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« Bailout The Black Swan: Video of Nassim Taleb on Charlie Rose | Main | Bailout CNBC: Videos Steve Liesman, Fast Money and Rick The Bad Ass Santelli Discuss Bank Bondholders vs. Taxpayers in an epic deathmatch resulting in monetization and pain for all living creatures. Meanwhile Bill Gross is Talking His Book Somewhere. »

Bank Bailout News D-Day For Taxpayers: Generational Pillaging Continues Unabated. Bondholders Win, Your Kids Lose. Total Taxpayer Commitments expand to above $10 Trillion. Can we Party Like it's 1776 and Just Start Over? Jefferson Pukes in his Grave.

As we expected there is no plan.  It's an empty shell not unlike our children's future. All details including the start date of the monetization of our national debt are still to be announced in the next few weeks. Jefferson just puked in Monticello and sent us a text. He said something about a revolution and then added this:

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."


Let the words sink in. (Jefferson's top 10 quotes on money and banking.) He had his faults. Personally, I could never shake the reality that he built slave quarters into the architecture at Virginia.  Though he was decent at revolution.  First a snip on his election to the Presidency in 1800.  He ran on the Democratic-Republican ticket.

In 1819, Thomas Jefferson recalled his own election as president nearly two decades earlier as a "revolution" in American politics. "Revolution" is a strong word, but it was probably the right word, for the Democratic-Republican Party Jefferson led into power in 1801 was dramatically different from the Federalist Party that had governed since 1789. But Jefferson's use of the word signified more than a mere transition from one party to another; Jefferson believed that the Federalists he defeated represented not just a different political vision, but a dangerously wrong political vision—one that threatened to restore the antidemocratic principles and institutions of the British government Americans had rejected in 1776.

For Jefferson, therefore, the election of 1800 represented more than a simple changing of the guard. It signified the restoration of America's Revolutionary vision, the return of the great ideals of 1776. And in Thomas Jefferson's mind—as in the minds of his followers—Jefferson himself, as the author of the Declaration of Independence, was just the man to lead this second revolution.


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Reader Comments (12)

This is financial "Pearl Harbor" and the enemy combatant was our very own government! Mission Accomplished.....Now get back to work...they need more tax money.
Feb 10, 2009 at 1:54 PM | Unregistered CommenterAin't Bullshittn'
Jefferson wrote that he assumed our republic would have a revolution every 60 years or so. Soon might be a good time to reclaim Washington for the people.
Feb 10, 2009 at 3:47 PM | Registered CommenterDailyBail
Taxpayer Waterboarding
Feb 10, 2009 at 4:24 PM | Unregistered CommenterMaui_Maui
I agree that we will see the national debt silently monetized over the next 20 years.
Feb 10, 2009 at 4:27 PM | Unregistered CommenterRed Chair_Baker
From Bureau of Labor and statistics


I will break this down for you using my appraiser hat....

There are est. 301,621,157 people in the US as of 2/07/2009

There are 160,359,479 of working age (20-65) and that is 53% of total pop.

The previous unemployment on 2/07/2008 was 4.7% or 7,500,000

The current unemployment on 2/07/2009 is est 7.2% or 11,600,000

This is a 64% increase in total unemployment since 2/08. Imagine if these numbers are fudged by Gov't and if the % change continues at the moonshot pace. You never hear the unemployment numbers expressed in any way other than a percentage. The truth is that 11.6 MILLION people are out of work...and SEEKING WORK. This is roughly 232,000 people looking for work in each state if applied equally across the board. Now some states like the Dakotas don't even have 200,000 in total population. Now you are starting to get my drift.

The 2 truths about economic hardship

1) People hate you for telling them the truth

2) They hate you even more when they realize you are RIGHT.

If you doubt this back of the napkin rough draft...go to the link above and run the numbers for yourself......
Feb 10, 2009 at 6:04 PM | Unregistered CommenterAin't Bullshittin'
Forgot to mention...if we get another 64% increase in unemployment for FY 2009...that will put us at 19 Million UNEMPLOYED. Have a great day!
Feb 10, 2009 at 6:06 PM | Unregistered CommenterAin't Bullshittin'
Actually, the official "BS" (I mean "BLS") unemployment rate as of January 2009 is 7.6%. It was 5.4% as of January 2008.


Table A-12. Alternative measures of labor underutilization. You have to love that "labor underutilization" euphemism. :P

That is the "official" unemployment rate, but the under U-6, the "unofficial" unemployment, or otherwise marginally attached for economic reasons, rate as of January 2009 is a whopping 13.9%. I suspect this number is actually much higher. Have you seen the lines at unemployment offices? Some people are too proud to even admit it. Maybe they plan on moving back in with the folks. Additionally, anyone who exhausts their benefits on unemployment insurance falls out of the statistical net into oblivion. What about high school and university graduates that can't even find part-time employment? You have to have been employed at one time to claim unemployment. Good times. Good times. At least Ken Lewis agreed to the $500K salary cap and didn't add to the statistic. [sarcasm]
Feb 10, 2009 at 8:07 PM | Unregistered Commenterspideydouble

U6 will hit 17% this year and 20% next year. so we are at depression levels of unemployment pretty much now.

keep hanging around here. you know your shit.

Feb 11, 2009 at 10:21 AM | Registered CommenterDailyBail
That was the point I was making...the real numbers or "shadow stats" tell a different tale from the crap getting spewed from DC. The same DC that said we had a "strong economy" in September and then in Oct or Nov...declared we HAD to pass the TARP or "ALL WOULD BE LOST"! This BS going on right NOW is NO different and there surely has been NO "CHANGE WE CAN BELIEVE IN". That certainly Ain't No B.S......
Feb 11, 2009 at 12:09 PM | Unregistered CommenterAin't Bullshittin'
In Washington, the only stats anyone accepts as credible are those from the GAO, and even those should be taken with a healthy dose of skepticism. Though you will hear politicians and journalists alike often quote "official" government statistics, if you ask them off the record they will usually acknowledge those same numbers they just quoted are likely baked to some degree. Those that are in denial likely could not even give you a summary of the methodology used. The most hilarious situation is during presidential debates where the candidates make up their own numbers that aren't even consistent with the baked numbers. I guess it doesn't matter anyway. The bottom line is that the governments own baked stats acknowledge the situation is terrible and getting worse.
Feb 11, 2009 at 1:35 PM | Unregistered Commenterspideydouble
The different set of GAO "Yellow Book" auditing standards says it all. I don't think I even need to bring up the machinations of FASB.
Feb 11, 2009 at 1:46 PM | Unregistered Commenterspideydouble
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