The Economic Crisis Leading Up to the G-7 Bail-out

Absolute power corrupts absolutely. We have heard that a thousand times. But now, it absolutely corrupted every pore of the body politic.

John McCain was absolutely corrupted by Charles Keating during his control over the Lincoln Savings and Loan debacle. Keating wanted his "boys" in Congress, McCain especially, to do his corrupt bidding by rewriting the regulatory rules allowing him to legally rob his customers. McCon carried the water for him by introducing a bill that would further Keating's plot to expand his racketeering scheme to commit fraud. Fortunately, it erupted into a scandal that lead to hearings. Keating got 5 years in the slammer for racketeering and fraud charges. McCon got paid by Keating for his bidding. Johnny Boy got off with only an ethics violation hand-slap reprimand. Guilty-by-association, John? It was more like guilt-from-association. Keating has currently contributed to McCon's presidential campaign, so the association continues.

Now, Sarah Palin has, too, demonstrated that her absolute power has corrupted her absolutely! Trooper-gate has now become one of her jar-full of "red herrings". An Alaskan favorite, my friends. The investigation found that she was guilty of an abuse of power, an impeachable offense. Guilt-resulting-from-association.

McCon, the I-can-reach-across-the-aisle-Maverick, dismissed the findings of the Trooper-gate investigation saying that it was led by a Democrat, in spite of the fact that the process was originally organized by Republicans. I guess for McCain, if the findings aren't to his liking he whines and cries partisanship. Sorry Johnny Boy, Sarah brought this all upon herself, just as you did with your scandal. I guess you are the current leader of the Party of Whiners.

Speaking of whiners. Is that not what McCain's pal, Phil Gramm called all of us who have watched our life savings disappear from a Republican driven Reagan-style Trickle-Down economic crisis? Consumers, you were scammed and "Trickled" into believing that outsourcing and job cuts, along with declining wages and benefits were good for you! You gonna like it! Just keep spending with your credit cards, home equity loans, and the kid's piggy banks and you'll feel better.

Just go shopping America. And when you do, you will make the upper 10%, who outsourced your jobs in the first place, and cut your wages, and benefits, all the more richer. YEAH!!! You keep paying your usury and compound interest charges, while the rich take it out of your hands and put into their own through dividend checks, rent checks, fees and bank charges, as well as other forms of investment return revenues.

But wait, their returns got burned, too!!! They were attempting to double and triple their wealth holdings by selling all types of securitized investment vehicles, made from loans, especially mortgage loans, and now they lost a big portion from their pot-of-gold. Top of the mornin' to ya, John and Sarah! I've got some moose patties and eggs for yur breakfast!

Stop! Hold on! There is a way to make part of it back! We will have Mikey eat it!  You remember Mikey. The kid who ate the cereal when his brother was skeptical about the taste. Yes, Mikey is all grown up now; Mikey, now a taxpayer, will eat our losses, and in return, he will turn over his income tax withholdings, and social security contributions so the richest people can stop their bleeding losses so as to prevent cancelling their trip to somewhere, or their daughter's 500 guest extravaganza wedding party (black-tie only), or their tricked out Mercedes, or their 200 foot luxury liner (the honeymoon get-away). 

We cannot let them feel any pain.

So now we have arrived at the bail-out plan. After the G-7 raked the Bush Crime Family bosses over the hot coals, they told "The Paulie" Paulson to change gears. Don't mess with those Ole School Europeans. They've been through way too much tough stuff to let a brat like Little Boy Bush give any directions. (Shut up; sit down; hold on!) The Bush-stapos said they would be willing to buy shares of the biggest banks using taxpayer dollars creating ownership rights in exchange for bail-out bucks. But here's the rub, the taxpayers have no voice in the bank's operations, or at the stockholder's meetings, or before anyone running the Banksta Show. It is a "corporate welfare funded bank operation" with no voice in exchange for the government handout. Silent Partner might best describe this scam. Paulson wrote the plan this way because the Bankstas did not want any government interference. Hey, this very reason was just the thing that caused these bank failures. How about a little interference from this point forward! It shouldn't hurt! It will hurt me more than YOU. It's not so bad; it could be worse.

So, the taxpayer instead of offering a bail-out, is now injecting the greedy junkie bankstas with taxpayer borrowed bootie, re-capitalizing the junkie bankstas so they can get on with making more money in the form of loans! How about another hit of that stuff, Paulie? Yikes. How many more loans will be written? How much more debt can the country take? How much bigger can our budget and national debt rise? So tell me Paulie Paulson, who will be borrowing? How much further out on a limb can the consumer go before THEY crash?

