Intolerant Failures of Government and the Free Press

The tremendous American debt is rising exponentially at a rapid pace. There are no effective restraints in existence to deter an apparent head on rush to potential bankruptcy of the U.S. government. Government spendthrift financial policies seem to be bereft of causal connections to our financial and economic problems.

Government and news reporting agencies are doing a poor job of digging deep enough to find and report on real causes for financial uneasiness. Only the more astute Americans with sufficient time to dig out facts are able to discern and understand problems. But a majority do understand that Wall Street shenanigans directly caused our financial problems. Americans are seeing unemployment and experiencing the fear it creates. At the same time, they see national discussion concerning Wall Street’s amazing recovery, debates on meaningless issues and a fixation on celebrity news. There is no focus on causes and keys to economic recovery. Prolific spending and an awareness of the potential ravages of overspending do not inspire confidence. Confidence is needed for long term economic growth.

With Wall Street shenanigans clearly visible as a casual factor, we have seen $23.7 trillion committed to the bailout of Wall Street allegedly to clear a credit clog. In actuality, bailouts have visibly been used to absorb the mortgage and credit default swap derivative losses of Wall Street. Government and the free press have simply stood by and watched the unwinding of tremendous leverage take a heavy toll on private savers who are the backbone of our monetary system. Interest rate bets (pure Las Vegas type gambling) are bailout repositories for huge Wall Street accumulations of bailout money and have created an enormous financial bubble. I use the term bubble in the sense there is nothing of value behind the accumulation.

Innocent savers lost considerable sums in the leveraged unwinding of the two Wall Street demon derivative creations. Now the government and Wall Street tell us we are better off because Wall Street is well again and can hand large amounts of money back and forth on interest rate bets on a world wide intercurrency basis using citizens taxpaying futures as collateral. Taxpayers take the risk and have nothing to gain. Only Wall Street can gain. I reject the Wall Street explanation of trickle down. They want to reinstate bonuses on derivative activity. That trickle down doesn’t wash anymore.

Tremendous amounts of Wall Street money are in play lobbying Congress to (1) acquiesce to the fallacy that we cannot do without their ingenious creations and (2) deflect attention to regulatory arguments only. Where does the Wall Street money come from? Many of us are convinced it has been printed continuously since 1913 and resides in a Corporation created by the Federal Reserve Act and owned by Wall Street. See my previous article entitled “What the Government doesn’t want you to know”. Taxpayers have provided it through U.S. Treasury Debt. We think that laws that unleashed the demon derivatives should be immediately revisited and new safeguard laws be enacted. Congress does not agree. They give Wall Street a pass.

In 2008, in the midst of the bailout fiasco and citizen losses of savings, the Democratic Congress derailed Republican efforts to expand efforts to increase oil drilling activity in their energy independence drive. They pointed out that Wall Street speculators were driving up oil futures prices on the commodities market and even threatened legislation to stop the practice. What they didn’t tell you was that Wall Street was moving their stock market investments out of the way of their demon derivative devastation path into the oil futures market and letting the Ma and Pa savers take the stock markets hits. Instead of passing legislation to stop this egregious Wall Street practice, they used their knowledge for political expediency only. Now the economy still suffers from Wall Streets manipulation of a commodity that drives major market sectors. How’s that for alertness in fact finding and reporting? Political spin is so, so easy. How’s that for giving Wall Street a free pass and ignoring citizens interests? How’s that for inspiring needed confidence?

When concerned Americans ask questions on behalf of citizens or try to express ourselves, we are branded as whiners and right wing extremists by government and most of the free press without being able to express ourselves.

All citizens need to be asking questions and demanding answers.