Apparently the central banks are
having a stir-up, to say the least. At the latest count, 81 bank
CEO's and executives have resigned. This is a clear indicator
that something is up, but what? The proverbial shinola is about
to hit the fan in one form or another.
One thing is certain, Benjamin
Fulford will have his own story to tell over the mass
Stay tuned for more to come...
Americans Doubled Wealth Under Bush Tax Cuts
Class Warfare In America
The Effort To Destroy The Middle Class NewsFocus, by Tim Watts - 111410
Since 1992, the bottom 90% of Americans have had their
incomes rise by a mere 13%, compared with an outlandish
increase of 399% for the top 400.
Under the Bush II tax cuts for
the wealthy, the richest 400 Americans doubled their personal wealth, while
at the same time cutting
their tax rate in half.
case you haven't noticed, there is a growing sentiment among a great many in
this country, questioning the devastating economic collapse and how it is that
so many incredibly intelligent people from the Federal Reserve, the central
banks, the Wall Street financial sector, and the government, all failed to see
this giant economic tsunami coming. With all of its close ties with the US
government, you would think that the vaunted brain-trust of Goldman Sachs would
have seen this coming. Well, perhaps I should maybe rephrase that a little...
you would have hoped that Goldman Sachs and the other megalithic titans of
the financial sector would have warned the government. By their own admission,
they excel at the business of recognizing financial trends, yet we're expected to believe that these
self-professed money masters didn't see this
coming, until it was too late. ... (Read
All efforts have been made to enrich the
top 1%, while letting the middle class struggle helplessly.
The Current Depression Was
Carefully Engineered Economic Statistics Paint A Damning
Forethought And Treason NewsFocus, by Tim Watts - 091411
Let me start this piece out by stating that the current economic
depression that we are currently in was meticulously orchestrated and skillfully
engineered. If you haven't come to this conclusion on your own yet, perhaps you
are not paying close enough attention to the cold hard facts that have come
forth from this economic nightmare. The proof is in how the Fed handled, or
mishandled, the matter. The notion that our best and brightest economic minds
did not see this coming is pure bullshit. The fact that no one has been indicted
or jailed for allowing this is disturbing on every level.
Plenty of folks are pointing the accusing finger at unscrupulous Wall Street practices,
and rightfully so. Wall Street and its soulless parasitic minions of greed are a
huge part of the collapse. The truth is, this meltdown was a mammoth raging
tsunami nearly a mile high that couldn't be missed. This in itself is a telling
indicator that the fix was in. There were so many destructive mechanisms in
place, that it is impossible for the financial brain trust of Wall Street and
the Federal Reserve to deny foreknowledge of this catastrophe, suggesting that
those on the inside were well aware of the danger that was lurking.
would you feel if someone told you that one of the largest banks
on Wall Street makes more money whenever the number of Americans
on food stamps goes up? Unfortunately, this is something that
is actually true. In the United States today, one out of every
seven Americans is on food stamps. In fact, the number of
Americans on food stamps has increased by a whopping 14 million
since Barack Obama entered the White House. All of this makes
JP Morgan very happy, because JP Morgan has been making money by
the boatload on food stamps. Right now, JP Morgan Chase issues
food stamp debit cards in 26 U.S. states and the District of
Columbia. The division of JP Morgan Chase that issues these
debit cards made an eye-popping
5.47 billion dollars in net revenue during 2010. JP Morgan
is paid per customer, so when the number of Americans on food
stamps goes up, they make more money. But doesn't this give JP
Morgan an incentive to try to keep the number of Americans on
food stamps as high as possible? Of course it does. JP Morgan
is interested in making money as rapidly as possible. If JP
Morgan can get more Americans enrolled in the food stamp program
and keep them enrolled in it for as long as possible, that is
good for business. ...
Did you know that an
average of 23 manufacturing facilities were shut down
every single day in
the United States last year? As World War II ended, the United
States emerged as the greatest industrial power that the world
has ever seen. But now America's industrial might is being
gutted like a fish and both political parties seem totally
Yes, we will always need trading
relationships that are fair and balanced with other countries
that have economic systems that are similar to our own. However,
the truth is that most of our trading relationships are neither
"fair" nor balanced.
For example, China
manipulates currency rates so that Chinese products are much
cheaper than they should be, they brazenly steal our technology
and we let them get away with it, they deeply subsidize their
most important industries and they exploit their citizens by
allowing them to be paid slave labor wages. How in the world
does that resemble the "free market" at work? Predatory nations
such as China do everything that they can to distort the free
So why in the world would
any rational economist ever recommend that we should keep
trading with other countries that are cheating us blind?
After you read the facts in
this article about the gutting of America's industrial might,
hopefully you will get very angry. We need the American people
to start getting very upset about these very important issues.
The Milking of America
You need to hear what this former broker has
The 22 statistics that you are about to read
prove beyond a shadow of a doubt that the middle class is being
systematically wiped out of existence in America.
The rich are getting richer and the poor are
getting poorer at a staggering rate. Once upon a time, the
United States had the largest and most prosperous middle class
in the history of the world, but now that is changing at a
So why are we witnessing such fundamental
changes? Well, the globalism and "free trade" that our
politicians and business leaders insisted would be so good for
us have had some rather nasty side effects. It turns out that
they didn't tell us that the "global economy" would mean that
middle class American workers would eventually have to directly
compete for jobs with people on the other side of the world
where there is no minimum wage and very few regulations. The
big global corporations have greatly benefited by exploiting
third world labor pools over the last several decades, but
middle class American workers have increasingly found things to
be very tough. ... (Read
The Daily Show Looks
at Class Warfare
As always, Jon Stewart hits this one right on the money.
The four banks in question: JPMorgan Chase & Co. (NYSE:
JPM), Citigroup Inc. (NYSE:
C), Bank of America Corp. (NYSE:
BAC) and Goldman Sachs Group Inc. (NYSE:
Derivatives played a crucial role in bringing down the global
economy, so you would think that the world's top policymakers
would have reined these things in by now - but they haven't.
Instead of attacking the problem, regulators have let it spiral
out of control, and the result is a $600 trillion time bomb
called the derivatives market.
Think I'm exaggerating?
The notional value of the world's derivatives actually is
estimated at more than $600 trillion. Notional value, of course,
is the total value of a leveraged position's assets. This
distinction is necessary because when you're talking about
leveraged assets like options and derivatives, a little bit of
money can control a disproportionately large position that may
be as much as 5, 10, 30, or, in extreme cases, 100 times greater
than investments that could be funded only in cash instruments.
The world's gross domestic product (GDP) is only about $65
trillion, or roughly 10.83% of the worldwide value of the global
derivatives market, according to The Economist. So
there is literally not enough money on the planet to backstop
the banks trading these things if they run into trouble. ... (Read
“The American oligarchy spares no pains in promoting the
belief that it does not exist, but the success of its disappearing act depends
on equally strenuous efforts on the part of an American public anxious to
believe in egalitarian fictions and unwilling to see what is hidden in plain
sight.” — Michael Lind
Yes, of course, we all have very strong differences of opinion on
many issues. However, like our Founding Fathers before us, we must put aside our
differences and unite to fight a common enemy.
It has now become evident to a critical mass that the
Republican and Democratic parties, along with all three branches of our
government, have been bought off by a well-organized Economic Elite who are
tactically destroying our way of life. The harsh truth is that 99% of the US
population no longer has political representation. The US economy, government
and tax system is now blatantly rigged against us.
Current statistical societal indicators clearly
demonstrate that a strategic attack has been launched and an analysis of current
governmental policies prove that conditions for 99% of Americans will continue
to deteriorate. The Economic Elite have engineered a financial coup and have
brought war to our doorstep. . . and make no mistake, they have launched a war
to eliminate the US middle class.
To those who feel I am using extreme rhetoric, I ask you to
please take a few minutes of your time to hear me out and research the evidence
put forth. The facts are there for the unprejudiced, rational and reasoned mind
to absorb. It is the unfortunate reality of our current crisis.
Unless we all unite and organize on common ground, our very
way of life and the ideals that our country was founded upon will continue to
Before exposing exactly who the Economic Elite are,
and discussing common sense ways in which we can defeat them, let’s take a look
at how much damage they have already caused. ... (Read
NewsFocus: This is a must
read folks. Our economic situation is much worse than our elected officials are
letting on or telling us. Every American needs to know this.
Dylan Ratigan Calls It Like It Is A System Set Up For The Central Banks And Those Who Control Them
NewsFocus, by Tim Watts - 081011
MSNBC's Dylan Ratigan airs the dirty
laundry on what really ails America, a corrupt financial system
that has been bleeding this country bone-dry by design.
(See the clip below.) Our corporate media needs more people like
Dylan Ratigan. See more of Dylan further below on this Economy page.
The U.S. Is Being Extracted By Design
By The Central Banking Cartel
Dylan Ratigan is the only one in the media with the guts and the
spine to say this.
Please take some time and learn
about the corrupt
Federal Reserve and the people behind it, specifically the
Rothschilds and the Rockefellers. Folks, it's not run by the
U.S. Government. It is privately owned by the ultra-rich bankers
that have bilked this country for everything we own, and now
they've perpetrated the current orchestrated economic disaster
in an attempt to take over the entire world with their
New World Order.
This system needs to die. "We the People" need to take back
our money from the Rothschilds, the Rockefellers, the JP
Morgan family dynasty and all those who were in on the Federal
Reserve and World Bank fraud, and then put these people in
prison for life! Please, learn about
what the Rothschilds did to swindle England of its
sovereignty, and then the United States. JFK was the last
President to stand up to these corrupt "banksters," and
for it he was killed after his most courageous
"Secret Societies" speech. We can only pray that these same
evil powers do not go after Mr. Ratigan for exposing their
as they did Lou Dobbs for his
expose on the North American Union, a step already underway
which will lead to the banking cartel's planned New World Order.
These secret rulers of the world
are out to screw us and then kill us.
This isn't discussed in our history
books, nor talked about by our
corporate media, because they are all owned by this corrupt
and immoral crooked cabal of thieves.
The Federal Reserve Audit
$16-Trillion Secretly Given By Fed. "Oh Lucy, you
got some 'splainin' to do."
Sanders.Senate.gov - 072111
top-to-bottom audit of the Federal Reserve uncovered eye-popping new
details about how the U.S. provided a whopping $16 trillion in secret
loans to bail out American and foreign banks and businesses during the
worst economic crisis since the Great Depression. An amendment by Sen.
Bernie Sanders to the Wall Street reform law passed one year ago this
week directed the Government
Accountability Office to conduct the study. "As a result of this
audit, we now know that the Federal Reserve provided more than $16
trillion in total financial assistance to some of the largest financial
institutions and corporations in the United States and throughout the
world," said Sanders. "This is a clear case of socialism for the rich
and rugged, you're-on-your-own individualism for everyone else." ...
NewsFocus: I suspect that there is a
much larger sum involved here, because these elite bankers are very
adept at controlling their own money game. If they have allowed
$16-trillion to be uncovered, it is a worthy bet that they are hiding
far more than that. Case in point: The Rothschild family has hidden its
immense wealth from the world for years. They control the fiat money
game, so they know how to hide wealth. Since they also control the
Federal Reserve and the World Bank, it is entirely within their realm to
hide the extent of their latest money bomb on the world. For the record,
this audit says nothing about the Federal Reserve's money laundering and
financial scams that have been perpetrated since the Fed's inception in
1913. NewsFocus is willing to wager that the $16-trillion bailout
scandal is but just the small tip of an enormous, still submerged,
mammoth monetary iceberg.
