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The Light at the end of the Economic Tunnel

Updated on November 9, 2012

Henry Merritt "Hank" Paulson, Jr.

Lehman Post Mortem, Did Bernanke and Paulson Blackmail Congress?
Lehman Post Mortem, Did Bernanke and Paulson Blackmail Congress?

So Do Really You Know Who Was Responsible For the Meltdown

Sore Losers

Okay now that the elections are over, what is not over is the attitude associated with the candidates. Romney supporters seem bitter and are exhibiting signs of being poor losers. There seems to be no good political sportsmanship or goodwill anywhere in their attitude. I over heard a conversation of high school age kids, complaining about another student whom they thought of as a friend. apparently this student was still filled with vitriol over the election outcome, an opinion obviously fostered by the parents. The two kids whose conversation I overheard were upset that their friend was being closed minded and obtuse in her views over Mr. Obama being re-elected for another four years. This feeling of letdown seems to range from all age levels across the country. The attitude being I don't care what you think or say, and I don't want to talk about.

My Story

But here is the story I really want to talk about here, as I am not interested in debating over who is right or wrong, or which candidate was or is better experienced or equipped to tackle the problems created under the philosophy of Romney supporters or the Republican agenda which brought us to this point in the economy, both on a national and global level. The whole global economy is in a world of pain, with no recovery in sight at the present time. Now if you talked with those who support the accusations that President Obama has done nothing to change the situation or turn it around, but in their eyes and mind is responsible for making things worse. Their arguments leave one feeling, as though Obama is responsible for all the problems we now face because of the mortgage, banking, and insurance meltdown of 2008. But Reagan/Bush Era Voodoo and trickle down economics have never worked either, for the middle class or the poor.

Just the Facts Mamm...

The first obvious fact is that Mr. Obama was not even a player on the team or field at the time this whole chaotic financial mess began. No where is he mentioned or alluded to anywhere in the time line of events that led to the meltdown. Rather he and his administration inherited the tangled mess left behind by the Bush administration, on whose watch the crime was committed. I say crime because to listen to the rhetoric of the losers, is to assume that a crime has been committed against them in Mr. Obama's re-election to another term. Wasn't it tax cuts and a policy of deregulation that got us into the problems we now face, because of the rampant and uncontrolled greed of the financial community. Who would have or even could have imagined that their actions would cause harm to so many individuals on such a global scale and in so short a time.

The Rogues Gallery

In retrospect what was being done by the "rogue" banking community was not bordering on being criminal in nature, it was a criminal act of conspiracy and the consequences of being caught in the act, have echoed throughout the national and global economic community.

A recent article published by Quartz.com by author Matt Phillips Meet the most successful rogue trader of all time ask us to celebrate the memory of J.P. Morgan, as the greatest of all rogue traders who was never caught.

The history of finance is filled with stories of rogue traders who rationale was reflected of J.P.Morgans, with one major exception these are the guys—all guys, by the way—that got caught. Kweku Adoboli, Jerome Kerviel, John Rusnak, Yasuo Hamanaka, and Nick Leeson. The notion is that we only become aware of "rogue" traders when their trades fail and become losers for its investors. Of course there are unauthorized, un-regulated trades that end up generating massive profits. Obviously, banks don't make a big public stink about those kinds of trades, and so the public never gets wind of it.

The Unjustifiable Mindset

So now the people who are of this mind set are obviously aggravated and irritated, that they will not be allowed to continue this kind of behavior, and that all of there previous profiteering from such behavior is going to have to be repaid, hence the expiration of Bush era tax cuts. In my own experience if you dance to the music, you have to eventually pay the piper. I guess they don't or won't allow themselves to see the logic of this, as it does not for them compute.

I personally fail to see the logic behind their mindset that allows for them to think that they are entitled to such an outlook on life, and that they are above the rest of us in society, whom they feel are indebted to going along with the program they seem to want to set forth for the rest of us. But forgive me, I digress from my point and I don't want to lose you my audience before I make myself clear as to what it is that I am actually trying to say here.

The Rapier's Point

How did we get to this point and whom is responsible for us being in a dark tunnel to begin with, to whom should we properly place the blame. I think the burden of that responsibly rest upon the shoulder's of Henry Merritt "Hank" Paulson, Jr., an American banker who served as the 74th United States Secretary of the Treasury, During the Bush Administration. While Secretary Paulson may have been a very successful business man in his days on the street. It is his utter contempt and arrogance toward the financial community, combined with his self righteous attitude that brought us to this brink of economic calamity. It is also quite plausible that he blackmailed the U.S. government into bailing out the very banks, financiers, and insurance corporations, who attempted a very "rogue" like scheme to defraud both the national and global economy, in their greedy quest for profits and personal gain.

History Was The Record of Conspiracy

This not some conspiratorial claim on my part in writing this, and I am sure that after careful review you the reader will come to this self same conclusion that I hold. The historical facts of the matter bear out my reasoning and logic in this inditement, of the true perpetrators of these crimes, and yes their action are criminal in hindsight and retrospect. The economy did not have to come to this point of precariousness and the problems we now face, could very well have been avoided altogether indeed. If the truth is what you truly seek to find and understand about the current economic situation, then I urge you to watch the PBS Frontline Special Report "Inside the Meltdown" which examines what Paulson and Bernacke didn't see, could not or in my personal opinion would not stop, and which we know expect Mr. Obama to fix as if it were all his fault that it happened in the first place.

First and foremost I am a student of history, and when I was a child in school we were taught that history was the recorded record of conspiracies against the Crown and the State. Today the word conspiracy is used as a buzz word to dismiss the notions of the common man as having no weight or authority, and the ravings of crazy people.

But it's like the saying says: "If you don't stand for something, you will fall for anything." So I stand by my convictions.

Winston Churchill also said: "So you have enemies, good. That means that you have stood up for something in your life."

I invite you to share your comments, after you have viewed the video linked above.

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    • FSlovenec profile image

      Frank Slovenec 4 years ago from San Francisco, CA

      The head of the Fed for a long time has manipulated the interest rates creating a very false market. Let the market seek its own level and the market will correct itself. Leaving the interest rates move with the market would have eliminated the bad mortgages that were packaged to make the bundles which contributed to the market crash. Thanks