Why The 700 Dollar Billion Bailout Didn't Make Our Lives Better
Written by Michael Lazar -
Friday, 03 October 2008
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 So the word is finally out, our lame duck president, George W., the Second, has officially told all of the greedy bankers in the world: “Hey, no worries my dear comrades, we will step in and clean up your mess time and time again!”
Look folks, I totally understand stepping in for things like S & L where millions of innocent consumers were bilked of their lifesavings by international banking scandals that nearly bankrupted our nation. But this scandal is by far the worse. And who better to implement a supposed “Bail Out” strategy than our big oil tycoon, secret society (Skull and Bones) president, the official dumb republican puppet of this century: Bush! (No applause necessary!)
To say it bluntly, this bailout casts a rather precarious message to all of those banking executives who retired prior to the fallout with lucrative retention plans, millions in bonuses and fat homes with multi-car garages piled high with Ferraris. And where is the honest American citizen sitting during all of this seemingly proverbial mish mash? Footing the bill in tax dollars that’s where! And no worries on the president’s mind – he is out after January, “Peace All!” I will leave you with the ultimate legacy: a broke country, a shatter financial system and tripled national deficit where states like Arizona and California can no longer pay their bills this year. Thanks.
The Greed:
It all started during the 90s .com boom when real estate was pretty damn healthy. But banking executives make more money when their stocks go up. So emails from the top told underwriters to push through any loans, no matter what. The industry even created “Liar Loans” (stated income loans) so they could more easily approve people who should have never been approved in the first place. Easy money right? Oh yeah, they also decided to offer low introductory teaser rates, to further convince these unsuspecting borrowers that they could afford that overpriced manor.
The Results of the Greed:
Well it all went nicely and Country Wide executives and many others were getting filthy rich. Until the teaser ARM (adjustable rate mortgages) went up, and the new, far greater monthly payments kicked in. Then foreclosures bombarded and crashed the market and nearly bankrupted most major banks in the world – and then the banks screamed fraud by the consumer, when the true fraud was their guilt, the liar loans they purveyed and the fact that they screwed millions on the ‘American Dream.’ Millions have become homeless as a results, but not big banking execs, they are sitting pretty, and cashed out before the fallout, the fallout they created!
Who Gets Screwed?
We get screwed. You and me, the Americans who must foot this ridiculous $700-billion dollar, bailout fund. And yes, while it sucks, unfortunately if we do not foot the bill, the stock market will crash, retirement funds will be erased and the country will catapult into a ‘Great Depression’ the world has never seen the likes of before. Have you ever heard of a better way to call a “Catch 22?”
The Sham:
Here is the biggest piece of this bogus pie. The feds are actually buying up these bad loans using “OUR” money. They are getting them for pennies on the dollar. So if you take the $700-billion and multiply it by the actual value of the homes those notes sit on over the next ten years: our government will actually make trillions in the long run, and we will pay for it, but not see a damn dime of it!
Thank Bush, thanks big banking executives, thanks Wall Street, and SCREW YOU ALL!
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