Tuesday, September 28, 2010


NEW OBAMA BAILOUT.   $30,000,000,000  - $35,000,000,000 to take over 70% of the total assets of the so-called "wholesale" credit union.  These are the unseen backoffice providers of services to the consumer credit unions the public deals with.  The Obama National Credit Union Administration has not done its job.  Under federal regulations and rules wholesale credit unions could only invest in safe, liquid assets.  But no.  Regulator cute Debbie Matz said the need for a bailout came from unparallelled bad times and also "BAD DECISIONS" BY REGULATORS.  Finally a Fed who tells it like it is.  She said there should be no taxpayer losses in the governemt buying $25,000,000,000 of lousy paper for $50,000,000,000.  Huh?  Obviously she was trained by Obama!  The losses, whatever they will be, are a shadow of the heading-for-a-trillions of the Federal Housing Agence, Freddie Mac and Fannie Mae.  But after Obama's idiotic and failed pathetic attempt to bail out homeowners who got in over their heads, housing prices continue downward.  Housingt prices continue downward!    Obama's Bernacke Federal Reserve System continues the easy, cheap money strategy that got us into this mess in the first place.  Now it's yet another desperate, mindless attempt to help.  It is not working even with modern record low interest rates.

Obama your ignorance is sinking the ship we built!

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