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Even religious leaders have joined the chorus of Europeans in criticizing unbridled greedy American style capitalism. Continental politicians have cited the corrupt greed on Wall St the reason behind the global financial mess.
No.....really? Capitalism in the extreme, can never work. There is no trickle down, the big bad boys, Skull+Bones, Havard, Yale elite, "lets rule the world" club is very close knit. Their extortionate pay checks are siphoned of into foreign accounts so that uncle Sam can turn a blind eye to the tax on these monstrous sums for doing a pathetic job.
Party is over chaps! For once the sheeple are starting to open their eyes while American Idol is between seasons, and they are pissed. Yes pissed that these greedy Monkeys with a silk tie and whom make Tony Saprano look like Ronald Mc Donald, are getting away with Grand theft on a massive scale not seen this century.
Peter Steinbeck, the German finance minister, blamed a reckless pusuit of short-term profit and outsize bonuses in Anglo-American financial centers-as well as a lack of backbone amongst policy makers unwilling to stand up to this greed.
"The US will lose its status as a financial superpower," Mr. Steinbeck said. "The world financial system will become multipolar."
Mr Williams, the Archbishop of York, said they were "Clearly bank robbers and asset strippers."
Friday, September 26, 2008
Tuesday, September 9, 2008
Corporate Welfare.
America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich... it's just bailing out financial institutions," Rogers said.
Stock markets jumped after the U.S. government's decision to launch what could be its biggest federal bailout ever, in a bid to support the housing market and ward off more global financial market turbulence.
But Rogers said in the long term the move spelled trouble.
"This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this," Rogers told "Squawk Box Europe."
We voted for this shower of incompetent shit, I guess we deserve to pay the bill.
Stock markets jumped after the U.S. government's decision to launch what could be its biggest federal bailout ever, in a bid to support the housing market and ward off more global financial market turbulence.
But Rogers said in the long term the move spelled trouble.
"This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this," Rogers told "Squawk Box Europe."
We voted for this shower of incompetent shit, I guess we deserve to pay the bill.
Thanks for doing a shit Job, heres a few million so you dont go hungry.
So, Dan Mudd, the CEO of Fannie Mae, is getting $9.3 million of severance for destroying his company. Richard Syron, the CEO of Freddie Mac, is getting $14.1 million--in part because of a clause he added to his employment contract two months ago, when it was clear the company was headed for disaster.
These severance payouts, of course, are chump-change relative to the usual CEO departure deals. And Mudd and Syron have taken it on the chin with shareholders, as their options and restricted stock are now largely worthless.
But the severance money comes right out of the pockets of taxpayers, who didn't agree to the severance deals and aren't ponying up to save the companies because they want to. Taxpayers are saving Fannie and Freddie because they have to--because Mudd and Syron were incompetent.
"Incompetent"? Is that too harsh? Absolutely not. Both men gambled big and lost bigger. The fact that they may not have appreciated how big a risk they were taking is no defense: If they didn't, they should have.
Both Mudd and Syron chose to run their companies at an astronomical level of leverage, borrowing more than $50 for every $1 they put to work. Why? Because, in the good years, the companies made more money than they would have had they been levered, say, 20-to-1. Just because a housing crash of the current magnitude hasn't happened since the 1930s doesn't mean Mudd and Syron shouldn't have guarded against it. Instead, they chose not to, and the companies--and shareholders and taxpayers--have paid the price.
These severance payouts, of course, are chump-change relative to the usual CEO departure deals. And Mudd and Syron have taken it on the chin with shareholders, as their options and restricted stock are now largely worthless.
But the severance money comes right out of the pockets of taxpayers, who didn't agree to the severance deals and aren't ponying up to save the companies because they want to. Taxpayers are saving Fannie and Freddie because they have to--because Mudd and Syron were incompetent.
"Incompetent"? Is that too harsh? Absolutely not. Both men gambled big and lost bigger. The fact that they may not have appreciated how big a risk they were taking is no defense: If they didn't, they should have.
Both Mudd and Syron chose to run their companies at an astronomical level of leverage, borrowing more than $50 for every $1 they put to work. Why? Because, in the good years, the companies made more money than they would have had they been levered, say, 20-to-1. Just because a housing crash of the current magnitude hasn't happened since the 1930s doesn't mean Mudd and Syron shouldn't have guarded against it. Instead, they chose not to, and the companies--and shareholders and taxpayers--have paid the price.
