It will probably end when the right-wing Nazis and the Right-wing Zionists go their separate ways.  So many Zionists in so many prominent places make perfect patsies.

The holders of derivatives are going to be left swinging in the wind if we do what I suggested concerning mortgages on corporate owned real estate.  In the Federal Bankruptcy Act there is what is known as a priority of creditors list.  It is a list of who gets paid 1st, 2nd, etc. until there is no money or assets left.  At the top of that list is Uncle Sam (taxes), then come secured creditors (mortgage holders/mortgagees—this group would include us the American taxpayer) after them come bond holders, then preferred stock holders, then common stock holders, then unsecured creditors and so on down the line.

I was watching the market 2 weeks ago as I do on a daily basis.  (I am paraphrasing what was reported on CNNFN)—Morgan Stanley and Goldman Sachs were getting taken down by a massive amount of shorting in the market by shrewed investors.  Those investors knew what was hidden in Goldman’s and Morgan’s balance sheets(i.e. derivatives) even though Morgan and Goldman reported earnings early that beat market expectations. The market was deleveraging.  Some of those derivatives were leveraged as high as $1,000 to $1.  The institutional investors were running for cover.  They moved nearly a trillion dollars from the market into the safety of Treasury instruments(bills, notes, etc) all backed by the full faith and credit of Uncle Sam.  If they hadn’t suspended short trading Morgan Stanley and Goldman Sachs would have gone the way of Bear Stearns and Lehman Brothers at worst and at best the way of Merrill Lynch now owned by Bank of America.  The pirahnas were eating each other.  Ah poetic justice.

Instead John Mack(CEO of Morgan) ran to his federal buddies that control the SEC. Shortly after that short trading was suspended. And, shortly thereafter Morgan and Goldman were granted fast track conversions from Investment Bank status to Bank Holding Co. status.—Just in time to belly up to the Federal Banks for cushy lines of credit and very likely more than their fair share of that lovely $700 billion.

Long story short, it’s the Golden Rule:  The man that has gold makes all the rules.

Now that the American taxpayer is the man with all the gold we need to cut ourselves the best deal possible without killing the goose that lays the golden eggs(the market). But dear reader you and I both know that won’t happen. We are going to carry this loan for a very long time.

Wealth and power should be strictly limited because most wealth is based on running rackets which feed off human weakness.  Nobody rises above a certain point because they have too much wealth.  In fact wealth is just another weakness when crooks have too much of it.

I am not referring to the euphemism “collateral damage” used by the military to verbalize public responsibility for killing unarmed citizens and destroying private property.  The other tragic phrase is “friendly fire”.  Speak plainly, you killed a bunch of your own soliders.

Collateral.  That tangilbe asset (real estate, cars, machinery and equipments, jewelry, gold, etc.) 

In this case they got the collateral.  But they loaned out more money than their collateral (real estate) is presently worth. 

The holders of these assets don’t want to wait until the value of their collateral(real estate) rises so that they can recoup their principal and interest can be recovered through foreclosure.  Because that means their capital will be tied up for 2 to 4 years at least.

Instead they have a better idea.  Let the sucker taxpayer buy and hold the loans until the value of that collateral (real estate) comes back.  That way they can have the money that they made bad loans with back almost right away with no hassle. 

I realize that the above explanation is an over simplification.  But it is the central reason that has brought about this $700 billion problem.

I say they want to borrow our money we need good collateral from the corporations owned by these Wall Street fatcats.  Yeah we’ll take all those bad loans but we want a package that includes some good collateral too.  Collateral like perfected 1st and 2nd mortgages on those prime pieces of real estate that those Multinational corporations Headquarters and branch buildings are sitting on. 

That would a long way to smoothing the passage of this bailout with the average American taxpayer.

It is time to tax the rich from power.  They should not rise above the upper middle class.  We need to limit the wealth the same way that we limit the catch for fishermen.

The relentless pressure of the market place has caused the folks in this industry to lobby congress for exemptions from laws previously passed just to avoid this kind of event. They offered loans to folks previously exempted from participation in the housing market. They created all sorts of financial investment products based on leveraging the hell out of the paper on these loans. This leveraging required special Congressional dispensation (a bi-partisan effort). It created a financial house of cards.

Well, why doesn’t the Administration as good Conservatives, allow these institutions to fail? Well, it still comes down to who owns the wealth in this country… If the top 20% of the income earners in the country own 80% of the actual wealth, then it is precisely these people who are losing big when these institutions are threatened with failure.

Where was the great bailout call when regular folks were losing their homes? Could the financial institutions have offered mitigation for the folks who couldn’t pay? Of course they could have. But only a very small percentage were offered any help.

It wasn’t the top income folks who were losing their homes. But now, when it’s the big guys who are losing their money, it’s a matter of the utmost urgency to give these folks money from the treasury which it doesn’t even have (remember the deficit?). So we will be borrowing more money, just so we can protect the folks who have the greatest ability to withstand loss and apportion that loss out to the folks who have far less ability to withstand loss. Make sense to you? Me neither…

Since we have to borrow the money to do this. We have to once again consider the tax cuts put in place by the Bush administration. The very folks who will get this bailout money are the ones who benefited the most from these tax cuts. Slick, eh? People should be on the verge of open rebellion about all this. We are getting hosed here guys.

