Tuesday, April 8, 2008

Signs of the times

FDIC Chairperson:
- Calls for more socialization of losses from the bad loans given by banks
- Is surprised that banks are still offering bad loans (after all the bailouts and socialization talk)

Los Angeles:
- Considers new taxes to put drops in their bucket of uncontrolled deficit spending, under the guise of The Church of Global Warming
- Proposes regulating the entire economy under carbon credits board, making success dependent on political favor

- Crafts bi-partisan legislation to make housing less affordable, reward banks who made bad loans and builders who made bad gambles, and give more taxpayer money to people with bad credit who will never repay it
- Considers more legislation to help the people who bought houses they couldn't afford, and to pay for the losses of businesses and individuals who gambled on the housing bubble

Federal Reserve:
- Gives another $50 billion to Investment Banks to socialize more losses
- IMF says governments need to do even more to socialize losses, prepare more aggressive socialization plans should current efforts fail to enrich the speculators and credit disadvantaged enough

How did our country get this bad? Where are the people struggling to preserve America? Where will the intelligent people go, or have already gone, as America completes its great, progressive transformation into a new people's state? Who (if anyone) will be John Galt?

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