Good Sunday Morning.
Like I said before a few days ago, maybe not everyone reads the comments on my blog. However, yesterday’s comments from Anonz and AH, are valuable words worth repeating just in case you didn’t and even if you did, they are worth reading again. Therefore I am posting them again here.
Anonz, our personal ‘deep throat’ republican writes in as often as he can, (that is when he is not running for his life) and informs us of inside intelligence that only a well-connected repub would know about our government and their well planned corruption. He has been a major player himself. We are grateful to hear from him and learn even if what he reveals is more disturbing than one could even imagine.
Anonz’s comment:
The new republican argument will be if Congress had practiced true “conservatism,” then we wouldn’t be in this mess. The republicans will attempt to put the blame on the people themselves. You will be hearing it was the people’s fault for buying homes they could not afford.
There will be no mention of the removable of regulations that were in place to prevent those types of loans. No one will mention the suspension of the regulators whose job it is to police the institutions that have regulations to protect the public from unsound speculation with their money.
But if you think the 1.7 trillion bail out will save your investments or this country from serious consequences, think again. Have you asked yourself where the government is getting all this money to bail out these crooks with?
The answer is simple. They walk over to the Treasury and print it, then force it citizens to accept it as something of value. The citizens of the USA are then forced to accept it for their goods and services. This works fine as long as the worthless paper the money is printed on is used only in the USA.
However, other countries want real value for the US paper dollar. They come to the US Treasury with it and demand real concrete value for all those US dollars they have accumulated. This is when the shit hits the fan.
The USA has to pay what it can and ask them to hold the rest of the debt for an interest that they can agree on. That ’s like anyone else trying to get an extension on a debt they can not pay. If they accept, those countries become creditors of the USA. Countries like China, All the major oil exporting countries, Canada, Russia, japan, and a host of other nations are all holding IOUs from the US Treasury.
If they decide not to continue granting credit to the US and demand payment, our entire economy as we know it could collapse. The only reason they haven’t done it to date is because the dollar is the standard currency used to purchase petrodollars.
Ironically if Sadam Hussien had been allowed to switch to Euros, we as a nation may not have experienced this calamity. But he was slated for murder and the invasion of his country was the vehicle picked to loot the National Treasury. When it is over the entire $4 trillion that the plotters estimated they could get away with will have been accomplished without a single plotter going to jail. Hell some of us will go down in history as saviors of this debacle.
Anonz
AH, is our man from the past. And that is about all I will say except when it comes to banking, he is the ‘one-in-the-know’. You can say he pretty much started it all.
Hello AH: It is really good to hear from you. Thanks for the very enlightening information that you posted. I especially liked your analogy with the credit card company. You have voiced your explanation in laymen terms making it easy, even for someone like me to grasp. I appreciate that because I am sure that there are many readers who find all of this confusing and complicated.
Now the question is, we have this information, what do we the people do with it? A class action lawsuit against our government? And what about the lenders…if it is THEIR fault, because THEY were irresponsible and didn’t do THEIR do diligence, is there a case for class action lawsuits against the lenders?
As far as the Wall Streeters, as I mentioned yesterday, I say we let them fall; the same treatment that the average person is getting. No Bailout.
AH’s comment:
I do know a little something about banking and investment financing. So I would like to weigh in on this matter about the federal government rushing in to save the American people’s way of living as they have come to know it.
What your government and the pundits are telling you about how dire this situation is is all lies.
It is a ploy by the rich to cover their bad financial judgments at the taxpayers expense. The only way they can pull it off is to scare the average American into thinking that if the government doesn’t bail out the multimillionaires and billionaires that the whole system will collapse. THAT IS NOT TRUE!
The true financial situation of the country is this. The super wealthy financiers have extended themselves too far by betting more money on a pot than they have to cover the bet. A modern analogy may be:
If you kept charging against a credit card because you could continue to make the minimum payments, you could continue to charge until you; 1. reached your credit limit or 2. arranged to get the credit card company to increase your credit limit.
But, it the company raised the minimum or checked your financial behavior and subsequently lowered or stopped your credit limit, then you would have to start paying or go bankrupt.
That is what happened to the those rich company owners. They over reached their financial capability to meet the minimum payments on their debt. If this happened to you, the government would not step in and rescue you. So why are they doing it for these super rich people and how are they justifying it to you to get you to go along with the scam?
The why they are bailing out the super rich is simple. The super rich are them or their bosses. How are they justifying bailing them out now that’s the easy part for them. They scare the masses.
