Last week marked the one year anniversary of the American Reinvestment and Recovery Act, or the stimulus bill, passing into law. While the debate over its success has been focused on whether or not it is stimulating the economy and on various questionable uses of funds, in my estimation this legislation is accomplishing exactly what it was intended to accomplish — grow the government.
Those of us concerned about the ever increasing level of government debt gasped at the astonishing $787 billion cost estimates for this bill. True to form it has actually cost 10 percent more at $862 billion. We heard over and over that government could not sit around and do nothing while people lost their jobs and houses. The administration claimed that unemployment would not go above 8 percent if the stimulus bill passed. Now, a year later, the government estimates that unemployment is over 10 percent. The real number is closer to 20 percent. It appears that those promises were total fabrications in order to close the deal.
In any case, the American people know that more government spending obviously equals more government. If the goal was to strengthen the private sector, Congress would have allowed businesses and individuals to keep more of their own money through meaningful tax cuts. Outrageously, the administration claims that they did “cut taxes” by reducing withholding, and that they have stimulated the private economy by increasing the amount of money in every worker’s paycheck. What they fail to mention is they did not change the total amount of taxes due. This means that all that money not withheld from paychecks will add up to a big unpleasant surprise when returns are filed this year. Many tax preparers are already seeing shocked taxpayers having to come up with big checks to the government when they normally expect a refund. Stimulus, indeed!
Some of the greatest journalists and analysts in America also happen to be comedians. Watching The Last Laugh with John Bird (in the guise of investment banker, George Parr) and John Fortune (together known as the Long Johns), the same can certainly be said of British comedians as well.
The following is a transcript of this insightful comedian team who brilliantly and accurately describe the mindset of the bailed-out bankers.
John Fortune: George Parr, you are an investment banker.
John Bird: Well, I don’t think there is any call for insults or name calling.
Fortune: Sorry, I was just…
Bird: We have after all just been through a very difficult situation.
Well, but let’s face it, you are an investment banker, and I just wanted to get your view of the turmoil that is now engulfing the financial world.
Well, I’m of a certain age, there aren’t many of us left from my generation, and I can look back at a time when the world seemed a simpler place, with some sense of certainty and order. I think this is a golden age of banking.
You’re thinking of the 60’s perhaps or even the 50’s.
No, I was thinking more of June last year. Why can’t we go back to the time when people took the word of a banker as gospel. Now we get suspicion, finger pointing, people arguing, and all sorts of difficult questions. What sort of questions?
Nit-picking pointless sorts of things like, I don’t know… Where’s the money gone? As if I’m supposed to know.
Review of Thomas Greco’s book by Richard C. Cook Hat tip: Global Research October 14, 2009
It’s too late for anyone to pretend that the U.S. government, whether under President Barack Obama or anyone else, can divert our nation from long-term economic decline. The U.S. is increasingly in a state of political, economic, and moral paralysis, caught as it were between the “rock” of protracted recession and the “hard place” of terminal government debt.
Even if the stock market can be shored up by more government borrowing for “stimulus” spending, it’s a temporary reprieve, because nothing can bring back the consumer purchasing power that was lost when the banks stopped pumping money into the economy through out-of-control mortgage lending. We simply no longer have the job base for people to earn the income they need to live.
The underlying cause of the crisis is in fact the debt-based monetary system, whereby the U.S. ruling class long ago sold out our nation and its people to the international banking cartel of which the Rockefeller and Morgan interests have been the chief representatives for over a century. It was lending on a previously unheard of scale for overpriced assets to people and businesses unable to repay that created the bubbles that burst in 2008, not only in the housing market but also in such areas as commercial real estate, equities, commodities, and derivatives. It was an explosion that reverberated throughout the world.
The Obama administration’s response to the crisis has been to print Treasury bonds both for the financial system bailouts and the sputtering Keynesian stimulus that so far has gone substantially into military infrastructure. This bond bubble is what I have referred to as “Obama’s Last Picture Show.” http://www.globalresearch.ca/index.php?context=va&aid=12512
Government debt is fundamentally inflationary. For a generation, the U.S. dollar has been inflating at an increasing rate, with the economy being kept in a growth posture by selling our debt instruments abroad or allowing foreigners holding dollars to purchase property and other assets on our own soil. The website EconomyinCrisis.org reports that in 2007, the most recent year for which data are available, “foreign entities spent $267.8 billion to acquire or establish U.S. businesses.” http://www.economyincrisis.org/articles/show/2801
There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology. It was replaced by a mythical “New Economy.”
