Assets My ***!

Ok.  I know nothing.  I am a school bus driver.  I dropped out of three colleges.  But my simple mind has always assumed that an asset is a good thing.  No?  Am I crazy?   So why is it that every time I see the word Asset in connection with this current economic crisis, they are talking about financial products that are nothing more then packaged debt.  Apparently, we should all be hoping and praying that the "private sector" will be enticed to eventually buy back these bundled "assets"  which are really bad loans (that they issued in the first place) as long as the gov't first buys them up and holds them long enough for them to obtain some kind of magical allure. Long enough for them to be of some value!  If it wasn't so sad it would be funny.  Am I understanding correctly?  Is it the case that all the orignal bail out money was used by the banks to pay out dividends and keep their stocks viable because they have nothing of worth at all in their coffers?  All their assets are in the red, it is ALL DEBT!  Where did the wealth of the nation go?

My daughter had to bob and weave to avoid the credit cards they were throwing at her on admission day at college.  The child had no job!  The same people who the credit industry have been granting all this credit to for DECADES, the Consumers of Our Vaulted Consumer economy,  have not have seen their real incomes increase since the G Damned 70's! I betcha anything that Oprah and that lesbian financial woman had a lot to do with the rug being pulled out from under these clowns.  They were each on a campaign to get the housewives of America to pay down their debt, stop buying, not to be fooled again.  I guess we've all woken up and smelled the coffee at last.

The Princes of Capitalism charged exhorbitant interest rates and traded these assets of doom back and forth, up and out, to each other and the world, patting each other on the back as they cashed their bonus checks.  The whole house of cards is one big huge scam.  Our only native industry is finance, and it is a huge game of three card monty.  Always has been.  We are so f*u*c*k*e*d! 

LilAnnie LilAnnie
56-60, F
Feb 11, 2009