It’s interesting to note the similarities between the instruments we have all become familiar with, i.e., the “credit default swap,” that, along with a number of other things nearly brought down the world’s economy and what’s happening now in Congress. Basically, the credit default swap involved the sale of highly rated securities to investors by investment bankers and brokers who, knowing the real, high risk and low quality of the same securities, bet against them (invested in their failure) thus ensuring their personal gain at the expense of the investors.
So now, here we are in the 11th hour with the full faith and credit of the United States government hanging in the balance and some elected officials are betting against us. Their “security” (if you will) is the highly inflated value of the “mandate” they proclaim that American people gave them in the elections of 2010. However, that mandate is largely of their own creation and of highly inflated value. They are betting against the “American People” by refusing to govern in the best interest of all American people in the hope that the small number of people who actually voted for them, will re-elect them in 2012 in which case they will have won along with that small number of American people who reelected them, the inside traders. Unfortunately by that time it will be too late for a bailout. Damage done, the nation’s and the world’s economy will be in chaos and they will claim that they did all that they could to stem the tide of a fiscally out of control government by holding the debt ceiling and deficit reduction debate and legislative process hostage.
Meantime, those of us, especially those of us, the American people, who are poor, old, sick, uneducated, unemployed, underemployed, without health coverage, homeless and disabled, will have lost any hope of surviving the losses the new type of credit default swap that results in the loss of lives–not just money.
Whether those same politicians who sold us the worthless security of their so-called mandate win or lose will not matter. We all will have lost. Without the full faith and credit of the United States, we the governed, the American people, have nothing.