Those who continue to perpetrate that myth and those that believe it will only insure that the real enemy, Corruption, Power and Greed will win.
If you have read the post prior to this our hope would be that your scratching your head asking yourself, "how in the h ell are they getting away with it?"
A CPA friend of mine who a small but successful accounting firm laments at the oversight he and his few employee's must endure while the corporate giants with the help of members of both parties gang rape us.
From a David Goldman (David P. Goldman was global head of debt research for Banc of America Securities and earlier global head of credit strategy at Credit Suisse. He was until July 2008 the strategist for a credit hedge fund, Asteri Capital, one of the few credit funds to show a profit between July 2007 and July 2008. He is now Associate Editor of First Things (http://www.firstthings.com) and a columnist (under the byline "Spengler") for Asia Times Online.) article posted on Seeking Alpha today
I find it difficult to own financial's when all they appear to do is to lever up 2-year notes. i can do that myself without paying a trading floor big bonuses to do that for me. Banks aren’t making money lending with their loan books down by 20% (the last reporting week for big commercial banks showed a tiny uptick — hardly a trend); they are reporting huge “fixed income trading” profits. That comes from two sources; 1) tightening of spread assets to the best levels in history in the case of mortgages and extremely tight levels in the case of corporates, and 2) a huge amount of carry-trade leverage in Treasuries.and
In any event, with the discount rate on equities near zero at the front end and very low at the long end of the curve, any positive level of profits can produce very high valuations indeed.Translation: You the taxpayer allowed the government to bail out banks failing as a result of fraud.
Your money was given to them with the caveat that they would lend it out to create new jobs and stimulate the economy. Instead they are lending very little! They are buying Treasury notes at rates that you and I could not survive on. But if you are investing billions, then the return can be quite substantial.
In other words the safest play for the banks is to say "FUCK YOU" we are going to take your money
from the government at zero interest, then buy money from the government but make them pay us for it which will debited to you. We will then take said money and continue to buy politicians insuring that you will continue to pay for our lavish lifestyles and their ain't a damn thing you can do about it.
Let me ask you a question. If some dude came up to you in a bar and laid that crap on you what would you do about it????????? O.K. then, why are you letting THEM do it to you, you family, and your future generations??? Are we all a bunch of damn chickenshits?????
alternatively cleptocracy or kleptarchy, from Greek: κλέπτης (thieve) and κράτος (rule), is a term applied to a government that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thievesAdd to Technorati Favorites".