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Mad as Hell!

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Mad as Hell

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Network , 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... 

  • From an Associated Press article on Friday, January 8th, 2010:

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 here.


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 more!

  •     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.

  •     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.  The Wall Street Journal article is very Interesting.

  •     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 on Tech Ticker.

  •     2-1-10:  One major story yesterday stated that: "Bailouts created more risk in system."  http://finance.yahoo.com/news/Watchdog-Bailouts-created-apf-64186480.html?x=0&sec=topStories&pos=main&asset=&ccode=

  •     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 here.

Thanks for reading.

Tony B.




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