What In The Hell Just Happened?

[Dover]

Cross posting this excellent article that was posted by Robert Oak in the Economy Forum that explains in plain English the domino connections that fell this past week (with a little historical context), and where that leaves us.

This will knock your socks off.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x43586

[liberalmuse]

1. Holy shit.

Highly recommended if you don't quite understand all that has happened. We really can't let this bail out happen. I can't speak for everyone, but I'd rather suffer the consequences now then allow future generations to be enslaved by this astronomical debt. I hated Bush before, but I don't think there are words to express my contempt for him, the USSC who installed him, and every fucker who voted for him the 2nd time. The harm these people have done can't even be measured. Americans are now China's and the rest of the worlds bitches.

[McCamy Taylor]

2. We know that the Bush family works for Saudi Arabia, so I guess it makes sense

they would want to bankrupt the U.S. so that their Saudi Masters can buy the country and own us all.

Holy fuck, Batman! So we are about to give a trillion dollars away to foreign investors to keep them happy. My oh my. And what will they do if we tell them they have to wait for their money? Pout?

Here is what we do. We start Congressional investigations into illegal activity by foreign investors and we level big fines against them. It will all even out.

[midnight]

7. Please be wrong.

[baldguy]

3. W bought the McMansion at the end of the block that's been empty for 2 yrs WITH MY CREDIT CARD!

[glitch]

8. That is good. Wish it would fit on a bumper sticker. But who has gas to drive much anymore? nt

[MamaDem]

4. Everyone should read this!!!! This is unbelievable...

I sit here and try to imagine what this means to me - working middle-class mom trying to make the world better for my kids - and I cannot even get my head around what life will be like a year, two years, twenty years from now. This is HUGE and it is just the tip of the iceberg...and we all know with icebergs it's everything below the water that you need to be concerned about. I am just sitting here, stunned. I now know why all the reports that have come out about Bernanke and Paulson putting this in front of everyone was so bad - and THEY HAVE EFFING KNOWN THIS WAS COMING...THE WHOLE EFFING LOT OF THEM. I don't want one CEO, CFO, bonus elibile SOB to get one friggin dime. Had them all their hats and sieze their assets - they should all have to liquidate their belongings. I am so pissed right now.

[Blue_In_AK]

5. I don't think I can handle any more of this.

I got too blown away watching Bill Moyers last night. We are f*****.

[Junkdrawer]

6. Sooner or later a new Chinese-based financial system will emerge....

and "later" is looking might ill.

[Wiley50]

9. BIG K&R n/t

[HowHasItComeToThis]

10. BUSH/MCSHAME SAY GIVE ME YOUR FIRST-BORN

[dgibby]

11. We've been screwed

without a kiss!

[shanti]

12. wow, just wow

thanks for crossposting this! check this out from the article:

This isn't just the largest bailout in American history, it's the largest in human history. It's a huge transfer of wealth from the working class to the investment class. Simple as that...There is a winner in all this - foreign investors.

[lonestarnot]

15. One world currency coming, no doubt about that now.

[shanti]

16. and that

has been the plan all along too.

[asdjrocky]

13. Bookmarked to read in the morning.

I have enough crap on my mind to keep me awake tonight.

[TahitiNut]

14. Increase in Statutory Limit on the Public Debt .... to $11,315,000,000,000

Until September 2007 ...... $8,965,000,000,000
September 2007 to now ..... $9,815,000,000,000 ... an increase of $850,000,000,000 ($850 billion)

The Wall Street Bailout (by the working class) would be an increase of $1,500,000,000,000 ($1.5 TRILLION)

In a SINGLE YEAR, the Cheney/Bush 'ownership' cabal want to increase the debt by 15.3% ... the greatest increase in history.
... and I'm betting this wouldn't last until January 20, 2009 ... before another increase was "needed."
... an even bigger one.
... lots bigger.


So the working class can transfer wealth to the investor class to cover the LOSSES of the investor class.

Please tell me people won't tolerate this. Please.

[KoKo]

18. M$M has been bleating that if we don't do this our Economy will fail...people in the streets,

homeless. It's all to help the "little people" keep their homes...although the M$M always adds the caveat that those people were stupid in taking out mortgages they couldn't afford so they are the ones that are sucking the rest of us dry...and why we need the bail out.

I think there's alot of Commercial Development and Housing Developers who overbuilt and can't get anyone to buy their homes and commercial buildings in Florida and elsewhere who will be the REAL beneficiaries of this. But, we won't find out that until it's all a done deal...when it's too late.

[Subdivisions]

17. We've been had. TPTB have expertly backed us into a corner.

If Congress does not approve this epic heist, they will crash the financial system and blame it on the Democratic Congress. And the voters will exorcise their rage at the voting booth.

If Congress passes the bill, the Money Masters reap an open-ended, un-challengable windfall that could reach into the trillions of dollars.

We're well and truly fucked. And the masters retreat to their castles in the sky in Dubai.

[liberalla]

19. K & R -

My head is already near explosion. I have to finish this later...

[SmokingJacket]

20. That is the BEST description I have read.

After a week of reading, I still didn't know exactly how Fannie and Freddie's demise was linked with AIG. Now I get it. Thank you, and REC.