“It is well enough that people of the
nation do not understand our banking and monetary system,for if they
did,I believe there would be a revolution before tomorrow morning.”
While the world waits
with baited breath on the Contrived
Drama of the Debt Ceiling,the real show has already been played
out,secretly and behind the scenes. The first
audit of the privately owned and foreign owned Federal Reserve by
the GAO,has turned up $16 Trillion dollars of loans all over the world
to prop up the global fiat empire. This massive money creation is over
and above Hank Paulson’s $700 billion dollar heist of the American
public. It is also in addition to QE1 and QE2 that resulted in an
illusionary recovery of the economy. All of this money printing has done
nothing to create any economic growth and it never will. The scary part
is that this was done with no oversight or accountability. ... (Read
From time to time, someone under 30 will ask me, "When did this
all begin, America's downward slide?" They say they've heard of a time
when working people could raise a family and send the kids to college on
just one parent's income.
The object of the supposed “crisis” was
to short circuit public opinion, - in order to deal fatal blows to
Medicaid, Medicare, social security, job growth and public expenditures
for the common good. It worked. We've been conned.Continue
In late June of 2011, the
Greek government passed another round of austerity measures, ostensibly
aimed at getting Greece “back on track” to economic progress, but in
reality, implementing a systematic program of ‘social genocide’ in the
name of servicing an endless and illegitimate debt to foreign banks.
Right on cue, protests and riots broke out in Athens against the
draconian measures, and the state moved in to do what states do best:
oppress the people with riot police, tear gas and bashing batons,
leaving roughly 300 people injured.
Is Greece simply a case
of a country full of lazy people who spent beyond their means and are
now paying for their own decadence? Or, is there something much larger
at stake – and at play – here? Greece is, in fact, a microcosm of the
global economy: mired in excessive debt, economically ruined,
increasingly politically repressive and socially explosive. This report
takes a look at the case of the Greek debt crisis specifically, and
places it within a wider global context. The conclusion is clear: what
happens in Greece will happen here.
This report examines the
Greek crisis, as well as the larger global economic crisis, including
the origins of the housing bubble, the bailouts, the banks, and the
major actors and institutions which will come to dominate the stage over
the next decade in what will play out as ‘The Great Global Debt
Depression.’ ... (Read
This is a must read article regarding debt and the world economic
A must read on how today's "money" is created from nothing.
It doesn’t take much imagination to
recognize that virtually all of the social problems we wrestle with are
directly related to economic injustice. It’s true that people
are not always well intentioned,but very few would resort to crime if
given an honest opportunity to exchange their labor for a fair wage
allowing them the dignity to purchase a decent standard of living.
And,ultimately,that is what economic justice is all about. When the cost
of basic food,shelter,and healthcare exceeds the wages we earn,we have
the most fundamental of all human crisis to deal with –the crisis of
staying alive! (Read
The Federal Reserve Gave $9-TRILLION
Dollars To The Rich! They Helped Every Mega-Wealthy Person They Could, But
@#%* The Rest of Us NewsFocus.org - 021411
Update: This figure
is now up to at least $16-Trillion! (see update above)
The enemy isn't Democrats or Republicans, it's the
mega-bankers who run the show. Make sure you know who your
real enemy is folks. If they're willing to commit atrocities
against "we the people," plus steal all of our wealth,
what makes them think it won't come back to them and their financial
institutions, or their families? They blindly believe they can enrich
their own lives off of ours without any consequences to themselves. In
life, attitudes like that generally find out that what goes around,
eventually comes around. One thing's for sure, karma is going to be a
bitch if you're rich.
As Jesus once said, "It's easier for a camel to
pass through the eye of a needle, than for the rich to enter into the
kingdom of heaven." The trouble is, the only God these people know
is money. This clearly explains their lack of morality or humanity. And
don't say, "but the rich give lots of money away to the poor."
That's indoctrination from the rich. They only give money away because
they get tax breaks to preserve their fortunes with. They give away a
little to save a lot. The mega-wealthy are self-absorbed, inbred
parasites of society. They have historically been the cause of all war
and suffering down through the ages, because they are the only ones who
profit from it. Damn the rich and God bless the poor.
One huge reason why Grayson was sadly ousted.
RT News reports
With Corporate Rich, Screws Over Warren Proving Once Again That
This Administration Is Bush III
NewsFocus.org - Op/Ed
from the far right that hates Democratic President Barack Obama
is either ignorant of politics, or questionably racist. Obama
constantly sides with the nefarious banking cartel and the
wealthy corporate cabal, refuses to protect American rights, and
does nothing to pull back from Bush-era policies. He is a wolf
in sheep's clothing. He is undeniably the black sheep of
liberalism. (Pun intended, but with no racial bias.)
passing over of Elizabeth Warren is not only unbelievably
shameful, but is also cowardly and two-faced. It was a spineless
and gutless decision which sided with the "haves" of America,
rather than the "have nots." Obama has proven once again that he
is not here to offer us hope or change, but a rather a
continuation of the fascist takeover of America. NewsFocus
wholeheartedly endorses Elizabeth Warren for Senate.
Ralph Nader - Jul 18, 2011
Elizabeth Warren, the most qualified, most motivated and
most articulate candidate for the directorship of the Consumer
Financial Regulatory Bureau is an act of political cowardliness
by President Obama and a boon to
Elizabeth Warren Makes It Personal
The Atlantic -
Nancy Scola - 071911
Elizabeth Warren is ready to name and shame. After 10
long months spent crafting a brand-new federal agency in her
image and likeness, years before that willing the institution
into statutory existence, only to be passed over on Sunday
Obama's Progressive Blacklist
Beyond Chron -
Randy Shaw - 071911
And now we can add
Elizabeth Warren, who Obama bypassed to head the Consumer
Financial Protection Bureau, to this progressive blacklist. As
with Jones, the usual defenses will be raised, but the
blacklisting of progressive appointees cannot be ignored.
How much more will we let the central bankers
get away with?
(Graphic by Tim Watts)
The Federal Reserve!!!
Return The Authority To Create Money To The U.S.
THE AMERICAN DREAM Truly One of the Best
Presentations Ever On The Way It Really Is In The U.S. NewsFocus, by Tim Watts - 021311
This may be a cartoon, but don't let the medium fool you. This
is hands down one of the absolute best presentations I have ever seen
that explains exactly how we have been taken over by the big central
banks (and Federal Reserve). I could not agree any more with the subject
matter. This video is right on the money (pun intended). This is
an award worthy presentation regarding the way the power structure
really is in America, a hidden history that few know about. A five-star,
two-thumbs up, Must See production.
'Inside Job' Wins Big At Oscars Director Charles Ferguson points out no one has gone
to jail over economic disaster.
The Big Banks’ Battle Against Consumers and Homeowners
CrooksandLiars.com, by Mike Lux -
February 12, 2011 09:00 AM
There is a battle going on — a big one — and big battles have a lot of
fronts. The big banks are doing whatever they can to fight back against
consumers and homeowners who are desperately trying to curb the bankers’
abuses. The number of different fronts that have been opened up keeps
growing. Here are just a few of the most important ones:
This Is A Huge Cover-Up That
No One Will Cover 20/20 Hindsight: Censorship on the Frontline
A Financial Software Whistleblower
Tells All You will be amazed (and disgusted) at how this has been kept from
ROME – World food prices hit a new record high in January after rising
for a seventh consecutive month, the UN's Food and Agriculture
Organisation (FAO) said Thursday, warning the poor would be hit hardest.
The FAO Food Price Index, which monitors monthly price changes for a
basket of commodities, averaged 231 points in January -- up 3.4 percent
from December and its highest level since FAO started measuring food
prices in 1990.
"It boggles the mind that $150 billion is vaporized…there
haven’t been any arrests, any indictments, nor any convictions
at any major bank or at any of the government-owned financial
institutions Fannie, Freddie and AIG.”
For some great insight on the economic crisis, and the people
who caused it, see the outstanding documentary from Danny
The Crime of Our Time." As always, Schechter is
"right on the money."
Davos: Where The (Big) Money Is
Luisa Kroll - 012611 By Forbes’ count, 69 billionaires from 20 countries are
expected to attend the annual World Economic Forum confab, which
starts tomorrow in the Swiss Alps town of Davos.
Jon Stewart Reveals The Money Scam Behind The Federal Reserve It Takes A Comedic News Show To Do What Network News
The Big Bank Theory
Comedy Central - The Daily
Show - Mon - Thu 11pm / 10c
Rachael Maddow On Giving Tax Breaks To The Filthy Rich One of the absolute smartest political pundits
out there, bar none.
Bernie Sanders Message On
The Rich Ignored By Media
Listen to the facts that Sanders and Maddow deliver on the ultra-rich.
The GOP Tax Bonus For The
Rich Ignores Failed Reaganomics.
Only those with soulless greed could ever promote such a horrible idea.
A Simple Explanation Of Our Screwed Up Economy If You're A CEO, A Republican, Or A "Stupid" Democrat, Please Pay
A Common Sense Understanding of Our Economic System
You have to admit, he understands the problem pretty well.
The Bush-Cheney Record:
An economic review of the
last eight years in America.
Update: The Senate Fails Us All Miserably Once Again
Federal Reserve Scores Big Wins Against Wall Street Reform
Jennifer Liberto - 051310 The Senate voted 90-9 on Wednesday to strip from
the overall reform bill a provision reshaping the Fed as supervisor of only the
nation's largest banks. The Senate,
agreeing with chairman Ben Bernanke, now plans no change in the Fed's
current regulatory power over banks -- which includes large banks and smaller,
state-chartered banks that choose the Fed as their regulator. ...
If this doesn't reek of a brokered sham, you're not paying attention. Since when
does a regulatory or legal institution ever make a one-time audit? Well, when
you're a mighty central bank of your own, with tons of on-the-take politicians
in your back pocket, it's not that hard to make the law work for you, instead of
working to protect us. Learn about
who truly owns the Federal Reserve and you will soon understand why this
corrupt system owns it all. The IRS can audit any one of us at
will, whenever they want, but the Federal Reserve gets a one-time only
audit? Seriously? This is an outrage!
The story of an orchestrated collapse of our economy for the benefit of the
From Academy Award® nominated filmmaker, Charles Ferguson ("No End In
Sight"), comes INSIDE JOB, the first film to expose the shocking truth behind
the economic crisis of 2008. The global financial meltdown, at a cost of over
$20 trillion, resulted in millions of people losing their homes and jobs.
Through extensive research and interviews with major financial insiders,
politicians and journalists, INSIDE JOB traces the rise of a rogue industry and
unveils the corrosive relationships which have corrupted politics, regulation
and academia. ...
I'd suggest that anyone who hasn't done it yet
should find a small bank and move their accounts. Clearly, the people we elected
aren't going to do anything about these monster banks:
A move to break up major Wall Street banks
failed Thursday night by a vote of 61 to 33.
