Pakistan’s pitchfork and torch parade against the despotic ruler worked!
The AIG bonus brouhaha [a fine, old Irish word!] continues to cause swift changes in the course our economic discussion is going. Before the bail outs, before the collapse, we were told, we should admire a bunch of Ponzi artists, outright crooks, pirates and gnomes for their sagacity and cleverness and they were super-rich because they had special skills. Well, these skills turn out to be the ability to lie, cheat and steal. Now, we are going into immense debts to bail these bums out and people are burning with justified rage. So what is our main media mavens doing? Justifying these crimes and scolding us for being angry, of course! And they wonder why newspapers and TV shows are going under.
I picked at random a whole series of stories from the biggest media outlets to illustrate how they are fighting a rearguard action to protect obvious criminals, creeps and vicious predators. The news media is owned by billionaires who are going broke. All the big shots, most of whom are Jewish in the US, are on the financial ropes. Their income empires are shattered. The NYT had to run off to a Christian Druse from Lebanon who operates a monopoly in Mexico, to be bailed out. The Washington Post is also going under. The Zell operation is rapidly approaching bankruptcy. Murdoch is nearly as poor as Trump.
This doesn’t stop the flood of propaganda. Far from leading the charge against the obvious crimes of the banking gnome community, they are dismayed at our collective rage and want to belittle us, redirect it to the wrong targets [OBAMA] and minimize the crimes. They even are reduced to whining, ‘We have to SAVE these criminals, not punish them, or we will DIE!’ which is an outrageous lie.
Some bank executives warned yesterday that the government is forcing them toward a disastrous choice between accepting restrictions on compensation that could cripple their ability to compete with rivals, or returning billions in federal aid, which could retard lending and damage the economy….
Who are these mysterious ‘rivals’, anyway? Let’s look around: oh, the pirates of the Caribbean! Wait, these are the same clowns demanding we bail them out without asking pesky questions. If these pirates can’t funnel Japanese carry trade loans to the US, our economy will be damaged?
This is exactly why I am 100% against swift bail outs and 100% for proper analysis of what went wrong. The US economy had too much easy lending and took on too much debt thanks to these very same people. We need sane liquidity, not mad money from Japan via a bunch of piratical gnomes on small islands swearing fealty to the Queen of England.
“We’re all going to lose on this thing,” said an executive at a large bank that took federal aid. He and other bankers expressed shock at the rapid progress of legislation that could impose large pay cuts on thousands of workers, and dismay that the industry is at the mercy of an angry Congress….
It should occur to these creeps that they now work for US, not for themselves. I would suggest the laws be changed and they work for the exact same wages all Federal workers have. NO BONUSES AT ALL. Pay capped at a quarter million. I wish I had a quarter million a year. I would be very, very rich indeed. But these clowns have expensive habits and very expensive goddess/mistresses. They want infinite money.
The problem is that bonuses play a central role in the way that banks compensate their employees. Almost everyone on Wall Street gets a bonus at year’s end. While most American workers are compensated primarily by a fixed annual salary or through regular commission payments, people who work in the capital markets receive the majority of their annual income in a lump-sum payment based on their performance, the success of their unit and company profits.
Welcome to the real world, creeps! Duh! Why on earth do these gnomes deserve massive money rewards while these very same clowns are dumping immense Japanese carry trade-based debts on top of everything and everyone? Whenever a ‘deal’ is made, Americans lost jobs, saw wages fall and got poorer. While the gnomes rewarded this perfidy by giving themselves immense bonuses. They were the least productive people on earth. They caused a sudden surge in inflation, too. Global inflation, no less!
Paying bonuses allows firms to tie employee compensation to performance in a given year, something management experts have long regarded as a good practice. But some experts believe that tying bonuses to short-term results encourages employees to take risks with long-term consequences.
Employees know that if they screw around and have PAPER PROFITS suddenly appear, they get immense rewards from the often clueless clowns at the top of the Corporate Ladder. Often, the top dogs were computer illiterates who happily lapped up the deals created by the swarming masses below them on lower floors of huge Towers of Babel. Now, they plead ignorance. No leader should be ignorant. I knew rich business owners in the past.
