Before I start, I wanted to let everyone know that The Housing Time Bomb was just recently certified by the prestigious financial website Seeking Alpha.
I want to thank Seeking Alpha for their certification and I want to thank all of my loyal readers for being so supportive since this blog began a little over 1-12/ years ago.
I really didn't know what to expect when I started my journey into the blogosphere. What I do know is its been extremely rewarding. This voyage has far exceeded my expectations, and I look forward to many more posts!
Let's get back to biz!
You gotta watch this clip from MSNBC's Dylan Rattigan this morning. Dylan pretty much went postal on Tom Donohue from the US Chamber of Commerce.
Tom pulled out the typical Wall St "Capitalism talking points" when he was asked how America can begin to create new jobs. Mr. Rattigan simply didn't want to hear it today. Tom's answer was a load of crap and you will understand what I mean after you watch the video.
Let me add before you continue reading that Mr. Dononue's organization grabbed $20 million out of the AIG bailout kitty. Need I say more about this lying piece of garbage?
In response to Mr. Donohue, Dylan accurately points out below that NO ONE has been allowed to fail on Wall St, and the "safety net" of the taxpayer backstop has refueled the same wild speculation that led to the banking collapse in 2008.
If we don't change out bubble blowing ways, we will undoubtedly see another collapse that will be far worse then the one we saw last year because we are now trillions in debt.
There will be no money for a second round of bailouts this go around when the market rolls as a result of another speculative mania on Wall St.
Dylan is pissed and he has every right to be. All you need to do is look at JP Morgan's blowout quarterly announcement of a $3.6 billion in profit this past quarter for proof that Wall St is back to its fraudulent speculative ways.
I warned a few of you yesterday in the comments section a few days ago that the big banks could report blowout earnings this quarter.
Why wouldn't they be making a fortune? They are making a KILLING in the bond market, and they don't have to mark their bad assets to market.
The bankers will once again throw billions more into their pockets in the form of bonuses at the end of the year as the fraud rolls on. Meanhile the rest of Rome continues to burn.
The world is clearly starting to see right through this sham depite Wall St's profits: The dollar broke tesistance to the downside and is now hitting new lows for the year.
The thoughts by the leader of the Chamber of Clueless above almong with the others in Washington and on Wall St will eventually destroy this country. Just look at the currency folks. That says it all.
Today's developments only confirm that the elite remain firmly in power, and it's becoming increasingly obvious that they could care less about the little guy.
Are you angry yet America? If not now, WHEN?
Disclosure: No new positions at the time of publishing. Long precious metals via GLD and SLV in longer term accounts.