A Gamblers Guide

For instance wasn’t Turbo Timmy Geithner (current Treasury Secretary) the head of the NY Federal Reserve while all these “risky” investments were taking place??http://www.huffingtonpost.com/2009/12/12/obama-knocks-reckless-wal_n_389838.htmlWhile applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are “fighting tooth and nail with their lobbyists” against new government controls.In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the “irresponsibility” of Wall Street institutions that “gambled on risky loans and complex financial products” in pursuit of short-term profits and big bonuses with little regard for long-term consequences……………The president also told CBS’ “60 Minutes” that “the people on Wall Street still don’t get it. … They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year … in decades and you guys caused the problem,” Obama said in an excerpt released in advance of Sunday night’s broadcast of his interview.DAR……………thanx for the link.I actually saw that article yesterday. Haven’t read it yet……cold hard fact………..Very well put. Thank you.boomer………..”Now, help me with this heavy crate of tea…”Yes, I think things are about to get very interesting.

Answer: State Capitalism caused the problem. Hence, blame the Fed and Congressional legislation that exempted their Wall Street friends from the natural forces of Free-Enterprise Capitalism.People working under Free-Enterprise Capitalism do not make stupid risky loans because they don’t have the luxury of screwing up.People working under State Capitalism can screw up all they want because they can simply use the coercive power of government to steal money from the private sector through confiscatory taxes.We little people are being eaten alive by a huge monster in Washington.Now, help me with this heavy crate of tea…

Tagged:Politics