Monday, December 15, 2008

Let me get this right....

Let me get this right....

If you rob a bank and get a couple thousand dollars you go to jail for the same time a broker does for robbing people of 60 billion dollars. Where's my white shirt because there's a good incentive not to rob banks but Wall Street. Seems the people that were rating stocks 8 years ago where brokers paid there rating companies for a favorable rating. The rating companies made out in fees. The brokers got a nice piece of paper saying these stocks were great. They sold the stocks making fees for the transactions. The people that bought the stocks were left holding the bag, a bag of toxic waste. Sound familiar? These same ratings companies rated housing loans that were bundled together. They made favorable ratings and collected there fees. The brokers sold off the toxic laced loan packages. Now the government is bailing them out sort of. Hank Paulson who said we need to buy up those toxic loans but gave the money to his favorite banks where they now sit on the money. His idea was that they were going to loan money and get the economy going except he forgot to have some strings attached saying they have to loan this money they were given, given with no strings, not a loan, just given. Then there's the mortgage backs securities, a insurance company that has nothing to back it's policies up with. Since they were not called a insurance company they weren't regulated. Well if it smells like insurance and works like insurance then it should be regulated like insurance. You don't go to a casino that can't pay you when you win but this was a hedge fund where they only take when things are good, good for them and leave the people holding the toxic waste bag when things are bad. Hank Paulson favoring these Wall Street buddies gave AIG over one hundred billion dollars with no strings, not a loan, just gave them the money.

Lets go back to eight years ago when brokers were selling over rated stocks and walked away with over one hundred billion dollars. The brokers were fined one billion two hundred million dollars and told not to do it again. These were also brokers that contributed highly to the republican campaign which got Bush elected. So I guess they used a favor from someone high up in the Whitehouse because no one went to jail.

Back to today, so far no one has gone to jail for running the country into the ground but were rewarded by money, not a loan, just piles of money. Sounds like what happened in Iraq where piles of money were handed out with no accounting.

The TARP program was suppose to keep people in their houses but Hank Paulson a appointment by Bush favors Wall Street people giving them tons of money while the people paying for this, the tax payer are asking where is this money going? Paulson just saying, "Trust me." Meanwhile the economy is going from bad to worse.

So far there has been over "Two Trillion Dollars" given out, mostly to the presidents friends. A reward as Bush gets ready to leave office. Everyone talked about a October surprise and there was one, seems Bush had to break it and sell it to the public, congress and senate just like the war was sold to the American people. The war made some people rich with no bid contracts. Cheney still gets paid from Halliburton.

Lets see what has Bush done in the last eight years besides running the country into the ground. He's dismantled the EPA to where it's back to or before the EPA was created. His friends manipulated oil prices and made billions of dollars. His friends drove the price of corn up to where renewable fuels were buying corn at eight dollars a bushel and now are selling the alcohol for less then it took to make driving them out of business protecting the oil companies. He's got off shore drilling on the table. Left two wars going and never found his family friend Bin Laden, who I think is in the guest house on Bush's ranch. Lets not forget Katrina and Brownie who was "doing a heck of a job." Government jobs were privatized and those jobs, contracts were given to Bush's friends costing the tax payers more money then if the government was doing the same job.

Just love the guy that through the shoes at Bush in Iraq, what balls and what irony.