Got this email from BJ Lawson, from the Lawson for Congress fame. Some excellent points of what gifts we (via Turbo Tim) are giving as US citizens to our banks. And what do we get in return? Overdraft fees and impersonal service! It is amazing how much money these institutions are sucking out of the system. On the flip side, if they ever recover, how will we know that we got the profit out of our investment in these banks??? Wouldn't it be better if we just let these banks fail, and their good parts (like online banking and most buildings and loans) be bought out, and the rest just written off and be done with??
Here is the letter: BJ versus Turbo Tim
Dear Matt,
Whom do you trust?
It's an open question that I've been pondering for the past several weeks. The markets have been asking this question, as well -- despite billions of additional borrowed money to bail out Citibank and protect AIG's trading partners, we keep sliding to new lows as debt deflation continues.
Our Treasury Secretary, Turbo Tax Tim Geithner, sat in front of the Ways and Means Committee yesterday to assure our representatives that his actions, and Obama's budget proposal, are absolutely necessary to restore our economy. His favorite quote when confronted by pointed questions or painful anecdotes from our current crisis was, "That's exactly why we need to..." [bail out AIG/increase the TARP/create the TALF/embrace a budget that forecasts a $1.75 trillion deficit].
Oh, really?
Keep in mind that just last week Geithner gave a massive gift, at our expense, to Citibank. He exchanged the Treasury's preferred stock for common stock valued at $3.25 per share.
Yesterday, that Citibank common stock closed at $1.22. We, as taxpayers, have given Citibank far more than its market capitalization, yet watch a minority stake dwindle towards worthlessness.
Why should we believe any words that come out of Geithner's mouth? Does anyone believe he has the interest of American citizens in mind?
Here's my take -- it's up to all of us to move quickly through the stages of grief. Many still labor in stubborn denial. Anger doesn't help. Rationalization -- particularly prevalent among Obama supporters desperately looking for "change" -- also interferes with preparing for what's next.
It's time to accept that we are approaching an economic dislocation that has been decades in the making. It is the mathematically-inevitable consequence of an system that tends towards instability -- it's not a bug, it's a feature. It's the system working as designed.
It's time to accept that we are approaching an economic dislocation that has been decades in the making. It is the mathematically-inevitable consequence of an system that tends towards instability -- it's not a bug, it's a feature. It's the system working as designed.
Once we can accept that our politicians and bureaucrats intent on consolidating power, and corporate interests committed to the status quo, will neither admit nor address the root causes of this crisis, we can prepare ourselves and our communities for what comes next.
What comes next requires a government that rejects oligarchy, embraces individual liberty and responsibility, and empowers us to rebuild our communities by restoring trust.
I've mentioned Chris Martenson's Crash Course before, and I want to publicize the fantastic educational (and refreshingly apolitical) forum Chris has grown over the past several years to discuss our current challenges and rationally prepare for the future. I'm also excited to report that a good friend from Virginia Beach is helping Chris host a Crash Course Seminar in Lowesville, Virginia on April 24th.
It will be an excellent opportunity for people ready to embrace and create change to think, plan, and connect. I hope you'll consider attending -- especially if you prefer being part of the solution instead of waiting for Turbo Tim to figure out that he's actually making things worse.
In liberty,
In liberty,
BJ
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