The “New Economy” was based on services. Its artificial life was fed by the Federal Reserve’s artificially low interest rates, which produced a real estate bubble, and by “free market” financial deregulation, which unleashed financial gangsters to new heights of debt leverage and fraudulent financial products.
The real economy was traded away for a make-believe economy. When the make-believe economy collapsed, Americans’ wealth in their real estate, pensions, and savings collapsed dramatically while their jobs disappeared.
The debt economy caused Americans to leverage their assets. They refinanced their homes and spent the equity. They maxed out numerous credit cards. They worked as many jobs as they could find. Debt expansion and multiple family incomes kept the economy going.
And now suddenly Americans can’t borrow in order to spend. They are over their heads in debt. Jobs are disappearing. America’s consumer economy, approximately 70% of GDP, is dead. Those Americans who still have jobs are saving against the prospect of job loss. Millions are homeless. Some have moved in with family and friends; others are living in tent cities.
I think it’s time we applied the same advertising standards to Washington’s legislative products that the feds apply to breakfast foods. The Food and Drug Administration rapped General Mills this week for making misleading claims about the benefits of Cheerios. The food manufacturer says the whole-grain O’s are “clinically proven to lower cholesterol.” The FDA demanded packaging changes to ensure truth in labeling.
Well, how about the bogus marketing of the fiscal “stimulus”? President Obama and the Democrats promoted the trillion-dollar package as job creation salvation. The White House claims 150,000 jobs have been “created or saved.” But since February, the nation has lost more than 1.3 million jobs. The current 8.9 percent unemployment rate in the wake of the stimulus passage is worse than the 8.8% unemployment Obama’s economists darkly predicted if Congress didn’t immediately adopt their recovery plan.
The “stimulus” was supposed to provide aid to the country’s neediest areas. It’s not. The Associated Press reported after reviewing 5,500 planned transportation projects that “states are planning to spend 50 percent more per person in areas with the lowest unemployment than in communities with the highest.”
Obama promised that Americans would be able to track “every dime” of the “stimulus” at one handy clearinghouse website. They won’t. The Recovery.gov site data won’t be fully available until next spring — halfway through the program.
What do you suppose it is like to be elected president of the United States only to find that your power is restricted to the service of powerful interest groups?
A president who does a good job for the ruling interest groups is paid off with remunerative corporate directorships, outrageous speaking fees, and a lucrative book contract. If he is young when he assumes office, like Bill Clinton and Obama, it means a long life of luxurious leisure. Fighting the special interests doesn’t pay and doesn’t succeed.
On April 30 the primacy of special over public interests was demonstrated yet again. The Democrats’ bill to prevent 1.7 million mortgage foreclosures and, thus, preserve $300 billion in home equity by permitting homeowners to renegotiate their mortgages, was defeated in the Senate, despite the 60-vote majority of the Democrats. The banksters were able to defeat the bill 51 to 45.
These are the same financial gangsters whose unbridled greed and utter irresponsibility have wiped out half of Americans’ retirement savings, sent the economy into a deep hole, and threatened the US dollar’s reserve currency role. It is difficult to imagine an interest group with a more damaged reputation. Yet, a majority of “the people’s representatives” voted as the discredited banksters instructed.
Hundreds of billions of public dollars have gone to bail out the banksters, but when some Democrats tried to get the Senate to do a mite for homeowners, the US Senate stuck with the banks. The Senate’s motto is: “Hundreds of billions for the banksters, not a dime for homeowners.”
If Obama was naive about well-intentioned change before the vote, he no longer has this political handicap.
Democratic Majority Whip Dick Durbin acknowledged the voters’ defeat by the discredited banksters. The banks, Durbin said, “frankly own the place”.
It is not difficult to understand why. Among those who defeated the homeowners bill are senators Jon Tester (Mont), Max Baucus (Mont), Blanche Lincoln (Ark), Ben Nelson (Neb), Many Landrieu (La), Tim Johnson (SD), and Arlan Specter (Pa). According to reports, the banksters have poured a half million dollars into Tester’s campaign funds. Baucus has received $3.5 million; Lincoln $1.3 million; Nelson $1.4 million; Landrieu $2 million; Johnson $2.5 million; Specter $4.5 million.
