Paulson Bailout: I STILL want my pound of flesh…
September 28, 2008 · Filed Under Politics, Money and Markets · 2 Comments
We tried…
We called our Senators.
We faxed our Congressman.
And we encouraged our friends, family, and co-workers to do the same.
But, in the end…
We was robbed.
Because they waited.
They waited…
– until the US Dollar imploded.
– until Oil prices exploded.
– until inflation skyrocketed.
– until home values collapsed.
– until the economy rolled over.
– until the stock market crashed.
– until unemployment ramped.
– until banks were closed in the dark of night.
Then they let the foot soldiers like Bear Stearns, Indy Mac, Fannie & Freddie,
Lehman Brothers, Merrill Lynch, and WAMU, take all the bullets to protect
the generals like JP Morgan, Goldman, and Citi.
And they waited until there was nowhere left to hide…
Commodities no longer offered protection, short-term Treasury yields
went negative, and money market accounts were being frozen.
They black mailed us, and then they extorted us.
They waited until Main Street America became more concerned with the return
of their money, instead of a return on their money.
And then they bailed out their own, and sent us the check.
$750 Billion Dollars - AFTER they told us everything was “well contained”
and “under control.”
Dennis Kozlowski, Jeff Skilling, Bernie Ebbers, and Andy Fastow are sitting in prison.
So why aren’t Dick Fuld, Jimmy Cayne, Chuck Prince, Stan O’Neal, Angelo Mozilo, and the architects of this era of reckless leverage, unbridled risk and hubris, like Hank Paulson and Alan Greenspan?
What did World Comm and Enron do, that Goldman Sachs, Citi, and JP Morgan didn’t do?
World Comm & Enron didn’t crash markets, sink the dollar, break the buck,
collapse the economy, cause a run on banks, or cause America to take out
a 125% LTV 2nd mortgage on it’s future.
And now, you and I get to foot the bill to cleanse the balance sheets of
these bankster gangsters!?!?
And what’s to keep this from all happening all over again?
After all, it’s only been ten years since the fall of LTCM, and the subprime
collapse of the likes of Cityscape Financial, GreenTree, and The Money Store.
Were those not warning shots about the dangers of excess leverage, hubris,
and the absence of common sense lending standards and banking practices?
With crime, must come punishment.
Without it, comes chaos, and a most certain repeat of it.
When, not if.
– SliderOnTheBlack
PS: It’s not over, until it’s over.
If you’re mad as hell, and don’t want to take it any more,
keep those calls and faxes going to your Congressmen,
and Senators.
And sign this petition here: |
