Does your vote count? Mine does not. Why? Because I live in the wrong voting district.
Are you a disenfranchised voter? I am . . .
- disenfranchised
- A transitive verb, Date: 1664
To deprive of a franchise, of a legal right, or of some privilege or immunity;
Especially : to deprive of the right to vote
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The Housing Market Credit Crash
and Financial Services Bailout, continued. . .
Reality is Stranger than Fiction
There were warnings. .
The S&L debacle of the 80's was an early warning sign. Enron was a loud clear alarm.
Enron was a huge embaresment for the powers that be because they got caught with their pants down. . .
The criminal part of this was swept under the rug.
What was criminal was the CPA's, those CERTIFIED PUBLIC accountants that swear to uphold the public good.
An honest accounting of Enron's books would have shown them to be a house of cards.
But the big accounting firms do nothing their employers do not want.
Years ago I had a relative that worked for one of the "big five" tell me that big business did anything it wanted.
Big business TELLS the CPA's what the books are going to say and then the CPA's make the numbers say what business wants. . .
So where is the IRS? THEY take the word of the Certified PUBLIC accountants. . .
Who are acting criminally by not protecting the public good as they are sworn to do. . .
After Enron there were all kinds of calls for accounting reform. It was totally bizzar.
All the talk was about "accounting theory" from what sounded like a psychological angle. . .
This was total flim flammery. What is wrong with old fashioned accounting when you have income and expanses and the difference is the profit or loss?
Add, subtract, DONE. Period!
But after a few months of smoke an mirrors using theoretical psychological solutions to bore the media and public to death the problem just faded away.
Nothing was done, congress ignored the warnings. Accounting for big business remained a joke. . .
The accounting firms that were involved should have been disolved because of their involvement and THEIR managers snet to jail. Nothing was done. . .
Today the U.S. congress wants to bail out the financial geniuses that created this mess. . . and NOBODY can come up with actual numbers.
Its ALL a guess because there is no honest accounting. No Assests vs. Libility statements. No 1 - 1 = 0. No totals, no results.
Just a quagmire of imaginary numbers. Because the accounting system was not fixed!
On top of it being a very bad plan the bill had more pork attached to it. . . This too should be treated as an act of treason.
Easy money has fueled a crises in housing prices.
Even old run down homes that should have been depreciating or at the best holding steady more than tripled in cost in many markets.
What should have been affordable housing became over priced. New homes by the millions that were too big, too inefficient were built and sold using the same easy money. . .
Safe leverage ratios of 12:1 were ignored by people like AIG who were supposed to know better. Ratios of 80:1 were common and failure was garanteed.
The people that supposedly knew better were swayed by greed. Greed on a scale never before seen on our planet. . .
The Fools Passed the Bill!
Throwing money at a problem does not fix the root cause.
Congress has agreed to nearly 1 trillion dollars to bail out a problem that those who know claim is nearly a 40 trillion dollar problem. . .
Still no real numbers, the math that is known does not add up. .
I and every other tax paying U.S. Citizen AND their children AND probalby their grand children are now mortgage holders.
I cannot afford a mortgage and have carefully avoided such debt yet at $23,000 per head my familly now "holds" a future debt of nearly $100,000 and has nothing to show for it.
The amount I MIGHT have had in a cash retirement fund is now balanced by a tax debt. . . We are all worse off.
Unless heads roll and easy money goes away the problem will grow. Congress just stalled having to make a decision.
Where did the money go? Some say it hasn't gone anywhere. But it has. Simple acounting.
IT starts cost of the destruction of the World Trade center, the fallout that caused people to stop flying and a 13 billion dollar direct loss in a few months time . . .
New York City claims losses of 10 billion. Total just to the U.S. about 1 trillion dollars.
That is followed by a an unwinnable war that was sold to Congress with lies about weapons that did not exist.
The Washington Post says 3 trillion dollars, other less but it is a huge number.
So there is between 3 and 5 trillion dollars that has gone up in bombs and smoke (remeber the slogan "Shock and Awe)".
That's money burning.
That is a TERRIBLE hit to our economy and then add doubling of fuel costs over 10 years and more increases to come.
We now buy more steel from China than we make and virtually every aspect of our economy relies on COMMUNIST red China. . .
You can't keep building million dollar bombs and blowing them up. Destroying the infrastructure of another country and then repairing what you destroyed.
The Fat Cats Still Don't Get It
AiG Exectutives take $430,000 "break" on the American tax payer from bailout funds. . .
Where is MY taxpayer vacation?
These guys should be sent to jail or worse, forced to live on social security.
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