The struggles of a catholic progressive

by BearCreekChronicles

The more I think about last week’s announcement by Sec. Paulson that the taxpayers “must” bail out Wall Street, the more I think President Bush was right some months ago when he said that “Wall Street got drunk.”

I think perhaps at this point the Secretary and the President may still be drunk.  As I understand it, there are persons on Wall Street who made commissions as high as one hundred million dollars while knowingly selling worthless bonds to Fanny May and Freddie Mac.  Also, the individuals purchasing these instruments knew that they were worthless (or had a pretty good idea that the bond rating was phoney) and the underwriters that rated these bonds as high as AAA knew they were making phoney ratings.  The underwriters could do this with a “clear conscience” because insurance companies (such as AIG?) were paid to make the bonds “secure.”  We call that fraud where I come from.  The Secretary was CEO of one of the major players, Goldman Sachs.  The White House Chief of Staff, Joshua Bolton, was (is?) an officer of the corporation.  So this would indicate to me that it is more than likely that the President himself knew what was going on on Wall Street as well.

If I am correct in my description, we have fraud at the very highest levels of government.  And now the taxpayers are supposed to hand another trillion dollars to this administration on their way out the door to do with what they will – distributing it as they see fit to their friends!?  Does anyone besides me believe that several billion will find it’s way into some of these pockets once they leave office?  Sort of a “finders fee,” I guess.

No way should the taxpayers be on the hook in any way, shape or form for this scam!  By now, the FBI should have many hundreds of those who benefited the most in custody.  Congress should be holding impeachment hearings, not making plans to distribute their constituents money to the perpetrators of this fraud.

Both candidates for President should be as far away from this as possible, not meeting with the President to join the conspiracy to defraud the American people.  Oh, that’s right.  They both received millions of dollars from FM/FM already.  They are already deeply involved!  They already had prior knowledge.  John McCain’s Chief of Staff was on the payroll of one of the FM’s right up to yesterday!

Is there one honest Senator or Representative who will call this what it is?  The greatest fraud in the history of the earth!


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