Ilargi: Today was one sad day among many to come. General Motors finally gave up on survival today, a development which is deeply tragic for its employees and pensioners, more than most of them realize right now. And perhaps someday we'll know why Freddie Mac's acting CFO David Kellerman was found hanging in his basement. The upcoming revelations of large scale defaults on the firm slash federal agency slash toxic dumpster's mortgages may well be the main reason. Fannie Mae and Freddie Mac, with $5-6 trillion in their combined portfolio's (not counting their deep dabbling in securities), are powderkegs waiting to blow up. The old “not if, but when” question, just like at GM.
Fannie and Freddie should never have existed in the first place, but they should certainly have been wound down long ago. As it is, what's slushed through to Wall Street via AIG is but a pittance compared to what's being parked at Fannie and Freddie. And there's a limit even to that game. After all, California defaults just rose to new highs again.
Read on...
Peacenik is sitting in Peacenik's office listening to the Canadian Autoworkers protesting in Queen's Park that their pension plans are going bust. Someone is playing music. Peacenik saw the line of portable toilets set up on Peacenik's way to work. Peacenik wondered what what going on. Then Peacenik read about the protest in the Star.
The lack of sympathy/empathy shown towards the CAW pensioners in the comments of the Star piece made Peacenik wonder about how people are going to work together to survive societal collapse. Most of the comments seemed resentful towards the pensioners. Were these same commenters resentful towards the big ongoing Canadian bank bailout?
This isn't going to turn out well when citizen is turned on citizen. Worker on worker. Unemployed on unemployed. And pensioner on pensioner. Everyone is going to need help in the future. Everyone deserves help in the future. But 30 years of Ann Randism has destroyed the concept of helping your neighbour. Is it going to be a dog eat dog future? Peacenik hopes not.
Update: Peacenik just got back from the pension protest at Queen's Park. It was huge. Multi-generational. Not just the CAW. The police directed traffic and were jovial.
The portable toilets were overwhelmed.
There is nothing like standing in solidarity with your fellow men and women. Was the protest a success? Peacenik thinks this is just the beginning of protests.
It was a good beginning.
Fannie and Freddie should never have existed in the first place, but they should certainly have been wound down long ago. As it is, what's slushed through to Wall Street via AIG is but a pittance compared to what's being parked at Fannie and Freddie. And there's a limit even to that game. After all, California defaults just rose to new highs again.
Read on...
Peacenik is sitting in Peacenik's office listening to the Canadian Autoworkers protesting in Queen's Park that their pension plans are going bust. Someone is playing music. Peacenik saw the line of portable toilets set up on Peacenik's way to work. Peacenik wondered what what going on. Then Peacenik read about the protest in the Star.
The lack of sympathy/empathy shown towards the CAW pensioners in the comments of the Star piece made Peacenik wonder about how people are going to work together to survive societal collapse. Most of the comments seemed resentful towards the pensioners. Were these same commenters resentful towards the big ongoing Canadian bank bailout?
This isn't going to turn out well when citizen is turned on citizen. Worker on worker. Unemployed on unemployed. And pensioner on pensioner. Everyone is going to need help in the future. Everyone deserves help in the future. But 30 years of Ann Randism has destroyed the concept of helping your neighbour. Is it going to be a dog eat dog future? Peacenik hopes not.
Update: Peacenik just got back from the pension protest at Queen's Park. It was huge. Multi-generational. Not just the CAW. The police directed traffic and were jovial.
The portable toilets were overwhelmed.
There is nothing like standing in solidarity with your fellow men and women. Was the protest a success? Peacenik thinks this is just the beginning of protests.
It was a good beginning.
