First Published 10-6-10
Seems like just last week, our so called representatives were forking over another $30 billion to the banks, in particular small banks. We were told that this money was going to loosen up lending so that the rich people who owned businesses could get a new line of credit.
My fellow 99ers, when I was learning about business and economics in high school, one of the most basic principles involved getting out of the red and into the black.
Where I live a lot of businesses failed due to the economic crisis. But what exactly was the economic crisis that shut down these businesses? The fact is most of the businesses that shut down had been operating using a line of credit (in the red) for the past twenty years. This is how rich people run businesses and make sure that if their business fails, they are not the ones who eat the losses.
President Obama told us that the only way we are going to get these private business people who are sitting on their private fortunes to start back up so that they might give us a job, is to put billions of dollars in our local banks so that the businesses can access it, thus a new line of credit and a new chance to accumulate profit with zero risk to their own money.
When we go into a double dip recession we can have another economic crisis, they can file bankruptcy on their businesses again, the tax payer will get to eat their losses, and, of course, whatever money they make while operating in the red, will be added to their personal bank accounts.
Tell me how many times do we have to get punched in the nose before we learn to hit back?
The mainstream media propaganda machine is reporting that the number of small bank failures is going to increase. In particular, 66 small banks are expected to fail this year and most, if not all, will have received a portion of that $30 billion and will have given rich people with businesses a line of credit.
Then I guess will just scrape up another $30 billion and do it all over again. Remember, it was just a week ago that we were being told that this $30 billion giveaway was going to solve all of our problems. They must think we have the memory span of a head of lettuce.
Isn’t it kind of ironic how they came up with $30 billion as the amount to be given to the small banksters? This is the same amount it would take to fund a Tier 5 Unemployment Extension.
Ever wonder where the money goes? I mean true tangible wealth. You know like treasury bonds? As in the Chinese are pushing our so called representative government to up the interest rate on our treasury bonds to 3%, as they hold $850 billion worth of them. Could it be that the $30 billion was earmarked for China from the get go? And could it be that Timothy Geithner is going to transfer the $30 billion into Chinese accounts via the interest rate increase? I mean, what is our so called government going to tell China, “No”? If the Chinese called in all the U.S. securities they hold, it would send our economy into a tailspin and our dollar would devalue even more, if that’s possible.
The extraction of tangible wealth can be simplified as follows: The small business operating in the red loses its line of credit (financed by the Chinese), goes bankrupt, you lose your job, the bank repossess your house you have been paying on for twenty years, the equity you had in your house (the sweat from your brow that created the tangible wealth/product) is used to pay off the line of credit (to the Chinese), that your ex-employer filed bankruptcy on, and the bank has the house so it can start the process all over again.
People, we are being defrauded, conned, bamboozled, and stolen from. I find myself asking, “What Next?” Are they going to come bursting into my house to cart off my stereo and television; my clothes and food? Because the rich man down the road took a line of credit and went bankrupt on it and his money can’t be touched, as his keeping his money is too vital to our economy.
When everything including the clothes on our backs is gone and we are standing in the streets naked, shouting to the heavens, “Why?”, do you think any of us will feel any comfort when the two bit con man, Barack Hussein Obama, AKA Barry Soetoro, appears in a hologram in the sky that’s being broadcast from Switzerland with that feces eating grin on his face saying, “Now calm down, it’s only money”?