It all started with some guy on CNBS this am, all goo goo and gaa gaa over the recovery. Talking sbout how things were looking up. Who the hell do these people think they are fooling? What the hell? The global friggin finacial system is being held together with duct tape (that's being generous) and they say things are just rosy, improving and you need to invest here, here and here? Bullshit!
Those A$$holes just want your money. If you are not fully invested they don't generate fees. They lie thru their teeth and tell you anything to keep you fully invested. It is not about you or your earnings. It is about their generating fees to support big bonuses. They really do not have you and your investment as their top priority. They are looking out for number one.
This post from Zero Hedge has a great vid capturing GS's round the world tentacles.More Headaches For The Goldman PR Department: Here Comes The (Soon To Be) Viral Goldman Sucks Video We are no longer in control of anything. America (actually the whole global financial system) has been hijacked. We are really now their slaves cause of what our government has allowed them to do. Bottom line is their voracious appetite has had them gobble up all the money from the dot com bubble to the RE bubble and not the only thing left to devour is your future tax dollars. The cycle will only end with the destruction of the Fed, GS and the TBTF's.
I just found this on Mish's site (nice timing) Is anyone else sick of this "Nascent Recovery" talk? There is no recovery. The flushing of QE government money into the system that has done nothing but make the banksters rich and put us even farther in debt as a nation. It is all a bunch of bullshit! Did you hear that CMBS Delinquencies Hit New Record? That has recovery written all over it!
Sorry I missed this one. Elizabeth Warren is one of my favorites. She's the only one that seems to know what reality is.Elizabeth Warren on the Coming Commercial Real Estate Crisis; 3000 Community Banks at Risk. "Nationwide, at least $1.4 trillion in commercial real estate debt is expected to roll over during the next three years. Warren said that half of commercial real estate mortgages will be underwater by the beginning of 2011. A fifth of residential mortgages are underwater now, she said." folks, this is for real. It is not make believe, but sweet little moron on CNBS this morning is feeding you a line of shit a mile long that things are just fine and housing is gonna experience a recovery.
Dig this from Denninger -GMAC Co-Mingling Custodial Funds?! Say what? I'm sure this accounting trickery is now legal. If it isn't, do you think FINRA or the SEC are going to actually do anything about it if it would cause financial harm? "The rating company said GMAC commingled cash flows from multiple bonds in a single custodial account, Moody's said in a statement. This allowed GMAC to use cash from loans in one bond for principal and interest payments on another, it said." Anything goes I guess when it comes to creative financing these days. If you can't borrow it anymore and you are out of it to pay out then you co-mingle it and Ponzify it. Why the hell not? When you are neck deep in shit, I guess any necessary action to keep the charade going is what you do.
Denninger also has more on the banks continued raping of America. Read this -So Much For Universal Default Disappearing. If the 7 day waiting period on getting cash out of the banks was bad this is taking the raping of the consumer to a whole new level. "This is effectively a "CALL" option on your credit card. This "feature" is why when I ran MCSNet I refused to ever accept a bank credit line for any purpose whatsoever for the company - they all had this sort of tricky crap in them somewhere. Every one. In each and every case such a clause gives the bank the right to force you into bankruptcy if you ever actually use the credit for anything other than as a cash-management tool (that is, as a means to pay for something over time), as they can declare the line in default any time they'd like and accelerate repayment, demanding the full balance. You either have it (in which case you didn't really need the credit, right?) or you're bankrupt - at their sole discretion." and don't think they won't do it.
This shit is OUT OF HAND, and I have had enough! What can we do? Well at this time apparently not a damn thing. Approval ratings for everyone (except maybe Ron Paul) are at historic lows. The Rasmussen Report says we basically support nothing the government is doing, and the consumer confidence polls are tanking. They could care less what you think or need. It is now all about the TBTF's that effectively own everything and have us in a blackmail situation - We tank it all or else.
I've got news for the TBTF's - Screw you! It is all going to hell in an hand basket anyway and your last grab for cash will be persecuted eventually. Your raping of America (and the global financial system for that matter) will not go by the way. You all will be in jail one day for this. Every stinking one of you. We the people will eventually root the corrupt A$$holes out of Washington and your little charade will end. Oh, and you politicians that let this happen, you better get your soap on a rope ready as well. You'll be in orange jumpsuits sooner than later as well.
The truth will come out and we the people will get our revenge. Politicians - what you have allowed to happen is unthinkable and disgusting. Bankers - taking advantage of a system for profit at the expense of others will not go unnoticed. We're pissed and you will eventually push us over the edge. You can't keep us under wraps forever. We know what you have been doing. We know how corrupt everyone of you are. Maybe you should consider buying one of those Greek Islands, it would be a good place for you to be as far away from us as possible.
If you don't take your medicine you will never get better. In this case we have let the problem fester and refused to even see a doctor. If we had taken our medicine, we'd have trillions to actually do something constructive with, but NOOOOO, you had to go save the banks. They had a choice to make, financial Armageddon or keep the charade alive for a few more years and THEN face financial Armageddon in an even worse state. Nice job guys. Well done!