Treasury-Altered Reality Plan, it's been working fine for me, but I've had problems with other blogger sites. Maybe blogger has having a problem again ...
One lie made your debt larger
Another lie made your assets small
And the ones that Greenspan told us
Don’t do anything at all
Go ask Alan
When his tales grow tall
And if you go chasing returns
And you know you’re going to fall
Tell them an obfuscating octogenarian has given you the call
Recall Alan?
When we were all enthralled
When the men on the Fed board
Get up and tell you where to go
And you just had some kind of mushroom
And your mind is moving slow
Go ask Alan
I think he’ll know
When logic and proportion
Have fallen sleepy dead
And the white knight is talking backwards
And the red ink symbolizes dread
Remember what the ex-director said
Thanks CR, book1 - it's intermittent for me. Don't visit many other blogspot sites, so can't compare. Using Firefox; no other website issues, including hoocoodanode. Maybe just traffic-related.
Many banks and hedge funds bought MBIA insurance on their structured product portfolios, and they are concerned about the financial strength of the MBS insurance business (and whether they will be paid or suffer further losses).
Or, in other words, the Banks understood upon purchase of their insurance (which probably includes such instruments as Credit Default Swaps) that they'd keep any 'insurance gains' at the expense of the more typical insurance policies of the lowly plebs, and are now less than happy to now realize that their tactics can only be used to rob themselves.
I just don't think use of one class of drug necessarily leads to use of another class.
Drug users never believe that drugs are a problem.
The next thing you know, we've got second mortgages, credit cards, CDS, MBS and a $13 trillion bailout.
I'm curious to know what Juvenal's gateway drug was.
"How are there ANY lawyer's out there without jobs, much less not working every weekend and holiday for the next 5 years ?"
How much money is there in suing the insolvent bank? I guess a prime target SHOULD be the banker bonuses of the inept C-levels. It would warm my heart to see Citi finally put out of it's misery by a class action.
He enters the only hotel, lays a 100 dollar note on the reception counter, and goes to inspect the rooms upstairs in order to pick one.
The hotel proprietor takes the 100 dollar note and runs to pay his debt to the butcher.
The Butcher takes the 100 dollar note, and runs to pay his debt to the pig grower.
The pig grower takes the 100 dollar note, and runs to pay his debt to the supplier of his feed and fuel.
The supplier of feed and fuel takes the 100 dollar note and runs to pay his
debt to the town’s prostitute that in these hard times, gave her “services” on credit.
The hooker runs to the hotel, and pays off her debt with the 100 dollar note to the hotel proprietor to pay for the rooms that she rented when she brought her clients there.
The hotel proprietor then lays the 100 dollar note back on the counter so that the rich tourist will not suspect anything.
At that moment, the rich tourist comes down after inspecting the rooms,
and takes his 100 dollar note, after saying that he did not like any of the rooms, and leaves town.
No one earned anything. However, the whole town is now without debt, and looks to the future with a lot of optimism….
And that, ladies and gentlemen, is how the United States Government is doing business today.
Denniger has a little summary on it. But I am amazed how little play it is getting on the USA MSM. It is such a good compelling story no matter what the scenario, but is guess there is a moratorium on brown/blue shoots.
The banks cry foul when they realize they're the tourist, the bad new insurance company is the shill, and the cops didn't see any 3-card monty going on.
The bonds are most certainly fake. In 1934 the US only had a total of 28 billion in debt and was not issuing bonds in these denominations and there were never any 'Kennedy' series bearer bonds... Unless you want to believe the conspiracy theory that the Fed has been issuing illegal bonds - I doubt it...
Gotta love the circular money story. In the real world, money passes through many hands but a little bit of it is saved at some steps so it gradually loses it's velocity.... Money is created by borrowing and destroyed when the debt is paid off, or by default... The only reason there is so much money floating around in this country is the deficit spending by all the different levels of government...
I too have been puzzled by the lack of info on the bearer bond story
Why it isn't being covered arouses my suspicious nature, except that what in the world would two people be doing with 1% of the total outstanding US Debt?
why this story has not been roundly shouted down as a hoax, or roundly reported as the biggest smuggling operation in the history of the world by several orders of magnitude
"The bonds are most certainly fake. In 1934 the US only had a total of 28 billion in debt and was not issuing bonds in these denominations and there were never any 'Kennedy' series bearer bonds... Unless you want to believe the conspiracy theory that the Fed has been issuing illegal bonds - I doubt it..."
