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September 24, 2008
SouthAmerica: It is underway in the United States the largest Swindle in global economic history.
The United States economy is becoming a case study for the largest economic swindle in world history.
It is laughable to watch a Republican administration that dismantled many of the regulations that helped create this massive mess in the US financial markets and refused to regulate a derivatives market that went from $ 900 billion dollars to $ 62 trillion dollars a market completely unregulated and that has been flying on automatic-pilot under their watch â a Republican administration that changed the rules on Federal Insured Pension Plans to supply more casino chips to the high rollers in Wall Street to gamble also with the pension money â it is fun to watch the Republican Party setting up the Democratic Party to be the politicians that are going to be blamed for the passage of the Mother Of All Bailouts in World History.
The Democrats are too stupid to realize that they are being set up to be the fall guy in the future. The Democrats were in control of Congress when this historic Pathetic bailout was passed on a Hurry, a real Hurry â the sky is falling type of environment - and no time to study what was really going on behind the scenesâ¦.
These scoundrels did show their hand when they published the first draft of this $ 700 billion dollars bailout as shown in a front page article published by The New York Times yesterday the article said: âThe passage is stunning. âDecisions 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 administrative agency,â the original draft of the proposal bill says.
These scoundrels want to assign unlimited authority to a system that has fail badly and they donât want any checks and balances attached to this bailout in the name of restoring confidence into the US financial system.
If Americans are so Dumb as to fall one more time to these scare tactics that the Bush administration has been using all along then Americans and the rest of the global financial system deserves to taken for another ride â only fools would fall for these empty scare tactics
I understand that common sense has been gone out of the window of the US financial system a long time ago â but it is getting to the point that is becoming laughable and Pathetic how these guys think that a $ 700 billion dollar bailout is going to fix the system when in reality is just going to supply more casino chips for the scoundrels to destroy the entire system even further.
The scoundrels donât want to unload only their bad bets on the real estate market into the lap of the US taxpayers â they are lobbying very hard to dump all kinds of toxic waste into the US government garbage dump â the Federal Reserve and US Treasury.
The scoundrels want to unload a massive amount of losses related to the derivatives market that no one has any idea of how many trillions we are talking about since this market it is unregulated and nobody has a clue how much losses are already in the pipeline related to these off balance sheet financial weapon of mass destruction.
Americans are not smart enough to connect the dots and realize that by assuming these massive losses today in the trillions of US dollars indirectly they are helping to dismantle in the coming years all the unfunded social programs that we have here in the United States including Social Security, Medicare, Medicaid, the pension system of federal employees, and so onâ¦.
At the end of the day these massive bailouts are fixing nothing for most people in the US economy since real estate still will fall maybe by another 30 or 40 percent (when you take in consideration the exodus that is underway of illegal immigrants â which has been a major force in pushing real estate price values up year after year - and now their impact on real estate prices is working in reverse since they are not only not creating new demand for real estate and a place to live, but they are seller and they are leaving a vacuum behind that has never happened in US history).
During the year of 2007 it is estimated that 1.2 million illegal immigrants went back to their countries reducing the number of illegal immigrants living in the US from 12.5 million people to about 11.3 million people. During the year of 2008 the exodus has continued and with the deteriorating economic situation in the United States and a real war against illegal immigrants you can bet that this trend will continue for years to come and as a result having a negative on the price a demand for real estate around the United States.
The unemployment rate in the United States is already a lot higher that the official statistics show â but if Wall Street want to continue placing their bets based on fictitious information they also should pay the price for their stupidity and should eat the losses from bad investments.
It is obvious that the US GDP and all the buying that has been done on credit in the US economy was based on fictional financial system and a large part of the US GDP is based on Fiction and it will disappear in the future.
The US government already spent $ 29 billion on Bear Stearns, $ 200 billion on Fannie and Freddie, $ 89 billion on AIG, they extended insurance to money market funds that could cost taxpayers billions and billions of dollars (there is no price tag on that one) and now they are asking for a blank check to be pissed away to the tune of $ 700 billion dollars.
Let put in some perspective here for people to see the size of this fiasco: If you add all the pieces related to these bailouts we already have $ 1 trillion dollars and with further economic deterioration in the US economy in the near future this number can grow to $ 2 trillion dollars overnight â the price tag to keep the foreign adventures going in Iraq and Afghanistan will cost at least another $ 2 trillion dollars. Just to clean the Us economy of these problems it will cost at least $ 4 trillion dollars to be financed by the Chinese and the Japanese.
Compare that mess $ 4 trillion dollars in toxic waste with a country such as Brazil with a very clean balance sheet, its energy needs independent of imported foreign oil, a country with vast amount of natural resources, and a GDP around $ 2 trillion dollars
Basically today Brazilâs GDP (a golden nugget) is only half of the value of the toxic waste buried inside the US economic system.
Right now they should just provide some emergency money to keep the US economic system afloat until February 2009 when the new Congress takes over and has time to come up with a reasonable bailout plan and at the same time pass the new regulations to control the financial system in the same package.
Only idiots would pass the black check right now to the tune of $ 700 billion dollars and would expect that the 44,000 lobbyists that infest and corrupts the political system in Washington D.C. would let any regulation to pass in the future other than some silly meaningless regulation that would be a waste of time.
Americans are so dumb that they might pass this bailout without understanding what the scoundrels sold to them â that would be another signal to the world that the US financial system it is just a very risk casino with very dumb people in charge.
.
