Evolution of Dispossession

Evolution of Dispossession
How to Steal a Country?

Friday, September 19, 2008

Feds Bail Out Another One

The storm has been brewing since 1971. Clinton did us no favors by signing into law that stupid bill which allowed banks to speculate on risky ventures. And now we read articles daily on the collapse of another giant, be it Fanny Mae or Freddie Mac, which the taxpayers will pay for, or Lehman Brothers (one of the original member banks of the Federal Reserve System) who filed for bankruptcy then had their assets sold to Barclays for $250 million. Now AIG's future is not certain, and how many people will lose their life's savings because of these companies sketchy practices. And the linked article here shows how the Fed will bailout AIG with a huge stake in its future business transactions. Since when is our government a corporation? It takes money from taxpayers, prints paper dollars (causing further devaluation of the currency which has consequences) to flood markets with low-interest loans and they call this a solution.

Meanwhile Americans' wages are not keeping up with the rising prices of oil and food. 4 months ago we were at the edge of the storm and what did the Bush administration do in the face of mounting evidence that it is the Fed's monetary policy which is the source of all the economic woes? They expanded the powers of the Fed !

There is one solution to all this mess ...

1 comment:

MOM said...

All other things aside, probably the largest change in recent history had to do with the fact that credit card companies can now seize your residence if you don't pay. Before one's residence was exempt in bankruptcy actions. Let's all join the homeless! What a travesty! They charge usury prices for credit card debt (pawn shops charge about the same) and they can get all of your assets if you don't pay. AND, if all of the insolvent people don't pay, we Americans will bail out the financial institutions. It's a no lose situation for them and a no win situation for us consumers.

If we question these practices we are not "good" Americans. Blah Blah Blah.