The old fashioned guys worked their way up the ladder of life. One multi-millionaire told me, ‘You learn a lot, working in the mail room your first summer!’ Working in lowly positions and being exposed directly to the ire of customers is a great learning experience. One that most top executives now avoid like the plague. They prefer hobnobbing at corporate-sponsored games or at charities, etc. They prefer glad-handing and hanging out with a goddess draped on one arm. Like all goblins and ghouls, they prefer to advance en mass, in a group, while rubbing shoulders.
This is why they are horrified at the rage of the masses. They can’t understand why we object to them trampling us underfoot, forcing us into deeper poverty and debt, in order to get richer. And the last thing they want is severe punishment for these social crimes!
It is time for the president to state the obvious: This recession is not caused by excessive executive compensation in government-controlled companies. The economy has been sinking because of a lack of credit, stemming from a general lack of confidence, stemming from the lack of a plan to detoxify the major lending institutions, mainly the banks, which, to paraphrase Willie Sutton, is where the money used to be.
The economy had epic amounts of ‘credit’ for 5 years. This caused a bubble. Krauthammer is an infamous war monger and war criminal who is also a traitor and an all-around creep. He is nearly always totally wrong about nearly everything. Maybe the WP thinks, having vicious creeps as commentators is good for the bottom line. But why don’t they have sane, normal people who can correctly analyze even simple things? Eh?
Anyone who things this is a crisis of lack of credit is a cretin. Yet, an army of commentators and bankers and others [who are often Zionists] all scream the same song: we need MORE debts! Only they call this debt, ‘credit’.
Obama has been strangely passive about this single greatest threat to the country. In his address to Congress and his budget, he’s been far more interested in his grand program for reshaping the American social contract in health care, energy and education.
These Zionist warmongers hate it when our government spends money on Americans. They love it when we spend our future taxes and take on immense debts, to hand over money to Israel. Obama delegates to Geithner plans for a bailout — and Geithner (thus far) delivers nothing. Obama delegates to Nancy Pelosi and her congressional grandees the writing of all things fiscal — and gets a $787 billion stimulus package that is a wish list of liberal social spending, followed by a $410 billion omnibus spending bill festooned with pork and political paybacks. That bill, we now discover, contains, among other depth charges, a Teamster-supported provision inserted by Sen. Byron Dorgan that terminates a Bush-era demonstration project to allow some Mexican trucks onto American highways, as required under NAFTA….
Arrest Krauthammer. This alien hates us. He is outraged that we aren’t destroying even more US jobs. He wants a flood of Mexican truckers to pour across America, undercutting prices and driving down wages. Note the theme here: all actions of these creeps are pointed towards reducing our incomes and increasing our debts. I call this treason.
The very last thing we need now is American protectionism. It is guaranteed to start a world trade war. A deeply wounded world economy needs two things to recover: (1) vigorous U.S. government action to loosen credit by detoxifying the zombie banks and insolvent insurers, and (2) avoidance of a trade war.
What we DESPERATELY need now is trade protectionism. This is painfully obvious. As our trade deficit grew immensely worse during the easy lending years, I heard not a peep about this from these Zionists. Now that a total breakdown in world trade is slowly closing our nearly a trillion dollars a year gap, howls of rage are heard far and wide from all of these traitors.
I have bad news for Krauthammer: we have been losing a trade war for 35 years now. Our losses this last 5 years alone have been well over $3 trillion! How about that?
Free trade is the one area where the world indisputably turns to Washington for leadership. What does it see? Grandstanding, parochialism, petty payoffs to truckers and a rush to mindless populism. Over what? Over 97 Mexican trucks — and bonus money that comes to what the Yankees are paying for CC Sabathia’s left arm.
Nothing enrages a deranged Zionist more than the US public indulging in ‘grandstanding, parochialism and petty payoffs to truckers.’ This is, for a bunch of well-fed, AIPAC Jews, ‘mindless populism’. How dare the US people do something popular! Instead, we should put our shoulders to the grindstone and grind up our own futures so the world-striding Zionists can threaten everyone with WWIII, using us as their weapons.
The idea that Congress is going to tax these creeps also unnerves all the right wing Zionists. Let’s be frank: most of the hysterical howls I saw in the media today comes from Zionistic warmongers.
Retail giant Wal-Mart will hand out its largest annual award — $2 billion — which includes bonuses to every part-time and full-time hourly employee.
