Not a Filibuster
If you have been paying attention, the unemployment insurance bill that had previously extended unemployment benefits for about a year expired February 28th of this year, 2010. Senators went on a quick vacation before extending unemployment insurance yet again. The economy has not picked up and unemployment numbers have gone up, not down. For millions of Americans unemployment is putting food on the table and keeping them from going homeless. Whole families are depending on these unemployment checks. All because the financial crisis was engineered by Wall Street bankers, congress and the Federal Reserve to begin with.
Why do i say engineered? Briefly:
- wall street engaged in packaging derivatives which were completely unregulated. In these derivatives they bundled together unsecured mortgages which were obviously of questionable value. they then also sold insurance, which they were careful not to call insurance to avoid regulation, in the form of a credit default swap. When those derivatives failed then the credit default swap, or insurance or “side-bet” which is what it really was, were called in, to the tune of $70 TRILLION. Instead they went to congress and the federal reserve.
- The federal reserve knew that these credit default swaps were happening, and even encouraged it. The federal reserve, you see, is a private bank. The federal reserve does what it can to make itself money. When the big players on wall street got involved in these CDS’s the federal reserve pressured the securities exchange commission to remove regulations banning side-bets, they even went so far as to prohibit states from prosecuting, under gambling laws, firms that engaged in these side-bets
- congress, under Bush and Clinton, pushed forward a policy to generate more home ownership, regardless of the cost. They gave the OK for “no money down” and “interest only” loans on housing. They also looked the other way for people signing up for loans with no proof of income. The federally backed Fannie Mae and Freddie Mac ballooned by a factor of 12 in mortgage backed loans. They also loosened their requirements in lending to people with NoIncomeNoAssets or ninja loans. This sent out a clear message to private lenders that if Fannie and Freddie can do it, and they are backed by the Federal Reserve, then they too would do it.
When the $70 TRILLION hit the fan, wall street turned to the Federal Reserve, their buddies [not their regulators] to bail them out. The Fed then turned to congress and threatened congress. The entire house of cards came crashing down. But, here’s where it is evil:
There was no need for them to all of a sudden call the $70 TRILLION in.
They could have literally kept going for another 100 years playing their shuffle money game. They staged the bailout because they wanted real money. You see all that CDS’s and derivatives were all on paper. No money changed hands. Money only came into the picture when they forced congress to pay them. They then scored the biggest criminal hijacking in the history of the world.
What does that have to do with unemployment? When they called in their favors at the good old Fed, they shut down the U.S. economy. Then the tremendous, off the richter scale, aftershock, ripple effect started to happen immediately. As soon as the announcement happened on the news, businesses started to close down. The housing industry and construction, nearly shut down overnight. All of those people that used to have income, who now didn’t, stopped making their purchases. That first ring of people who they purchased from immediately dried up as well. And, those that they bought from dried up. Until you have stuff like technology companies laying off people, who had nothing to do with housing.
With one fell swoop, wall street marched into Washington and stole trillions of dollars and in turn shut down the economy and put people into poverty. They stole whole sectors of pension funds, retirement accounts, 401ks, life savings.
Now, let no one be mistaken, someone who had a $80,000/yr income, who is suddenly out of work, needs that unemployment insurance.
This economy is not going to recover any time soon. In the mean time Senator Bunning, who is Republican senator of Kentucky, a state in the top 25% unemployed, is “halting” the process to extend unemployment insurance. His excuse is that he wants to know where the $10 million is going to come from.
Senator, $10 million? Really? Let me run some numbers by you that you voted for, without question.
U.S. Foreign Aid In millions
- 2006…… 2,520…1,795…163
- 2005…… 2,985…1,819…125
- 2004…… 2,624…1,863…101
- 2003…… 2,700…1,915…26
- 2002…… 3,120…2,075…31
- 2001…… 2,813…1,990…48
How about instead of sending economic and military aid in the BILLIONS annually to other countries, maybe you could take time out and send aid to your own damn country.
But wait there are more numbers.
- Iraq war cost since 2001 $ 709,571,100,000
- Afghan war cost since 2001 $ 256,688,600,000
And the number hoovers around $1 trillion annually just in Iraq alone. The money is going into the pockets of big contractors mostly, i.e. more wall street buddies heisting the American public, which spouting rhetoric about patriotism, freedom and walking away from a war with our tail between our legs.
Senator Bunning wants to play games? I’ll play his game. SHOW US YOUR INCOME CHECKS. Let’s see who’s paying him. Everyone in the senate, tell us what promises you were made to keep the war going. Tell us what promises you were made to do the bailouts to wall street.
AIG just paid its executives bonuses. They are now headed to Washington to ask for another bailout. Senator Bunning are you going to “pretend filibuster” on AIG too, or are they your buddies?