HowardAIG Bailout Makes You Larger
Real Crash- Looking at the Financial System and the War Drive:
Feed you head, and the Banking System
One bailout makes you larger and one bailout makes you small;
Ask Alice, when she's ten feet tall;
Now the derivatives come into play, the insurance on MBS;
Credit default derivative insurance;
Immediately failed the test;
Call Lyndon, if you want the rest;
(White Rabbit, spoof song, Grace Slick, Jefferson Airplane)
Translating the NY Times Deal Book blog can be fun. For example:
"Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group."
That means that, in order to maintain the fantasy of the Anglo-Dutch financial oligarchy's power, the super free-marketers just became "Wall St. Communists" and took over a huge chunk of the financial system. This is two-weeks after nationalizing Fannie Mae and Freddie Mac. And this is a day after Lehman Bros filed for a $600-billion bankruptcy, the largest bankruptcy in world history.
"With time running out after A.I.G. failed to get a bank loan to avoid bankruptcy, Treasury Secretary Henry M. Paulson Jr., pictured above, and the Fed chairman, Ben S. Bernanke, convened a meeting with House and Senate leaders on Capitol Hill about 6:30 p.m. Tuesday to explain the rescue plan."
That means that Paulson (and Pres. Bush) and Ben Bernanke (Federal Reserve Head) went insane, when they realized that their masters are bankrupt and broke. Isn't it time to stop bailing out the oligarchy and have a reasonable bankruptcy reorganization to benefit the people sucked into the mortgage bubble as well, instead of the oligarchy? Time to jump on board with LaRouche's Homeowner and Bank Protection Act. Time to have a two-tier credit system to get life-essential credit to the real economy, before the collapse hits Main St., that is you and me.
The Political Brief
When the banking industry was starting to mess around with their Sub-prime trash and conning everyone they could, plenty of people in government knew about it and nobody told us. The job of the government is supposed to be to protect the people from fraud. All of them dropped the ball and let it happen. Bailing anyone out is wrong. They got themselves into it, they should have to get themselves out.
Real Crash
The Political Brief