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  • rexvalentino rexvalentino Nov 4, 2009 7:23 PM Flag

    South of the Border -- LOL

    we are already more socialist than you are willing to think or see or admit. Socialism thrives in only limited circumstances, and therefore for limited amounts of time. For example - look at Chavez - the only way a country can "succeed" under his rule (take good companies away from the founders and replace the founders with govt employees)is as long as the country has oil wealth. Make no mistake., that oil WILL run out - sooner than any of us wish to open our eyes to. Another situation is a fairly "rich" country like the US where massive social and military programs can be funded only two ways - via massive taxes on the "rich" and borrowed money from abroad. SO... you can only take money from the rich for so long.. then they send their jobs overseas and their incomes too (Anyone heard of any "outsourcing" lately -like the last 30 years!!- or rich people "hiding their money overseas"? SO... secondly, you can only play the largest ponzi scheme in history (US govt degbt) with the US dollar by borrowing to pay the debt. this will end - again sooner than any one of us would like to envision - as soon as these countries (read China) get their shitakes together and turf us and their loans to us. We will be left as the poorest nation in the history of man. Furthermore, because of all of the ingrained laws favoring labor and slovenliness in the workforce, and paying people relatively (in the world sense) good pay for doing NOTHING, we will be left with a populace with incredibly poor work ethic to do what? Build things that haven't been built here for decades? This country is in for some Baaaaaaaad times, man. I mean dead people in the streets... no shit. Buy food, guns.. energy. or die....

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    • The greed of the poor is nothing compared to the greed of Wall Street.

      The latest debacle involves Secretary of the Treasury Timmy Boy Geithner who has now surpassed Hank Paulson as the biggest Wall Street whore. I didn't think it was possible, but Timmy Boy was up to the challenge.

      Maybe you have heard about Goldman Sachs getting $13 billion with the AIG bailout, but what is new is that Timmy Boy, while New York Fed governor, gave Goldman Sachs and the rest of the banks owed money from AIG 100 cents on the dollar AFTER THE BANKS WERE WILLING TO TAKE 60 CENTS. And some of these were not even U.S. banks. Paying this extra amount cost taxpayers $32 billion. This debacle happened during Bush's terms.

      Better yet, Stephen Friedman, who knew of this rigged sweetheart of a deal for Goldman before anyone else decided to buy 50,000 shares of Goldman. Since buying those shares, he is up $4 to 5 million. This is blatant insider trading, and this clown should at the very least be forced to give back said money if not put in jail.

      That Friedman used to work for Goldman Sachs should not be a surprise because everyone in treasury used to work for Goldman.

      And then Geithner decides to lend CIT $2.5 billion. They go bankrupt last week, and the taxpayer unlike the other creditors gets zilch. See the link: http://finance.yahoo.com/tech-ticker/article/364593/Geithner-%22Burned-Billions%22-Shafted-Taxpayers-on-CIT-Loan-Prof.-Bill-Black-Says?tickers=cit,aig,xlf,skf,gs,c,bac

      Now you'd think that this idiot Geithner would be a little gun shy. He has just blown up nearly $40 billion in taxpayer dollars but nope, he is even more bold.

      <Yesterday on NBC's Meet the Press, Secretary Geithner again endorsed House bank reform legislation that would allow, by my calculations, as much as 80%, or $475 trillion, of the bank's $600 trillion in crooked insurance schemes to still be held in secret. It was and is the secret risks held in this very market that led to our collapse in the first place, and that continue to pose massive future risk to the global economy.

      Geithner also continued to employ the bankers' favorite and most ludicrous lie : that the taxpayer must somehow continue to pay executives at companies like AIG ungodly sums of money under the threat that, if we don't, somehow the taxpayer will never make their money back. Well let me tell you something, the taxpayer and our nation will never get back the lost wealth taken under these false circumstances and this colossal breach of fiduciary duty. The idea that we must somehow perpetuate this system with our tax money and the future wealth of our children goes against the very American ideal of failure, adaptation and innovation, not to mention of our democracy.

      Also last week, the Treasury Secretary endorsed a piece of legislation that, instead of stopping a select few companies from profiting from the implicit taxpayer-guarantee of Too Big Too Fail, seeks to officially condone it. If the most prized skill in our society, economically, is the ability to lend and insure the most money without consequences, then our nation's people are doomed to lose everything in the world's largest ever betting parlor; and that is precisely the system this Treasury Secretary -- Tim Geithner -- is seeking to legalize and institutionalize in America today.>

      Great video per Dylan Radigan as well: http://www.businessinsider.com/dylan-ratigan-its-time-to-fire-tim-geithner-2009-11

      That is what gets me with Ilap and Musk here. They are so blinded to their own side that they don't see the looting going on.

      So I have to give Geithner his due. He sure is non-partisan. He has f---ed the taxpayer under both Bush and Obama.

      Maybe I have been too rough on Winny for his China humping. If a bureaucrat in China cost its government $35 billion, at least he would be shot.

      • 3 Replies to docjoe999
      • Doc, what took you so long?

        Finally ready to concede that the taxpayer might not get his money back from all these bailouts?

        Geez, are you starting to listen to me?

        I thought you said we (the taxpayer)would MAKE money on these bailout deals and associated exposure to mortgage paper and derivatives.

        What changed your mind?


        Now maybe you ought to start thinking what this all might mean for bonds and the dollar eh???

        I'm LOL but not because I think this is funny.

        Not at all.

        Time to get serious and figure out what happens next and what to do about it.

    • Apparently you haven't noticed that "rich" americans are richer and have a greater share of the national wealth than ever before... Investment banking bonusses are up 40% this year!

      And it's not "rich" jobs that get outsourced, but common everyday jobs, like "service representative", "machine shop worker" and "seamstress".

      You sound like a survivalist, and an angry one at that. Maybe if you left that bunker full of food and guns -- and stopped listening to Rush Limbaugh -- you might actually see what's going on around you.

 
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