Even fake, it is a heck of a story. I sure would like to know more about those couriers, and I would still be suspicious that although they appear completely fake, that, they are not actually markers for very real bonds and appear to be of dubious quality for the sole purpose of deniability.
And they thought that the rip-off of one class of investors to the benefit of another, more politically connected class of investors, would end with Chrysler and GM.
Suckahs!!!
Don'tcha wish the Supreme Court had decided to hear from the Indiana pension funds?
I think the shocker was the amount, and who would be the target of the fraud begs the question, it did not help that the G8 was meeting in Italy a little over a week later.
The Beck video says the Treasury gave a no comment because it is part of an ongoing criminal investigation and I can accept that.
I am just starting to feel like "The Onion" makes more sense than reality lately.
Those two guys with the bonds were probably just on the way through from picking up their inheritences from (insert your country of chocie here). They spent tens of thousands of dollars in fees to get their distant relative's estate...
It seems like everybody I know, knows somebody in their 40's-50's that's gone back home to live with their parent/s, so I guess you can go home again...
"I still think the guys who were carrying the phony bonds were using them to weasel people into some ponzi scheme... "
That is the most likely scenario, that they are part of some Nigerian scam to help get X billions out of the country, and the "couriers" were just rubes who bought the bonds on the promise that they were worth something. But still, publicizing the scam (if it is one) protects other stupid, but greedy, marks. I would think the Treasury would be screaming "watch out for this counterfeit bond scam!"
Many banks and hedge funds bought MBIA insurance on their structured product portfolios, and they are concerned about the financial strength of the MBS insurance business (and whether they will be paid or suffer further losses).
Suffer further losses implies that the banks have been suffering loses. To date the banks and their owners have experienced losses. Not the same thing. Suffering is a word best left for when we finally get serious about our rogue financial industry.
For Counterpointer, if he's still on here: Magazine always seem appropriate, though I was hoping to find a decent clip of "I Want to Burn Again" . . . .
It seems like everybody I know, knows somebody in their 40's-50's that's gone back home to live with their parent/s, so I guess you can go home again...
You don't want to see a graph of the current household stress level.
We want to transfer to overseas ($ 134,000.000,000.00 USD One hundred and thirty four billion United States Dollars) from a Prime Bank in Africa, I want to ask you to quietly look for a reliable and honest person who will be capable and fit to provide either an existing bank account or to set up a new Bank a/c immediately to receive this money, even an empty a/c can serve to receive this money, as long as you will remain honest to me till the end for this important business trusting in you and believing in God that you will never let me down either now or in future.
probably already linked somewhere. i have to admit -- i don't read every thread.
i can see walking away from a crib, but a ride? no way! they can have my '02 honda civic when they pry it from my cold dead fingers. that might be a wee bit of an overstatement. suckers shoulda heloc'd for the car then walked from the house. Business Week Online > File Not Found
"The latest evidence showed in the rate of auto loan payments that were 60 days or more late. The rate skyrocketed nearly 28 percent in the first three months of the year, compared with the same period in 2008.
Credit reporting agency TransUnion said the 60-day auto delinquency rate rose to 0.83 percent from January through March, compared with 0.65 percent last year. While still relatively low, the rising figure shows that "consumers continue to be stressed," said Peter Turek, TransUnion's automotive vice president."
I notice this at the grocery store when half of the customers are trying to shove donuts down their throats before they get to the checkout line. "Donut. Do you see a donut? I didn't have a donut."
"I notice this at the grocery store when half of the customers are trying to shove donuts down their throats before they get to the checkout line. "Donut. Do you see a donut? I didn't have a donut."
I also notice this at the local real estate agent office, but the pretty little agents aren't shoving donuts down their throats there.
Someone must have tipped them off. Unless the false bottom that contained the bonds was obvious on the xray machine. What were they doing in Italy anways?
Someone must have tipped them off. Unless the false bottom that contained the bonds was obvious on the xray machine. What were they doing in Italy anways?
Speculation on other sites is that they avoided going directly to Switzerland using diplomatic credentials. This was to avoid all the various intelligence services. Ironically, the part of Italy they go through is supposed to be Money Smuggling Central.
