America ain’t got no money! Word!
From what I can understand, America is broken and all the King’s men and all the King’s money in the whole wide world can not put it back together again. Bankers know it. Participants at Davos know it. Wall Street knows it. As quoted in the enclosed post, “There is simply not enough money—in the United States or in the entire world—to bailout these toxic assets. Although not many people know of this fraudulently kept secret, the banks of course know it”.
Seems everybody knows about it except lit’le ol’ me. If anyone thinks the news is sickening to hear, how do you think I feel? The financial woes of America keep getting worser and worser and nobody's going to jail. I want to say cynically and for self preservation, with the logical conjectures, predictions, direct quotes, repetition and at times, to me, contradictory statements in the long referenced post, I believe most all of it. I say “most all” due to the fact I do not want to throw up on my keyboard. There is some dignity I like to maintain irregardless the hour.
*Excerpt:
The answer is that government policy makers, Wall Street financial gamblers, and the mainstream media are misrepresenting the ongoing financial difficulties as a problem of illiquidity or lack of cash. In reality, however, it is not a problem of illiquidity or lack of cash, but of insolvency or lack of trust and, therefore, of hoarding cash. The current credit crunch is a symptom, not a cause, of the paralyzed, unreliable financial markets.
And
There is strong evidence that major money-center banks (such as Citigroup and Bank of America) that have received huge sums of the bailout money are technically bankrupt, but they are not declared as such out of a fear that it may cause turbulence in global financial markets. “Here is the ugly, unofficial truth that neither Wall Street nor the government will acknowledge: the pinnacle of the US financial system is broke—with perhaps $2 trillion in rotten financial assets on the books. Nobody knows, exactly. The bankers won't say, and regulators won't ask, or at least don't dare tell the public” [2].
And
There is simply not enough money—in the United States or in the entire world—to bailout these toxic assets. Although not many people know of this fraudulently kept secret, the banks of course know it.
As always,
BB
* "Too Big to Fail:" a Bailout Hoax
By ISMAEL HOSSEIN-ZADEH
http://counterpunch.com/zadeh01302009.html
Seems everybody knows about it except lit’le ol’ me. If anyone thinks the news is sickening to hear, how do you think I feel? The financial woes of America keep getting worser and worser and nobody's going to jail. I want to say cynically and for self preservation, with the logical conjectures, predictions, direct quotes, repetition and at times, to me, contradictory statements in the long referenced post, I believe most all of it. I say “most all” due to the fact I do not want to throw up on my keyboard. There is some dignity I like to maintain irregardless the hour.
*Excerpt:
The answer is that government policy makers, Wall Street financial gamblers, and the mainstream media are misrepresenting the ongoing financial difficulties as a problem of illiquidity or lack of cash. In reality, however, it is not a problem of illiquidity or lack of cash, but of insolvency or lack of trust and, therefore, of hoarding cash. The current credit crunch is a symptom, not a cause, of the paralyzed, unreliable financial markets.
And
There is strong evidence that major money-center banks (such as Citigroup and Bank of America) that have received huge sums of the bailout money are technically bankrupt, but they are not declared as such out of a fear that it may cause turbulence in global financial markets. “Here is the ugly, unofficial truth that neither Wall Street nor the government will acknowledge: the pinnacle of the US financial system is broke—with perhaps $2 trillion in rotten financial assets on the books. Nobody knows, exactly. The bankers won't say, and regulators won't ask, or at least don't dare tell the public” [2].
And
There is simply not enough money—in the United States or in the entire world—to bailout these toxic assets. Although not many people know of this fraudulently kept secret, the banks of course know it.
As always,
BB
* "Too Big to Fail:" a Bailout Hoax
By ISMAEL HOSSEIN-ZADEH
http://counterpunch.com/zadeh01302009.html
posted by BB at 1:02 AM
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