The criminal congress critters have decided it is better you not know just how screwed you are.
They have refused to pass a budget this year, mostly because doing so would force them to summarize and publicly disclose the severe financial distress of the nation. The banker bailouts have cost the American tax payer more than 23.7 trillion dollars to supposedly save “too big to fail” financial institutions. Included in that epic number, which is nearly twice the GDP of America, are the trillions of off-balance sheet holdings of Fannie and Freddie. To put the number in perspective, the entire net wealth of all combined households in America is 51.48 trillion dollars. – We have given half the wealth of America to bankers in less than a year.
In a free market, businesses that make bad loans and bad investments are forced into bankruptcy. Their assets are liquidated. Their holdings sold on the market. Their creditors are paid back as much as possible out of what is left. The management is fired. The doors are closed.
In a fascist criminal oligarchy, guns are pointed at innocent property owners and they are robbed of their labor/property through vast swaths of bureaucratic taxation, the loot of which is then redistributed to the finanicial and industrial titans through bailouts, subsidies, kickbacks, contracts, tax breaks, and other “incentives”.
Losses are passed off to the tax payer, the criminals are rewarded, no one is fired, and the bureaucrats reap the rewards of their combined efforts of looting.
You will pay for being a democrat.
You will pay for being a neo-con republican.
Oh yes, you will pay.
Zero Hedge reports:
House Democrat leader Steny Hoyer will today announce that the US will not pass a budget in 2010 as “It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December.” Yet ”the House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974.”
The real reason of course is that the budget would indicate new and unprecedented trillions in deficits, which would wreak havoc on Democrat chances to contain their upcoming mid-term election loss to just “landslide” status, instead of what is increasingly shaping up as being more in the “apocalyptic” category. Those whose memory spans longer than 24 hours, will recall that Peter Orszag resigned yesterday. Something tells us these two events may be correlated. In the meantime, we are now convinced that realizing the hopelessness of its political situation, the administration and the Fed will now create the most ridiculous, unprecedented, destructive and historic market melt up in history to preserve any chances of demonstrating just how “effective” their market manipulation, pardon, economic resurgence efforts are.
If you are short, be ready to have all your shares forcibly called in over the next 4 months. At least the humor of the situation is not lost on one person: House Republican leader John Boehner has taken out a page on his website to lampoon the tragicomedy that US economic and fiscal reality has become.
This year’s budget collapse is an unprecedented failure. Even when previous Congresses have failed to pass budget conference reports, the House always completed and passed its own budget resolution. Not only will House Democrats fail to pass a budget resolution, they will make no attempt to even propose a budget.
Al Gore’s new villa in CA: