Two items in the news caught my eye this morning during my daily cruise of the Internet. In the article, "As if Things Weren't Bad Enough", Russian professor Igor Panarin is predicting a dire future for the U.S. due to collapse of national financial institutions and the nations unraveling moral fabric. The date set for this collapse is June 2010. Hmmmm.
Come with me back to 1990 when the government set up a special agency that specialized in the sale of physical assets of the 747 failed S & L's; the Resolution Trust Corporation; a title that inspires little trust.
"A tight-knit group of former senior government officials who were central players in the 1990's Savings and Loan bailout and who are seeking to capitalize on the latest economic meltdown, are enjoying a surge in new business in their work now as private lawyers, investors and lobbyists."[quoted from NYT online news].
There's going to be a fire sale and thieves in suits are positioning themselves either to buy or directing clients to buy distressed bank assets. John L. Douglas, who helped create the agency that administered the last bailout (R.S.T.), gloatingly boasts, "It's a good time to be me." [ibidem].
Perhaps the most interesting member of this pack of hounds is L. William Seidman. And guess what:Billy was the first chairman of R.T.C., who, along with a few friends, "...are serving as advisers — sharing ideas with Treasury Secretary Henry M. Paulson Jr. and the transition team for President-elect Barack Obama — even while they are separately directing investors or banks on how to best profit from this advice."
Seidman goes on to say, “It is an enormous market,” .... he has already joined two such potential money-making efforts and is evaluating proposals to participate in a third. “I am enjoying this.”
Let's see; Panarin predicting moral and financial collapse 2010; the pack of old dogs from the 1990's bailout still running tight; William Seidman advising Obama and then telling clients how to position themselves in order to maximize profits from what he (Seidman) whispers in Baraks' ear??? Curious! is a good word just about now.
"What is obvious to former R.T.C. officials is that, like the last go around, a great deal of money will be made by a select group of investors and business operators, particularly those with government contacts. The former government officials said in interviews that much of what is motivating them is a desire to help the nation recover from this latest stumble. But they acknowledge they intend to be among the winners who emerge." [Emphasis added] Pullleeesee...Somebody bring an emesis basin..and quick. The overarching/unconvincing words of sacrifice, duty, patriotism, and big bucks should be an emetic to every thinking American.
But there's a spiritual lesson here...let's see...okay, here's the text; straight out of Revelation. "For in one hour so great riches is come to nought. And every ship-master, and all the company in ships, and sailors, and as many as trade by sea, stood afar off, And cried when they saw the smoke of her burning, saying, What [city is] like unto this great city! And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas, that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate." [Revelation 18:17-19]. As the quote goes, "Get ready, get ready, get ready!" For What? For the end of all things! What else?
God Bless. e.c.