HuffPost's Pick

Readers, don your tinfoil hats!

Here's my theory: the money never existed. $2.6 billion gets paid out in BONUSES in 2006. Now the whole company sells for $260 million? The money never existed. The company showed billions on the books, fleeced billions in "bonuses" and now has to reset the balance sheets by writing off money that never existed, blaming it on overzealous homeowners.

Even if McCain is elected, their fictional balance sheets would have been exposed, so they must write them down now, while wiretapping and secrecy and a business-friendly DoJ are still tools of the trade.

"It takes a Clinton to clean up after a Bush".

It means you're sixty-something and you worked all your life and the kids are gone and you've got the comfortable life and the condo and the RV and ...

... your retirement savings have just been wiped out and you can't afford health care.

... and your sons and daughters just got laid-off from their jobs because the stock market took a tumble and they can't afford to help you either. They've got two of your grandchildren apiece and now no way to support them.

Welcome to the Great Depression of 2008. No, I'm not being cynical; this is not hyperbole. I'm not imagining things. I said "1929." It's here. Good morning.

(P.S. Ready to "impeach" yet?)

I already know what it means to me -- it's time for me to bend over for another bailout of the banks/financial institutions.

The same institutions that we bailed out in the 80s in the S & L meltdown -- the ones Dubya's bro, Neill, got really rich off of.

And everyone laughs at Ron Paul wanting to put an end to the the Federal Reserve.

Bear Stearns top 8 executives were to share in 180 million dollars in bonus, and the second tier of Bear Stearns other 8 executives in 160 million dollars in bonuses. After the public was informed of their exemplary leadership in making the company almost defunct, those top executives graciously declined their bonuses. If this sounds satirical its because it is.

When the New York Federal Reserve Bank orchestrated a bailout of the millionaires-only hedge fund Long Term Capital Management in 1998 (talk about misnomers!), it established a terrible precedent. It told Wall Street, "We'll come to your rescue whenever you go overboard with excess leverage and/or derivative securities­." Of course, the Fed's rescue package sent the NASDAQ soaring to over 5,000, and enabled the dot-com bubble to expand yet further from the "irrational exuberance" Alan Greenspan had described two years earlier.

Once the precedent was established, Wall Street's greed merchants knew no restraint. And there's no evidence that anyone has learned a lesson.

I have been an active supporter of Senator Obama for president in 2008, however I am very disappointed at his position on NewsHour about the recent Fed bail out of Bear Stearns when Senator Obama said:

"The Fed has taken some good steps. I think they have been innovative in trying to pump liquidity into the market. I think assisting JPMorgan Chase to purchase Bear Stearns was a sound decision, given that the alternative was probably Bear Stearns going under, which could have triggered a domino effect in the marke"

Senator Obama can not speak of change but support the same old policies of bailing out the big wallstreet firms who made wrong choices instead of letting the bad apples fall and allocating funds to help improve the situation at the main street where homeowners are not able to afford their payments. Printing dollar in order to inject in to the markets is nothing but making Americans indirectly bail out wall street firms.

The more dollars are printed , the less its value which means the assets of Americans are worth less. Printing more money and bailing out reduces balance sheet of Americans which has same exact effect as taxation. Taxing the public to save the wall street firms is NOT A GOOD STEP and not any different than what has been prescribed all these years which got us in to this mess to begin with.

This does not mean Hillary Clinton or McCain have any better policies. NO THEY DON'T. They have the same solutions but such solutions do not represent CHANGE. They simply are repeat the mistakes of the past. I still prefer Obama over Clinton, but then later I will continue to observe what Obama's policies are and IF they seem to be the same as others and do not represent true change, coming November, I may chose to stay home.. I hope not !

THE VILLAN IN THIS FINANCIAL DEBACLE IS THE FEDERL RESERVE BANK THAT ORCHESTRATED THIS SCENARIO IN 2000 WITH ALAN GREENSPAN, THE CHAIRMAN OF THE FED GIVING THE GREEN LOGHT FOR THE SUB-PRIME LOANS SCAM. AND THEN RECENTLY SPREADING RUMORS OF BEAR STEARNS INSOLVENCY WHICH CAUSED THE RUN ON THE BANK.

THE SAME RUMORS OF INSOLVENCY STARTED A RUN ON A MAJOR BANK IN 1929 THAT TRIGGERED THAT DEPRESSION. AND THE BENEFICIARY WAS THE FEDERAL RESERVE BANK THAT PICKED UP ALL THE MARBLES AFTER ALL THE HOME FORECLOSURES AND BANK FAILURES.

SOLUTION: NATIONALIZE THE FED AND PLACE THE MONETARY SYSTEM UNDER THE CONTROL OF THE HOUSE FINANCE COMMITTEE WHERE IT BELONGS CONSTITUTIONALLY:

U. S. CONSTUTUTION:
Article I, Section 8: The House of Representatives shall have the Rght: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

I'm glad this is happining. Americas hey day is over. Put a moron thief in office and ask no questions this is what u get. Look out bread line here we come.

Everytime a big organization fails to meet its obligations we hear that they are 'too big to fail' and the U.S. government steps in to us taxpayer money to bail them out. Only little organization are permitted to fail because they were poorly run.

Let's not forget that the Iraq war siphoned off much of the money we could have used for internal needs and we could have avoided Bear Sterns problems and thus the need to tack that on to all the other debts owed by the U.S.

What does it mean to me?

In a word - PAYBACK.

The greedy bastards got consumed by their own bacteria laden filth. If you ask most people, I bet they would say - " good riddance" and "what took so long?".

Social Welfare for the rich . . . .The Fed guaranteed the junk and loaned them money through a bank, that no commercial bank would loan against . . . .?!? WTF

These rat bastards got caught with their "pants down" in this sub prime debacle and are getting off scott-free. Why not bankruptcy reorg? ohhhhhhhh, that's right . . . . you have to pay your debts back!

Gee, thanks Mr. Bush . . . . please tell that to the millions that bought what they could afford, with a traditional 30yr. mortgage and are watching their home values plummet because of the foreclosures in the neighborhood . . . . . what about a bailout for them/us/me?

Why is it a "bailout" when government gives financial aid to business, but socialism when the government is asked to give financial assistance to individuals? Why does Bear Stearns get instant aid but Katrina victims still wait? And sub-prime mortgage victims wait? (And yes, neocons, they are victims of a corporate system that in no way offers a contract between both parties, lendees and lenders, that is generated on an equal foundation­.)

It means Main Street may be facing a depression, wall street a recession and the military industrialists a second Christmas if McCain is elected. However, if the Feds don 't bail out the banks and some investment banks as necessary, the panic may trigger unprecedented global downturn. The watchdogs should now be watching the corporations, their credit ratings and any calls on their loans or assets. The Fed can't bail them out. China bubble getting larger, the US problems could trigger their demise, contrary to what optimists are trying to say. World oil may be peaking but many people still say it is just speculators finding a place to put money while they wait for markets to stabilize. Meanwhile no real policies in effect for global warming or oil shortages. Just phoney green talk and inflation being shoveled under the rug. Hillary, McCain and repugnants all in the same basket of s#*t. What it means is the worst President ever has possibly brought modern America to its worst spot ever since the depression.