Commentary - 09/19/08

Again, Haste Makes Waste (To Our Lives)

I had to comment on today's news article posted by the Associated Press: "Gov't rushing to finish huge financial rescue plan"

The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt. Relief washed over Wall Street with a surge of buying.
. . .
The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."

Paulson gave few details but said he would work through the weekend with leaders of Congress from both parties to flesh out the program, the biggest proposed government intervention in financial markets since the Great Depression. Members of the Senate Banking Committee said they had yet to receive details of the proposal, but were ready to move quickly when they do.

They can take years setting up the scenario and then quickly execute the next phase of their plans. Students of economic history know that's how the Federal Reserve was created. That's how the Patriot Act was passed, even though it wasn't "patriotic" at all. The list goes on and on. But if you're reading this, you already know that.

It's not that we'll ever eliminate liars and thieves, but do we have to continually allow them to profit so greatly from their lying and stealing? Don't members of Congress have fathers, mothers, grandparents, children, siblings, friends, neighbors and acquaintances? Are they so "sociopathic" that they can lie and steal from ALL of them at the same time? That's exactly what they're doing, whether in denial or not. To keep their own cushy lifestyle, they sacrifice years of savings and future earnings of others for their few sociopathic "friends."

Our so-called leaders are saying that it's going to cost taxpayers "hundreds of billions." Why don't they start first by retrieving the billions that were recently "extracted" from our savings and pensions?!

Goldman Sachs

Goldman Sachs's 2007 bonus pool jumped 23 percent to a record $12.1 billion, Bloomberg News reported Tuesday.

Compensation, including salaries, benefits and bonuses, climbed 23 percent to $20.2 billion from $16.5 billion a year earlier, the company said. Bonuses typically account for about 60 percent of compensation, or $12.1 billion compared with $9.88 billion in 2006.

[PDF] The Goldman Sachs Group, Inc. today reported net revenues of $45.99 billion and net earnings of $11.60 billion for the year ended November 30, 2007.

JP Morgan Chase
J P Morgan Chase Reports Record Full-Year 2007 Net Income Of $15.4 Billion On Record Revenue Of $71.4 Billion.
I could go on and on, but I'm sure you get my point. How much did you make last year?
So why the hell are they BORROWING money from us, our children and future generations!?
This is NOT capitalism, but pure and simple Imperialism.

There is a significant difference.
Imperialism is driving your Ferrari during rush hour at 150 mph, with inevitable results.
Capitalism is your right to earn, purchase and enjoy a Ferrari;
not to damage, injure or kill others while carelessly abusing it.

I hate it when The Dragon Wins.

2008 by Edward Ulysses Cate
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