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Friday, March 28, 2008

Bush, Beanie Bernanke and The Bailout

This giddy false exuberant belief that a rising stock market, lower oil prices and falling gold prices to only be temporary, will likely be proven wrong. So, be prepared for the reverse to reoccur and hit you on the back of the head like the day when you were walking home from school, and from out of nowhere came that icy packed snowball. Wham!!

The market has climbed not because of increased productivity, or the delight of a retreating recession, but because the Federal Reserve is handing out newly minted Greenbacks in exchange for worthless garbage cyber-dollars that cannot be sold to anyone with a brain other than Beanie Bernanke and his Federalies. Single payer loan dealer Wall-Street bankers. 

This is a bailout. Let us admit it now! If I gave you real money for Monopoly money, that would be a bailout. I would be saving you from looking stupid and from sure disaster.

The Wall Street banks gambled on making money from bundled debt securities in order to cover loans and deposits hoping to make billions from gullible suckers. This was all done off the bank's balance sheets and from the back rooms of a quiet, shadow banking system that would make Tony Soprano proud. These risky sales were made away from the public's eye. These deals were out of view from the handful of Bush regulators still on the job, and not hanging out at the local unemployment office. Unfortunately, these risky pieces of paper went up in flames as subprime loans went south taking down those home values and related over-extended personal unpaid debt.

So, Ben "Bailout" Bernanke could not have his rich, greedy banker pals lose their upper crusty lifestyles and end up in the pit with us middle-classites. Oh no; anything but that, Ben!! They have worked way too hard scamming working America to be knocked off their elitist pedestals.

Bernanke does not care to make any of these greed-lusting socialists accountable and responsible for their pre-planned fraud upon the American worker. The Fed holds only $709 billion in Treasury bills to pay for the bailouts and junk collateral exchanges at the Primary Dealer Credit Facilities discount window. Drive by and pick up your fat 2.5% government subsidy. So far, he has visibly given away $230 billion of the $709 billion in only one week. What a spending spree! Once that is gone, Beanie will head down to the basement printing press to pull an all-nighter rolling dollars off the copier.

The facts are that in spite of these "exchanges", there has been an $8 trillion housing bubble and foreclosures pile up. As home values fall further, some are scooping up bargains; yet, the question still remains, will those bargains lose more value over the coming weeks/months/year? Jobs continue to be lost. (Two consecutive months of actual job losses.) Prices continue to eat away at expendable incomes. And, for most Americans, they cannot afford to go into further debt. These giddy bankers really don't want to loan out money. It just is too risky. Instead, they take OUR Federal Reserve T-bills and rush over to Europe and buy Euro-backed bonds because they are worth more than the dollar. Back To The Greedy Future.

Is the Justice Department concerned? Are they going after these "gambling swindlers" with billions in their trust funds and beach houses? No.

Dean Baker, a smart progressive economist, with great ideas, suggested that the Fed should just take over such failed banks, kick out the top brass and restructure the operation with more
competent managers with a goal to sell the thing once they make it solvent again. Why cannot we do it, to? Oh, I forgot, Bush is still president and Reed and Pelosi run Congress. Oh, silly me!

What will the giddy Stock Marketeers, from Bernanke Brothers Studios, do when they realize that we are really in a credit crunch, and maxed out on it, too? If Americans will not, or cannot borrow another dime, then the flow of credit stalls, the nation's economy grinds down, the dollar falls further, and gold prices increase along with consumer prices causing a deepening recession and inflation. Remember, the developing world, such as India and China, are in great need of what we need, too.

We can thank decades of Regressive (credit to David Michael Green for the term) policies shipping away jobs, gutting our manufacturing sector and bringing about an approaching $9 trillion national debt, a $700 billion trade deficit, and a $500 billion budget deficit. And don't forget a $2000/second war budget.

The Bush Regressives want our economy and standard of living to fall so far down that labor costs are par with China and India instead of stabilizing our standard of living and building it back to a place close to where it once had been. Instead of reinventing America into the World's Greatest Green Show on Earth, they want to bring us the "more wars" Regressives, who want to perpetuate the war machine, while, at the same time, raising the national debt by borrowing more to make it run, and subsidizing their corporate cronies who produced the war machine with OUR tax dollars. When will America say enough is enough?

