasn’t hit yet
2)Options Arms and Alt A type mortgages are starting to kick in, another disaster
3)Credit card, corporate debt, student loan, auto loan, haven’t kicked in yet, another set of disasters
4)Our major banks market caps are around 500Billion
5)Total Derivatives in the market 700-800 Trillion
6)700-800 T is being backstopped by 500 Billion not trillion
7)350B in TARP money already Spent
8)8 Trillion that has been already guaranteed or spent.
9)US GDP 15 Trillion, Worlds GDP 75 Trillion
10)US Deficit will reach 1.2 Trillion
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