Monday, May 02, 2011

Don't assume people are happy about corprate pillaging

If we can't keep our own backyard clean how can we expect to keep Washington in shape?

We've been waiting for one of our readers to clean up and edit an email sent around to make it bloggable for weeks now. People work and have families and it takes a lot of time to write stuff up, so we understand the delay. Further below is an excerpt of the email.

Once in a while we publish on broader scale topics for several reasons:
  • To dispel the lame spin that Encinitas residents don't care about national and worldwide events.
  • To respond to the knee jerk reaction that local activists don't care about corporate raiding of the national wealth, when they bring up problems like the looming pension tsunami.
Also read the Leucadia Blog's comment on, "aren't there bigger things to worry about?"


Here is an edited version of that email:
If this article does not motivate you to call your Congressman in a rage then you are part of the problem.

I have more respect for the entrepreneurial spirit and transparency of a Somali pirate than I do of the Fed, Gang Banksters, and my elected representation.

My guy in Congress, Brian Billbray is on the government oversight committee - and after all this crap; not one word from this tool on corruption.

There is no unilateral action that the public could take that that I would consider too extreme when dealing with these individuals and their central banking system.

Hopefully for them the NFL strike will resolved soon because once the Libya bombing runs end this summer there will be a big news gap to fill before kickoff.

From the Rolling Stone Article

Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds.
...
It's hard to imagine a pair of people you would less want to hand a giant welfare check to — yet that's exactly what the Fed did. Just two months before the Macks bought their fancy carriage house in Manhattan, Christy and her pal Susan launched their investment initiative called Waterfall TALF. Neither seems to have any experience whatsoever in finance, beyond Susan's penchant for dabbling in thoroughbred racehorses. But with an upfront investment of $15 million, they quickly received $220 million in cash from the Fed, most of which they used to purchase student loans and commercial mortgages. The loans were set up so that Christy and Susan would keep 100 percent of any gains on the deals, while the Fed and the Treasury (read: the taxpayer) would eat 90 percent of the losses. 

In response to that email, another local government (pension reform) activist wrote back:
I [hope voters] read that article before they vote in 2012. Here is the GOP front runner signaling to all Wall Street donors that his knee pads are ready: http://www.youtube.com/watch?v=l6JDooqBcjg

To show that we know there are bigger problems to worry about, the Leucadia Blog has run posts like this Audit the Fed post in 2009.  Looks like the Fed was hiding something. 

4 comments:

  1. No one is happy! The corporate pillagers are certainly not happy about all the schlubs who bought granite counter tops for their stucco McMansion then stopped paying their mortgages.

    ReplyDelete
  2. Au contraire, HH.

    The corporate pillagers got bailed out by the taxpayers and by free money from the Federal Reserve. They borrow from the Fed at 0%, buy Treasuries at 2% or 3%, and it's a perpetual free money machine for well-connected Wall Street banksters.

    Read this article, watch Inside Job, read Matt Taibbi's piece on Goldman Sachs.

    We are being looted by the Ruling Class.

    ReplyDelete
  3. I know a guy who bought a house with no money down, he immediately rented the house out for a lot of money, he made only a few payments to the bank. For almost 2 years this went on before the bank booted the tenant (and actually paid the tenant for the keys). That guy is now one of the whiners complaining about Wall Street banks. He raped those bankers and he has the cajones to blame them now. Who is the pillager and who is the pillagee? It's amazing all those tarp funds got repaid.

    ReplyDelete
  4. HH- Both the banks and your friend the freeload have no integrity. They both suck.

    ReplyDelete

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