I'm posting you a little note, as you seem to have confused Goldman Sachs for Uncle Sam. Believe me, Mr. President, they aren't even related.
Using huge loans from Uncle Sam (that's the people's government) to Goldman Sachs, AIG and other banking and financial institutions, these same institutions have predictably "grabbed the money and run." They want to give huge bonuses to "key" personnel, such as partners, for the grand guidance provided these same institutions by the lucky recipients. Yes, there has been some negative media attention, which generates some negative political posing on Capitol Hill. You and they have weathered that storm. Good show!
I understand from "experts" reporting over radio airwaves that the economy shows signs of life, and in a few years Uncle Sam should be feeling pretty good again. Should he have gotten a vaccine, you think? Let's blame that carelessness on the Bush Administration, shall we?
Now, Mr. President, it's probably too late in your economic game plan to allocate a significant national dividend to the citizenry, as all the money has been allocated to the big banks. How can Uncle Sam possibly borrow abroad any more money for the people? I can't help thinking that the best place to send all that money would have been to small businesses and to the general citizenry. Redistribution of the nation's wealth from big banks to the general population and the small businesses that are of, by and for these same people may not be everyone's "cup of tea," of course.
Your "boyo" over at the Department of the Treasury, Mr. Geithner, thinks that things have improved substantially for the big banks. Your "boyo" over at the Federal Reserve, Mr. Bernanke, intends to hold interest levels near zero on loans to big banks. This allows them to gather large sums of money at almost no interest and invest that same money in U.S. Treasury Bonds at higher interests, pocketing the difference. It's a very safe means of "pumping up" these big banks' assets. When they are "feeling their Wheaties," they will be willing to make many more loans.
Guess what? Trickle, trickle, trickle!
Now, for the more than 10 million unemployed Americans, there is precious little money. That makes spending much on products and services provided by American manufacturers almost impossible. These manufacturers and small businesses need that money to continue in business. Uncle Sam needs for them to have money.
You say: Wait patiently for a couple-to-three years for the big banks to - as with John D. Rockefeller, Sr., - hand out shiny dimes to the begging masses of Americans. Of course, that can only happen after they slice off half a billion here and a couple of hundred million dollars there in bonuses for themselves. I know you consider that "chump change" of no consequence.
Mr. President, you are very comforting about America "fighting" its way out of this "inherited" economic mess. And darn it! If the economy can't be fixed, then we can declare World War III (or IV) and make our debt-holders pay reparations to us! Won't that be fun?
The main thing to remember, Mr. President, is that - in the long run - we're all dead anyway. Soon, the big banks will have enough loot to finance our next "world war." There IS light at the end of the tunnel.
Your Pal,
JGS
November 08, 2009
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