Bailout Fraud

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This bank bailout --- just another hoax pulled off by the Bushies, this time paying off the financial wizzards who put them where they were.

When one looks at the situation we are told that credit dried up and people were unable to get loans, people were losing their homes (because they bought beyond their means), and if we didn't give the banks money now it would mean a total collapse of our economy.

What we have seen is money being printed and given away without any accountablility. Financial institutions who have received these outrageous sums continue to deny loans to small businesses while using the sums for lavish parties for top executives, purchasing other banks (who have been denied TARP funds because they were legitimately without funds), paying severence packages to outgoing CEOs, in short, anything but granting loans to those who are in need and who, if they received the money, may actually use it to hire people rather than to give hefty bonus packages to a select few.

Furthermore, most of these financial institutions receiving funds are in needs du to fraudulent practices that amounted to nothing more than ponzi schemes. So, in effect, we are doing nothing more than paying off criminals who broke the law, got caught short, and now need to either go to jail or rob our treasury. Our elected officials have chosen to allow them to rob our treasury.

Of course the Federal Reserve Bank Corporation, which is neiter “Federal” nor a “reserve”, but is nothing more than a private bank which has approximately 300 shareholders whose stake in the corporation is tightly held and owning shares is not open to the public, has been fully in favor of this robbery in that they will make $trillions in interest alone. The money, like all money coming to people, comes in the way of a loan t the United States government, who in turn must pay the principle plus the interest. Presently, a major portion of income taxes goes to nothing more than making interest payments. Only two presidents of our nation have challenged this arrangement, Abraham Lincoln and John F. Kennedy, and we know how they wound up. Coincidentally, the Executive Order written by JFK that had the government printing and distributing the Silver Certificate (where no interest was going to the Fed, because the money was coming directly from the US government) was thrown out as one of the first acts of Lyndon Johnson upon being sworn in as president.

This bailout is nothing more than a parting shot by the Bushies. I am certain there will be those who will counter with this has been a long time coming and things of that nature, but the deregulations imposed by the Bush administration certainly opened the avenues to the demise.