Mother Jones - Comments for "Legacy of Lies: The Great Economic Cover-Up"

An elderly lady goes into

An elderly lady goes into the doctor and tells him – “Doctor, I don’t know what the problem is, but I’ve been farting all the time. It’s not really a problem socially because they don’t make any noise and don’t smell. I just can’t stop farting all the time. In fact, since I’ve been standing here I must have farted at least 20 times.”tiffany jewelry
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Sucker, meet sucker bet

The richest 1% of America has identified who the dumbest 25% is -- the 25% who are not millionaires but who vote Republican, thereby impoverishing themselves. Take advantage of their market research, and market Bailout Bonds to the poor Republicans (the ones who don't have financial advisors). Don't feel sorry for them; they haven't wised up in 30 years, and they're doing their best to drag the rest of the country down. Start chain-mails that say that the patriotic thing to do is to buy Bailout Bonds. Advertise the Bailout Bonds on Fox News. Write letters to the editor complaining about illegal aliens being allowed to buy Bailout Bonds, 'cuz it just ain't right for them to profit off of America that way. You get the idea.

Why Feel Sorry?

Let's play a quick numbers game. $500B in Mortgages have been bundled into a "legacy" to be offered for, oh, let's say $100B. I only have to put up $7B and the Fed will front me the rest with no collateral (like a NINA but for Welfare Emporers, not just Queens and Kings). Now, so long as more than 20% of that legacy stays solvent, I will be able to clear my obligation to the Fed and anything over that is profit in my pocket. This number could be anywhere between $0 and $400B (ok, that's impossible, but a 60% could be possible and would mean a cool $200B in my pocket). Even at the piss-poor rate of 25% (which would mean 75% of the mortgages are not being collected on and are otherwise irrecoverable) I would have a clean $25B in my pocket. Go ahead and feel sorry for the hypothetical me for being a sucker and I'll keep feeling sorry for the real me for not having a few extra billion laying around to make money off of.

It isn't OUR money

it is the banksters' money. They stole it fair and square. Think I'm wrong? Just try to get the money back. What meaning of kleptocracy do you fail to learn? Read Gibbons' Decline and Fall of Roman Empire

It is no surprise Clinton

It is no surprise Clinton suggests spinning things upward and onward. He is on to something. The entire system is so gravely interdependent on momentum and hype that our (first world) entire way of life would vanish if stone hard facts were all we relied on. Modern economics are like air pressure and we have had (and are still going to have) a major deflation of the system. Only strong leadership and enforceable and clear regulations can stop the huge air leaks. What has really done the first world in is the two faced or concealed side to the economy. The large scale reliance on outside the box schemes including hedge funds (gambling), Ponzi schemes (theft), tax havens (theft), reliance on illegal immigration and sweatshop labor (indentured servitude/slavery), and overseas manufacturing with no ecological controls (Earth ending madness). Restructuring is wildly in order and it is very true that no crisis should be wasted. This is a mother of a crisis we all need step up and make great use of this right now.

I hope they can't find any suckers

I feel very sorry for anybody who's dumb enough to to buy the "legacy" worthless paper. Let's hope there aren't enough suckers to make the plan fly, so they have to give up on papering over the problem and actually clean it up. Break up the big banks!

They'd better hope we don't understand...

They'd better hope we don't understand the grand world of economic finance. If people better understood the alphabet soup that lined the pockets of the financial elite, the streets of New York would look a lot more like the streets of Athens or Paris.

Legacy of Lies: The Great Economic Cover up

Amen. Grandmother always said "Sunshine is the best disinfectant". Geithner, Summer and the rest still think they're the 'smartest guys in the room', which is why they are not being transparent enough; they come from the Republican led era that honestly believes most taxpayers are naive folks who wouldn't understand the grand world of economic finance (the same way "we" didn't "understand Iraq") their hubris and fear will either cause an epiphany or be the death of them. Bottom line, Wall Street, Feds, Congress, Banks, Insurance hedge funds, et. al.,.... read our lips "It's. Not. YOUR. Money". It's OUR money. Never forget that small little detail.