Originally posted by The Cyfre
Yes, pointing fingers and placing blame does help to resolve the issue. It shines a spotlight on the situation. In the case of the last
administration, placing blame was hugely responsible for the Democrats gaining control of the Senate, House and Presidency.
You are ABSOLUTELY RIGHT!
So WHY isn't this new administration pointing the fingers at who caused this economic crisis? Why is there no blame placed on these bankers who have
shuffled WORTHLESS paper around and have brought our economy to the verge of complete collapse.
Why isn't a spotlight being shown on the fraud that has been perpetrated, exposing it for what it is?
Why instead, is this administration doing exactly like the last and pumping more money to the fraud perpetrating bankers.
Why are the tax cheats in this administration, even after having the spotlight shown on them, getting a pass?
In fact, why is the single man responsible for the engineering of the takeunder of Bear Sterns now our Treasury Secretary?
Why has the banking index lost 30% IN THE LAST 2 WEEKS even though we are promised fix after fix and stimulus after stimulus? This is taking down the
GOOD BANKS NOW!!
Where's that Ever Promised CHANGE???
All we have is more of the same and more lies too.
SO if we are bashing, we have a right to - NOTHING is CHANGING - at least not for the BETTER - It's getting WORSE so bad in fact that before Obama
finishes his first 100 days we may no longer be a sovereign country.
Obama could have walked into office on Nov 4th and ordered:
1. That a memo goes out in the AM to every bank in America: No more lies. If you lie, even once, your bank gets seized and you will be criminally
charged personally. Period.
2. The OTS and OCC rules are IMMEDIATELY amended to state: All bank examinations are public data. All examinations must either have every asset
marked to the market or the full model and data inputs must be disclosed, without exception.
3. He could have given every bank in America 72 hours to disclose their current Tier Capital numbers under those rules. They have 'em in the
possession of their Risk Manager. Let's have it. In public. You publish it, we print it. Everyone who is under-capitalized and has been hiding it
- your shares are suspended.
4. For those who are under-capitalized: If you have sufficient capital in your debt to be crammed down, that's what happens. Your common equity is
gone. Preferred is crammed down, if that's insufficient it is gone. Next we do subordinateds, and repeat until sufficient capital is restored. End
5. For those who cannot be crammed down we seize you. Your deposits and good assets are auctioned off to sound institutions, spread among the
physical locations of those assets and deposits so no concentration of more than 5% in one bank occurs. The rest of the assets go the FDIC and are
run down or auctioned off as they deem appropriate.
6. Any bank with more than 5% of the deposit base has 12 months to reduce it to under 5%. This affects fewer than 20 institutions.
7. No bank may transact in any instrument that is (1) not a whole loan or (2) is not traded on an exchange. Period. Any such "assets" currently
held must be disposed of within six months. No exceptions.
8. Any bank that finds (7) onerous (and most will) is free to split itself into two firms, one a bank and the second a non-bank affiliate held by
the parent. The affiliate may not utilize depositor capital or otherwise be cross-contaminated with bank assets and support, but is of course free to
raise money via debt offerings in the marketplace such as it is. Said non-bank firm may trade in whatever it would like, however, it will not receive
any government support of any kind. Cross-contamination of any sort between a regulated bank and a non-bank sub will be treated and prosecuted as
bank fraud. Any existing "affiliate" bank credit lines must be extinguished within 90 days and "23A letters" are explicitly disallowed.
9. Reserve ratios are set at 8% with no exceptions.
10. Bernanke will do as the above directs without complaint or I will exercise my lawful and Constitutional authority to issue United States Notes,
bypassing The Fed entirely. Ben and The Fed work under my direction, not the other way around. End of discussion.
11. Any bank that does not want TARP money may repay it immediately. If you keep it, no employee may receive total compensation exceeding that of
the President of The United States, without exception and in all forms, including stock, options as valued under Black-Scholes, deferred compensation,
benefits and cash. Period. You are working for us, therefore we set your salaries.
Not only would those 11 steps have shown that this administration was HONEST, it would have stopped this crises in it's tracks. Oh we'd still have
a rough go, but not the complete collapse we are staring down the barrel of.
Look we all know that the last 4 administrations did some really bad things, but they are GONE.
Obama made people believe that he would have a transparent honest and different administration, but he's proving that all those promises were lies -
and in less than 30 days!!!
So if we bash, DEAL WITH IT
The American People ARE SICK OF THE LIES, THE FRAUD, AND THE OUTRIGHT THEFT OF OUR WEALTH BY POLITICIANS AND BANKERS.