http://spacetimecurves.blogspot.com/
Bipartisanship Privateers
WASHINGTON — The White House stopped short on Friday of endorsing legislation
to severely tax bonuses paid to executives of companies that accepted taxpayer
bailout funds.
Administration officials said instead that President Obama would assess the
potential effect of the bill that emerged from Congress on efforts to stabilize
the financial system.
At the same time, as Wall Street executives anxiously pondered the
ramifications of the measure quickly passed by the House this week, some Senate
Republicans began to voice opposition to the legislation, saying it was hasty
and abusive...
Of course, it's okay to terminate contracts of hundreds of thousands of
American workers. That has no effect on the $ystem, right? But you must honor
those contracts, even if the privateers don't work at AIG anymore.
Because they're Company boys and girls.
Meanwhile, more people question the rectitude of the righteous regulators:
...The relationship between AIG and Goldman goes back long enough that one
would think that Goldman would know, having bought so much of this "insurance"
or whatever it was, whether the "products" were ...er...real or feasible at
all. Indeed, Goldman and AIG almost merged a few years ago, but Spitzer notes
that the unknown black hole of AIG's business practices were probably what
prevented it. Still, that didn't stop the incestuous dealings; it almost makes
one think that this whole thing was a setup.
This is country that Spitzer is familiar with; he has been a terrible liability
to entities that, under the Bush administration, were allowed to literally gut
the country and its citizens. All of this seems to have been part of the Bush
Administration's own Ponzi Scheme, which figured that the illusion of an
ownership society, terrified of the "terraism" and steeped in the me, me, me,
culture would look the other way while they finished clearing out the vault.
Beyond that, it's clear that the media hyped housing bubble encouraged the
house flip mentality and the idea that anyone could be rich. The idea of the
lottery dropping on our own heads made us more protective of the rich, because
we might one day be one....or look, we could be one with no money down, if we
could just balance that on this, and flip that house!!
Every week came a new offer from our bank or credit card to just put the
enclosed check into the bank for a $50,000 loan, unsecured and with a low APR!!
Who would know that those same banks would go out of their way to cause a day
or week default by changing the cycle or stopping refusing cards that went
over-limit, in order to charge fees and raise the rates. Who could know that
the fine print on all those little fliers talking about privacy rights and how
they are selling all of our information, also said that by-the-way the interest
rate is now 25% and the minimum payment has tripled! Default on that and likely
AIG has sold insurance to your lending institution that should repay them for
making the bad loan in the first place....no money down mortgages? No
problem....its the same story. This is the ownership society and we all need to
own alot of stuff. It is... what did he say?...uniquely American!
Spitzer was questioning this back in February 2008 when he wrote his Valentine
to predatory lenders in the Washington Post. He detailed that Attorneys General
across the country had entered into litigation in an attempt to protect the
people of their states from predatory lending. The response from the federal
government was astounding!
What did the Bush administration do in response? Did it reverse course and
decide to tak
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