Three Republicans, Richard Shelby of Alabama,
Tom Coburn of Oklahoma and John Ensign of Nevada, voted with 30 Democrats,
including Senate Majority Leader Harry Reid of Nevada, in support of the
provision. The author of the pending overall financial reform bill in the
Senate, Banking Committee Chairman Christopher Dodd, voted against it. (See
the full roll call.)
The amendment, sponsored by Sens. Sherrod Brown
(D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken
down in size and capped so that their individual failure would not bring down
the entire system. ... (Read
Bill Moyers: Plutonomy And Democracy Do Not Mix
Plutocracy and democracy
don't mix. Plutocracy, the rule of the rich, political power controlled by the
Another great movie to look forward to on the Wall Street crime syndicate.
Danny Schechter interview on The Real News
Danny Schechter interview on The Real News
American Capitalism: Economic Dysfunction If You Think Our Economic System Is Fair And Just, Or
The Best There Is, You Might Want To Think Again After Reviewing A Few Facts
When 10% of America Controls All The Wealth, Is That Good For All?
NewsFocus, by Tim Watts 092809
Is It Time To Reform Capitalism Too?
far-right conservatives doing their best to rail against the perils of
socialism, let us intellectually weigh the merits of arguably the most dangerous
economic system to man and society, capitalism. ... (Read
This is not a pretty picture for humanity. We can
do better as a society.
We're Being Manipulated Yet Most Don't Even Know It Most Aren't Aware of The Tools Used Against Us To Bring About Change NewsFocus, Op/ed by Tim Watts 100709
The Hegelian Principle is alive and well and working against us
all right now. Where, you ask? How about our economic downturn? What unpopular
reforms might spring forth from this arguably orchestrated worldwide disarray?
How about a change of currency, or the possible formation of a new world order?
These radical ideas are currently being considered. What about the health care
fiasco? HR-676 and a single-payer plan is what we need, yet all we hear about is
a public option that will create more revenue for the insurance industry.
Whether or not it is a cheaper option, regulated by the government, the
insurance industry will indeed prosper with the addition of 46-million new
Perhaps "Change" was a calculated ruse to prepare us
for a grand transformation. Considering what is occurring right now in America,
it is reasonable to entertain the concept of a premeditated ruse. We are all
hopeful for change, but let's make sure it benefits "We the People" and
not simply the ultra-wealthy.
As the old saying goes, be careful what you wish for.
Tally Sets Record, Nears 40-Million People Nearly 1/7th of 300-Million Americans
Can't Afford To Feed Themselves
Reuters - 050710
The Agriculture Department said 39.68 million people, or 1 in 8 Americans, were
enrolled for food stamps during February, an increase of 260,000 from January.
USDA updated its figures on Wednesday.
Rate Rises To 9.9% Washington Post - 050710 Some 800,000 workers reentered the job
market last month. Many of them did not find jobs, so the unemployment rate
increased from 9.7 to 9.9 percent.
Broader U-6 Unemployment Rate Increases
To 17.1% In April
Wall Street Journal - 050710
The U.S. jobless rate rose to 9.9% in April, the first increase in three months,
but the government’s broader measure of unemployment ticked up for the third
month in a row, rising 0.2 percentage point to 17.1%.
Now this is the way you do it in a just society. Hey Congress, wake up!!
Was the Market Pushed?
Erratic Stock Plunge Causes Many To Question If Fall Was Orchestrated
Danny Schechter - 051110 The Wall Street Journal headline on the day after we almost lost the
U.S. stock market reported that the wise men on the Street were "baffled" by the
big drop Thursday. The Financial Times called the event "Shambolic" as if only a
shaman can decode it.
Capitalism & Other Kids' Stuff
Bernanke's Biggest Bailout
InformationClearinghouse.info, by Mike Whitney
The right-wing think-tank, the American Enterprise Institute, is helping the
Federal Reserve to develop a strategy to transfer $1.25 trillion in toxic
mortgage-backed securities (MBS) and non performing loans onto the public's
balance sheet. ...
Wall Street's Bailout Hustle
By Matt Taibbi Goldman Sachs and other big banks aren't just pocketing the trillions
we gave them to rescue the economy - they're re-creating the conditions for
More than 5,000 union members and others delivered a crisp message with
their march from City Hall to the Bowling Green Bull. In contrast to recent
protests on the right, the event was noticeably lacking in loaded and
ahistorical symbols like Gadsen flags, and refrained from vilifying
individuals in favor of calling out institutions. Of hundreds of signs
hoisted, only one was branded with the Obama logo. The signs were non-partisan and dealt with real problems -- namely, this
country's rogue, unregulated finance sector....
hope the Republican Senators blocking financial reform get the message, but I
seriously doubt it. Big money talks and the sluts from Capitol Hill will whore
themselves for every dime they can steal. Absolutely pitiful that this wasn't
covered by all the media. Proof once again that
our media is bought and paid for at the top.
General Motors Blatantly
Lies About Loan Payback
GM Repays Federal Loan With (Our)
Government Money! San Francisco Chronicle - Kathleen Pender -
Apr 26, 2010 In his letter to
Geithner, Grassley said that "it is unclear how GM and the administration could
have accurately announced yesterday that GM repaid its TARP ...
Not only does Congress need to kick some serious GM butt here, but the FTC needs
to get involved regarding "truth in advertising." General Motors blatantly lied
in a very disingenuous and deceptive ad. No more kid gloves Congress, okay?
The Highly Disingenuous Ad From General
Some would prefer to call this nothing but a bald faced lie.
Yes, this is indeed good news, but
it does beg the question, how did they do it this fast if they were truly in
such dire shape? Did they really need a government bailout, or just a bank
loan with normal interest to pay, like the rest of us are forced to get? That's
an inordinate amount of money to pay back so quickly. Perhaps this highlights
the outrageous profit margins of industry.How did GM do this so
Ah yes, as we suspected here (see comments above) GM is being most disingenuous
about the repayment of their loan. They did it with our money!
Dr Michael Lardelli from the University of
Adelaide looks at how the bulk of the world’s oil production comes from a
relatively small number of very large fields discovered decades ago. The rate of
world oil production has been maintained at current levels only by finding and
bringing on line an increasing number of smaller fields, but the financial cost
and the energy required to find and develop these new fields is constantly
increasing. According to Dr Lardelli the so-called peak of oil production was
actually in 2008.
Progressive economist Dean Baker
calls out Pete Peterson, the billionaire pushing the deficit "crisis", and
his sidekick Robert Rubin for their immense hypocrisy:
Peter Peterson and Robert Rubin are both
enormously wealthy men. (They joked about dividing their lunch tab based on
their net worth.) They are lecturing the country on the need to cut Social
Security and Medicare benefits for retirees who have a tiny fraction of their
wealth. Many of the victims of the cuts that
they would push are people who are already struggling.
You Will Need To Survive When The Economy Collapses And The Next Great
Depression Begins IntelDaily.com, by
Michael T Snyder
- April 30, 2010
Today, millions of Americans say that they
believe that the United States is on the verge of a major economic collapse and
will soon be entering another Great Depression. But only a small percentage of
those same people are prepared for that to happen. The sad truth is that the
vast majority of Americans would last little more than a month on what they have
stored up in their homes. ...
1) Social Security,
at current rates, is not expected to run short of money before 2037.
2)The simplest way to "fix" Social Security, if
you're worried about a "problem" 27 years in the future, is simply to remove the
contribution limit. End of problem. Period. Social Security is not in crisis.
3) The reason politicians want to "fix" Social
Security is to increase the SS surplus, so they can use it for other things.
4) Medicare has more serious issues. However the
simplest way to fix healthcare in the US is to move single payer, which would
reduce healthcare per person by one-third. It has worked for every other country
in the history of the world that has done it. It will work for the US. Since
we've admitted now that everyone deserves health care, and since it's cheaper,
and better, why not use the next round of healthcare to fix Medicare by fixing
The unspoken entitlement is the US military. The
US spends about half the entire world's military budget. There is, actually, no
one in the world who can invade or seriously threaten the US in any fashion. (Is
Canada going to invade? Mexico?) You can easily slash the military budget in
half and still be so far ahead of any possible combination of enemies that it
isn't even close. ...
Alan Grayson On No Accountability From Wall Street
GOP Senators Block Debate On
Finance Bill Los Angeles
Times - Janet Hook -
042610 The 57-41 vote marks the first showdown over the
financial overhaul. Sen. Bill Nelson, a Democrat, voted with the opposition. By
Janet Hook, Tribune Washington Bureau Senate Republicans, in a resolute show of
unity, delayed consideration of ...
NewsFocus: Well, now
it's time for the gloves to come off America. The elected "hired dogs"
that we sent to Washington to do our bidding, have decided that no matter
how corrupt Wall Street is... no matter how much they ruined the economy... no
matter how much they ruined American families, depleted lifetime savings,
drained our 401Ks, etc, our Senate, with fierce instigation from the GOP,
has decided to turn their back on "We the People" and side again with the
big money interests that line their pockets with illegal bribes and campaign
contributions. Wow. Have they not read history? Have they no idea what happens
when the people rise up in anger. (see the French Revolution) The guillotine is
getting off too easy for these parasites of humanity who no longer have any
regard for the lot of us. Time to wake up America. We have an ugly fight on our
hands. (Hey Tea Party, are you with Americans on this, or siding along party
Republicans Vow To Block Wall Street Reform Bill
(Seriously? Wow.) Financial Times -
Edward Luce - 042510
Barack Obama's Wall Street reform bill faces a moment of truth on Monday when
opposition Republicans get the first of many opportunities to kill it in the
Senate. Senior Republicans said on Sunday they would probably carry ...
NewsFocus: First it was the bailout (even though Bush already
gave one). Then it was health care reform they tried to block. Now, the GOP
wants to block financial reform. You have to ask yourself, why? After all the
bitching about the state of the economy, why would anyone possibly try to stop
the reform of Wall Street? The NY money weasels nearly destroyed this country,
as well as the world economy, and now the Republican Senators want to actually
block reform? Seriously? Are you kidding me?
Hoo boy. The American people will see these obstructionists in
2010 at the ballot box.
Buffett Backs Goldman Wall Street Journal -
Scott Patterson, Erik Holm -
OMAHA, Neb.— Warren Buffett offered a vigorous defense of Goldman Sachs Group
Inc. Saturday, saying the embattled firm hadn't engaged in improper activity and
shouldn't be blamed for the losses of its clients. ...
astounding statement proves a clear lack of judgment, not to mention poor moral
character on the part of the ultra-rich, the 1% who own it all and make our
lives miserable, profiting from their unscrupulous business ethics and soul-less
avarice. I always knew Warren wasn't to be trusted and he very much solidified
that sentiment for me and countless others with such a moronic and insensitive
comment. Time to boycott Dairy Queen and Geico, as well as any other
Berkshire-Hathaway investment holdings.
Ever since I got kicked out of Russia and forced back home, I’ve been collecting
all kinds of news articles about fraud, in a document file titled “America Is
Russia.” Here’s a sampling.
Accounting Fraud: Last year, America’s leading banks were insolvent. So
Tim Geithner and Larry Summers forced an accounting rule change called
“mark-to-model,” which let banks essentially scrape a pile of dogshit off the
sidewalk, fling it into a vault, and mark it “worth 1 billion dollars.” Voila!