President Bush put forth a doctrine to steal the American economy from its citizens in order to give it over to those who had signed up as card carrying members of his Dynastic Crime Family, who would then be given access to the riches that had been amassed resulting from his corrupt administration and policies.

He assisted in the mastermind of the world's biggest bank heist( the Treasury), then got busted for the job which ended badly in a massive implosion causing most of the vault's contents destroyed. The major depositors (Congress and many big time corporate and financial players) came running to the site with frantic arms flailing raised in fear and anger. But instead of calling in the cops to arrest Bush and the rest of the Treasury-gate Burglars, they were given brooms and shovels to sweep up the mess.

The final insult to all the smaller depositors (taxpayers) was to watch as the Treasury-gate Burglars were given the power as to how to rearrange and rebuild the rubbled depository. The arsonists were allowed to rebuild the burned out building. No time spent; no fine paid; no penalty pelted.

What can be said without a doubt is that Bush squandered every ounce of America's goodwill by rising up in his emperor-clad robes in order to take down America.

Bush's 9-11 never stopped on that tragically memorable morning. It has been burning to this very day, like a forest fire raging through villages, towns, and families leaving a smoldering wake trailing behind it along with shards of a ruined nation having to face its economic peril exacerbated by one hapless unitary executive so emphatic on using every drop of his political capital wished for in a psychopathic daydream that would bring him a successful presidency.

Thanks for reading, Jerry

McCain-Country Last and A National Security Risk

John McCain and Sarah Palin have run very far away from the nation's frighteningly dangerous economic crisis in order to lower the debate by spewing fearmongering, and dangerous political rhetoric that appears to be insighting hate speech among supporters. "Kill him", was yelled from a Palin rally crowd by a person who concluded a statement of Palin's that made the point that she was frightened by Barack Obama, who palled around with a terrorist.

Palin has been saying for days that Obama pals with a Chicago terrorist named William Ayres. Here is a guy who was part of a radical group, the 1960's Weather Underground, that set off a bomb in the men's bathroom of the New York City police headquarters, back in 1970. No one was injured at the time that Ayres was involved with this incident. He turned himself in to authorities in 1980, and all charges were dropped, at that point. He was found innocent of any charges, John and Sarah, my friends.

Since then, Ayres went on to become a University of Illinois professor of education and performed public service by sitting on an education reform organization funded by the Annenberg Foundation, named after and funded by a political conservative, and an anti-poverty group, the Woods Fund of Chicago.

Both men were active in their communities and tried to give back something worthwhile; yet, McCain sat on the extremist group board founded by retired Army Major General John Singlaub. This radical right-wing organization had McCain on their board for a few years in the early 1980s. This international organization, the U.S. Council for World Freedom, had affiliations with former Nazi collaborators and ultra-right wing death squads, or should I say terrorist groups, in Central America.  It appeared that McCain did the political bidding on Capital Hill for this group's support of the Contras, a CIA-organized guerrilla force in Central America. (Associated Press, 10-7-08, "McCain Linked To Private Iran-Contra Group")

Guilt by association, Senator McCain? Or, was this just your way of giving back to the community, too?

Is McCain a supporter of American style fascism with his association with convicted felon G. Gordon Liddy, who spent 4 years behind bars for the Watergate break-in crime? Liddy got googoo-eyed when speaking about Adolph Hitler. "[He] made me feel a strength inside I had never known before." "Hitler's sheer animal confidence and power of will [entranced me]." " He sent an electric current through my body." In 1998, Liddy sponsored a fundraiser for our Mav-wreck. He referred to McCain as an "old friend". Or, should we say "my ole friend". (HuffingtonPost.com, 5-5-08, "G.Gordon Liddy: John McCain Finds His Own Radical"). Found guilt by association.

William Timmons, McCain's fantasy presidential transition team head, had represented Saddam Hussein, after the 1st Gulf War, in Washington. His job was to convince lawmakers to ease sanctions. Later, Timmons, and pals, tried to score a $45 million deal which would have allowed for a contract to purchase, and then, to resell Iraqi oil, back in 1992. So, McCain supports terroristic despots? What a record, "My Friend"!

And, then, Senator McCain there is the matter of your culpability in the Keating 5 scandal, which ripped off the taxpayers in the biggest banking scam of modern time. Charles Keating spent 5 years in prison for a $1.1 billion fraud and racketeering charges. Keating gave McCain money. You like being treated like a king and showered with very expensive gifts. Don't you? That must be why you dumped your first wife for the ultra-rich girl, Cindy Hensley.

