Well the midterms are over, speaker Pelosi has been dethroned as it were. Harry Reid held on much to my upset stomach, and Rand Paul that anti- ADA (Americans with Disabilities Act) Jack-wagon got himself elected in his new carpetbagging home of Kentucky. John McCain won his re-election bid, as if that was ever in doubt.(Sarah Palin got a new reality TV show Sarah Palin's Alaska). The best our President could say was he wasn't sure this midterm's result was a rebuke of his policies and lack of achievement on his promises. Really what did he think? That we voted to turn over 40%+ of the politicians for the fun of it? Just as I posted that Bipartisan politics is the only way to get the job done. I have repeatedly said that respect for the Office of the President is given regardless of who holds the office. I have always kept that promise, and I urge all of my readers to respect the Office of the President, even in their disgust over gridlock and broken promises. Eventually our leaders through PEACEFUL OVERTHROW OF OUR GOVERNMENT VIA ELECTIONS will get what our founding fathers meant, that the government shall fear the citizens and never again shall the citizens fear the government.
Why then was it appropriate for our President to pretend he was Jay Leno with the whole put the car in d for Democrats when you want to get something done and Reverse for republicans when you want to go backwards, then laugh about it? Mr. President are you trying to disgrace to the Office to which you hold? Your job is to unify our country, not drive a wedge further and further down the center of it. Did you actually believe that by bashing republicans you would retain the majority? Did it in any way glorify the Office of the President, or did it make the office look cheapened? Wait don't answer that you'll just try another
lame joke about something the American people take very serious, like jobs, security, banking, the economy. Americans spoke at the polls, they are giving the folks in office a last chance to do the peoples work, or be replaced again in the next election. Mr. President for you this is 2012. No-one wants to see you fail Mr. President in fact when you fail we all fail. Please Mr. President please get serious about your job, my children can't afford you to spend your way to the high ground. Every President has had to work under adverse conditions for as long as we have been a country. Most of them did the job with dignity, even yes in the recent times President Carter although not one of my favorite Presidents for his foreign policies, his domestic agenda or his financial views was a man of unimpeachable integrity while representing the Office of the President. Ronald W Reagan wrote a diary every day he was in office and through reading this diary I can tell you he felt every day when he got up that he had to do the peoples work. The office came first. I am only half way through his diary but I am amazed at the bipartisan breakfasts he hosted the sheer numbers of them alone are incredible maybe because he was the last great President to reach across party lines to beg for bipartisanship, and actually govern all the while defeating the USSR's form of Communism, perhaps the most repressive in the world. President George H.W. Bush was another example of Bipartisan effort as was President Clinton ( although with President Clinton I can't say he didn't disgrace the office by lying and accepting a censure for it and surviving an impeachment) My point being it is time for President Obama to stop being caught in the headlights of the limo's, the staff, the personal use 747, and realize he works for us, and needs to get going and get something done. Something that the country agrees on, not something he and his far left puppet masters force through.
On to Wall street, and the Biggest Shell Game ever played in this country with our Children and grand children's futures. You see the government back during President Clinton's Administration eliminated by repeal, the Glass Steagall act (The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall. Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks and has been blamed by Me for exacerbating the damage caused by the collapse of the subprime mortgage market that led to the Financial crisis of 2007–2010. The potential to make enormous profits trading mortgage-backed securities with artificially high ratings encouraged banks to take on otherwise intolerable risk in the form of bad loans. The ease with which people were obtaining home loans contributed to an artificial housing boom and exacerbated the inevitable decline.CMO. As money managers we were told they were AAA rated and backed by the government we were told to sell them to all our clients and that we needed to move so many millions per quarter. Upon investigating the unknown investments, we found that CMO's were nothing more than Mortgages on real estate that were lumped together in Traunches based on expected maturity rates. What was not taken into consideration was some people prepay their mortgage by selling the home and moving and some people default and some people keep the house forever and pay off the loan and lastly some people make double payments making a 30 year mortgage a 15 year mortgage. What does all this mean? Well when the subprime lenders decided to put a small amount of subprime bonds (read subprime CMO's) into the CMO's (roughly 10-15%) all hell broke loose as the traunches became unable to be predictable.Now we look to see how the international markets were effected and we find that the foreign markets followed suit with the American markets, then there were a few firms that figured out what was going on and they decided to try to do what all companies do profit from the downside. they sold off the products through credit swaps (essentially selling the bonds short) with who??? AIG! so when the companies that had bought the credit swaps (read get out of jail free cards) found out that they were in trouble because AIG was going to be bankrupted by the billions in credit swaps, they ran to who to get help? Family, of course, Uncle Sam to be precise. They ran fast to the government to say hey you better bail AIG out before they go bust and ruin the entire banking system. Billions were made by Deutche Bank and a few other companies all a matter of record. Who pays in the end? You, Me, and our Children, the Debt Ceiling that doesn't seem to have any end in site.
What do we do about it? Start calling your congressmen and beg, no demand that they reinstate Glass Steagal and protect the integrity of the investment markets. Secondly seek to have the US Markets no longer be policed by themselves as they are now, this is like giving the combination to the safe to a convicted thief and saying make sure they don't take the money. Rather have a congressional over site committee appointed to oversee the activities on Wall Street. Seek law changes that would take the brokerage business out of a commission only business and make it a salaried business based on performance only, tie the Brokers compensation to the performance of the clients account, if the client makes money then the Broker makes money, if the client loses money because of a Brokers advice then the Broker surely should not get paid for that poor advice. Lastly America WAKE UP~! We don't have to all have to be lemmings, you don't need to be the last doe doe bird jumping off the cliff, you don't need to be herded along STAND UP make your voice heard write a blog call a Senator, call a Congressmen, (be careful what you call them or they may not take your call anymore).
My last recommendation is read Matt Tiabbi's latest book: Griftopia, Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America! I have to say a lot of people don't like Matt, they don't like that he calls it as he See's it (most of those that don't like Matt, mostly work at Goldman Sachs), and they can't get past an article he wrote about the future death of a Pope. My comment on that get over it, he is a brilliant writer. I got just a moment to talk to Matt while calling into POTUS on Sirius Radio channel 110 with Pete Dominick, he not only got that the repeal of Glass Steagal put the Clowns from the Banking Business into the Brokerage Business allowing them to begin selling Mortgages as investments in the first place, but was excited that I got it too. This makes him one of the few guys smarter than me, which in turn earns my respect. Keep up the good work Matt!
Lastly, I pledge Allegiance to the flag of the United States Of America, and to the Republic for which it stands, for liberty and justice for all.
Sources for this blog: Google Search ( I love it) Investopedia.com.......pbs.com............www.Answwer.com and of course P.O.T.U.S Sirius Satelite Radio