Cool! The executives in Walmart get multi-million dollar bonuses but the guys doing the actual work each get a pittance. So everything is equal!
The $2 billion includes 401k contributions, about $1 billion in profit-sharing, millions of dollars in merchandise discounts and $933 million in bonuses. The average cash bonus for employees will be $667.
The obvious question arises: why not give the poor, pathetic workers who earn poverty-level incomes, a simple pay raise? HAHAHA. Of course not! Instead, they get a ‘present’, a pretty penny from the boss who tosses it on the floor. ‘See, we are both getting bonuses,’ snarls the boss, kicking the kneeling worker trying to pick up the penny.
“I think it’s a very good thing. They’re helping out people,” a Wal-Mart shopper said. “If you’re doing a good job, give them a reward,” another shopper said. The move comes amid the controversy surrounding hefty bonuses paid out to workers at AIG, which received billions of dollars in bailout money from the federal government.
See how this works? The shoppers think this money is a ‘reward.’ A goody. A present. You don’t reward workers, you pay them a fair and decent wage. The entire idea that we work so we can get goodies leads to serious problems. We saw this in housing: all the people involved get money based on deals. So real estate agents want us to pay maximum prices on houses and will commit crimes, even, to get this. Which is why we need strong laws hedging this activity.
And bankers rewarded for the number of mortgages they write up are a DIRECT cause of the present banking collapse and the failure of the entire planet’s financial systems. The downturn in industry FOLLOWED the banking collapse, not the other way around. All the parties at fault in this mess were people whose pay was mostly in the form of bonuses. This runs alongside the cutting of taxes at the very top while giving no help to the masses kneeling on the ground, below. The masses are overtaxed while the upper classes are under taxed. This is why we developed the concept of ‘graduated taxes’. And this was killed by the floating currency regime that has caused our currency to lose 90% of its value since the income tax was launched right before WWI.
First, as I’ve said in the past, this isn’t about fairness. There’s nothing remotely fair about using taxpayer money to rescue a free-market financial system from the mistakes of the financiers. But the reality is that we can punish the bankers or we can save the banking system, but we can’t do both at the same time.
Pearlstein is another Zionist Jew who wants us to bail out you-know-who without getting pissed off. Since many of his dear buddies happen to also be bankers, he doesn’t want them punished. He wants them FED MORE MONEY. We can either save them or save ourselves. And to traitors like this particularly bloody warmonger, we are not even slightly worth saving. Instead, we must bow to the bosses and pick up pennies and then hand them over to these creeps who destroyed everything in their paths. Nor is it fair, as The Great Santelli has declared on CNBC, that homeowners who have paid their bills and have been careful not to take on too much credit are now being asked to provide relief to homeowners who have not. Unfortunately, the price of righteous indignation is a wave of foreclosures, a further decline in home values and billions of dollars of additional loan losses at banks that are already on government life support. Given the financial and economic hits they have already taken, that’s a price that most “innocent” homeowners and taxpayers would probably prefer not to pay.
Greenspan [guess what community he lives in!] was directly responsible for helping create the housing bubble. Housing prices are declining because we had a housing bubble. End of story. The Fed was created to PREVENT bubbles. Of course, this was a lie. And this is why I like to say, END THE FED. Thank you! We can’t keep those grossly inflated housing values. Except if we create immense inflation AND have rapidly rising wages. But we don’t have rapidly rising wages, we have the exact opposite. During a financial crisis, fairness is a luxury we cannot afford. During the 1930s, bankers and financiers lost everything, but the outcome — a decade-long depression — was hardly fair to the ordinary American. The key question is not whether something is fair, but whether it helps get us through this mess faster and at a lower cost.
I AM SERIOUSLY OUTRAGED BY THIS! Fairness is a ‘luxury’? Well, to a Zionist traitor, yes! Life is unfair, they would love to say as they kick us in the face and then order us into a totally unnecessary war with Iran. The US is very lucky. When banking collapsed in the 1930’s, we had FDR as President, not some Zionist. He tried to save Americans as best he could.
Mr. Pearlstein wants us to get out of the mess caused by his buddies by doing something cheap. There is NOTHING CHEAP ABOUT TRILLIONS OF BAIL OUT DOLLARS. To even use the word ‘cheap’ after we dumped immense sums into a bottomless pit inhabited by the Derivatives Beast, is a crime. Arrest Pearlstein for fraud and treason!
