Monday, September 22, 2008
Greed & Fraud And Fraud & Greed
This is hardly the time to pile on, we have seen enough stupid stuff from government and the financial industry since the 1970’s to the present to last us for another 100 years. Is there anyone with half a brain that still believes that the securities industry and investment banking does not need regulation and oversight? Regulation and oversight not just to exist, but to be enforced. I will continue to repeat myself from previous postings because, as I have said many times, this is not rocket science or brain surgery. The “mistakes” were not mistakes, they are the result of fraud and greed. Or, how about greed and fraud, and every combination of the two.
Now this country is in deep shit. There is no other way to put it. We as a country have done the equivalent of removing all the air traffic controllers, trains signals and highway and street traffic lights from our transportation system, and now after we have experienced numerous crashes from coast to coast, we now are admitting we need regulation and controls. Well, you can thank the stupid people that thought that the free market system could run itself. Such nonsense is just too much for me to swallow. I believe that there were people that knew what the end would look like, but chose not to care because as long as the fat cats got their money, fuck the rest of the less fortunate. Well, now we have the Treasury secretary and the Chairman of the Federal Reserve working together to bail the financial system out of the worst disaster since the Great Depression. Welcome to the world of free markets and unchecked greed and fraud.
This country has been run by some of the dumbest people alive, and now most of America is paying the price. We, as a nation, have our collective backs against the wall. The seriousness of the failures of our financial institutions and our markets have hit the wall. The fall out without government action would be of such size, pain and duration that the ability of this country to survive would be at stake. The measures taken by the US Treasury and the Federal Reserve Bank were absolutely necessary.
As I opened this with the words, “this is hardly the time to pile on,” I want everyone that reads this to know exactly where I stand and what I think. If this country elects McCain-Palin, there will be some serious hell to pay for such an irresponsible decision. These two have not the slightest idea what to do and their economic advisers would spell the death knell for this country. That is how bad the economic and financial situation is in America today. The only intelligent choice to put this country back together on a sound footing is OBAMA-BIDEN. You may think I am playing politics, but I am not. The Republican Party and their ticket will spell the end to America as we have known it.