Well that was some press conference our President held yesterday. His comments regarding the banks seem to have the well, connected, nepotistic, lucky sperm club, Wall St. crowd in a tizzy, or in the least guzzling copious amounts of Pepto-Bismol.
You must be absolutely stunned to see the don't move my cheese, fair weather capitalists -whom are simply socialists in drag - out in force denouncing his proposal. Even some cats I have the utmost respect for a jumping all over the proposal.
I realize that this is truly an outlier concept and foreign to most of the beltway experts but can you imagine how simple this all would have been if those in charge had let those who gambled like drunken sailors fail magnificently.
Oh yeah, I forgot.... Armageddon was imminent right Hank, right Turbo Timmy? At what point do we as a people wake up and recognize the Armageddon line for what it really was.
When will people realize we would have survived, that it was all just a big bluff.
You disagree do you? You really believe Bernanke, Paulson and his ilk saved us from the Great Depression 2 ?
The same people who argue Bernanke did yeoman's work saving us for apocalypse, pulling us back from the abyss are the exact same crowd who now ridicule and deride current naysayers, like myself, who question the economic recovery.
Translation for ya..... it is only Armageddon when they tell us it is or at least it is only after they've had a chance to exit their positions. These people are nothing but charlatans, thieves and thugs, nothing more.
Listen, it is all quite simple. You want to trade for you own account, on Wall St. this is called prop or proprietary trading, then do it with your own money !! You don't get a taxpayer backstop on losses and when you blow up you get to keep nothing. Please stop listen to the crowd that calls this egregious interference in the capital markets for as Ron Paul has said we have had free market capitalism since about 1914.
So why is this concept so alien the Masters of Universe of Wall St.?
Well, maybe because they have become accustomed to gambling with other peoples money and simply living off the crumbs.
Yes I do realize the President's new proposal would not have stopped AIG and Joe Cassano, speaking of which, isn't he lying on a beach in the French Riviera earning 4% on treasury paper.(nice huh!)
Simply following and ENFORCING regulations already on the books would have prevented the AIG fiasco. That and a healthy dose of consequences, (sorta like the Chinese are fond of, see here) whereby men like Cassano, O'Neil, and Raines who ran their respective entities into the ground don't get to retire to Switzerland with the loot.
AIG underwriting what they did is no different than the 12 year down the street selling $1,000,000 policies and minting a fortune in the process. Until he has to pay out on a policy that is. Gee, I figured that out sans a Harvard MBA. Go figure !
There is also quite a stir now over the Ben Bernanke confirmation issue with some 'shelf life past expiration' senators flip flopping on his support. Are you shocked CNBC is trotting out the shills like Broaddus, Rivlin and McTeer to 'tea bag'. Standard operating procedure
I actually am ashamed to watch these grown men and women grovelling in public. Simply pathetic what they have become. We are in the pickle we are in because of this crowd and their ideas. Just watch CNBC and Bloomberg today, they're all out in force. The establishment voices. The vested interest crowd. The we're so brilliant crowd, so brilliant in fact, we took century old institutions that had survived world wars and blew them to smithereens.
Not only did these intellectuals NOT see any of this shit storm coming, they ridiculed and marginalized anyone who dare say it was upon us.
Not only did these intellectuals bail out themselves, their cronies in management and board positions and their assorted country club pals from being wiped out but threatened armageddon and martial law if anyone opposed their heist of the treasury.
Try this on for size. How bout we ignore the "we never saw it coming but now we see it all so clearly now" crowd for a change. Maybe just maybe if what they are pumping and promoting is wrong maybe the opposite is right?
So like Jerry Seinfeld said to George Costanzo from the sitcom Seinfeld in the episode "The Opposite" where George has an epiphany:
"If every instinct you have is wrong, then the opposite would have to be right."
So yes, let's do the opposite of what Bernanke, Geithner, McTeer, Broaddus et al. tell us to do.
Further to that, and while we're getting crazy, let's do the (in my opinion logical, rational thing) and simply SHUT THE FEDERAL RESERVE DOWN here and now !
Shut it down for good as I for one have had enough of them saving us.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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