The banks are making record profits. ...
There was a strange moment last week during President Obama’s speech at Cooper
Union. There he was, groveling before a cast of Wall Street villains including
Goldman Sachs chief Lloyd Blankfein, begging them to “Look into your heart!”
like John Turturro’s character in Miller’s Crossing…when out of the blue, the
POTUS dropped this bombshell: “The only people who ought to fear the kind of
oversight and transparency that we’re proposing are those whose conduct will
fail this scrutiny.”
The Big Secret, of course, is that every living
creature within a 100-mile radius of Cooper Union would fail “this scrutiny”—or
that scrutiny, or any scrutiny, period. Not just in a 100-mile radius, but
wherever there are still signs of economic life beating in these 50 United
States, the mere whiff of scrutiny would work like nerve gas on what’s left of
the economy. Because in the 21st century, fraud is as American as baseball,
apple pie and Chevrolet Volts—fraud’s all we got left, Doc. Scare off the fraud
with Obama’s “scrutiny,” and the entire pyramid scheme collapses in a heap of
smoldering savings accounts. ...
But since it's all a giant shell game anyway, and it's likely that the other
Wall Street firms are using the exact same practices,
why are the stock prices dropping? It's almost as if investors need to
believe this was an aberration, and they're clutching the idea like a security
blanket. Bad Goldman Sachs!
And here's the real problem: Without factual information and accurate risk
assessment, capitalism is a game completely rigged in favor of the insiders. If
enough people wake up and stop investing, well, that's a whole other
The Justice Department's criminal investigation into Goldman Sachs
goes beyond the financial transactions targeted by the Securities and Exchange
Commission in the civil fraud suit brought against the firm last
month, law enforcement sources said Friday.
In its 6-5 ruling, the 9th Circuit U.S. Court of Appeals in San Francisco
said the world's largest private employer will have to face charges that it pays
women less than men for the same jobs and that female employees receive fewer
promotions and have to wait longer for those promotions than male counterparts.
The Max Keiser Report This Is The One Financial Analyst Who Gets The Big Picture NewsFocus - 042810
People should be paying attention to Max. He speaks the economic
truth, no matter how painful it may be for some to hear.
75% Blame Bush For The Economy
(And rightfully so) RawStory.com, by Diana Sweet -
new Gallup poll
conducted March 26-28 shows that 75% of Americans surveyed
still place most of the blame for the current economy on former President George
But the blame Obama chorus is beginning to rise, as the poll
shows. The poll shows a "significant uptick" since last July in the percentage
of Americans blaming Obama at least a moderate amount (from 32% to 50%), but a
decrease, however slight, for George W. Bush (from 80% to 75%). ...
Here's what the Beltway crowd still
doesn't seem to get: If any of us stole from the company till, or
forged documents, we'd be in jail right now. So average Americans, smarting from
the fallout of these far-reaching and fraudulent deals that left so many people
out of work, are wondering why there seems to be a separate standard of justice
for Wall Street bankers. How do you respect your government when jail time only
applies to the pot dealer down the street?
WASHINGTON — A Senate panel
investigating the causes of the nation's financial crisis on Thursday unveiled
evidence that credit-ratings agencies knowingly gave inflated ratings to complex
deals backed by shaky U.S. mortgages in exchange for lucrative fees.
The RealNews Network - Is
The Euro About To Crash?
The Securities and
Exchange Commission has charged investment banking titan Goldman Sachs with
civil fraud over a pre-packaged mortgage instrument they say was designed to
Goldman Sachs created the derivative -- called
Abacus 2007-AC1 -- in response to a request from a hedge fund manager who
predicted that the housing market would collapse and wanted to bet against it.
The trader, John Paulson, later earned $3.7 billion for his wager.
According to the New York Times, which first revealed details of the
Abacus case, the instrument was among 25 Goldman created so that clients could
bet against the housing market ...
Goldman Sachs set to pay £3.5bn in bonuses
Goldman Sachs, the world’s biggest investment bank that is now assailed by
accusations of fraud, is poised to reignite controversy over bankers’ bonuses by
paying its staff more than £3.5 billion for just three months’ work.
The End is Nigh: How Goldman Sachs Triggered the Apocalypse
Benjamin N. Dover III
- 041710 In
case you’re wondering, that whistling sound you hear is the sky falling. When
Erin Burnett stays late to host a special report on something, you know it’s a
“game-metamorphosizer”. Why else would all bank stocks tank because a firm
they’re not affiliated with was charged with non-criminal fraud in one
transaction after months of SEC digging? Why else, at this very moment, are
traders in Tokyo and Hong Kong counting down the minutes to when they can sell
every last security on the planet ahead of the rest of the world this weekend?
Why else would the price of gold – the ultimate refuge in times of uncertainty –
fact that the market knows is that there is no uncertainty: Armageddon is upon
us, and thus all the gold in the world has no value.
infinite wisdom, the always-rational, level-headed market knows that Goldman is
finished once and for all. In fact, it’s already just a memory.
Mitch McConnell has rounded up the necessary
votes to block Democrats from bringing Wall Street reform to the Senate floor, a
spokesman for the Senate Minority Leader said on Friday afternoon.
Senate Majority Leader Harry Reid (D-Nev.)
said on Thursday he planned to bring the bill to the floor next week where it
would be debated and amendments added.
McConnell has now persuaded 41 Republicans to vote against debating reform.
To Rob A Country, Own A Bank
After 9/11, the attacks,
the Justice Department transfers 500 white-collar specialists in the
FBI to national terrorism. Well, we can all understand that. But
then, the Bush administration refused to replace the missing 500 agents.
American Con Job:
American Finance And The
Federal Reserve This is why we are where we are
today. This system only benefits the bankers.
Greenspan's Testimony: Two hours of buck-passing
Mike Whitney What a shameful, cowardly man. Instead of regret or contrition, all he
thinks about is covering his ass. ...
Fed warns of double-dip recession risks despite signs of
by Stephen Foley in New York - 041510
The risk of a double-dip recession in the world's largest
remains, and interest rates will stay low for an extended period of time, the
chairman of the US Federal Reserve told lawmakers in Congress yesterday.
Bad capitalism lets 1% take all the wealth in the United States.
The abhorrent greed of the rich has created undeniable economic
disparity in the US.
What Do We Get For Our US Tax Dollars?
InformationClearinghouse.info, bySteven Hill We like to think of Europeans as poor overtaxed serfs but the benefits
they receive show the shortcomings of the US system.
Thought for April 15: More than 53% of Your Tax Payment Goes to the Military
OpEdNews.com, by Dave Lindorff - 041210
If you're like me, now that we're in the week that federal income taxes are due,
you are finally starting to collect your records and prepare for the ordeal.
Either way, whether you are a procrastinator like me, or have already finished
and know how much you have paid to the government, it is a good time to stop and
consider how much of your money goes to pay for our bloated and largely useless
and pointless military. ...
In 2005, Congress yielded to an eight-year, $100 million campaign by banks to
In effect, the Bankruptcy Abuse and Consumer Protection Act made it harder for
individuals to wipe away their debts under Chapter 7 of the U.S. Bankruptcy
Code. More had to file under Chapter 13. ...
March Foreclosures Surge To Absolute Record, At 369,491,
19% Jump from February
ZeroHedgee.com, by Tyler
RealtyTrac reports the next catalyst that will surely take the Dow to 12,000
by 9:31 am tomorrow. "Foreclosure filings were
reported on 367,056 properties in March, an increase of nearly 19 percent from
the previous month, an increase of nearly 8 percent from March 2009 and the
highest monthly total since RealtyTrac began issuing its report in January 2005."
A Greater Threat Than Terrorism Outsourcing the American
InformationClearinghouse.info, by Paul Craig Roberts In effect, the US is giving away its technology, which is rapidly being
captured, while US firms reduce themselves to a brand name with a sales force.
March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and
UBS AG were among more than a dozen Wall Street firms involved in
a conspiracy to pay below-market interest rates
to U.S. state and local governments on investments, according to
documents filed in a U.S. Justice Department criminal antitrust case. ... (Read
NewsFocus: And this is how
they show their appreciation to our government for generously bailing them out
of their own business failures. Absolutely sickening. These companies should be
closed and the executives prosecuted for collusion.
Social Inequality in America: Widening Income Disparities
InformationClearinghouse.info, by Vi Ransel Reforms, regulatory agencies and elections
themselves are America's Circus Maximus, mere flourishes on the veneer of
democracy painted over the naked concentration of power accrued to the few who
hold the reins of the corporate mechanism, the most stunningly efficient means
ever invented for accumulating and concentrating wealth, which is then
translated into political power. ...
Whistle Blower Comes Forward With Solid Proof The Price Of
Gold And Silver Is Being Manipulated By Major Financial Institutions IntelDaily.com, by
Michael T Snyder - April 12, 2010
(The Intelligence Daily) — For a long time many of
us have had very serious suspicions that the prices of gold and silver were
being highly manipulated. But now, thanks to the mind blowing testimony of one
very brave whistle blower, the blatant manipulation of the world gold and silver
markets is being blown wide open. What you are about to read below is
absolutely staggering. Once the American people learn how incredibly
corrupt the world financial system is, it is going to change everything. The
government that we are all trusting to guard the integrity of the financial
system is failing to do that job. It turns out that the Commodities Futures
Trading Commission has been sitting on solid evidence that the elite banking
powers have been openly and blatantly manipulating the price of gold and
silver. Even though they were basically handed a “smoking gun”, they have done
absolutely nothing with it. But now the information has gone public and the
CFTC is red-faced. ...
Don't worry, so long as we bail the rich people out, things will
be just fine. :o(
Black America: Sinking to a New “Bottom”?:
Official labor statistics show Black unemployment rose to 16.5 percent in March,
up from 15.8 percent the month before, while white joblessness remained steady
at 8.8 percent. ...
This kind of corruption is what I
attempted to explain to City Hall reporters when I was working in my
city's mayoral primary, but they weren't all that interested in it. Too much
like math, and besides, it challenged their version of how the world works.
They don't seem to have much of a feel for systemic, inherent corruption -
they prefer to see it as an occasional crime of greedy individuals.
Municipal bonds are where all the serious money is
hidden - where politicians get kickbacks, where political deals are made, and
even where the big bribes are. (Local reporters said it was of no interest to
them that the mayoral candidate they'd endorsed had been a municipal bond
salesman working for a company that received a record SEC fine for bribing
officials in another city. They told me - and I'm not making this up - that
his background in finance meant he was well qualified to handle the
city's finances.) Now, add another dozen layers of
deceptive and even fraudulent practices on the part of the banks to the
whole mess, and you have a very toxic cesspool. ...
the national furor that erupted last year after
American International Group paid more than $165 million in bonuses, the
voices of those vilified for receiving the payments remained silent, at least in
But behind closed doors, employees at AIG's Financial Products division -- the
very unit whose trading had hastened the insurance giant's collapse -- were
defiant, saying they were merely getting what they were due, recoiling at public
accusations that they were behind their capitalizing on the company's massive
"I will stand behind
every action I have taken in this company from Day One," one employee said,
according to a newly obtained transcript of a conference call the division's
head held last March with some of his staff. ...
report, compiled by an examiner for the bank, now bankrupt, hit Wall Street with
a thud late Thursday. The 158-year-old company, it concluded, died from multiple
causes. Among them were bad mortgage holdings and, less directly, demands by
JPMorgan Chase and
Citigroup, that the foundering bank post collateral against loans
it desperately needed. ...
