Buffett to Profit from the Bailout(s)

Eight days ago, on Sept, 24, 2008, the NY Times announced that Warren Buffett would buy a $5 billion stake in Goldman Sachs, the financial firm that Henry Paulson ran before becoming Secretary of the Treasury, the financial firm that was saved by Paulson when he decided to bail out AIG which owed Goldman Sachs $20 billion and to let Goldman's main competitor, Lehman Brothers, go under. Yesterday, the NY Times annnounced that Warren Buffett would make a $3 billion investment in GE, primarily a financial services firm, at an extraordinary discount. Today, CNN is featuring Buffett pronouncing certain knowledge that the currently proposed bailout must be passed and that more heaps of money will have to be given to these firms in future bailouts.

We all know Buffett is an astute investor and that he knew full well what he was getting into by investing in these firms. What we only suspected before this was that the bailout was a corrupt scheme to give away hundreds of billions of dollars of taxpayer money to the Bush Administration and its cronies, but Buffett knew it, that's why he took these positions and then started shilling for the bailout(s).

Buffett knew the fix was in and with no risk and very little effort he would realize 500-1000%, maybe more, on his money in six months or less. So to anyone who tells you that the crisis is real and the bailout necessary just point to Warren Buffett and his involvement. Warren Buffett is going to profit in the tens, if not hundreds of billions of dollars, from the unnecessary and corrupt bailout(s). Count on it.

And Then There Were Three

Has anyone noticed that these corporate rescues of failing financial institutions leaves the US with only three major corporate financial institutions: Bank of America, JPMorgan Chase, and Citigroup? How long will it be before we are told that we will have to give them trillions because "they are too big to be allowed to fail?"

A Majority of the House Stands Up

The U.S. House of Representatives defeated Paulson's graymail attempt to provide $700 billion in windfall profits to his friends and/or the financial industry (it's hard to know if they're different). In doing so, these folks finally rejected the absolutely corrupt leadership of Nancy Pelosi, Harry Reid, John Boehner and Roy Blunt. Good for them! We need to see more of that.

If the rule of law is reestablished several sectors of the economy should grow: demand for prosecutors and defense attorneys as well as prison construction to house all of the convicted Republicans and a few Democrats.

We Are To Be Pissed On Once Again

The Senate and House members negotiating the windfall profit gifts to Wall Street corporations are saying that Main Street doesn't need specific benefits in the legislation because anything given to corporations will "trickle down" to Main Street.

And they wonder why they have such low approval ratings? Do you think repeatedly saying "we're gonna piss on the average American" has anything to do with it?

Suze Orman is a Dangerous Quack

A few minutes ago, I watched Suze Orman respond to this question on CNN: In light of the current financial crisis, should I take my money out of the bank? Orman's response? No because you might be robbed or your house might burn down and you would lose your money. Anyone taking advice from this woman should probably be institutionalized as a danger to him/herself and others.

The correct answer to the question is: No, because if everyone tried to remove their money from their banks today, the vast majority would not get their money and the entire system would collapse. Banks do not have all of our money locked away in a vault. Think about it, how would they pay their people and their bills if they just took our money and locked it up for safekeeping? Right, couldn't happen. Banks make their money by loaning depositors money to others at interest or by investing it in other financial instruments *shudders* like home mortgages. Except for a reserve required by law to maintain their ability to allow some depositors to make withdrawals, the money you deposit is not in the bank very long before it is loaned out. So everyone can't just go to the bank and get their deposits in the same short period of time.

One wonders why PBS continues to expose their viewers to Suze Orman. Probably the same reason McCain chose Palin: Pretty trumps competent every time in our culture.

Sarah Palin Calls Herself a Pitbull With Lipstick

Why? Why would someone running for Vice President of the United States describe herself as a breed of dog that is responsible for more vicious attacks than any other breed, killing more than 100 and maiming more than 600 innocent children and adults in the U.S. and Canada between 1982 and 2006.

Describing herself as a female dog and a vicious, murdering breed of dog at that makes Sarah Palin appear to be sociopathic at best, but what she is really laying claim to being in short is a tenacious, vicious, murderous bitch. No one, no one else in public life would have dared to call her that. Twas kind of her to out her real feelings about herself.

Sarah Palin, Keep Your Hands Off My Kids' Education

McCain's running mate, Sarah Palin, has a daughter, Bristol, who is pregnant and unwed. Now that wouldn't be worth talking about except that Palin is adamant that kids' sex education consist only of abstinence. So, Sarah! How's that working out for your family? Keep your hands off my kids' education. Asshole!