A Bailout for Eurozone in the works?

Question: A Greek, an Italian and a Spaniard walk into a bar. Who picks up the tab?
Answer: The American Taxpayer.

Three very important lessons from Charles Goyette (he also predicted the 2007 crash and the Eurozone crash as well) writing on the Eurozone crisis and how US taxpayers are being shafted to bailout Europe’s mess. The US Debt (yes – not my debt, not your debt – but you, your children, your grandchildren and their children will be paying for it in the form of higher taxes) is already at $15 trillion and the US government has only one income to pay it off – taxing the most productive and hardworking members of society. Two sure things in life – death and higher taxes.

 

Read the article at:

 

http://lewrockwell.com/goyette/goyette21.1.html

 

Excerpt:

Nation states and their institutions, the governing classes and the lapdog media are always surprised by crisis. But you don’t have to be. If you understand that the European debt crisis is a dress rehearsal for what is to come here at home, you aren’t likely to underestimate the problem or put much stock in patchwork plans that provide liquidity but leave the underlying debt unaddressed.

 

For astute investors the allure of gold, which is nobody’s liability and doesn’t need to be backstopped by anyone, grows with each new state crisis.

 

“Inside Job” Wins Best Documentary

“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong,”
– Charles Ferguson (Last Night at the Oscars. His film “Inside Job” won the Oscar for Best Documentary – three years ago he was also nominated for his film “No End in Sight” about the US occupation of Iraq).

Instead of locking up the swindling Maserati driving bankers or even letting them go bankrupt, the government spent over $20 trillion bailing them out.

George H.W. Bush (George W. Bush’s father) wasn’t a great president but it was during his presidency that led to over a 1000 convictions in the Savings and Loans crisis of the 90’s. What a shame that President Obama actually puts Tim Geithner in charge – The wolves guarding the sheep get to decide now what’s for dinner.

Watch the Trailer:

Obamanomics: Bailouts of America’s Most Inefficient Businesses

Obamanomics is all about bailing out those who made all the wrong decisions producing, managing and investing. Such as banks, automakers, insurance companies, inefficient government agencies, government mortgage companies, etc. All the enterprises that failed should get to join his wealth distribution plan which was to take money from efficiently run businesses and individual tax payers who were making money doing the right things such as saving money, not speculating, making wise investments and then use that money to bail out the failed and inefficient parts of our economy while making those who got him elected rich in the process.

Here is Mish (Michael Shedlock) analyzing some articles in his blog.


http://globaleconomicanalysis.blogspot.com/2009/05/if-youre-not-petrified-of-obama-youre.html

Excerpt:

Davidowitz is correct about money going to the most inefficient parts of the economy. Bailing out AIG just so it can payoff Goldman Sachs is hardly a good use of taxpayer money. Nor is forcing a shotgun marriage between Bank of America and Merrill Lynch, only how have taxpayers pick up the tab.

Please see Let the Criminal Indictments Begin: Paulson, Bernanke, Lewis for my take on the coercion Paulson used on Bank of America CEO Kenneth D. Lewis, pressuring Lewis to go along with a merger he clearly knew was not in shareholder best interests.

Here is a snip from Geithner’s Plan Can Succeed: “The Plan: Dump $500 billion of toxic assets on to unsuspecting taxpayers via a public-private partnership in which 93% of the losses are born by the taxpayer.”

Obama Zombies

Obama Zombies

If Dr. Martin Luther King Was Alive Today….

The great civil rights leader Dr. Martin Luther King Jr. said we should not judge people by the color of their skin, but by the content of their character.

If he were alive today, he would be very disappointed with the Obama administration’s policies. Dr. King was one of the greatest critics of the US government’s war mongering ways. He was called a traitor by the media by for speaking against the Vietnam War. The Washington Post denounced Dr. King saying “King has diminished his usefulness to his cause, his country, his people.” He was sharply criticized by the so called “black leaders” of his time and the NAACP. But Dr. King was not deterred nor did he compromise his integrity. He was a true leader.

If you have been following the new US administration and its policies – you will by now know that President Obama’s policies are really no different than those of his predecessor – President George W. Bush when it comes to torture, war, bailouts for bankers, civil liberties, Israel, an increase in military spending, to name a few. Same policies – just bigger bigger amounts.

