The long and short of it is this. The Wall Street crowd lost their shirts. They not only lost their shirts, but, they drained every coffer there was while Paulson was watching his 14,000 DOW disappear. They drained coffers in every available country and every available company there was with inventive fees and all kinds of 'hubris laden' promises.
After all, every ? investment ? made in America is signed with gold ink, just look at the NEW MONEY Bush minted in his treasury with gold leaf no less. And pretty colors, too. Reminting those 'actual' dollars cost plenty, but, who cared after all the Bush Administration wanted to make a good impression when the first $87 billion to Iraq was flown on a cargo plane.
There is a lot "W"rong with the circumstances President Obama now faces and I defy anyone to oppose him in his focus to resolving the issues of the day, however, when it comes to 'bailing' out the banks there was one thing. Only one thing. That one thing Bush and Paulson 'forgot' to ask when they DEMANDED a $700 Billion Bailout was 'where is the bottom to the losses that has been sustained.' How convenient a question is that too forget? Huh?
I always stated and I will continue to state that Secretary Geithner and I will part company on this issue of 'bailouts' and today is no different.
I understand how Secretary Geithner sees the 'troubled' banks as vital to the global economy. I completely understand that, but, the USA is 'tapped' out, Bud. No different than the other countries in the EU and Asia and SA and otherwise. The 'BANKERS' broke the bank and they also broke the back of the treasuries of every other country on the Globe, including my favorite, The South African Rand.
Today, Secretary Geithner's President signed a revolutionary Presidential Order releasing constraints on Stem Cell Research. It should have been met with OR BETTER YET preceded by vastly new investment in the 'science of stem cell research' now that the USA was backing its promise to find cures for diseases.
In the past administration nearly every bill that was passed was met with accolades from Wall Street as they knew every bill was a spending bill, but, yet today. Flat line.
Why, flat line? Simple. The DOW is dead. There is no more money floating around the planet and the deeper the USA goes into debt the worse it gets.
I don't doubt Bankers are clammering for every available dollar to pay their debts to Europe and Asia and South America; but; what everyone completely ignores, including Secretary Geithner, is the fact that there is no bottom to this 'hell hole' created by the past thirty years of Republican Rule. There is no bottom because the debt the banks are and have accumulated grows bigger and faster everyday. INTEREST. The bottomless pit of INTEREST is killing them, NOT the generous spirit of the American people that would sign any bill if the world would simply stop suffering. It won't and I am closing the door on 'The Pity Party.'
Bankruptcy law is there for a reason and I strongly suggest every company that is facing it file ASAP. No more bailouts. No more pity. We want 'closure' to this hideous 'idea' of 'recapturing' an economy that is still on life support. It is time the 'damage' is defined and clear and concise actions can be taken. I don't believe in Bailouts. I have never believed in Bailouts. I conceded for a moment or two that it might be necessary, but, this? Continued empathy for the already dead? No more.
The banks, the car companies and any other entity has to CLEARLY define their LIABILITIES so we know where 'the realistic' goal is to stop this economy from continuing deterioration.
They Shoot Horses, Don't They?
