From little ACORNS grow big oafs

So far CNN has only reported on the breaking story on blatant ACORN CORRUPTION from angles that attempt to extricate the government funded “community organizing” enterprise from the extreme crime we caught on videotape.

First CNN pushed the false ACORN line that “[t]his film crew tried to pull this sham at other offices and failed.”

To set that record straight please check the Washington D.C. tape we dropped today at BigGovernment.com, which is also being aired on your cable news competitor with curiously higher ratings.

Now that ACORN lied to you, Jonathan Klein, what are you going to do?

Here’s what I have noticed from your coverage: You brought in the damage control crowd to FRAME the story. Before even airing our damning Baltimore video. You know your audience would turn on ACORN if you showed them the evidence. So instead you put your competitors in journalism in the crosshairs instead of airing a blockbuster report making massive waves elsewhere.

You even trotted out shameless Clinton era apologist Joe Conason to challenge the ETHICS of our expose. Unreal.

What about the ethics of those at ACORN caught on tape trying to help create a brothel featuring illegal immigrant age range 13-15 from El Salvador?

What about the countless laws broken on tape from a group that stands to get billions from President Obama’s “stimulus” package?

[ James O'Keefe ]

Nightmare scenario – or realistic?

Or just a doomsayers wet dream?

Prediction seven. With their pension dreams squashed, and their salaries frozen or cut, olice and other local government workers will turn to wholesale corruption in order to survive. America’s ideal of honest, courteous, and impartial cops, teachers, and small-time local functionaries will have come to an end.

By 2012, there will be a general feeling that the nation is in immediate danger of blowing up or coming apart at the seams. This fear will be justified, given that the U.S. has always been held together by the promise of a continuously rising material standard of living—the famous “pursuit of happiness”—rather than any ethnic or religious ties. If that goes, so could everything else. We were lucky in the 1930s—we may not be so lucky again.

The Worst Case Scenario (Someone Has to Say It) [Seeking Alpha]

Ten Trillion and Counting

The face of our nation's demise

on PBS’ Frontline can be viewed online.

(Length: 1 hour)

We fucked are so.

Congressman Explains Hijacking of the US Economy by the Federal Reserve & Treasury

Eventuality

At some point, the U.S., states and local government will be forced to default on all their financial obligations such as interest on bonds, pensions, medical care, etc. This will happen in one of two ways: either insolvency will be announced, i.e. we can no longer pay our obligations, or the dollar will be devalued to 10 cents (or less), thus reducing everyone’s Social Security pension of $1,000 down to $100 (or less). Magically, all debt and interest due gets cut by 90%, too.

[of two minds]

…

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“Remember, to arrive at the bailout number the Treasury bean-counters just picked ‘a really big number.’ How do you have confidence in anyone like that, who dares to refer to themself as an economist? I refer to them by what they really are: bean-counters, ass-hats, pretenders, criminal co-conspirator. They know as much about economics as a priest really knows about God.”

We’re entering a new era

And if we’re lucky, it’ll look a lot like the 70’s (if we’re not it’ll look a lot like the 30’s, but in color):

“As inflation and interest rates have been kept artificially suppressed, the United States has been indentured to its volatile financial sector, with its predilection for leverage and risky buccaneering”

“most great nations, at the peak of their economic power, become arrogant and wage great world wars at great cost, wasting vast resources, taking on huge debt, and ultimately burning themselves out.” [Marketwatch]

When you factor in the lying and cheating of our government, the cheating and lying of Wall Street, the US and Canada Demographic Time Bomb, a dysfunctional healthcare system, a bankrupt social security system, retirement funds heavily invested in toxic securities, illegal immigration and the rule of law in general just ignored (via “selective enforcement”), a war with no end that’s cost us more than just our credit rating (remember, we’ve been borrowing to pay for it), inflation at all time high (as the article says, the stats being promoted throughout the media are fraudulent, and see We is bein’ robbed below), well, it is enough to make you just sick.

