Mad as Hell
Stop the World
It's Bond... T-Bond
Your Number Is Up!
, a 1976 American satire, is a film
about a fictional television network and its struggle with poor ratings.
Peter Finch plays Howard Beale, an anchor about to be fired because
of his poor ratings. His famous line in the movie -- that he eventually
gets everyone in a live studio audience to chant, on cue -- is: "We're
as mad as hell, and we're not going to take this anymore."
I'm just about at the Beale boiling point myself. Every day, I
read more articles with more depressing and disgusting financial news
than I ever thought possible. And I am mad as hell! Not
going to take it anymore? Well, I'm not a news anchor and I am
certainly not in a position to really do much else than call others'
attention to some of the jaw-dropping and eye-popping things that make
And so, this page will be dedicated to those bits and pieces of news
that should act as a Belean cue for us, as an entire nation to scream,
together: "We're as mad as hell, and we're not going to take this
anymore." Then we need to exercise the power of the pen and
the vote to replace the vast majority of our elected officials -- starting
at the top. The madness must end! I'm Anthony Bisgetti and
here's my take on what I've learned:
The Warning Signs!
If you have ever wondered just
how our recent financial disaster was triggered, the video below
-- if you somehow missed it -- will deliver the message with stunning
clarity. Aired on PBS on October 20th of 2009, "The
Warning -- How Greenspan, Summers & Rubin Conspired To Silence
Derivatives Whistleblower Brooksley Born", details an incredible
story of how one incredibly tenacious woman tried, unsuccessfully,
to rein in the madness that was evolving on Wall Street. When
you see where the "perps" are now, you will really understand
the Good Old Boys Club" concept. You'll also wonder just
when the other shoe is going to drop...
Rachel Beck, AP Business Writer , On Friday January 8, 2010, 11:20
NEW YORK (AP) -- "As the nation's thoughts
turned to eggnog and gift-giving on Christmas Eve, the news hit:
'Fannie Mae, Freddie Mac executive compensation significantly reduced.'
Left out of the government's news release were the numbers that
really mattered -- like the fact that Fannie and Freddie's CEOs
could make at least $6 million all in cash for 2009, and possibly
more." Interested in
the full article? Read it
Apparently, the more things change, the more they remain the same.
The Bobsey Twins of the mortgage business have already received
over $110 Billion of taxpayer money and have already been promised
1-07-10: And how about the recently-discovered
emails showing that Treasury Secretary Tim Geithner's New York Fed
ordered American Insurance Group (AIG) to keep details of the bailout
secret? Here's a
Tech Ticker piece about it by Aaron Task and Henry Blodget;
draw your own conclusions.
Let's see here... You say there's a United States Senator -- who
just happens to be a major player on the Banking Committee that
regulates the industry -- got preferential treatment and special "sweetheart"
loans from Countrywide Financial (remember them?) before Bank of
America mopped them up. The
Wall Street Journal article is very Interesting.
If you think that things have changed -- with big banks and
bonuses -- think again. The government gave them taxpayer
dollars, which were used to bet on risky assets that paid off --
this time -- when the markets surged starting in March. This
morning an article appeared on Yahoo Finance that will make your
blood boil. Here's the
link. More on "Shocking... Unbelievable" Wall
Street bonuses on
One major story yesterday stated that: "Bailouts created more
risk in system."
OK... so last night I got an email from a close friend in the banking
industry who said to me: "If you really want to know why it's
so difficult to obtain a mortgage, or why it takes so long to get
a loan modification, just
watch this video about Indymac Bank." Seized in July
of 2008 by the FDIC, who sold the assets to OneWest Bank in March
of 2009, it speaks volumes about how the System works
and how "fat cat" bankers are doing so well while the
rest of us are getting beaten to death by the government!
Note: there is now an updated version at the URL linked above.
As if we haven't been slapped in the face enough already...
Here is the opening paragraph of an article authored by By Paritosh
Bansal, posted this morning on Yahoo's Financial page:
YORK (Reuters) - American International Group Inc (NYSE:AIG - News)
reported a quarterly loss of $8.9 billion on Friday and warned that
it may need additional U.S. government support, even as it tries
to pay back taxpayers after a $182.3 billion bailout."
Additional U.S. government support? Just when,
exactly, do we say enough?!! Read the rest of the article
Thanks for reading.