Vigile Posted March 23, 2009 Share Posted March 23, 2009 It's great to see people finally getting just a little pissed. No one is going to cut the king's head off yet, but at least people are talking about protesting. It's my hope it grows but also that it doesn't get stuck on symbols like Madoff. Chances are, Madoff didn't steal a dime from you. What you should be pissed off at is the government and your local banks. These guys are creating a separate government entity designed entirely to steal money from you and buy worthless paper just so their rich friends don't lose their houses in S France. http://finance.yahoo.com/news/Treasurys-to...f-14711729.html The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books. Link to comment Share on other sites More sharing options...
Vomit Comet Posted March 23, 2009 Share Posted March 23, 2009 Theodor Adorno, one of the head honchos of the Frankfurt School, pissed off the German branch of the 1960s youth counterculture because he said that protest ain't shit without theory. There's the hands, and yeah there's the heart too, but you also need the head. In other words, if you're gonna swing a brick bat, you fuckin' better know what to hit and what not to waste your energy on. Link to comment Share on other sites More sharing options...
Legion Posted March 23, 2009 Share Posted March 23, 2009 In other words, if you're gonna swing a brick bat, you fuckin' better know what to hit and what not to waste your energy on. Well said. Link to comment Share on other sites More sharing options...
Vigile Posted March 23, 2009 Author Share Posted March 23, 2009 We've been getting fucked for a long time and the country has been slowly boiling like a bunch of innocent frogs: http://xtrends.blogspot.com/2009/03/good-morning-ussa.html Link to comment Share on other sites More sharing options...
Vigile Posted March 23, 2009 Author Share Posted March 23, 2009 And from that link I just posted: The public private partnership plan once again heavily favors bond holders over equity holders. Buyers of toxic assets have an almost guaranteed double digit return on their investments. Here are the two big problems buried. 1. Which big investor in their right mind will invest in the stock market (which offers no guaranteed returns). I can guarantee one thing: money flows will be greatly redirected from US equity markets into debt markets because that is what the government supports. 2. Any equity holder of a major bank is living in dreamland if she/he believes that the latest plan is good for her / him. Bond (toxic asset) holders will be the actual owners and restructure the enormous debt sooner or later in order to take over ownership stakes in the respective banks. Who believes that the enormous level of toxic assets can ever be fully paid back? It is impossible. It will be paid back in part by offering ownership stakes. In other words, the plan is a delayed equity wipe out plan. In other words, every goddamn penny of this plan is going to bail out the guys who have all the money in the first place and they are robbing the tax payers to do it. This just makes me boil. Link to comment Share on other sites More sharing options...
Legion Posted March 23, 2009 Share Posted March 23, 2009 Vigile can you explain to me, leaving aside as much bias as you can, who I should be angry with and why? Link to comment Share on other sites More sharing options...
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