I know with reasonable certainty that, for most of you, your financial future is not your greatest concern, because, even after all of the horrendous decision making by the US Fed & Treasury officials, especially in the past 12 months and showcased last weekend and again this weekend, this diarist is not yet receiving the notice and recognition he should.
I do not know him from Adam, but I know enough from following his work here, that everyone should be reading him and thanking him. You owe it to your grandchildren to get up to speed on what is happening, if you haven't, and say enough, stop, no more give aways to the financial elite who are destroying our solvency!
No matter who you support politically, you must judge them on their concern for what is happening. Are they backing the bailing out, by burdening taxpayers, the elite class who are responsible for this attack on our financial system and currency, or are they supporting the best intersts of US taxpayers, for the interests of these two groups do not necessarily converge....
Why is this #131 on the list of the high impact diaries of the past week:
http://www.dailykos.com/...
It should be in the top ten....if you are truly serious about understanding what Bernanke, Paulson, and the financial elite on Wall Street, and the political elite in DC have been doing to the taxpayer!
This is the diarist I am talking about:
http://gjohnsit.dailykos.com/
I recommend reading every one of his diaries, but at minimum, please read these...it is a shame that the graphics displayed are gone, now:
The End of the American Empire
http://gjohnsit.dailykos.com/...
Wall Street insolvency postponed until after election
http://www.dailykos.com/...
The Failure of the Ownership Society
http://www.dailykos.com/...
The Insolvency Crisis: How we got here, and what to expect
http://www.dailykos.com/...
The Unwinding of the Asian Currency Crisis
http://www.dailykos.com/...
Paulson and Bernanke could have done the damage to the soundness of the US Treasury's credit rating and the level of the national debt, by writing checks to every US household that equal the aggregate of the amount they will end up saddling the taxpayers with, and, actually helped accomplished what the claim to be attempting...to shore up the value of the assets and loan quality held by the financial institutions. It would be wrong to send those checks, but it would possibly stimulate demand and price, versus the futile and ineffective transfer of funds the government must borrow to place in the hands of these Wall Street thugs.
Did you know that even the FDIC deposit insurance fund, atated to have assets of $43 billion, after the bailout of Indymac bank depositors, last month, has no actual cash? The government spent the insurance premiums banks paid to the FDIC, and as it does after it spends the $190 billion annual Social Security payroll deductions surplus, the government issued bonds to the FDIC. In order to provide the FDIC with actual cash to pay depositors of future failed banks, the government must do the same as it must to pay any of the $2.2 trillion it owes Social Secuirty, sell new treasury bills at public auction to raise the cash. the $43 billion and the $2.2 trillion are included in the now $9.6 trillion national debt.
http://www.treasurydirect.gov/...
Unless you demand that the next US administration stop, you'll be explaining to your grandchildren why you did not resist leaving them holding a $25 trillion national debt, if they're lucky ....