And then we have Sarah Palin's affiliation with the secessionist group called the Alaskan Independence Party, which is a third party making up around 38% of the voters. She even gave a keynote address at a conference for them and said how this party was important to Alaskan politics. Palin's husband had been, and may still be, an active member of this party.

Guilt by association? Country Last, Sarah? Un-American affiliations? Don't wanna be a part of the United States of America, but want to be vice-president? Help me understand this duality, please. This group sounds like it could be potentially terroristic. Don't you? Or, is this YOUR way of giving back to the community, too?

And then, there is the frightening affiliation Sarah Palin has with a witch-hunter named Pastor Muthee, who presided over her church services as a guest pastor. He laid hands on her, as her church often does to its members. He prayed that the Lord "make a way for Sarah" so she can succeed as the governor of Alaska, and bring it a bunch of goodies. Muthee went uh huntin' for witches in Africa as his religious mission from God. Palin praised Muthee's contribution to her successes. Oh gee, it sure is nice to make friends, my friend.

Is Sarah Palin a witch-hunter, too? Does she support violence against women as Muthee demonstrated by running a supposed witch-lady from a village in Kenya? Guilt by association? One might say that a person who insights violence against women is a domestic terrorist, Sarah. Are you one, too? Or, is this just your way of giving back to the community, too?

And finally, there is the small point McCain was trying to make against Obama when he voted to give the Chicago Planetarium a few million dollars, for a high tech projection device,  in the form of an earmark, which McCain called a $3 million overhead projector. This stupidity on McCain's part just shows what a fool he is, and arrogant when demonstrating his 

asinine behavior. This "overhead projector", in total, costs $12 million, and is a projection device that creates a visual extravaganza of stars, planets, and the Milky Way Galaxy upon the ceiling of a theater inside the Chicago Planetarium. It is truly an educational tool used to excite children to love science and appreciate what it has to offer them. The old machine was failing and had parts that could not be replaced anymore due to its age.

John McCain appears to find little appreciation for such an earmark and its contribution to society and the education of children, yet he finds it a top priority to make sure we win in Iraq, and at any cost. Have we had enough of him yet?

Thanks for reading, Jerry

POSTSCRIPT:

McCain has had several melanomas. It has been revealed, anonymously by credible medical sources, that he is very likely being treated of one that may have metastasized in his lymph nodes and/or in the jaw area. He is likely receiving radiation, since his puffy jaw appears to be shrinking in size. Are we willing to have Sarah Palin as the next president of the United States? Is she intelligent enough, capable enough, or sane enough to be handle the trials and tribulations this nation is experiencing?

In addition, it has been revealed by Congressman Brad Sherman, a California Democrat, who opposed the bail-out, that the Bush administration threatened the American people, Congress, and the world that if Congress did not pass the bail-out bill, then Bush might have to institute Marshall Law throughout the country! The president was granted such powers through two Presidential Directives: #51 and #20 under the authority of "Continuity of Government" and "Catastrophic Emergency".

Now, the 3rd Infantry's Division's 1st Brigade Combat Team, placed under NorthCom, to respond to protests and unrest that might occur within the country. 

The Hank Paulson Failure

I cannot say this is a conspiracy, but it reads like one. The long term plan appears to have been to kill American labor in favor of a new, more esoteric economy called finance. Finance,the rich man's clean way to make money, without getting one's hands dirty or putting up a cent of one's own cash, was put onto the racetrack by Alan Greenspan after Ronald Reagan gave it his head nod.

Greenspan's plan was to create unfettered free trade, and an unregulated world-wide free market full of leveraged derivative sales. He and his investment banker clones were giddy knowing that they could create huge piles of wealth just by taking debt, without ever having to hold a fraction of real capital. "Leverage me out!" "How far can we magnify a single dollar using these debt instruments", said Humpty Dumpty's investment banker?

Now, here we are with a Congressional $700 billion bail-out, with $150 billion in John McCain-Make-Mine- Tenderloin! Pork. I thought he hated pork? In that bill, the little guy and gal will have their life savings bank deposits FDIC insured. Doesn't that give you piece-of-mind?, until you find out you might have to wait 10 years to get your insurance check! Yes, the FDIC can take 10 years to settle your claim. Just how long can you wait? It might be better off under your mattress. At least, you can get at it when you need it. 

Can we trust the very people who created this financial meltdown to also oversee the implementation of the Paulson bail-out? That is what is happening. Paulson has assigned his pal from Goldman Sachs, Neel Kashkari (or is it cash n' carry) as his point-man to manage the flow of authorized congressional bail-out dollars as the financial institutions line up for their share. Also, another one of Paulson's thieves, Lloyd Blankfein, chairman of Goldman Sachs, was present at, what can be now called the International Treasury Heist Planning Meeting, which took place at the New York Federal Reserve Bank where a strategy conference on the implications of an AIG failure was laid out for the Bush Crime Family and their Bosses to "understand".

I love it when McCain says to Obama, "You just don't understand." That is correct, John Boy. He doesn't understand because Obama is not part of the Bush Crime Family like you are! It is a segregated club; don't you know? Only Republicons are let in. They're the only ones stupid enough to drink the Jim Jones Kool-Aid over and over again. Yet, brain-dead bobble-heads like McCain and the Gangstas are the only fools who would listen to a guy with an approval rating of 25% and falling. 

 

If AIG went bankrupt, Goldman Sachs would likely lose $20 billion. "We can't have that; 

can we, Paulie?", said "da Family" to Hank Paulson. This is why Paulson needs to be summoned to talk in front of a Grand Jury regarding his actions and his conflict-of-interests.

Paulson is roller skating on ice. Not just any ice, but thin ice, at best. He just cannot seem to get anywhere with any skill or accuracy. He gets the bail-out of $700 billion that he wanted so the world's central banks, especially China, which holds $400 billion in toxic derivative debt, can dump it on the U.S. taxpayer in exchange for freshly color laser printed dollars, in order to get re-capitalized. But on Tuesday, he switched gears and began to bail-out the Commercial Paper debt market so very short term commercial borrowing could continue. Just tell me who will borrow? Bush-brain tells us that auto dealers need to borrow to put new cars on their lots. Who is brave enough to buy a new car right now, unless they have enough expendable cash to part with? I guess, paying down one's house debt is not always a personal priority. Adding a new car loan takes precedence. This seems to be a time to reduce one's debt burden. Not increase it. Our president went on to tell us we need more McDonald's restaurants and they need some bail-out cash to build them. HUH? Did he mean that there aren't enough of them already during what appears to be an economic downturn? Rollin', rollin', rollin', that cash stream ain't but swollen, keep those bucks a movin', Rawhide.

Paulie, there is only $700 billion in your piggy bank. So, focus! Has he captured the golden egg laying goose yet?

Paul Craig Roberts (Counterpunch.org; "Can a Bailout Succeed") asked how does he stretch out $700 billion to cover $2.3 trillion in mortgage-backed securities held by "20 of the nation's largest financial institutions?" How will "the Paulie" do it? Mr. Roberts went on to state that the $2.3 trillion does not even include mortgages that were transformed into more complex derivatives, such as collateralized debt obligations, and then into, and more than likely, credit default swaps. WOW! That would be quite the clown trick. "Watch me pull a few trillion out of my hat. Presto!"

The stock market cannot seem to get any legs to hop and remain into positive territory without the Plunge Protection Team pitching money into the market, in spite of an investment bank and commercial paper debt bail-out. Why? Don't they trust the Goldman Sachs bagman? The sky IS falling Chicken Little and the world markets are getting hailed on.

Mike Whitney (Counterpunch.org; "Still on the Edge of the Abyss"; 10-6-08) quoted Henry Liu in his article "Liquidity Boom and Looming Crisis", in the Asia Times, "Unlike real physical assets, virtual financial mirages that arise out of thin air can evaporate again into thin air without warning. As inflation picks up, the liquidity boom and asset inflation will draw to a close, leaving a hollowed economy devoid of substance...A global financial crisis is inevitable." 

Main Street translates that into " The ride, it ain't over. We're on the way down, so hold onto your hat, Joe!"

Thanks for reading, Jerry

The October Surprise-The Final Bailout, a New Faith-Based Initiative

Barack Obama demonstrated an observation John McCain had made of him, although for a  different reason one might expect. McCain called Obama stubborn. How right he was! Obama had stubbornly given McCain too many passes during the debate. For one thing, McCain needed to be called on his view that the surge had worked, therefore the war in Iraq strategy was correct. Wrong, John! The reason the surge had quieted the bloodshed is not a result of the troop increase but because Muqtada al-Sadr declared a ceasefire BEFORE the troops landed on the ground. Al-Sadr will likely make a run for Iraq's prime minister position, therefore he wanted to quiet the resistance.  In addition, the Pentagon paid the Sunni Awakening Council millions of dollars to resist shooting at our soldiers, while we occupy Sunni territory. But the original mission of the surge was to give "breathing room" to the Iraqi parliament so they all: Kurds, Sunnis, and Shias could come to a power-sharing agreement. This has not happened; and, a year has passed! Therefore, the mission for the surge has failed.

