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Friday, April 4, 2008

The New Government Wise Guys: Bugsy and Paulie

(To all those who hoped to see our latest video broadcast, you will have to wait a week. There is no new show this week.)

President Bush has consistently told the American worker, who was laid off by a company that decided to outsource all their jobs, that they needed to get retrained for the New Economy. What new economy? Does he mean the socialist new economy, for the wealthiest of all Americans? Does he mean the fascist new economy, whereby there is an interweaving of corporate and government interests solely to take care of each other?

If that is so, then why are we NOT sick of a pandering and protectionist policy that embraces Wall-Streeters who have driven their banks to financial ruin and then get hooked up to the Bush and  "Bailout" Bernanke Socialized Reform Policy in order to keep them deep within their riches-fix by supplying them with Treasury bills. If the economy is only hitting a bump in the road, then why do they need to get bailed out of their disasters? 

I guess Bush and Bugsy Bernanke are dealers. Bugsy is part of the Bush crime family supplying his boys with their Treasury bill fix in order to keep those Republican Party contributions pouring in. So, in other words, there is a direct line between Treasury, the Fed and the Republican National Committee. You get cheap bailout money; then you give payola. I think they call that quid pro quo.

Have we had enough of being told that "we" working class Americans need to be responsible by getting retrained for the tough new world economy, while the filthy rich banksta gangstas get to exchange their garbage Monopoly money (those nearly worth-less junk bonds called mortgage backed securities--MBS, collateralized debt obligations, and credit default swaps) for low interest, 2.5% government T-bills? These slap happy banker CEOs, CFOs, and executives then go back out into their investment world to further their money making acquisitions that support their yacht and beach house habits. All these bankers, and even non-bankers (broker dealers), have to do is drive up to Bugsy's Federal Reserve Discount Window in their high end luxury cars, roll down their hand washed car tinted window, give over a bag full of Monopoly money and, in return, get brand spankin' new Federal Reserve money at a wholesale price. "Let me give it to you wholesale." Then Bugsy Bernanke, with his helmet on hoping no hopeless foreclosed citizen throws a brick at his head, says out the darkened sliding Discount Window, "Do you want fries with that?"

Mr. Danny Schechter, in his article, "Fed up: The Bush-Paulson Financial Reform Plan is a Bogus Scheme", 3-31-08,, wrote about the history of the Federal Reserve. "...the Fed is a private agency with no Constitutional authority run by bankers for bankers. It is a privately owned central banking system. Bankers sit on its many boards. The banks in turn get to borrow money at rates the Fed sets, and tack on interest and fees for loans. The Bank is there to do their bidding, and save them from themselves. When they run into trouble, they are then often bailed out."

He further writes, "On December 23, 1913...President Woodrow Wilson signed the Federal Reserve Act into law. Wilson would later express profound regret over his decision, stating, "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation is, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, and one of the most completely controlled and dominated governments in the civilized world--is no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."

I gather what he meant by dominant men were the Board of Governors, and, later, the more recent Plunge Protection Team members. Is this scaring you yet?

So, why has not Bush been impeached yet? Oh, yes. The cowardly Democrats are still around drinking from the public Kool-Aid trough. Did they forget that they were voted in for a purpose other than to make friends with lobbyists, capitulate to Bush and the Neo-con Regressives, and fear a few of their oppositional constituents? My mistake.

It was reported that 25% of all mortgages in the nation are upside down!!!!! And, there are 2 million foreclosures working their way into our future. 

Now, as Bush says to the banksta gangstas, "Go forward my good men and privatize the profits, and we will socialize the losses." So much for Limbaugh's mantra that "Roosevelt is dead. His memory may still live on, but his policies are dead." Limbaugh must be mainlining Oxycotin knowing he is wrong. Bush has clearly channeled FDR. We now have a socialized monetary policy. For a small fee all one has to do is put up garbage securities, and pseudo-insurance policies called credit default swaps ($500 Trillion) that cannot be sold to anyone and use it as collateral. In exchange, the winner gets freshly minted T-bills, at a cheap rate, so the banksta gangsta can go out and buy Swiss Francs or Euro-based bonds, which are worth more than dollars, in order to build up their bank's capital, increasing its overall wealth and stock price, and ultimately, the banksta sees a boost in his vested holdings. WOW!!! Does it get any sweeter? Do you see that the free market philosophy is a scam?

The heck with your vested pensions from your outsourced industry/factory job. Bugsy Bernanke and his wise guy pal, Hank "Paulie" Paulson never thought you were worth any assistance. Oh yes. I forgot. Get retrained!

Tell me why these fraudsters, who ran these tinderbox Wall-Street banks, which are and will likely be going up in flames unless a good trillion dollars or more of monetary policy hoses them down, were not told that if they wanted to obtain government T-bills they needed to attend the Fed's auction (TAF-Treasury Auction Facility) and put up real capitalized collateral if they want a few billion at the 2.5% interest rate? Why were they not told to sign up at the big tent, get a number, and bid for OUR money along with the other banksta sharks? Because none of them had enough capitalized collateral to put up. Their pockets were filled only with Monopoly money from the selling of leveraged debt obligations and credit default swaps (a form of betting). And most of those bets went so far out in the stratosphere that no one knew what they were holding or what they were really worth. As the subprime mortgages went down, the rest of the space debris fell upon their capital wiping much of it out. Holding 32 dollars of junk to 1 dollar of capital is not a good business practice from a Wharton School of Business graduate or one from Yale or Harvard. They all knew what they were doing. It was only about greed. And still is! There is no payback to straighten up these suits.

This is what the Fed should have done. They should have told those bankstas to go back to their offices and work out refinancing arrangements with the homeowners who needed it. But, they did not have to. These were not the rules, because there were no rules. Now Bugsy and Paulie are giving lip service to establishing some smoke and mirror regulatory rules. Paulie is handing over the regulatory policy to Bugsy, who is not a government employee, but a private officer whose sole purpose is to look out for the bankstas. It is like putting the fox in charge of the other foxes who want to continue to raid the hen house.

Does anyone trust this president to do anything right for the nation? He has not done so yet, so why start now. Why ruin his track record.

Finally, can anyone tell me what is up with this week's stock market surge? These Wall Street bankstas cannot help but to rub their giddy exuberance over all of us who work for a living. They bolster the stock prices and the market heads upward, while the rest of America, those of us who do our own grocery shopping, and own used cars, wonder in dismay just what is going on? Yet we see UBS write down $19 billion; Toyota and Ford auto sales decline by 10% and 14% respectively. Chrysler and GM take bigger hits. Even Honda sales dropped by 3%. Construction activity--down. Manufacturing Index is 48.6, the biggest drop in 5 years. 80,000 jobs lost over the last 3 months. And, millions of Americans are now receiving more food stamps than ever before. Now, Great Britain is reporting a recession about to hit their shores. So who's zoomin' who?

QUESTION ASKED TO GEORGE BUSH: "What's your advice to the average American who is hurting now---facing the prospect of $4 a gallon gasoline..."

BUSH: "Wait a minute. What did you just say? You're predicting $4 a gallon gas? There's a lot [of] economic uncertainty. If you're out there wondering whether or not--you know, what your life is going to be like and you're looking at $4 a gallon, that's uncertain. In the long run, our economy is going to be fine. Right now we're dealing with a difficult situation."

Like I said, who is zoomin' who?

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