Selling our soul to the devil…
That is what the Fed is doing this morning. Selling more of our debt to foreign nations in order to bail out AIG. We are bailing out INVESTORS and stock holders…people who took a chance on making big bucks or going broke.
They went broke. Yet, our government sees nothing wrong with selling a huge portion of our debt to China or whomever is buying today, in order to have the cash to give to AIG.
I looked for a news story on it..googled it and got one Bloomberg story on it..what does that tell you?
The Media is complicit in this bullshit. They keep the most important part of this… cough…deal quiet so that we, the people, don’t think about what this horseshit is actually costing us. From another Bloomberg article on the subject of selling our debt to cover a privately owned companies ass:
Benchmark 10-year credit-default swaps on Treasuries increased 4 basis points to 30, according to BNP Paribas SA prices at 6:45 a.m. in New York. The contracts have risen from below 2 basis points at the start of the credit crisis in July 2007 and are more than double those on government bonds sold by Austria, Finland or Sweden.
The U.S. Treasury pledged an $85 billion loan for AIG just 10 days after committing as much as $200 billion to prevent a collapse of mortgage companies Fannie Mae and Freddie Mac. The U.S. budget deficit will grow next year to $438 billion, the Congressional Budget Office said Sept. 9, making it harder for President George W. Bush’s successor to either cut taxes or increase spending.
Too many people jump on the Repubs for creating this mess, when the reality is Bill Clinton did it when he pushed through the bill ironically named:
Guess who wrote the bill…go on…guess..