Despite Fed Chairman Bernanke's lie before Congress last week, AIG is a zombie institution. It is only alive because of the life support, 4, Huge infusions of Billions in taxpayer funds. It cannot exist on its own without government help.
This is the firm that single handedly issued enough fraudulent insurance on securities across the world that the world's financial markets would collapse if the insurance claims were not paid. We, the taxpayers are now making good on AIG's fraud!
Now, are you ready for this? It turns out that AIG is going to give Bonuses, over $161 Billion of our money to the top executives of the AIG unit that wrote the fraudulent securities!
And some Pea Brains are complaining about the possibility of some unworthy home owners getting relief under the Presidents Home Owner Bailout! Open your Goddamn Eyes!
The rules of the game are now Startlingly clear. They are taking literally the Wall St saying that the Banks are too big to fail and the taxpayer is too little to Bail!
Well, ladies and gentlemen, I come from the mean streets of Bedford Stuyvesant in Brooklyn, NY.
There we always treated each other equally. If someone came after you with a knife, you defended yourself with a knife. If a gun, you used a gun and so on.
The banks, unfettered by the effete Federal Government; and I am being charitable, are trying, with boldness, arrogance and unfettered greed to take every single penny they can from us. That in my view constitutes an attack on me and my family!
We must defend ourselves, equity and justice demands that.
What I am recommending here and to all of my clients is that they should do everything in their power to put themselves and the welfare of their families first.
We are currently in a Deflation, heading into a the 2nd Great Depression, I believe.
In a Deflation, which few of the Experts seem to be aware we are in, and god help us the know nothings among the public and Congress that are calling for a Reduction in spending which is exactly opposite to what needs to be done to break out of a deflation; the only thing going up is the value of our debts.
As the money drains from the economy, strangling demand, the very definition of deflation; asset prices fall across the board as they are now as do dividends and wages. The only thing that does not go down is the debt.
Look at it this way. If you were making $50,000 year and you owed $10,000, that is 20% of your income. If your income is cut, say you have to take a new job at a greatly reduced salary, the amount of your debt stays the same. But now it has grown to represent 40% of your income therefore sucking up the much lager percentage of your income.
To save yourself and your family, get out of as much debt as possible before it depletes all the remaining resources you have; your retirement funds, your children's educational funds, the money you are saving for a down payment on a house, etc.
If that means stop paying and defaulting on bank debts, credit cards, etc. then do it! Go bankrupt if at all possible to wipe the debts out. Fuck the banks!
I know, I know, what about the integrity of this approach? Remember, fight knives with knives, guns with guns? You are fighting against godless criminals who are out to rob you!
What about your credit score you ask? Well, you can either be the one with the highest credit score among the other "responsible citizens" living under the viaduct, or you can be among the few who come out on top on the other side of the depression by investing their cash in precious metals, gold and silver, the only form of money that goes up in chaotic financial times.
This will be the only way to survive the inevitable devaluation of the dollar which will be required to get us out of this Depression, just like it helped get us out of the last; but this time, instead of gold going from $20oz to $35oz, you will probably see it go from $1,000oz to $10,000oz!
I believe silver will be an even better investment for many reasons. If you would like to read more, go to http://tw1.us/BC
In any event, that gold or silver will either be in your pocket or the bank's, the choice is yours!
You are invited to read this entire blog to get a better understanding of the very real dangers that what we, the citizens are facing from the banks and their compliant handmaidens the politicians.
The bonuses will be paid to executives at A.I.G.’s financial products division, the unit that wrote trillions of dollars’ worth of credit-default swaps that protected investors from defaults on bonds backed in many cases by subprime mortgages.
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