Friday, September 19, 2008

Wall Street's On Sale, Baby!

17 September 2008

Oh, poor, poor CEO of AIG. He has only been in the position for a few months and is forced into the ranks of the unemployed...with his Golden Parachute of $5 million. I sure wish my unemployment check had been that paltry back in 2003. How is he EVER going to make his house payment, car payment, credit card payments AND his health care COBRA payment now that he is out of work on that paltry $5 mil???? Boo-hooo!

Big question is whether he would he have been collecting that check if the Fed (with your children's future dollars) hadn't bailed AIG out of bankruptcy to the tune of $85 BILLION!?? Where does it stop. Used to be that people were held responsible for their gross negligence. Now, corporate failure begets Fed bailout. Oops, it was a mistake. No one to blame. Clear out folks, nothing to look at here! Fat cats save the skin of fat cats and all you other schmoe's that are losing your houses because of the sub prime issue and your retirement investments due to funds mismanagement are SOL. The curse of being born a peasant. But we need to just take our medicine since McCain and camp have declared us to be "a nation of whiners"!

Hard to believe that it was just this last weekend, Merrill Lynch stumbled only to be scooped up at the fire sale by BofA, and then Lehman Bros went tits up. Good thing the Fed is there to make good on all those paper promises by mortgaging the futures of your kids great-grand kids at this point. It just keeps getting better and better. I just don't know what we'd do without John McCain here to reassure us that "The fundamentals of our economy are strong."

At the root of things he may be correct, but the sting of mortgaging generations into future decades is making that remark a rather hard sell to the average American...six weeks prior to the election. Americans don't want to listen to a used car salesman at this point but want acknowledgment of what they already know (Yes, Virginia, there IS a Santa Claus AND yes, we ARE in a recession) and a detailed plan to change the direction things are currently going. Right now that isn't easy. Especially when the bailout of Wamu is probably next in line later this week or early next week.

Bottom line really is that the Fed and Washington are too focused on mitigating the pain for Wall Street but don't give a rat's ass about mitigating the pain on Main Street. Some sort of assistance for the middle class caught up in the sub prime issue has languished on the back-burner. Hmmmm, elite helping the elite. These CEOs of all these failed, slipping Wall Street giants should be ashamed to be taking the Golden Parachutes when you see the worker bees losing all their investment in the companies they used to work for from lost 401K bennies, lost health care bennies and lost jobs and soon, lost cars and homes.

But take heart, due to the recent bankruptcy laws change pushed through by lobbyists and the Republicans, the every day broke-ass middle class schlub will be held accountable for every penny of debt they incurred for years after their bankruptcy case is discharged in the court. YEAH! AND they will be hounded for years into their retirement until they make good on all those odds and ends they purchased thirty years ago, but thought would be discharged and forgiven when they filed for bankruptcy protection twenty years ago (even though it was written off as "bad debt" by the credit card company twenty-five years ago) Another fine law improved upon under this President's watch.

But don't blame him, he was only watching out for his elite buddies in the banking industry that needed protection from those middle class cheats trying to avoid paying for their purchases by having their debt discharged. Debt they were convinced by the banking industry to incur anyway. Guess that Starbuck's latte and those Chinese do-dads you bought with your credit card five years ago AREN'T as "priceless" as MasterCard led you to believe they were!

Meanwhile, back at the Treasury, Bernanke is giving Paulson a hand, putting in extra hours in the basement printing presses printing up more bills for the impending bailout of Wamu and whoever is next on that list. Their biggest worry is whether they have waited long enough to let the ink dry before cutting and stacking the piles of new bills at Treasury. Wouldn't want any ink smudges on those new bills, now would we? Uncle Sam and the Fed are on a spending spree! Woo-hoo!! Wall Street's on Sale, baby!! Nationalize it all! Socialism and Communism is great when you paint it blue and call it "free market." You can bet that those huevos on that big bull statue on Broadway and Wall have been cut off, put on a plaque and are now hanging in Bernanke's office on the wall behind him!
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