s skippy the bush kangaroo: three card monte

skippy the bush kangaroo

Friday, September 26, 2008

three card monte

mish's global economic trend analysis is one of the economic blogs we like to keep track of in times of financial stress, like this week.

and mish's opinion of the current bail out fiasco is mainly: it's a scam...

this past week has been noting short of amazing. president bush appeared before the nation stressing a sense of urgency. paulson and fed chairman bernanke have done the same thing before congress. inquiring minds are asking "why the rush?"

the answer is simple: if people see the actual details of the proposal they will understand it is a bad deal for the taxpayer and a great deal for wall street.

it is the very same mad rush to judgment that kicked of the war in iraq. does anyone remember talk of "mushroom clouds"? does anyone remember dick cheney saying "we know where they are"? this week we see the same action from paulson and bernanke.

the only difference is the message this time is about "financial mushroom clouds". the rush is needed because if anyone looked at the deal they could see taxpayers being left holding the bag.

tonight we see an unprecedented break in the ranks from current fed governor richard fisher who says bank rescue plan would worsen fiscal 'chasm'.

it is not often a fed governor tells the fed chairman to go to hell. but that is what happened just tonight.

former fed governor william poole has stated "these are grand ideas that cannot be executed. there will be one stumbling block after another. i am very leery of jumping in with emergency measures like this."…

bloomberg is reporting hundreds of economists urge congress not to rush on rescue plan

click here to see the letter from economists to the speaker of the house of representatives and the president pro tempore of the senate. http://faculty.chicagogsb.edu/john.cochrane/research/papers/mortgage_protest.htm

what is it that paulson knows that 190+ economists don't? after all paulson was telling us all how safe the us banking system was just a few weeks ago.

i will tell you what paulson knows: he knows the longer and closer the taxpayer looks at this bill the angrier the taxpayer will become…

sadly, i must tell you that house speaker pelosi is standing behind paulson and backing this absurd deal. see house speaker nancy pelosi sells out.

please let her know what you think. everyone in the country should email nancy pelosi: email nancy pelosi. if that email bounces, please try this one email nancy pelosi.

heck, please do both. let her know how you really feel about her sellout to corporate interests on the taxpayer's back. nancy pelosi is speaker of the house. she should take all of american voters interests in mind. she is failing to do so. let her know. after you email her please call her up. here is here phone number (202) 225-4965. you might also want to try her district number (415) 556-4862.
good idea.
posted by skippy at 11:35 AM |


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