As a human being with (perhaps above?) average intelligence, I am of course concerned about the economic issues facing the Nation in which I live, and the Nation that I love.
I have been a reader of history and economics for a while.� Not because of my job, but because it interests me.� I'm an Engineer, and my natural talents lie in problem solving, problem resolution, and what we call "root cause analysis".� That is to say that when a problem is discovered on a computer system or network, it is my job to not only fix the problem, but to figure out what caused the problem and to prevent it from ever happening again in the future.� To that end, I say this to you:
The first step in finding any solution, is to identify the problem.
Every day I pay attention to what people in our Government say and how people in our Government are approaching this issue that has been fabricated by the Banking Cartels on C-SPAN.� Our inept "Leaders" can't even identify the problem, and they are proposing a solution that is bad for This Nation and bad for We The People!
First, read just the first section of this bailout VERY closely, and try to follow along with me:
Title I - Troubled Assets Relief Program:
Sec. 101. Purchases of Troubled Assets
[Skip to section]
(e) Preventing Unjust Enrichment. - In Making Purchases under the authority of the Act, the Secretary [Paulson - Former CEO of Goldman Sachs...Can you say 'PART OF THE PROBLEM?'] shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid ot purchase the asset.� This subsection does not apply to troubled assed acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
So let me get this straight.
The (privately owned) Federal Reserve Bank (with Assistance from the Congress and President of the United States), kept interest rates artificially low and encouraged a wild speculation/real-estate bubble by lending money to people who could not afford it.
You people.� You know who you are.� You bastards who make $35,000USD/yr and think you're on top of the world.� Charging everything on credit cards, driving a $45,000 Infinity and living in a $500,000 McMansion, who are losing your jobs and unable to pay your bills.� You're the cause of this problem.� You and the Banking Cartels.
That means YOU should be the people to suffer for it.� Not the rest of us.
What this section ALONE, (this is just the first fucking section), what this section does is this:
You bought an over-priced McMansion on a $500,000 loan.
You can't pay for it, so the Lender who financed it is forced to seize the asset.
Now the the Lender has this asset and they have to sell it.� But they have a LOT of assets and nobody is left to buy the assets at the inflated price.
So they have to sell it for less, and thus they lose money on the deal and thus fail because they have lost entirely too much at this point.
Now when they fail, someone bigger like JP Morgan will swoop in and buy up those Assets at "firesale price".� I.E. Pennies on the Dollar.�
Well now the Congress has given the (privately owned) Federal Reserve Bank the authority to put on the tab of We The people, any mortgage or essentially ANYTHING that they deem necessary to keep a bank from failing...
And if what is being charged was gotten through a merger....(purchased for pennies on the dollar), that the ailing bank can dump it on the TAXPAYER for the amount of what the IDIOT borrowed or even MORE.
So they pretend to stop them from making excess profits, yet give them implicit authority to do JUST THAT in the next goddamn sentence.
Why is anyone still listening to these assclowns?
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