Thursday, January 21, 2010

The worldwide war on Ponzi schemes

The DOW dropped 200 points today and Wall Street blamed President Obama for proposing that banks no longer be allowed to play the markets with our money and that they be required to keep reserves again. Things that were the law from 1933 to 1999. Wall Street would like it if you would forget that China has already started to crack down the banks in order to avoid the really big worldwide crash the banks are building toward.

Obama has reportedly gone to war on this massive Ponzi scheme despite kicking and screaming from Guithner and Summers. The Republicans claim this proposal is a response to Tuesday but the timing has to do with the banks handing out 145 billion in bonuses that they “earned” pumping up the current market bubble.

Goldman Sachs alone handed out 17 billion which is enough money that you could build three Nimitz class super carriers or pay unemployment to a million people for almost a year. These banks have put seven million people out of work in the past year alone. The damage is not confined to what they steal but multiplies through the economy.

The Supreme Court ruling that makes the coup of Bush v. Gore permanent will be a huge gift for the media. Potentially billions in ad revenue and since not only will they be able to sell every minute but they can jack the rates to levels they can’t even get for the Super Bowl. Not being able to find an open slot for an ad may make buying one for your candidate impossible even if you could raise the money.

One pundit on the evening news said that Obama is considering a response to the ruling. One thing that they are supposedly talking about is public financing of elections. Presumably this would keep corporations from overwhelming any one candidate since any ads would be matched with public money. This method has passed court tests in the past but today’s treason overturned previous Supreme Court rulings, so we’ll see.