Throwing more debt after bad debt doesn't work!

Bernanke and his cronies announced that the US will need another bailout yesterday!
Unbelievably, the hooked on debt Wall St junkies reacted to this as positive news. The Dow rallied and gained 4oo points.

The best definition I can come up with of what is going on here is, "paying your mortgage with your credit card, and then borrowing more money from a loan shark to make the payments on that credit card".

Seriously, you just couldn't make this shit up.

For Crying out loud- JAIL SOMEBODY!!!!

If this doesn't make your blood boil-nothing will!!!

WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.
In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.
Freddie Mac's payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.
In the midst of DCI's yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.
"If effective regulatory reform legislation ... is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole," the senators wrote in a letter that proved prescient.
Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.
In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats also opposed it and the votes of some would be needed for passage. The measure died at the end of the 109th Congress.
McCain, R-Ariz., was not a target of the DCI campaign. He signed Hagel's letter and three weeks later signed on as a co-sponsor of the bill.
By the time McCain did so, however, DCI's effort had gone on for nine months and was on its way toward killing the bill.
In recent days, McCain has said Freddie Mac and Fannie Mae were "one of the real catalysts, really the match that lit this fire" of the global credit crisis. McCain has accused Democratic presidential candidate Barack Obama of taking advice from former executives of Fannie Mae and Freddie Mac, and failing to see that the companies were heading for a meltdown.

"It is outrageous that a congressionally chartered government-sponsored enterprise would lobby against a member of Congress's bill that would strengthen the regulation and oversight of that institution," Buttry said in a statement. "America has paid an extremely high price for the reckless, and possibly criminal, actions of the leadership at Freddie and Fannie."

Rotten CEOs to get $70Billion in bonuses from bailout money

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn, a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.
Pay plans for bankers have been disclosed in recent corporate statements. Pressure on the US firms to review preparations for annual bonuses increased yesterday when Germany's Deutsche Bank said many of its leading traders would join Josef Ackermann, its chief executive, in waiving millions of euros in annual payouts.
The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.
At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.
In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.
At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn. At Merrill, which was on the point of going bust last month before being taken over by Bank of America, the total accrued in the last quarter grew 76% to $3.49bn. At Morgan Stanley, the amount put aside for staff compensation also grew in the last quarter to the end of August by 3% to $3.7bn.
Days before it collapsed into bankruptcy protection a month ago Lehman Brothers revealed $6.12bn of staff pay plans in its corporate filings. These payouts, the bank insisted, were justified despite net revenue collapsing from $14.9bn to a net outgoing of $64m.
None of the banks the Guardian contacted wished to comment on the record about their pay plans. But behind the scenes, one source said: "For a normal person the salaries are very high and the bonuses seem even higher. But in this world you get a top bonus for top performance, a medium bonus for mediocre performance and a much smaller bonus if you don't do so well."
Many critics of investment banks have questioned why firms continue to siphon off billions of dollars of bank earnings into bonus pools rather than using the funds to shore up the capital position of the crisis-stricken institutions. One source said: "That's a fair question - and it may well be that by the end of the year the banks start review the situation."
Much of the anger about investment banking bonuses has focused on boardroom executives such as former Lehman boss Dick Fuld, who was paid $485m in salary, bonuses and options between 2000 and 2007.
Last year Merrill Lynch's chairman Stan O'Neal retired after announcing losses of $8bn, taking a final pay deal worth $161m. Citigroup boss Chuck Prince left last year with a $38m in bonuses, shares and options after multibillion-dollar write-downs. In Britain, Bob Diamond, Barclays president, is one of the few investment bankers whose pay is public. Last year he received a salary of £250,000, but his total pay, including bonuses, reached £36m.

Has the Wall St Scum averted complete collapse?

Financial markets in the US and across the world have been thrown into turmoil as banks have discovered that many American home owners cannot afford to repay the mortgages that have been collected into complex bundles sold in stock markets.
The revelations have fed into panic in world financial markets that have led to sharp falls in share prices and a reluctance among banks to lend money - the credit crunch.

Paper losses for the year add up to a staggering $8.3 Trillion! So how does bailing out the crooks on Wall st with a paltry $700,billion expect to stem the tsunami that is coming? Except of course to bailout the monkeys in silk ties on Wall st!

The $700 billion is just another finger in the dam from the little Dutch boy. Question is, one day the little Dutch boy will run out of fingers!

The value of US retirement accounts has declined $2 trillion in 15 months- about $6,500 for every man, woman and child. Of course, some of those gains were illusionary in the first place, driven too high by the housing bubble. As the Dow gained a little over 900 points on Monday, it shows that the master magicians have managed to keep the illusion going for a little while longer. Delaying the inevitable will only prolong the length of the Depression/recession.

