A FAILING BANK SYSTEM

Crooks are at the Helm
By Victor M Adamus

To understand the failing of a U.S. economy or any economy for that matter operating in a so called capitalist society, one must accept the fact the people who use Corporate Welfare are the same people that tell themselves they are too big to fail.  But they did fail.  They failed so badly they took their welfare bailouts to historic proportions here in the U.S. days before Obama became a newly elected President.  This welfare has been going on a long time.  Tax payers are in the history books for supporting buyout kings like Mitt Romney and countless others who make a living by uprooting established businesses and then selling off their assets, closing plants, and getting fat pay backs from the U.S. Treasury, one which Romney made profits on brought Bain Capitol, his company, $37 million tax dollars for doing nothing more than taking what was left of the business into bankruptcy.  Nice work if you can get it.

The best description of how this welfare works is put forth by economist Jason Read:

“People who dismiss the unemployed and dependent as “parasites” fail to understand economics and parasitism.  A successful parasite is one that is not recognized by its’ host, one that can make its’ host work for it without appearing as a burden.  Such is the ruling class in a capitalist society”.

Give yourself enough time to let that statement sink in.  It is as accurate as any Capitalist company surviving in a Democracy can be.  To many it’s simply a form of the old “hand out” with a weak guarantee the bank will pay the Treasury back with interest.  The game has been in the banking community for decades.  The will of the people be damned. 

Governments have been supporting bank failures for years and it was only when the bankers turned Wall Street into a casino, less government regulation, less policing hedge fund monsters that the economy went down in total, taking the housing market with it.  The greed of these incompetent investors appear to have no end especially if they can rely on the Treasury to keep them solvent. 

Crooks, parasites, who made billions off fraudulent mortgages, have never been arrested, no convictions, and no time in jail.  They made huge amounts of money by selling junk mortgages as triple AAA paper when they knew the risk was so high they insured the transactions in case they failed, knowing they would fail eventually as people could not make the payments agreed to and could not sell the property for a profit.  They took retirement funds, college investments, peoples life long savings and more than half the equity in owned properties nationwide.  They reduced the middle class in this country to a poor and unemployed society and had the audacity to complain when the President asked Congress to extend unemployment and put packages together to keep people in their homes.

But what did the George W Bush administration do about it when the crisis arrived on his watch?  It bailed them out because remember, these parasites are too big to fail.  We’re told without the bailout the economy would be worse than the crash of 1929.  Even more people would suffer.  Yet compared to welfare recipients who spend most of their day searching for food for their families, these banksters hide behind the gold shield of being Wall Street’s elite and are worse than people asking for an entitlement to feed their family.  It may not be “class warfare” but it is a symptom that the casino is running on empty and without government tax dollars the crooks would never be able to pay themselves millions of dollars in year-end bonuses, which they did, and they made these awards with tax dollars not earned income.  What’s wrong with this picture?

This is what my blogging partner and I have been wondering about this week.  So in the interest of looking at the failure of our banking system we planned to use some space to report on the banking communities, Wall Street and what the Obama Administration is doing to help the middle class recover.