Saturday, March 7, 2009

Government Subsidizing Hedge Funds

I'll keep this short. This to me is the ultimate proof that our government is in the business of propping up the bankers, lobbyists, and "Shadow" system of finance that has led to world economic collapse. The Washington Post reported yesterday that our gubmint is considering legislation that will allow hedge funds to receive $9 million dollars for every $1 million they invest in asset-backed securities as long as they hold them for 3 years. They reap all of the profits with maximum downside risk of $1 million dollars.

Anyone, come 2010, who votes for the criminals who back this proposal deserves what they get. Frank, Dodd, Walters, that dude from Baltimore, Cummings, who had to ask Paulson and Bernanke to explain to him what finance was, these are our leaders. If you can't see that these people have formed what Dr. Hudson has referred to as a new oligarchy, then you are blind. Stop spending. Save your money. If unemployment continues to multiply at this rate, the Dow will be in the 5,000s with no reason for it to go forward.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/05/AR2009030503762_2.html?hpid=topnews&sub=new&sid=ST2009030600212

2 comments:

Tiger Coach said...

Ax... Are we not reminded of the historical French Revolution which ended the reign of one group of financial elite, only to replace it with another? Frank and Dodd alone have a high degree of culpability for the mess... but it is a government of majority rule...these two are only ring leaders.

AX said...

I just wonder how bad things have to get for people to finally get pissed enought to do something. That's one of the problems with people not caring enough to vote, and with our two-party system that has become a joke.