I opine

Nigerian Scam?

Posted in economy, ethics, politics by jaeminuf on September 23, 2008

Forwarded to me today.

>Dear American:
> I need to ask you to support an urgent secret business relationship
> with a transfer of funds of great magnitude.
>
> I am Ministry of the Treasury of the Republic of America. My
> country has had crisis that has caused the need for large transfer
> of funds of 800 billion dollars US. If you would assist me in this
> transfer, it would be most profitable to you.
>
> I am working with Mr. Phil Gramm, lobbyist for UBS, who will be my
> replacement as Ministry of the Treasury in January. As a Senator,
> you may know him as the leader of the American banking deregulation
> movement in the 1990s. This transactin is 100% safe.
>
> This is a matter of great urgency. We need a blank check. We need
> the funds as quickly as possible. We cannot directly transfer these
> funds in the names of our close friends because we are constantly
> under surveillance. My family lawyer advised me that I should look
> for a reliable and trustworthy person who will act as a next of kin
> so the funds can be transferred.
>
> Please reply with all of your bank account, IRA and college fund
> account numbers and those of your children and grandchildren to
> wallstreetbailout@treasury.gov so that we may transfer your
> commission for this transaction. After I receive that information,
> I will respond with detailed information about safeguards that will
> be used to protect the funds.
>
> Yours Faithfully Minister of Treasury Paulson

Socialization of Wall Street

Posted in Uncategorized by jaeminuf on September 16, 2008

For the past decade, much brouhaha has been made of privatizing social security, formally known as the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. That private individuals will better manage their own retirement funds than the federal government can. That it doesn’t perform as well as private pension funds do. That, all in all, it is in the best interest of the individual to invest directly into the financial markets than to turn over that money for the government to safekeep until due time.

The present Bush administration has been a strong proponent of the privatization of social security. In general, they extol the virtues of the free market. That deregulation can only be a good thing.

Fast forward to September 2008

Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out. – U.S. seizes Fannie and FreddieCNN.com

and

A.I.G., The New York Times

Acting to avert a possible financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government an ownership stake in troubled insurance giant American International Group. – Fed to Loan A.I.G. $85 Billion in RescueThe New York Times

I’m really confused…
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