The same Congress that can’t find a dime for homeowners or health care appropriates hundreds of billions of dollars for the military/security complex. The week after the Senate foreclosed on American homeowners, the Obama “change” administration asked Congress for an additional $61 billion dollars for the neoconservatives’ war in Iraq and $65 billion more for the neoconservatives’ war in Afghanistan. Congress greeted this request with a rousing “Yes we can!”
The additional $126 billion comes on top of the $533.7 billion “defense” budget for this year. The $660 billion–probably a low-ball number–is ten times the military spending of China, the second most powerful country in the world.
How is it possible that “the world’s only superpower” is threatened by the likes of Iraq and Afghanistan? How can the US be a superpower if it is threatened by countries that have no military capability other than a guerilla capability to resist invaders?
These “wars” are a hoax designed to enrich the US armaments industry and to infuse the “security forces” with police powers over American citizenry.
Not a dime to prevent millions of Americans from losing their homes, but hundreds of billions of dollars to murder Muslim women and children and to create millions of refugees, many of whom will either sign up with insurgents or end up as the next wave of immigrants into America.
This is the way the American government works. And it thinks it is a “city on the hill, a light unto the world”.
Nothing like it has ever happened. The President of the United States, the elected representative of the people, has just told the head of General Motors — a company that’s spent more years at #1 on the Fortune 500 list than anyone else — “You’re fired!”
I simply can’t believe it. This stunning, unprecedented action has left me speechless for the past two days. I keep saying, “Did Obama really fire the chairman of General Motors? The wealthiest and most powerful corporation of the 20th century? Can he do that? Really? Well, damn! What else can he do?!”
This bold move has sent the heads of corporate America spinning and spewing pea soup. Obama has issued this edict: The government of, by, and for the people is in charge here, not big business. John McCain got it. On the floor of the Senate he asked, “What does this signal send to other corporations and financial institutions about whether the federal government will fire them as well?” Senator Bob Corker said it “should send a chill through all Americans who believe in free enterprise.” The stock market plunged as the masters of the universe asked themselves, “Am I next?” And they whispered to each other, “What are we going to do about this Obama?”
Not much, fellows. He has the massive will of the American people behind him — and he has been granted permission by us to do what he sees fit. If you liked this week’s all-net 3-pointer, stay tuned.
All the idols of capitalism over the past three decades crashed. The assumptions and presumptions, paradigm and prognosis of indefinite progress under liberal free market capitalism have been tested and have failed. We are living the end of an entire epoch: Experts everywhere witness the collapse of the US and world financial system, the absence of credit for trade and the lack of financing for investment. A world depression, in which upward of a quarter of the world’s labor force will be unemployed, is looming. The biggest decline in trade in recent world history – down 40% year to year – defines the future. The immanent bankruptcies of the biggest manufacturing companies in the capitalist world haunt Western political leaders. The ‘market’ as a mechanism for allocating resources and the government of the US as the ‘leader’ of the global economy have been discredited. (Financial Times, March 9, 2009) All the assumptions about ‘self-stabilizing markets’ are demonstrably false and outmoded. The rejection of public intervention in the market and the advocacy of supply-side economics have been discredited even in the eyes of their practitioners. Even official circles recognize that ‘inequality of income’ contributed to the onset of the economic crash and should be corrected. Planning, public ownership, nationalization are on the agenda while socialist alternatives have become almost respectable.
With the onset of the depression, all the shibboleths of the past decade are discarded: As export-oriented growth strategies fail, import substitution policies emerge. As the world economy ‘de-globalizes’ and capital is ‘repatriated’ to save near bankrupt head offices – national ownership is proposed. As trillions of dollars/Euros/yen in assets are destroyed and devalued, massive layoffs extend unemployment everywhere. Fear, anxiety and uncertainty stalk the offices of state, financial directorships, the office suites the factories, and the streets
We enter a time of upheaval, when the foundations of the world political and economic order are deeply fractured, to the point that no one can imagine any restoration of the political-economic order of the recent past. The future promises economic chaos, political upheavals and mass impoverishment. Once again, the specter of socialism hovers over the ruins of the former giants of finance. As free market capital collapses, its ideological advocates jump ship, abandon their line and verse of the virtues of the market and sing a new chorus: the State as Savior of the System – a dubious proposition, whose only outcome will be to prolong the pillage of the public treasury and postpone the death agony of capitalism as we have known it.
