Tuesday, September 30, 2008

Bailout Schmailout !!!

What do you think? Would you actually vote for this farce that seems to me a little too much money for a little too many people that are all a little too rich?

I read an article lately about Washington Mutual's buyout by JP Morgan Chase. With gov't brokering, this company was saved from totally going under and it's depositors didn't have to worry about their money. The big thing for me is that we didn't have to use government money.

What struck me as abusive and one of the roots of the problem was that the current CEO (who's only been on the job 3 weeks) will walk away with a minimum of 11.1 million dollars. How does a struggling company hire someone with a multi-million dollar signing bonus? I sure wish when I started a job that they'd pay me even 10,000 dollars up front. "Nice work if you can get it", BUT if we bail out these companies; who is going to be paying those signing bonuses and severance packages? The American taxpayer. It's just NOT what I would call fair.

The everyday worker will lose their job or be laid off, the prices and bank fees will stay the same or be raised, credit card debt will continue to rise and people's bad debt will be sold to loan sharks for collection, and all the time we're paying to be treated badly. Does this sound fair?

Write your Congressmen and Representatives and let them know that you won't take it; you can't stand it; it STINKS! Let them know that elections are coming up and they will be held accountable for thier votes.

1 comment:

Anonymous said...

The Financial Crisis

agbo ato

over the past two weeks I have listened in amazement to all the major news outlets tell the american

people they cannot possible understand what is happening on wall street.

we simple need to trust the people in charge



I submit that the banking problem is not difficult to understand

it is in fact very easy to understand

and the reason no one is explaining what happened is because the country would be outraged

let me explain it

let me explain it with an example using simple numbers

lets say a bank has a millions on deposit

that means it can lend a million dollars if it secures collateral to secure the loan


in simple terms a bank that has a million dollars can offer loans for 100 homes worth 100,000 each

when you come in for the loan the bank pays either the builder or the former owner the $100,000 then

you pay back the loan with interest

the interest is the profit for the bank and as the bank makes loans the value of the banks stock goes up

based on the interest due

these loans are secure because if you default on the loan the bank can reposses your home and sell it to someone else and there is no threat to the original investiment

this process used to be strickly regulated by the federal government

then along came george bush

who said the banks don't need regulations

we will let them do whatever they want

and because mose bankers are white male republicans letting them do what they want will be good for the economy


the federal reserve bank which is a key player in all of this

said banks are now free to lay off their loans

what does that mean

it means if you go to a bank and ask for $100,000 the bank can pay the buyer or the previous owner

then they can sell the loan to a third party


using our original example

if a bank had a million dollars in deposits before george bush they could make 100 loans for 100,000 dollars

and the 100,000 dollars was secured by 100,000 worth of real property

with no regulations

the banks can now make unlimited loans and it does not matter how much money they have or how much collateral they have

what typically happened is the banks sold the loans to china

this means the bankers were paid the 100,000 by chinese banks plus half the interest and the chinese bank keep the other half of the interest

so for example a bank with a million dollars in deposits could easily make two million dollars in loans

the SEC removed its regulations of the banks so that the bank could say that it was worth two million dollars

which then doubles the value of the banks stock and most of that stock is owned by the bank executives

so what happened

the courts in the United States rules that laying off loans in this manor was illegal and that the second party bank (in this case the chinese banks) had no legal claim on the colateral for the loan

what does that mean

its real real simple

if you buy a home and the bank sells your loan and you stop payment on the loan the bank cannot

reposes your home you cannot loose your home no one can do anything about it

that is the current legal situation


so that means chinese banks have close to a trillion dollars in worthless loans

based on the decisions of the courts those loans have no value

the reason they have no value is because the secondary bank cannot forclose on the home and take possession of the home based on failure to pay the loan


the banks sold china commerical paper that has no value

based on the laws of the united states when you sell something that has no value and you represent the

idea that what you sell has value you are committing a crime the crime is called fraud

what the banks did is no different then if I were to sell you the brooklyn bridge

same thing

so in very simple terms that everyone can understand dispite what the news tells us

every major banking institution in the country has committed massive fraud

fraud worth more than a $1000 is a felony punishable by ten years in jail

because home loans are typically for more than a $1000 every banker in this country

faces serious jail time

but only if the justice department has the courage to take action

in my experience the justice department takes the position that it is not possible for white republicans to commit crimes

the justice department beleives that criminal behavior is limited to non europeans

