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Friday, August 28, 2009

AND HE’S FIXED NOTHING

This blog's title comes from a story posted by Graham Suymmers in his blog titled,

AND HE’S FIXED NOTHING.

Banks remain insolvent (if you marked their assets at market value, they’d all wipe out equity in a second), mortgages remain underwater, hundreds of thousands of Americans continue to lose their jobs every month, foreign investors grow increasingly distrustful of the dollar, and the financial system continues to have multiple black swans… all of which could bring about another CRASH.

I believe that the major banks are insolvent as Mr. Summers points out.  I also believe that the bailout funds were given to them as a means for them to make money not help the economy.  I certainly would have loved to receive an influx of money to play with, invet with and do acquisitions with but no one is doing that for me or for any small business and that is where it should go.

It would, in fact, be no exaggeration to say that Ben Bernanke is a financial criminal on a scale that makes Bernie Madoff look like Mr. Rogers. Madoff ripped off $50 billion. Bernanke is currently destroying the middle class in the US, trashing our currency, worsening EVERY Americans’ quality of life, and erasing any hopes of retirement for millions of Boomers.

In simple terms, Bailout Ben, in a mere year and a half, has overseen the destruction of 30% of US household wealth (from a housing and stock bubble he FAILED to see coming while working under Greenspan). (emphasis added) He has yet to do a single thing to protect the average American (emphasis added) or the dollar, but instead has opted to funnel trillions of taxpayer dollars over to Wall Street so that Goldman Sachs and friends could claim they’re not insolvent and pay themselves RECORD bonuses.  (emphasis added)

Greenspan, Bernanke, Paulson and now Geithner - who do they really work for?  We know that Greenspan and Bernanke as Chairman of The Federal Reserve get their paychecks from the "privately and secretly owned" Fed.  Are they the "real" bosses?  We know that Paulson and Geithner as Secretary of the Treasury work for the government (us?) - but do they really?  They get their paychecks from the government but who do they really report to? 

Mr. Summers says the actions taken were criminal and I believe they were.  Criminal acts existed in the past administration and continue in this administration.  Evidently criminal acts are bi partisan and supported by both of our major political parties.

Folks, the US stock market is an enormous house of cards propped up by the biggest bubble-blower in history. Fundamentals have NOT improved, the economy continues to collapse (regardless of the GDP accounting gimmicks they use to claim we’re out of the recession), and stocks are at least 20-30% overvalued.

This mess will come unraveled. And it won’t be long…(emphasis added)

Yes, this is a mess.  There is talk of the Recession being over.  Over for who?  Not the millions of unemployed and underemployed estimated to be at 16%.  It is not over for the millions that have already been foreclosed on and the millions more that will be foreclosed on.  It is not over for the tens of thousands of small businesses that failed (most of whom are NOT included in the unemployment figures).

The stock market IS a house of cards as Mr. Summers states.  What is it based on?  Consumer spending is not up so where do all the "profits" come from?  The financial industry seems to be leading the charge to higher profits...but how and with whose money?  Certainly not the consumers.  Earnings reports are misleading.

So much wealth has been taken from the American public, the middle class destroyed by those we gave billions to under advice of - or shall I say under the gun of those seemingly in charge and by others who may be in charge but unknown to us.

To date, Bernanke has spent or put the taxpayer on the hook for some $24 TRILLION in bailouts, lending windows, and off balance sheet arrangements.
If that number above is not an eye opener, then the last part of the quote above should be.  "off balance sheet arrangements".  I don't understand off balance sheet anything.  This is the biggerst criminal act of deception ever.  How can ANYTHING be "off balance sheet"?  If you own the asset it must be on your balance sheet.  If you own the liabilty it MUST be on your balance sheet Isn't that why it is called a "Balance Sheet"?.   To keep it off the balance sheet is pure unadulterated deception for no other purpose then to mislead the public.  You and I can't have "off balance sheet" items or "arrangements".  If we could then I am sure all of our Net Worth would increase immediately.

There is something very wrong here and it needs to be exposed so that we, as a nation of people, can begin to correct the wrongs.  There is a justice and criminal code system that should be applied to all.  There should be no immunity from "law" just because of who you are or even worse, HOW MUCH MONEY YOU HAVE.

To Read Mr. Summers Full Artcle...click here



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