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Second Shoe Hits with Hurricane Ike like a Texas Two Step AIG and Lehman Brothers Wall Street Shakedown Meltdown

September 22, 2008

Of course the main difference in this Texas two shoe two step is that one is real and the other are just on paper… but then the clean up along Galveston Bay is only going to take a few months, whereas the red ink on the books and placed squarely on the backs of the American taxpayer is going to take years, if not generations, to cleanse. The thing is that as much as three quarters will go to help foreign banks in Holland and the Netherlands. Precisely the place where the DNS server was located that tried to place the Psychic News Network on Google’s list advisory as an attack server when the Council reported:

There was a nice presentation on the Constitution of the United States of America (over on the BBC)… Too bad its been so violated in the name of preservation of Iraqi freedom… Which seems to be, as much as an attack on American Constitutional freedoms as any hostage that they might happen to find. The only conviction so far seems to be Osama bin Laden’s chauffeur driver. Sara Palin, with all this “Country First” nonsense, asked if we think we should “read the Terrorist their rights”… Well it might be asking a bit too much but maybe its a good idea before you go torturing these poor saps to death. Is it too much to ask for some of these people in positions of power to put The Constitution first?

As far as the Cern super particle accelerator… Ya know it might be nice to have a little Black Hole to hang around the house (that is of course if you can afford to have your house devoured every nano second or so). Still you all know this IS NOT going to happen because the Cern CyberSpace Martians are going to need an extra 4 trillion watts (give or take a few billion). We all know to get to the real black hole it takes an infinite amount of money to build a really big Supercollider you’re going to need to start with something like Lehman Brother or better yet a Bear Stearns with a ring collar the size of a Fannie Mae and Freddy Mac then you’ll see what a Black hole is truly like…

Kinda of makes all that Pagan Dance and AntiChrist nonsense seem rather quaint.

Still the American economy is about to enter a new chapter… It will perhaps be best known as The Generation of Chapter 11 (Or Welfare State for Millionaires). However, aside from NAZI Germany’s Third Reich rise, history has an abundance of evidence of what happens after empire implosion. Some of this was written about by Kevin Phillips who was a guest on Bill Moyer’s Journal the day after the announcement of the Fed to bailout AIG. Some of the thoughts of Kevin Phillips’ several books have been summarized as…

Former Republican strategist Phillips takes an uncompromising view of the political coalition, led by radical religion, that is driving America to the brink of disaster. From Ancient Rome to the British Empire, Phillips demonstrates that every world-dominating power has been brought down by a related set of causes: a lethal combination of global over-reach, militant religion, resource problems, and ballooning debt. It is this same axis of ills that has come to define America’s political and economic identity in the past decade. Military miscalculations in the Middle East, the surge of fundamentalist religion, the staggering national debt, the costs of U.S. oil dependence–together these factors are undermining our nation’s security, solvency, and standing in the world. If left unchecked, the same forces will bring a debt-bloated, preachy, energy-starved America to its knees.–From publisher description.

Widely acknowledging Phillips as one of the nation’s most perceptive thinkers, reviewers have called him a latter-day Nostradamus and our “modern Thomas Paine.” Now, in the first major book of its kind since the 1930s, he turns his attention to the United States’ history of great wealth and power, a sweeping cavalcade from the American Revolution to what he calls “the Second Gilded Age” at the turn of the twenty-first century. The Second Gilded Age has been staggering enough in its concentration of wealth to dwarf the original Gilded Age a hundred years earlier. However, the tech crash and then the horrible events of September 11, 2001, pointed out that great riches are as vulnerable as they have ever been. In Wealth and Democracy, Kevin Phillips charts the ongoing American saga of great wealth–how it has been accumulated, its shifting sources, and its ups and downs over more than two centuries. He explores how the rich and politically powerful have frequently worked together to create or perpetuate privilege, often at the expense of the national interest and usually at the expense of the middle and lower classes. With intriguing chapters on history and bold analysis of present-day America, Phillips illuminates the dangerous politics that go with excessive concentration of wealth.

Profiling wealthy Americans–from Astor to Carnegie and Rockefeller to contemporary wealth holders–Phillips provides fascinating details about the peculiarly American ways of becoming and staying a multimillionaire. He exposes the subtle corruption spawned by a money culture and financial power, evident in economic philosophy, tax favoritism, and selective bailouts in the name of free enterprise, economic stimulus, and national security. Finally, Wealth and Democracy turns to the history of Britain and other leading world economic powers to examine the symptoms that signalled their declines–speculative finance, mounting international debt, record wealth, income polarization, and disgruntled politics–signs that we recognize in America at the start of the twenty-first century. In a time of national crisis, Phillips worries that the growing parallels suggest the tide may already be turning for us all.

In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips’s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America’s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers—especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.

“Bad money” refers to a new phenomenon in wayward megafinance—the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also “bad” are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world’s other currencies. In all these ways, “bad” finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips’s last book, whose dire warnings are now proving frighteningly accurate.

You have CEO’s walking away with hundreds of millions of dollars for driving their companies trillions of dollars into debt and then having this debt placed on the backs of the American taxpayers for perhaps generations. Markets around the world continue to have problems and people are losing their jobs and their houses… Can we really afford to bail these billionaire bankers out of their bad judgements. With our country confronting serious energy and environmental problems that will cost real dollars and require real solutions can we pay these outrageous bonuses for corporate incompetence even fraud?

So what if they are made fail because of their own irresponsible policy… So what if some can not obtain a loan to buy a gas guzzling dinosaur… Is this a bad thing? They should be allowed to fail if we are to maintain a free markets. The thing is that they can balance their bad budget debt on the back of the back of the American taxpayers. Sure they can save a bad banks, and worthless paper but at the end of the day it will not be a free market. At what cost we maintain liquidity at the same time we liquidate the freedoms guaranteed by The Constitution of the United States of America. Indeed it appears as if this entire episode is calculated to destroy those individual freedoms. What you have at the moment are the same people that caused this economic crisis, showing up dress as fireman with buckets filled with gasoline claiming that they’re going to save the country from burning down and all that’s required is a few extra buckets gas.

As a nation we have never got ANY straight answers or solutions, from the present Administration, concerning Iraq, or the war… Lies to cover lies. Is there any conceivable reason to trust them now? Why is there this all of a sudden rush to seal this deal with little or no discussion. They were in no rush while they were in the process of piling up this debt… Only now are they in a rush to cash out their debt while they lock in their profits on the backs of the American taxpayer… Least someone should stand up and shout “STOP! THIEF!!!”

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