“A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual death,” Dr. King said. During that time President Lyndon Johnson was spending billions of dollars to destroy Vietnamese villages, towns and homes. Listen to or read the entire “Beyond Vietnam” speech of Dr. King.

Nearly 5,000 Americans have been killed in Iraq and Afghanistan and over a million Iraqis, and tens of thousands of Afghans slaughtered. War will cost us trillions of dollars that should have been invested in our schools, health care, etc. Trillions of dollars are being stolen from us as taxes and cannot be used by Americans to build better factories and bring about new businesses and new jobs. Trillions more of our taxes will be handed to bailout Maserati driving bankers who made bad investments. Nationalization of American banks is also illogical. How can we taxpayers pay for the losses of these banks but not get any of their profits? Nationalization of banks will be an utter failure – Even Tanzania realized that was wrong and gave it up in 1991. President Obama’s public works programs will only help people get jobs to fill pot holes on streets not create engineers, inventors or scientists.

When U.S. bombs drop on Afghan and Iraqi villages and towns, they also explode in American cities as well – East LA, South Central LA, Chicago’s South Side, and Harlem – because these trillions of dollars are taken away from America’s biggest future investment – its people.

This is definitely not the great dream that Dr. Martin Luther King Jr. had in his famous “I have a dream” speech.

If he were alive today – Dr. King would demand that Congress use its constitutional authority and halt all spending on military presence of U.S. combat forces in Afghanistan and Iraq now.

If Dr. King were alive today – he would most likely ask President Obama “Where is the change and hope that Americans were promised?”

This is what he said in April 1967 – these words ring true even more today.

“I speak for those whose land is being laid waste, whose homes are being destroyed, whose culture is being subverted … I speak as a citizen of the world, for the world as it stands aghast at the path we have taken. I speak as an American to the leaders of my own nation. The great initiative in this war is ours. The initiative to stop it must be ours.”

In the spirit of Dr. King, Americans must strand up and speak out against our government’s unjust policies and immoral wars carried out in our name.

turkey-in-afghanistan2
“America’s Most Wanted Cartoonist” – www.bendib.com
The pen is funnier than the sword. Cartoons that speak truth to power.

Trillion Dollar Bailout is a Crime

Our economy is being shredded to pieces. We are witnessing the arrival of another Great Depression. Thousands of jobs are being lost daily. Corruption, mismanagement and deceit are rampant in our financial markets. Our government is collaborating with white collar criminals and giving them trillions of dollars of our money to them.

$108 billion of our taxes is going to pay for the bonuses for these Wall Street firms.

How can any sane and reasonable person say things are getting better due this robbery by central bankers and political policy makers efforts? They are lying to you so you approve of this robbery.

Who in their right mind believes that these bailouts will help economic recovery? What kind of crack are they smoking?

Millions of Americans struggle every day working hard for a future – is this where we want to put our hard earned tax dollars? Bailing out corrupt and mismanaged companies? Our roads, bridges and schools are falling apart. Our cities have homeless people being arrested for being homeless, more and more Americans cannot afford to pay for health care – hospitals in this country charge an obscene amount of money for a night. One of my relatives cut her finger, went to the hospital got a few stitches and a bill for $13,000 dollars. Then we go back to work so we can bailout these corrupt bastards?

Here’s Naomi Klein on the crime of the century. Democrats, including Obama (who wants to gve $50 billion to US auto companies) are a part of this great robbery with their calls for more bailouts.

Wall Street’s Bailout is a Trillion-Dollar Crime Scene

Excerpt:

Of equally dubious legality are the equity deals Treasury has negotiated with many of the country’s banks. According to Congressman Barney Frank, one of the architects of the legislation that enables the deals, “Any use of these funds for any purpose other than lending — for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. — is a violation of the act.” Yet this is exactly how the funds are being used.

Then there is the nearly $2 trillion the Federal Reserve has handed out in emergency loans. Incredibly, the Fed will not reveal which corporations have received these loans or what it has accepted as collateral. Bloomberg News believes that this secrecy violates the law and has filed a federal suit demanding full disclosure.

Please contact your Senators, Your Congressman, Obama, your friends and neighbors and tell them that this bailout is a crime and they should not be supporting it. If you care about America, do not let this robbery happen with your silent and tacit approval. It will only get worse as more bailouts are called for.