"USA: A Dishonest, Spineless Socialist State"

[rmptr]

IMO, government bailout of private concerns at taxpayer expense is theft from each of us, and our children, for many, many years to come.

Please read this clip taken from Ilargi at Automatic Earth

Ilargi: There is a remarkable consensus emerging, at least among the part of the population that has active neurons, when it comes to the state of US and global finance. "The greatest taxpayer rip-off in American history", "The Biggest Transfer Of Wealth In History", "One of the greatest periods of systematic looting in American history".

All of you who have followed my writings, know how much and how often I have emphasized these exact points. I’ve used a term like "transfer of wealth" (from public to private coffers) more times than I care to keep count of. And I’ve even given the scheme a name: The Bulgaria Model. Well, today, look around you.

This weekend, in my view, Willem Buiter at Financial Times is the king of the crop in analyzing what goes on in US finance politics these days: "USA: A dishonest, spineless socialist state".

If you would suggest to any American that today Russia is the most capitalist country in the world, and the US nothing but a socialist banana republic, nobody would listen to a word you say. Media and politics have painted the image of a free and strong society for so long that hardly anyone in the US has any clue of what is really happening.

But it’s still very much true, and it’s not a recent event either, or one endorsed by only one political party. It’s the blueprint of US society, and has been for many decades. What happens today is merely the logical and inevitable culmination of what has been sown through the past decades.

Please don’t expect the present "main" media to pay anything but lip service to reality. It’ll all continue, the lying and cheating and blindness, till it’s all done and way too late.

The picture painted and believed in will continue to be that of a US government and Federal Reserve attempting to save the US economy, in the name of the glory and betterment of all Americans, as well as all the poor lost souls on the planet who need clusterbombs, depleted uranium, renditions and waterboarding, in order to reach the nirvana of free democracy, which Americans themselves haven’t known for many generations.

I hold out no hopes that it will stop, or that people will start to see it for what it is. Americans will focus on yet another empty spinmeister doctored illusion of change that yet another presidential candidate promises, completely oblivious to the fact that ALL candidates in US politics are financed by the same small group of sponsors. who want to see a hefty profit from their investments, or else.
<eof>

I would expect a strong comment from everyone who reads this post.

Best,
rmptr

[Real de Tayopa Tropical Tramp]

HIO My friend rmptr:

Living outside of the US for many years, and not subject to the daily media propaganda, yet maintaining close ties, I must unfortunately, agree with you.

The US.that I was in two wars for, is not the one of today.

The present bailout isn't the answer, in fact it is criminal to an extent. I wonder if I, or you, can be reimbursed for some of the mining, business, or treasure hunting booboos that we have made in the past as these people are being rewarded for extremely poor judgement, to put it kindly.

What amazes me is that the ones that made the faulty (?) or deliberate decisions, still receive their full salaries , benefits, etc., and still remain in position in most cases. They are not punished for anything in any way while the tax payer and his descendants are.

This bailout will debase, devalue the pore Dollar even more, which means more debased dollars will be needed for fuel and food, yet your earnings in Dollars will remain basically the same.

These things haven't gone up in world price per unit as such, but the poor dollar has gone down in value that much. so it takes more of them for the same unit. Don't blame the oil producers so much, but our own officials -- stupidity, greed, or plan?.

This bailout is supposedly to keep a rein on things in the market, yet to do this requires more printed dollars which effectively does the same thing in the long run ---- debasement of the dollar. This means that you, and your earnings are worth less.

Don Jose de La Mancha

p.s. May I join you in your corner rmptr?

[Old Dog]

Rmptr,

I can see no end in sight myself.
Only a shadow (sadly) of what was a solid world for my kids.
They still hold out a semblance of hope,

But I am soundly in your corner as well.
Might as well get prepared for the inevitable

and enjoy what we have while it lasts
Thom

[Real de Tayopa Tropical Tramp]

A p.p.s. Supposedly it is to save many jobs etc. in these enterprises among other things, yet to go through with it will cost many, many more jobs in the end.


Side thingy, in the biblical references to possibly the present period, it pointedly omits reference to the US, could this be the reason why? an impotent US? Then again, could it be possibly be referring to Obama?

hehehe...

Don Jose de La Mancha

[G.I.B.]

Having living in many different countries during the past 10 years or so...

