Feds, Wall Street race to try to save Lehman Brothers
September 13, 2008 1 Comment
Correction: Secretary of the Treasury, Henry Paulson, is not the former head of Lehman Brothers. He is the former head of Goldman Sachs. Oops. I have to admit confusing the two Wall St firms. Mr. Paulson has however, visited China more than 70 times, and it is reported his promoting of the bailout of Freddie and Fannie will greatly benefit the Chinese investors who stood to lose without a government takeover. Now we can breathe easier…my mistake.
Well, here we go again. Another Wall St financial firm in trouble, and somehow the Fed is involved in negotiations to save it. I’m sure it is just a coincidence that the Secretary of the Treasury is the former head of Lehman. It is also just a coincidence that Lehman’s CEO, Fuld, is currently a member of the New York Fed’s board of directors. These fine upstanding gentlemen, who just coincidentally are involved in both the Wall St firm, and the Fed, are assuring us that no taxpayer money is going to be used to bailout Lehman.
Even though Lehman can go directly to the Fed to draw emergency loans if it needs a quick source of ready cash, there’s been no indication that Lehman has done so in recent weeks. I am sure, though, that if they did draw emergency loans, it would be coincidental, with neither Sec. Paulson or Mr. Fuld having any knowledge of it beforehand. Especially if taxpayers get stuck paying the bill on bad loans.
Here is another example of why we need to get rid of the Central Government Bank (Federal Reserve), and use the constitutionally mandated gold standard for currency. Our monetary system is used to take care of elite bankers, while the average middle class/working class wage earner is stuck paying higher taxes, and deaing with higher inflation.
An Associated Press article on this can be viewed on Yahoo! News here.
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The next president of the UNunited States of America should do as Theodore Roosevelt did. He needs to take apart the monopolies that are suppose to be unlawful. The president needs to tear apart these large corporations that are harming America. Businesses today are not concerned about the investors. They are concerned about the CEO’s . Money has become the Satan of America. Satan is in control of corporate America. Especially these large banks. Banks today want Americans to be in debt; thus they control every asset in this once great country of America. America was made by the little individual. Ma and pa businesses. Look at Fannie May and Lehman brothers and the many big corporations before that have failed. It has hurt many peoples retirement. Being the United States does not want to control bid money. All Americans should pull all their money out of the stockmarkets. Put it in a credit union. Not a crooked bank. It is insane to have a broker controlling your assets and even charging you to pull your funds out when the value has fallen in half. But, that is how corporate America works. Crooked to the inner core!