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.


winslow said...

very simply....thank you

moneythoughts said...

You are welcome. Stay tuned, there is more.

Hyphen Mama said...

I SO do not want to sound like an ignorant reader...really.

I'm just DYING to know what Obama will do (we know McCain will do nothing, so that's not what I'm saying). I've read and re-read Obama's economic package and it's older than this recent situation. WHAT can Obama do?

This weekend, I was re-reading about the 1980's S&L collapse thinking that we should have learned something from that. But you're right...this wasn't an accident. It was intentional. My last question: who's going to jail for it?

moneythoughts said...

I don't think anyone is going to jail. There are people in some of the investment banking firms that should be put on trial, in my opinion. Much of the melt down with the mortgage bonds could have be prevented if the so called rating agencies (they are companies for profit) had done their job responsibly. But I knew from history that they are a bunch of whores. They let down the municipal bond market in the 1970's when New York City defaulted on their debt. Everyone in the municipal bond market knew that New York City was in trouble, but the rating agencies kept them at an A rating. I don't know if Obama would place the rating responsibility with the Federal Reserve Bank, but under McCain, there would be no changes. McCain voted against regulation several times as a senator. The idea that the markets can regulate themselves is nonsense, crap, stupid, brainless. A Republican in the White House will finish off this country as we know it.