I’m heartsick knowing what these “republicrats” plan on doing to “we the people”!
The repeal of Glass-Steagall in 1999 with its replacement by the Gramm-Leach-Bliley Act in the same year has gotten us into this mess…period! Btw, Bill Clinton signed off on this financially destabilizing, citizen unfriendly legislation. The depression era Glass-Steagall Act was instituted to protect us from criminally rapacious bankers and their similarly predisposed brethren in corporate America.
Once Gramm-Leach-Bliley was passed in 1999 it’s taken less than 10 years for these unleashed pirate capitalists to destroy the United States.
Bush involved us in a bogus war in Iraq based on “cooked intelligence” courtesy of the Wolfowitz-Feith-Cheney rogue intelligence pipeline and they’ve never been held accountable for their patently criminal actions.
Bush has asked time and time again for more funding for this Iraqi debacle and has gotten the Kings X from our traitorous Congress with little opposition.
Now that the bankers and commercial interests have wrecked the financial system with their highly questionable, but legally enfranchised ability to bundle highly inflated, bogus mortgages then to pass them about, making huge amounts of money while doing so, “we the people” are left holding the bag.
This is just another variation of Enron, MCI/Worldcom, Qwest communications and a host of other corporate scams that were part and parcel to the “tech wreck” era in which we witnessed at least 5 trillion go up in smoke which is small potatoes compared to this nightmarish debacle.
Now these sob’s want 700 billion with no questions asked from “we the people” in order to buy up all their “bad paper” and to allow these banking criminals to skate!?
I think not! Only those that have demonstrated due diligence in their banking practices should be allowed to survive while the rest need to go into the financial ashbin of history!
When asked if we the citizens should get anything out of this incredible tax burden, the Treasury Secretary Paulson says no, they simply want to rush it through like the Patriot Act, the FISA rework and every other nationally destructive act they’ve foisted off on us through our criminally complicit Congress. Nothing good has happened for this nation during the 7.5 plus year reign of the “rethuglicans” in the Whitehouse! They are no different than identity thieves except in this case they have a direct pipeline to the U.S. Treasury.
I’ve come up with an idea. They need to have massive bond drives and sell the debt to “we the people” rewarding us with a “8 percent” return on our money for a 10-12 year committment to the investment. Yes we would be obligated to pay the interest on the debt; 80 billion compounded per annum. They would get the money they need to avert this crisis, but we would at least be getting some of the money back via the interest paid back to ourselves. There are vast amounts of money tied up in bank CD’s and money market funds that are paying sh*t rates for interest at this point in our history. We the people are getting screwed bigtime when it comes to return on our money based on the principal of risk vs. reward !
They had massive bond drives during WWII. They need to also increase the interest we pay to foreign bondholders bigtime! The amount of interest paid, again represents risk vs. reward and the chump change rates we are paying offshore interest to float our mind-boggling debt in no way reflects the risks vs. the reward when dealing with the Congressional criminals and Executive branch thugs we now have in office.
During the American Civil War bank rates had risen to a whopping 26 percent, but the North did not default on its debt during an era when the nation was fragmented. “The full faith and credit of the United States of America: does mean something, at least to me and other students of our financial history. If we default on our national debts the U.S. will be relegated to that of a third world “banana republic” in terms of the rates it have to pay lenders.
This country also needs a good, solid short term recession/depression to shake excess out of the capital markets along with the criminals that have been running this now crooked casino known as the United States of America.
Bush,Cheney, Paulson, Bernanke and a host of other complicit criminals and toadies along with thousands of crooked bankers and corporate heads need to be rounded up, brought up on charges of treason and RICO statute violations against the state, then put away for the rest of their mortal lives for what they’ve done to this once great Republic during the past 7.5 plus years!
I recommend the good readers of CHB, RR and the www in general that read the commentary found on this site to contact your federal representatives; ie., two Senators and Congressional District rep asap and not only say no, but HELL NO! to this plan to indebt this nation further and seemingly forever.
You need to ask them, what’s in it for “we the people” other than more, mind-boggling debt? Mention the idea about bonds similar to U.S. Savings bonds that pay a decent interest rate that’s way ahead of inflation and above the current sh*t rates that are now being tendered for lenders risk in our times. We need to get something out of this. Also the bonds should be free of federal and state taxation…!
Carl Nemo **==