All those on this blog who have stated that they have good health insurance should consider the fact that the insurance companies funding their healthcare are bankrupt and taking TARP money now in order to pay their claims. Their ability to make a profit w/o government largesse is now dead, yet they have the nerve and gall to use their TARP money to pay their lobbyists to bribe members of congress to prevent Obama's health care reform act from being enacted. The medical system is broken, and the major sign is the increasing number and rate of hospitals going bankrupt because its patients do not have the means to pay their medical bills. They can work with Obama now or have a major, major government bailout of the healthcare industry in the not too distant future because the system is bankrupt. Maybe this is why only 75% of MD's do NOT belong to their union, the AMA, and 59% want regulation. The AMA is bribing congressman thru their lobbyists to prevent this reform from passing along with those of the drug companies. When US citizens pay more for drugs produced by their very own US drug companies than all other countries and double what Canadian patients pay, you know the system is a fraud. Global wage arbitrage has made it impossible for many Americans to have adequate health care with the numbers increasing rapidly. Not only is the financial industry going to get their comeupppance because of global wage arbitrage, but also the healthcare industry. Not only is the banking industry going to have to accept much lower wages and bonuses, but MDs, nurses, and that of the hospital staff as well since this country does not have the income to do otherwise. As far as Obama's experience with his mother's cancer, the fact that the medical profession refused further treatment of her cancer because of her inability to pay was unconscionable and had to have a major effect on his view of the industry. Bad karma will ultimately be corrected and that time is now.
(ahem) Fraudulent conveyance?
Is anyone else getting a lot of page load errors on CR the last couple of days?
Warren Buffett is going to run MBIA out of the muni bond biz anyway... MBIA should probably get their bk filing ready...
The banks contend the move benefited some policyholders at the expense of others.
That's some balls right there!
No page load errors here in the Shadow Bunker... Ubuntu 9.04 and Firefox, hardware firewall...
@TARP
I have...intermittantly.
It's like it's a DNS thing.
Treasury-Altered Reality Plan, it's been working fine for me, but I've had problems with other blogger sites. Maybe blogger has having a problem again ...
best wishes
(ode to the white rabid...)
One lie made your debt larger
Another lie made your assets small
And the ones that Greenspan told us
Don’t do anything at all
Go ask Alan
When his tales grow tall
And if you go chasing returns
And you know you’re going to fall
Tell them an obfuscating octogenarian has given you the call
Recall Alan?
When we were all enthralled
When the men on the Fed board
Get up and tell you where to go
And you just had some kind of mushroom
And your mind is moving slow
Go ask Alan
I think he’ll know
When logic and proportion
Have fallen sleepy dead
And the white knight is talking backwards
And the red ink symbolizes dread
Remember what the ex-director said
Heed the Fed
Heed the Fed
I did, but realized today that I had some tree branches in the way of my wifi connection. 1 pole saw and a couple of minutes later and problem solved.
Thanks CR, book1 - it's intermittent for me. Don't visit many other blogspot sites, so can't compare. Using Firefox; no other website issues, including hoocoodanode. Maybe just traffic-related.
I know absolutely nothing about this (I admit I didn't even read the story), but all I know is if major banks are against it, I'm for it.
Answer:
Nemo (homepage, profile) wrote on Mon, 6/15/2009 - 7:01 pm
* reply
* Ignore user
(ahem) Fraudulent conveyance?
Question:
Who is Cereburs Capital?
18 of the 19 hijackers have descended upon the cockpit demanding their Missing Bucks In Action (MBIA)
Juvenal White Rabbit +1
Was "rabid" intentional?
Apparent spelling mistakes of mine usually aren't.
Many banks and hedge funds bought MBIA insurance on their structured product portfolios, and they are concerned about the financial strength of the MBS insurance business (and whether they will be paid or suffer further losses).
Or, in other words, the Banks understood upon purchase of their insurance (which probably includes such instruments as Credit Default Swaps) that they'd keep any 'insurance gains' at the expense of the more typical insurance policies of the lowly plebs, and are now less than happy to now realize that their tactics can only be used to rob themselves.
Woe is them.
Pot, meet kettle. You couldn't make this stuff up.
I just don't think use of one class of drug necessarily leads to use of another class.
Drug users never believe that drugs are a problem.
The next thing you know, we've got second mortgages, credit cards, CDS, MBS and a $13 trillion bailout.
I'm curious to know what Juvenal's gateway drug was.
...split its municipal-bond insurance business from its mortgage-backed securities insurance...
What difference would that make? Isn't it all rated AAA?
@broward - a no-strings attached allowance?
It's nice to see the banks have a sense of humor... or at least their lawyers do.
"(ode to the white rabid...)"
