Pay-Off

I’m not surprised that the administration has decided to bail out European banks. Europe still sees Obama as the bright, young articulate; noble descendant of slaves who has come (back) to exact his revenge. They don’t yet see him as the radical bomb thrower - too lazy to do his homework - most of us have now come to know.

European bankers are not stupid. They know exactly that the whole financial mess started in the U.S. with the housing crisis; which in turn affected bank balance sheets; which then caused bankers to spread the damage around by disseminating toxic IOU’s all over the world - including Europe - hoping that no one would notice.

European bankers are not lapdogs of the American government. They are free to speak out and expose certain truths, especially in regard to who might have been involved in the initial fraud; and they could name the names of the corrupt institutions (Fannie and Freddie) and politicians (Frank and Dodd among many others) who perpetuated and protected these schemes to their own advantage. These have not gone away and crawled under rocks in abject shame. They are still with us and, in many instances, still formulating policies that rob the American worker of the fruit of his labors - all, in name of some half-baked anti-capitalist notion of ‘social justice‘.

Our paying off the Europeans amounts to a tacit admission that none of it has worked as advertised; that we were essentially at fault for having promoted such claptrap under questionable guise. We are paying them off to buy their continued silence and thus save the skins of our guilty. If they (European bankers) were to talk, the revelations would put even Wikileaks to shame.

The global financial meltdown (which we started) can no longer be blamed on capitalism alone. Socialist and communist countries have not been immune. I am not one to blame America at the drop of a hat, but this has been our fault from the start. If we are to apologize for anything, this is it; if we are on the hook for reparations, this is it. If we should not be able to afford the cost of making amends, or if there is a political price to pay, so be it. What we have done to get this slime ball rolling is criminal - entirely worthy of Interpol investigation and subsequent World Court proceeding - and the Europeans are well aware of it. And we know that they know.

http://pkoelliker.blogspot.com/