To bailout-or not to bailout? That is the question.
The question is, do we live in a free market economy or not? If company's know that every time they get too greedy and take too many risks, the government will be there to bail them out, surely it will encourage more greed and risk in the future.
Too big to fail? Bear Stearns was certainly not too big. Are GM and Ford too big, questionable, but when big company's fail, new and fledgling firms spring up. Company's that may have been held back by the big box cookie cutter car company's that monopolized the industry for so long. Churning out the same car, re-badged gas guzzlers year after year in the name of profit. Sure company's need to make a profit, but how about a long term business plan with a profit for the future by building innovative and fuel efficient cars.
Spend a little on Research and development and a little less lining the board room members pockets for a change.
Of course, these corrupt idiots will get their bailout, why? Because they spent millions on a lobbyist to pay for the campaign of the very congressmen thats going to push for the bailout, ain't life sweet?
The upper level is not Rich, they are lottery rich, stinking rich, and then they have the audacity to hold their hands out for a taxpayer bailout........yep, that will do nicely sir.
Too big to fail? Bear Stearns was certainly not too big. Are GM and Ford too big, questionable, but when big company's fail, new and fledgling firms spring up. Company's that may have been held back by the big box cookie cutter car company's that monopolized the industry for so long. Churning out the same car, re-badged gas guzzlers year after year in the name of profit. Sure company's need to make a profit, but how about a long term business plan with a profit for the future by building innovative and fuel efficient cars.
Spend a little on Research and development and a little less lining the board room members pockets for a change.
Of course, these corrupt idiots will get their bailout, why? Because they spent millions on a lobbyist to pay for the campaign of the very congressmen thats going to push for the bailout, ain't life sweet?
The upper level is not Rich, they are lottery rich, stinking rich, and then they have the audacity to hold their hands out for a taxpayer bailout........yep, that will do nicely sir.
Monday, September 8, 2008
Bear Stearns/ "Fannie Mac"/GM -next please!
So why is the average, hard working, taxpaying, 50+ hours a week citizen not outraged by all this corporate greed and white collar crime?
1. Simple, Joe six pack doesn't want to upset the Apple cart. After all, if he/she works hard and plays the "game" , you too will one day achieve the American dream".
2. Ignorance, pure and simple. As long as the credit card payments are made, the football is on TV, the Bud light is cheap and the SUV is big and everyone keeps watching American Idol and endless reality TV shows. We can all keep on dreaming about having our house on MTV cribs. Someday we will all be rich, so why worry.
3. Who reports this stuff in the mainstream media, FOX? CNN? People are not outraged because the majority have absolutely no clue, because if they did, the current corrupt shower of crap that sit in the ivory tower, would never have managed to worm their way into power in the first place.
1. Simple, Joe six pack doesn't want to upset the Apple cart. After all, if he/she works hard and plays the "game" , you too will one day achieve the American dream".
2. Ignorance, pure and simple. As long as the credit card payments are made, the football is on TV, the Bud light is cheap and the SUV is big and everyone keeps watching American Idol and endless reality TV shows. We can all keep on dreaming about having our house on MTV cribs. Someday we will all be rich, so why worry.
3. Who reports this stuff in the mainstream media, FOX? CNN? People are not outraged because the majority have absolutely no clue, because if they did, the current corrupt shower of crap that sit in the ivory tower, would never have managed to worm their way into power in the first place.
Fannie Mae CEO to get $9.3 million severence pay!
Yep, you heard it, DANIEL H MUDD CEO of Fannie Mae stands to collect $9.3 million after doing what can only be described as a pathetic Job of running the monkey show they call the American Mortgage industry.
Imagine if you dear reader, did such a pathetic Job in your chosen profession, you know, like bankrupt your company. Do you think you would get a nice fat handshake like Mr Mudd? Do you think after receiving more money than most people could spend in a lifetime for the past few years and running a company into the ground your company would slip you a few million on the way out of the door? No, security would show you the door and you should be happy with that!
These clowns collect millions for doing a crap Job, its insane, Taxpayers and our grand children and great grandchildren will foot the bill for their greed and incompetence and they get a golden handshake. Seriously are we in the twilight zone? Why aren't more people mad about this, mad, you should be stark raving furious, it doesn't make sense. These greedy pigs at the trough should be in Jail.
