Thursday, March 26, 2009
Usurious Bastards
by Ed Encho
Excerpts from:
http://existentialistcowboy.blogspot.com/2009/03/usurious-bastards.html
As the conventional wisdom goes, the stock market is predicated on trust and as a crusty old uncle of mine once said to a young and impressionable teenager with zero knowledge of the way that the world
really worked:
?trust me is just another two letter word that means the same as fuck you.?
In phase two of the ongoing
SPLURGE (any similarity to the con-game called
the surge that allowed us to become winners in Iraq is fully intentioned), on Tuesday[3/24/2009] night,
our very own national Teflon coated bullshit salesman, President Barack Obama, the banker?s gofer and shill for the new generation began to sell it to the saps and a marvelous job he is doing.
This man my friends is no new Roosevelt, he is the devil in disguise and he (as many progressives had warned) is in the bag for the establishment. What we really have is a by proxy continuation of the Clinton administration, of course Hillary was to have been
the one but in the waning days of the ruinous Bush-Cheney neocon war on America it was just too tough to pimp another dynasty so the crooks who run the system found another pitchman. I cannot possibly articulate the sense of disgust and betrayal that I am experiencing as I write this, it is very difficult to restrain my gag reflex and keep from vomiting on my keyboard because once again the scum wins again and Americans have been played for chumps. Nobel Prize winning economist Paul Krugman and columnist for the damned liberal
New York Times put it best in his Monday[3/23/2009] column Financial Policy Despair:
Over the weekend The Tmes and other newspapers reported leaked details about the Obama administration?s bank rescue plan, which is to be officially released this week. If the reports are correct, Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy ? specifically, the ?cash for trash? plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson.
This is more than disappointing. In fact, it fills me with a sense of despair.
But the Geithner scheme would offer a one-way bet: if asset values go up, the investors profit, but if they go down, the investors can walk away from their debt. So this isn?t really about letting markets work. It?s just an indirect, disguised way to subsidize purchases of bad assets.
The likely cost to taxpayers aside, there?s something strange going on here. By my count, this is the third time Obama administration officials have floated a scheme that is essentially a rehash of the Paulson plan, each time adding a new set of bells and whistles and claiming that they?re doing something completely different. This is starting to look obsessive.
But the real problem with this plan is that it won?t work. Yes, troubled assets may be somewhat undervalued. But the fact is that financial executives literally bet their banks on the belief that there was no housing bubble, and the related belief that unprecedented levels of household debt were no problem. They lost that bet. And no amount of financial hocus-pocus ? for that is what the Geithner plan amounts to ? will change that fact.
You might say, why not try the plan and see what happens? One answer is that time is wasting: every month that we fail to come to grips with the economic crisis another 600,000 jobs are lost.
Now that it has become pretty apparent that
Obama is just more of the same and like Bush has his own legions of cultlike devotees and apologists we can all just take Bobby Knight's advice that if rape is intevitable relax and enjoy it because really what choice do we really have?
Before it even really started the revolution has been hijacked, progressives are still getting the shaft, the Employee Free Choice Act is going to be dead on arrival, there is NO antiwar movement if the media refuses to acknowledge that there is a fucking war
and even the Ron Paul movement libertarians have been marginalized by the old fool's proclivity to ghettoize himself and keep showing up at Nazi bund meetings like CPAC and regularly appearing on FOX.
The oligarchy has it's shit together, this is their homefield, they own the refs and there is no replay booth. Welcome to chumpland, when a show like HBO's Real Time With Bill Maher features Keith Olbermann as a guest and they both mock the very real detention camps by conflating their existence with the weeping, at the edge of sanity fascist basket case Glenn Beck it's a done deal that the agents have seized control of all phones and the only way out of the matrix will be in a body bag.