Citigroup, went – the price went – down to a very unreasonable price lately. It still was on very solid grounds..
On very solid grounds?? Is he insane?! Of course, this is why they got a $300 billion bailout today. It’s clearly a reward for their long history of stability.. this is a farce of epic proportions.
Citigroup is a credit card company which got into trouble with derivatives speculation and is now feeling the wrath of negative leverage. This is a corporation who could borrow and the Fed’s prime lending rate and charge working people 19-36% on credit cards. This is a can’t lose business as long as you don’t get greedy and get wrapped up in too much leverage… They got greedy. They lost. Plain and simple. We should not be bailing out bad gamblers.
But wait, there’s more. Al-Waleed also talks about Oil speculation:
..no doubt the the price of oil will go up. But I hope this time it will go up in a very steady manner without the speculative element that makes it go to the triple digits in a manner of months. So we in Saudi Arabia we’re against having these big jumps because our interest, as a producer in Saudi Arabia, very much coincides with the interests of the OECD countries and the west and especially the United States.
IMO, this is evidence of their handiwork. The wind didn’t change direction and fix the market, something clearly interfered around 2:45PM, October 6, 2008..
If there is one post you should read on this blog, it’s this one.
September 29, 2008 was a historic day for America and getting out from underneath Wall Street oppression.. the first of many, i hope. Forget what the talking heads are saying, yesterday was a Victory of Populism. The only thing the market lost yesterday was a bunch of numbers in an accounting book. God didn’t come down and take $1.2 trillion worth of property from the world. Factories didn’t disappear, only paper. And paper “assets” are NOT real.
Expect the oligarchy to try every scare tactic in the world to try and extort money from America… but do NOT submit and they will collapse into their own derivatives black holes. BE STRONG and invest in sustainable production, local communities, things in the REAL world. Real commodities, real production. NOT futures. NOT indexes. NOT paper gambling.
They will NOT tell you the people are winning. DOWN WITH OLIGARCHY!
This report, from September 12, puts the bailout figure much higher than the $700 billion we were told
The U.S. Treasury Department is working through the weekend with Congress to craft a plan to spend as much as $700 billion to absorb bad mortgages and other assets from bank or other institution balance sheets to keep the financial system from collapsing.
The move comes close on the heels of an $85 billion Federal Reserve rescue of American International Group and the Treasury’s takeover of housing finance firms Fannie Mae and Freddie Mac.
The Treasury plan, which follows a new federal guarantee for money market fund holdings, would push Washington’s potential bailout tab to $1.8 trillion.
Derivatives is a taboo word these days. It’s rare that someone even mentions them directly. As a protest vote, Ron Paul is good. However, I question his economic polices. Libertarian Austrian School economics is what got us into this mess in the first place. It’s time to get rid of Milton Friedman and Friedrich von Hayek and return to the Alexander Hamilton, Abraham Lincoln, FDR New Deal, and the American School of economics.