Nice!
I know lawyers who are unemployed right now (I am not a lawyer)
How are there ANY lawyers out there without jobs, much less not working every weekend and holiday for the next 5 years ?
I am surprised any mortgage insurance companies are still alive.
The first thing we do, is kill all the lawyers jobs...
My browser wouldn't download Krugman, said "Retrieve Nobel Error: You Gotta Be Shtng Me".
C
"How are there ANY lawyer's out there without jobs, much less not working every weekend and holiday for the next 5 years ?"
How much money is there in suing the insolvent bank? I guess a prime target SHOULD be the banker bonuses of the inept C-levels. It would warm my heart to see Citi finally put out of it's misery by a class action.
Anybody seen my bonds?
I had 134 billion worth when I came in here...
Suddenly, a rich tourist comes to town.
He enters the only hotel, lays a 100 dollar note on the reception counter, and goes to inspect the rooms upstairs in order to pick one.
The hotel proprietor takes the 100 dollar note and runs to pay his debt to the butcher.
The Butcher takes the 100 dollar note, and runs to pay his debt to the pig grower.
The pig grower takes the 100 dollar note, and runs to pay his debt to the supplier of his feed and fuel.
The supplier of feed and fuel takes the 100 dollar note and runs to pay his
debt to the town’s prostitute that in these hard times, gave her “services” on credit.
The hooker runs to the hotel, and pays off her debt with the 100 dollar note to the hotel proprietor to pay for the rooms that she rented when she brought her clients there.
The hotel proprietor then lays the 100 dollar note back on the counter so that the rich tourist will not suspect anything.
At that moment, the rich tourist comes down after inspecting the rooms,
and takes his 100 dollar note, after saying that he did not like any of the rooms, and leaves town.
No one earned anything. However, the whole town is now without debt, and looks to the future with a lot of optimism….
And that, ladies and gentlemen, is how the United States Government is doing business today.
From Saturday, by Denninger:
The Saga Of The Bearer Bonds
Denniger has a little summary on it. But I am amazed how little play it is getting on the USA MSM. It is such a good compelling story no matter what the scenario, but is guess there is a moratorium on brown/blue shoots.
"http://market-ticker.denninger.net/archives/1119-The-Saga-Of-The-Bearer-Bonds.html"
didnt we decide that whole story was a hoax?
Almost certainly a fraud, just strange how little it is covered.
cryptogon.com » TWO JAPANESE CITIZENS CARRYING $134 BILLION WORTH OF UNDECLARED, POSSIBLY COUNTERFEIT U.S. BONDS DETAINED IN ITALY WHILE TRYING TO ENTER SWITZERLAND; ITALIAN AUTHORITIES ARE TRYING TO DETERMINE IF THE BONDS ARE AUTHENTIC
Counterfeit Bonds? - FOXNews.com
In the suitcase with the bonds, was Obama's birth certificate and Hillary Clinton's masters thesis...
The banks cry foul when they realize they're the tourist, the bad new insurance company is the shill, and the cops didn't see any 3-card monty going on.
"didnt we decide that whole story was a hoax? "
How so? Was it all made up?
that was the impression CR gave me the other day after I first came back to the states and heard about it.
C,
funny
And that, ladies and gentlemen, is how the United States Government is doing business today.
And doing a good job at it, too. What a wonderful country this is.
The bonds are most certainly fake. In 1934 the US only had a total of 28 billion in debt and was not issuing bonds in these denominations and there were never any 'Kennedy' series bearer bonds... Unless you want to believe the conspiracy theory that the Fed has been issuing illegal bonds - I doubt it...
the banks contend that move benefited some policy holders at the expense of others
oh, that is rich. kind of like the TARP benefited some bankers at the expense of some other bankers
or kind of like my taxes benefited some too big to fail institutions at the expense of others?
or kind of like some bondholders have been made whole at the expense of others?
I'm curious to know what Juvenal's gateway drug was.
Laudanumb
From a couple of threads back, if we're not allowed to call the coming(current?) depression a Depression, let's call it the Great Suppression.
Brilliant, Juvenal.
White knight talking backwardation?
Gotta love the circular money story. In the real world, money passes through many hands but a little bit of it is saved at some steps so it gradually loses it's velocity.... Money is created by borrowing and destroyed when the debt is paid off, or by default... The only reason there is so much money floating around in this country is the deficit spending by all the different levels of government...
