Bailing Out AIG Is Disaster Waiting to Happen
Economics to a Sociologist, and Sociology promoted Economics as an empirical science, is simply a study of a nation or a state or a county or a city's wealth in terms of the natural sources of wealth, a la Adam Smith and The Wealth of Nations--statistically evaluating wealth, you know, observing the use of the wealth (land usage, the establishing of capital, establishing the worth of the wealth, how it is produced, what's needed in terms of labor to produce it, then establishing a way to exchange the goods--you dig where I'm going?
What's going on in this country right now, We the People aren't really bailing out these failing corporations (Bear Stearns, Freddie Mac and Fannie Mae, Lehman Brothers, Merrill-Lynch, AIG), oh no, we're simply resuming responsibility for paying off their debts, debts they accumulated (and all of the above bailouts did it) through failed gambling--speculating as hedge funds and all of them losing their asses--buying up these unpayable mortgages that has caused the US housing market to collapse and millions of We the People losing their homes because they are stuck with unrepayable mortgages and credit debts--that's why these usury companies are going belly up--by bailing them out, we're simply taking over those unrepayable mortgages and credit debts and We the People are now the super-collection agency for these crooked assholes. Instead of our government stepping up and forcing these debts down to a payable level, We the People are now going to foreclose on ourselves, the government will now be taking our homes from us and foreclosing on us and collecting on our credit debts--putting us as a nation into DEBT! Unrepayable DEBT! And these cheesy mergers we're allowing, like the Bank of America (once owned by the Jesuits) buying Merrill-Lynch for pennies on the dollar with tons of billions of dollars in guarantees from We the People going along with the deal--expect the Bank of America to soon go belly up, too, since they're buying Merrill-Lynch on speculation, gambling that with the government backing they can start collecting monies again--it's complicated, folks, too complicated for even most Economists--and certainly too complicated for the likes of John "Nutjob" McCain...and Barack Obama, whose top advisor is that Robert Ruben dude (a Goldman Sachs dunderhead) who was Bill Clinton's Treasury secretary--and it was during the Clinton Administration that the Glass-Spiegel Bill was proposed and it would have stopped all this Wall Street speculation by separating commercial banks and investment "banks" from speculative banks and investment schemes--speculation is gambling! These Wall Street failures are gamblers, they can't help themselves they have so much of We the People's billions behind them, both in government-backing monies but also in We the People's pension funds that state and federal officials are speculating with on Wall Street--and to think, these sleazy bastards wanted (and they almost did it) to privatize Social Security (and Medicare and Medicaid)--and look in what a crisis Social Security would be today (the Stock Market dropped to 10,500 on the day it skidded down the garbage chute 550 points--and it should really fall back to about 4,000 if it really wants to correct its overblown self. Of course, Bush and his Renegades (his Mavericks) have already emptied out the Social Security coffers replacing the money with IOUs, monies that will never be paid back--so Social Security is bankrupt already, but the next president will find all this out, though these birds are so dumb in terms of Economics 101, they're not going to do anything revolutionary about it--they'll simply go along with the gamblers--be on the side of the corporate criminal world against We the People--they can't help it--they are in DEBT themselves to the corporations and the fat cats who gave them offerings of right now between Obama and Nutjob McCain of over 500 million dollars--half-a-billion bucks--and you think there are no strings attached to those contributions? Bullshit. Uncle Joe Biden tried to get a parapelegic to stand up like a man in Uncle Joe's act to show what a tough cookie he is and then he realized the man was in a wheelchair, one of those motorized ones to boot--and like the silly fool he is he joked his way out of it--leaving the paralyzed man I guess thinking, Jesus, if Uncle Joe Biden is so self-centered he can't see that a man is in a wheelchair, maybe he'll just vote for McCain for the old soldiers's sakes--besides, he d'rather fantasize about sex with Sarah Palin than he would marvel at how slick and stupid Uncle Joe Biden is.
As Adam Smith said way back when, a government never pays off its debt.
for The Daily Growler