Thursday, September 18, 2008


GREED PAYS.


"The bailout of AIG has exposed more than just the collapse of Casino Capitalism. It exposes the governmental system to be as much a sham as our economy has been! How is it that $85 billion can just materialize to bail out this one insurance company (insuring for the most part, opaque, enormously complicated and risky investments) without so much as a session of Congress? Where is the appropriations committee in this matter? Where were they when the Bear, Stearns/JP Morgan deal went down on a Sunday?

What has been exposed here is the complete absence of the United States Government as it is supposed to work. In its place are Treasury Sec. Henry Paulson and Federal Reserve Chairman Ben Bernanke making decisions about spending sums of money equal to the budgets of many small nations – money that will have to be paid back by the taxpayers, who have seen none of the gilded rewards. You have had no say – nor have your impotent representatives."

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And as to Lehman's collapse the day before:
"The quoted amount of OTC derivatives on Lehman's books are not notional value, but some silly mark to no market. The real number is trillions. When either party to an OTC derivative fails the value of that derivative instantaneously become the size of what was previously called notional value. With one quadrillion, one thousand one hundred and forty four trillion (BIS) in notional value, there is NO means to stop this financial cataclysm." --Jim Sinclair

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

What part of 'Democracy' don't they understand?

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3 comments:

Tabor said...

I guess you have sort of put this in perspective...and I was just beginning to breathe a little after Obama's speech in Florida today.

Bob Brady said...

This travesty is just beginning. They're using bandaids to stall the implosion and the massive public losses till after the election...

Martin J Frid said...

Where are the Freemasons when we need them.