The only reason there is so much money floating around in this country is the deficit spending by all the different levels of government
Which looks like it is coming to an end - abrupt perhaps in the midwest and east
I too have been puzzled by the lack of info on the bearer bond story
Why it isn't being covered arouses my suspicious nature, except that what in the world would two people be doing with 1% of the total outstanding US Debt?
why this story has not been roundly shouted down as a hoax, or roundly reported as the biggest smuggling operation in the history of the world by several orders of magnitude
well its beyond me
Probably ending in CA too, at least the deficit part....
"The bonds are most certainly fake. In 1934 the US only had a total of 28 billion in debt and was not issuing bonds in these denominations and there were never any 'Kennedy' series bearer bonds... Unless you want to believe the conspiracy theory that the Fed has been issuing illegal bonds - I doubt it..."
Even fake, it is a heck of a story. I sure would like to know more about those couriers, and I would still be suspicious that although they appear completely fake, that, they are not actually markers for very real bonds and appear to be of dubious quality for the sole purpose of deniability.
California is going to be first methinks.
And they thought that the rip-off of one class of investors to the benefit of another, more politically connected class of investors, would end with Chrysler and GM.
Suckahs!!!
Don'tcha wish the Supreme Court had decided to hear from the Indiana pension funds?
That Parable of the $100 would only apply to banks if it started out as $100, and $10 interest was added each step along the way.
Who benefits from it? If they were real or fake? There was a reason for it - regardless.
I think the shocker was the amount, and who would be the target of the fraud begs the question, it did not help that the G8 was meeting in Italy a little over a week later.
The Beck video says the Treasury gave a no comment because it is part of an ongoing criminal investigation and I can accept that.
I am just starting to feel like "The Onion" makes more sense than reality lately.
I still think the guys who were carrying the phony bonds were using them to weasel people into some ponzi scheme...
Who benefits from it? If they were real or fake? There was a reason for it - regardless.
If they're real, Italy might. I've heard that they get to keep a percentage of what they siezed.
Wonder if U.S. intelligence tipped them off?
Those two guys with the bonds were probably just on the way through from picking up their inheritences from (insert your country of chocie here). They spent tens of thousands of dollars in fees to get their distant relative's estate...
It seems like everybody I know, knows somebody in their 40's-50's that's gone back home to live with their parent/s, so I guess you can go home again...
Of course headlines like this always makes me wonder, the more often you repeat the lie comes to mind.
Yosano Says Japan Has Absolute Trust in U.S. Dollar (Update1)
Yosano Says Japan Has Absolute Trust in U.S. Dollar (Update1) - Bloomberg.com
"I still think the guys who were carrying the phony bonds were using them to weasel people into some ponzi scheme... "
That is the most likely scenario, that they are part of some Nigerian scam to help get X billions out of the country, and the "couriers" were just rubes who bought the bonds on the promise that they were worth something. But still, publicizing the scam (if it is one) protects other stupid, but greedy, marks. I would think the Treasury would be screaming "watch out for this counterfeit bond scam!"
Many banks and hedge funds bought MBIA insurance on their structured product portfolios, and they are concerned about the financial strength of the MBS insurance business (and whether they will be paid or suffer further losses).
Suffer further losses implies that the banks have been suffering loses. To date the banks and their owners have experienced losses. Not the same thing. Suffering is a word best left for when we finally get serious about our rogue financial industry.
Blackhalo - I would think the Treasury would be screaming "watch out for this counterfeit bond scam!"
Or they are scrambling to catch as many of them as they can.
For Counterpointer, if he's still on here: Magazine always seem appropriate, though I was hoping to find a decent clip of "I Want to Burn Again" . . . .
YouTube - Magazine - The Light Pours Out Of Me
Nigerian Letter = 419 Scam
Financial Hijackers = For 19 Scam
It seems like everybody I know, knows somebody in their 40's-50's that's gone back home to live with their parent/s, so I guess you can go home again...
You don't want to see a graph of the current household stress level.
flaminia - ha! Alternative title: The Light Pours Out of Me, From Where the Sun Don't Shine...
C
Hey! Devoto's a favorite.
whats this?
MBA's working at Major Banks Bogarting an MBIA Splif.
-sorry had to tag it with juvi back and all..
Devoto, sure, genius. But I was thinking of masters of the universe ensuring the banking system is forever remade in their interest...
Way out east, Mrs Watanabe must be tired. Nikki has tanked almost 2% in under an hour's work. Eeii! /Dabs glowing brow...
