I have been reading Commentary on the new Geithner Plan, otherwise possibly called the Legacy Loans program; there may be some debate over this, as no one really knows what to call it exactly. One can also try ‘The Public Private Partnership Investment Program’, though the supposed Public does intend only extension of Taxpayer funds (still Private) without Risk of personal or Public Spending budgets. This Comment sent to the FDIC tends to believe it is the Government itself who is to act as the Shill in the rigged game, with Taxpayers to pay the Bill. I have always been somewhat confused by what they call Banking practice, believing that more common Criminals provide more Insight in their identification process. I am still assured that ordinary Depositors in these Banks are being defrauded by artificially low Interest rates suppressed by Fed action, which will be a permanent loss; while the Banks are to be repaid everything based on a nominal loan extension of funds never existent except in the Bank’s imagination–certification that the Private Sector Money-Printing presses of yesteryear will be backed by a Fed guarantee of Inflation. It tends to brighten the first Day of the Apocalypse.
Read this article to achieve the understanding that this Recession is more the brain child of the Special Interest Power Brokers as much as anything, who do not seem to enjoy the principles of Creative Destruction. They wish the maintenance of the Cash Cows which have enriched their lives in previous years, even though the nature of Cash Cows exhibit that they are extremely transitional, lasting only until the sham of their profitability is exposed. This might confuse the Reader, yet I talk about Credit Default Swaps, which have joined the Ranks of Junk Bonds, Ponzi Schemes, etc. There is much talk about Banks, and how they are too big to fail. One has to ask why they are so big, and the Answer is that they were built upon the sham of CDSs where Private creation of false money was considered kosher. Now even the Fed, Treasury, and Congress are trying to grant credence to the falsely printed currency, but will fail because it does not even smell like Dollar Bills.
We will have to move forward, but will never be able to carry the baggage of the Past, and the loans made from loan acquisition as Reserve will have to fade into the Sunset. I never believed in either of the Bush Tax Cuts, one of the reasons being the excess flow of Cash which would raise Investment decisions to the level of glory-hunting. Who wants to be a Millionaire? The humor of it all consists that the financial Crisis will cost far more than the old Tax rates could ever have inflicted; all within a framework where Inflation and State and Local taxation eat any Gains made from Tax Savings. Life was simpler and Take-Home Pay was greater Tax rates were set quite high! lgl