Thursday, June 25, 2009

Contrasts noted - Health care, Wall St bailouts, CHIP, Buffet on Leverage and Bernanke

Health care for ALL Americans vs. Wall St bailouts vs Childrens Health Insurance Program
Health care reform will have a cost, in trillions, to be funded over many years in the future, debate will last months, for the millions of uninsured, less fortunate Americans, more and more debate causes delays, continues, in this country, to fellow Americans, ACTUAL human suffering and premature DEATH. YES DEATH! What's clear is this: Very few, if any members of Congress or the Obama administration have any friends or relatives who are actually suffering from lack of access to health care. And many trees will die too as result of the massive reams of paper said reform will printed on.

Wall St, AIG bailouts, same if not greater costs, written up on a 1 page document.
Each action was billed by the Chairman of the Federal Reserve and US Treasury Secretary, Mr Paulson as "extraordinary".
Approved when? INSTANTLY.
Taxpayer funds and guarantees issued when? IMMEDIATELY.
Certain few more fortunate Wall Streeters, do not endure any suffering or lose their jobs, in fact, continue to handsomely benefit at taxpayer expense. In the past few weeks, some got SALARY RAISES of up to 50%. We'll see how long that lasts.

US Congress, largely one and the same hall of representative government, last summer, voted AGAINST the Childrens Health Insurance Program (CHIP); cost estimate $1 Billion - not a typo.

Warren Buffett on "crazy" Wall St and bank leverage and Bernanke
Buffett quoted Bloomberg News with Betty Liu June 24, 2009 - leverage was the root cause of our financial crisis; to which Betty referenced the oft quoted 30 to 1 Wall St reports - Buffett retorts, "that's just the observable, what was going on off balance sheet was "CRAZY". And further stated "If you're smart you don't need leverage and if your dumb you shouldn't be using it, added that you can't go broke if you don't owe any money."
Then BL asked if Bernanke was the right man for the job and the sage says "unqualified YES".

We remind the sage, that Mr Bernanke, in a prepared speech to Morehouse University in April 2009, blamed the Wall St meltdown, taxpayer-funded bailout entirely on what? Mortgages. Guess he didn't know then and doesn't yet know now about certain banks' and brokers' proprietary trading; I repeat PROPRIETARY - that means for the house, not for the customer. Whether on balance sheet or off balance sheet. And oh yes, the little leverage problem; my guess is that Bernanke didn't want to go there - perhaps he really doesn't understand it; therefore did not want to have to explain it; because that could bring up what he (and Greenspan) did not know about how certain few banks and brokerage firms were generating record after record EPS - in a supposedly transparent market; ANSWER - was to be found in the opaque markets; off balance sheet, proprietary valuation models, hedge fund like activities at a few large financial institutions.

Alarming disinformation and misinformation in the highest echelons of American finance.

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