Imagine if you dear reader, did such a pathetic Job in your chosen profession, you know, like bankrupt your company. Do you think you would get a nice fat handshake like Mr Mudd? Do you think after receiving more money than most people could spend in a lifetime for the past few years and running a company into the ground your company would slip you a few million on the way out of the door? No, security would show you the door and you should be happy with that!
These clowns collect millions for doing a crap Job, its insane, Taxpayers and our grand children and great grandchildren will foot the bill for their greed and incompetence and they get a golden handshake. Seriously are we in the twilight zone? Why aren't more people mad about this, mad, you should be stark raving furious, it doesn't make sense. These greedy pigs at the trough should be in Jail.
Sunday, September 7, 2008
More bailouts for the Greedy
So Fannie Mae and Freddie Mac are to be bailed out by the hardworking (shrinking) middle class tax payer! These dirty corrupt CEOs with their ever disgustingly large pay packets, stock options and ridiculous bonuses are getting a government handout!
Do ya think they might stand up as a small and somewhat inconsequential gesture and pay a couple of million back into the kitty, like hell they will. Will the monkeys in DC make them pay just a little back on condition of a bailout? Like hell they will.
Does this make you mad dear blogger? Do you think its fair? While your income remains stagnant, a dirty corrupt CEO makes more in three hours than the average worker in 1 year.
Then we have the fatheads in charge of GM. Bob Lutz thinks its perfectly OK to ask for a $50 Billion, yes that's no typo-$50 Billion to pay for retooling in order to.....wait for it.............build more fuel efficient cars!
What the hell were they doing for the last decade for crying out loud. Sitting on their asses and cashing in? God forbid they looked past quarterly profits and ever expanding pay checks to prepare for the future. Whats even more shocking, Bob Lutz thinks they deserve the 50 Billion. Are you freaking kidding me!!!! Deserve, why does he still even have a Job?
~ So let me get this straight, a CEO making 100s of millions while doing a pathetic Job of running a car company, running it so bad, that he needs a bailout from the tax payer feels he deserves a handout! Do you ever wish you had swallowed the blue pill or the red pill dear reader?
After raping and pillaging with pure and utter greed, these criminals have the bare faced cheek and utter audacity to ask for a handout. Why aren't these numbskull's being fired?
Question is, who's next? Which fat cat corporation will hand out their hands next? Can the gubberment keep on bailing? Where do we draw the line? At what point do we say enough is enough with the abuse of our tax money.
Filthy corrupt greedy corporations, who have our so called "leaders" in their back pockets.
They scream capitalism is good and let the market do its "thing" when the going is good, but as soon as their pathetic attempts at running a business goes pear shaped they demand socialism to prop up their extortionate pay checks. It doesn't make sense anymore. no sense at all.
Do ya think they might stand up as a small and somewhat inconsequential gesture and pay a couple of million back into the kitty, like hell they will. Will the monkeys in DC make them pay just a little back on condition of a bailout? Like hell they will.
Does this make you mad dear blogger? Do you think its fair? While your income remains stagnant, a dirty corrupt CEO makes more in three hours than the average worker in 1 year.
Then we have the fatheads in charge of GM. Bob Lutz thinks its perfectly OK to ask for a $50 Billion, yes that's no typo-$50 Billion to pay for retooling in order to.....wait for it.............build more fuel efficient cars!
What the hell were they doing for the last decade for crying out loud. Sitting on their asses and cashing in? God forbid they looked past quarterly profits and ever expanding pay checks to prepare for the future. Whats even more shocking, Bob Lutz thinks they deserve the 50 Billion. Are you freaking kidding me!!!! Deserve, why does he still even have a Job?
~ So let me get this straight, a CEO making 100s of millions while doing a pathetic Job of running a car company, running it so bad, that he needs a bailout from the tax payer feels he deserves a handout! Do you ever wish you had swallowed the blue pill or the red pill dear reader?
After raping and pillaging with pure and utter greed, these criminals have the bare faced cheek and utter audacity to ask for a handout. Why aren't these numbskull's being fired?
Question is, who's next? Which fat cat corporation will hand out their hands next? Can the gubberment keep on bailing? Where do we draw the line? At what point do we say enough is enough with the abuse of our tax money.
Filthy corrupt greedy corporations, who have our so called "leaders" in their back pockets.
They scream capitalism is good and let the market do its "thing" when the going is good, but as soon as their pathetic attempts at running a business goes pear shaped they demand socialism to prop up their extortionate pay checks. It doesn't make sense anymore. no sense at all.
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