Irish Time

Saturday, February 20, 2010

CON BITES






This is gripping. I was at Bankers Trust during this disaster.Those who put Greenspan in office want us all to be in shock and penury, so we'll work for next to nothing an hour, without a union. This collapse is perfect for them. It creates opportunity for capitalists. It destroys ordinary people! Ms. Borne truly was an outsider to Rubin, Summers, Geithner, Greenspan's world. They don't care about social cohesion even though meltdowns like this get Fascists elected and innocent intelligent people murdered. The voters are suckers, they have been sold out by their politicians and union leaders.







Ask any hedge fund manager, derivatives trader, or broker if he or she would take the risk positions, if they were dealing with their own money and I'd bet you would get a "no way in hell" response from the majority... It's a catch 22 because they have let it get too far. With so much "funny money" in the system to reduce liquidity in the "gambling" piece is next to impossible, without creating a prohibitively expensive regulatory framework. This would have the impact of negative economic growth for an extended period. Politicians can't afford that, citizens don't really want to swallow that pill, and finance can't allow that or go under because the models would break, if regulation came into play in anything other than net profits out of dark markets... They chose not to restructure the market in 2007 and the failure to let companies fail, will only hurt an awful lot more in the coming decade.






"Morality is, and always be on the side of the heaviest artillery." Let me put it another way.. "The golden rule is..those who have the gold, rule". Are you, getting "the drift", here...... What any of us think, or say is meaningless to the "powerful people" who run this country. If you or I, individually try to do anything about it, we would be crushed like a grape under their feet.. The only time people, (masses) will listen , or are moved to action, is when one of three things happen. One when their "gas tanks are empty, and they have no more fuel, or when their stomachs are empty and they have no food, or both...Until then, "the peasants", will eat "the bread", from "the dough" that those in power, will prepare for us".... Whether you are a child, or Greenspan, remember that, "whoever works with honey, will at some point lick their fingers'.... (Honey=trillions of dollars.) If this were the French revolution, Greenspan, Rubin and company, would loose their heads....and that's the way it should be, why? because if it was you or I who did what they did, my friend, our heads would have be in a basket, a long time ago..







Why has media in general has not picked up on this problem. The people who were responsible for market collapse are still in charge of our financial systems now. The underlying problem isn't being addressed. There are trillions of dollars in CDOs and other derivatives held by banks that can't be priced because of insufficient information about the assets' values. Hence no buyers and no sellers currently.

As for the banks, unfortunately the reality is that many of them are insolvent in any real market value sense, for the reasons that Born warned about--a hugely leveraged, 600 TRILLION dollar shadow financial system. The reason the big banks are able to declare profits and pay fat bonuses, is because the politicians allowed them to lie about the value of these toxic assets, which in reality are worth around 25 cents on a dollar. The bank lobby has that kind of pull with elected representatives.




It is too late to take back governments worldwide from the special interest groups, corporations and their elected accomplices that have placed our world in such peril. For the sake of the billions of people that inhabit this planet, the first lesson of these experiences is our present system has in built collapse, it simply doesn't work long term for 99 per cent of the planets population.










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