Banks, Greed & Government

I made the mistake of watching the news tonight. Normally, there's no news. If I bother watching, I'm spoon-fed sad stories about other people's ills, or am force-fed crap called human interest stories. This is -- as well all know -- what journalism has come to: Sad people needing help or happy people doing happy things. We wouldn't want journalists to actually report a news item. That's too depressing.

Tonight, on the other hand, there was an actual news story. It appears that the economic gloom & doom even the likes of me is aware of, is showing signs of being an actual reality. Two major lenders, Fannie Mae & Freddie Mac, reporting over $900.00 million in losses due to the real estate market, have failed. IndyMac, I assume owned by Freddie Mac (all the links I find on the Web are only in reference to the current news), has been seized by the FDIC for the very same reasons.

The FDIC, with billions of dollars in reserve, is allowing all account holders to withdraw their funds -- up to $100,000.00, that is. They only insure up to that amount. OK. I assume the smart person with more than a hundred grand in the bank has it insured by other institutions. Let's hope those who aren't, exactly, rich, but do have more than the FDIC will pay out are covered.

The trouble isn't just that these major corporations have failed, it's not just the immense inconvenience people holding accounts at IndyMac have to stand on line to get their money or get information about their loans & open accounts elsewhere. The real trouble, in this small respect, is that if (when?) other major banks fail, & the FDIC depletes their reserve -- they will eventually -- our government will jump to the rescue with a plan to make sure that when the FDIC runs out of money, our government will bail them out...with taxpayer money.

That's right. These major corporations can wheel & deal, making their share holders filthy rich through the practice of over extending. Then, when that corporation either gets caught doing something illegal or, if legal, forces them out of business, who gets to pay for it? Why, not the greedy, not the responsible parties -- they get to continue abusing the system & taking their lavish vacations to exotic locations, while you & I get to pay the price of their indiscretion &
greed.

This is why I am totally against globalization. This is why I can't possibly have any semblance of respect for the rich. This is why I write what I do. This is why one day -- due to my own efforts or those who fear liberty & freedom of speech -- I will simply disappear.

It's time we all started paying attention. It's not this or that, it's everything. We can not allow ourselves to be distracted by the media or the small picture presented us daily by those whose very livelihood depends upon our being stupid & complacent.

Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up! Wake up!