No More Bailouts!

I told a colleague of mine, wait until you see the losses in the 4th Qtr for the banks and corporations.

It is now apparent to nearly everyone that the banks are insolvent, the auto companies are bankrupt and throwing more millions into these vampires is only increasing the losses to society.

The US has reached the breaking point. We simply do not have the money to keep these zombies walking.

There has to be a wholesale flushing of the system. They need to release a pack of rabid dogs in Citibank, AIG, Countrywide and other dens of iniquity and flush them out.

The very people who caused the problem are still running the show. That is insane. Jack Welsh former CEO of GE, last month was crying for the bank CEO's saying if we cut their compensation, they would leave!

Sorry Jack, you old fool. They caused the problem, they pocketed huge, immoral and in some cases, illegal profits now they want us to baill them out, and the fact that so far we have; proves the point that politicians are nothing more than the levers through which the rich bankers control us.

However, the age of the Government Bailout is coming to an end.

With AIG, GM,Citi and more to come going back to the government for more money, the ability for the Fed or Treasury to keep issuing money, is rapidly evaporating.

At some point, soon, it is going to become glaringly obvious that the US will never be able to meet the financial obligations it is creating.

Like my father use to say, never write a check with your mouth that your ass can't cash! We are rapidly approaching that point where if we print more money or issue any more Multi Trillion dollar guarantees, the world will downgrade our debt and stop buying it, since it will be obvious that we cannot meet our obligations and are in fact bankrupt!

The whole idea of even trying to reflate the banks to the pre crash dimensions is ludicrous. Funny, just like there are no atheists in foxholes, there are no capitalists when the system is crashing, they all want to be bailed out by a socialistic government bailout.

The next step will be the nationalization of the big banks, breaking them up and selling the pieces back to the private sector after their balance sheets have been cleaned up. This is not some Communist takeover. The exact same thing happens whenever the FDIC takes over a bank and it is handled in orderly and effective manner and the sun still rises the next day!

And, yes the stockholders and executives will be wiped out as the price the capitalist system exacts for failure, sorry about that Jack!
T