I am watching the Congressional testimony about AIG. It’s a parade of people lying to themselves and to you. My expectation is that you will get a much more accurate explanation of the government’s gift to Goldman Sachs through AIG from any trucker you ask than you will from the people who have now refinanced the fraudulent securities used to engineer the theft of trillions of dollars.
The Administration will now announce even more back door capital controls, including a plan to force small business to engineer even more savings out of their employees into government, bank and corporate securities, while allowing money markets the ability to suspend redemptions so your money can be trapped in the Treasury and money markets.
The slow burn turns meaner. Let’s see what happens next on the attempt to turnover Ben, Tim, Sheila and Larry and the ascendancy of Volker. Stay tuned.