How aware were you in April of 2006 when the Fed stopped publishing the M3? That was a Clue, at least it was for me.

Other than Ian, and a few contrarians like myself, no one was interested then. Now, everyone has an oar in the water. Maybe paying some attention to the economy was just as important as the never-ending story of the primary season. Eh?

Just before an WH election concludes this steaming pile of excessive risk denial,risk burial and risk exposure gets tossed into late election WashingtonDC circus ring.

WashingtonDC puts on a big morality play and claims there is no way out but to shovel one trillion $$ plus(for starters only-more to come) of American taxpayer backed up largess over to Wall Street,Big American Banks and what appears to be a growing line of American Corporatists seeking handouts as well.

Of course this first installment of fascist corporatism somehow comes with diluted or nonexistent rules,loopholed safeguards or with less oversight than most American local,city or county governments expend on road/bridge building and upkeep,school building projects or new court house/jail projects. A typical road/bridge project,school building or county courthouse or jail project getting more review and line item consideration than this trillion dollar plus appears to have received.

To now learn that the culprits who created this debacle will still get pay outs,bonus awards and lucrative contractual compensations as if they are not guilty of basic LasVegas gambling transgressions fully revealing just how rotted WashingtonDC is as run by an enforced “two party” system and the money politics it feeds on.

Has anyone been indicted,arrested/perp walked since this Wall Street/American Banking “meltdown” first came to light?

One person? Five people? Ten people? Anyone?

Considering that Americans are being told everyday how evil “socialism” is and how Universal HealthCare for all Americans is simply “too hard to do and too costly” or how we need to work harder and longer before we can ever retire why is Wall Street/Big American Money Business getting this very custom version of corporatist socialism?

The corrupted nature of it is numbing.

Ultimately leads to conclusion that WashingtonDC and Wall Street deserve to be sacked and shown no quarter or mercy.

None whatsoever.

from naomi klein: The Bush gang’s parting gift: a final, frantic looting of public wealth

…every day it becomes clearer that the bail-out was sold to the public on false pretences. Clearly, it was never really about getting loans flowing.

Well yes, you’re right. It wasn’t to make credit flow. It was to buy up toxic assets. Somehow somebody changed it and for reasons which seemed sound. I suspect somebody lied (imagine that) to Paulson & Congress to get the change and now we have little credit flow and many toxic mortgages.

Apparently some people like the situation as it is and are diverting the bailout monies to avoid the needed change.

Somehow there are secure people who don’t mind the idea of the economy collapsing and people losing their jobs, homes and businesses. It’s practically treasonous.

Now if if they had used the money to lend, that would’ve been alright. If if they hadn’t insisted on still giving bonuses we might have trusted more. And, if they hadn’t decided to use the money to buy good assets from weak firms we might have believed it wasn’t all part of a plan to bilk the American tax payer.

What I’m wondering now is whether they will ever be required to pay it back as the plan suggests they will. Just how much do we have to give before we pass over the tipping point and find it more worthwhile to throw the bums in jail even if the economy is erased?

Thanks, Ian.

When the management team took US Airways into BK, they broke labor and vendor contracts, stiffing employees and folks who delivered fuel, airplanes,etc. (not to mention the stockholders got bupkis).

These same jokers argued before the BK judge (Republican, natch) to not only uphold their employment contracts (including bonuses, although how one deserves a bonus for bankrupting a company remains unanswered), but paying “retention bonuses” (why one would wish to retain folks who bankrupted a company remains unanswered as well.

Of course, the judge ruled for them.

Who are the real parasites in our economy?

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Tonight’s Episode:

Sachs of Gold

Starring
Lt. Dan Spocko
Sgt. Trademark Dave

Guesting starring Ian Welsh and “The Professor”