Financial Kleptastrophe:It Is Who That Is Regulating That Is The Problem-By Harsha Sankar
Dear Citizen, September 2008
As the eve of the election approaches, clarity is provided on the severe financial crisis that is crippling America.
It is really sad that too many pundits are advocating communistic
measures to handle this predicament. People must always remember that it is not over-regulation nor deregulation that is the problem. It is who that is doing the regulating and are they being properly regulated that are the two problematic issues?
The very people who were supposed to keep Wall Street honest are now the people who contributed significantly to this insolvency. Now they are the ones who will reap great rewards for their greed and incompetence. They are the biggest beneficiaries of the $700 billion bail-out.
Banksters have doled out $2 billion to federal candidates and political parties since 1989. Congresspeople who voted for the bailout received 151% more from finance, insurance, and real estate than those who voted against it. Barack Obama collected $25 million and John McCain collected $22 million for their support.
Let's analyze the funneling of taxpayer money into private hands. The U.S. Treasury estimates that only 7% of mortgages are bad. Yet politicians are clamoring for trillions for private financial institutions.That makes no sense.
The American citizen is told that is "mess" is due to low-income families having difficulty making their mortgage payments. If the bailout money was used to refinance troubled mortgages and to pay off foreclosed mortgages, the mortgage-backed securities would be made whole. Instead that money is being poured into investment banks. Not one red cent is applied to anyone's
mortgage.
The response to that is "Huh"! Can anyone be that gullible? Do the powers to be think the American people are stupid? They may not have fancy law and finance degrees but they are not blind. There are some who are fools but most will see this for what it really is: fleecing.
The major contributors to this crisis are credit default swaps and double-counting of assets. Total lawlessness due to "complex rules" has allowed this criminal fraud to take place. Yet these practices are not even discussed. The only thing implemented is the socialization of greed.
What has really allowed to American investor to be raped is this one simple fact. Most investment plans are funded by force. As healthcare costs are the leading cause of bankruptcy, most Americans have no choice but to invest in schemes that they have no control over. While their employer chooses the investment company, the investment company handles all matters without any oversight.
So what ultimately is really responsible for this kleptastrophe? BAR totalitarianism. It has propped up the legal bribing of government officials and the culture of lack of accountability.
So what entity inspires the corruption of ethics that is widespread and aggressive in all sectors? The BAR associations. Attorneys are involved in all transactions at high costs. Does this guarantee uniformity and basic standards being met? Hardly. Only the reverse is true as anything goes. As financial workers from Wall Street's top banks will receive $70 billion in 2008, 9-11 hero Rudy Guilliani announced his law firm formed a corporate task force to advise “financial institutions, private investment funds, institutional investors and other market participants” on how to spend the bail-out money.
What really is responsible for the industrial downturn that drives economic growth? The flight of capital. No investments will be made if the climate is not business-friendly. Yet the heavy, arbitrary, and corrupt hand of the BAR and feeder groups will discourage anyone (small or large,
foreign or domestic) from investing labor and capital.
It is high time the yoke BAR dominance be removed. It has traumatized the American landscape for too long. The chickens are now coming home to roost.
Very Truly Yours,
Harsha Sankar
908 Valley Ridge Road
Covington, Virginia 24426
As the eve of the election approaches, clarity is provided on the severe financial crisis that is crippling America.
It is really sad that too many pundits are advocating communistic
measures to handle this predicament. People must always remember that it is not over-regulation nor deregulation that is the problem. It is who that is doing the regulating and are they being properly regulated that are the two problematic issues?
The very people who were supposed to keep Wall Street honest are now the people who contributed significantly to this insolvency. Now they are the ones who will reap great rewards for their greed and incompetence. They are the biggest beneficiaries of the $700 billion bail-out.
Banksters have doled out $2 billion to federal candidates and political parties since 1989. Congresspeople who voted for the bailout received 151% more from finance, insurance, and real estate than those who voted against it. Barack Obama collected $25 million and John McCain collected $22 million for their support.
Let's analyze the funneling of taxpayer money into private hands. The U.S. Treasury estimates that only 7% of mortgages are bad. Yet politicians are clamoring for trillions for private financial institutions.That makes no sense.
The American citizen is told that is "mess" is due to low-income families having difficulty making their mortgage payments. If the bailout money was used to refinance troubled mortgages and to pay off foreclosed mortgages, the mortgage-backed securities would be made whole. Instead that money is being poured into investment banks. Not one red cent is applied to anyone's
mortgage.
The response to that is "Huh"! Can anyone be that gullible? Do the powers to be think the American people are stupid? They may not have fancy law and finance degrees but they are not blind. There are some who are fools but most will see this for what it really is: fleecing.
The major contributors to this crisis are credit default swaps and double-counting of assets. Total lawlessness due to "complex rules" has allowed this criminal fraud to take place. Yet these practices are not even discussed. The only thing implemented is the socialization of greed.
What has really allowed to American investor to be raped is this one simple fact. Most investment plans are funded by force. As healthcare costs are the leading cause of bankruptcy, most Americans have no choice but to invest in schemes that they have no control over. While their employer chooses the investment company, the investment company handles all matters without any oversight.
So what ultimately is really responsible for this kleptastrophe? BAR totalitarianism. It has propped up the legal bribing of government officials and the culture of lack of accountability.
So what entity inspires the corruption of ethics that is widespread and aggressive in all sectors? The BAR associations. Attorneys are involved in all transactions at high costs. Does this guarantee uniformity and basic standards being met? Hardly. Only the reverse is true as anything goes. As financial workers from Wall Street's top banks will receive $70 billion in 2008, 9-11 hero Rudy Guilliani announced his law firm formed a corporate task force to advise “financial institutions, private investment funds, institutional investors and other market participants” on how to spend the bail-out money.
What really is responsible for the industrial downturn that drives economic growth? The flight of capital. No investments will be made if the climate is not business-friendly. Yet the heavy, arbitrary, and corrupt hand of the BAR and feeder groups will discourage anyone (small or large,
foreign or domestic) from investing labor and capital.
It is high time the yoke BAR dominance be removed. It has traumatized the American landscape for too long. The chickens are now coming home to roost.
Very Truly Yours,
Harsha Sankar
908 Valley Ridge Road
Covington, Virginia 24426
posted by Harsha Sankar at 3:34 AM
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