Friday, January 30, 2009

No End To The Looting

The Wall Street Journal is reporting that the Obama Administration is considering a new round of bank bailouts.

Do you even want to know how much? One to two TRILLION dollars.

$1,000,000,000,000 - $2,000,000,000,000

It was bad enough when their $700 Billion dollar Bailout went to an admitted $850 Billion, and then was whispered to actually cost us $1.5 TRILLION.

And now they want more.

The people who got our money spent part of the last bailout on $18 BILLION to $20 BILLION in bonuses. Hello? They ruined corporations, looted treasuries, threw millions of people to the unemployment line and they get rewarded for this?

Citicorp was going to get a nice shiny new jet for their dirtbags to ride around in, until they wisely canceled the deal. I guess it was the gathering mob carrying torches that clued them in it wasn't a good idea.

The cost will be passed on to you and I, the average (many times under or unemployed) American through additional taxation. Guess that is what "change" really meant to Obama. That's all he planned to leave in the pockets of you and future generations.

There have been rumors of a "cramdown" coming. Some have even been suggesting a Biblical Jubilee .The rumors of a cramdown circulate around the government forcing all debt holding corporations (mortgage companies, credit card companies, etc) to reduce the amount owed by all borrowers by 'X' amount. The rumor says twenty percent. Those who have been calling for a "jubilee" want all debt erased from the books and the game to start from scratch.

Personally, I don't think either will happen. I think the rumors are intentionally being spread to get people to start using credit with the hope they will be able to walk away from the money owed. The idiots running the crap tables in Washington and on Wall Street seem to think that if they manage to get the last penny from each of us, that somehow it will keep the game afloat.

If you really want to take a good look at what may be coming for all of us, take a look at Iceland's new government. Well, at least they're honest about what they're getting. Not all the fakery that characterizes our elected leadership.

Well, even with the change, Iceland is still broke. But now I guess they have "hope". Sounds familiar doesn't it?


HermitJim said...

The insanity just never stops, does it? As far as the "New Leader"...the more things change, the more they stay the same!

Ken said... links,good post...

..."meet the new boss...same as the old boss" keeps roiling around in my head...