Only six months ago we were falsely assured our financial institutions were in perfect shape.
Then our government told us it would explicitly accept responsibility for Fannie Mae's and Freddie Mac's mortgage-based securities just as a token sign of support, not expecting to incur any cost ever.
A couple of days ago our Federal Reserve Bank announced that it would print $1 trillion to buy those incriminated mortgage-based securities from the banks to help us, the customers, with better credit lines.
The question is why our government is obsessed with helping the citizens. We are willing to accept the measures that would help only the banks. If the government used that $1 trillion to give the tax cuts to us, we would be able to pay our mortgages back, thus helping the banks directly.
This way Mr. Bernanke and his counterparts in the White House put their sticky fingers directly into our pockets and stole $1 trillion by printing the money. The printing of fresh money doesn’t create any new value, it just dilutes the worth of the money we have in our wallets.
Unfortunately, our mainstream journalists are so busy discussing Obama’s appearance on the late night show, his basketball predictions and inflaming the public outrage over $160 million in bonuses to the AIG executives while ignoring a crucial fact, that a sum of money 6250 times larger has been stolen in front of our eyes.
We should keep the Guantánamo Base open with a different kind of criminal inside till we find out every tiny detail of the immense conspiracy directed at undermining the financial stability of our country.
Mar 20 2009 - 8:04am