Now is the time for all good men to come to the aid of their country. And markets tend to clear. That is, everything gets sold, at various prices. Therefore everyone should resist the urging to write this 700,000,000,000 dollar check. Each of these failed entities represents risk, greed, and probable criminal behavior. Bad debt should not be made good.
Every day this crisis looks different. I’m not sure of the answer. A very many people should be consulted. For example, Gerald Celente (on Coast to Coast) has said that the blame rests on the Mafia, the Democrats, and the Republicans. Maybe he meant the government fomented the legislative environment that allowed the criminals to run rampant. He’s also a doom and gloomer who says the global financial system cannot be saved.
So much of the problem comes from persons passing of worthless things as valuable. And bundled and sold. Catherine Austin Fitts uses the example of one property mortgaged ten times. And this is organized criminal behavior.
According to Allan Meltzer of Carnegie Mellon University (on PBS,) no further rescue is necessary at this time. It has been pointed out elsewhere that the housing market has already received attention with the nationalization of Fannie Mae and Freddie Mac.
There should be no corporate welfare for the wealthy. The failed enterprise and cultures should be allowed to fail. We should keep our money in our pockets. This way there will be no inflationary pressure, the dollar will not devalue, and the price of oil will not spike up.
I don’t know what it means for companies to leverage 30 to one. But it’s not good. I don’t know what it is to have a reverse auction, where companies bid to pay the least price. And many people do not know what the derivatives are. This situation is very complicated. And we shall hear more about it.
It’s going to take some gumption to resist Mr. Paulson, Mr.Bernanke, Mr. Dodd, and Mr. Franke. This bill is not good for anybody but the white collar criminals. When the proposal was first presented it was fascist in that it had directives for no legislative oversight, or judicial review. Maybe this was what was needed to fight the crime, but it has been judged as extra-constitutional. It is probably another glaring inconsistency to think that all those billions, from the taxpayer, is going to make the average person feel better in the long run. Stay tuned.
To update on previous posts… Yes that was the entirety of my comment that got newspaper style censored.
Musharef was a good guy, who did what had to be done when he did it. Relations with his country were stable when he was in charge. It is true that democracy got him removed from power. It was a democracy he helped preserve and he was a friend of the U.S.
Iran will still probably be bombed. Amadinejad will be shown to be crazy, because it will have been his running commentary on the existence of Israel that got his country bombed.
To conclude, and with all things considered, America is being held hostage, being held for ransom, by organized criminals, and we should fight back.