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I choose not to get into a p*iss*ng contest with Keith and Ed over
religious beliefs. I stated my thoughts.
As for the state of the nation, I suggest that Washington is the place
where it is not nearly as important to win as it is to make sure the other
guy looses.
As for laws of the land, the NY attorney Eliot Spitzer has carried the
water for the US Justice Dept in pursuing Wall Street and the Insurance
companies.He hasn't been able to penetrate the banking industry which means its
only showtime.
As for the Presidency, Look back to LBJ and the war in Nam and the
resultant Hippie culture revealed so well in the finger that Bill gave us all on
TV. The office was always a figurehead position, a bully pulpit.. but.. even
that has given way to the lobbyists power demonstrated in the pure raw power of
money.
When the leaders of our nation degrade the office of presidency to
the present state, the nation responds with Enron, etc Monkey see, monkey
do.That is what we are witnessing today. This presidency has transcended the
finger with .." money alone talks" and whatever it takes to get by one more day.
Forget the future!
Sometimes I believe the best weathervane is Warren Buffett. Consider AIG
moved all their cash to Barbados and made a deal with Buffett. Eliot Spitzer
can't touch Buffett without bringing down the house of cards described as "
derivatives"
Follow the money.. Buffett bought Geico. Using Geico, General Re was
purchased.
General Re is in the"funny money" business. General Re made a deal with
AIG's funnymoney affiliate. With these two units alone ,we are talking 75
trillion dollars in derivatives. What you bet that Buffett has already converted
a large portion into currency offshore? How ? you ask.. by printing more
derivatives. Even Al Greenspan admitted he doesn't understand them, they are
outside the framework of the security statutes and out of control of the
Fed.
Poor Eliot Spitzer lifted the lid, got a smell and .. there is large chasm
in the middle of the road ahead. I was in business the last time it happened in
1973. LBJ tried to run the Nam war on credit. Bush is making the same mistake
..but this time we are talking "real money".
So where do I stand on politics? There is no place left to stand.
Richard
Explanation of derivatives.
You want to borrow some money... don't go to a bank, go to someone else
that wants to borrow some money. You give him an IOU for a billion dollars and
he gives you one. Take the IOU to a public stock corporation that needs to
show a big profit in order to increase share value. Trade a billion dollars in
derivatives (IOU's) to them for a 100 milion in worthless stock so they can
show a 900 million dollar book profit. The stock goes through the roof and
the public stock corporation dumps the derivative on the world market. The world
market for derivatives is controlled by people that know how to play the great
game. If you want to watch the masters of the game .. study Fortis.. this
is where Buffett got the idea for General Re.
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