Denninger: You Should Be Ashamed
Proud To Be American? You Should Be Ashamed
We have seen the largest looting operation in history perpetrated against The American People.
Over $5 trillion dollars in junk securities were marketed and sold. They had a real value of about $2 trillion dollars; the other $3 trillion, roughly, was pure fiction.
The banks created and sold these throughout the world, with the full knowledge and support of Congress, The Fed, and the banks themselves.
It was pure fraud.
Granting someone a "mortgage" based only on whether they can fog a mirror is proof positive of malfeasance, unless you disclose this fact to the buyers of these securities - a fact that was not disclosed until after the securities blew up.
Lenders, builders and others pressured appraisers to "hit the numbers" to support these fraudulent deals. Proof of that is found in the nearly-10-year-old Appraisers Petition bearing thousands of appraiser signatures.
That ratings were a "mistake", either real or intentional, is a matter of now-known historical fact.
Americans have sat on their butts through all of this, allowed their 401ks and IRAs to be trashed, their supposed "home values" to be pumped and then destroyed, and their hopes, dreams, employment and house have all vanished into the ether of fraud.
When this came to light the banks went to Congress, and supported by The Fed's intentional draining of liquidity to create an immediate "crisis", they got a $700 billion bailout bill passed - one that you, your children and grandchildren, will have to pay for.
The government then passed another near-trillion-dollar "stimulus" bill claimed to hold unemployment to 8%. It did not, because it was yet another "papering over" of the fraud, but that bill your children and grandchildren, along with you, will also pay.
Your savings accounts and CDs now yield an effective zero.
Your credit card interest rates have gone from 11% to 29%, all so that the banks can keep granting ill-advised credit to people who can't pay. Those who can pay - the rest of you - are being jacked for 30% a year in interest.
We have seen a few "tea parties" in which a few people showed up and which were immediately panned by "those in power" as "astroturf."
Contrast with this.
A few days ago, Iran held an election. It is alleged that there was massive fraud. The current President claimed victory under less-than-clear circumstances.
The people said "hell no!" in this sort of demonstration:
That's about 2 million people, out of 70 million population (roughly), or one in thirty-five Iranians in the entire nation who took to the streets to demand justice in a simple vote.
More strikingly, Tehran has a population of roughly 12 million; this means that one in six citizens of the city are standing in that crowd.
This, despite the fact that the government there has been shooting people, has arrested the opposition party and issued an order to burn the ballots so there can be no recount.
This, despite the fact that the Iranian population does not enjoy a Second Amendment, and thus is forced to fight a rogue government with makeshift molotov cocktails, rocks and clubs, should that rogue government choose to shoot.
And this was about an election. A President. One man.
In our nation we have literally had 1/3rd of our GDP - that is, 1/3rd of everything you worked for last year - stolen by a bunch of fraudsters with the explicit cooperation and assistance of the government.
We should be seeing 10 million Americans literally closing Washington DC with peaceful protest in the streets - making the entirety of the downtown inaccessible to vehicles and the normal conduct of business impossible, were Americans to display the same sort of anger over an insult vastly more serious than that served upon the Iranian people.
If one in six Americans had enough in America's big cities, there would be one million people in the Streets of Chicago - enough to fill Chicago's Loop from Lake Michigan to I-90/94 and from The Chicago River to beyond Soldier Field, rendering the city core impassable. (Roughly double the crowd that shows up for the 4th of July Fireworks, to put it in perspective. "Greater Chicagoland" has a population of ~7 million)
The same in NY City would result in a crowd of 3.3 million people.
Where are you America?
In America, if the government turns into a goon squad, you have the constitutionally-protected ability to shoot back. In Iran you have no such ability as the Iranian government has never recognized the unalienable rights as set forth in our Declaration.
So in Iran the population risks mass death to protest.
In America the population risks loss of some income since you'd have to cut work.
The Iranians take to the streets; we take to our couches and have another beer.
Grow a pair of balls America.
The people of Iran are putting us to shame.
PS: Those threats appear not to have been idle either:
BREAKING NEWS: AP photographer sees pro-government militia fire at protesters, killing at least 1
With a barely-detectable band of exceptions, my country has become a nation not of free men and women, but of Walter Mittys.
And thus it has richly earned -- in spades -- everything that is coming...
So be it.