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 Post subject: Geithner's Toxic Debt Plan So Good, Citi and BofA Can't Wait
PostPosted: Fri Mar 27, 2009 6:59 pm 
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A "funny" thing is happening just as Treasury Secretary Tim Geithner seems to have finally found a scheme to deal with banks' toxic debt: Some big banks are aggressively bidding for toxic debt in the open market.
Specifically "Citigroup and Bank of America have been aggressively scooping up those same securities in the secondary market," Mark DeCambre of The NY Post reported earlier this week.


Grand Theft economics. I see it and I cant believe it.

http://finance.yahoo.com/tech-ticker/article/220758/Geithner%27s-Toxic-Debt-Plan-So-Good-Citi-and-BofA-Can%27t-Wait-to-Get-Started;_ylt=AhXmlqlOm3Q4JcQZbHypaN1l7ot4?tickers=BAC,C,GS,JPM,XLF,FAS,SKF

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 Post subject: Re: Geithner's Toxic Debt Plan So Good, Citi and BofA Can't Wait
PostPosted: Fri Mar 27, 2009 8:00 pm 
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The Free Market, Financial Style

How the Scam Works


Yep....I did see what I thought I saw.

http://informationclearinghouse.info/article22306.htm

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 Post subject: Re: Geithner's Toxic Debt Plan So Good, Citi and BofA Can't Wait
PostPosted: Sat Mar 28, 2009 11:55 am 
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As smart as I know I am, the whole circular reasoning thing confuses the shit out of me with all this financial stuff, but I still see how stupid this is. Dear god, why do we let them do this?

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 Post subject: Re: Geithner's Toxic Debt Plan So Good, Citi and BofA Can't Wait
PostPosted: Sat Mar 28, 2009 6:57 pm 
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lefty wrote:
As smart as I know I am, the whole circular reasoning thing confuses the shit out of me with all this financial stuff, but I still see how stupid this is. Dear god, why do we let them do this?


Because they have us exactly where they want us, not being able to worry about it. We are too busy worrying about a roof over our heads, our next paycheck and in many cases our next meal. This is the ultimate hold-over of the War Chimp's time in office, distract us with hunger to let the really large crimes go on unabated.

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 Post subject: Re: Geithner's Toxic Debt Plan So Good, Citi and BofA Can't Wait
PostPosted: Sat Mar 28, 2009 11:46 pm 
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lefty wrote:
As smart as I know I am, the whole circular reasoning thing confuses the shit out of me with all this financial stuff, but I still see how stupid this is. Dear god, why do we let them do this?



Not really confusing lefty. Just have to reduce it down to a state that we can understand.

Lets say I have 100 dollars in debt. If I do not pay this debt I will lose the item which put me in debt.

Lets say that in order for me to keep this item, I have a hired thug take the 100 dollars from you, and give it to me to pay off the debt.

Lets say this thug tells you to not worry, you will get 50 dollars back. Would you feel ripped off?

Lets say instead of paying the 100 dollars debt, I take the 100 dollars and buy 100 dollars more worth of debt knowing that the thug will take this debt off my hands by ripping you off. By rights I would then have 200 dollars worth of debt, but instead I have no debt, no risk. I have lost all debt while retaining my profit.

You on the other hand are now on the hook for 200 dollars.

What is even better is that there is no way for you to ever pay off this debt because you just do not make enough money. It is so bad that you can not even pay for the interest. Within a year your 200 dollar debt has increased to a 300 dollar debt.

This continues on until you tell the thug to go fuck himself.

The great thing is, that when you tell the thug to go fuck himself, they bring in a new thug!!!! It does not matter to me....I still have the things I bought under the old thug and no debt to boot. Ahhhh...it is wonderful!!!

This is VERY basic and very simplified. It could probably be tweaked, but it is the gist of what is happening. This is the biggest rip off in the history of humanity which is shifting the debt of the world unto the backs of the working class while allowing the rich to maintain the control of our destiny and losing nothing in the proccess.

Fun game they play huh?

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