The real criminals are in congress.
By Daniel at 6 January, 2009, 11:33 am
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They have always been (for the past 100 years, anyway) so dumb they would sell your kid to science for a freshly printed $1 from a crooked banker.
Congressional stupidity is how the private Federal Reserve gets away with printing cash to bankroll the pre-WWII Japanese navy, the lion’s share of Hitler’s war machine, and finally funding the US industrial buildup to stop them. All that debt upon debt at interest, payable to them, of course. And that’s just one of their wars.
Stealing $50B is peanuts, how about causing 70M deaths for fees and interest? Until we elect a congress and president that is not for sale, the fun will keep coming.
The bailouts prove that the current system only rewards irresponsible greed. Being responsible means you miss out on the way up and get screwed on the way down!
People who participated in over extending themselves to profit from the opportunities the bubbles created were cheered on by most in the media and given a hidden nod by regulators through their lack of oversight. Now the system wants to protect them from their greed on the way down by making money artificially cheap and potentially resetting the principle on mortgages.
The cost of providing this bailout will in many cases fall on the shoulders of the savers. There is something wrong with a system that punishes the responsible ones. For example:
1) If you have paid off your home or still have significant equity in your home you won’t get a government handout that equates to a mortgage reset some will get that made irresponsible purchases or borrowed excessively.
2) Retirees who no longer have a genuine opportunity to return to the workforce will have most of their retirement savings in money fund accounts which will be earning close to zero interest. How do we expect these people to be able to survive, especially if inflation does start to accelerate?
I wonder if Michael Douglas’s quote in the film Wall Street that “greed is good” meant on the way down as well as on the way up? In real life it seems to mean both.
Get ready.
History tells us that when public complacency allows them to steal a New Deal’s worth of cash at interest from a destitute, bankrupt tax base, that is only the very beginning of the bankrolled adventures in crime. They are thinking MUCH bigger than this article pretends.
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