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You know how I know that the Democrats in Congress (and in party leadership) don’t give a spit about the American people? And a good number of Republicans are the same don’t give a damn about us, too? You know how I know?
I know because they have served these banking industry and speculative traders and investment banking wants over what was best for us.
The Democratic “leadership” has refused to pass legislation making these faulty unsecured credit products that banks have been trading in and lending on back and forth into an illegal instrument. It has counterfeited the true value securities and contributed, not in part, but wholly to the crisis which we are all experiencing.
That is, all of us are experiencing this disaster except the bankers and Congressional members who aren’t affected by their own criminal, negligent and corrupt business practices.
None of the Congress members passed necessary regulations to prevent this, but they knew to do it because Secretary Paulson brought them information from the international fiscal community that explained why it had to be done and the risks of not doing it.
They didn’t do anything to have protected our interests long before now and today, as usual, they are serving the bankers again. The President’s Cabinet members knew the problems and what was projected to happen and so did every member of the Congressional committees responsible for overseeing these matters.
They chose not to do anything about it to serve the interests of the same industry fraught with disregard that they are serving today. I don’t have a reason to place trust in this being different today as they say to us that this bailout and its total of 1.8 trillion dollars spent this year already including this bailout is going to make the difference that we need. Why would it?
And, I’ve already learned what it is like to live in the America they have created, that they have refused to protect, and that they have allowed and encouraged to be raped, pillaged and plundered by Wall Street and unmitigated, unrestricted trade in illegally created, unreliable credit products. The banking industry isn’t loaning money when they have manufactured the problems that exist for a faulty base of enterprise.
For some reason, sitting on the banking committee, our Congressmen and Senators thought that meant to do whatever the bankers believe will make them happy. And to what end?
Have they protected the value of our money? No, apparently not.
Have they seen to it that our homes were secure, that our jobs were available, that prosperity is available to each of us when pursued appropriately? Not just no, but hell no.
Have they insured that our economy is robust and vibrant and thriving? Obviously not.
Have they been making certain that our Democratic system and free market economy would survive their tenure and authority? Well – let’s see . . .
Maybe it would be best not to ask me that question.
Written by Cricket Diane C Sparky Phillips, 09-25-08, USA
From Fast Money Show on cnbc tonight,
it was explained that the investment bankers were allowed to borrow $40 for ever $1 (that’s one dollar) – they had in “assets” and who knows what those actually were. How does that work? If I have something from the dollar store, you will loan me $40 with that as collateral?
Whose idea was that? Why would anyone have failed to stop that practice and regulate it in an appropriate manner? Were the Congressional committees responsible for legislation on these matters, dead in their chairs or what? That defies the sense that anyone might have for sound business practices. And, I think the show indicated that banks put up a $1.00 as collateral assets to get $12 which, although somewhat better – what kind of financing mentality is that?