At the moment, the Treasury is working (and working and working) on ways to entice private capital back into the banking and shadow-banking system by offering government financing and guarantees against losses. Every dollar of private capital that can be attracted back into the system is a dollar that the Treasury won’t have to borrow or the Federal Reserve won’t have to print. And only with the return of private capital will the government be able to get back the rescue money it has committed.
What is this ‘shadow banking system’? It operates in the dark! It is mysterious! And it is offshore. Ask Republican Mitt Romney about this dark sector of finances. It is also the wellspring of what is destroying our banking system! And the Treasury is NOT working and working to fix this. Congress can fix this, too. First, they should haul out all the lobbyists and put them on trial. Then, they should renounce their own wealth and tax it heavily. Nearly 100% of the Senate are millionaires, after all.
Private capital comes from having a trade surplus. And from doing lots of business inside your own country. Enticing money to flow in is very dangerous. Ask the Irish or the Icelandic people. They can see how this is evil. Too late, for them. We don’t need more money from OPEC or China. WE NEED BALANCED TRADE! AND A BALANCED GOVERNMENT!
But how eager do you think private equity and hedge funds will be to invest those billions of dollars if they fear that their participation will subject them to front-page accusations, congressional inquiries and public outrage over how much they might be paying for bonuses or employee travel or office decoration? Will they participate if they think that Congress, in a moment of populist pique, will try to tax back their profits if they earn more than originally expected?
These gnomes make the front pages only when they are discovered to be frauds, criminals and cheats. They were so sure of their power, they openly abused our money giving by showering more wealth upon their own miserable selves. I have operated on a street corner, once, using a cast off desk and a pay phone. Was even on CNN, doing this. Heh. You don’t need a palace in order to place deals! Many guys I knew on Wall Street in my wild youth, operated out of literal holes in the walls. Cheap offices were the norm!
But none of that has calmed this week’s circus in the nation’s capital. And so on Thursday, after little debate, the House overwhelmingly passed a measure to tax at a rate of 90% not just the AIG bonuses in dispute, but the lion’s share of bonuses paid since the start of the year to all employees making more than $250,000 a year at firms receiving more than $5 billion from the government’s banking rescue program known as TARP. The Senate next week is expected to take up its own clawback bill, which would tax at a rate of 70% performance bonuses starting at $50,000 and on all retention bonuses given by companies that received $100 million or more in TARP funds. Just for good measure, the House next week is also expected to take up a Judiciary Committee bill that would allow the Justice Department to sue for the return of the bonuses.
So, our righteous and correct outrage is a ‘circus’? Note how all the creeps who write for major publications mock us. Congress was shocked at the outpouring of obvious and quite justified rage. I am betting the calls against the AIG gangsters was 100-0 against AIG. I wonder if AIG’s own employees were calling in, to vent against their own bosses!
The plethora of legally questionable bills caps a messy week of finger pointing as all of Washington tries to harness public anger, score political points and figure out how AIG managed to grant the bonuses even after all the legislation Congress has passed to limit compensation to executives of the companies taxpayers have spent trillions of dollars bailing out. The GOP blamed Democratic ineptitude in the rush to pass too many bailouts; Democrats and Republicans alike said the Treasury Secretary Geithner has been asleep at the wheel; and the Obama Administration tried to refocus attention on the consensus point that Wall Street greed is the opposite of good. “In the end, this is a symptom of a larger problem — a bubble and bust economy that valued reckless speculation over responsibility and hard work,” President Obama said in a statement. “That is what we must ultimately repair to build a lasting and widespread prosperity.”
If this poor reporter thinks the present outrage is terrible, wait until he sees REAL FURY. We know what it looks like. The picture at the top shows this. Pitchforks and torches are but the beginning. We know from history, what can happen and what will happen. It is time for our media to fire these writers and find writers who understand what is going on, sympathize with Americans and who want to see justice, not more bail outs of obvious criminals! Congress only responds when we whip them, hard. To get them to turn against their corporate sponsors requires they feel the cold chill of naked fear. Fear for their own worthless hides.
A third party can spring up really fast if both parties end up coddling traitors and punishing Americans. History is very clear about this. The 20th century is the bloody chronicle of such events.
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