Tuesday, October 21, 2008

My Fascist economy

American Scofflaw

It's is NOT "The Government's Money", it is YOUR money and when the bailout was ramrodded through Congress, we were all told that the money was to be used to buy up defaulted mortgages so that we could go back to buying homes.

Then we find out that the money, YOUR money, $700 billion of it, is being given to the banks and they can pretty much do whatever they want with it. Which means that loans to We The People, who were forced to cough up $700 billion (that is $1700 per household, BTW) will not see any benefit from this bailout after all. The banks are holding onto the money.

Folks, we have been HAD. While the DOW is down today, it is not down consistent with the massive liquidations required to cover $360 billion in Lehman Brothers credit defaults. So, what must be happening is that the $700 billion of YOUR money handed to the banks is being used to cover these losses.

In other words, Wall Street made a killing in the bull market with derivatives, and now that the market has turned bear, We The People get the losses.

When profits remain private, but losses are socialized, THAT is a fascist economy!

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