FDIC warns US bank deposit insurance fund could tank AFP/Getty Images/File – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures …
WASHINGTON (AFP) – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount.
The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC’s plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.
Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protect.
“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote.
Back in September 2003 — long before I ever knew about the [non] Federal [no] Reserve Bankster scam, Pastor Rod Parsley of the World Harvest Church said, “If we have a national debt of 6 trillion dollars, it would be interesting to know who we owe.”
He got my attention…
“To whom do the citizens of the United States of America owe 7 trillion dollars? … Your bible doesn’t call it interest, your bible calls it usury. I dare you to touch somebody and tell them, You ain’t using me! … See when that banker comes along and says, it’s just interest, you ought to look right back at him and say, you’re USING me!”
Whoa!
He went on to powerfully quote the Bible and Jefferson and then said, “Do you know right now, that if we got together as the American people and we sold every building, and every square inch of American soil, for the total amount of its worth, we would have to pay back THAT America — and two more! Somebody OWNS this nation.”
“He that will not apply new remedies must expect new evils; for time is the greatest innovator.” Francis Bacon
On February 19, 2009, California narrowly escaped bankruptcy, when Governor Arnold Schwarzenneger put on his Terminator hat and held the state senate in lockdown mode until they signed a very controversial budget.1 If the vote had failed, the state was going to be reduced to paying its employees in I.O.U.s. California avoided bankruptcy for the time being, but 46 of 50 states are insolvent and could be filing Chapter 9 bankruptcy proceedings in the next two years.
One of the four states that is not insolvent is an unlikely candidate for the distinction – North Dakota. As Michigan management consultant Charles Fleetham observed last month in an article distributed to his local media:
“North Dakota is a sparsely populated state of less than 700,000, known for cold weather, isolated farmers and a hit movie – Fargo. Yet, for some reason it defies the real estate cliché of location, location, location. Since 2000, the state’s GNP has grown 56%, personal income has grown 43%, and wages have grown 34%. This year the state has a budget surplus of $1.2 billion!”
What does the State of North Dakota have that other states don’t? The answer seems to be: its own bank. In fact, North Dakota has the only state-owned bank in the nation. The state legislature established the Bank of North Dakota in 1919. Fleetham writes that the bank was set up to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. By law, the state must deposit all its funds in the bank, and the state guarantees its deposits. Three elected officials oversee the bank: the governor, the attorney general, and the commissioner of agriculture. The bank’s stated mission is to deliver sound financial services that promote agriculture, commerce and industry in North Dakota. The bank operates as a bankers’ bank, partnering with private banks to loan money to farmers, real estate developers, schools and small businesses. It loans money to students (over 184,000 outstanding loans), and it purchases municipal bonds from public institutions.
Still, you may ask, how does that solve the solvency problem? Isn’t the state still limited to spending only the money it has? The answer is no. Certified, card-carrying bankers are allowed to do something nobody else can do: they can create “credit” with accounting entries on their books.
Today, the most abysmal bill in the history of America was passed by the Senate. The bill was intended to save us all from impending doom according to our President. The bill is a quagmire of legalese that ties up nearly a trillion dollars for Congressional pet projects.
Obama campaigned heavily to pass the bill. The primary premise of his argument was that if we didn’t do something, the economy would get much worse, but in response to the bill, US stock markets didn’t just retreat, they whimpered in dismay. This bill should have been much smaller, faster moving and better targeted at its objective — stimulus.
The surge in the national debt and the potential collapse of the dollar in response to such a bill are evident, but the saddest part is that our faith in President Obama as a nation is broken. He could have helped America — instead, he passed a partisan bill that will only inject 26-29 billion dollars this year (approximately 3%), at the time we need it most.
Only a month into Barack Obama’s presidency, an acclaimed is warning that Americans are being slowly corrupted by socialism as Obama’s policies intrude into their economic, social and political lives – a tactic he believes will future votes for the Democratic Party.
