Insanity: Trillions More Going to Irresponsible Banks?

The U.S. banking industry is now acknowledging that, for all intents and purposes, they're massively gutting the consumer credit marketplace--making it virtually impossible for at least 2/3 of the population to obtain credit, at all. Meanwhile, efforts--planned and in place--to return credit liquidity to the public domain are being compared to pouring water into a bucket with a hole in the bottom.

Very simply, banks are not cooperating--and they have no intention of cooperatiing either--with the government's plans; yet the government wants to give them (and a totally unregulated "shadow banking system") trillions more in coming days?

It's all right here: "Card Issuers Choke Firms With Rate Hikes, Limit Cuts."

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Weekly Audit: Progressive Pressure is Repairing the Economy

by Zach Carter, Media Consortium MediaWire Blogger 

Progressive media is sounding the alarm on the AIG bonus scandal, demanding that policymakers stop repeating Bush administration mistakes and offering concrete solutions to the dire economic situation those missteps have created.  

Former Secretary of Labor Robert Reich describes the bonus insanity in a blog distributed by AlterNet. "Had AIG gone into chapter 11 bankruptcy or been liquidated, as it would have without government aid, no bonuses would ever be paid," Reich writes, noting that institutions like AIG "are no longer within the capitalist system because they are no longer accountable to the market." If AIG is not accountable to the Treasury Secretary of the country that owns an 80% stake in AIG, then the company has unlimited access to taxpayer coffers without being accountable to anyone at all.  

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Is it the largest betrayal of public trust in history?

The true extent of the status quo's looting of U.S. taxpayers is about to be spelled out to the general public in black and white this week.  See: "Fed Program to Spur Loans May Start With Few Deals."

Over the next few days, this is all going to get very, very clear...at least to anyone that bothers to pay attention.

The Treasury Department and the Federal Reserve are "about to announce" (they've been talking about this for many months) a massive Wall Street "bad bank" plan that is, effectively, nothing more than a recycled, $2 trillion-plus, Bush administration taxpayer giveaway to the very entities and individuals that created our economic freak show in the first place. (And, we may have reached a tipping point where even the MSM may no longer be mincing words about these truths.) They are still spinning this like it's new information when little could be farther from the truth. See: "Geithner Says He'll Soon Offer Details on Toxic-Asset Cleanup."

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Obama Says AIG Execs Should Be Punished for Spa Trip!

A trip down cow dung I mean memory lane . . .

October 7, 2008, 9:39 pm
Obama Says AIG Execs Should Be Punished for Spa Trip
Susan Davis reports from Nashville, Tenn., on the presidential debate.

Last week, as Wall Street crumbled, about 70 executives of American International Group rewarded themselves with a week at the St. Regis in Monarch Beach, Calif. -- and the $440,000 tab was a topic at tonight's presidential debate.

The AIG group ran up a bill that included $200,000 for rooms, $150,000 for meals and $23,000 for the spa, according to a Washington Post report.

At tonight's presidential debate, Barack Obama said they should be fired and the cost of the trip should be reimbursed to the U.S. Treasury since the taxpayers are on the hook for the $85 billion bailout to save the ailing insurance giant.

"The Treasury should demand that money back and those executives should be fired," Obama said . . .

http://blogs.wsj.com/washwire/2008/10/07obama-says-aig-execs-should-be-punished -for-spa-trip?mod=googlenews_wsj

He got right on it and kicked some AIG ass when he became President, didn't Obama? Well, no, but he had his reasons, as even the New York Times is willing to reveal:

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There's a Reason Why They're Calling It a "Bad Bank"

You'll be reading a lot of headlines like this in coming days: "FDIC waves wand. Voila! Problems with economy disappear."

When you boil down our economy's ills to the very core of the problems we're facing now, understanding what's going on is really much simpler than many economists would have us believe.

I've probably posted 50-60 diaries  over the past 14 months on all of this; and I've probably read another 500-1,000 articles and diaries from others during this time, too. But, when I think about it now, much of this analysis really was overkill.

Real Estate Price Resets Underscore Upcoming Economic Horror Show

Two articles that have appeared in the news cycle over the past 12-18 hours explain most of what any layman really needs to know in terms of precisely where our economy's going in coming months. And, it's really quite horrific, once you peel away the onion of propaganda and double-speak, and realize where we're at.

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Diaries

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