Let Risk-Taking Financial Institutions FailInformation and facts are the only things that will protect you from any attempts by the government to take your money and hand it over to the support the lavish lifestyles of these corrupt, reckless and foolish investors.
By Ari J. Officer and Lawrence H. Officer
Follow the money. Average Joes and Janes are not the holders of the other side of complicated, over-the-counter derivatives contracts. Rather, hedge funds are the main holders. The bailout will involve a transfer of wealth — from the American people to financial institutions engaging in reckless speculation — that will be the greatest in history.
Rescuing financial institutions is not the best solution.
Bank Crisis 101 - The Simplest Explanation You Will Find'Warren Buffett once called derivatives,
"financial weapons of mass destruction"'
They try to hide what it is using fancy words like credit derivatives. Over and over again they tell you it is too complicated for the average person to understand. They are lying to you. You can easily understand this if you read these pieces together. They keep talking about mortgages but they are the smallest part of this entire "shitpile." It is a scam and the bushies have been waiting for months to unleash this "crisis" as an election issue.
Via A Tiny Revolution (h/t Buzzflash), A few words from Abraham Lincoln on this subject:
He's referring to a dispute between private shareholders of the Illinois State Bank:Real leadership in crisis of the likes that we have not seen in this country for decades... Perhaps, even, since the last Great Depression.It is an old maxim and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people's money being used to pay the fiddler...all this to settle a question in which the people have no interest, and about which they care nothing. These capitalists generally act harmoniously, and in concert, to fleece the people, and now, that they have got into a quarrel with themselves, we are called upon to appropriate the people's money to settle the quarrel.Lincoln's speech was given just as one of the greatest speculative bubbles in US history was bursting.