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Old September 25th 08, 03:07 PM posted to soc.culture.usa,alt.politics.bush,rec.games.chess.politics,nyc.politics,rec.games.chess.computer
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First recorded activity by ChessBanter: May 2006
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Default Who are the Fat Cats?

I am probably one of the "fat cats" who benefited from a previous
bailout. I own some form of Fannie Mae security, probably a bond, not
a mortgage certificate, that I bought when Fannie Mae was in danger of
going bankrupt, placing my faith in the stupidity of the American
taxpayer.

As it turns out, it is probably not taxpayers who will be paying for
the coming socialization of the private economy, but savers and
creditors. The coming bailout will probably be paid for with new
money. It's amazing. The Treasury just enters +$700,000,000,000 into
its bank account, and it has all the money it needs to buy anything it
wants. It doesn't have to borrow or tax, just steal from savers and
creditors. When that money reaches private factors in the economy,
inflation will be the result.

The coming inflation will hurt savers and creditors, as savers see the
value of their savings evaporate, and creditors, such as the owners of
Fannie Mae bonds, get paid back in worthless dollars. So the Fannie
Mae rescue saved me, but this next bailout will wipe out the value of
my holding.

Gary Popkin
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Old September 26th 08, 04:03 AM posted to rec.games.chess.computer
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First recorded activity by ChessBanter: Jun 2006
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Default Who are the Fat Cats?

Buy gold and silver ..

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