Headline should read today: IMPROVING CREDIT FLOW/SMOKE SCREEN TALK RALLY’S WALL STREET!
By Daniel at 24 March, 2009, 8:13 pm
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I was watching Channel 9 Nighly News here in Chicago last evening and long
time Capitol Hill reporter Grant Ramby made a comment that should wake
up the U S Tax Payer/Voter; he said ” now we have $ 4 Trillion dollars into
this notion of improving credit flows with no result!”
Haven’t we been down this road before with Tarp # 1/$ 700 Billion and Tarp # 2/$ 2 Trillion which were both presented to Capitol Hill in each instance as
a rush measure to be passed in order for Credit Flows to Improve these past
3/4 months, and we all know credit flows have not improved but grow worse
as the days go by!
All we here lately on Capitol Hill these past 2 weeks is the big smoke screen
in regards to the AIG Bonuses, but no dispute/clamor as to WHERE the Tarp # 1
and Tarp # 2 funds/$2.7 Trillion have gone to? At Tax Payers future expense!
Why is there the focus to keep the DOW propped up to a level which does not
reflect current economic realities? Yesterday a big batch of this monopoly money hit Wall Street and we had a rally?
There currently is a Senate Sub Committee formed to find the whereabouts of
the Tarp # 1 Monies/$ 700 Billion and even the Banks before this committee
admitted we just don’t know where the money went to! Why wasn’t this committee also investigating where the Tarp #2 monies/$ 2 Trillion have gone
to?
The big story is the Bank’s fear of regulation of these bailout monies, so
both Tarp programs were dispersed quickly to the Banks to avoid regulation/
supervision of these same monies.
Going back to last nights comment from Grant Ramby on Channel 9 news, how
could the Banks/Wall Street go through $ 4 Trillion dollars the past 3/4 months, yet still have at the very least $ 1 Trillion of bad assets on
their books???? Why aren’t our members on Capitol Hill making this a top
priority to find out where this money went to?
To this day again, we still have seen no improvement of credit flows whatsoever, yet, Wall Street/Banks takes this Spin for reality and we had a
supposed rally yesterday, on what basis for the rally????????? The fact that
if we don’t have a true improvement of credit flows soon, you will see the
DOW in the coming weeks take a steep drop and maybe then the DOW will finally
reflect current Economic Conditions/Realities!
POST SCRIPT:
*Ms Pelosi was interviewed a week ago by a BBC News Anchor and one of his
questions to Ms Pelosi was in regards to the whereabouts of the Tarp # 1/$ 700 Billion monies? Ms. Pelosi replied, “we just know where these monies have gone to?
* Yahoo Finance article from last Friday pertained to the receipt by Goldman
Sachs from AIG of $ 17 Billion! This was monies AIG received from the FED
to payback some of its investors for “bad” bets but still were obliged to
pay back these same “investors”. The story mentioned Goldman Sachs should
have negotiated for a settlement of their investment in AIG for a lessor
amount BUT Goldman Sachs INSISTED they get paid the full amount/$ 17 Billion
from AIG, on a “bad” bet/investment by Goldman Sachs. This story should
be big news since Mr Geithner worked for Goldman Sachs and so did Mr Paulson!
The Fed can give the failed banks 10 trillion more and it won’t help at all because I’m quite sure that most people see this issue the exact same way that I see it. I absolutely REFUSE to BORROW one single cent of MY OWN MONEY back from a failed bank and PAY INTEREST just for the privilege of doing so.
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