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Bankrupt Nation

MÁS EN ESTA SECCIÓN

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“Quick! Give me all your money”

Perplexed by the greatest economic crisis in its history the American people through its representatives in Congress face a burglar-like approach from Wall Street and it’s slumbering watchdogs the Federal Reserve and the Treasury.
Even President Bush, against his “own de-regulation instincts” is urging Americans yet again to hand him over extraordinary powers and means to salvage a corrupt and bankrupt financial system.

All-powerful the most unpopular president in the history of the United States might just manage to gamble $700 billon dollars only 3 months shy of leaving office.

The Patriot Act encroaching on civil liberties, the Iraq War fought under false pretenses, and now the $700 billion bailout of a financial system intent in ripping off the poor and the middle-class, were all elicited by means of fear, lies, and treachery.

Both sides in Congress are attempting to at least curb on the pay of executives running bailed out financial firms.  Our Treasurer Mr. Paulson feels that such caps or limits would kill the incentive needed for ‘creative and exceptional performance’.  That certainly explains it all, had President Bush been allowed to earn millions of dollars worth of salary plus bonuses, instead of a meager half a million his performance could have been better.
The sub-prime mortgage market was a purpose made scam to reap short-term financial returns.  Why else deliberately lend money to those that couldn’t afford it?  Poor people are the best customers for usurers operating under the guise of credit card issuers and mortgage lenders, after all the poor pay 3 and 10 times higher interests.
The gamble was clear from the beginning, wishful debtors would invariably fail within 2 or 3 years, and with real estate prices on the rise the repossessed properties would be sold again with a profit.   A perfect scheme until it failed.

Accountability and transparency, not another absurd gamble, are the only means to salvage a whole nation from bankruptcy. 

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