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We is bein’ robbed
I guess we should have been smart enough to figure out the power of compounding interest works both ways, e.g. take inflation.

When it’s high- as it is today- and if this double-digit trend sustains itself for just a few years, it can more than wipe out that gain you might have seen in your 401(k) over the last ten or twenty years pretty damn fast! It’s just sickening to consider that all this time we’ve been targeted because we foolishly believed we were a nation that believed in fair play.

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Looking for Happy News?
Turn on the boob-tube, switch to any channel, and have some delicious Kool-Aid. It’s refreshing!

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Toasting
Hell, even municpal bonds, once considered super-safe, but low-yield by investors, are starting to default. Even, in the case of Vallejo, CA declaring bankruptcy.

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Question for all of you
Ultimately, who is accountable?

Does it seem to you that everyone in a posiiton of power has been working really really hard to make sure they aren’t caught, or that no trail leads to them, when the random light is shined on them and theirs?

The 1% non-solution

1%:

… of all Americans are in prison

… exposure of the “GSE’s” (FNM and FRE) 58 billion : 5.1 trillion

On the surface, simply locking up more people would not appear to be in the long term interests of this country, and doesn’t address the underlying causes of criminal activity. Indeed, we prefer to lock people up and throw away the key, then go down to the corner Starbucks for a latte mocha frijole and pretend the problem has been dealt with.

Likewise, not addressing the fundamental flaws that could potentially bankrupt both “GSE’s”, which will in turn further immobilize an already frozen housing market, is easy to do when so few really understand the complexity of this half-assed bailout (the first of many to come, to be sure) and are happier thinking someone else is worrying about the problem.

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Feeling like a dupe?

Then two developments caused the insurers [MBIA and Ambac] to veer from their path: as public companies, monoline insurers were looking for new income streams. Not only that, rating agencies told these insurers that they were not very diversified, and that they might have to have a second look at the credit ratings if they did not broaden their insurance coverage to, say, securitized mortgage products. Rating agencies were eager to see the market of debt derivatives expand, so that they could facilitate a market by providing credit ratings to structured products. [Asiatimes]

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How valid is our money?

After this act was instituted, President Kennedy was assassinated and in the first day of office for President Johnson, all notes were re-called. [Hmmm][Bloomberg]

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“GSE’s carry the implicit backing of the U.S. Government, but they are not direct obligations of the U.S. Government. For this reason, these securities will offer a yield premium over Treasuries. Some consider GSEs to be stealth recipients of corporate welfare.” [Investopedia]

FDIC Death Watch

“The problem for the FDIC is that it has never supervised a bank failure which exceeded 175,000 accounts. So the impending financial tsunami is likely to be a crash-course in crisis management. Today some of the larger banks have more than 50 million depositors, which will make the FDIC’s job nearly impossible.”[Inteldaily]

“FDIC Chairman Sheila Bair warned that “as of Sept. 30, there were 65 institutions with assets of $18.5 billion on its list of “problem” institutions;” although she wouldn’t give names.”

“It means there’s going to be an unprecedented wave of bank closures in the US and that people who want to hold on to their life savings are going have to be extra vigilant as the situation continues to deteriorate. And it is deteriorating very quickly.”

“Surprisingly, there’s an even bigger threat to the financial system than these staggering losses at the banks. A default by one of the big bond insurers could trigger a meltdown in the credit-default swaps market, which could lead to the implosion of trillions of dollars in derivatives bets. The inability of the under-capitalized monolines (bond insurers) to “make good” on their coverage is likely to set the first domino in motion by increasing the number of downgrades on bond issues and intensifying the credit-paralysis which already is spreading throughout the system.”

“Middle class people are ill-suited for life under a freeway overpass. They need a helping hand from government. Big government. Good-bye, Reagan. Hello, F.D.R.”

Today’s watchword phrases are: “Preservation of capital, Return of capital.”