Even worse, all of this is being done in secret, from the contents of Bear Stearns' so-called "backstop" to the participants in the various alphabet soup credit facilities.
Even worse, Congress continues to spend hundreds of billions it doesn't have, thereby putting even more pressure on the bond market by forcing issue of more Treasury Bills and Bonds into a market that is increasingly treating their credit quality as something akin to used toilet paper.
This, in turn, has led people searching for a reasonable return to shift their bets to commodities on the premise that The United States will ultimately collapse under the weight of the fraud; that is, The Fed will choose to debase the debt of its host nation while Congress issues even more trash paper rather than force its patrons to recognize their losses and deal with the potential insolvency that may result.
So far this has proven to be an accurate bet.
In addition, consumer confidence continues to fall and inflation expectations are no longer "anchored" in any meaningful way, with the one-year expectation now over seven percent as of the Consumer Confidence report this morning.
If Congress and we the people don't like the outcome of this path of action - sky-high oil and other commodity prices along with ramping inflation expectations and sinking consumer confidence - then it is incumbent upon us to force these agencies to put a stop to the fraud, remove the backstops, and force the recognition of these hidden losses, restoring the credit quality of United States Treasury debt and The US Dollar!
When you look at the Case-Schiller housing index and Consumer Confidence numbers you see the truth - away from the fraud of Wall Street, The Fed and Congress, reality cannot be hidden. Home prices continue to decline at record rates. The worst areas of decline mirror the places where the fraud was most widespread - Florida, Nevada, and California. No sign of a bottom - at all. Foreclosure sales are finally starting to take off, moving the market from "denial" and "bargaining" towards "acceptance", which is necessary for the market to clear.
Consumers continue to expect that prices will rocket higher, with our consumer expectations now reaching those of CHINA.
Nobody believes the CPI numbers any more; the lies have continued for too long and consumers have literally given up on the government, assigning anything coming from a government mouthpiece ZERO credibility.
Time to choose America. Are you going to sit still while our politicians from both parties scream about "speculators" and "Oil Barons" when in fact the real problem is your Congressional Representatives and Senators and The Federal Reserve, who have personally and through proxies allowed the costs occasioned by the fraud of the last 10 years to be shifted into your gas tank?
80% of Americans neither participated in or profited from this scam.
Why are you tolerating being saddled with The Bill?
