Monday, November 17, 2008

Americans Robbed By Their Own Banks

The Biggest Bank Heist Ever

"With every passing day of economic woe, the scale of the heist just perpetrated against America's taxpayers by the country's largest banks becomes more apparent.
In the shadow of the presidential election, the nine biggest banks were given $125bn of taxpayer money with the understanding they would send this fresh capital coursing into the economy in the form of loans. It was a plan inspired by Gordon Brown's decision to recapitalise Britain's main banks.
Unfortunately, the US government forgot to get the lending requirement in writing. Instead, the banks are sitting on the money, earning interest and mulling mergers and acquisitions and replenishing bonus pools for their employees. "

I've been on the road since the end of September. Basically my wife and I decided to get out of the deadly rat race and sever ourselves from a doomed economy and find a more pleasant nook to weather the storm. On the way we wanted to travel some but what we found was an economy in virtual free fall all the places we've been. If anyone reading this has seen prices skyrocket where he/she lives, rest assured it's just as bad everywhere else.

The banksters most assuradly know the whole system is collapsing and are doing things I've never experienced before. Trying to tie up loose ends and settle accounts has become a nightmare with road blocks and obstacles every step of the way. They want as much as possible from us and are pulling stunts to trip us up to then penalize us to the maximum extent they can. One missed credit card payment results in interest rates as high as 30%, even if you have a spotless record. They'll even unilaterally raise your rates and hide the fact in the blizzard of paper they stuff in your mailed statements. They want you to default.
Which is probably why it's curiously hard to log onto some sites to take care of business. And why when I tried to call up about it last night some obviously drunk dude slurred that the site was down. It's still down this morning.


Anonymous abi said...

I supported this bailout because I believed, and still do, that something radical needed to be done. But when I think about how the bastards are taking advantage of the situation, and hoarding rather than loaning the money as the bailout intended, I feel like my head's about to explode.

17/11/08 3:32 PM  
Blogger Mad_Tinfoil_Hatter said...

Excellent analysis, nolocontendere. The bankers are definitely trying to squeeze every last cent they can out of the public before the roof caves in. The bailout was just to help them buy time to complete their looting of the country and make plans for their escape. And now we have the absurd spectacle of the automakers (and probably every other type of failing big company soon) trying to remake themselves as "financial institutions" so that they too can enjoy Congress' largesse.

17/11/08 6:21 PM  
Blogger Devin said...

Another great post! From where I am at the economy is indeed in free fall mode. The future isn't looking bright at all. Watching this house of cards fall down has been a bizarre spectacle. Make sure your tray tables are locked in an upright position and your luggage is secured safely, we may be in for a rough landing. Best to you all-Devin

17/11/08 9:37 PM  
Blogger nolocontendere said...

We're about to see things we never thought we'd see in our lifetimes.

18/11/08 5:56 PM  
Blogger Nina said...

i find it interesting the repubs were behind the bank bailout but are screaming loudly against the auto industry's whines and boo hoo's for the same assistance. i wonder how long it will take the obama supporter's to realize his definition of "change" is different than theirs.

on note to price increases, our milk actually dropped by $.30. that was good to see. i've been rather vocal about the gas price drop needing to be reflected in reductions of food cost.

such ridiculous times we be a'livin' in.

18/11/08 6:50 PM  
Blogger nolocontendere said...

Yup, neener, some things are a little less expensive like gas prices, but what I'm seeing is wild inconsistancy all over, even with gas in some towns 50 cents higher from one Shell station to another. Groceries are absurd in some places with us laughing out loud as we exit. It is indeed ridiculous.

18/11/08 7:00 PM  

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