Spine. Irish Labour party to vote against bailout

The Democratic Party might want to tip their toe into the dangerous experiment of having a spine too, as the Irish opposition is doing. As foreign and bizarre as it might seem to Democrats, taking a stand and meaning it can be a bracing experience and lead to increased self-respect as well as respect from others as well.

Sinn Fein is expected to gain big in the Irish elections next month and have said they will do their best to torpedo any bailout, even if it passes now, should their coalition become the governing party.

That is what taking a stand is – you stand and fight, win, lose or draw. I guess the only real question here is whether Democrats are genuinely spineless or are in basic agreement with Republicans but have to pretend otherwise. I vote for both.

Today we are all Irish. Stop the banksters

Ireland should default on their debt and force the banker thugs to take a haircut on their investments. And that’s precisely what might happen after their craven and corrupt government falls. The new government will be much more militant and should simply repudiate the debt.

Krugman

These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit. Yet ordinary Irish citizens are now bearing the burden of those debts.

And you have to wonder what it will take for serious people to realize that punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.

Mike Whitney

Ireland is being asked to cut to social services, slash wages, renegotiate contracts, and dismantle the welfare state so that undercapitalized banks in France and Germany can get their pound of flesh. But, why? They’re the ones who bought the bonds. No one put a gun to their head. They knew they could lose money if Irish banks went south. That’s the risk they took. “You pays your money, and you takes your chances.”

Mish

Why the average Irish citizen should have to bail out foreign bondholders is beyond me, but I do note that the same happened in the US with taxpayers footing an enormous bill for Fannie Mae, Freddie Mac, and AIG.

At least in Europe they are fighting back, with major protests in Britain, Ireland, Spain, and Portugal. That’s what the Tea Party is about here. Our current international banking system is rotten and corrupt at the core. It needs to be dismembered and replaced with something more equitable. The first step is for European countries to default on the debt made by private bankers and institutions.

Ireland will either get bailed out or implode. Soon too.

At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread to the periphery first and then to the core shortly thereafter. The only question is when.

This latest debacle is brought to you by our predatory and criminal international banking system which, after cratering the world economy through their greed and lack of concern for consequences, are no doubt exploiting the Ireland situation, hoping to make money by shorting Ireland debt even if that does push the country closer to the brink.

It’s that magic of the marketplace thing, I’m sure Ireland is thrilled to be participating in it.

Ratigan: Obama lies about bailout

http://www.youtube.com/watch?v=lDJc0PZV-Bk&feature=player_embedded

Zero Hedge.

The real question is why is Ratigan the only person who not only sees this, but has the guts to say it on national television TV.

Here’s the transcript of what Ratigan said (also from Zero hedge)

The president continues to say in public that banks have almost paid Americans back. That is a lie. The fact is the TARP which congress approved is only 2% of trillions of dollars in free money being provided to our banks by the Federal Reserve and our Treasury. The American people know this. They know that they are subsidizing our banking sector. And yet the TARP lie continues to be spread by our politicians. Our problem, Mr. President, is either you don’t understand it, which I doubt, I’m sure you do. You don’t want the American people to understand it, which would be understandable, although I also doubt that.

Or perhaps you are doubting no one will notice all the other support and the big spending from the Fed will make the whole thing go away, which I think is what is really going on. But I am here to tell you the problem will not go away until you actually fix it.

You see, we know, the American people know, that the CEOs of the banks turned into casinos, like Goldman Sachs, JP Morgan, Citi and AIG have paid themselves hundreds of billions of dollars building the debt bombs I was just talking about and exploiting the zero percent money from the Fed and the free money they get from the Treasury. The rewards for this go to bankers in the form of compensation, particularly the CEOs who decide how much risk the banks can take.

Meanwhile the risks those banks take, ultimately the losses on all their gambling, go to us, the people and are harvested from our labor in the form of taxes. And worse the extraordinary returns offered by the bankers’ fraudulent practices are like a black hole for America sucking money that would otherwise be getting invested in our country, but why would I go to the trouble of dealing with the investment when I have a funny money machine legalized by the government that’s done in secret at the bank.

Adding insult to injury the same giant banks are using the free money access granted to them by the political body to lend to foreign countries that seek to compete with us. The banks do this because it’s more profitable for the bank CEOs to lend to them than to go to the trouble to lending to America even if it’s coming at America’s expense. Why would we, the people, vote for you, the politicians, to do that to us. It’s beyond my comprehension and I suspect almost every other American who understands it.

Has the New York Fed been serving the public trust? Has Geithner?

Did you know the NY Fed is privately owned, makes handsome profits, refuses to open its bokks, and is generally run by investment bankers? Which begs the question, do they serve the public.

The secretive “blob” on Capitol Hill that’s blocking any hope of financial reform. It’s bi-partisan, of course.

The only way we will clean up the sewer that is DC and Wall Street is with a populist firestorm that forces them out of power and into prison. Because they will never reform themselves. Yes, I do believe that firestorm is coming. From all sides of the political spectrum too.