Bad Bank Estimates Of $4 Trillion
In the last two weeks we hypothesized that total losses from U.S. banks could reach $5 trillion using a rudimentary economic discounting calculation. Today Senator Charles Schumer is stating that experts believe a 'bad bank' government entity set up to save the banksters could cost $4 trillion. That is on top of the $700 billion bankster bailout we have already pissed down our leg with no oversight and no idea how it is being used. Oh, except to pay bonuses and to allow Pfizer to spend $70 billion to buy Wyeth. (Banksters made some hefty fees on that one too.)
Government never under shoots. That means our estimate of $5 trillion using economic discounting is probably quite accurate or even low. That would be a debt of about $40,000 for every working American. Want to send you kids to college? Fuggedaboutit. Want to participate in a retraining program? Fuggedaboutit. Want to pay your rent? Fuggedaboutit. Want to put food on your table? Fuggedaboutit. The banksters would have first dibs on your salary. This truly is medicine that is worse than the disease.
Remember, using the same calculation we might expect to see $15 trillion in bank losses outside of the U.S. This crisis is still substantially larger than most anyone is currently considering.
How do you like your new credit card bill? Crooks stole it, ran up charges and now the banksters are attempting to pin it on you. Is this really any different than 1776? Seriously. What was that again? Oh yeah. Taxation without representation. Now we are truly nearing uncharted territory. At least uncharted in the last two hundred and thirty two years. It is quickly becoming a possibility that there could be substantially unpredictable social outcomes.
And, what is this supposed to accomplish? Oh, yeah. Clear bad assets so the banks can lend. Who the hell is going to want a new loan after the new tax obligations on $5 trillion of new debt? I guess I could take out a loan to finance my part of the $5 trillion bill. Who dreams this stuff up? Oh, yeah. The banksters. Yeah, this is a real winner of a plan. Are you upset enough to shove the status quo out a proverbial window? Don't worry. You will be. The new President needs to prove his mettle in placing the sovereign above the crooks. Will he? We'll learn together.
Government never under shoots. That means our estimate of $5 trillion using economic discounting is probably quite accurate or even low. That would be a debt of about $40,000 for every working American. Want to send you kids to college? Fuggedaboutit. Want to participate in a retraining program? Fuggedaboutit. Want to pay your rent? Fuggedaboutit. Want to put food on your table? Fuggedaboutit. The banksters would have first dibs on your salary. This truly is medicine that is worse than the disease.
Remember, using the same calculation we might expect to see $15 trillion in bank losses outside of the U.S. This crisis is still substantially larger than most anyone is currently considering.
How do you like your new credit card bill? Crooks stole it, ran up charges and now the banksters are attempting to pin it on you. Is this really any different than 1776? Seriously. What was that again? Oh yeah. Taxation without representation. Now we are truly nearing uncharted territory. At least uncharted in the last two hundred and thirty two years. It is quickly becoming a possibility that there could be substantially unpredictable social outcomes.
And, what is this supposed to accomplish? Oh, yeah. Clear bad assets so the banks can lend. Who the hell is going to want a new loan after the new tax obligations on $5 trillion of new debt? I guess I could take out a loan to finance my part of the $5 trillion bill. Who dreams this stuff up? Oh, yeah. The banksters. Yeah, this is a real winner of a plan. Are you upset enough to shove the status quo out a proverbial window? Don't worry. You will be. The new President needs to prove his mettle in placing the sovereign above the crooks. Will he? We'll learn together.
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