Wednesday, September 24, 2008

You're being Conned Baby! Part 3 The Fall of Wall Street!

Greed: 'Gred\ Noun: Selfish desire beyond reason.

De-ja Vu: \ -zhä-, -vue\ Noun: 1 a: the illusion of remembering scenes and events when experienced for the first time.

B: a feeling that one has seen or heard something before.

2: something overly or unpleasantly familiar. Webster/Merriman

This ain't no liberal left wing swipe or some right wing fascist diatribe. This is just plain facts and plain truth. Can't deal tough! Go listen to Al Franken or Bill O'Reilly and let their left wing or right clawed azzez massage your political sensibilities and busted wallets!

I've been periodically watching the current wall street crisis and over the last two weeks two things have become apparent. The real reasons and culprits will not be raised and prosecuted, taxpayers will be hosed, poor people and minorities will be blamed and congress will probably not have the nutz to do what's right. Save the partisan hackle cause i ain't got time for the bull ish!

Henry Paulsen, the Top, super important, number one, numero uno, HDIC Treasury dude, testified before congress stating congress needed to act quickly and approve the $700 Billion dollar bailout or we would face Imminent DOOOM!

Congress: What? Imminent DOOOM! Oh let's give em the money!

Give em the money with no oversight, no RE-Regulation, No Reform! Just a big check with no strings attached?

Congress: Well, he said Imminent Doooom!

De-ja Vu: \ -zhä-, -vue\ Noun: 1 a: the illusion of remembering scenes and events when experienced for the first time.
B: a feeling that one has seen or heard something before.
2: something overly or unpleasantly familiar. Webster/Merriman

Imminent Doom you say, well that sounds serious. Where else have we heard if we don't act now we face imminent doooooom?

Oh yeah, now, I remember. Colin Powell and a whole bunch of really high paid dudes said that when they wanted to invade Iraq! WMD's, Mobilized germ and chemical warfare vehicles and that of course the Iraqi peoples would welcome us with flowers as liberators to quote Serious Black man boob admirer Donald Rumsfeld.

Regulate: \ regye/lat, Verb, Governing according to rule. Adjusting to a standard.

Deregulate: \de'regyu'lat\ Verb, To remove Restrictions.

Alright boyz and girlz have you read the definitions for today's words?
Gooood! Do you understand where I'm going with this?

Does anyone remember Gordon Gecko? Greed is good! Greed is right!

How about Ivan Boeskey? Micheal Milken? Charles Keating?

Earlier this decade Enron and World Com collapsed sending ripples through the financial sectors, ruining lives and well, moving right along.
In both cases there was little oversight, relaxed rules and greed. Greed!

So here we are again facing a $700 Billion dollar bailout in the latest financial scandals. About five months ago former CEO of Fannie Mae, Frank Raines sued the United States Government for emails, records and other correspondence that would assist in his case against the Government.

Raines alleges that there was nothing wrong with Fannie Mae or Freddie Mac before the current Bush administration began to place it's people on the staff and change or tamper with policies that were in place. The Bush administration has refused to turn over the records invoking, You guessed it! Executive Privilege!

Now five months later Freddie and Fannie have collapsed. No, comment??? Hummmmmm? It's just a coincidence right? President Bush and his administration have never acted in an empirical way placing those loyal to the president in any sector of the government. They've never placed someone unqualified in a position as a thank you for loyalty. They never been accused of tampering with policies of a department before, right?

Before you answer. Alberto Gonzalez, (Justice Department) Harriett Meyers(White House counsel, Supreme Court suggestion and Justice depart), Michael "Hellava Job Brownie" Brown,(FEMA) and Johnny " He's just a fuzzy wuzzy teddy bear" Bolton. (United Nations)

Lets take a little trip back in time. See how this de-reg-u-lat-ion thang has worked out in the past. I borrowed a couple of passages from the 1980's Savings and Loans scandal. Also see Lincoln Savings and Loan, The Keating Five and just for fun Silverado Savings and Loan helmed by Marvin or Melvin Bush and how that all played out.

The U.S. Savings and Loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. taxpayer.[1]. Wiki.

Glenn and McCain: cleared of impropriety but criticized for poor judgment

The Keating Five scandal was prompted by the activities of one particular savings and loan: Lincoln Savings and Loan such savings and loan associations had been deregulated in the early 1980s, allowing them to make highly risky investments with their depositors' money, a change of which Keating and other savings and loan operators took advantage.[4][5] Savings and loans established connections to many members of Congress, by supplying them with needed funds for campaigns through legal donations.[5] Lincoln's particular investments took the form of buying land, taking equity positions in real estate development projects, and buying high-yield junk bonds.[6] Wiki

The scandal was followed by a number of attempts to adopt campaign finance reform—spearheaded by U.S. Sen. David Boren (D-OK)—but most attempts died in committee. A weakened reform was passed in 1993. Substantial campaign finance reform was not passed until the adoption of the McCain-Feingold Act in 2002 Wiki.

So now let I get this straight. Each time an industry has been de-reg-u-lat-ed it always ends up in scandal with alot of big players, taking over smaller companies, manipulating the markets and in the end we always got hosed. That's called a con game baby! But we keep getting conned cause we keep taking the bait.

Demopublican: We need deregulation because it will free up the markets and allow for innovation and entrepreneurial spirit to bloom. Regulation or further regulation stifles unfettered capitalism and the free market. Taxpayer or gullible Demopublicans: Oh, the free market. We don't wanna hurt that! Let's give it to em!

Then some folks make alot of money until it collapses and then those people are gone and alot of folks get hurt. Mainly poor folks! This morning I read that it was because poor folks and minorities were given home loans that's the reason for the mortgage crisis.

No, it's because bankers and loan institutions gave loaded, bad, high interest, loan shark, predatory loans to poor folks and minorities, alot of whom qualified for better loans, but were strongly encouraged by banking institutions to take upfront low interest adjustable rate loans that later skyrocketed to unmanageable rates that they collapsed.

It was pure unfettered capitalism. Take advantage of any opportunity disregarding principle, morals, ethics and good sense. Greed! Baby! Greed!

Bankers all over made huge commissions off of these kinds of predator loans. Has anyone admitted that the type of loan was wrong? That the practice itself was evil?

The great social scientist W.C. Fields said there's a sucker born every minute. He was prophetic. The sucker always ends of the taxpayer and the poor!

BE Mindful! BE Prayerful! BE Careful!

1 comment:

NaturallyAlise said...

And in the "Matrix" deja vu signified a glitch in the matrix, and their damn sure is a glitch in the US Gov't Matrix.....