Trusting Saps

Hat tip for the video: Dave Amos

How did these comedians in 2007 see it coming when the financial reporters, bankers, and political hacks could not?

How is it that huge central banks and Wall Street intellects could not recognize one big casino when they were working in one? The reality is that Congress has taken your money, used it to engage in reckless socialist engineering - socialized housing (Fannie Mae and Freddie Mac), and mandated exorbitant risk taking by lending institutions. Now Congress wants you to cover the losses they’ve created. How can any reasonable person conclude otherwise? Where’s Congress's fiduciary responsibility to the American people? I suspect losing someone's money, and then raising their taxes to cover the losses, would not be considered exercising exemplary, let alone reasonable, fiduciary responsibility.

Think of all those trusting saps, the moms and dads, grandmas and grandpas, with their savings and retirement accounts tucked away ‘safely’ in pension funds and savings and loans institutions, but whose funds were actually being used to finance the game as long as it lasted. Some knew what was going on; most didn’t. Some knew the bottom would fall out someday; most didn’t. But nobody complained as long as their account values kept going up. In the meantime, political hacks were skimming hundreds of millions of dollars from the pot as they administered the game.

Now the saps are being asked to pick up the tab for the losses – no, forced involuntarily to cover the losses. It’s the American way - pay for someone else’s house but loose your own. Obviously, nobody is going to cover your loss in the market value of your home, and surely not your pension fund losses. Is socialism a great political system or what!

Every individual congressman who voted for the bailout package would seem complicit in the willful fraud of every American citizen, extending multiple generations into the future. First Congress built the casino and made the gambling rules. Then the investment banks lost your money, and now you, and your children, and your grandchildren, will be expected to forgive their greed and cover their losses. Think about it. How many people, from the self-anointed East and West Coast metropolitan elites to Mr. and Mrs. Joe Six-pack have been harmed? How severely, and for how long? For the rest of their lives?

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Posted October 11, 2008 08:21 AM
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