True Discernment

Congress announced a bail out plan for Wall Street today; this after some other recent very expensive bailouts, but this latest one could be the most expensive.

Congress has agreed to purchase at book value from any and all banks Mortgage Backed Securities that the Banks are holding as assets but are in all intent and purposes WORTHLESS!

These are the same worthless assets that have brought Wall Street and the Banks to their knees!

You are being asked to bail out institutions and Banks who themselves got into a high stakes GREED induced “poker game” the very same people and institutions who created this mess in the first place! Because they were greedy they jumped on a program begun by none other that Bill Clinton to extend home ownership to those who could not buy a home due to bad credit! Yes Bill Clinton is the author of this mess, see:See “The Real Culprits In This Meltdown” And his wife: Hillary Clinton has the Gaul to stand up in the US Senate yesterday announcing a rescue plan!! ! The author of which the ultimate end of the program was the NINJA mortgage: No income, No Job, No Asset verification needed to get a mortgage!

And as those with bad credit who were given mortgages began to default en masse on their mortgages, which were the assets behind the Mortgage backed securities, the securities became worthless! If you read the history of the deception, lack of standards and outright fraud that went on with these mortgages you will see that the only ones to blame for the securities becoming worthless were the banks themselves! And they did it because they knew in the end that the Federal Government would step in and guarantee their fraudulent activities!

Look across our cities at the blocks and blocks of derelict houses and neighborhoods! This is what the Federal Government just bought up! Or more precisely what they have bought up FOR YOU! The actual value of these mortgages is so low compared to their “Book Value” that Banks could not put a value on them or sell them to anyone else! One bank tried but the sale price was so low that other banks shuddered as they knew then how worthless these “assets” on their books actually were, and thus they had to come clean with the fact that their banks were insolvent! As the banks total asset values were lower than their outstanding debts! And then began the chain of events of the last two weeks, where like a domino affect banks and Investment firms began to go bust!

They are putting a very “conservative” amount of this latest bailout! But the actual figure is most likely three times the advertised cost of $500 Billion!

So where is the Federal government getting the money for this bail out? The same place it does for its massive year on year federal budget deficits. It creates the money out of thin air! Or in other words it creates IOU’s! It creates Federal Government IOU’s that say at some distant undetermined date in the future the Federal Government promises to pay $1.5 Trillion dollars in U.S. assets in exchange for the ability to create IOU money today! In other words it is saying that WE the people of the United States pledge the assets and income of our Children and Grandchildren as collateral so this current generation can lie cheat and steal in order to have more THINGS!

And to have more things we gave en masse, on the order of over $4 Trillion of IOU’s to countries that wish to see this country’s downfall (Russia, China, and Oil Producing Exporting Countries OPEC) and since they hold all of this debt, they now hold OUR destiny in their hands! This bail out not only rescued the Wall Street Crooks! It rescued our ENEMIES! Who were threatening to dump these IOU’s as their value began to plummet! You’re Children and Grand Children’s lives are now pledged as collateral to our own ENEMIES!

Isn’t it about time we all stood up and said NO MORE! We will not pay the debts of liars, cheats, and frauds! Because if we do not, we are pledging our children and our grandchildren into monetary and socialist slavery!

John Baker

from msnbc:

Rescue package could cost half-trillion dollars

Largest chunk of the plan would require congressional approval 

WASHINGTON – Treasury Secretary Hank Paulson briefed congressional leaders Thursday night on plans to address the “illiquid assets” on U.S. financial institutions’ balance sheets, possibly including the creation of a government facility to take on financial firms’ bad debts.

The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion dollars and would involve the purchase of both private-label and government-guaranteed mortgages, according to an administration official. . . . . .