The Fallout from Flaw Street!

Just when you thought it was safe to hedge your savings in 401ks, IRAs, Mutual Funds, Stocks, Bonds and Securities, the Dow Jones plunged some 504 points losing more than a half a trillion dollars! Financial giant Lehman Brothers, whose 158 year legacy survived the panic of 1907 and the Great Depression, filed for bankruptcy. Merrill Lynch, another storied brokerage house was bought by Bank of America for 50 billion dollars in stock. All this on the heels of the Bear Stearns collapse and the Fannie Mae/Freddie Mac bailout.

AIG, one of the largest insurance companies in the world was just given a 85 billion dollar shot in the arm by the Feds to keep its’ operations going. In the Land of OZ where fiat currency, perceived, hypothecated wealth and instruments of debt are traded and leveraged like at no other time in human history, the TAXPAYER (TIN MAN?) is expected to foot the bill. Even with over a million foreclosures on homes and savings threatened, Americans will be turned upside down and shaken until more blood and treasure flow to the Empire. (the WIZ?)

The only two powerhouses left to transact big deals on Wall street are none other than Goldman Sachs and J.P. Morgan. The latter, ironically being suspected in engineering the panic of 1907 and both having some interest in the privately owned Federal Reserve. This is not a coincidence. Folks, this is serious business having global economic implications as Central Banks of the world watch our markets “correct” itself. This domino effect of institutions crumbling due to over-leveraging, re-bundling risky mortgage-backed securities and other Ponzi-like schemes is only the beginning.

Is there any wonder why the Founders in their infinite wisdom put the Gold Standard in effect to prevent “Bills of Credit” from being circulated and our currency from being debased? Lastly, I’ll leave you with McCain’s top economic advisor, Carly Fiorina on why neither of the candidates and their running mates are qualified to run her former company, Hewlett Packard, who fired her in 05 and gave her a 21 million dollar severance pay. But yet ,McCain and Sarah can run a country of 300 million people with a budget in the hundreds of billions and a federal employee staff of 1.5 million? Am I missing something?