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Wall St. Gives Middle Finger to America

So now we hear details about the Wall St bonuses recieved in 2008, after Wall St itself imploded in the same year, many firms technically insolvent, some that went under, others saved by Uncle Sam.  Merrill Lynch paid themselves $3.6 billion.  Yes, the same Merrill headed toward $0 in Sept before B of A bought them in quite possibly the most obviously forced and manipulated deal ever.  It was right after Lehman went under, and Merrill’s stock was head south strongly, for obvious reasons. 

These firms even said F*** You to their shareholders, paying themselves more in bonuses than the firms net income for the year (Goldman Sachs).  Their well-placed men in govt, esp Hank Paulson, did everything in the interest of the negligent, insanely leveraged firms that have largely brought us to this present predicament.  And guess what, there is still a boatload of risk in the system, not the least of which is the large number of US Treasury debt holders, which almost assuredly will become tomorrow’s toxic paper.  We are auctioning $200 billion in a single week these days to finance this behemoth, cancerous growth called the Federal Govt, while local govts slash spending, and businesses do the same. 

And largely through Golman Sachs and JP Morgan, the price of gold and silver is greatly capped by shorting paper contracts on the COMEX, and then rolling over the contracts near expiration, never facing a delivery.  The most obvious manipulation I’ve seen occured March 18th this year when gold and silver were crushed in the morning, silver down to $12 even, 7-8% down for the day.  The the Fed then announced it would be monetizing govt debt – aka, printing money.  Of course the metals raced in the opposite direction and closed up very strong on the day, but from a much lower base after the morning manipulation – brilliant.

Why you ask?  Well to keep the inflation siren down, and make govt paper and other paper assets look better – to make money for Wall St, and print debt for the govt to spend.  This manipulation will end, it is just a matter of time.  You better own precious metals when it does, because it’s probably the day our fiat dollar dies, just like every other fiat currecy in history. 

And a quick word about the ridiculous Cash for Clunkers program – straight govt manipulation of the economy, and right back to what got us in trouble in the 1st place – promoting consumption over investment, stealing from the future, and piling on more govt debt.  We need the govt OUT of the economy…not taking stakes in industry and then setting policy to blatantly benefit those industries.  That is practically the very definition of socialism and corporate facism. 

And people say yes to govt healthcare???  Jesus….


2 Responses to “Wall St. Gives Middle Finger to America”

  1. Thanks for an informative post. When one thinks about the level of competency we are seeing in the Cash for Clunkers program, it is extremely frightening to consider this same group of idiots running our health care and medical system. Yowzers!

    GONE info is on the bottom of the actual badge–click on it and it will give you the code to paste on your site.

  2. Chicago – thanks…

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