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Bankrupt? Who's bankrupt?

By Dr. Robert Owens
web posted May 11, 2009

Last year with tongue securely in cheek when I wrote about the Fed buying Treasury Bonds I tried using the absurd to make a point.  I explained this would be like issuing your own credit card, buying everything you want, paying for the credit card with your checking account, and filling the checking account with cash advances from the credit card.  I was just kidding.  I never thought this would actually happen.  It has.  When I wrote about the nationalization of General Motors and the financial system I was again trying to use absurdity to make a point.  It's getting hard to be absurd in America today.

With the Fed buying treasury bonds America has in effect declared bankruptcy.  We might not think so because the mainstream media hasn't mentioned it but our creditors have noticedChina wants higher interest rates and collateral.  Dancing down the yellow-brick road to Insolvent City our leaders announce a new trillion dollar something or other every day.  A trillion here, a trillion there and eventually trillion doesn't sound so shockingly big any more.  What comes after a trillion?  It's a quadrillion with 15 zeros then a quintillion with 18 zeros.  What's the difference between these bewildering figures?  A trillion is a million millions.  There are a million seconds in 11 days.  A billion seconds is around 32 years. And a trillion seconds in approximately 32,000 years.  To the average person it doesn't matter whether it's a million, a billion or a trillion they're all too big to wrap our heads around. 

What's next? Nationalize the New York Times and the rest of the liberal media people won't support?  Acorn works the census.  Comprehensive Immigration Reform with voting for illegal aliens by the next election.  Healthcare nationalizes 17 % of the GDP and wipes-out the private healthcare insurance industry.  A great wave of unionization sweeps America from Wal-Mart to Mom-and-Pop.  Don't be absurd!

The current economic woes may not be popular with Americans but George Soros, the Bankroll of the Left, loves it.  He says, "the financial crisis has been stimulating." Then after mentioning the $11.6 billion he made last year adds, "It is, in a way, the culminating point of my life's work."  Capitalism may be dying all around us but at least the socialists are making money.  And how did this prime mover of the socialist agenda in America make all this money?  Did he build factories?  Create jobs?  No, he runs a hedge fund and makes money appear out of thin air through manipulation of currencies, monetized derivatives, credit swaps and other types of voodoo economics.

At least we've got more than the Progressive Soros supports looking out for us.  For example there's second-generation Senator Chris Dodd who inherited his seat from his father.  He's the guy who fought so hard to stop all those greedy AIG executives from getting their excessive bonuses after he forgot he inserted the amendment into the pork-laden stimulus boondoggle to make sure the AIG executives got their bonuses when the company went on welfare.  I'm sure it's a coincidence he's receives the largest donations from AIG and his wife served as a director of an AIG company.  Nobody told Senator Dodd where his money comes from, who his wife works for or what amendments he offers so his outrage and bluster were obviously much more than theatrics.  Here's a guy who gets sweetheart deals on mortgages for multiple houses and has the nerve to tell a national news conference he didn't know getting a VIP rate was a special deal.  This paragon of fiduciary integrity also voted for a Treasury Secretary who blames his tax deficiencies on not understanding turbo-tax.  Giving oversight of the IRS to a man who had the nerve to a man who know he couldn't deduct the fee for his children to go to summer camp as a business expense Turbo-tax didn't tell him?  Maybe the Senate should hold a hearing and investigate Turbo Tax?  Maybe they'll pony up some donations to make all the hub-bub go away.  Maybe if we don't tell him Senator Dodd will never know.

Looks Chicago has finally made it to the Big Leagues, Big Al would be so proud.  I'm beginning to wonder if this administration knows how to appoint someone who pays their taxes.  After poor Limousine Tom Daschle was forced to withdraw his nomination for being a tax cheat it turns out that's no longer a disqualifier since if it is who would run the government and decide how much we should pay in taxes.

Speaking of Chicago one of the people who led Freddie Mac over the cliff was Rahm Emmanuel.  He was on the Board of Directors for 14 months.  And all he got was $320,000 which is barely $22,800 per month so how much due diligence could anyone expect?  Yet another public servant from Chicago, while out serving hash to the poor unfortunates some unpatriotic news hound noticed Michelle's sneakers cost $540.  Bankrupt? Who's bankrupt? Don't be absurd! ESR

Dr. Robert Owens teaches History, Political Science, Religion, and Leadership for Southside Virginia Community CollegeContact Dr. Owens. © 2009 Robert R. Owens


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