Denninger: America Has Died - To Thunderous Applause
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...This [bailout bill] is in fact a looting of the American Public and Treasury by a law passed under fraudulent pretense and then redirected under even more fraudulent pretense to directly benefit those who just extracted hundreds of billions of dollars from your wallet after robbing you, your children, grandchildren, aunts, uncles, grandmother and grandfather of everything.
If we had an honest government in Washington DC this would result in an instantaneous Bill Of Impeachment for both Paulson and Bush in the House of Representatives and we'd have two candidates for President vowing to reverse all of this on Inauguration Day, irrespective of which one of the two clowns wins.
But we do not - we have a government in Washington DC that has been bought and paid for by the same bankers who just looted you to the tune of $350 billion dollars by literally putting a gun to Congress' head, and they said "sure!"
What's even worse is that we have a citzenry - that is, you - who will sit like a lapdog and take this sort of crap from our government as your savings, retirement and wealth are plundered mercilessly.
You've been violated America, and you have not only tolerated it you've cheered while it happened.
I bet, in fact, you cheered the nearly 1000 point rise in the DOW yesterday, even though it came from the expectation that you would be robbed blind to pay for the foibles of these bankers that arose from their felonious and outrageous conduct.
"America dies to thunderous applause" instead of pitchfork-and-torch-style outrage, which is what we should have seen.
But we won't, will we?
You will cheer because your 401k recovered a bit (never mind that its still down by 1/3rd from last October), and by the time the rest of the value in that account is lost, it will be too late for you to act.
And make no mistake, the DOW and S&P 500 are going lower. Much lower. My targets have been revised; 1070 was my "bear target" last December, but given what we've seen, I must now consider that the 2003 Bear Market lows are not going to hold, and DOW 5,000, S&P 500 at 500, are more realistic targets.
As a hint of what is to come, Nancy Pelosi has stated that she wants to tax your 401k with a one-time levy or even a levy on appreciation or contribution, never mind that you already pay tax when you withdraw the money to spend in retirement.
The economy will continue to worsen. With essential government funds redirected to pay off the bankers and make sure they don't suffer, you will instead, along with all of the businesses and industry that make this nation great, never mind providing you with a paycheck.
And the bankers? This is a pair of them leaving the Treasury meeting yesterday:
Do they look upset with the terms of the deal they were "forced" to take? Or do they look like they just screwed you out of $250 billion dollars and are laughing all the way back to Wall Street?
You have given up your right to object America, because you are not objecting now. You are not in the streets. You are not in DC. You are not raising hell with your elected representatives and the un-elected, appointed smiling faces who just looted you once again, this time to the tune of a quarter of a trillion dollars...
UPDATE: Reverend Franz weighs in with a great sitrep.