American capitalism is crashing and burning. That is what you get when people live beyond their means, which are based on ever increasing levels of debt.
First, Paulson told us that toxic mortgages were the problem, and if we did not give his Treasury Department $700 billion dollars in taxpayer money, the system would come to a halt. Today, he changed his tune; the problems are not toxic mortgages, but rather “credit-card loans, student loans, and auto loans.”
General Motors and Ford are asking for a taxpayer bailout, since they claim that they will be running out of liquidity by the end of the year. Do not give them any more taxpayer money. CONFISCATE AND NATIONALIZE THEM 100%. Do not bailout the GM chairman. He is making $16 million dollars while he burns the company to the ground.
Frankly, I do not have any confidence in Paulson, Bernanke, Greenspan, Volcker and all the other “capitalist financiers.” They created the problems that the markets are facing today.
As a country, we are FUBAR! My prayers and best wishes go to president elect Barack Obama.
Criminal prosecutions are in order for all the capitalists who created this mess.