WTF? Part III

So all’s well on wall street again, phew! that’s a relief, that was a close one eh? My God all those mega-rich bankers nearly had to face up to their losses, but fortunately the US tax payer jumped in to underwrite it all and cover them, they say that it'll cost us around a trillion bucks...nice.

But, do you know what a trillion is? it's a thousand billion, or a million million. I figured I'd try and help you visualize what an awful lot of money a trillion bucks is, and to help I've posted a $10,000 bill up there. I scanned it this morning, so apologies if my scan seems a bit rough. I was lucky to have it on me actually, I don’t usually carry many of them, but I just happened to be having lunch with a banker friend of mine today, and I'm told it's quite standard currency for bankers who like to have a half decent bottle of wine with their lunch!

Anyway, that single bill represents one hundred $100 bills, in other words a lot of money. Now try and imagine a hundred million of those $10,000 bills and you've got your trillion. The ten thousand dollar bill is just over 6 inches long, and if you were to take one hundred million of them and place them end to end, apart from taking an enormous amount of time, your line of ten thousand dollar bills would stretch for ninety five million miles, give or take a few yards.

In other words, if physics allowed, your cash trail, and it is your cash, would reach the sun, and you’d have a few billion dollars to spare for lunch when you got there....WTF?

This is the mother of all bail outs, we’re buying up all the crappy defaulted mortgages, you know the ones that should never have been loaned out in the first place, but were by greedy mortgage brokers and greedy buyers. The bail out ensures that the brokers, and agents get to keep their ill-gotten gains, and all the people that couldn’t afford to buy houses in the first place, but did, will get to keep their houses too. Hell! some of them are gonna make tidy profits once all is done and said.

The only losers here, are those who were foolish enough to buy what they could afford, or even worse didn’t buy at all, because they knew they couldn't afford it. It’s the responsible people among us who will end up losing the most, and it‘s just unbelievable.

I mean, I’m British, and really I shouldn't give a crap, in fact I should be cheering from the roof tops, after all the London FTSE gained even more than the Dow today, and a couple of our previously struggling banks got to see their share prices increase by over 50% in a single day! Rewarded by the American taxpayer for being greedy and making bad decisions, amazing!

So, everyone's cashing in now that the US taxpayer are so kindly picking up the tab for it all.

A trillion dollars, when I think how many schools and hospitals could’ve been build for that, and universal health care? well that would seem like a drop in the proverbial ocean by comparison, we could’ve operated a universal health system for the entire population of the planet for that, what a fucking joke!

Still, who cares? it’s only money, right? It’s gonna be the US taxpayers’ children and grandchildren that’ll be left to pay for it all, and suffer even greater consequences because they’ll have absolutely no money left to invest in little things like the country’s infrastructure, you know things like bridges and roads and rail lines. Then they’re gonna have to lose all the services like police and fire, and social programs like schools and healthcare, they’ll be a luxury, a long lost dream, and of course we shouldn’t forget about the over extended military and beaten up veterans. They’ll all be fucked.

The dollar will be devalued to such an extent that things will perpetually cost more, with wages going down accordingly. Still, on the bright side perhaps the Chinese will find it cheaper to get their shit built here, using our decedents as bonded labor, and it’s a big place, we could take everyone else’s nuclear waste, there’s good money in that, we could even cover the interest on our loans for a few months if we took it all. That would help them pay off some of their father’s debts, or rather the debts caused by the greedy fucks among us who just borrowed too much to be called out. This country has set itself up for a mighty crash.

The grand philosophy of capitalism without regulation, that system so preferred by McBombit, is that markets will find their own way if they are left alone. Things may hurt for a while, industries may fail, but ultimately a free market will find itself a way out. The problem is it doesn’t work. Our market is about as free as the communists.

We now have banks nationalized in all but name, we have mortgage lending that’s nationalized in all but name. This is the very thing capitalists so decried of communism, the problem is communists would’ve done it a lot better, we’ve got the worst of both worlds a hotchpotch.

And you watch what happens next. This bail out is being funded by US taxpayer’s money, no one else’s, the money belongs to the US people. Yet, you watch some newly created ‘independent’ agency quarantine the cash. Mark my words, all this money will be lost in the secrecy of independent private companies like the Fed, which give us no right to look at their books.

Hell! we can’t even find out who owns the Fed, you know actual names of people, and I bet you thought it belonged to We The People. I have news for you, there’s a very good chance that not even an American is involved in the ownership of the Fed.