One proposal I heard was based on dividing up the proposed 85 billion in bailout money amongst the entire population of American citizens aged 18 and over. That would be 425,000 per person. That would wipe out the mortgage problem… folks would simply pay off their homes. Every kid in America would be able to go to college without taking new loans and incurring debt. Every person in America struggling under student loan debt, car payment debt, credit card debt, etc would be able to clear all of that debt. Every family could invest what was left over and have money towards retirement. They could afford health insurance…

What would really happen if we did something radical like this? Talk about an economic stimulus package…

But no, we are going to give it to the folks who already own most of the country, who have made fortunes by charging exorbitant credit cards rates while encouraging the nation to go farther and farther into personal debt, who leveraged the money owed by millions of little folks into billions for a few folks. Who crated new wealth out of thin air without actually creating anything resembling a tangible asset with real value. Sure let’s give them back all the money they stand to lose. After all, we wouldn’t want the percentage of the nations wealth in the hands of that top 20% to fall; it’s been increasing so steadily. Let’s make sure that the little guy takes it in the shorts to protect the folks who run the system.

And after we protect the fat cats we can go back to pretending that we are Conservatives who believe in person initiative, freedom, and small government or Liberals who stand up for the folks at the middle and the bottom. Don’t worry, people have very short memories these days. They’ll forget that you screwed them fairly quickly. Come up with another international threat, have another terrorist attack, have another natural disaster and this’ll all be off the headlines despite the fact that our kids will still be paying for it when they are adults.

Ellen,

***Why is a welfare mother to blame for her poverty while Wall Street fat cats can count on the federal government for $700 billion? ***

My goodness, would it be that the neocons beginning with their think tank experiences finally came up with a plan to rob the country and the world under false pretenses of being obligated to do so for the betterment of mankind. NEVER EVER dismiss all those decades of the heritage foundaiton, the cato institute, hoover groups, was a collaboration to do good for and with the world. It was nothing but a grand scheme to steal money from everywhere they could get it, no matter how many people died from and during the long years of theft that has finally laid waste to the u.s.a.(as you sow, so will you reap)(karma).
I just can’t come to grips with the large lack of outrage that should have had people in the streets, and doing recall votes on their representatives, A LONG TIME AGO! But I know who the enablers are, the 5 or 6 conservative owners of the corporate media.

Sometimes glittering generalities are also glittering specificities:

     
Join Date: Sep 2008
Location: The Planet Mars
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mrbob is on a distinguished road
Bill S-190 never became law -so co-sponsoring it is pretty meaningless.

Politicians are NOTORIOUS for co-sponsoring and speaking out in favor of legislation that appeases the masses, but which they know will never be enacted as law. It earns them brownie points with a gullible electorate.

Back in the early nineties - when the Democrats controlled Congress - the House actually had something called a Discharge Petition. It was a brilliant stroke of chicanery.

The way it worked was congressmen could submit legislation, or co-sponsor legislation, that was popular with their consituents, even though they had no intention of it becoming law. The proposed bill would go before a House Committee and would not come out of committee for a full vote unless a majority of committee members signed the Discharge Petition. The beauty of it was that the signatures on the petition were kept secret!!! That way you could sponsor a bill, and let it die in committee by not signing the petition!!! And no one would know you secretly opposed the bill by not signing the petition!!!

The bill you quote that McCain sponsored and spoke in favor of was probably one of those pieces of legislation that is supported only for the political pandering value it has, and which the co-sponsors know will never be approved.

The fact that it did not become law means that public support for it is meaningless.

(Republicans are masters of force and fraud.  They are traitors.)

And in the meantime the Bush Administration was taking credit for record levels of home ownership all through 2003 to 2007.  The lily white Wall Street investment banks sawthe opportunity and bundled the mortages and sold them as Securities and miraculously, these securities were give AAA ratings. 
My suspicion is that the foreign investors actually looked into what went into these securities and took a pass. I heard the president of ING say that ING did not make any investments in mortgage backed bonds nor securities.  That left mutual funds, IRAs, and 401Ks, probably the ones managed by some young, energetic, smile-on-the-face, shine-on-the-shoes, aggressive or whatever terms they use in the business lingo today to describe an fungible human resource.

We were overrun by traitors and crooks, who got their big two party chance with Reagan.  But, they didn’t fool mother nature.

Imagine our president exemplifying personal responsibility?  Or, maybe not…....
Analysis: Bush holds Washington blame-free
By TERENCE HUNT

AP White House Correspondent

WASHINGTON (AP) - “How did it happen, America’s grave financial crisis? President Bush offered a bunch of explanations but held Washington completely blameless, painting a picture of a government standing innocently on the sidelines as the economy went off the rails.