“We have a desperate population, and it’s feeling even more desperate than usual,” Dr. Lyle Rossiter told WND. “People are really quite frightened. They’re looking for magic, and they think they are going to find it in this man.”
Rossiter is a forensic psychiatrist and author of “The Liberal Mind: The Psychological Causes of Political Madness.” In his book, he explains how the kind of liberalism being displayed by both Barack Obama and the Democratic Party can only be understood as a psychological disorder. He examines how modern liberal collectivism undermines the legal and moral foundations of ordered liberty.
Rossiter warned that Obama, after only six weeks in office, is well on his way to institutionalizing a modern parental state – and his socialist programs will ultimately damage the moral of the American people.
Head of market analysis for Schneider Foreign Exchange Stephen Gallo told CNBC yesterday that the financial crisis will lead to the creation of a global central bank and a global single currency within 15 years, echoing the call of top globalists who have exploited the problems they created to push for a new world financial order.
Highlighting the significance of the introduction of the Euro, Gallo said that the single currency was “where we are headed globally on a monetary basis over the course of the next 10 to 15 years.”
View CNBC clip below:
Stating that one of the things that caused the financial crisis was an over expansion of the money supply on a global basis, Gallo said, “Over the course of the next couple of decades central banks are going to need to pay more attention to what’s going on with the global money supply rather than the money supply just in their own borders,” a necessity that, “might call into question the need for some kind of global central bank or a global central bank that’s united by central banks for bigger monetary areas underneath that global central bank.”
Making an appearance on the Morning Joe television show, the Rockefeller globalist Zbigniew Brzezinski said it is high time the rich who have made billions since the days of the Clinton administration help out the poor and struggling masses. Said Brzezinski:
Where is the monied class today? Why aren’t they doing something: the people who made billions, millions. I’m sort of thinking of Paulson, of Rubin. Why don’t they get together, and why don’t they organize a National Solidarity Fund in which they call on all of those who made these extraordinary amounts of money to kick some back in to [a] National Solidarity Fund?
Brzezinski almost looked grandfatherly as he said this (see video). He almost came off as a good-natured humanitarian… almost. It all sounded good, if implausible — that is until Brzezinski reached the end of his carefully crafted diatribe:
And if we don’t get some sort of voluntary National Solidarity Fund, at some point there’ll be such political pressure that Congress will start getting in the act, there’s going to be growing conflict between the classes and if people are unemployed and really hurting, hell, there could be even riots.
In other words, Brzezinski is afraid that if some filthy lucre is not dispensed among the unwashed, they will rise up and burn down the banks, sack the corporations, and destroy the globalist edifice so painfully erected over the last fifty or so years — and maybe even go so far as to string up Brzezinski and his fellow globalists from trees and overpasses, the sort of dirty and regrettable business that invariably occurs in the process of violent revolutions in response to decades of provocation.
It’s not the pain suffered by the unemployed and homeless that concerns Brzezinski and the one-world patricians. It is the prospect of class warfare. It is the horrific prospect of losing it all.
Yes, it’s great to have a black face in the White House. And yes, it’s nice to have a bright, well-educated, eloquent president for a change.
But national leaders who are dark-skinned, bright, well-educated, and eloquent are a dime a dozen. The Third World is full of them. They’re called dictators.
In the Third World, dictators are often alumni of American ivy league universities. The bankers, and the foundations they control, give the brightest students from places like Rwanda and Kenya and Benin scholarships to places like Harvard and Yale and Princeton. Then they send them home, help them out with money and organization, and reap the benefits when their protegés seize power and make themselves heads of state.
I hate to say it, but I’m afraid that’s pretty much what has happened to America.
The Bankruptcy of The United States United States Congressional Record, March 17, 1993 Vol. 33, page H-1303 Representative James Traficant, Jr. (Ohio) addressing the House:
Mr. Speaker, we are here now in Chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.
It is an established fact that the United States federal government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress m session June 5, 1933 – Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the sovereign authority of the United States and the official capacities of all United States governmental offices, officers, and departments and is further evidence that the United States federal government exists today in name only.
The receivers of the United States bankruptcy are the international bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States offices, officials, and departments are now operating within a de facto status in name only under Emergency War Powers. With the constitutional republic form of government now dissolved, the receivers of the bankruptcy have adopted a new form of government for the United States. This new form of government is known as a democracy, being an established socialist/communist order under a new governor for America.
