By Debbie Menon
"Mr Bush has warned that the entire economy is in danger and that failure to act now would cost more later."
God, I hope Congress gets off its duff and does something about this dire threat before it is too late. How about impeachment? Is it still off the table?
There is a lot of political energy pushing the obscenely expensive Paulson bailout, in spite of a reluctant congress. And, as for the Congress, that is all they will be, reluctant... but, in the end, they will be complacent, compliant... and go along with it.
This is a situation created by American Investment bankers, lax banking regulation on the part of Congress, and failed oversight and enforcement by the Executive Branch, and there is patently no reasonable argument why the US taxpayer should be called upon to fund a bailout of a mob of "Investment" bankers who, under the guise of "mistakes," "human error," "bad judgment," etc., have made a few billion dollars of their depositors funds simply "disappear."
Israel Shamir correctly advocates "Hang 'em High". "They were proud that the financial charts of the US and of the world were drawn up in a small room by Henry Paulson of the Treasury, Ben Bernanke and Alan Greenspan of the Federal Reserve, by Maurice Greenberg of A.I.G. They built their world surrounded by Lehman Brothers, Merrill Lynch, Goldman Sachs, Marc Rich, Michael Milken, Andrew Fastow, George Soros, et al. Their exciting new world of Lexus and Nexus was glorified by Tom Friedman of the New York Times. They gave the Nobel Prize in Economics to Myron Scholes and Robert C. Merton, proud board directors of the now infamous Long Term Capital Management hedge fund that was bailed out by the Federal Reserve Bank of New York to the tune of $3.6 billion. President Bush rewarded them for their unaccountability by releasing them from the burden of taxation. Let them pay now for all the fun they had."
My question is, where did it all go in the first place? Money does not evaporate. It can be lost, stolen or spent... but it usually continues exists in someone's pockets, accounts, treasure chest or somewhere.
If enough money went walkabout to cause such a crisis as we are told we have, just where in hell did it go, and who has it?
It begins to look to me as if the entire "disaster" was a scam set up to take the American depositor, and someone has stolen, not only his homes, but his savings, and his investments.
The next question is, assuming that the "problem" will be solved by an incredibly obscene infusion of public funds to the extent which Mr. Paulson tells us it will, where will all this infusion go, and in whose pockets, accounts or treasure caves will it eventually wind up?
This is a magnificent and essential "bailout."
But, just who in hell is being bailed out?
Will the depositors who have lost their funds so far in this deal be indemnified?
Where will all of this money go? There are depositors, investors and bankers involved, here, plus a few hundred politicians who parade themselves as "representatives and stewards of the people, and the public interest."
What I see here, is an ever grander and more successful than ever scheme to move large amounts of money from many small pockets and purses into a few large pockets and purses. And I am talking about very many, very small, and very few, very large ones. The same scheming players who created the event in the first place come up with a second "gotcha" to take them for whatever is left.
I believe Barnum completely understated the situation when he remarked that "...there is a fool born every minute, and two to take him."
The fools are lining up more frequently, and the lines to take them are even longer.
Not a single banker, CEO, Chairman or major investor of any of the banks which have taken such disastrous hits in this "crisis" will move into the "poor house," or be consigned to Debtor's Prison. Go figure! In fact, all of them will have to hire additional help to carry the loot off to another cave where, after reorganizing and renaming themselves, their Investment Groups, and their "banks" they will be back at the trough for more, and will reap windfalls from the "bailout."
All the lame ducks in the current Executive Branch will be generously rewarded for their promotion of "The Plan" and the complacent and cooperative "Representatives" in the House, who made it all possible, will find something for themselves under the Christmas tree come election-time this fall.
The rich will be a bit richer... the poor a lot poorer, none of them any smarter.
About the author: Debbie Menon is an independent writer based in Dubai. She can be reached at email@example.com.
... Payvand News - 09/29/08 ... --