Gingrich and Coulter ruined my Thanksgiving

John Boering /PPJ Contributor

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It was bound to happen.  A gathering of family for a holiday feast and hours of good natured banter and conservation turned deadly ugly about halfway through the first round of turkey, stuffing, home-made breads and assorted delicious offerings prepared especially, just for this day.  I had just bitten into a juicy turkey leg when someone asked the most disgusting question…”Did you see Newt Gingrich is probably going to win the primary in Iowa?”.  I choked.  The piece of turkey I had bitten off lodged itself in my throat. I was speechless…..mostly because my windpipe was seriously compromised.  

Noting my inability to respond, my relative (who is now banned from any further attendance at my home during the holidays, in perpetuity,) continued on as if she had not noticed that I was turning various shades of blue and took the opportunity to quote some inane, baseless comment from one of Ann Coulter’s articles.   It was too much.  My meal was ruined, my holiday in shambles, my love for family gatherings dissipating precipitously. Gingrich and Coulter?  The food now all seemed to have been contaminated and rendered unfit. Gingrich and Coulter?  At my table on Thanksgiving?  Nooooo!!! 

The fleecing of America: The United States Covered Bond Act of 2011

Marti Oakley(C) copyright 2011 All Rights Reserved

Follow @MartiOakley

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Occasionally, amid the mountains of mindless legislation produced by those fools in congress, one or two really stellar examples of “what the hell were you thinking?” surfaces and leaves us wanting to bang our heads against the wall repeatedly out of frustration at the sheer stupidity of what is offered as necessary legislation.  Never has this been quite as extraordinary as it is in the Covered Bond Act of 2011, a bill that is intended to avoid the hassle and exposure of public debate over bailing out the criminals while leaving the country twisting in the wind.  Of course this will be supported by the full faith and credit (me & you) of the United States.

 Avery Goodman at www.seekingalpha.com makes this observation:

“So long as the Federal Reserve exists and/or other financial regulatory agencies continue to be run by a revolving door staff that moves in and out of industry and government, crony capitalism will be alive and well in America. No amount of Dodd-Frank or Volcker rule legislation will ever protect savers, taxpayers or the American people. Profits will continue to be privatized and losses socialized.”

This bill will just confirm the practice of privatizing profits while nationalizing the losses, as a legal response to criminal activity.

From the folks over at Patrick.net:

“The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.”

Derivatives?  Weren’t those instruments the same ones that caused the near collapse of the system?  So what are they, exactly?