A second Obama "Rope-the-Dope" opportunity missed was McCain's "love for the troops" statement, and how his "take care of them" line was false. McCain has not taken care of them. He voted against increasing funds, early on and before the outrage over the lack of protection for soldier safety, which Rumsfeld failed to deliver. The nation's anger over the lack of body armor, and inadequate Humvee plating became a huge outcry. Plus, soldiers were calling for additional time off between deployments, and "Stop-Losses". Soldiers were not even offered the same G.I. Bill that McCain was offered; nor were soldiers receiving timely medical and psychiatric care; injured soldiers even had to pay for their own clothes and phone cards while in the hospital; and, we all recall the deplorable conditions that Walter Reed Hospital had fallen into. All of these examples were not championed by McCain- the Change Candidate, the Maverick, the Outspoken One; and, he had to be led kicking and screaming to "take care of them". McCain did not vote for additional down time between deployments. His reason to vote against the upgrade to the G.I. Bill was because he felt soldiers would not stay in the service long enough for his liking. He voted with the president over 90% of the time. 

Obama needs to get-up-to-speed and utilize every defensive and offensive strategy available, otherwise the mentally-ill Republicon candidate will, once again, frame the debate. 

Also, it is OK to acknowledge specific points that you and your opponent agree on, but limit them to one or two. Keep the rest to yourself, Barack!

If Obama has not realized that McCain is a mean, angry, and mentally-ill individual, at this point in the race, then he has a real problem. When McCain got up on stage to debate Obama, he fell back into his months as a POW mustering his deeply rooted survival mechanisms needed to resist the physical and mental torture laid on him by his Vietcong captors. McCain has never resolved those psychiatric problems, and therefore, would use them as president, negatively impacting upon his decision-making, if elected. In addition, his judgement is impaired. Just look at his choice of a running mate. What was wrong with Olympia Snowe, John? Not dumb enough? Too much experience? Not a strong enough Hillary vote grabber? Oh, Olympia couldn't see Russia from her house! And, did not have a witch-doctor for a pastor; or read too many newspapers; or could recall more than one Supreme Court case. And, of course, did not look like Tina Fey!

As Michael Whitney ( Counterpunch.org) described in his article, (of which I will add literary color!), Hank "The Paulie" Paulson staged a take over of the entire financial system not unlike a small time crime boss gathering forces to overthrow a kingpin crime mobster's money laundering business. Whitney said, "He rose to power in a stealthily-executed Bankster's Coup in which he, and his coterie of dodgy friends declared martial law on the U.S. economy while elevating himself to supreme leader." This even held true on 10-1-08. It is Paulie's October Surprise, aided and abetted by the Congress, and his side-kick Bada Bing Bernanke. These two cranks held the congress at gunpoint threatening to blow the lid off of the entire pop-stand if they didn't turn over the money. "Give me the money or the whole place will go up in smoke." Then he turned to the knee-shakin' bankstas, and said, "I own ya know, boys!"

Mike Whitney went on to write that "the days of the republic are over." Section 8 of the first bailout bill said that--

                 "Decisions by the Secretary pursuant to the authority of the Act are non-reviewable                      and committed to agency discretion, and may not be reviewed by any court of law                      or any administrative agency."

Does this sound like a democracy? Neo-fascism has now been passed into law by Congress. This is a milestone moment. The Republicons, and assisted by Democons, have moved for the legalization of corruption and to be directed by a unitary executive Treasury Secretary, assisted by the Federal Reserve chairman! The foxes are now in charge of the henhouses. "No one comes in or goes out without see us first, hens!"

Obama voted "yes". It is all about the bankstas, who have brought nothing to economic growth but a financial tsunami, while abandoning a national economic CPR plan which would begin to improve economic growth. Peter Morici, Noriel Roubini, Dean Baker and others have outlined a plan that would not reward the fraudsters on Wall-Street. Unfortunately, Obama is not listening to them, either. Nobel Prize winner, Joseph Stiglitz, and Jared Bernstein are at the bottom of his advisory list, and these two should be at the top. Peter Morici's article describing how we got to this point, and his excellent solution to the crisis can be read here.

There was no Democratic congressional outrage over the Putin-style takeover of the private financial system by the Treasury and Fed, enriching these corrupt Wall-Street CEOs who will show gratitude by writing large campaign contribution checks to the Republicon Party. Will the capitulating Democons be left out? "Oh please, throw me a bone!"

The Act stated this: "designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them." I guess this means that loans will be dished out as dictated by the Government! Only those who give sizable campaign contributions are allowed into the newly established Mr. Paulie's Credit Club House.

There it was laid out by the kleptocracy that the U.S. government now controls the financial institutions, which will be paid for by the taxpayers. Don't you feel excited to be part of the game now?