Unfortunately, as is the way with the world, we WILL not learn our lesson this time, or the NEXT time or the NEXT. Mankind has his finger on the self destruct button and is not afraid to use it.

Our leaders?

A picture can say more than a thousand words. Corporate greed and corruption. Is it any different to expect the citizens of a country to act any different if the so called leaders can not lead by example? What kind of world do we want to leave behind for our children? A massive debt so big, that generations to come will have to pay for our greed. All so a few elite imbecile's can amass a wealth so big, they could not possibly spend it in a lifetime. Why?

CEO v Worker pay.

Paulson, Bernanke and the rest of the henchmen who control the purse strings of the average hard working tax paying American, have a plan. The plan is to bailout the Monkeys on Wall st and in Particular their Buddy's who have run these company's into the ground with their insatiable greed!
NEWSFLASH, the money DOES NOT TRICKLE DOWN. There is NO "trickle down effect" (see graph below) They fooled us again!
God knows how much money a human being can spend in a lifetime. Are you MAD yet TAXPAYER ?

With clever accountants, these CEOs hide their $100 million bonuses in foreign offshore accounts. While your 401K and pension and savings plan gets raped by these greedy criminals America calls CEOs, they have the audacity to ask cap in hand for a Bailout. Yes they are TOO BIG TO FAIL. So big in fact that even after billion dollar bailouts the FBI still feels it unnecessary to investigate and charge these criminals with treason and stealing your hard earned savings.

ENRON- Anyone remember Enron? Yes, you would think that Fiasco would still be fresh in our minds, I mean it wasn't that long ago was it. Well dear reader, like every housing boom and bust from the past, we have very short memory's. We have NEVER and nor shall we learn from our mistakes. Now we have Hundreds of ENRON'S and this time its different- or is it?

From 1789-1799, the french aristocracy learnt the hard way what happens when 1% of the population hoard all the wealth. Of course, what little chance Joe six pack has of demonstrating against this white collar crime, will soon be squashed by the "thought police" and perhaps a little martial law thrown in for good measure under the "domestic terrorism" or patriot act!
Back to being bombarded with endless reality shows, Fox news, and keeping up with the Karishidans, followed by endless TV commercials telling you to be a good little consumer by buying another SUV and an overpriced house they call an "Investment" that you can use as an ATM machine to buy more crap that you don't need. Debt is wealth. These greedy CEOs play the dumb masses like a fiddle and only about 10% of the sheeple without Satellite and Cable TV know it.

They have no shame.

Dick Fuld-former CEO of Lehman Brothers Holdings Inc, refused to accept resonsiblity for the collapse of the one-time in investment giant. He argued that the failure of his former employer was due to a "crisis of confidence" in the finacial markets.

This is typical of the "teflon" my shit does not stink of these corporate criminals.
The truth is blinded by lottery size pay plans they turned a blind eye to the criminal practices in a manner that would make ENRON look legit! The fact is hey couldn't find a bigger suckers to accept their bloated and overvalued paper they call money!

The overvalued paper that had been the basis of their decade long "success". Yes, sucess that was the rationing behind blindingly greedy CEO and executive pay packets.

John Kenneth Galbraith- Havard economist called this "The greater fool theory" He argued that any asset is only worth what the next buyer (sucker?) is willing to pay. The same theory with regards to house purchase.

As a matter of fact, Fuld earned $500,000,000 between 1994 and 2007. Yes that is not a typo, a half a billion dollars for doing a what is in retrospect a pathetic Job. What business school did these greedy Monkeys go to-Harvard? Does Harvard deserve to loose all credability for letting this idiots loose on the world? In my opinion whatever it is they are teaching in economics class to the rotten "baby boomer" generation, needs to change when Generation X and Y finally get their country back.
These CEO's have done more harm to Amercia than a hundred "Bin Ladens" could ever dream off.
Contrary to Fuld's statements, the real victims of this debacle are pensioners and small investors who rely on others for protection. These investors are no less victims than were the passengers of the Titanic, who had been led to believe the ship was unsinkable. Blind faith in the government and the system is their only mistake.

Linking CEO pay to a company's results is the only sure way to stop this madness. The "golden parachutes" that these criminals receive EVEN if the company fails drastically has to stop. It encourages reckless risk with no consequence, and with their "friends" at the reign in Washington, and Washington's "friends" in charge of the investment company's, its a win win situation.

Thank you Hank Paulson, Finance secretary and conveniently ex CEO of Goldman Sachs-one of the last investment banks still standing!