so dont expect any massive arrests

so what was it that congress wanted to do

banks stay in business by using their colateral to borrow money from each other

this is called luquidity

if the banks are holding worthless loans they have no collateral to secure their loans and the

banking business comes to a standstill

so congress proposed that the american people buy the worthless loans

what does that mean

it means the minute we buy them they will have no value

we will never recover the loss and the idiots who are telling us we will make money on the deal on lying

so why does congress want us to buy the loans

it means the banks can essentially committ fraud twice

they committ crime and then double their money by committing the crime twice

that is insane

so how did they propose to do this

one clause in the legislation said that the bank bail out could not be reviewed by the courts

this means the adminstration and congress joined hands to nulify the power of the courts

if you look at the US constitution is says that no two branches of government can unit to nulify the

power of a third branch of government

if the recent banking legislations had passed it would have effectively destoryed the US constitution

based on federal law any conspiracy to destroy the US consititution is considered a crime

the crime is called treason


based on the written laws of the United States and based on the fundamental principles of the US constitution everyone who voted for that legislation is guilty of treason

so that is the overview in broad strokes

but god is in the details

once you look at the details it becomes even more bizzare

the federal reserve banks controls the banking industry in america

they came up with this idea and they put the process in motion

they are the criminal masterminds who literally stole billions of dollars from innocent investors around the word

so who are these people

based on the laws of the United States it is illegal to reveal the names of the owners of the Federal Reserve b bank

it is illegal to publish their names and it is illegal to publish how much money they make

in other words it is a crime to identify the criminals

I am not joking

but the insanity does not stop there

the federal reserve bank has permission from the US government to print money

so the one trillion dollar bailout will not be paid by money from the US treasury

the US government will borrow the money from the Federal Reserve bank

which simple creates the money by pusing some buttons on a computer then we pay the bank interest

on lending us money that never existed has no backing and was simply created from thin air

so the bankers make money simply by printing money

when I was young the banks could only print money that was secured by gold

by Nixon took the dollar off the gold standard and now we print money whenever we need it

that is the reason for inflation

it is the reason why when I was young coffee was ten cents a cup and now its two dollars a cup

and here is the big kicker

the only thing we know about the federal reserve bank is that its true name is the bank of england


the unknown bankers who created this criminal conspracy made money on the original loans they made money selling the loans now they want to make money by having the taxpayers buy the worthless loans for a second time then they want to make money by lending us the money to pay for the worthless loans

yes that is what is happening

the US constitution says that the US government has the right to print its own money

but instead of doing this we pay the bank of england to print dollars

two presidents have tried to print money and shut down the federal reserve

they were

drum roll please

they were

abe linchon and John F kennedy

lucky break for the bankers that they did not live to implament their plans


what is going on here

the federal reserve banks used AIG to create the useless loans

AIG is the insurance company that the US taxpayers have already bailed out

so who is AIG

AIG board of directors George Bush Sr and Bill Clinton

which is why clinton is supporting mcain

why would he support mcain

the answer is simple

the banking fraud we are witnessing today happened twice in the past

the first time led to the great depression

the second time was the S&L scandle of the eighties during the reagan adminstration

the man held responsible for that massive fraud was John Keating

John had two partners who escaped prosecution

Jeb bush Georges brother


anothe drum roll please

John Mcain


we do know the name of one person who runs the federal reserve bank

lord Rothschild

for the past month his wife appears on Fox News every other day to tell us that she has switched her support

from clinton to mcain

of course she has

if mcain is president he cannot go after the bankers without exposing his own participation in a similar scheme twenty years ago


so the news media tells us that the problem can be fixed by following the guidance of secretary paulson


paulson was teh ceo of lehman brothers

he was knee deep in the fraud before coming to washington

when he left lehman brothers the company gave him a billion dollar bonus

that is one billion with a BEE for his role in selling the chinese worthless morgates

so what does this mean to you and I

george is paying for the way by borrowing 2 billion dollars a day from the chinese

the chinese have said you screwed us so no more loans

that means the federal reserve will print more money to make up for the loss

which means the dollar will be worth less and less

that fact that the dollar is worth less and less on the global market is the reason why the price of

gas is so expense and it is the reason why food is so expense

and nothing being done in washington is going to change that for the average person struggling to make ends meet

my estimation is this

the thirteen members of the federal reserve banks each made about 250 billion dollars each off this latest crisis

and it is against the law to know their names

if that doesn't make you just a little ticked off

check your pulse

and please correct me if I am wrong but none of this is hard to understand


baba Awo Falokun