Friday, September 12, 2008

On the weekend, beware of your government screwing you over

Don't let a category 2 hurricane distract you this weekend -- it appears the US is poised to bail out yet another investment banker.

Two weeks ago it was the Fannie and Freddie bailouts. A few months ago it was the bailout of Bear Stearns via JP Morgan. This weekend it looks like they're going to print money to bail out Lehman Brothers.

Your country is being given away to Wall Street investment bankers even more than it already was, my friends. And for those of you who think Lehman failing is just another bank failing, this is not the same as FDIC which actually aims to protect the depositors. This is a government takeover to prevent private businesses from folding and affecting their investors and debtors. The difference between an investor and a depositor is that one expects a far better chance of getting their money back than the other.

Where's the march on Washington about this? Where are the demands on the two candidates, forcing them to own up to a plan to fix this? In the late 1800s and early 1900s, banking was a huge issue in this country. Every election was focused on the topic. Today it seems no one cares who actually prints our money. The Federal Reserve Act is abused more than ever, in an open public fashion on the weekends by Hank Paulson and his Wall Street cronies. There's no outcry about that, but there will be hell to pay if someone says something about lipstick on a pig or sex education for kindergartners.

As Jim Rogers said so eloquently last week, "the US is now more communist than China".

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