Mad as Hell!
Stop the World...
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 me wonder...
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...
By Rachel Beck, AP Business Writer , On Friday January
8, 2010, 11:20 am E
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
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?
Tech Ticker piece about it by Aaron Task and Henry Blodget; draw
your own conclusions.
1-08-10: 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.
Wall Street Journal article is
1-15-10: 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
2-1-10: One major story
yesterday stated that: "Bailouts created more risk in system."
2-10-10: 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.
2-26-10: 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:
"NEW 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