Thursday, July 28, 2011
Giant Banks Lobby to Raise the Debt Ceiling and Slash Public Benefits ... So They Can Keep Sucking at the Public Teat
Economist Dean Banker notes:
Wall Street will suffer more than anyone from a default and it will not let it happen. The public should know this, certainly Wall Street does.
No wonder the fatcats running the giant banks which received tens of trillions in bailouts, loans and guarantees from the American public are screaming loudly that the debt ceiling must be raised.
Robert Reich points out:
Why has Standard & Poor's decided now's the time to crack down on the federal budget -- when it gave free passes to Wall Street's risky securities and George W. Bush's giant tax cuts for the wealthy, thereby contributing to the very crisis its now demanding be addressed?
Could it have anything to do with the fact that the Street pays Standard & Poor's bills?
Remember, the big 3 government-sponsored rating agencies routinely took bribes as their normal business model, committed massive fraud which greatly contributed to the financial crisis, covered up improper ratings after the fact, and otherwise sold their soul (in their own words). And see this and this.
Some complain about the poor sucking on the government teat.
But the fact that Wall Street controls the rating agencies, and the rating agencies are now creating an artificial emergency sounds like the powers-that-be - the giant banks which run this country - are trying to protect their government teat of perpetual bailouts from the public coffers.
And of course, they are the ones calling for slashing of spending which helps the public. Even though - as conservative writer Michael Rivero points out:
Social Security is not "unfunded" nor is it an "entitlement." That is YOUR money in that trust fund. You worked for it, and it was taken out of all your paychecks your entire working life.The debt crisis might be real ... I've been warning about it for years (and see this and this).
The Social Security Trust fund invested your money by loaning it to the US Government, which is the largest single holder of US Government debt. But the US Government is already in default in fact, as the actual tax revenues have not even come close to the projections on which the budgets were drawn up.
So the US Government has looked at all the entities they owe money to and decided that stiffing the American people is the least likely to cause them harm. They will pay the bankers and they will pay foreign nations and they will continue to bail out Wall Street for the mortgage-backed securities fraud by embezzling your retirement money you gave them in trust. The US Government is robbing you to save the private central bank! [i.e. the big banks. See this and this.]
The potential downgrade to America's credit is real ... I've been warning about that for years, as well.
But the way that the rating agencies and Wall Street are approaching the debt ceiling debate is a scam. See this, this and this.
After all, they aren't even discussing the spending cuts which must be enacted to reduce our debt:
(1) Ending the imperial wars, which reduce - rather than strengthen - national security (and see this and this);
(2) Ending the never-ending bailouts for Wall Street;
(3) Prosecuting fraud and clawing back the ill-gotten gains;
(4) Ending the Bush tax cuts, which are hurting the economy; and
(5) Slashing pensions for public employees, at least when they are pegged to an artificially "spiked" final year's salary.
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You Americans are so immature! If you all became bankers and Wall Street money junkies, you all would make the money you know you all envy the real players and predators for EARNING. A tax payer safety net is in place for those who can grab life by the horns and go for it. You insist on STRUGGLING to get by and prove yourselves to be the inferior beings that you are. Why grow vegetables for or fix your neighbors' cars when you can be a REAL MAN and scoop WHAT YOU WANT from the free market. It is THERE FOR THE TAKING, if you have the stature of a TRUE ALPHA MALE! MAKE YOUR OWN RULES. THEN MAKE YOUR OWN RULERS, bitch. And stay hidden for the rest of your life because there are millions of people outside who will fillet you like a trout when they catch you.
ReplyDeleteI agree with apeman2502 because Americans can only complain and they love to complain. They have not lived in the worst conditions many outside of America have lived and they have more than what many in the world do not have. They get their three warm meals, home, water, clothes and convenient transportation and yet, they still complain. You guys are free enough to become a banker or a Wall Street wiz but you just fill your self with excuses of why you're not rich and why you're a victim. You got to grab life by the horn and don't bitch at the Wall Street mega rich for them being rich and powerful. If you guys were up there, you would do the same.
ReplyDeleteI agree with apeman2502 because Americans can only complain and they love to complain. They have not lived in the worst conditions many outside of America have lived and they have more than what many in the world do not have. They get their three warm meals, home, water, clothes and convenient transportation and yet, they still complain. You guys are free enough to become a banker or a Wall Street wiz but you just fill your self with excuses of why you're not rich and why you're a victim. You got to grab life by the horn and don't bitch at the Wall Street mega rich for them being rich and powerful. If you guys were up there, you would do the same.
ReplyDeleteThis is the cry of the seriously addicted gambler.
ReplyDelete"O please give me more credit so I can win back the money I gambled away...'
They gamble because they want excitement generated by what they think is chance and they are greedy --want something for nothing without working for it -- but the odd are against most gamblers in the long run.
Lazy,greedy, stupid people always want more than they can afford and will do anything they can to get MORE except WORK for a living so they prey upon those of us who do.
When I did a study of what the financial industry consists of, I was shocked!
All the bluff,illusions,lies and how they managed to get this enacted into law so it can be enforced by folks with gun--including a generally worthless fiat currency.
Nobody in my family ever trusted banks much after the 1930s Depression and neither do I.
If you keep more money in the bank than you need for VERY basic operations and if you keep your money is a savings & loan, you are a fool.