Back in late 2008, I was taking it easy one evening and the phone rang. Brother in law says hey, you watching TV? Well, flip it over on CNBC. Something is going on. I said that CNBC isn't on at night. It was on this night. Oh my. Worldwide financial meltdown.
They rushed out President Bush with Treasury Secretary Paulson to fib and say it was all going to be fine. The look on Bush's face was shock as I am sure you will remember . . . he just wasn't a good fibber, never mind the Donks said for years he was a world class liar. Guilty dogs always bark the loudest. Natural born liars, these statists.
The fast fix for the meltdown was TARP. The experts didn't know how big the number should be and people were scared. Treasury Secretary Paulson, yet another creature from Goldman Sachs, was comfortable with big numbers . . . and so they settled on $700 Billion. More or less made the number up. You know all about how it got used and abused. Yep, you are probably still grinding your teeth over Government Motors. You should be.
Number cruchers have determined TARP has been a money maker for the treasury, yeilding over a 10% ROI. ROI is masters of the universe lingo for the percent you make off what you have at risk. Well, that 10 % return on investment came out the hides of responsible Americans who have money saved and invested, money on which the banks and financial institutions pay them pretty much ZERO interest. This is the Feds plan to refloat the banks and it is square on the backs of productive Americans. If TARP hasn't been a money sink to the Treasury it is because it acted as a massive back-door tax on assets.
It's amazing that a ROI can be computed since, to this day, neither Big Ben Bernanke or Tiny Timmy Geithner can even tell us where all the money went, including the huge chunks that wound up in the hands of foreign institutions. Gee whiz, they both dummy up when asked about it. Come on boys, there isn't any "dont ask dont tell" rule regarding the people's money. Fess up . . . how many greenbacks flew off to the Bank of Scotland? Timmy, you keep talking about too big to fail. Well, sonny boy, I think you are too small to succeed.
Mr Bernanke, who does your accounting? Probably Beijing. Oh, that's right, nobody really audits the Fed. I wouldn't mind so much but you boys love a risky bet. How about dialing it back a notch. The country is broke.
It is maddening 2 years later the way Bank of America, Morgan and Goldman are raking it in. I have no problem with profits but there should be some work involved. No sir, just "being there" doesn't qualify. Chauncey wasn't a banker for goodness sakes but even a gardener knows money doesn't grow on trees. What galls me, and you I hope, is that after all the bail outs and bankrupt spending, people can't find a job but the government found a way to own half the U.S economy. So, where's the jobs, damn it? Don't make my brothers beg for dimes. And don't make an electrical engineer into a Wal-Mart greeter and call him employed.
Magically, Senator Dodd and Barney Franks are in the clear (for now), and the meme from the Donks, "we aren't going back to the Bush policies that lost 8 million jobs in 8 years" is being set in stone by the MSM. They got some nerve, huh? Check out Barney Franks in the video below. What a piece of work. His jive could frustrate anyone into having a Dick Armey moment.
Franks is a man who needs to be dealt with. No, reckoned with. Arrogant for sure, and probably crooked, too. We just need to get past his buffers to get to the truth.
It's pretty clear is it not? Winners have been chosen and it is not us, the American people. That's what makes the November vote so critical. We have to take at least the House to have the power to settle accounts (perp walks) with the power drunk statists. . . right after we demote a few of our Republican leaders who were a little too accommodating for their own reasons.