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The Mudcat Cafesj

User Name Thread Name Subject Posted
GUEST,Taliesn SEC Pitt proves Bush clueless (4) SEC Pitt proves Bush clueless 07 Nov 02

Well now that all of the gloating , overt or covert , has been wiped from the drewly chins of them that believes the Bushites to be "the better men" we have the Great White whale Harvey Pitt forced to resign ( even before the voting polls closed ) and turn tail like a scalded dog for proving how little "integrity" there is in judgement of the Bush economic team.

And William Webster himself is going to become a subject of inquiry for serving as the "integrity-face" on a board serving a company under investigation for accounting fraud. This was the man Harvey Pitt not only hand-chose , but even knowing of this bonafied "impropriety" in a season of "crisis in market investor confidence" decided to hide this fact most germaine to the process of installing a head to what would be a Wall St. integrity oversight board.

Well the Busahites know a liability when the see one and this elephant in the middle of the Oval Office , which Bush said publically that he still had the utmost confidence in up till election night , has finally been shown the door and some badly appointed fat has been cut.

Meanwhile who's minding the S.E.C.; the investor's supposed cop-on-the-beat? Where's any sign of Bush's competence with "economic security". The Fed stepped in yesterday and lowered the Fed Funds Rate to 1.50 in an emergency move to encourage the consumer to spend a little more easily for the crucial "retail" Christmas Season AND to make savingd accounts baring such paultry interest rates as to "coerce" the already badly fleeced and snookered citizen investor into taking more risk in the stock market to help "pumpo-up' stock prices just so the insider players can "dump" more of their shares and slick-off with whatever gains they can.

Yeah, the better men won. Wall St will have "nothing" even resembling due dilligenct "oversight in the way of Congressional hearings , least of all on Cheney's Haliburton or Kenny boy Lay's Enron, and you can forget this Repub-controlled Congress trying to investigate any "new" Wall St. Tsunami's brewing as we speak
until it's too late and another collapse and/or cover-up scndal demands another emergency "Bailout' using ,you guessed it ,taxpayer dollars.

Harvey Pitt , Bush's hand-picked Wall St law enforcement head, stated the prevailing theme of this White House and now the entire One Party-rule Congress when he announced in a speech that his was going to be a "kinder & gentler SEC" to Big Business.

Still think your investment and retiement money is safe now?
Well then strap on your seatbelts because this is going to be a bumpy ride; "especially" now that the Fed has made money even easier and cheaper to borrow. Hell it's cheap enough now for the Bushites to try and refinance the entire Dubyament.
Hell they're going to have to engage in this kind of "Voodoo" economics ( the kind ol' PapaBush derided for what it was. )
because there sure ain't enough revenue comin' in and the Bushites continue to regail their gullible supporters that we can do it all; Increase military ( deficit ) spending and cut taxes.

Oh, by the way I put my inheritance in T-notes way back when interest rates were 6% & 7% so your tax dollars pay my living.
Gee, d'ya think that make a Repub outta me?

Hell ,that's where all the Reagan top 5% tax cut money went.
Instead of the top 5% actually paying for winning the Cold War
which they *most* benefitted from because it was *their* market-position property that most needed defending, that same top 5% could then turn right around and *lend* their taxcut trillion$ back to the Reagan/Bush military *deficit* spending spree at very high 1980's interest rates. Guess upon whom that interest debt service is dumped upon?

So ,yeah, job well done to all of the billy-gloats out there because without any opposing party Senate to call for investigative hearings on the Wall St. shenaniganry along with an empty chair at the SEC, and some would say in the Oval Office , this Military Industrial; Complex Corproation toadying Dubment is going to pick-up where the 80's left off.

Watch your wallets!

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