Thursday, October 2, 2008
WASHINGTON to WALL ST. BAILOUT – THE MOTHER OF ALL SCAMS
By: Dale Robertson – Houston, Texas – 2 October 08
America is in trouble. Our financial institutions on Wall Street have with an uncommon arrogance, supra-confidence and with an unbridled greed breaching the very threshold of fraud have created layers of mortgage or asset backed financial instruments which are so complex that they defy comprehension. Implementing these complex instruments Wall Street has reportedly employed fraud and deceit to scam millions of Americans and indeed millions around the world to the tune of hundreds of Billions – indeed Trillions - of Dollars. And now these “sophisticated miracles of structured finance” have been subjected to a market reality which places no value on the entire mess. Indeed the market for these financial products has virtually shut down finding no buyers resulting in no transactions.
In the meantime, the Bush Administration and its web of regulatory agencies have with calculation turned the blind eye of its watch dog regulatory functions permitting the unbridled greed of Wall Street to achieve unprecedented and unimaginable levels of world wide fraud and scam. In example, United Australian Bank in August of 2008 made an organizational decision to write-off as worthless fully Ninety percent (90%) of its Wall Street created Mortgage Backed Assets – costing hundreds of millions. With its largess of political campaign contributions benefiting both the administration and congress, Wall Street firms have collectively created an incestuous closed power and financial feedback loop with government virtually guaranteeing a web of laws and regulation giving legs to a manifest unchecked greed. Reaping the benefits of this cozy relationship with Wall Street born of perpetuating incumbents with the largest campaign contributions ever seen administered by a battalions of Wall Street lobbyist, Congress has busily passed laws which have functionally aided and abetted the progress an unbridled, rampant and unrestrained scam. And all the while “we the people”, by our votes, and our slumber, have acquiesced to a growing financial nightmare which has now come to pay its historic visit. A now unavoidable worldwide financial meltdown is in progress and constitutes a National Security Issue!!
Now Wall Streets chief lobbyist, in the person of the Administration’s Secretary of Treasury Hank Paulson, having left Wall Street with a multimillion dollar severance package, and on the verge of a congressional recess, informs our political representatives that unless they immediately pass a three page proposal for an unspecified and unlimited amount of taxpayer funds, immediately, then the financial sky is going to fall on America and the world. The proposal called for the immediate delivery of a virtual blank check with no strings attached empowering Secretary of Treasury Hank Paulson to buy back from the failed and failing banks and institutions worldwide that which he, and he alone, sees fit with no oversight and no review by any judicial or administrative agency. In short, Paulson’s plan to purloin the public purse in an extraordinary and unprecedented bailout constituting the declaration of a de-facto financial dictatorship funded with taxpayer money from the American public. Lets see now, Secretary Paulson’s proposal is to create a unprecedented bailout benefiting the failed institutions of Wall Street, rising from an intimidation of congress, immediately demanded and with no oversight for an unspecified billions of dollars granted under an unlimited and unchecked authority to one man all at the expense of the American Taxpayer who had no hand in the creation of the mess to begin with. Now that’s the Mother of all Scams!!
The question now is whether “we the people” will allow this scam to actually happen. Will “We the People” permit the failure of Bank and Investment scams to be socialized? The House of Representatives on Monday, voted it down after converting Paulson’s three page proposal into more than 100 pages of legislative proposal. House rejection came only after an unprecedented coalition of “we the people” assaulted congress with hundreds of thousands of outright objections – running at times 200 to one against the proposal – only then did Congress actually defeat the bailout scam. But at present the proposal remains as a failed proposal - - Like a phoenix, however, Congress has now come back with a second effort and seeks to pass yet another version this week - - - then planning to recess to pursue their re-election campaigns with their respective political constituents – ie: “we the people”. Thank God for two year election cycles in the House of Representatives where all revenue bills must originate. With unrelenting pressure from the Administration – both President Bush and the Secretary of Treasury Paulson - congress has vowed to go back to the drawing board and draft new more palatable legislation and attempt a passing vote today, Thursday, 2 October 08. The scam thus will be passed unless “we the people” renew our objections by immediately mounting a campaign to direct our representatives to vote it down.
The present structure of the scam is so fundamentally flawed that it defies any ordinary reason or comprehension. Indeed everything about this proposal now nearly two weeks old is extraordinary and unimaginable except that it is unfolding before out eyes. In short, the American people are being victimized and required to pay for the failed evil and fraud of Wall Street which was aided and abetted by both the Administration and our Congress while we slept in confidence that our representatives were – well – representing our interest! “We the People” cannot be left as victims of this scam – but unless we rise to the occasion as was demonstrated earlier this week that is exactly what Wall Street, President Bush, Secretary Paulson and the leadership of the House of Representatives have in mind. The Senate is now reported to have secured at least 70 favorable votes in ratification of an expected House Passage of the scam. Accordingly, the people of this nation, the unprecedented coalition of the American People, need to renew their opposition to this scam this morning in order to maintain some semblance of propriety and sanity in this emergent crisis and would be scam. The only way that that can happen is for every American to voice their opposition immediately to their Representatives - - - - NOW!!!