by Laryn

Now to the BAILOUT, especially the one the DEMS want for the UAW, aka THE BIG THREE. A LOL moment is recalling how the same people loved the movie which launched MICHAEL MOORE “ROGER & ME”.

Some blood boiling stuff included - FOREIGN COMPANIES getting your tax $$$.

Contrairimairi has forwarded this video from Count Us Out. Based on a Kudlow and Company clip, Count us Out says that the bailout was not targeted to help the US economy but rather to in large part bail out foreign investors, specifically in China, Britain, Australia and Germany. It seems to me that decades of public indifference to Federal Reserve policy on the false assumption that monetary issues are technical economics rather than political may be coming to an end. Wall Street is twirling the American dog around by its tail, and the public is going be yelping about how much trusting the media’s Fed apologists and the Wall Street apologia that has spewed from Ivy League universities has cost it. Americans have put up with declining real wages,caused by the Fed’s inflation, for three decades. Now they are witnessing the financial system’s destruction of the real economy.

What seems to me to have happened is that sub-prime mortgages were packaged and sold to foreign dollar holders. The sellers, Wall Street, defrauded the foreign investors. The foreign investors are now ready to dump these assets. They may also be threatening to retaliate by broader dumping of dollars.

The investors in other countries may not be all that greedy, which is what Count Us Out argues, but just suckers to Wall Street’s fraud. Let’s see what the alternatives are.

1. The bailout bill is not implemented. Foreign debt holders sell US securities on the market. They are angry because they’ve been cheated. The dollar plummets. Perhaps they retaliate against Wall Street and the dollar in other ways. The stock market falls. US taxpayers aren’t on the hook for the bailout money. The dollar may cease to be the world’s currency.

2. The bailout bill is implemented. Foreign debt holders sell the US securities to the government. The dollar plummets. Foreign investors are not angry and do not retaliate against Wall Street and the dollar. The stock market holds firm or goes up. US taxpayers are on the hook for the bailout money. The dollar continues as the world’s currency.

Either way the dollar plummets. With no bailout, a falling stock market would hurt American stockholders, but a broader swathe of taxpayers would be relieved of the cost of the bailout. The dollar might cease to be the world’s currency now rather than later. This would hurt consumers in the short run, but impose discipline on the economy in the long run.

Contrairimairi, like many Americans, is upset. She wrote this to me in an e-mail:

>”I don’t know about anyone else, but if you thought I was angry before, you ain’t seen nothin’ yet! The handwriting is on the wall, and I have read it. I am going to start a new round of DEMANDS to Congress. First, STOP this bailout! NOW! Second, BEGIN PROSECUTIONS! I want Barney Frank, Nancy Pelosi, Chris Dodd, Barack Obama, Paulson, Bernahnke, Kashkari, Chris Cox, and anyone else involved in this mess BEHIND BARS! That would include, of course, all their “inside friends”, Raines, Johnson, Pritzker, and all the others whose names escape me at the moment, because their are just too %*#@ many of them!

>I think the “Call to Arms” has already passed, and we are smack dab in the middle of this thing. I am gearing up for a whole new round of “taking officials to task” for all that is going on. We formed a revolution 200 odd years ago against taxation without representation. Well, guess what? We have just been hit with the LARGEST “Taxation without Representation” in history. We are the ones who will foot this bill. The American people TOLD our legislators to vote “NO!” on this bailout and they did NOT listen. We were NOT represented! Few of the representatives elected “For the People” remembered us, our children, or our grand children. They said “NO!” to performing their sworn duty to uphold the Constitution. Anyone who thinks the American People should not revolt AGAIN, has their head stuck firmly either in the sand, or somewhere else where the sun can’t find it! I’m off to start making my demands, hope everyone else will jump on board!

Also:

The Big Three Auto Maker bail out, or more to the point, the United Auto Workers bail out, is the first explosive issue for the new Obama Administration. Never mind that his administration has not even started yet, this issue is being debated in terms of a big Democrat win in the recent elections.

Need proof? How about the fact that on CNBC this morning, former Michigan Congressman — and now Obama economic advisor — David Bonior was supposed to be debating the bail out of the big three auto makers. Even in light of these companies being bankrupted by their unions, Bonior is using the opportunity to try and strengthen the union influence even more.

Joe Kernan, one of the resident conservatives on CNBC, took after Bonior as expected. However, even normally liberal Becky Quick was not buying what Bonior was selling. Much of the tape is three way arguing and it is fabulous. And it’s obvious Bonior came mainly to pitch the so-called Employee Free Trade Act (EFCA).

Some highlights below, listed by time of the video:

3:08 - 6:16 Bonior avoids question a couple of times from CNBC’s Becky Quick. See her and Joe Kernan of CNBC hold his feet to the fire. BECKY QUICK asks if he means union or mgt compensation.

6:17 - 6:37 Bonior is less than honest about TARP program in order to make it fit an auto industry bail out. Then Kernan tries to wrap up the segment.

6:57, Bonior will not leave and goes into lecture on the EFCA. Here he compares our current management - labor struggle to the Soviet Union, says we should follow the lead of 80 other countries with our labor laws. Kernan and Quick interrupt to “correct” Mr. Bonior numerous times.

9:10, Bonior pulls out the EFCA brochure! He obviously came prepared to talk about this act. He then goes on to mention that productivity is up since 1983 (about when union membership started plummeting by the way) and says the intimidation issue rests mainly with management intimidation. He also cites Southwest Airlines as proof that union shops work well with management, prompting Kernan to remind him that unions had bankrupted many airlines.

http://www.cnbc.com/id/15840232?video=930508006