According to a highly respected economist, Michael Hudson, the Treasury will use $800 billion from the Social Security Administration's account to bail-out/buy-out the Banksta Gangsta fraudster's over-leveraged, under-capitalized, and value-less toxic derivatives sitting on their balance sheets. Go ahead and use the middle classes' freshly withheld and hard-earned social security contributions. Steal from the poor and give to the ultra-rich who gambled it all away and now want a government handout so they don't miss payments on their existing vacation homes, or luxury cars, or Radcliffe tuition payments, or Lear jets, or Italian vacations, or 500 karat diamond necklaces. These bankstas are very likely Republicons who don't even pay a fraction of their incomes into social security, while most of us pay 100% of our incomes into the fund.

Bush, Paulson, Bernanke, and now, Obama, and McCain, along with their human side-arms, held a gun to the heads of millions of Americans, making up a majority of them, called, emailed, protested in the streets, and faxed their voices by bellowing out that they do not want to take the poison pill, which they were told was the thing to do for the country. They are all like the preacher, Jim Jones, who told his cult followers to take the Kool-Aid suicide drink for the good of the cause.

I cannot even recall Bush or his crime family henchmen ever doing ANYTHING for the "good of the country" unless it involved a Lie-Based Initiative Greed Program. Read the Act here. Dig more here.

Are you happy that the Royal Bank of Scotland and every other foreign central bank in the world holding bad debt will get a chunk of bailout money by selling it to the Treasury, and in return will receive bailout taxpayer money? Why? To keep them from dumping dollars on the open market? Now, it could also be to allow those banks to freely obtain Treasuries which could later be used to BUY Treasuries, next year, to help pay for an increasingly rising budget deficit. Today it is $410 billion. Will it be higher for 2009, and not lower as Bush has projected? 

The Russian president, Medvedev has said today in the Australian News that U.S. economic hegemony is coming to an end as he spoke before a Russian-German development forum. "We must work together towards building a new and more just financial-economic system in the world on the principles of multi-polarity, supremacy of the law and taking account of mutual interests." Does it really matter exactly why we got ripped off other than we got ripped off? It has been done. Here is another tidbit about the bailout. Banks can hold as little as ZERO reserves to cover deposits.  How about that? This bailout has nothing to do with Main or Side Street as the Bush Crime Family and their congressional surrogates have led us to believe. It is about protecting the Crime Family and those linked to it worldwide. It is about protecting the wealthiest among us and keeping their purses full. No bankruptcy courts for them. No transparency for their balance sheets or debt valuations. No indictments.  Steely Dan wrote a song in the 1970s called Royal Scam; and that is what we now have before us!

Obama said today, 10-1-08, that if he becomes president, he will thoroughly examine the bill and make sure the taxpayers are paid back in full. Oh yes. Don't you feel better already? Once the house catches fire, in a few months, he will come back with the fire extinguisher. 

Barack,  you really give me comfort.

Thanks for reading,  Jerry

TIDBIT: McCain says that because Sarah Palin was a PTA member helps make her qualified to take the seat of the president, if need be. He went on to say she has experience, yet Obama doesn't have experience? Is McCain of sound mind? Watch the clip here.  Watch the entire 9-30-08 Des Moines Register interview here.

POSTSCRIPT: We have been saying all along that we don't need these big financial institutions to function as a nation! Watch the Dr. Dean Baker video on the next page. I agree with his assessment that we don't need these banks. Only the shareholders, and CEOs want this bailout! Just tell the depositors to remove their life savings and redeposit it in their local and regional banks.

A Letter From John McCain To His Supporters

Hello My Friends,

I am so glad I can write to you on my new computer. I have been taking lessons from Sarah Palin's future son-in-law, Johnson Inmi Levi, or something like that. Now, you have probably heard that I am a technophobe when it comes to these new fangled computer things. The reason for this is because Cindy, who owns more homes than all the president's combined living today, feels it is just too hard for me to carry it around from one home to the other. Sometimes, we don't know where we are going to sleep from one night to the next. To set it up, plug it in, hook up the printer, and all that stuff, it ends up being too much work for me. It is so much easier to carry my fountain pen and a few cocktail napkins if I need to write down anything important.

You know, Barack might have raised many more campaign dollars than me, but I have more Facebook friends than he does. I am so popular. People say that I have a lovable face. Just as they say similar things when speaking about Alvin the Chipmunk.

It is now coming out that I was a critical component in the bringing of the Blackberry into the marketplace. Now, didn't they say something like that about Al Gore and the Internet? And, didn't I poke fun at him for being such an elitist? Anyway, I just love to mix those Blackberry's in with my yogurt, and flaxseed. It is so good for ya, too!

