The TARP plan that was passed a month back will be undergoing changes

Congress was told that a financial collapse and martial law were a “fait a compli” if they did not pass TARP immediately. We are now 5 weeks out and Treasury only has $60 Billion left of the $350 Billion initial tranche, they will now need to go back to Congress for the second tranche. The original Bill was voted down because there was no assurances of how the money would be spent, now that there is a bill, Mr. Paulson is basically telling us “I needed a bill to be passed to get access to the money, now that I have access I will do as I deem fit [as per the original 3 page Bill proposed] AND THE CRANKY TAXPAYERS CAN EAT CAKE!!!” [The original plan of purchasing mortgages at above market prices from banks was suicide anyway since the purchases may have been above market values but certainly below the "marked" prices. If the banking system had to mark their assets down to the TARP purchase levels they would be admitting bankruptcy in black and white.
Pure and simple, this is CRONY CAPITALISM. The system is collapsing and the ship is going down, the crony rats led by Paulson, Bernanke and the rest are trying to suck as much blood money out before the ship submerges. The Fed is currently being sued because they refuse to disclose what type of "collateral" they have taken onto their balance sheet to double it in less than 2 months. The CFTC continues to spew the pabulum that "our markets are not manipulated". Treasury pulls its "bait and switch" robbery while telling us they need the second tranche and probably more while the SEC is nowhere to be seen. As a side note CNBC ran a short piece "U.S. may lose its AAA rating", all I can say is ...well DUH???, where did you think this was going? The Treasury is trying to guarantee everything financial on the planet while trying to borrow every last crumb of available capital, did anyone think this would lead to "financial nirvana"? No, this cake was mixed, shoved into the oven with a padlock and is now on fire, this has set the entire world ablaze.
Notice I said "with a padlock", I said this for a reason. They lied. The only way for a lie to continue is to keep it hidden and keep people happy enough so they don't ask questions. The lie must remain "padlocked" or the truth comes out. Sorry to spill the beans here but IT WAS ALL A BIG LIE. Think about it, real estate prices were false, stock prices turned out to be wrong since the earning forecasts turned out to be a joke, inflation and unemployment numbers are horse kaka, AAA in many cases meant the equivalent burnt toast, all of the bailout plans have turned out to be buckets of money for friends of the "insiders", the corporate pillars [AIG, Fannie Freddie, GM, WAMU, Lehman, etc. and hundreds more to come] turned out to be overleveraged, bloated, greedy dinosaurs that marched to their deaths with huge smiles on their faces all the way to their graves. The whole system was false, it was one big Ponzi scheme up and down, start to finish. The whole thing was done with credit and credit alone.

No I didn’t forget! The biggest lie of all was the reason “they” had to lie about everything else. Yes the biggest lie in the history of history is THE DOLLAR. Let’s look at this for a second, if it has turned out that everything else was bull—- and the prosperity was false, then doesn’t it stand to reason that “backed by the full faith and credit” of the U.S. Government is meaningless? Back in 1971 the U.S. told the world that Gold no longer would back the Dollar but these “Dollars” would remain strong and hold value, how can that be have been true? “We will issue pieces of paper that have value and never mind the man behind the curtain”, these are DOLLARS and you will accept them and ask no questions”! Well the grandest lie in history is about to be exposed but good.
The scary part is that the worlds’ entire financial system is built on the biggest lie in history.

Related Posts:

• Is this the most volatile market depression ever?
• The whole banking system is fraudulent.
• Dear bank CEOs: If your bank fails, you should go broke.
• Three (3) critical questions for the housing market:
• The U.S economy has become more exposed and fragile.

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