Endless Bailout and the Debt Ceiling Swindle ~ The Risk Averse Alert

Sunday, July 17, 2011

Endless Bailout and the Debt Ceiling Swindle

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Enough is enough. The time has come for the Senate Banking Committee to tighten the screws on brazen bond rating agencies who are threatening a downgrade of the U.S. Treasury's debt. This, after the U.S. Treasury — American taxpayers — saved their sorry asses for their "brilliant" job of due diligence — only the best from the best and brightest! — in stuffing the banking system with enough funny paper to supply Thanksgiving Day parades all across America for at least the next one hundred years! The fraud just keeps getting thicker.

How all the little ducks do line up in a who's who of quacks, too: "tools" in the ongoing take down of the American economy. The rating agencies just can't help themselves. They're in too deep.

Most critically, Standard & Poor's with its further threat levied on key finance companies makes it abundantly clear that, it is the U.S. Treasury, alone, effectively supporting the paper of enterprises whose securities could not have come to market at all were it not for fraudulent ratings given by rating agencies.

And now the Congress should sacrifice the nation's posterity, that the U.S. Treasury might cover for this? Indeed, the rating agencies demand it! No mas! No more. Glass-Steagall reform has found its rightful first marks: Moody's and Standard & Poor's. Start here and the can of bankrupt worms will naturally separate and be exposed to the light of day.

In Pecora Commission fashion the Senate Banking Committee should take immediate aim at rating agencies per findings detailed in the Financial Crisis Inquiry Commission Report.

So, do your country a favor. Write your senator. Link to this post and make your subject line: "ENOUGH IS ENOUGH." Demand their action. Let your senators know you are aware that, austerity imposed while the debt ceiling is increased has but one aim: further bailout of hopelessly insolvent financial institutions. These, and these alone, bear primary responsibility (by far) for the astronomical increase in the nation's debt over the past five years. Through their rating agency tools, these frauds aim to swindle taxpayers yet again by gouging savings in Medicare and Social Security, as well as by routing the nation's defense.

Enough is enough. The time for Glass-Steagall is NOW.

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