It's All Mine

I have read where H.H. The Dalai Lama names ignorance as the primary obstacle to peace and happiness. I hope I am interpreting accurately, but I think I am correct in that conclusion. I don't know if greed stems from ignorance, but I see the destruction it causes in the USA and it has to stop. I have seen so many relationships destroyed without a thought because that interaction was not reaping the most financial benefit. I have seen families destroyed and ill feelings flourish as a result. This is the case with my own family. My father has lost everything of value in his greedy lust for material possessions. His folly is nothing less than a foolish waste of a lifetime of opportunity, an utter failure.

I write this article in honor of a cute Russian woman I have recently encountered. She has bright shining eyes, a smile that shines like the sun, and a sense of fairness and respect for others that I had thought was long gone from this world. It suddenly occurred to me that this was a reflection of not just her, but of her culture. I received confirmation of that belief when I read how Putin put his entire political reputation on the line to assist a nervous school girl who was struggling to honor him and her nation with a special song. Instead of standing there and letting her sink into shame and embarrassment, Putin sang along and honored himself and his nation, and his people. I am ashamed for Presient Obama and our most prominent politicians to express that I do not believe they would have deemed that as an acceptable political risk. I would also add that they would likely not know the words to such a song. Most American citiznes are too busy stealing from each other to learn patriotic songs.

That is the difference between US government focus and other polticians of the world. US politicans put themselves first, always. Policiticians like Putin are there for their nation and their people, and they do not hesitate to come to the aid of a citizen. In fact, US politicians do not even consider themselves fellow citizens of other Americans. They see themselves as an elite, genetically-superior class. The US needs polticians like Putin. Rather than trying to destroy Russia and it's culture with a McDonald's on every street corner, the US governemnt should embrace much of the Russian philiosophy and nurture a sustainable national culture, instead of worshiping wealth and greed.

Complimenting the previously mentioned qualities of that young lady were an adventurous spirit and a thoughtful mind. Don't believe a word of what you may have read about the Russian citizenry being ignorant and mostly drunk on vodka. Russia has many of the richest personalities and most intelligent people on the planet. Thus, the USA has the choice of gaining a powerful friend or provoking an enemy that could well end in disaster for the USA as a nation. It's the choice of the US citizenry regarding how long it tolerates the current behavior of its governments. It is also the choice of the US citizenry as to whether it continues to bask in ignorance like spoiled children or live in a responsible and sustainable manner, which utilizes the world's resources in a moral way.

In other words, US citizens have got to stop treating the rest of the world like it owes the US citizenry a privileged existence, or behaving like the US citizenry is somehow superior, because they have more"stuff." In fact, the US citizenry is weakened by all of their "stuff." The world belongs to everyone, and the US citizenry needs to rediscover the superior nature of the wealth of character, versus the current line of thought that the best people have the most expensive and desirable "stuff." The religion of materialism must be purged from American society, before it destroys the US nation and its inhabitants.

Another Congressman Shocked; Bailout Rush Mistake

OK, what's going on? Gee, I seem to remember just a few constituents (80%), who were called ignorant and worse, saying the same thing BEFORE the vote. Here's the story, and a quote.

"I have learned a long time ago. When they come up and say this has to be done and has to be done immediately, there is no other way of doing it, you have to sit back and take a deep breath and nine times out of 10 they are not telling the truth,'' he said.

"And this is one of those nine times.''

Every congressman who voted for this debacle should be investigated for corruption and the missing $290 billion.

Senator Inhofe, do me a favor and tell Senator Webb to resign. He can't seem to understand that part about people lying when they force laws through in a hurry like that.

The Article About Wall Street Everyone Needs to Read

Michael Lewis The End of Wall Street's Boom. I'll say it once more, "Somebody needs to go to jail for this financial disaster." Actually, many people should go to jail. Those congressmen on those finance committees, like Barney Frank, don't know about this? Yeah, right.

Is AIG the Next Enron?

I'm afraid it is. In America, too many people see it as the land of get all you can and hold it tight. Standard and reasonable business models have been raped by a corporate and short term mindset that is far from sustainable. This greed has penetrated real estate, Wall Street and virtually every sector of American life, creating chaos for those left behind. Somehow, the wealthy think they are insulated from a complete global collapse. If the spine goes, it's all gone. They are killing the golden goose and the greed-stricken don't give a damn.

The American International Group (AIG) is tearing through $123 billion (with a B) in public money. Here's the CNBC.com article and a quote.

AIG has declined to provide a detailed account of how it has used the Fed’s money. The company said it could not provide more information ahead of its quarterly report, expected next week, the first under new management. The Fed releases a weekly figure, most recently showing that $90 billion of the $123 billion available has been drawn down.

AIG has outlined only broad categories: some is being used to shore up its securities-lending program, some to make good on its guaranteed investment contracts, some to pay for day-to-day operations and — of perhaps greatest interest to watchdogs — tens of billions of dollars to post collateral with other financial institutions, as required by AIG’s many derivatives contracts.

Message to US House Representative Eric Cantor:

This is why you don't throw billions of taxpayer dollars at people who have quite possibly committed financial crimes they will later be indicted for. They don't teach that in law school?

S&P Promotes Wall Street Ownership of US Infrastructure

S&P Article from Seeking Alpha. Wall Street did such a great job with our 401(k)s that they are ready to control our bridges, schools and infrastructure. Hey, they've gobbled up and laid waste to everything else. Time to just say no. Also, since when does the S&P have any credibility? Are they going to give the projects a AAA rating even if structured by cows?

