Archive for September, 2008
September 30, 2008
This morning, I saw reports in the media of a large contingency of Americans that were furious at Congress for not passing the Wall Street bailout plan that is now being spun as a “rescue” plan. Yet I am almost sure that if you polled one thousand of these Americans that were angry at Congress, that zero out of those 1,000 people have actually read the actual legislation, and thus, have no idea that Congress is protecting them from the greatest robbery of the 21st century. I have seen many journalists act more like a PR agent for the US government and Wall Street, stating that this plan should immediately be approved because the US Federal Reserve and the US Treasury have claimed that delaying its passage would threaten the stability of the entire global financial system. I have also read articles where journalists stated that this bailout plan is no place for bi-partisan politics.
What a bunch of nonsense. This bailout plan has nothing to do with political bickering or an immediate threat to a global financial meltdown. Americans that are angry at Congress should start by reading the legislation and then formulating an intelligent opinion about whether or not they truly want a quick fix that will sacrifice not only their future but their children’s futures as well.
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September 30th, 2008
September 28, 2008
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From the debates I’ve been hearing about the largest bailout in U.S. history, I’m starting to believe that less than 1/10th of 1% of all Americans have actually read the actual piece of legislation that governs this bailout. And since the bailout will be the greatest robbery of this century if passed in its original form, every single person should read the actual law. So here it is, in its form at the end of last week. Earlier last week, I stated that this bailout plan would eventually be spun as something positive even though the taxpayers would get reamed. It finally appears as though this is happening because Congressmen are claiming that the legislation is no longer a bailout, but a “rescue” of American taxpayers. To know whether our Congressmen are telling us the truth, let’s take a look at the original piece of legislation and when the text of the “amended” legislation is released, let’s see how much really constitutes a rescue v. a bailout or let’s see if the rescue is still funded by American taxpayers, which would still constitute a bailout. Normally, the articles on my blog are of a serious nature, but today, I’m taking a break from my normal format to produce a satire. Since the exact text of the amended legislation has not yet been released as of the writing of this satire, unless Congress completely trashed, not amended, the original legislation as I recommended below, this will be no “rescue” and still a “bailout”. Read more …
September 28th, 2008
September 21, 2008
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Since I know this story will be spun into a positive news story on Monday, I thought it imperative to really tell you the honest headline of this massive government planned $700 billion bailout before the press releases their version. According to MarketWatch: “The plan allows the government to buy the bad debt of U.S. financial institutions for the next two years, according to a draft of the proposed legislation. It gives the Treasury secretary the authority to buy $700 billion in mortgage-related assets, in a bid to address the root cause of the turmoil that swept through markets this past week and resulted in the filing for bankruptcy by and government takeovers of some of the biggest U.S. financial companies.” However, Senator Schumer of New York noted that the plan “includes no visible protection for taxpayers.”
Of course not, because given the actions of the past several weeks, I can only guess that the American taxpayer is the designated sucker in this bailout plan as well. Read more …
September 21st, 2008
September 19, 2008
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Today, before market open, the SEC announced that all short selling on U.S. financial stocks will be illegal for an indefinite and unqualified period of time (Update: actually the SEC has now qualified the period as ending on October 2, 2008 since I first wrote this article, though they have declared that they may extend this date beyond October 2nd if necessary. I believe that there is a strong possibility that the SEC will extend this expiration date at least one more time after October 2nd until at least after the U.S. Presidential election passes.- editor’s note). In a nutshell, the Securities Exchange Commission, because the free market is not cooperating with their wish of having the U.S. stock market rally, has forced all short sellers to immediately cover all short positions on all U.S. financial stocks.
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September 19th, 2008
September 15, 2008
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I’m going to preface this article by warning you that this is one of the longest articles I have scripted in many months because it is the most important article I have written in a long time. During the recent gold and silver correction that begin on July 14, 2008 that perfectly coincided with the miraculous surge higher in the U.S. dollar there was a massive story unfolding that should have been a lead story on every financial magazine, newspaper and website. Yet the media responded with silence. The story was so big, as a matter of fact, that every economics textbook should now have to remove the Law of Supply and Demand from their pages because if free markets still exist, Read more …
September 15th, 2008