How? By telling them:
A the financial system will collapse if these companies are not bailed out; and
B. convince the average person he was also complicit in the cause of this debacle because he tried to purchase a mortgage that he knew that he couldn’t afford.
A. The first lie:
Lets examine what the average person has to risk losing:
1. His bank account.
2. His mutual fund or money market account;
3. His 401K or other retirement investment;
4. His ability to borrow money;
5.His employment because his employer can’t borrow money. That’s it folks. That’s all the risk the average person has in this pot.
At first glance it seems like it is what the scare propaganda is saying is correct the system will collapse if the government dosen’t bail out the super rich. But wait! There is another simplier solution to solving the average person’s loss in those five areas which were caused by the greed and unsound financial risks of the super rich. Later I will explain how they got away with doing it in the first place.
A. The truth:
1. The average person with a $100,000 on deposit has no risk of losing a penny. His money is insured by FDIC. If he has more, then he should have been more careful.
2. Mutual funds or money market accounts. – The federal government can step in and guarantee the protection of a reasonable amount of the average person’s investment in those areas up to $100,000. If he has more, he should have been more careful. He can always sue the Funds for mismanagement.
3. 401K’s and other individual retirement options. – They can be protected up to a certain amount without giving anything to the super rich who risked these people’s money recklessly.
4. Availability of money for borrowing. – The scare tactic that banks won’t lend money is just that. Banks will lend money, that’s their business. If they don’t, remember how these same crooks remind you that this is a capitalist system not a socialist one, then rest assured that a capitalist venture will arise whereby some new business will start lending money to fill the void. There is no need to rescue the fat cat who risked too much because of greed and now his band has to fold, that socialism. The same socialism that he cries when some politician proposes to give you universal health care. He is trying to convince you that socialism by government to help him is okay but not to help you.
5.Employment – Employment is always in danger. If the owner dosen’t manage his business properly, the employees will lose their jobs. Jobs will not be lost because the company can not get a loan. See 4. above.
B. The second lie:
The “experts” are dispatched to convince the average person that people who tried to buy a home that they couldn’t afford was a contributing cause to this debacle. Common sense should tell you that that is not true.
B. The truth:
It is the lending institution that determines whether the person they lend money is capable of repaying that loan. No one can just take out a loan or mortgage. He must qualify according to the rules set up and administered by the lender. If the lender is irresponsible when it comes to making loans, it is not the borrower’s fault. It does not matter how easy the government makes it for the lender to lend you money, if the lender lends money to a person or business that his do diligence should tell him that the borrower can not pay back, it is the LENDER’s fault.
This absolves the average person from any responsibility for this debacle. It is the sole responsibility of the rich trying to get richer. If they had succeeded they would be arguing that the government shouldn’t be penalizing them for taking risks and being successful.
So having taken those risk and FAILED, why should the government suddenly turn socialist and pay off their losses.
I promised to tell you how they got away with all their risky investments using the public’s money.
First let me say that one of the chief purposes of government is to protect the people from foreign threat and domestic threat.
Under protection from domestic threat comes the requirement of government to protect the public for company, institution, and corporate abuses. This is done by the government setting common sense regulations in the form of laws that protect the public from actions that would recklessly endanger the public’s money when it is being managed by private businesses for profit.
I see you have talked about some of the characters that participated in the dismantling the common sense regulations that were originally set up to protect the public. Unfortunately America is bet by a bunch of savvy crooks who are adept at convincing the average greedy person that he too can become rich if government DEREGULATES businesses and allow them to deal with the public competition will protect the public. This disingenuous piece of logic is proposed on the bases that the people are sophisticated or knowledgeable enough about finances to protect themselves and their investments from the crooks.
The second thing these republicans have done is to go behind the public’s back and restrict the enforcement of even the minimal laws set forth by the government to regulate these industries. Like I have heard before. If there is no police the crooks will run amok. Some businesses were caught short because they believed that the government was policing the regulations that were in place.
The crooks knew that the government was not policing any regulations because they are the super rich who got the government to prevent the police from enforcing the regulations. Now the government is being used to reward those crooks with taxpayers money.
AH
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Readers: As usual, your comments, thoughts, ideas, are always welcomed. Blog me.
Oh and to all the ‘Anon’s’ out there posting comments: Can you at least comment under an initial or something a bit easier so that I can respond to you if necessary- thanks.
Gratefully your blog host,
michelle ?
Aka BABE: Your Bad Ass Bitch Editor
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