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The conservative estimate of $60 Trillion dollars in credit default swaps, credit derivatives and similar exotic financial products are currently in the US marketplace. So, how will the US government plan (the bankers’ dream plan) of a “bad bank” to purchase these toxic credit derivatives decide whose business will be given the advantage of purchasing their losses?

How will our government, the US Treasury and the Federal Reserve remain solvent entities if they do purchase these unsecured toxic assets? Will it then cost us a $1,000,000 US dollars to buy a loaf of bread as has happened in many third world countries whose fiscal policies bankrupted them?

Will some banks and previously known investment banks, hedge funds and others be left without opportunities for their losses to be purchased while some favorites are given a clean slate of US government sponsored profitability? Will all the gamblers of toxic risk products be saved or who will pick and choose those worthy from among them?

Does there ever come a point at which the needs of the American people are considered above the needs of a few with access to Washington’s ear? These businesses and banks enjoyed profits when they were available. They were the ones who mismanaged those profits and assets of the businesses they were paid to oversee. They are the ones who leveraged those assets by over 40 times their value. And, they are the ones who expect to enjoy future profits free and clear of the consequences from their actions and active mismanagement of their firms.

Why do we need banks, finance companies, investment industry companies and any other that has been conducting business in ways that have yielded the complete corruption and failure of our financial system and our economy?

– cricketdiane, 01-29-09