Stiglitz: The Fed Is
Corrupt And Dominated By Big Banks
Banks Are Getting Bigger
WashingtonsBlog.com - 031510
Fifteen Years Ago, the Combined Assets
of the 6 Biggest Banks Totaled 17% of GDP... By 2006, 55% ... Now, 63%
With Elliot Spitzer On Wall Street Scandal
These people need to be investigated to the fullest.
"We are on the verge of a global transformation. All we
need is the right major crisis and the nations will accept the New World Order.
House Financial Services Chairman Barney Frank caused a bit of an
uproar Friday when he suggested the U.S. government does not guarantee the debts
of Fannie Mae and Freddie Mac.
Rep. Frank later recanted and backed a Treasury Department statement
reassuring investors that, yes, Fannie and Freddie Mae debt is guaranteed by the
U.S. government. "Going forward," he said in a statement, we "will make sure
that there are no implicit guarantees, hints, suggestions, or winks and
nods...we will be explicit about what is and is not an obligation of the federal
But after years of winks and nods, there's no
doubt that Fannie and Freddie now enjoy an explicit guarantee, according
to most observers. The U.S. government placed Fannie Mae and Freddie Mac in
conservatorship in September 2008: "This means that the U.S. Taxpayer now stands
behind $5 trillion of GSE debt," according to the Congressional Research
:60 Minutes On Wall Street
Wall Street's Bailout Hustle
InformationClearinghouse.info, by Matt Taibbi Goldman Sachs and other big banks aren't just pocketing the trillions
we gave them to rescue the economy - they're re-creating the conditions for
Exposing the Great American Bubble Barons Join Us in the Investigation
InformationClearinghouse.info, by Kevin Connor Today's super-rich are not robber barons, but
bubble barons: they extract their fortunes from intensifying cycles of imaginary
wealth creation and destruction, live at a far remove from their businesses, and
evade accountability in the public spotlight. ...
Jon Stewart With
Michael Lewis On Wall Street Greed
A great – and still growing – divergence appeared in 2009 between public
statements by leaders and their public performance. The politicized,
romanticized theater of increasingly populist “democratic” leaders and media
seemed to be of a different planet from activities taking place in the real
While a large part of the global population
appears still transfixed by words, there is a growing perception that great
fissures already rend the global strategic architecture.
This is a trend which will compound during 2010.
Our World Balances on a Sea of Debt
Darius Guppy The banks that control the world’s
supply of money are no better than counterfeiters – and their system of juggling
debt has left the global economy teetering on the brink of ruin. Convicted
fraudster Darius Guppy offers a provocative personal view.
Markopolos told Congress today that he contacted
the SEC in 2000 after examining Madoff’s investment strategy and determining in
four hours that returns exceeding 10 percent weren’t possible. Markopolos, in
almost a decade of communication, said only one SEC staff member understood
Madoff’s scheme and “the threat it posed to the public.” ...
"Real" Unemployment Could Surge to 25%
Lekas sees the headline unemployment rate rising to 10% in February and climbing
to 15% or 16% by mid-year. Even more dire, he sees the "real" unemployment
figure surging to 25%. ...
Capitalism & Other Kids' Stuff
The Case against Greenspan and Bernanke
InformationClearinghouse.info, byBy Mike Whitney Greenspan and Bernanke are either criminally negligent in failing to
execute their regulatory duties or complicit in aiding and abetting the banks
and other financial institutions in the sale of fraudulent loans to investors
and homeowners. Which is it? ...
Of course Wall Street's most powerful company wouldn't stoop to
rigging an online poll, right? In fact, one of their spinners said the bank
had “just received this information and is investigating fully”. Yeah, I think
they're going to join O.J. Simpson in looking for the perpetrators!
Around 3:41 pm yesterday, the technical team watching the vote counter on a
grass root campaign's website noticed that the “no” votes increased
And This Is What It's All About
Obama's Proposal To Tax Wall St. Has Their CEOs
Pleading With Legislators CrooksandLiars.com, by
Susie Madrak Tuesday Feb 02, 2010 9:00am Obama's tax proposal has disturbed Wall Street so
much, according to
this New York Times story, that the CEOs are going over the heads of their
own lobbyists to plead their case directly with senators. (Perhaps even
lobbyists draw the line at outright bribes?) This was my favorite sentence in
the entire story: "The big banks, the lobbyists say, have become increasingly
alarmed that the legislative process may move
in unexpected directions outside their control."
Markets Fail When Humans Are Unregulated
by Paul Craig Roberts The failure to regulate financial markets has produced enormous losses to all
Americans except the super-rich. But the U.S. government is guilty of an even
The world's top banking gurus aren’t sure how to
fight back against a global push for tougher financial regulation, with
commercial and investment banks struggling to reach common ground, according
to a recent
from Wall Street and Europe's leading banks have been holding
behind-the-scenes talks at the World Economic Forum in the Swiss ski resort
of Davos, sources close to the negotiations said, but a deal has proved
elusive,” Reuters reported.
Both Wall Street's largest banks and some
major European ones have argued to support each other against politicians
who are calling for tougher procedures to regulate the industry in the wake
of financial crises. ...
The Crisis Is Not Over
Paul Craig Roberts
Readers ask if the financial crisis is over, if
the recovery is for real and, if not, what are Americans’ prospects. The short
answer is that the financial crisis is not over, the recovery is not real, and
the U.S. faces a far worse crisis than the financial one. Here is the situation
as I understand it:
Brown Speaks Out On Bonuses By Bailout CEOs
They begged for our money and now they're keeping it for their
G7 finance ministers dine near Arctic Circle RebelNews.org -
020710 The trustees
of the world's richest nations sat down for a dinner meeting at a hotel
restaurant in Iqaluit just 300 kilometers (185 miles) from the Arctic Circle.
The Power Of Money
SEC Considered National Security Status For AIG Details Reuters.com,
by Matthew Goldstein - -012410 (NEW YORK) -
U.S. securities regulators originally treated the New York Federal Reserve's bid
to keep secret many of the details of the American International Group bailout
like a request to protect matters of national security, according to emails
obtained by Reuters. ...
Banks are mobilising a smooth-running lobbying
machine in Washington to battle Barack Obama's plans to limit the size and
scope of Wall Street institutions, as financial services firms gear up to stop a
shake-up that could slice away large chunks of their operations.
Their influence on Capitol Hill is broad – the
top eight US banks spent $26m (£16m) on lobbying efforts last year, an increase
of 6% on 2008 despite their financial woes, according to Congressional records.
And in the first 10 months of 2009, the
financial industry donated $78.2m to federal candidates and party committees –
more than any other business sector – according to political research
institute the Centre for Responsive Politics.... (Read
Goldman Sachs CEO Blankfein gets stock-based $9 million
The amount, although
eye-popping by Main Street standards, is smaller than the stock-based bonuses
his rivals received for 2009. On Friday, J.P. Morgan Chase said it would award
$17 million to chief executive Jamie Dimon.
“Money is Power”, or shall we say, “The Monopoly to Create Credit Money and
charge interest is Absolute Power”. (Alex James)
Amsel (Amschel) Bauer
Mayer Rothschild, 1838: “Let me issue and control a Nation’s money and I care not who makes its
Letter written from London by the Rothschilds to their New York agents
introducing their banking method into America: “The few who can understand
the system will be either so interested in its profits, or so dependent on
its favours, that there will be no opposition from that class, while, on the
other hand, that great body of people, mentally incapable of comprehending
the tremendous advantage that Capital derives from the system, will bear its
burden without complaint and, perhaps, without even suspecting that the
system is inimical to their interests.”...
The very word "secrecy" is repugnant in a free
and open society; and we are as a people inherently and
historically opposed to secret societies, to secret oaths and to
secret proceedings. We decided long ago that the dangers of
excessive and unwarranted concealment of pertinent facts far
outweighed the dangers which are cited to justify it. Even
today, there is little value in opposing the threat of a closed
society by imitating its arbitrary restrictions. Even today,
there is little value in insuring the survival of our nation if
our traditions do not survive with it. And there is very grave
danger that an announced need for increased security will be
seized upon by those anxious to expand its meaning to the very
limits of official censorship and concealment.
--President John F. Kennedy 4/27/61
Jan. 7 (Bloomberg) -- The Federal Reserve Bank of New York, then led by
Timothy Geithner, told American International
Group Inc. to withhold details from the public about the bailed-out insurer’s
payments to banks during the depths of the financial crisis, e-mails
between the company and its regulator show. ...
Something's Not Right Here
By Bill Moyers - Mat Taibbi - Robert Kuttner
- 122809 Truth is, our capitol's being looted, republicans
are acting like the town rowdies, the sheriff is firing blanks, and powerful
Democrats in Congress are in cahoots with the gang that's pulling the heist.
This is not capitalism at work. It's capital. Raw money, mounds of it, buying
politicians and policy as if they were futures on the hog market.
The Woman Democrats Need
MichaelMoore.com, by Ethan Porter (Boston
January 24th, 2010 On the day after Tuesday’s electoral loss,
the Obama administration brought an unfamiliar face to the White House -
Elizabeth Warren, the Harvard Law professor noted for her staunch advocacy on
behalf the middle class and fierce criticism of the bank bailouts. Perhaps the
administration will take a more aggressive approach to Wall Street, along the
lines of what Warren wants. But for Democrats to truly take ownership of the
economic crisis, Warren will need to play a more prominent role. Not just her
ideas, but the force of her personality is needed. ...
Lining Up for the Wall Street Gravy Train
InformationClearinghouse.info, By Mike Whitney
The banks are not only taking depositors money and using it in high-risk
derivatives transactions and currency "carry trades", they're also propping up
the long daisy-chain of insolvent creditors whose default could domino
Lehman-like through the entire financial system. Funny how the media skips
little tidbits like this when they give their rosy evening roundup.
Society would never allow this, unless it was run by the
Only Way Out-
Nationalize The Federal Reserve!
NATIONALIZE THE FEDERAL RESERVE Banks Only Care Is Profit. Return The Power To Print
Money To 'We The People' By Nathan Diebenow,
Wednesday, March 11, 2009 Let Private Predator Banks Die:
Lawyer DALLAS, Texas — Still pissed
off at the Wall Street bailout? President Barack Obama’s stimulus package?
Private bank nationalization? The new homeowner mortgage bailout? Also afraid
that the federal government won’t have enough money to fund Medicare, Medicaid,
and Social Security in the future? Well, Ellen Hodgson Brown has a solution for
you. Nationalize the Federal Reserve. ...
Spitzer: Federal Reserve
is 'a Ponzi scheme, an inside job' The Raw Story.com, by
Daniel Tencer- July 25,
The Federal Reserve — the quasi-autonomous body that controls the
US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in
the US economy and needs to be held accountable for its actions, says Eliot
Spitzer, the former governor and attorney-general of New York. ...
