Paulson's Cascade of Lies

[Nathaniel Heidenheimer]

This economist Michael Hudson, usually is worth reading.

http://www.counterpunch.org/hudson11212008.html

[Paul Rigby]

This economist Michael Hudson, usually is worth reading.

http://www.counterpunch.org/hudson11212008.html

All things considered, I prefer Paulson's oceanic cascade of loot. How do we get our hands on some of it? Is it too late to form a Deep Politics Forum bank - no assets, just vast quantities of incomprehensible debts - go spectacularly bust, and get the begging bowl out? What missionary work we could accomplish flush with American tax-payers cash! I volunteer to do the necessary educational work in the Bahamas. Is there no end to our sacrifices?

[Dawn Meredith]

All things considered, I prefer Paulson's oceanic cascade of loot. How do we get our hands on some of it? Is it too late to form a Deep Politics Forum bank - no assets, just vast quantities of incomprehensible debts - go spectacularly bust, and get the begging bowl out? What missionary work we could accomplish flush with American tax-payers cash! I volunteer to do the necessary educational work in the Bahamas. Is there no end to our sacrifices?

I certainly hope there is some accounting for this outright theft. Something.
We live in a rob -from -the- taxpayer- to- give- to -the -rich nation. It just makes me crazy with disgust. And shows no sign of ending.
Dawn

[David Guyatt]

Paul, I was taken with your idea and am now working hard to found the Deep Politics Forum Bank of the Bahamas. Deposits from tax-payers and drug barons - and "Merchants of Death" are both welcome and sought.

Once we have our first 10 mil we'll leverage at the same ratio that Long Term Capital Management did by using the 10 mil to "borrow" US Treasury Bonds (okay, strictly speaking its absolutely illegal to do this but who's looking, right). Then we deposit the bonds as collateral against a leveraged loan. Now we have 100 mil. Good huh!

Okay, so now we take the 100 mil and yup, we repeat the procedure with other banks -- and keep doing so time after time. Our first major hurdle is one billion. After that it's all plain sailing.

Just before our house of cards collapses, we pull the plug and run with the money - laying it offshore in secret accounts. We then demand the US government rescue us and sit back sipping vintage cognac waiting for the handout that also will go into offshore secret bank accounts.

If you're happy with this idea, I'd like to ask you to become the bank president (we need a front man you see). Adequate compensation can be discussed at a later date.

David

[Paul Rigby]

Paul, I was taken with your idea and am now working hard to found the Deep Politics Forum Bank of the Bahamas. Deposits from tax-payers and drug barons - and "Merchants of Death" are both welcome and sought.

Once we have our first 10 mil we'll leverage at the same ratio that Long Term Capital Management did by using the 10 mil to "borrow" US Treasury Bonds (okay, strictly speaking its absolutely illegal to do this but who's looking, right). Then we deposit the bonds as collateral against a leveraged loan. Now we have 100 mil. Good huh!

Outstanding. I knew you had it in you...

Okay, so now we take the 100 mil and yup, we repeat the procedure with other banks -- and keep doing so time after time. Our first major hurdle is one billion. After that it's all plain sailing.

No yachts. They attract all the wrong kind. Shifty political types, that sort of riff-raff. We should only buy parties, not individual pols.

Just before our house of cards collapses, we pull the plug and run with the money - laying it offshore in secret accounts. We then demand the US government rescue us and sit back sipping vintage cognac waiting for the handout that also will go into offshore secret bank accounts.

What a mind, what an attractive scenario.

If you're happy with this idea, I'd like to ask you to become the bank president (we need a front man you see). Adequate compensation can be discussed at a later date.

As long as I get to found a reasonably-sized religion - some kind of fertility cult on an obscure Indonesian island, that sort of thing - I accept with alacrity, and a large, open wallet, you're most generous offer.

Now, when do we get down to fleecing a tax-payer or million?