C
/edit: sorry, linky below, chart nicely juxtaposed with Yosano exhorting faith in the dollar.
I do hope you're a man of faith Yosano-san, because there's precious little else supporting your position.
http://www.nni.nikkei.co.jp/e/fr/tnks/marketlive.aspx
Dear sir,
We want to transfer to overseas ($ 134,000.000,000.00 USD One hundred and thirty four billion United States Dollars) from a Prime Bank in Africa, I want to ask you to quietly look for a reliable and honest person who will be capable and fit to provide either an existing bank account or to set up a new Bank a/c immediately to receive this money, even an empty a/c can serve to receive this money, as long as you will remain honest to me till the end for this important business trusting in you and believing in God that you will never let me down either now or in future.
The banks are worried that with the MBIA split, the MBS division is no longer TBTF
The MBIA probably know that the MBS part of their insurance program is going to get wiped out with the losses...
probably already linked somewhere. i have to admit -- i don't read every thread.
i can see walking away from a crib, but a ride? no way! they can have my '02 honda civic when they pry it from my cold dead fingers. that might be a wee bit of an overstatement. suckers shoulda heloc'd for the car then walked from the house.
Business Week Online > File Not Found
"The latest evidence showed in the rate of auto loan payments that were 60 days or more late. The rate skyrocketed nearly 28 percent in the first three months of the year, compared with the same period in 2008.
Credit reporting agency TransUnion said the 60-day auto delinquency rate rose to 0.83 percent from January through March, compared with 0.65 percent last year. While still relatively low, the rising figure shows that "consumers continue to be stressed," said Peter Turek, TransUnion's automotive vice president."
Has anybody else noticed the dearth of carmakers offering lease deals on tv commercials nowadays?
JD - I have. Great scam - low monthly payments, until you get to the end and find out that you owe big time for driving more than 100 miles a year.
RE bonds: i smell a toilet paper defense
"consumers continue to be stressed..."
I notice this at the grocery store when half of the customers are trying to shove donuts down their throats before they get to the checkout line. "Donut. Do you see a donut? I didn't have a donut."
"I notice this at the grocery store when half of the customers are trying to shove donuts down their throats before they get to the checkout line. "Donut. Do you see a donut? I didn't have a donut."
I also notice this at the local real estate agent office, but the pretty little agents aren't shoving donuts down their throats there.
"Wonder if U.S. intelligence tipped them off? "
Someone must have tipped them off. Unless the false bottom that contained the bonds was obvious on the xray machine. What were they doing in Italy anways?
Someone must have tipped them off. Unless the false bottom that contained the bonds was obvious on the xray machine. What were they doing in Italy anways?
Speculation on other sites is that they avoided going directly to Switzerland using diplomatic credentials. This was to avoid all the various intelligence services. Ironically, the part of Italy they go through is supposed to be Money Smuggling Central.
Has anyone in their right mind believed, for the last two years, that MBI was going to make them whole?
All those on this blog who have stated that they have good health insurance should consider the fact that the insurance companies funding their healthcare are bankrupt and taking TARP money now in order to pay their claims. Their ability to make a profit w/o government largesse is now dead, yet they have the nerve and gall to use their TARP money to pay their lobbyists to bribe members of congress to prevent Obama's health care reform act from being enacted. The medical system is broken, and the major sign is the increasing number and rate of hospitals going bankrupt because its patients do not have the means to pay their medical bills. They can work with Obama now or have a major, major government bailout of the healthcare industry in the not too distant future because the system is bankrupt. Maybe this is why only 75% of MD's do NOT belong to their union, the AMA, and 59% want regulation. The AMA is bribing congressman thru their lobbyists to prevent this reform from passing along with those of the drug companies. When US citizens pay more for drugs produced by their very own US drug companies than all other countries and double what Canadian patients pay, you know the system is a fraud. Global wage arbitrage has made it impossible for many Americans to have adequate health care with the numbers increasing rapidly. Not only is the financial industry going to get their comeupppance because of global wage arbitrage, but also the healthcare industry. Not only is the banking industry going to have to accept much lower wages and bonuses, but MDs, nurses, and that of the hospital staff as well since this country does not have the income to do otherwise. As far as Obama's experience with his mother's cancer, the fact that the medical profession refused further treatment of her cancer because of her inability to pay was unconscionable and had to have a major effect on his view of the industry. Bad karma will ultimately be corrected and that time is now.