Learn More About
The Federal Reserve Here: Return The Control Of Our
Money To The US Government The Federal Reserve Sets The Rules When It Comes To Our Monetary
NewsFocus, By Tim Watts 031209
What Most Don’t Know About Our System of Currency The Takeover of the United States of America For over two
hundred years, the United States of America has been the beacon of
democracy and freedom for the world, or so we have been led
to believe. While sadly unbeknownst to many, our democracy was
infiltrated long, long ago. If that is a statement that you
personally take issue with, you are encouraged to please take the time to
read this paper and see if there isn’t something hidden that you
just might not know about regarding our beloved country. Please consider
the following. (Read more)
Admits There Is No Authority Above The Federal Reserve
75% of Americans Favor Auditing The Federal
Wednesday, July 29, 2009
So much for the ongoing secrecy of the nation’s independent
central banking system. A new Rasmussen Reports national telephone survey finds
that 75% of Americans favor auditing the Federal Reserve and making the results
available to the public. ...
Outlaw the Shadow Banking System! Guess Who Said It? Global Research,
by Matthias Chang, March 10, 2009
When I read the remarks of President Obama and Prime Minister
Gordon Brown after their meeting at the Oval Office on March 3, 2009 and the
speech of the latter to the Joint Session of Congress on March 4, 2009, I
realized that a growing antagonism has emerged between certain factions of the
ruling elites in the City of London and in Washington DC. ...
The Federal Reserve is bankrupt for all
intents and purposes. The same goes for the Bank of England! This article will
focus largely on the Fed, because the Fed is the "financial
How long can someone who has stepped on a landmine, remain standing – hours,
days? Eventually, when he is exhausted and his legs give way, the mine will just
explode! The shadow banking system has not only stepped on the land-mine, it is
carrying such a heavy load (trillions of toxic wastes) that sooner or later it
will tilt, give way and trigger off the land-mine! ...
Congressman Ron Paul and HR 1207
Ron Paul wants a thorough and complete audit of the Federal
Jan 26, 2009 ... Amazing…
all because of the
reserve… they want global ... time and time again
not to work with a substantial
Proposes Nationalizing The Federal Reserve
The good congressman has this one right on.
Banks Own The US Government There are smart ways to raise money and regulate the
market, but Wall Street is working to kill any meaningful financial reform
The Guardian - by Dean Baker - 2009-06-30
Last month, when the
US Congress failed to
pass a bankruptcy reform measure that would have
allowed home mortgages to be modified in bankruptcy, senator Dick Durbin
succinctly commented: "The
banks own the place." That seems pretty clear. After all, it was the
banks' greed that fed the housing bubble with loony loans that were
guaranteed to go bad. Of course the finance guys also made a fortune
guaranteeing the loans that were guaranteed to go bad (ie
AIG), and when
everything went bust, the taxpayers got handed the bill. The cost of the
bailout will certainly be in the hundreds of billions, if not more than $1tn
when it is all over. ...
The Privately Owned Federal Reserve Runs Our Country Unemployment On The Rise The International
Forecaster, by Bob Chapman, July 16, 2009 We hope people are starting to
realize that the privately owned Federal Reserve runs our country, not our
branches of government. The new proposal to give the Fed new powers is the worst
possible thing that could be happening to our country. It is a total
centralization of banking and financial power. ...
Federal Reserve Says They Don't Know Where $500-Billion
Alan Grayson asks Bernanke which foreign banks received half a
By Ralph Nader
Unlike sloppy plumbers and carpenters who pay a price for their
mistakes, Wall Street forecasters seem to be paid very well despite being
Monetary reform: reclaiming $1 trillion every year
through public creation of money
August 22, 9:11 AMLA
County Nonpartisan ExaminerCarl
Without knowing how money is created and managed, all other
topics concerning money are out of context. This is crucial: regarding
trillions of dollars of economic power, you have no idea where money comes
from. It’s time for you to learn. When people don’t know how money is
created and managed, the only thing between them and tyranny is trust in
ethical government. American democracy is founded upon cautious distrust of
government. To compensate for temptations of power and personal profit in
government, the US Constitution is designed with checks and balances.
However, because checks and balances can be thwarted if politicians are
unethical, the only real protection of liberty is citizen responsibility.
American democracy is dependent upon our taking personal responsibility for
understanding our most important economic and political issues. This is one
of them. ...
National Irish Bank moves to cashless banking IrishTimes.com
National Irish Bank has written to thousands of its customers this month
informing them of a “new style of banking” in which branches will not handle
over-the-counter cash transactions.
NewsFocus: And so it begins. Globalist
economic reform or a too for Big Brother?
Treasury Injects $3.8-Billion Into GMAC
AFP - 123009 The US Treasury announced Tuesday a 3.8
billion dollar fresh capital injection into ailing GMAC, the former finance arm
of General Motors that became a bank to access federal rescue aid.
"Due to a variety of factors,
including that the restructuring of General Motors and Chrysler were
accomplished with less disruption to GMAC than banking supervisors initially
projected, Treasury will commit 3.8 billion dollars of new capital to GMAC
rather than the 5.6 billion dollars originally announced," the Treasury said in
The lower amount will result in a
1.8 billion dollar reduction in Treasury?s previously forecasted spending under
the 700-billion-dollar Troubled Asset Relief Program (TARP), the Treasury said.
The Treasury had previously injected
12.5 billion dollars in capital in GMAC. ...
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more
than $40 billion in securities backed by at least 200,000 risky home mortgages,
but never told the buyers it was secretly betting that a sharp drop in U.S.
housing prices would send the value of those securities plummeting.
Goldman's sales and its clandestine wagers, completed at the
brink of the housing market meltdown, enabled the nation's premier investment
bank to pass most of its potential losses to others before a flood of mortgage
defaults staggered the U.S. and global economies.
Only later did investors discover that what Goldman had
promoted as triple-A rated investments were closer to junk.
Now, pension funds, insurance companies, labor unions and
foreign financial institutions that bought those dicey mortgage securities are
facing large losses, and a five-month McClatchy investigation has found that
Goldman's failure to disclose that it made secret, exotic bets on an imminent
housing crash may have violated securities laws.
"The Securities and Exchange Commission should be very
interested in any financial company that secretly decides a financial product is
a loser and then goes out and actively markets that product or very similar
products to unsuspecting customers without disclosing its true opinion," said
Laurence Kotlikoff, a Boston University economics professor who's proposed a
massive overhaul of the nation's banks. "This is fraud and should be
Very interesting - if Congress actually
intends to pass this. (Or if the banks let them!) The repeal also removed
protections that kept banking and insurance interests separate, which
accelerated the Wall St. meltdown:
Dec. 28 (Bloomberg) -- A one-page proposal gaining traction in Congress
could turn back the clock on Wall Street 10 years, forcing the breakup of
banks, including Citigroup Inc.
Lawmakers in both parties, seeking to prevent future financial crises while
soothing public anger over bailouts and bonuses, are turning to an approach
that’s both simple and transformative: re-imposing sections of the
1933 Glass-Steagall Act that separated commercial and investment banking.
Congress lets 50 tax breaks expire Most of the Fading Tax Breaks Likely Will
Be Reauthorized Retroactively but That Still Means an Inconvenience for
About Those For The Ultra-The Rich?)
By Ashlea Ebeling, Forbes.com -
122709 When members of the U.S. Senate finally head
home, they will be leaving the future of 50 individual and business tax breaks
in limbo. All expire at the end of 2009. ...
Maximum weekly unemployment benefit
in Indiana: $360.
But that's not even news, is it?
That the party that so happily poured billions of untracked dollars down the
memory hole in Iraq is suddenly so thrifty when it comes to us cannot be a shock
to any sentient being:
The recession's jobless toll is
draining unemployment-compensation funds so fast that according to federal
projections, 40 state programs will go broke
within two years and need $90 billion in loans to keep issuing the benefit
Social Security Administration Sends Letters Explaining
No COLA Reason Given Is No Rise In Cost of Living. (Say What!? Seriously?)
NewsFocus.org, by Tim Watts 121109
The Social Security Administration has sent letters out to Americans explaining
why there will be no cost of living. According to SSA there was "no rise in
the cost of living during the past year," although many of those needing
their social security to exist upon would beg to differ on that SSA assessment.
With many goods rising in price during the economic downturn, many are asking
exactly where SSA is getting their figures from.
The explanation given by SSA reads as follows...
By law, Social Security benefits increase automatically to
keep pace with inflation. When there is a period of no inflation, the law does
not permit an increase in benefits, Based on the Consumer Price Index (CPI)
published by the Department of Labor, there was no rise in the cost of living
during the past year, so your benefit will remain the same in 2010. The CPI
is the federal government's official measure used to calculate cost-of-living
Far be it from the government to bail-out social security,
helping those who need it most, instead of the rich Wall Street tycoons and
mega-wealthy bankers who caused this economic disaster.
Many of those relying on their social security find the excuse
from SSA to be highly disingenuous and insulting. A more honest approach might
have been to simply admit that the government is strapped for money after the
bail-outs to the rich, rather than attempting to say that the cost of essential
goods has not risen.
The American people do know better. We get the greed thing. Slap in the face well taken.
What makes all of this worse, our formerly esteemed Congress took
their 2009 cost of living increase and is now said to be planning on their 2010
increase as well. WTF?
10 Ways to Screw Over the Corporate Jackals Who've Been Screwing You Tired of getting pushed around by faceless big business?
Here are 10 ways to push back! AlterNet,
Scott Thill, - December 19, 2009
The New Year is nearly here, and so much has happened. Wait,
what's that? Nothing major at all has happened, you say? Oh right, we've been
stuck in neutral since dumping the toxic trash of the Republican Bush
administration and embracing Democratic promises of hope and change, neither of
which have blossomed.
A year of our collective life has flown by and our global
culture is still rife with schemers, screw jobs and sorry excuses for solutions.
And we just sit back and take it, year after year. But no more. When you make
that hefty list of New Year's resolutions, drop some of these bombs. Then duck.
You'll get your change faster than you can say, "Teabag this!"
55 banks miss TARP payments in October
By Juan Lagorio
Juan Lagorio –
Wed Dec 23,2009
(Reuters) Fifty-five financial
companies failed to pay dividends in November on money they borrowed from the
U.S. government, bank research firm SNL said on Wednesday.
That number swelled
from 33 companies that missed an August payment on government funds, according
to an SNL analysis of government data. ...
Are the Democrats Fighting the Banks?
InformationClearinghouse.info, by Shamus Cooke
How pathetic. President Obama sat at a table
surrounded by super rich bankers, pleading with them to lend money to small
businesses and workers. The media mislabeled Obama’s groveling as “encouraging,”
“imploring,” and “pressing,” but a man who refuses to take action is powerless;
and powerless people can only beg.
WASHINGTON - Senate Banking Committee chairman Christopher Dodd, who one
month ago proposed an overhaul of financial regulations that was hailed by many
consumer activists, has all but jettisoned that proposal following Republican
objections and has initiated talks for a new approach designed to satisfy some
of his fiercest GOP critics. ...
The keynote speaker, Federal Reserve
Chairman Ben S. Bernanke, assured the bankers and businessmen gathered at the
Westin Hotel on Michigan Avenue that their prosperity was not threatened by the
plight of borrowers struggling to repay high-cost subprime loans.