Somehow, under Bush’s scenario, the country wound up at the precipice of ``a long and painful recession’’ at a time when, apparently, the Congress, the White House, the regulators and the Fed were doing exactly what they were supposed to be doing. Now that the economy has tanked, Bush says the federal government is responding with ``decisive action.’’
Shouldn’t the people in charge have been doing that before everything became such a mess?”

Yet another set-up…the Dems and a few Republicans but their butts to come up with a plan…then the rank-and-file-GOPers are going to vote against it, go home and say “Hey! I voted AGAINST the Dems’ bailout plan! I’m a true Conservative!”

Scumbags!

Nancy Pelosi said no deal if the rank-and-file-Republicans aren’t on board.  BE AN IRON MAGNOLIA, NANCY, HONEY!  DON’T LET THOSE COWARDLY LIARS GET AWAY FROM THEIR RESPONSIBILITY THIS TIME!

Ronnie Reagan told the USA of the long term plan laid out by Crooks called politicians & Corps who run them: Corps shouldn’t have to pay taxes; supposedly a law written in 2005 said the PEOPLE pay Corps taxes: along with 600,000 xs the cost of the meds which the Corps & Donald Rumsfeld put thru asparteme which has formaldehyde in it; one of the most toxic chemicals & harmful to humans which is used exclusively in the USA; to HARM it’s citizens; turns to poison just like Morton’s Iodized salt does; not to mention the 52% fructose in infants formulas & everything you eat to cause diabetes; and the lawyers keep 2/3s or more of any payouts just like the USA Gov for any “aid” promsied to “cover” cost & overhead; like the shell operations wasting millions of $ without ever doing anything; (called laundering folks); and YOU dare talk about personal responsibility? They should ALL be charged with crimes against humanity. Deliberate premeditated long term planning of harming it’s citizens; for $ for THEIR pocketbooks; and they should pay nothing! New change that is coming: again outlined in Ronnie’s day: remove all parks, seen one tree you’ve seen them all; commercialize; of course this “emergency” requires all roads traveled on to be paid for; all water belongs to THEM & even well water; well, new laws passed while YOU were distracted watching the Dem/rep conventions; don’t matter who gets into office now does it? and the land zoning: 2 house lots will have 6 on them; got all these people coming in; and by they way the defense of the USA was “outsourced” to another country; so sorry ; the illegals get free college tuition; & $; and brand new cars/trucks/etc; however, no $ for the American vets; but you did know that Hitler really truly did a lot of good; & the Americans were as bad as the Nazi’s didn’t you?Well, ask your local politician; he’ll fill you in on it;

Crookism has always been the basic political system based on force, fraud, and advantage.  Without real Democracy and equality the crooks end up feeding on every weakness until everything falls apart.  Real democracy and equality are not pie in the sky.  They are necessary to get rid of incompetence.

come on catch up, the latest edition states quite clearly the ‘Declaration of Independence’ the Constitution and the Bill of Rights were Written For the Corps.The Free Market is ONLY for those with Stock Market abbreviations and Inc/Corp in their Title!
Democracy is only for those rich enough to Buy Politicians and Rig elections.
Man you are So 2 centuries ago!
I bet you still think those who came to this country came for Freedom from oppression- Not So they came to create their Own Oppressive Society.It’s not that they didn’t like their Monarchies,or Religious Persecutors, They just wanted to expand their Influence and control on to another continent!
Laws and personal responsiblities are only enforced on the ‘Nobodies’, not the elite ‘Somebodies’- shit they made those laws to keep US under control- they needn’t abid by them!it’s those Damn drug dealers trying to make a buck, or those ‘under the table employees’, or the Person Income tax evaders who mus tbe held to the ‘Personal Responsiblity ‘Code of Ethics. they are the ones we must Freeze & Seize assets and toss in prison!Not those Clean cut, Armani Suited ‘boys next Door’!!!
I really hate to break this to you- but You are Deluded and misguided that is Not how America Inc Operates. How UnAmericna of you to suggest such a thing as holding these ‘Good Boys’ Personally Responsible for anything they may CAUSE!

A person who really takes personal responsibility for blunders is someone who has not banked everything on one bet.  They know that they aren’t personally responsible, but someone has to play the role of goat in a nation of lazy cowards and perpetual suckers.

They’re the ones who wear suits, drive the best cars, live in the biggest houses in the grandest neighborhoods. People work for them, run their errands, do their chores. They have plenty of free time.
They want others to lower their heads when they pass to avoid eye contact and, instead of knocking, they prefer that the caller scratches on the door.
They speak boldly. The addressee cringes. Those in earshot envy. They are the, “Wonderful People.”
Maybe, if we give them all our money, our childrens’ lives, our self respect, they might like us and give us turkey this Thanksgiving or a buck on the street.
It’s great being an invisible American making less than $5 Million – McCain’s cut off point for who really matters.

i always loved the comment, can’t remember from whom, that george bush I woke up on third base and thought he hit a triple.

Only poor people and black people are expected to pull themselves up by their own bootstraps; rich crackers just convince themselves that they’re self-made men.

i thought this was pretty good. she made the economic crisis understandable to anyone who takes the time to read it and put the blame on the basic ideology that spawned it. ~lt