Posted on 09/08/2008 9:54:53 PM PDT by TigerLikesRooster
Blimey, is that a black swan that I see?
How about that _____ ? Crooks making money and being part of crooks paying off crooks. This debacle is a massive circle jerk where everybody gets rich: 'What goes around, comes around.'
add me to the want an answer list
Stop going to huffington.com
But Drudge has a new report up from the Financial Times saying the cost will exceed $ 5.4 Trillion !
Also the Congressional Budget Office just said today the bail out means must be carried on the governments books ! F & F must now be considered part of the public sector. The White House must be going bonkers trying to play catch up. Insanity rules in D.C.
I’m talking about the wealthy executives who reaped millions from this debacle, and are now leaving the smoking wreckage for others to clean up.
“I’m talking about the wealthy executives who reaped millions from this debacle, and are now leaving the smoking wreckage for others to clean up.”
_______________
Sorry I misunderstood. I agree 100% and perhaps those in charge should watch the clean-up from behind bars for defrauding the taxpayers.
That is the way I feel right now. I don’t believe government has any business insuring any private industry but if we do........... prison for fraud seems appropriate.
It definitely wasn’t huffington.com.
I'm no expert, but after you write down a piece of paper, you take it off your taxes and then it seems to come back to life with some value. If you or I said our car was destroyed and was worthless and took it off as a uninsured loss, could we sell it next year, even for $100?
It would be a short book for me to write what I think will happen, but lets say the end result will be a huge transfer of taxpayer wealth to Goldman Sachs, Merril Lynch, or Warren Buffet/Sorros types. The "worthless" paper will be bundled and called some other name of a product and sold to these types for 10 cents on the dollar and we will make the banks whole. Then they will re evaluate the value of said paper and sell off the assets for 50 cents on the dollar. This is no different than Enron, but you will see the taxpayer screwed and no one goes to prison. If there were only some gubmint official that cared, they would follow the money next year and write a best seller on who made out and who lost. Someone should go to prison. This much money shouldn't evaporate without punishment. You watch, it will be forgotten by Christmas.
I got 2,000,000 homeowners who unanimously decided that the FED is going to pay off their mortgage for them. :-)
Welcome to the US where incompetence is rewarded by the federal government, and competent people get screwed; stupid people at the top make all the money and the smart capable people at the bottom get table scraps and maybe keep their jobs.
Do like me; don't buy that $30,000 car (which one isn't 30k today) or that 5 billion dollar house (that is really only worth 20k) and retire; one less competent person slaving away to support the upper level incompetent inbred blue blood class. When they really need you, make sure they pay cash or gold up front!
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