Monday, March 24, 2008

McCain's Poor Judgement

A blogger, named Bob, wrote a response to McCain-the Flipflopper, and felt Carl and I were too progressive for him. No doubt, he was a McCain Regressive and wanted to have nothing to do with universal healthcare, which would be helpful to all working Americans, as well as our industrial, and small business sectors.

I want to put out some facts about Senator McCain and how he has been drinking the GOP Regressive brand of Kool-Aid.
  • McCain had a big dose of the Regressive Kool-Aid when he began supporting Ahmed Chalabi, the former head of the Iraqi National Congress, 2000-2003, an exiled Iraqi group, leading McCain and other GOP'ers by the nose to war through misinformation. Chalabi's goal was to take down Saddam and be installed as the president of Iraq. McCain had supplied this exiled group, specially Chalabi, with millions of taxpayer dollars. Chalabi was a mastermind in setting up the Regressives to believe that Saddam had WMD's when there were none. He had recently been Iraq's oil minister, no doubt, hoping to gleen more from that position.
  • He was found guilty, and Jordanians find him a fugitive from justice, for embezzling $300 million from the bank he ran in Jordan. He is really an upstanding fellow for McCain to supply with American dollars.
  • McCain appears to not know the difference between Sunni and Shia, and which side of the fight Iran is on. So much for McCain's foreign policy acumen. Now he needs Joe, 100 more years of war, Lieberman to help him answer questions.
  • And then there is McCain's deep ties to lobbyists, whereby he does their Congressional bidding for them. His girlfriend, Vicki Iseman, and client, Paxton Communications, had McCain do their bidding when they tried to take over a Pittsburgh Public Broadcasting t.v. station and convert it into a full time religious station. This is just one example of how McCain does the political bidding for lobbyists who give him political contributions.
  • In mid 2007, McCain missed 10 of 14 votes on Iraq. 
  • In 9/07, McCain voted against the Webb Amendment calling for adequate troop rests between deployments.
  • In 7/07, McCain voted against a plan to drawdown troop levels in Iraq.
  • In 3,5,6/06, McCain voted against an amendment that would provide $20 M for veteran health care facility needs and for veteran medical care needs.
  • In 3/04, McCain voted against creating a veteran's reserve fund addressing medical care.
  • In 10/03. McCain voted to table an amendment to provide additional safety equipment for troops in Iraq.
  • In 8/01, McCain voted against increasing funds for veteran medical care.
Is this the Commander-in-Chief Bob and other GOP Regressive supporters want in our White House? The 100 year war and "there'll-be-more-wars" Regressive choice for president needs to be shown the exit door for good!

Now, Bob and other Regressives attacked Obama over a number of inane issues. One Bob brought up was that Obama did not engage in the pledge of allegiance ceremony by placing his hand over his heart during the recitation. This ineptness on Bob's part shows that the Regressives are desperate. 

Bob, what about President Bush not placing his hand over his heart during the pledge? Or, when he placed the wrong hand over his heart?

The real question is, does Bob have any shame over the real facts about his right-wing positions? Is this all he has to complain about, while American deaths rise to 4000 in Iraq? And why does he support McCain, a loose cannon, whose votes in Congress have shown he does not want to ease the stresses our soldiers are suffering from during a war that has lasted longer than World War 2? The reality is, McCain does not support the soldiers. He only pays lip service to it by making an appearance with his puppet master, Joe-the Shmo- Lieberman. 

The fact is, Bob, that during a fish fry in Iowa, a woman at that event sang the Star Spangled Banner, and that was when a photographer snapped the picture of Obama standing there with his hands clasped together and not over his heart. If you don't know, one does not need to place their hand over one's heart during the Star Spangled Banner, Bob, then I have just told you so.

It is sad how people like Bob follow the Regressive talking point spin-lie machine without ever doing some simple fact searching.

Bob, and other right-wing sheep will follow the wolves even though they will be taken down by their con game.