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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 04:31 PM
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The Mother Of All Frauds
Edited on Sun Sep-21-08 04:31 PM by Texas Explorer
http://market-ticker.denninger.net/archives/587-The-Mother-Of-All-Frauds.html

Karl Denninger on those who were sounding the alarms for over a year that things were headed for a crisis and disects today's MTP appearance by Paulson. Good vid.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:00 PM
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1. Kick. No comments? n/t
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Gin Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:17 PM
Response to Reply #1
3. Hank to the rescue...oh the irony.........good video...watch it
g
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:08 PM
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2. Still watching.
Recommended viewing.
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bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:17 PM
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4. Sort of a Ponzi scheme where the chumps are legally required to invest.
What do you do when the people who rule your country don't know how to do anything else but sell Ponzi schemes?
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enough Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:29 PM
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5. His analogy with terrorism is right on.
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varelse Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:37 PM
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6. Forwarded to friends & family
He's right, we need to let our congress representatives know how we feel about this proposal.

This aspect of it, in particular, is chilling, and hasn't been much discussed, that I've seen:
If you think the cost of this bill is $700 billion, you're wrong. The cost is actually infinite and the entire bill constitutes a giant money-laundering scheme.

Paulson can (and presumably will) buy up to $700 billion of these "assets", then sell them. Let's say he decides to buy them at 60 cents on the dollar and sell them for 10. You, the taxpayer, will eat the fifty cents, for an immediate cost of $350 billion dollars.

Having done so, he is then authorized to do so again, since the $700 billion is no longer on the government's balance sheet.


Well, at least this group of crooks can't be accused of not "thinking big". :(
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