Tuesday, December 02, 2008

FINANCIAL CRISIS: Stein doesn't have it all but he's fingered the crime and criminal!

Ben Stein went to Texas to ...
... speak to a large group of financial people about how government started this crisis. They started it by mandating home loans to people without credit worthiness, then made it worse by not regulating or banning credit default swaps arranged by people without any insurable interest in the bonds they "insured." [American Spectator; CRIB emphasis]
His sollution ...
... government can cure the crisis by guaranteeing solvency of inter-bank loans and by sharply curtailing liability under credit-default swaps. They are also going to need a real stimulus package of major size.
Not everyone agrees with Stein's views, however, here is where the man on the street (aka: me) agrees with Ferris Bueller's former instructor ...
Of course, instead, under that imbecile, Henry M. Paulson, we get state socialism of banks and investment banks. The bailout has morphed from being a help to borrowers in Muncie to being an immense life raft for Paulson's buddies on Wall Street. This is a last, desperate act of rapine against the American people by Mr. Paulson and I do not like it at all.
Here is my question all along ...
Yes, give them loans they have to repay. Yes, underwrite their loans. But don't buy them and continue to let their executives loot the system. Why on earth should a farmer in eastern Washington state have to prop up Goldman Sachs with his hard-earned money?
A dumbed-down public has an impact ...
I really do not understand why there is no revolution. The bailout was sold as a way to stabilize the mortgage situation, i.e., money for banks to allow them to keep lending to homeowners. Now it's a rescue package for billionaires in Greenwich. How come no one is even saying, "boo!" about this?
The reason there is no revolution is that the la revolution is that almost half of our citizenry have been turned into unquestioning leftists by academia; and unless our MSM media drives a cause it is not a cause as far as the brain-dead public is concerned!
Nice work, Henry M. Paulson, for not doing the smart thing right away but instead letting world confidence in financial markets simply vanish. Has there ever been a worse Treasury Secretary than Mr. Paulson? I don't think so.
Many of us have tried to warn America of this scam by someone who simply doesn't know what he's doing ... and still doesn't ... yet there are hundreds of wealthy Wall Streeters dancing a jig.

Now the line between private and public has been blurred by a huge intrusion of the government into the private.

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