I consider myself as extremely lucky having been born where I was. I support my country and take a bit of offense at someone calling my home a "Spineless Socialist State." Only someone with very limited world experience (IMHO) would think this.

Do we have some problems? Why sure... but the opportunities to fix it are almost endless. Run for office, get elected, and fix what you don't like. Lobby to change laws, start a petition, publish a magazine and reach millions...

Nothing today is like it was yesterday, that's just progress. Good or bad, life evolves. But is America a spineless socialist state?

[Old Dog]

....
Nothing today is like it was yesterday, that's just progress. Good or bad, life evolves. But is America a spineless socialist state?

To answer that question... Almost surly.
And it certainly will be if obama is elected.
All to often we mistake for progress, something that is merely change.
Change is not always good.

Thom

[Zephyr]

The USA isn't screwed up any worse than every other country on the planet. It's just reported more (mainly to draw attention away from themselves. )

[EDDE]

http://www.marketwatch.com/news/stor...2%7D&dist=hppr

Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds

$376 Billion in Chinese Agency Bond Holdings Subject to Taxpayer Bailout Proposals According to FreedomWorks Analysts

Last update: 11:08 a.m. EDT July 11, 2008

WASHINGTON, Jul 11, 2008 (BUSINESS WIRE) -- As politicians call for taxpayer bailouts and a government takeover of troubled mortgage lenders Freddie Mac and Fannie Mae, FreedomWorks would like to point out that a bailout is a transfer of possibly hundreds of billions of U.S. tax dollars to sophisticated investors and governments overseas.

The top five foreign holders of Freddie and Fannie long-term debt are China, Japan, the Cayman Islands, Luxembourg, and Belgium. In total foreign investors hold over $1.3 trillion in these agency bonds, according to the U.S. Treasury's most recent "Report on Foreign Portfolio Holdings of U.S. Securities."
FreedomWorks President Matt Kibbe commented, "The prospectus for every GSE bond clearly states that it is not backed by the United States government. That's why investors holding agency bonds already receive a significant risk premium over Treasuries."

"A bailout at this stage would be the worst possible outcome for American taxpayers and mortgage holders, who have been paying a risk premium to these foreign investors. It would change the rules of the game retroactively and would directly subsidize the risks taken by sophisticated foreign investors."

"A bailout of GSE bondholders would be perhaps the greatest taxpayer rip-off in American history. It is bad economics and you can be sure it is terrible politics."

SOURCE: FreedomWorks

[Shortstack]

Posted a reply.It was removed.My opinion is not allowed on some things.I was censored for undisclosed reasons.No fowl language,no threats ..personal or otherwise,no justified reason to relieve me of my post.I guess my opinion is just not worthy.Well..I'm kinda used to it anyhow..hOO yAA and God Bless America anyway....right?

Hey, welcome to the club. I just had my avatar erased and then the ability to post another one permanently taken away by the Admin. He got quite excited because the picture is of a U.S. Senator being compared to Osama and had the letters"B.S" as part of the display. After I told him that he is wrong, is when he permanently cancelled my ability to post more avatars quote, "FOREVER", unquote. Ahhh Welll. Whatever floats his boat.

[Marc]

I am not sure what was removed from this thread - >I< didn't do it. But yes, we do not allow certain, offensive avatars. We recently cracked down on several, for different reasons. We will be updating our terms soon.

Unacceptable avatars include anything exploiting or ridiculing human deformity, disability, inferiority as well, as personal attacks and foul language.

This site is about Treasure Hunting. We reserve the right to maintain that general appearance as well as a family friendly atmosphere!

As far as censorship is concerned. This is a privately owned and operated website. We reserve the right to delete any content at any time for any reason. If you don't like that - stick to newsgroups! (I'm sure you'll enjoy that chaos! )

[someotherdude]

Yea Marc !

[someotherdude]

On the side, I too agree that this is a bad Idea but I also have mixed feelings. rmptr, I've read some of your posts and you seem quite knowledgeable about finances. That said do you see another way for the Fed to prevent a total collapse of our economy which in turn would cause a global collapse ?

[Real de Tayopa Tropical Tramp]

HMMMMMMMMMMMMMMMMMM there is no easy answer since the cards haven't all been dealt So I'll take two ---->. and call you.

Credit houses going down next?

Where will the bailing out end, and what does it tell these Exec's / co.s about their future conduct?

Don Jose de La Mancha