Gold and silver were such a powerful money during the founding of the United States of America, that the founding fathers declared that only gold or silver coins can be “money” in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency.” Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRNs) make no such promises, and are not “money.” A Federal Reserve Note is a debt obligation of the federal United States government, not “money.” The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the United States of America to issue currency of any kind, but only lawful money, gold and silver coin.
The Liberty Voice Transcript Service C-SPAN January 27, 2009
“I was there when the Secretary [Paulson] and the Chairman of the Federal Reserve came and talked with members of Congress about what was going on. … Here’s the facts. We don’t even talk about these things. … On Thursday [9/18] at about 11 o’clock in the morning, the Federal Reserve noticed the tremendous drawdown of money market accounts in the United States to the tune of $550 billion was being drawn out in a matter of an hour or two. … We were having an electronic run on the banks. They decided to close down the money accounts and announce a guarantee of $250,000 per account [to reduce panic]. If they had not done that, their estimation was that by 2 o’clock that afternoon, $5.5 trillion would have been drawn out of the money market system which would have collapsed the entire US economy, and within 24 hours the world economy would have collapsed. It would have been the end of our economic and political system as we know it.”
Proverbs 22:7 ¶The rich ruleth over the poor, and the borrower is servant to the lender.
Leviticus 19:13 Thou shalt not defraud thy neighbour, neither rob him: the wages of him that is hired shall not abide with thee all night until the morning.
Jeremiah 22:13 Woe unto him that buildeth his house by unrighteousness, and his chambers by wrong; that useth his neighbour’s service without wages, and giveth him not for his work;
Malachi 3:5 And I will come near to you to judgment; and I will be a swift witness against the sorcerers, and against the adulterers, and against false swearers, and against those that oppress the hireling in his wages, the widow, and the fatherless, and that turn aside the stranger from his right, and fear not me, saith the LORD of hosts.
Micah 2:1 ¶Woe to them that devise iniquity, and work evil upon their beds! when the morning is light, they practice it, because it is in the power of their hand. 2 And they covet fields, and take them by violence; and houses, and take them away: so they oppress a man and his house, even a man and his heritage.
Unemployed workers outraged over charges to inquire on benefits
First, Arthur Santa-Maria called Bank of America to ask how to check the balance of his new unemployment benefits debit card. The bank charged him 50 cents.
He chose not to complain. That would have cost another 50 cents.
So he took out some of the money and then decided to pull out the rest. But that made two withdrawals on the same day, and that was $1.50.
For hundreds of thousands of workers losing their jobs during the recession, there’s a new twist to their financial pain: Even when they’re collecting unemployment benefits, they’re paying the bank just to get the money — or even to call customer service to complain about it.
The Bush/Obama bailout/stimulus plans are not going to work.
Both are schemes hatched by a clique of financial insiders. The schemes will redistribute income and wealth from American taxpayers to the shyster banksters, who have destroyed American jobs, ruined the retirement plans of tens of millions of Americans, and worsened the situation of millions of people worldwide who naively trusted American financial institutions. The ongoing theft has simply been recast. Instead of using fraudulent financial instruments, the banksters are using government policy.
Before moving on to the main topic allow me to point out that Timmy Geitner (our new Treasury Secretary) wasted no time getting up to speed as the new ring-leader for the Plunge Protection Team (PPT). As you can see in the DOW chart below, the PPT fingerprints were all over the markets yesterday… Just take a close look at the last hour of trading – at precisely one hour before close the markets were massively pumped – free market society my @$$!
Moving On… Is this 1930 all over again?
The Great Depression started with the stock market crash of 1929, but the markets didn’t bottom out until 1933. Along the way there were several major rallies, yet the overall trend was bearish in nature and new lows were periodically made after these bear market rallies faltered.
Anyway, much like today – where many “experts” advise that the markets are ripe for a re-entry point and our economy will soon turn around – pundits and leaders of the depression era were consistently telling folks “The Bottom is in”… Those who took this “expert” advice did so at their own peril – and ultimately most were creamed as the markets continued to fall into the abyss for several years.
Stowe, VT–Casey Research has analyzed the costs of the government bailouts of the housing crisis, the credit crisis and others and has concluded that the total is $8.5 trillion—more than the cost of all U.S. Wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program combined.
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