Wednesday, December 17, 2008

Congress Focuses on Madoff

A House Sub-Committee has announced that it will investigate the Madoff Investment Scandal as the Attorney General has removed himself from the case because his son represents one of those that may be involved. SIPIC is suppose to make good on schemes like this but SIPIC has only a couple of billion dollars in their coffers to make good on these high end investors who were baited into the Madoff Scheme by their greed.

Now you will see how swiftly the Federal Government acts to replenish the wealth of the super wealthy who were suckered in by Madoff. Meanwhile, Millions of ordinary, struggling Americans are drowning in Credit Card Schemes where the interest rate charged in excess of 40%. Do you see any headlines about Congressional Sub-Committees investigating the Credit card Companies? Are there any Federal Programs being put in place to return the money that Credit Card Companies have swindled from ordinary Americans? Don't hold your breath, it is clear that the only concern of this Republican Administration is the maintenance of the lifestyle of the wealthy as reflected by the Bailout of the Financial Industry and the lack of Bailout for small business and the average American who has been fleeced by 40% interest rates by the same industry.

When the Treasury announced that the Economic World was doomed unless there was an immediate 700 Billion Dollar Bailout by the Federal Government, there were no conditions set upon the Multi National Corporations that received the money. The Treasury did not require that the Financial Industry move their back office operation back to the United States as a condition of accepting the Bailout money, nor did they require that the interest on credit cards be lowered to less than the rate of loan sharking. Neither the Democrats nor the Republicans called for any hearing about how the Credit Card Industry can go to the Fed Window and borrow US assets at interest rates now approaching 0% and continue to charge the America People 40% interest rates. If this were affecting the wealthy you bet that this problem would have been fixed already and the Credit Card Industry would be up on RICO charges. If you put all the pieces together it is obvious that this Republican Administration has decided that this Federal Government is a Government for the rich, by the rich and of the rich, and that they are quit content at having a wealthy class and a servant class and are working towards that at every twist of the economic system before they leave office.
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