Outraged by the Outrage
I don’t know about you, but the phony outrage out of D.C. is quite tiring to me. They rant and rave while pointing fingers at others much like pre-teens trying not to get busted claiming it was the fault of the little sister or brother. The whole thing is the Kansas City Shuffle. As the Bruce Willis character in Lucky Number Slevin describes it, while you look left, I move right. Or something to that effect. While they put up the smoke screen of being irate, legislators ignore the inconvenient facts. The unfortunate truth is that we live in a sound bite society and the populous accepts those soundbites. As the politicians demonize yet another group of people, AIG this time, the folks hearing the sound bites build anger that spurs on the deceivers. It’s a snowball that gathers momentum going downhill.
President Obama signed a bill that he evidently didn’t read. Legislators passed the bill admitting they didn’t read it. Who could have read the 1100 to 1200 pages in a couple of days? It turns out there was language in the bill that allowed the paying of bonuses that were agreed upon prior to February 11th, as were the AIG bonuses. Whose name was on that segment? Senator Christopher Dodd of Connecticut. The latest story is that he did not originally have that language in the ammendment, but that it was changed during a meeting between Pelosi, Reed and some administration types. It appears that they came to him with a story and he agreed to it. So for the parties to be crying foul now seems a bit disingenuous. Couple this with donations made by AIG, Senator Dodd was the number one recipient and then Senator Obama was number two. Hmmm. Senator Dodd, along with Representative Barney Frank, has finger prints all over the Fannie May/Freddie Mac debacle. On a side note, check out how many Democrats were stock holders in Haliburton all the while they demonized V.P. Cheney and the company.
Now the Congress is passing laws to tax the recipients at an exhorbitant rate to recapture the money. As always, it is done in “the interest of the tax payer” which is a farce. Whenever I hear that or that it’s in my best interest, I immediately discount the truthfulness of what is going on. Those catch phrases are merely for cover of the offending parties. The interest of the tax payer is for government to stay out of our business and to quit taking our hard earned money to give to someone else.
So while everyone is screaming about this issue and dominating the news cycles, the Federal Reserve quietly buys a trillion dollars worth of U.S. securities to pump cash into the system. We are now effectively borrowing from ourselves to pay ourselves. The securities are normally auctioned off to the likes of China to finance our operations. Now it is becoming even more of a shell game.
The fear is deflation which could plunge us into an actual depression as opposed to the manufactured depression of President Obama that was a political tool. And President Bush was the fear mongerer? So the plan is to infuse cash into the system while trying to control inflation and hope for the best that consumers will spend and employers will hire. All of this while the controlling party talks about taxing the employers. Did you notice that the price of gold had a major jump as soon as the news of the Fed’s actions broke yesterday? The people who know how the system works are losing faith in the dollar.
The G20 is also calling for a new currency to replace the dollar as the world’s base currency. Why would that be? Have the international money people lost faith in this adminstration already or is it the chance they have been looking for to destroy the dollar and it’s hold on the world markets?
The bright spot for me is that a while back we borrowed a bunch of money for a daughters wedding and other medical bills, etc. It was borrowed against retirement accounts. We got full value from that cash before the crash began. Whew! We only lost half of half of the account.