What We Learned in the Last Two Weeks

Okay, I have to make a couple of observations about this whole economic meltdown thing. Before they vote to bail out the system - and they will - just not on Paulson’s terms.

First, despite the desperation that brought Paulson to beg for money right now or the sky will fall tomorrow, the sky didn’t fall tomorrow. Or the next day. Or the next week. Sure the markets are “adjusting” with big swings up and down (obviously someone still has money), banks are continuing to fail, and now the credit market is frozen. But the world is still turning, the billionaires are buying up bargains on their own (infusing ready cash here and there), and the dollar still remains stronger than it will be after we print another trillion of them.

Second, it’s beginning to look like it really was an end game scam, one last big robbery before their power runs out. Paulson isn’t going to get the absolute power he tried to grab, nor is he going to get any waivers on oversight or blanket immunity from judicial review. Which means he can’t just pass out billions to his cronies and benefactors. The robbery didn’t go off as planned.

The “assets” we have already bought - Fannie Mae and Freddie Mac - are riddled with evidence of felonious behavior and the FBI is hot on the case. AIG’s books don’t look to be any less felonious, they’re being investigated as well. People will likely go to jail.

Now, don’t get me wrong. There will be a bailout because the economy must keep going. The rich will get way more than they deserve, the rest of us get stiffed as usual. So don’t believe any of them when they claim to care about We the People. They don’t. One of these days wwe might decide to inform them in no uncertain terms that we don’t care about them either. Until then, best of luck to us!

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Filed under Class War, Corruption, Economics, Federal Reserve, Market Crash |