At Least Someone In Congress Knows Whats Going On

I wanted to write something to articulate how I felt about the handing over of seven gazillion billion trillion dollars by the banksters at the US Federal reserve to a slush fund to bail out their Wall Street friends.

I wanted to say it was plain criminal and how any bail outs should actually be given to the people who pay taxes and are and will be getting turfed out of their homes due to mortgage debt.

But why bother when congress woman Marcy Kaptur says it much better:

Banks and Mayans and Bears Oh My

It been a funny old year, first the housing market starts to collapse, then talk of recession, then oil prices start heading into the stratosphere while the dollar falls into a bottomless pit. Bear Stearns collapses, then Fannie and Freddie the largest mortgage providers in the US gets nationalized to prevent collapse, effectively making America the largest council estate in the world. Then Lehman Bros a bank which survived the Great Depression goes under closely followed by AIG which gets nationalized as well, meaning the US government now provides insurance to itself for all the houses it tookover by nationalising the mortgage industry, making it apparent that US now has a de facto policy of taking the bad bits from free market capitalism and state capitalism (aka soviet style communism) and melding them into a new system where the profits are privatized but the losses are socialized.

This activity of course is mirrored across the globe with Northern Rock and HBOS in the UK, and house prices just about everywhere going south while fuel and and food continues to climb skyward (the current downward blip in oil prices is just that a blip).