Archive - Apr 28, 2012 - Blog entry

Sadly, it looks like the 99% will likely have more than just one lost decade in the course of bailing out the 1%.

To give you an idea of how bad things are with the cajas, consider that in February 2011 the Spanish Government implemented legislation demanding all Spanish banks have equity equal to 8% of their “risk-weighted assets.” Those banks that failed to meet this requirement had to either merge with larger banks or face partial nationalization. The deadline for meeting this capital request was September 2011. Between February 2011 and September 2011, the number of cajas has in Spain has dropped from 45 to 17.

They don't know how to fix the economy, cut the deficit or eliminate government waste. But there is one they thing they sure as debt ceiling doughnutz know how to do: curtail your Constitutional rights!

He has some new ammo, and he is striking back.

At least call it what it is - a cut to SS benefits and a reduction in standard of living.