Bamboozled: Five Trillion Dollars On Crisis

Bamboozled: Tax Dollars to Secure Five Trillion Dollars we don’t have On a Crisis We Can’t Stop! Last Days America; September 6, 2008.

HT: Mike P from Repeal the 17^th Amendment Discussion Board

The blogger writing for Last Days America had some telling comments concerning the Treasury take over of Fannie Mae and Freddie Mac, highlighting the incredible recklessness in which the Bush Administration and Federal Reserve are driving this country:

The meetings are underway allowing the public to become gently aware that our Federal government is about to step in and buy the bankrupt Freddie Mac and Fannie Mae with your money, guaranteed by your future and your children’s future too. With the ill-advised and frankly illegal bailout of the investment bank Bear Stearns, the freewheeling Bush administration and the Federal Reserve have turned us socialist to “save us”. We’re currently in the biggest financial mess we’ve ever been in and as the Treasury Department, guided by the global money trust in the warm and fuzzy form of the Federal Reserve, spends your tax dollars on bankrupt corporations deemed “to big to fail” generations of us will pay the price. Treasury Secretary Henry Paulson has been huddled with the top management of Fannie and Freddy for awhile now working out the details under the watchful eye of Ben Bernanke. The deals being made by these men are going to change, and have changed our market economy to socialism, and the bad decisions made by the management team that ran Fannie and Freddie into the ground won’t matter because our tax dollars will pay the piper. The Federal Government of the United States of America is now going to guarantee payment to those holding the paper on half the mortgages in the nation, namely the key central bank players on earth. When the big bankers make astounding profits on your mortgages they pocket the rewards but when they get too greedy and the mortgage markets turn sour on them they still come out smelling like a rose because the government has given them your tax dollars. Your risk is their reward! Charming!

Sooner or later the “credibility” of the Dollar and the Federal Government won’t be enough to stem the tidal wave of bad debt that must necessarily engulf us in the near future. On that day we’ll all have a day of reckoning that’ll make the Great Depression look like Romper Room. Until then we can still watch Paulson, Bernanke and others rearrange the deck chairs on the Titanic. The drinks and snacks are on them as the band plays on! The stuff they’re trying isn’t working and we better get ready for the challenge of our times: the next great depression. It’s just a question of when.

Read the entire posting here.

Comment: All I can say is that I am amazed that most of the right side blogosphere has absolutely no concern for this issue. It’s just Palin this and Palin that, or silly attacks on Biden or Obama. We are in deep waters folks and no one seems to care. Hopefully as a commenter said yesterday, with the markets opening today there will be some press coverage at least from some free market writers, so we can begin to appreciate the gravity of the situation.

And just think folks, the States just sit there powerless as the Republic goes down the toilet and with no recourse. Do you think they'll call back their respective U.S. Senators to question the situation? Hell no! With the 17 Amendment in place the States have to sit back and take the ride down the toilet. Hopefully one or two will consider seceding from the Union to save what little prosperity they have...maybe there will might be enough concern to hold a Constitutional Convention and repeal the 17th Amendment and restore the proper governance our founders envisioned before it's too late.