My Goodbye to Wall Street; Winning by Losing

Reminiscent of an action movie in which the hero is chased through a doorway by a spray of machine gun fire, losing his favorite hat, but keeping his life, I bid farewell to Wall Street today. It's too damned crooked and it tarnishes the soul. Here's some other insight, from someone who's confronted the Wall Street wicked. They are as bad as I might have imagined. Here's a quote from Seeking Alpha, posted by Mark Sunshine.

Unfortunately, most of the money managers who were in the business of managing arbitrage CDOs/CLOs were really smart marketing guys but not so smart money managers. While they ripped out of these deals hundreds of billions in fees and expenses, these money managers really added no value, had no real insights into the market and unlocked nothing (other than their fees).

I liked much of what this post had to say. I don't know about closing the markets, but some of the other points were interesting enough. Here's a quote from Seeking Alpha, posted by John Gilluly.

Being "in" the market as a shareholder today is akin to being in a large swimming pool with hundreds of naked people and 4 or 5 very hungry Great White sharks. You can see people being eaten alive, you can hear their screams and see the blood in the water, and yet all's you have to do is hop out of the water and get out at the side of the pool. Then you're safe. Why wouldn't you do this?...

...We no longer have a "market" as you and I have come to know it. We have Saturn eating his children.

Unless you can afford to watch the market constantly, you don't stand a chance. I was lucky today, which is why I can laugh about it. But, I was scrambling for the door or poolside, in the case above. The results could have been catastrophic. It's just not worth it. My advice to anyone considering opening up a brokerage account, don't. Find a reliable Credit Union or some very conservative bank and invest in CDs and savings bonds, treasuries, pay cash for raw land. Even a second job is preferable to gambling at Wall Street. I kept trying to normalize it, but it's nothing but a rigged casino.

So much time wasted on charts, reading, and constantly reviewing a position for the 1000 ways some crook can steal it away from you. It's not a part time job.

There Were Those Who Didn't Think Wall Street Affected Them

I wonder if that's the case now. Companies are closing down and people are losing their jobs and homes. I hate to be overly dramatic, but I agree with a lot of what I read that indicates we haven't seen anything close to the worst of it yet. We should all be able to sue the executives of those ratings agencies and banks for pain and suffering. This event is a great example of how white collar crime is not harmless. I don't care what anyone says, a crime has been committed. It wasn't a loophole or misunderstanding. The people involved had a legal duty not to do what they did.

I'm in the middle of reading about Michael Short, in an old copy of The Washington Post Magazine someone gave me. I've always been interested in how the American justice system is essentially corrupt in its application. Most Americans only get the justice they can afford. Short is no different and got sentenced to 15 years for a crack dealing violation. His sentence was commuted by President Bush after all but about six months had been served. Anyone who's even been close to a real jail knows it's no fun for even a night. Anyone whose been around certain neighborhoods knows that a lot of those guys doing hard time for drugs are far less harmful to society than those jerks at S&P joking about rating a deal even if it were structured by a cow.

The people involved in the credit ratings agency activity that rated junk mortgage bonds as AAA are responsible for bringing the world to its knees, some governments could very well fall before this is over. Wall Street bank executives want to call this an unfortunate incident and just keep the taxpayer money flowing. 401(k)s and some money market funds got wiped out. Pension funds and even money market funds are at risk or already gone. I am not anti-wealth. I think a lot of us know or have met people who are defined as wealthy. The ones I've met are a lot easier to get along with than some other people I could name, even in my own family.

However, money's not everything and the people from the banks to the ratings agencies, anyone who had a hand in it, should have their names published nationwide and fined or jailed for the maximum penalty allowed by law. Sy Harding wrote on his 10/22/08 blog that now was not the time to assign blame. I strongly disagree. I think we have to assign blame.

Also: We don't need all these Congressional and regulatory investigations right now looking into how this all happened, pointing blame, politicians all over the media after publicity. The investigations can come later. Doing so now is only adding to the gloom and uncertainty on Main Street, and cannot accomplish anything right now. Instead concentrate on getting the system out of the mess, and preventing more panic. Then go back later and place blame.

Confidence will not return until the public is convinced that justice means more in American than how fat someone's wallet is, or how many politicians they have bought. Some of the investigations will take time, but others can be faster. As reported on CNBC.com :

The ratings agencies betrayed our trust, says an irate Jon Najarian on CNBC’s Closing Bell. In order to amend the broken trust we need to get some skins on the wall.

Skins on the wall! I wonder if they are accepting volunteers for processing those hides.

Equal Justice; The Real Confidence Problem

If there is a bright side to this credit crisis, it would be the exposure of the US political establishment's refusal to represent the electorate of the nation. The curtain has been drawn back, and the truth has been exposed. All of the "kooks" nod in confirmation, while those previously confident that their interests were adequately represented by elected officials are emptying their 401(k) accounts to prevent their life savings from being looted by a Wall Street apparently run amok with greed. Confidence can not be established in a system without equality under the law.

The American electorate is not in charge of its government. The controls put into place by the US Constitution have been short circuited by decades of loopholes, courtrooms, laws, and backroom deals. Bill Gross, of Pimco, can get on CNBC and make a demand that will be granted in less than a week. Joe Wurzelbacher, his name is not Joe the plumber, gets background checks and press attacks when he dares to bring up a concern. That is indicative of anyone who gets too close. The establishment allows us to rant as long as we are deemed ineffective, but look at what happens when citizens ask what the thoroughly compromised mainstream media refuse to address and they start to make a difference. Personal driving records and personal financial records are released for public scrutiny and possible legal action, anything that may even get the person fired from their employment. Their message is, "Know your place."

Hopefully, the electorate will remember their place, their duty, this November.