Red Herring
--fr. Mother Goose,Christopher Rule, illus.
Old Mother Hubbard
Went to the cupboard,
To give the poor doggie a bone:
But when she got there,
The cupboard was bare,
And so the poor doggie had none
--Old Mother Hubbard
The pound of flesh which I demand of him
Is dearly bought, 'tis mine, and I will have it
--Merchant of Venice, Act IV, sc. i
_____________--Old Mother Hubbard
The pound of flesh which I demand of him
Is dearly bought, 'tis mine, and I will have it
--Merchant of Venice, Act IV, sc. i
The A.I.G. bonus issue is a red herring. The real question is: Why is so much of the bailout money going to foreign banks? This fact should outrage the U.S. taxpayers more than $165 million, which was contractually promised and is chump change in the whole scheme of things.
A.I.G. went under because one unit was corrupt, bringing down the entire structure. This calamity parallels that of America since 2000.
The entire country is being brought to its knees by a corrupt Executive branch that took the lead in starting two elective wars (without having a solid fiscal policy, a policy still lacking), deficit spending, and cutting taxes in the face of runaway government spending.
The actions of the Executive branch, with Congressional complicity, is worse than anything done at A.I.G. or any other corporation. The Executive has run the country into the posture of that ruined unit.
The A.I.G. bonuses are meaningless when looking at the big picture. The Executive branch is cutting off such big pieces of America and giving them away, that there will be nothing left to distribute.
Labels: A.I.G. bonus, executive malfeasance
posted by rangeragainstwar at 8:19 PM
2 Comments:
Uh, well, Ranger, you are not going to like this...nope...not.one.damn.bit.
Oh boy...where to start...um, hmm.
Okay, you see, what you are seeing is the effects of what a global economy is like, but even more so when it is so freaking linked in such an intimate way that what happens in the Asian on Monday morning, is felt in the European markets Monday afternoon, and is reflected by the valuations by close of NYSE Monday evening.
The sh*t brother, flows very quickly around the world.
So, when you see bailout money going to...say...Citibank...which then shifts some to say...Loyds of London, what you are seeing is the global economy at work.
Hence, the reason the Chinese are quite concern about the value of the American dollar, and the concern about how the US government is going to keep it from dropping through the floor.
All the other crap is whatever, but as long as the US government doesn't screw up by doing something seriously stupid that would drop the value of the dollar everything is hunky dory.
Another benefit, one of the reasons we experienced a drop in gas prices and oil prices, is because of the defaults...which is what threatened, and eventually sank many European banks...they extended insurance to the US banks and when the notes came due...and boy howdy, a lot came due, the Europeans had to convert their monies to US dollars to pay off the claims.
Hence, the Dollar rose against the Euro, and Oil, for a short time, dropped.
Welcome to the future, Ranger, yours, mine, and our neighbors finances are now on the world market.
Lets just hope the whole thing doesn't collapse around our ears.
and, there are plenty of other shoes in finance yet to drop.
world economies can be confusing things. the interconnections and ripple effects can be maddeningly complex.
more than anything else, our main export has been fraud. even more than guns (except mexico, we still send shitloads of guns to mexico), we have exported scams. derivative scams, credit swap scams, more than a few plain old ponzi's.
all that bad shit is working its way through the system like a pig through a python. it may be that it does work through, it may be that a sharp pig trotter will slice through the innards and kill the whole thing.
so far, i don't have much confidence that the crisis is even recognized. they keep talking about a crisis of credit when the real crisis is one of capital itself. the money's fucked. the geniuses on wall street and other centers of trade weren't "creating wealth" like they claimed so proudly. they were making shit up.
we played along while everything was looking good. turns out though most of it was time spent polishing a rotten apple.
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