Stupidity of the American public is reaching new heights these days. The U.S. government is going to lend over $1,000,000,000,000,000 (thats right, over a trillion dollars) to the financial institutions to get them out of trouble and no one is demanding for the responsible heads to roll.
As a matter of fact, I have heard the phrase “this is not the time for finger pointing” so many times in the last few days that it makes me want to puke. What the fuck are you talking about? Ofcourse its time to point fingers. I want heads to roll; law suits filed against all the CEOs and senior executives of all banks and financial institutions which got us into this mess. I want their wealth confiscated and paid into the general fund for the bail out. Then, they have to be placed in jail and part of any $$ they make until they die garnished and again paid into the bailout found.
Don’t be fooled by symantics. Loan means nothing. Most of this trillion dollars will be gone. The collateral for amajor portion of this loan is in form of paper; thats right, derivatives. Very complicated instruments. Most people, even people with degrees in finance don’t understand derivatives. At best, these papers are goint to be auctioned off at $0.10 on the dollar. So, you and I (American tax payers) are going to be screwed in the back, without lubrication, and some guy is going to make millions buying reselling these debts.
Less than 500 people, mostly on wall street and in Washington D.C. are responsible for this mess. These are CEO of banks, investment bank, hedge fund managers and political filth (senators and congressmen). The political SOB that comes to my mind is Phil Gramm of Texas who was (and still is, unofficially) the economic adviser to John McCain.
Most importantly, the guy who should answer for ALL these problems is G. W. Bush. He has been in charge for the past 7.5 years. He has had access to all data and all indicators. He has had access to an army of economic advisers.
He was VERY quick to declare “mission accomplished” and take credit for vistory in Iraq. Now its time to take credit for this mess.
Just because he is a moron does not qualify him for a “get out of jail” card.
Come on America, demand accountability.