Bernanke, who was in charge of
regulating the nation's largest banks, told the audience that these firms were
not at risk. He said most were not even involved in subprime lending. And the
broader economy, he concluded, would be fine.
And for this ignorant, moronic advice he gets to keep his big paying job and
also gets Time Magazine's "Man of the Year." "Oh the horror Will Robinson. Oh
NewsFocus Op/Ed:This is abhorrent, obscene, insulting, and truly disgusting!
I cannot say it loud enough. Nothing like rewarding a crook for his inept
handling of our economy.
Eliot Spitzer: Geithner, Bernanke “Complicit” in Financial Crisis and Should Go DemocracyNow.org, 120409
In an extended interview, we speak with former New York governor Eliot Spitzer
about the financial crisis and how it was handled by Federal Reserve Chairman
Ben Bernanke and Treasury Secretary Timothy Geithner. Bernanke and Geithner
“actually built and participated in creating the structure that now has
collapsed,” Spitzer says and calls on them to be replaced. ...
Obama slams 'fat cat bankers'
Saturday, December 12th, 2009 -- 10:11 am
US President Barack Obama has hit out at Wall Street "fat cats",
expressing anger that banks bailed out by the government plan huge bonuses while
millions of Americans battle poverty and unemployment.
"I did not run for office to be helping out a bunch of fat cat
bankers on Wall Street," Obama said Friday in excerpts of an interview with CBS
television to be aired on Sunday.
With unemployment still hovering at around 10 percent, amid a
recession triggered in part by the excesses of financial institutions, Obama
voiced frustration that "some people on Wall Street still don't get it."
Three men allegedly invade the home
of a former subprime lender, and are arrested after reportedly injuring three
Vandals target the home of the
former CEO of the Royal Bank of Scotland, smashing windows in the banker's home
Those are just three notable
incidents of violence aimed at people who were in some way linked to the
financial crisis that has unfolded over the past year. And while in many of
those cases it's unclear whether the incidents were politically motivated, or
motivated by financial issues, or just a coincidence, the cases fit into a
pattern of escalating crime and violence in the wake of the recession.
The U.S. economy grew at a $89 billion annualized rate in the
third quarter. That was the first growth since the second
quarter of 2008 and came to $22 billion in actual growth in the
The bankers, after causing the greatest economic calamity
since the Great Depression, are rewarded with
six times the growth accomplished so far in the much heralded “economic
Meanwhile, seven million
families face foreclosure and 25 million Americans can’t find full time work. (Read
'Class war is over, working people lost'
Sahil Kapur - Thursday,
December 17th, 2009 -- 3:05 pm WASHINGTON -- Reflecting on the growing divide
between Wall Street and Main Street, Rep. Dennis Kucinich (D-OH) on Wednesday
offered a powerful critique on the state of the economy in an open committee
A Smart and Simple Tax
InformationClearinghouse.info, By William John Cox
It is time to discard our stupid and complex system of taxation and replace it
with a smart and simple tax that balances the burden of taxation with the
benefits of government.
House passes broad Wall Street regulatory overhaul
In a separate vote Friday, Democratic leaders failed to revive legislation that
would let bankruptcy judges rewrite mortgages to lower homeowners' monthly
payments. The measure was rejected by a 241-188. ...
In a video preview
of an upcoming Rolling Stone article, Taibbi explained
how the Obama administration started selling out to Wall Street
interests almost as soon as the 2008 election was over.
"The really big thing that's in
these bills that's really, really scary is that it kind of outlines a permanent
bailout mechanism," Taibbi said. "If it survives in the way that it was
originally conceived, it's basically going to formalize an arrangement whereby
the government is expected to bail out the top 20 to 25 largest financial
companies. ... It will be entirely up to the White House to determine whether or
not these companies are in trouble in the future, so there won't be any
congressional role in deciding when and when not to give a bailout." ...
The Ten Brands That Will Disappear In 2010
24/7WallSt.com - December 2, 2009
24/7 Wall St. has prepared its list of the ten brands that will
disappear in 2010. This list is based on a review of each firm’s financial
situation and other operating data, the current and ongoing value of its brand,
and whether the company that controls that brand can sell its assets.
This year a number of famous brands have closed or their
parents have announced that they will be shut down shortly. This includes
decades-old magazines like Gourmet and famous car brands like Pontiac. The
recession took whatever economic value these brands had left and destroyed it.
The brands on the 24/7 list for 2010 include companies that
have been in trouble for years. Some have been in slow decline and others were
irreparably damaged by the credit crisis. Most of these companies will be bought
and the rest will simply be closed. ...
Go ahead. Break the chains. Stop paying on your
mortgage if you owe more than the house is worth.
And most important:
Don't feel guilty about it. Don't think you're doing something morally wrong.
That's the incendiary core message of a new
academic paper by Brent T. White, a University of Arizona law school
professor, titled "Underwater and Not Walking Away: Shame, Fear and the Social
Management of the Housing Crisis."
White argues that far more of the
estimated 15 million American homeowners who are underwater on their mortgages
should stiff their lenders and take a hike.
Antonio Maria Costa, head of the UN Office on Drugs and Crime,
said he has seen evidence that the proceeds of organised crime were "the only
liquid investment capital" available to some banks on the brink of collapse last
year. He said that a majority of the $352bn (£216bn) of drugs profits was
absorbed into the economic system as a result.
This will raise questions about crime's influence on the
economic system at times of crisis. It will also prompt further examination of
the banking sector as world leaders, including Barack Obama and Gordon Brown,
call for new International Monetary Fund regulations.
Oh The Greed: Four Stories That Will Make You
Via Raw Story. You know, I not only want the money back, I
want these people put in jail. They took the money and ran
from their own culpability:
The CEOs of Bear Stearns and Lehman Brothers, the two
investment banks that collapsed during last year's financial
meltdown, walked away with hundreds of millions of dollars
in compensation even as the company's shareholders
lost everything, says a new report from Harvard Law
The top five executives at Bear Stearns made a total of
$1.4 billion from bonuses and equity sales between 2000 and
2008, while the top five executives at Lehman Brothers made
around $1 billion during that same period -- the period
during which the companies ran up the bad investments that
would see them collapse in 2008, according to "The
Wages of Failure" (PDF), a report from Harvard Law
School's Program on Corporate Governance.
"The government's actions to avoid financial collapse last
fall -- as distasteful and unfair as some undoubtedly were --
were unfortunately necessary to prevent a global economic
catastrophe that could have rivaled the Great Depression in
length and severity, with profound consequences for our economy
and society. (I know something about this, having spent my
career prior to public service studying these issues.) My
colleagues at the Federal Reserve and I were determined not to
allow that to happen."
It's nice to talk about the Fed's response to this crisis,
but Mr. Bernanke's studies apparently did not tell him the
allowing an $8 trillion housing bubble to grow unchecked
would lead to an economic disaster like what we are now
experiencing. He and his colleagues at the Federal Reserve Board
either could not see, or did not care about, this huge bubble.
As a result, Ben Bernanke has been running around for much of
the last year and a half telling us about his knowledge of the
Goldman Sachs Doing "God's
The only thing worse than Goldman
Sachs amassing billions in bonus money for its executives, based on various
government subsidies and bailout measures, ...
Trickle-up Economics Fool me once, shame on you; fool me twice shame on me
InformationClearinghouse.info, By Paul Craig Roberts
Little wonder the US can’t afford health care for the uninsured and unemployed.
It is far more important to finance multi-million dollar bonuses for investment
bankers. I mean, what would we do without capitalism?
While the middle class has been caught in an economic vise, the financial
industry that was supposed to serve them has prospered at their expense.
Consumer banking -- selling debt to middle class families -- has been a gold
mine. Boring banking has given way to creative banking, and the industry has
generated tens of billions of dollars annually in fees made possible by
deceptive and dangerous terms buried in the fine print of opaque,
incomprehensible, and largely unregulated contracts.
Dec. 1 (Bloomberg) -- “I just wrote my first reference for a gun
permit,” said a friend, who told me of swearing to the good
character of a Goldman Sachs Group Inc. banker who applied to
the local police for a permit to buy a pistol.
The banker had told this friend of mine that
senior Goldman people have loaded up on firearms and are now
equipped to defend themselves if there is a populist uprising
against the bank.
called Goldman Sachs spokesman Lucas van Praag to ask whether
it’s true that Goldman partners feel they need handguns to
protect themselves from the angry proletariat. He didn’t call me
back. The New York Police Department has told me that “as a
it believes some
of the bankers I inquired about do have pistol permits. The NYPD
also said it will be a while before it can name names ...
Dylan Ratigan Has Some Fun "Celebrating" Gramm-Leach-Bliley
Women Now Hold Half of U.S. Jobs - For Less Money Than Men
CrooksandLiars.com, by Susie Madrak Friday Nov 13, 2009
these stories come out, I have to laugh. Because women on
the working-class end of the economic spectrum have had to work
for a very long time. Pay raises haven't get pace with the cost
of living, to the point where paychecks aren't worth what they
were in the 70s. Women stepped in to pick up the slack.
No, what the Wall St. Journal means is that the sort of women
who are married to the men who read the Journal have to work
now. (It's a class thing!) But some things remain the
same: Women still get paid less.
The composition of the nation's work force is approaching
an unprecedented benchmark. Due in part to deep layoffs of
men, women are poised to become the majority of
workers for the first time. As of September, women
held 49.9% of the nation's jobs, excluding farm workers and
the self-employed, a rise of 1.2 percentage points from their
48.7% share when the recession began in December 2007.
In 1970, women held 35% of jobs.
From Wall Street to Main Street to Skid Row BBC News -
Oct 15, 2009
As Goldman Sachs makes quarterly profits of more
than $3bn, and ponders paying bonuses, for the first time in 34 years social
security payments to Americans will not increase...
Dylan Ratigan And Michael Moore
Discuss The Greed of Goldman Sachs
Call your Congressional representatives. Demand our money back, with
How the Servant Became a Predator Finance's Five Fatal Flaws InformationClearinghouse.info, by
William K. Black
Five fatal flaws in the financial sector's current structure have created a
monster that drains the real economy, promotes fraud and corruption, threatens
democracy, and causes recurrent, intensifying crises.
Geithner Aides Reaped Millions Working for Banks, Hedge Funds
Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced
Senate confirmation, earned millions of dollars a year working for Goldman Sachs
Group Inc., Citigroup Inc. and other Wall Street firms, according to financial
The Rich Have Stolen The Economy
InformationClearinghouse.info, by Paul Craig
The political system is unresponsive to the American people. It is monopolized
by a few powerful interest groups that control campaign contributions. Interest
groups have exercised their power to monopolize the economy for the benefit of
themselves, the American people be damned.
The People vs Wall Street
Amidst the economic wreckage, after 7 million job losses and approaching 2
million home foreclosures in the US alone, with businesses and consumers around
the world still struggling to get finance after the long credit crunch, Wall
Street is finally on trial. A little piece of Wall Street, at least.
Barney Frank and the Planet of the Banks
InformationClearinghouse.info, by Ralph Nader
What planet is Congressman Barney Frank on, anyway? It is the planet of the
banks and other financial firms that keep his campaign coffers humming, as their
chairman of the House Financial Services Committee.
