In this game no one wins. Eventually the morally bankrupt (government, treasury, fed, wall st. big business and the banksters) will Ponzi the system into oblivion (Madoff is a small but good example - whistle blowers called it and the SEC or regulators ignored it till it was to late), and there simply will not be anything left at the top of the third and final bubble. Three strikes and you are out. Let the melt ups march on. When the taxpayers and government are finally tapped out and we get to the point of total cannibalization, you'll know the end is near (I'm not talking about snacking on the little bank appetizers).
The government should have taken it's medicine when it had a chance in '08, but instead it gave all their most generously donating cronies a get out of jail free card (and passed a law allowing them to be even more generous). Now the financial wizards run the show and hold the government hostage. It is that simple. We all witness every day how out of hand this pump and dump has become. Bull market recovery my ass. Economy is improving, bullshit. The way I see it America has been hijacked by the likes of the Somali Pirates. We're not allowed to have any guns (re: legislation) so they climb aboard ship and game over. Now, the government is in so deep they can't do anything but assist to perpetuate the scheme. We all know if marked to fantasy accounting was eliminated this Ponzi would immediately die, so friggin do it. Grow a figgin set. Take their bullets away and take your damn medicine while there is still some life left in the patient. We want our country back! (well, what's left of it anyway). They better hurry up, the clock is ticking.
Sadly this game will end and everyone will be a loser. They perpetuated it by lulling past and current administrations into deregulating markets and allowing the crooks to run free. Sadly, we all bit, borrowed and spent till we could not spend anymore (literally). Now the government with the aid of our future tax liabilities is supporting 70% of GDP instead of the consumer (not to mention many other things). Accounting gimmicks and silicone investment products allow businesses to exist like nothing ever happened. The stock market runs along with the BD's controlling 70% of the volume and financing it with the Fed's freshly printed money (TG: no monetization, shuh right) all the while front-running every trade skimming even more off of the top.
We are standing by watching this happen? I guess the only thing we can do (other than raising hell in the streets) is to vote the current spineless bastards out and replace them with a fresh set of spineless bastards. Hell, with what is coming down the road and being a TBTF's bitch, why the hell would you want to get reelected anyway. If the O can be president with his resume (and birth certificate), I guess it may be open floor night at the comedy club for this election. Do me a favor and don't fall for any of this posturing they are doing regarding election rhetoric surrounding regulation. It is all a load of shit. If you don't think so, please start reading this post at the top again till you get it. Virtually everyone must go (except Ron Paul of course).
Denninger can out-rant me I think.President Obama: Where Are The HANDCUFFS? Rolls thru Barry's BS speech point by point and drops several choice thought along the way. I suggest you give it a look.
Lehman Bankruptcy Yields Liquidators Almost Three Quarters Of A Billion In Fees is a juicy post from ZH that will get your blood pumping. "Bloomberg quotes George Fisher of Capital Guardian: "What a travesty. They’ve taken nearly three- quarters of a billion dollars out of a company that’s bankrupt, and nobody cares." Too bad the US government will never allow any other firm to file for either Chapter 11 or 7 as this may put a dent in the administration's plan to confuse everyone that the greatest Ponzi market/economy of all time is based on anything but a constant low-volume meltup in the markets."
Mish took some time off from bitching at the unions to deliver this wonderful and useful post How Safe Is Your Bank? Texas Ratios of 7,500+ Banks Banks with a combination of high Texas Ratio and very low capitalization are likely at extreme risk of failure. There is also this Interactive Map of Worst Banks in the U.S. by Texas Ratio, Non-Performing Assets, and Total Capital Friggin Georgia and Florida are sucking wind in a bad way.
Friday will be here tomorrow. You know what that means? Melt up Monday is only 4 days away!
GL!
