“My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub.”
Grover Norquist
Time to retire your old trusty tin-foil hats. There's no need for it anymore. This is no longer a theory.
We now have a pretty good idea what Grover Norquist was plotting in his "Wednesday Meetings". They wanted to bankrupt the U.S. Government so that he and his fellow sycophants could "...drown it in a bathtub". This was partially accomplished in New Orleans.
In a brilliant diary by
http://www.dailykos.com/story/2008/9/23/163731/962">Dr Squid over at Daily Kos, he laid out a reasonable cure to our economic woes. What this post, combined with
http://www.dailykos.com/storyonly/2008/9/23/133349/153/556/607628">"Ben Stein almost lets out the Big Secret" (Inky99), reminded me of my opening quote by Norquist. And I almost choked on my short-ribs.
The crisis occurred (to greatly oversimplify) because the financial system allowed entities to place bets on whether or not those mortgages would ever be paid. You didn't have to own a mortgage to make the bets. These bets, called Credit Default Swaps, are complex. But in a nutshell, they allow someone to profit immensely - staggeringly - if large numbers of sub-prime mortgages are not paid off and go into default.
The profit can be wildly out of proportion to the real amount of defaults, because speculators can push down the price of instruments tied to the sub-prime mortgages far beyond what the real rates of loss have been. As I said, the profits here can be beyond imagining. (In fact, they can be so large that one might well wonder if the whole sub-prime fiasco was not set up just to allow speculators to profit wildly on its collapse...)
These Credit Default Swaps have been written (as insurance is written) as private contracts. There is nil government regulation of them. Who writes these policies? Banks. Investment banks. Insurance companies. They now owe the buyers of these Credit Default Swaps on junk mortgage debt trillions of dollars. It is this liability that is the bottomless pit of liability for the financial institutions of America.
Ben Stein
If you smell fish, your not alone.
Now let's do the math.
If Grover Norquist said “My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub.”, and held meetings with the same Conservatives who are directly involved with the deregulation that led to this crisis, and then tries to force-feed the U.S. Government it's only way out, what does that tell you?
And for those history buffs out there, I have a curious little link to some early 20th Century shenanigans. Remember
http://en.wikipedia.org/wiki/Business_Plot">"The Business Plot"? The attempted coup against FDR led by JP Morgan, Remington Arms and the Du Ponts. Now, it seems that the only organizations to truly win if our Congress folds to the pressure is Morgan Stanley and Goldman Sachs. And now it seems that Morgan Stanley will be one of the biggest winners of the bailout.
And if anyone wants to flame me as a "conspiracy nut" or recommend me for the dungeon, I have a quote for y'all:
"Fool me once, shame on.. shame on me. Fool me twice... I... I won't be fooled again".
George W(illful Traitor) Bush.
It is now my belief that this administration is compatible to a cornered rat. They now want to hold this over our heads in an attempt to blackmail us. If they can't have the country, they will burn it to the ground, leaving Barack Obama and hi campaign with the morbid task of being the pole-bearers of a dead economy, and a failed state.
Now if this does not rise to the level of treason for all involved in the "Wednesday Meetings" and the "Starve the Beast" strategy of the Bush/Norquist/Fascists in Conservative clothing zealots in the eyes of our leaders, then our country will not last through the next few years.
Makes you want to brush up on your Mayan Calendar "Prophecies" I would think.
I dare all to put this up on the big board!
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