The world’s biggest Ponzi scheme continues, and all the house Repugnicons, or should I say R-Talibanistas, can say is that the Financial Stability and Recovery Plan, or Stimulus, costs too much, or for some other shallow, hypocritical reason. The Congressional R-Talibanistas supported Bush’s $1.3T tax cuts, no-bid contracts, endless war funding, excessive Homeland Security spending used to spy on American bank accounts, emails, and cell phone calls, as well as Bush’s $700B bailout with trillions in commitments and Fed window giveaways, yet they will not, or cannot, admit that bailout-2 is more of the same.
So, what don’t they like about it? It appears to be an extension of the Bush Bailout-1 plan with maybe some other amenities that cannot be that objectionable to a bunch of Cons who so enjoyed the nation turning away from free-markets and closer to socialism. They only voted “NO” because the Repugnicons have declared themselves as the new Congressional insurgency who feel it will help their own efforts to get reelected on a platform of smaller government, and other nonsequiturs. There history proves them wrong.
The reality is that this stimulus plan has the sole objective to protect the upper 10% of the income earners who now own 70% of the nation’s wealth. We cannot have them sacrificed during a time the nation is burning worse that the Australian forest fires.
President Obama has authorized Treasury Secretary TimmyG to blow a bad-news tune from his rusty horn, which plays a code, or maybe a subliminal message just for the richest 10%. Decipher it and it says, ‘We’ll protect your economic interests even though you created this mess for the sole purpose of bringing down the value of assets, so after the mega-banks load up on taxpayer-guaranteed Treasuries at 0% interest, you’all can go out, again, and create a new wealth bubble by buying America on the cheap, at bargain basement prices with the $9T committed Treasury and Federal Reserve promised obligations.’ TimmyG will even throw in a super-dooper bonus track, when played backwards says---‘I’ll guarantee the toxic derivatives sitting on your balance sheets so the private sector hedgies can pick them up at guaranteed inflated prices, such as instead of 20 cents on the dollar real value, they can be bought up for somewhere around 75 cents on the dollar. The U.S. government will guarantee the 55 cents of inflated asset value.’ The real clincher is that when the banks begin to re-mortgage underwater mortgages, and those with ballooning interest rates, the deal will be that when the owner decides to sell, and the price exceeds the price of the re-set and lowered value of the home, the bank will get any and all profits that will exceed that re-set valued price. So, really, you end up just being a renter. I hope you feel better now.
TimmyG will create new and improved leveraging tricks so the government can back up worthless assets in order for those 10% at the top of the class can be protected from feeling any stings from losses. Tax right-offs aren’t good enough for them. They want more! But, just wait. You will feel better when the economy hits rock bottom and you can then use the TimmyG Asset Vacuum Device to suck up some really cheap deals that will begin to grow and inflate into a nice juicy President Obama created asset bubble.
This is President Obama’s plan after you peel away the nice talk accompanied by his meet-n-greet photo ops. It is nothing more than a plan to further the world’s biggest Ponzi scheme.
Barack Obama misled every American to believe he was bringing Change to Washington. He appears to have been a misguided ideologue, a fake, a huckster, or a confidence man. He has yet to deliver on his Change message. He appointed leftover Clintonian Demoservatives, who now wear the Kleptocrat’s designer nooses.
By continuing to empower the Wall-Street financial predatory vampires and not stripping them down to orange jumpsuits, or at least, thrift store specials, there will be NO CHANGE.
There is absolutely no way President Obama and TimmyG will reignite the flow of credit, which they so badly want to do. They are extremely stuck on the idea of more debt and debt burdens instead of figuring ways to reduce debt and secure working America’s incomes. By reigniting “debt stimulus”, they are hoping to jump-start the forever-treasured Thieves of the Universe: finance, insurance, real estate. These are the very Kleptocrats that were made so fat and happy with capital gain and dividend wealth, which was taxed around 19%. What we are so sickeningly witnessing, and it pains me to write like this or think these thoughts, is more failed Greenspan inspired Trickle Down garbage. But, it is very unlikely we will see any borrowing that will stimulate the economy toward increased productivity, a declining trade deficit and consumer spending. The homebuilding lobby might as well give it up. President Obama cannot fire it up for ya. The nation is suffering from so much debt that it is not far from being nearly 1/3 of the entire world’s total GDP!
President Obama appears already to be tripping, stumbling, and falling from holding on to his center-right ideologies. The belief that just because we have had a history where our financial sector has been operated by private shareholders with large holdings and managed by a majority of recycled incompetent, and excessively over compensated private CEO, and CFOs, does not mean that once it has been shown to fail that it cannot be modified, even temporarily, in order for it to continue in a more stable and malleable way. He has refused to consider the successful approach Sweden took when solving their bank insolvencies. He has already turned his back on Change, and all the loyal progressives, liberals and voters who were sick of the Wall-Street thievery. It appears he has decided to continue with a stale centrist approach in order to quiet the Repugnicons, which have reacted so indignantly. So Barack, if this is how the R-Talibanistas are going to respond to a Bush-McCain-style recovery plan, then why not give them something to really fight about!!!
All I can say is that we are in for a very long economic collapse. It might very well be Depression-2. Many are already saying we have entered it. We all thought Bush was Hoover, well… I don’t know! President Obama, with only a few weeks into it, has not ignited confidence, but dropped it to a 24 year low, except within the ranks of the R-Talibanistas who are drooling over their 2012 prospects. Barack Obama has empowered them because he is has handed over a plan that McCain would likely have delivered, and they can revel in it. From their two deceptive faces: one being against big government spending, or bad spending, and then, from the other face, loud roaring and cheering resulting from the spending, as well as the assistance given to the financial vampire thieves who they hope will continue to be their benefactors, unless they turn very lovey-dovey toward the Demoservatives, who are already in their favor, and brush aside those R-Talibanistas as irrelevant.
Like I have said before in my postings, “Which side are you on, Barack?” You can still step over the mess beginning to pile up in your path and make the Change We Can Believe In happen, as you promised! Make the stimulus matter; make every dollar work for ALL of America and not just 10% of it.
President Obama and TimmyG want to save what produces nothing. The banks and financial pawnbrokers produced nothing sustainable. What they sold yesterday is not here today, yet you want to reward and feed them more and more so their greed can once again be satiated with more of the nation’s wealth, even though all around them the country will strain for survival.
But if you bought a refrigerator, tires, a ball cap, shoes, steel beams, or a lump of coal yesterday, you very likely still have it today. All of it, and not just a portion of it, or a sliver of it. It still holds most, or all, of its value and worth today. You cannot say that for the mega-bank predatory vampires who have, today, sucked all the wealth and value creating zombie (insolvent) banks preying off of the Treasury with the good wishes from TimmyG and Barack. They can do all the “stress testing” they want, it won’t change the smoke and mirrors and distrust that we currently feel. They are only singing a Swan Song before the nation drowns in a pool of excessive debt.
They aren’t looking to first save the nation’s domestic economic producers and product exporters, which make up the real economy, but to rescue the dead, insolvent, nonproductive, and value-less paper economy. Manufacturing has not been decided to be their top priority when it should be so. It is the real economy that creates long-term sustainable jobs, unless the paper economy decides to destroy it, as we have seen it do over the last 30-year long Ponzi scheme. They are only interested in saving the thieves—the vampires, who burned down the house Madoff style.
thank you for reading, jerry