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Look Behind the Curtain

By   Follow Me on Twitter     Message Ann Kramer     Permalink
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opednews.com Headlined to H3 9/25/08

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President Bush's speech on the 'dire straits' of the economic system sounded much like his panic about Iraq. Just as he directed our attention away from reality in Iraq, so too did he attempt this in his financial meltdown speech. He worked hard to direct our attention towards the 'subprime' problem, blaming homeowners for taking out loans they couldn't afford and mortgage companies for lending.

But in reality the majority of the 'toxic bad debt' is due to the 'derivatives' or "bets" that were placed on these mortgage securities that were being traded. These 'bets' were on whether or not these loans would be paid. These "bets" were created out of thin air. and then the huge investment banks put them on their books as actual assets (to the tune of trillions of dollars!).

While all was going gangbusters, they paid themselves huge bonuses on these "bets" (fake assets). Paulson himself being one of them while he was at Goldman Sachs. In fact, in 2006, $53 billion was paid out to these firms in bonuses--that's right, $53 billion. Now that these "bets" are in the loss column and no longer show up on the books as assets, the money to pay for these losses created by the "fake assets" or "bets" is nowhere to be found. It is a huge Ponzi scheme and we're the guy at the end of the line.

This is like the Wizard of Oz---we're supposed to be looking at the projected image of the Wizard--while behind the curtain, Paulson, Investment banks and the 10% who own 85-90% of all the financial wealth in the US reap ever more benefits for themselves.

Bailing out Wall Street is the equivalent of the American taxpayer signing up to become a serf. Let's not do it.

 

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I'm a Licensed counselor working in OR. I teach clients to build lives based in self-responsibility using a universal model called the Life Puzzle. Its practical, tangible and fills in much of the missing information we never learn in schools. It is (more...)
 

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