September 24, 2008
SouthAmerica: It is underway in the United States the largest Swindle in global economic history.
The United States economy is becoming a case study for the largest economic swindle in world history.
It is laughable to watch a Republican administration that dismantled many of the regulations that helped create this massive mess in the US financial markets and refused to regulate a derivatives market that went from $ 900 billion dollars to $ 62 trillion dollars a market completely unregulated and that has been flying on automatic-pilot under their watch â a Republican administration that changed the rules on Federal Insured Pension Plans to supply more casino chips to the high rollers in Wall Street to gamble also with the pension money â it is fun to watch the Republican Party setting up the Democratic Party to be the politicians that are going to be blamed for the passage of the Mother Of All Bailouts in World History.
The Democrats are too stupid to realize that they are being set up to be the fall guy in the future. The Democrats were in control of Congress when this historic Pathetic bailout was passed on a Hurry, a real Hurry â the sky is falling type of environment - and no time to study what was really going on behind the scenesâ¦.
These scoundrels did show their hand when they published the first draft of this $ 700 billion dollars bailout as shown in a front page article published by The New York Times yesterday the article said: âThe passage is stunning. âDecisions 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 administrative agency,â the original draft of the proposal bill says.
These scoundrels want to assign unlimited authority to a system that has fail badly and they donât want any checks and balances attached to this bailout in the name of restoring confidence into the US financial system.
If Americans are so Dumb as to fall one more time to these scare tactics that the Bush administration has been using all along then Americans and the rest of the global financial system deserves to taken for another ride â only fools would fall for these empty scare tactics
I understand that common sense has been gone out of the window of the US financial system a long time ago â but it is getting to the point that is becoming laughable and Pathetic how these guys think that a $ 700 billion dollar bailout is going to fix the system when in reality is just going to supply more casino chips for the scoundrels to destroy the entire system even further.
The scoundrels donât want to unload only their bad bets on the real estate market into the lap of the US taxpayers â they are lobbying very hard to dump all kinds of toxic waste into the US government garbage dump â the Federal Reserve and US Treasury.
The scoundrels want to unload a massive amount of losses related to the derivatives market that no one has any idea of how many trillions we are talking about since this market it is unregulated and nobody has a clue how much losses are already in the pipeline related to these off balance sheet financial weapon of mass destruction.
Americans are not smart enough to connect the dots and realize that by assuming these massive losses today in the trillions of US dollars indirectly they are helping to dismantle in the coming years all the unfunded social programs that we have here in the United States including Social Security, Medicare, Medicaid, the pension system of federal employees, and so onâ¦.
At the end of the day these massive bailouts are fixing nothing for most people in the US economy since real estate still will fall maybe by another 30 or 40 percent (when you take in consideration the exodus that is underway of illegal immigrants â which has been a major force in pushing real estate price values up year after year - and now their impact on real estate prices is working in reverse since they are not only not creating new demand for real estate and a place to live, but they are seller and they are leaving a vacuum behind that has never happened in US history).
During the year of 2007 it is estimated that 1.2 million illegal immigrants went back to their countries reducing the number of illegal immigrants living in the US from 12.5 million people to about 11.3 million people. During the year of 2008 the exodus has continued and with the deteriorating economic situation in the United States and a real war against illegal immigrants you can bet that this trend will continue for years to come and as a result having a negative on the price a demand for real estate around the United States.
The unemployment rate in the United States is already a lot higher that the official statistics show â but if Wall Street want to continue placing their bets based on fictitious information they also should pay the price for their stupidity and should eat the losses from bad investments.
It is obvious that the US GDP and all the buying that has been done on credit in the US economy was based on fictional financial system and a large part of the US GDP is based on Fiction and it will disappear in the future.
The US government already spent $ 29 billion on Bear Stearns, $ 200 billion on Fannie and Freddie, $ 89 billion on AIG, they extended insurance to money market funds that could cost taxpayers billions and billions of dollars (there is no price tag on that one) and now they are asking for a blank check to be pissed away to the tune of $ 700 billion dollars.
Let put in some perspective here for people to see the size of this fiasco: If you add all the pieces related to these bailouts we already have $ 1 trillion dollars and with further economic deterioration in the US economy in the near future this number can grow to $ 2 trillion dollars overnight â the price tag to keep the foreign adventures going in Iraq and Afghanistan will cost at least another $ 2 trillion dollars. Just to clean the Us economy of these problems it will cost at least $ 4 trillion dollars to be financed by the Chinese and the Japanese.
Compare that mess $ 4 trillion dollars in toxic waste with a country such as Brazil with a very clean balance sheet, its energy needs independent of imported foreign oil, a country with vast amount of natural resources, and a GDP around $ 2 trillion dollars
Basically today Brazilâs GDP (a golden nugget) is only half of the value of the toxic waste buried inside the US economic system.
Right now they should just provide some emergency money to keep the US economic system afloat until February 2009 when the new Congress takes over and has time to come up with a reasonable bailout plan and at the same time pass the new regulations to control the financial system in the same package.
Only idiots would pass the black check right now to the tune of $ 700 billion dollars and would expect that the 44,000 lobbyists that infest and corrupts the political system in Washington D.C. would let any regulation to pass in the future other than some silly meaningless regulation that would be a waste of time.
Americans are so dumb that they might pass this bailout without understanding what the scoundrels sold to them â that would be another signal to the world that the US financial system it is just a very risk casino with very dumb people in charge.
.
