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Idaho's Weekly Journal of Local & National Commentary  Week 4214

 

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by Free Market Duck

U.S. Treasury to Bail Out Billionaire Bankers on Wall Street Under Guise of Saving Subprime Borrowers
(Dec 03, 2007)

Welcome to the recession?

Washington, DC Secretary of the U.S. Treasury Henry Paulson just popped onto national TV and proposed a government bail out of subprime mortgage borrowers to save our healthy, non-recessionary, looking-good, it's OK economy.

   Right.

   OK, let's see if I got this straight, girl friends.

   First the Federal Reserve central bank prints up trillions and trillions of non-backed paper money (not backed by gold), injects it into the U.S. economy through a well-oiled subprime mortgage scheme orchestrated by Wall Street central bank members and their fake Enron-like "off the books" investment corporations who bundled their subprime mortgages with leveraged new money from the Fed Reserve and sold them to everybody domestically and internationally, and then when the subprime borrowers can't repay their hyperinflated ARMs which are resetting to 30-year higher fixed rates in 2007, 2008, and 2009, the Secretary of the U.S. Treasury steps in, tap dances around on national TV, and proposes that the U.S. government should bail out the Wall Street billionaire bankers by pretending to SAVE all the poor subprime mortgage borrowers by freezing the rates of subprime borrowers and, in general, government intervention into the housing market.

  Who does Sec of Treasury Henry Paulson (formerly of big bank Goldman Sachs) think he is kidding?

   The subprime mortgage slime was CREATED by our non-collateralized central bank, the Federal Reserve, and their member Wall Street banks and investment houses and they made billions in profits even after their latest so-called "write-downs."  CEOs fired from the banks are walking away with $200 million severance packages.  The term "fired" has taken on a new meaning in the banking community.  It now means a "hefty pay raise" and catapulting onto the Forbes 400 Billionaire List.

   By mixing subprime mortgages with other "new money," the bankers made sure nobody could trace who holds how much of which investment bundle or determine a "mark to market" value while carrying the investments on their subsidiary's books (shades of Enron).  This was not a mistake; this was done on purpose.  This is Enron Economics in the banking community.

   And now the coup d'etat:  while robbing the U.S. public by huge injections of non-collateralized Federal Reserve Notes cloaked as subprime mortgages with THE RIGHT HAND, the U.S. government and central bankers then point to the plight of the subprime borrowers and offer to bail out the borrowers with THE LEFT HAND.  Like a skilled magician, the government holds a cookie in one hand to distract you while picking your pocket with their other hand.

   The solution to hyperinflation of the money supply is not more hyperinflation of the money supply or freezing rates and payments of bad loans.  And the root problem is not the borrowers.  The root problem is the central bank lenders The real cause of our current recession and subprime slime is lack of a sound monetary system -- i.e., a 100% gold backed monetary system.

   And why is it the function of the U.S. Treasury to participate in the supposed free market of housing mortgages?  What's next: the government bails out subprime buyers of Corvettes, Porsches, and Volkswagens?  What about subprime buyers of laptop computers and HD TVs and Lear Jets and yachts and row boats and IBM stock and, well, the list is endless.

   What really happened today is that Secretary of the U.S. Treasury Henry Paulson just confirmed what everybody on the street already knows:  Yahoo, folks, the recession is here, the recession is here.  Brought to you courtesy of the central bankers hyperinflating our fiat currency.  Hey, don't squeeze our National Charmin. -- FM Duck

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