[ten banks] chutzpah as an art form

All of us are angry at having the p--s taken out of us these days. This, however, makes me very, very, very angry:

Part 1

Ever since the government gave the O.K. for 10 big banks to pay back the bailout funds, the firms have been rushing to return the money. But that doesn’t mean they’ll be off the government dole anytime soon. Last week, 10 big banks got the blessing from the U.S. to exit the Troubled Asset Relief Program, the rescue fund under which scores of banks got federal funds.

Just days later, banks are giving back the money. Morgan Stanley and J.P. Morgan have returned $10 billion; US Bancorp $6.6 billion; and BB&T $3.1 billion. Goldman Sachs says it’s ready to repay the money, as well. In all, the 10 banks are expected to return some $68 billion.

So, let's analyse this but not with economic stats. The banks were bailed out. This meant that without this money, they would have gone to the wall and the economy as we know it would have collapsed, right? Now, in a short space of time, what is apparent is that their liquidity supposedly dried up, having stashed the cash into other areas. Now they pay back the loans in full.

How?

Well, they realized assets, didn't they? Assets they'd had all along. So all this talk of expensive TARP is so much hogwash because the simple bottom line is that they actually had the reserves in the beginning, saw the chance of a big handout from the government, took it but now see no further need to continue the charade.

This is the historic Morgan octopus's game. The current game is a variant - they wish to control the government, not be beholden to it. It was always to be this way.

Where did the money come from? From the American taxpayer, of course, those in the bankruptcy queues. What state is the American taxpayer currently in to support cheating banks? Now, if an individual had been up to this creative accounting, in order to secure a loan, what would happen to him?

Part 2

A Democratic president, of course, would be all for ripping off the banks and redistributing it to the common people, wouldn't he? Isn't that what socialism is? Taking from the rich to give to the poor? Well, all right - at least letting the poor go away to lick their wounds.

Er ... no:

This summer, President Obama is calling on all of us – young and old, from every background, all across this country – to participate in our nation’s recovery and renewal by serving in our communities. From June 22 to September 11, United We Serve will begin to engage Americans from coast to coast in addressing community needs in education, health, energy and the environment, and community renewal. Serve.gov is your online resource for not only finding volunteer opportunities in your community, but also creating your own.

Hang on one moment. A people desperate for their steady jobs not to disappear, cynically played around with by the very people who had Obama elected [Morgans, CFR et al], are now being asked by him to volunteer through the summer for the good of the You Ess of Ay, to selflessly give for the good of the country as the dollar is about to be by-passed by another currency, plunging the nation into chaos.

Quiz question - which party's supporters would be more likely to accede to Obama's request, thereby showing themselves to be True Apple Pie Patriots? And what of the other side who point out what they think of Obama's idea? Oh, they're cast in the role of villain of course.

Part 3

There is a Jewish word 'chutzpah'. Here is the Wiki definition:

The word derives from the Hebrew word ḥuṣpâ (חֻצְפָּה), meaning "insolence", "audacity", and "impertinence." In Hebrew, chutzpah is used indignantly, to describe someone who has over-stepped the boundaries of accepted behavior with no shame.

Which is more galling to you - the situation you find yourselves in or the way it has been played by your non-President? There are many words to describe my feelings on the pollies and those behind them.

'Kill' is one of those words, in a completely hypothetical way, of course. Just letting off steam on a blog, you understand.

In a country still maintaining freer gun laws, I wonder if 58 East 68th Street, 1600 Pennsylvania Ave or 1585 Broadway are at all worried about the people of the United States and what they might do?

Part 4

If you're not doing anything much in the next few years, particularly if you've just gone to the wall, you might like to pop along to JPMorgan Chase or Morgan Stanley and have a chat to Martine Bond about the situation America's in. A couple of million people should be sufficient to make the point.