Episode-427- The Economic Shell Game Continues
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Things are getting better right? The “green shoots” are starting to “bear fruit”. The mighty bail outs have worked! I mean come on, last winter CITI paid back their loans, GM’s President just did a commercial saying that, “repaid our government loan, in full, with interest, five years ahead of the original schedule.” The Dow is up above 11,000 today when it was down to 6600 in March of 2009. Everything is wonderful right? Not so fast!
Join me today as we discuss…
- Did GM really pay back the American people “with interest”, NO!
- Did CITI really make good out its piece of the bailout, NO!
- The hidden bail out, free, well almost free money
- One of the “hidden bail outs” – Interest Rate Swaps
- Another hidden bail out – cheap money for the banks – so they can counterfeit more
- Who will really pay the cost of “Financial Reform of Wall Street”
- What does the Financial Reform Bill Actually Say
- Obama says debt is cancer, well after racking up trillions of dollars of it
- Why nothing has changed or will change when it comes to US debt
Additional Resources for Today’s Show
- Members Support Brigade
- TSP Gear Shop
- Join Our Forum
- Sawtooth Tactical – (sponsor of the day)
- The Berkey Guy – (sponsor of the day)
- My Guest Appearance on Truth Brigade (MSB Special Deal is Mentioned during this show)
- GM’s Bullshit Commercial I Played on the Air
- Great Blog Post on the Fake GM Loan Repayment
- IowaPolitics.com Article GMs Shell Game
- CITIs Very Similar but Quite Different Shell Game
- Hidden Bail Out – Interest Rate Swap
- A sample of some of these interest rate swap deals – PDF
- Why the Financial Services Bill is Bad…For Democrats – Kudos to this guy at the Huffington Post!
- Summary of Dodd’s Financial Services Bill – PDF
- Obama Says “Debt is Like Cancer” – Well no shit!
- Democratic Senator Says our Currency “Will Collapse” and Obama Waits Until After the Mid Terms to Jack Up Our Taxes
- Ron Hood’s Survival.com Magazine
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I want one of those shats as soon as they come in.. 🙂
It drives me nuts to hear Obama talk about fiscal responsibility.. and be certain that the more they talk about how to dig out of this hole, the more vigilant I become with my preparations. Is it lack of faith that our government will make a U-Turn and correct course? You bet it is.
Thanks for the show..
Killer show! Everyone in this country should listen to this show! You are better than Glen Beck or Rush by a wide margin.
So, would it be analogous to describe what GM did to somebody deep in CC debt consolidating high-interest debt to a newer, lower-interest debt obligation (on the taxpayer dime, of course)? Also, I remember seeing an article somewhere about the FTC considering taking action due to the deceptive nature of the ad – any other details about that?
great show jack here is some more interesting news for ya…check out this
On interest rate swaps – they are much like mortgages as they are financial contracts for pricing risk (interest rate risk in particular).
Anyone that was involved in one should have understood the implications of that contract before it was entered in to and has no right to complain after the fact because the prevailing rates did not act in accordance to what they thought might happen.
The SEIU asking for changes in the law to allow states and municipalities to renege on that contract is the equivalent of someone who can afford mortgage payments deciding to default on their mortgage for the sole reason that the value of that secured property went down.