Apr 3, 2008

BAILING OUT WALL STREET


A sick feeling rises from my gut. I've rarely seen the level of asskissing going on right now with Ben Bernanke. We didn't bail out the shareholders, but we did bail out the lenders. Dodd (D-CT)and Menendez (D-NJ)stand up for regular Americans by actually asking some serious questions, especially Menendez. Shelby (R-AL) actually wasn't too bad. Tester (D-MT) was okay.

But for a majority of the others, especially Bob Corker (R-TN)- it's a mad rush to thank the Fed for saving the big corporations from the weally weally nefarious FREE MARKET.

Bernanke feels that its likely that $29 BILLION investment by the Fed with taxpayer money will be worth it. But, he stammers, they haven't assessed it yet, they are in the process...

They haven't even figured out how much the Fed will be charged by BlackRock yet. Seriously- Repeat that to yourself: BlackRock was hired to evaluate Bear's assets for an unspecified fee. And not one that they aren't just specifying TO US- One they haven't figured out yet.

As in "Trust us. We'll tell you how much of this crap is crap. And we'll charge you something, er reasonable. Yeah, that's it, Ben."

Don't you Fed guys worry your pretty heads about it, m'kay? The big businessmen will tell you what they need and when. Go back to designing your dreamhome when you resign from the Fed next year...

Well, we've sent a lesson to the Mortgage holders. And we've sent a lesson to the shareholders of Bear-Stearns (and soon to be shareholders of several other major financials). But where is the lesson for the people who have been uprating the dirty Financial Institutions? Where is the lesson for the architects of this mess? Where is the lesson for these cutthroat lenders who give the loans with no accountability, then quickly bundle them all together and sell them away to the big financials as soon as possible?

Ben Bernanke just GUARANTEED an un-assessed pile of shit at a price tag of $29 Billion. But he feels that it will all be okay in the end. The only thing this insect has really guaranteed is a future position at JP Morgan.

And a panel made up mainly of sycophant Senators prattles on, helping cover the asses of THEIR biggest lenders, Corporations.

Once again, regular Americans get screwed and Big Business- who screwed over all these people, took the cash and ran- gets a big wet kiss.

Free Market my ass. There is NOT ONE DAMN Republican in Congress that isn't a crony for Big business. Trickle down into your rep's pockets.

Enjoy it, those of you dumbasses that vote for these dirty crooked Republicans even though you can't afford to buy stock.

By the way, Senator Bob Corker is the biggest Asskissing Weasel I've ever seen. If anyone is firmly of the back pocket of corporate interests its this slimeball. God, he's practically blowing Dimon, not questioning him. Do you HAVE any questions, Corker, you sellout?

The Headline on CNBC moments ago: Dimon: I was asked the right questions

Doesn't that just say it all...

Oaths, and some damn paperwork, and no more of this "no one can understand all this durn complexity" Bullshit! I also don't want to hear what you people are "reasonably confident" about!

Slave Market
Contact the Senate Banking Committee and commend Menendez for taking a stand, albeit a small one - it still towered above the rest. Let them know this is a wee bit more important than baseball players pumping up on roids.

If Bernanke is "reasonably confident" that Bear Stearns assets AREN'T a pile of worthless paper, then why was this bailout needed? Smokescreens that aid the Financials AREN'T in the Americans best interest. Without some real oversight - these lenders will keep this going until it breaks the country's back.
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UPDATE: Welcome to everyone visiting ala Mike's Blog Round Up and C&L : Mike also had this link on the matter: Naked Capitalism: Bear Hearings Charade
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UPDATE 2: Bear Stearns goes to work For J.P. Morgan. 7000 Bear Stearns Employees fired Bear Stearns goes to work For J.P. Morgan. 7000 Bear Stearns Employees fired

10 comments:

droudy said...

Bernanke is like a programmable doll: they give him the script and he will say what he's told to say. That's how Dimon could say that he was asked the right questions.

These arrogant fuckers are so smug, they don't even care when they show their own hands.

Furthermore, since Bernanke is on script, the real price tag for the deal won't be told until 1/20/09.

Great post. I also appreciate the link to the "Slave Market" article. That rally yesterday was really suspicious, on top of all the lying liar bs about us being "in danger of" a recession

The Poor Blogger said...

Thought you might be interested in this:

http://www.youtube.com/watch?v=PVKSfwfy0h8

thepoetryman said...

They think they've gotten away clean...Do they ever have a rude awakening afoot.

Liberality said...

you nailed it with this post. once again, big money interests are being bailed out by us little people. well, if you can't get rid of social security one way, try another, bankrupt the country beyond repair.

The Poor Blogger said...

The only thing worse than social welfare is corporate welfare. At least the former has a heart.

Fade said...

kester, the thing about it is, you can add up All to "evil" social welfare programs, how much they cost - and its a drop in the bucket in comparison.

Social welfare saves the country in the end, too, not to mention- being the Heart of this country- Give me your poor, your tired - While Corporate "welfare" isn't welfare at all- its just a form of Aristocracy that has always existed- those in power sharing their power to with others in power, in order to lord over the common man.

This country could be a much better place if some people on the higher ends would quit equating social welfare with propping up a robber barony.

I grew up rich AND poor. And I have YET to see the son of a rich man work for his living.

But it's all too easy for some third generation middle class person to point at a slum and say : Look how lazy they are!!

JACQ said...

Calling it "welfare" seems so oxymoronic to me.

Everyone receives their comeuppance. In one way or other. No one's above it. NO ONE.

Gillian de Chelseye said...

I read somewhere how Chris Dodd has received $5 million from big banking. And then several other members of the committee have also received millions donated to their campaign coffers. I wouldn't totally lay this at the republicans. Both sides suck, are corrupt and bought off by these evil special interests.
Good point about the social welfare. This $29 billion would have given a lot of people, food, shelter, better roads, a trip to the doctor.

Suzi Riot said...

Unfortunately, there are plenty of Democrats to join those Republicans who are so willing to offer up our asses to be raped by Big Business. And we're PAYING for it, too. Please, sir, may I have another? What a fvcking mess this country is.

The Poor Blogger said...

Fade,

I grew up poor myself. I and my siblings had food stamps and medicaid until we went off on our own. With that in mind, here are a couple of responses to your comment:

- I don't think the majority of those who advocate social welfare programs have the best interests of the poor at heart. I think they are doing the same thing everyone else in Federal politics is doing, trying to stay in power and using whatever they can to manipulate the masses to keep them there.

- That said, I certainly don't think social welfare programs are evil. And I think there are many who truly want to help the poor with them. My heart is always with the Robin Hoods of society (stealing from the rich to give to the poor).

- However, I still don't support them for one reason. As someone who grew up on government assistance, I can say that I would have preferred that no one who did not want to give money to me, as the son of a poor man, should not be forced to. If Mr. Rich wants to keep his money and let the poor rot on the streets, that's his perogative.

- What makes me the most sad is that the government shouldn't have to do this. It should be the Church (the Christian Church) who gives until they can give no more for the poor, the orphan, the widow, the imprisoned, etc. Yet we (Christians) are some of the fattest, most selfish rich kids on the block. God will judge us for every person who starves, every person who sleeps in the cold, and every person who rots alone in prison while we lived in comfort and security.

And we deserve it.

- Oh, and I think that corporate welfare is a thousand times worse than social welfare. I would rather have my money taken to feed the poor than to bail out a company.