For years, my friends, I have been referred to as a Maverick. It is great to be in the same league as James Garner! Ya' know, he was a Maverick, too. I have been fooling everyone because I am really no Maverick. Actually, a person who is a maverick is one who stands up against those who are trying to persuade him to go along with them. But, my friends. I have done just the opposite over the last 8 years. I have voted with the president's wishes over 90% of the time. I have voted with the president when he wanted to go after Saddam and gin up a war based on lies, as well as with his war on terror, which will likely cost all of us nearly $2 trillion, and when he decided to create the bloated Homeland Security department, the largest entity in the government next to the Pentagon. It has been great giving HLS grants to the states, such as Wyoming, which have been supporting my political party. They were getting more money, per capita than New York City, the very site of the worst terrorist attack. Now, you might not think Wyoming needed such an infusion of HLS monies, but Dick Cheney did. Anyway, you don't want to piss off Dick, if you get my drift. Even though it has not made us safer, my friends, it has made us travel lighter. You don't need to carry on all that shampoo or toothpaste on the plane with you. The hotels give you all you need. And that is a good thing.

I want you to know that I voted with the president when he kept jacking up the fiscal budget deficit, which is now projected to be in the hole $410 billion, which is nearly twice that of last year, (and I don't mean Jackson Hole, Mr. Dark Side),  and the national debt, which is reaching $10 trillion. Now that the government assumed Freddie and Fannie's guaranteed $5 trillion mortgage debt, the total is now over $15 trillion! WOW.  I just love to spend money. Just look at my shoes! Also, did you know that the United States is a $13 trillion economy? Our debt is now bigger than our economy. Don't worry too much. I think Sarah can help me fix that. She has a lot of experience with dat, or should I say debt.

I know it has been hard on all of you in the middle class. You know, that's anyone living on Main Street or Side-Street who is making under $5 million per year. It is hard to see your jobs being shipped overseas. And, I am responsible for that, but I sure like those cheap items we can now buy at the Dollar Store or Wal-Mart. (OOOOH, that smarts.) Don't you think so, too?

I enjoyed voting on behalf of the president's request to give our Pentagon a budget that makes up one-third of our yearly expenditures, which has now reached $2.9 trillion! Yikes! "Cindy, that is more than you make in a year!"

I have sided with the president even this year, when I helped him usher in a record high current account deficit for the first quarter of 2008, which has reached $176.4 billion! That means we imported more goods and services from elsewhere than we exported to other countries by $176.4 billion. Doesn't that make you feel better now? We have to continue to lower the value of our great dollar in order to start to catch up.

Sarah and I want to drill, drill, drill away from foreign oil. By drilling off-shore our coasts. We might get somewhere around 200,000 barrels per day in around 10 years, but already, we are seeing a decline in our oil usage by around 600,000 barrels per day. Conservation is already working, but that does not help my friends at the oil companies make their yacht payments! Alternative energy is good, but nuclear is better. I want to build more nuclear plants, even though we have not solved our current problem of safely storing the nuclear waste. Wind and solar and geo-thermal are great, but then the power companies might just have to buy back your extra-solar energy. Exxon would not like that.

Oh yes, my friends, I even took the bold stand, along side our president, by voting against an upgrade to our tried and true G.I. Bill. I felt that by giving our returning soldiers, who fought so gallantly in Iraq and Afghanistan, a G.I. Bill that would allow them to receive a full and complete education paid for by all of us, was just too much to ask of them. Even though my father and grandfather were admirals, and I was a P.O.W, I don't know if you know that about me, I decided to stand up, instead of standing down, on behalf of our soldiers. You understand, don't you?

My friends, you have heard me talk about the fundamentals of our economy. They are strong, you know? They are strong for all of my friends in corporate America. All of our dear campaign-contributing friends, who have made huge sums of money running such failed companies as Enron, Freddie Mac and Fannie Mae (I just love her chocolates!), Merrill Lynch, Countrywide, AIG, Morgan Stanley, Lehman Brothers (You know that those guys were Jewish; just like my mench friend, Joe Lieberman. They're my friends, too.), and Halliburton. You get the idea.

I know it is a little hard for my postal carrier, barber, neighborhood teacher, bus driver, cashier, and others to make ends meet, but remember, the fundamentals are strong. President Bush, and Carl Rove told me so. Or, is it the fundamentalists are strong. Oh, I can't remember which way that all goes. Sorry, my friends! I'll have to ask Sarah Palin about that one.

And yes, former Senator Phil Gramm, the very person who was instrumental in taking down this economy back in 1999, along with his friend, Alan Greenspan, and even though the fundamentals are strong, as I am told, was my key economic advisor until he called all of you "wimps and whiners; and had psychological-recession-on-the-brain problems." I had to fire him. But he still comes over and we hang out. But it is all for fun now. I replaced him with Alaskan Governor Sarah Palin, so she can help me with all those important economic details, as my running mate. Or, am I HER running mate? I can't remember.

I have stood by my friend, George Bush, even though he humiliated me and my family when I ran against him for the 2000 nomination to be the Republicon candidate for president. He was so evil to me, but, you know, I had to give it up, suck it in, put on a happy face, show a stiff upper lip, raise my head up high, turn the other cheek, let bygones be bygones, stop crying over spilled milk, show my good side (I am not sure which one that is.), kick up my high step, whistle a happy tune, and let it all float under that Bridge to Nowhere so I could have MY TURN to be King! I wannabe the Change President. You give me a dollar, and I will give you back fitty cents in change. That's the new economy I talk about, my friends. You gonna like it!

I have told America that I do not like lobbyists, yet I have had 133 lobbyists work on my Straight Taking, or is it Talking Express campaign, just because there is no one else around here in Washington to hire! The place is bone dry. If they aren't lobbyists, then they are politicians. SO, what's the difference? You take what you can get, as they say.

I want you to know, my friends, that I want to raise your taxes, but don't spread that around! There are a lot of bail-outs to pay for. It is very likely, if I become president, I will have to raise your taxes, just because so many people are out of work, real wages have declined, and consumers are not spending as much, which is shrinking the overall economy. (Did you know that consumer spending makes up over 70% of the GDP?) It is not right for Barack to just raise taxes on the upper income groups, and corporations, who deserve to not pay any taxes. Let's lower their tax rate to 0%. You wouldn't mind, would you? Barack would cut the tax rate for 95% of workers and their families. He would raise the tax rate on the upper class from 35% to 39%. That is just horrible! We cannot have that! That would cripple us. President Eisenhower had the top upper class tax bracket pay 91% in taxes (1954-1963). From 1922-1981, the uppermost tax bracket paid between 58-70% in taxes. From 1944 to 1963 (basically wartime years) the tax rate was above 91%. We cannot have the top tier income earners pay higher taxes during wartime or terror-time. No way; Cindy would be so mad at me if I did that!

We need to raise taxes on everyone, and to make permanent the Bush Tax-Shift Cuts. Now, how will that all work? What this all means is that I will have to raise taxes on my defined "Middle Class" (HEHE) in order to pay for our military, HLS, and the rest of the budget, unless I keep borrowing from China and those sheiks and kings and princes' in the Middle East, raising our budget deficit, and national debt. "I can take you higher." Oh, I just love the duo Blind Ambition. I am so hip, right? Also, if you get employer-based health care, I will tax those benefits, too, lowering your real wages.

The president and I, along with a despicable former senator Rickie Santorum, want to privatize Social Security. You should like that idea because then you can take your hard earned money and put it into the losing stock market. You saw it drop over 500 points just last Monday (9-8-08), and over 300 on that Wednesday (9-10-08) giving all Americans real pause in our equities market. But then, Bernanke, Paulson and President Bush had to go ahead and bail-out every major lending bank with a near $1 trillion transfusion of government dollars because those top executives don't want to lose their country club memberships before New Years. They bought brand- new handmade Chinese suits and made their dinner reservations already!

Now, if you would  have taken your Social Security, and put it into the stock market back around 1997, you would have likely not made a fricken penny. But, OOHH, remember, our fundamentals are strong. Social Security is an insurance policy that you pay into and is invested in our country so that when you are of age to receive it, you will get a check based upon your contribution. Now, if only we Republicons did not borrow from it beginning way back with President Reagan, there wouldn't be any IOUs in that Social Security Lock Box Al Gore wanted to keep away from the legislators. I am so glad the Supreme Court kept him out of the White House, since it would have hurt President Bush's feelings. And you know how sensitive he is. Anyway, my party has already borrowed so much from Social Security that we need to privatize it so you can just keep it under your mattress for safekeeping.

Now, I have written a lot for my very first keyboarded letter. And finally, I want to say that I have approved this message. I think I do. Don't I? Now Senator, type your name. Ok Johnson. No Senator, it's Levi. Sorry, my friend.

Sincerely Yours,

Jon Sitney McCaine

Postscript:

Link to Andover College's Bush War Crimes Trial. Read here.

Professor Andrew Bacevich, retired Army colonel, speaks on the Iraq War and foreign policy. Click on "Listen now".

Thanks for reading, Jerry