Gold strikes record high above $1,217 an ounce
a record price above 1,217 dollars on Wednesday as the US currency weakened,
cementing the precious metal's surge over the past year as nervy investors seek
Does The Federal Reserve Try To Manipulate Wall Street? Rep. Alan Grayson
(D-FL) Goes After The
Big Dog, The Federal Reserve
THE FED We The People Demand Answers! Where Did $2-Trillion Dollars of Our
Money Go To?
Make Federal Reserve Chairman Bernanke Reveal Those Who Took Our Bailout Money.
This link will send a mass email on your behalf to all of Congress to let them
know we're tired of the secrecy and we demand an accounting of where our
tax-payer money went.
(Sponsored by the Committee to Elect Alan Grayson)
UN Calls For New Reserve
By AFP The United Nations called on Tuesday
for a new global reserve currency to end dollar supremacy which has allowed the
United States the "privilege" of building a huge trade deficit.
The Demise of the Dollar InformationClearinghouse.info,
by Robert Fisk In a graphic illustration of the new world order, Arab
states have launched secret moves with China, Russia and France to stop using
the US currency for oil trading.
Saudi Bank Governor Denies Talks to Replace Dollar
Saudi Arabia hasn’t held talks with China and other countries on dropping the
dollar as the currency for pricing oil, Saudi Central Bank Governor Muhammad al-Jasser
said, denying a report in the U.K.’s Independent newspaper.
A Hidden $34 Billion Bank Subsidy? Study Exposes How
Taxpayers Are Subsidizing Bank of America, Citigroup, Wells Fargo and Other
Democracy Now, 100609
One of the key terms to come out of the nation’s economic
meltdown has been “too big to fail.” The government has funneled billions of
dollars to large financial firms by arguing that their collapse would deal an
irreparable blow to economic recovery. A new study has calculated the tab of the
“too big to fail” approach, and it amounts to a far larger taxpayer-funded
subsidy than previously thought. The Center for Economic and Policy Research
says the bailout has allowed “too big to fail” banks to pay significantly lower
interest rates than those paid by smaller banks. According to one estimate,
that’s meant a subsidy for the nation’s eighteen largest bank holding companies
of $34.1 billion a year. That amount represents nearly half these companies’
combined annual profits. We speak to the study’s author, Dean Baker. ...
Banks Were Pushing Subprime Mortgages Behind The Scenes CrooksandLiars.com, by Susie Madrak
Wednesday Oct 14, 2009
Joe Nocera, who writes the Executive Suite column for the New
York Times, has done an
interesting thing today. He 1) points out banks are lying about their
involvement in subprime mortgages, he 2) notes that Barney Frank is absolutely
wrong to defend them and 3) offers documents that support his claim. This is
something we used to call "journalism," and I'm happy to see it. ...
I still get a thrill whenever I get my hands on a confidential
memo with "The White House, Washington" appearing on the letterhead. Even
when—like the one I'm looking at now—it's about a snoozy topic: This week's G-20
But the letter's content shook me awake, and may keep me up
the rest of the night.
The 6-page letter from the White House, dated September 3, was
sent to the 20 heads of state that will meet this Thursday in Pittsburgh. After
some initial diplo-blather, our President's "sherpa" for the summit, Michael
Froman, does a little victory dance, announcing that the recession has been
defeated. "Global equity markets have risen 35 percent since the end of March,"
writes Froman. In other words, the stock market is up and all's well.
While acknowledging that this year's economy has gone to hell in a handbag,
Obama's aide and ambassador to the G-20 seems to be parroting the irrational
exuberance of Federal Reserve Chief Ben Bernanke who declared last week that,
"The recession is very likely over." All that was missing from Bernanke's
statement was a banner, "MISSION ACCOMPLISHED." ... (Read
The Economy Is A Lie, Too
By Paul Craig Roberts Americans cannot get any truth out of their
government about anything, the economy included. Americans are being driven into
the ground economically, with one million school children now homeless, while
Federal Reserve chairman Ben Bernanke announces that the recession is over.
Reporter Calls American System Corporate
Communism Some In The Media Are Finally Beginning To Catch On
Michael Moore's New Movie On Capitalism And The
This will be his biggest hit of all, showing the rich getting richer.
(Also see, The Corporation)
Michael Moore On Nightline
Proving that unchecked American capitalism is the root of all evil.
The richest 10% of Americans account for 43% of income and 57% of
How The CitiGroup Report Looks At Us Versus The
"Our whole plutonomy thesis is based on the idea that the rich will keep getting
richer. This thesis is not without its risks. For example, a policy error
leading to asset deflation, would likely damage plutonomy. Furthermore, the
rising wealth gap between the rich and poor will probably at some point lead to
a political backlash. Whilst the rich are getting a greater share of the wealth,
and the poor a lesser share, political enfranchisement remains as was - one
person, one vote (in the plutonomies). At some point it is likely that labor
will fight back against the rising profit share of the rich and there will be a
political backlash against the rising wealth of the rich. This could be felt
through higher taxation (on the rich or indirectly through higher corporate
taxes/regulation) or through trying to protect indigenous laborers, in a
push-back on globalization - either anti-immigration, or protectionism. We don't
see this happening yet, though there are signs of rising political tensions.
However we are keeping a close eye on developments."
So, the film is wonderful. Congratulations. It is, as many people have already
heard, an unapologetic call for a revolt against capitalist madness. But the
week it premiered, a very different kind of revolt was in the news: the
so-called tea parties, seemingly a passionate defense of capitalism and against
Meanwhile, we are not seeing too
many signs of the hordes storming Wall Street. Personally, I'm hoping that your
film is going to be the wake-up call and the catalyst for all of that changing.
But I'm just wondering how you're coping with this odd turn of events, these
revolts for capitalism led by Glenn Beck. ... (Read
They charged me $35 for every single
one of my debit card transactions (it came to more than $400). When I called my
bank's customer service hotline, they told me it was in my service agreement
that it could take 10 days to clear something deposited at a "foreign" ATM -
even though they all belonged to the same STAR network. I argued with them, but
they wouldn't budge.
So I called their corporate
communications officer, told them I was writing a story about my experience
(noting I'd found a class-action suit filed against them for this very thing)
and asked for an official statement to include in my piece. Magically, my
charges disappeared and I got an apology. "You've been a customer for
such a long time, we'll make an exception this time," I was told.
Isn't America great? ...
Soc. Sec. to go into red next year
The Associated Press - September 27, 2009
Big job losses and a spike in early retirement claims from
laid-off seniors will force Social Security to pay out more in benefits than it
collects in taxes the next two years, the first time that's happened since the
to take on Big Oil
Obama preparing push to end subsidies for oil companies. ...
Globalization Goes Bankrupt
InformationClearinghouse.info, By Chris
The rage of the disposed is fracturing the country, dividing it into camps that
are unmoored from the political mainstream. Movements are building on the ends
of the political spectrum that have lost faith in the mechanisms of democratic
change. You can't blame them. But unless we on the left move quickly this rage
will be captured by a virulent and racist right wing, one that seeks a
“They claim there’s a recovery
but the recovery ought to be measured by the people working. True
unemployment is now 16 percent, and the people who lost money have not
regained the money. The people who lost houses have not gotten their houses
back. There is no recovery,” said Paul. ...
One year after the
global banking system collapsed the Institute for Policy Studies (IPS) 16th
Annual Executive Excess report -- "America's
Bailout Barons" -- shows that the perverse system of executive compensation
which contributed to the
financial meltdown is still thriving for top bailout recipients.
As a result historic inequality in pay is still prevalent and
the neo-Gilded Age tycoons are raking it in. According to the report, a
generation ago top execs rarely earned more than thirty to forty times the pay
of the average American worker. But now top execs make an average of 319
times more than the typical worker. For the top twenty financial industry
execs the divide is even greater -- 436 times more than the average worker in
2008. In the past three years, the top five execs at the twenty US financial
firms receiving the most Bailout Bucks took home pay packages worth a staggering
$3.2 billion -- an average of $32 million each. In 2008 those cats averaged
nearly $14 million each--even though their twenty firms laid off more than
160,000 people since January of that year. ... (Read
The Corporation The Influence Of The Corporation On Society And
Its Disparaging Affect On Us All The Aim Of The Corporation Is To Protect The Owners Financially By
Giving It Rights As An Actual Human, But What Type Of Human Would Actually
Be? (The rise of the new fascism: Corporatism)
Psychologists examine the corporate entity as a human being
and determine that it is a dangerous psychopath.
The award winning documentary delves into the mindset of
the corporation, accepting it for what is has legally been set up for, as
a human entity with the rights of an individual. What they set out to
ascertain is, what type of an individual would the corporation be if it
were psychoanalyzed as a person? The shocking conclusion is that the all
pervasive and controlling corporate entity would be characterized as a
Concentration Of Wealth For The Rich Is The Greatest On Record Thank You George W. Bush For Not Taxing The Top 1% Of
The Rich RawStory.com , by Daniel Tencer - 081609
The wealthiest 10 percent of Americans now have a
larger share of total income than they ever have in records going back
nearly a century — an even larger amount than during the Roaring Twenties,
the last time the US saw such similar disparities in wealth.
In recent years, the fact that differences between rich and
poor are the greatest they’ve been since the Great Depression has become a
popular talking point among liberal-leaning economists. ...
The Widening Gap In America's Two Tiered Society
By Emily Spence
If the U.S. populace somehow imagines that its members are viewed any
differently than any other populations across the world that are used to produce
maximal profits for the top economic class, there's a rude awakening in store
ahead. Further, most legislators simply do not care whether middle and lower
class interests are or aren't well served as long as they, themselves, can
somehow make out well in the times ahead.
The Great American Bubble
Machine From tech stocks to high gas prices,
Goldman Sachs has engineered every major market manipulation
since the Great Depression - and they're about to do it
Rolling Stone, by
- Posted Jul 13, 2009 1:49 PM The first thing you need
to know about Goldman Sachs is that it's everywhere. The
world's most powerful investment bank is a great vampire
squid wrapped around the face of humanity, relentlessly
jamming its blood funnel into anything that smells like
money. In fact, the history of the recent financial crisis,
which doubles as a history of the rapid decline and fall of
the suddenly swindled dry American empire, reads like a
Who's Who of Goldman Sachs graduates. ...
Max Keiser On Goldman Sachs Oligarchy -
Max Keiser On Goldman Sachs Oligarchy -
Stock Traders Find Speed Pays, in
Milliseconds How The Game Is Rigged And
Fleeced By The Crooked Elite
New York Times, by
- July 24, 2009
It is the hot new thing on Wall
Street, a way for a handful of traders to master the stock
market, peek at investors’ orders and, critics say, even
subtly manipulate share prices. It is called high-frequency
trading — and it is suddenly one of the most talked-about
and mysterious forces in the markets. Powerful computers,
some housed right next to the machines that drive
marketplaces like the
New York Stock Exchange, enable high-frequency traders
to transmit millions of orders at lightning speed and, their
detractors contend, reap billions at everyone else’s
expense. These systems are so fast they can outsmart or
outrun other investors, humans and computers alike. And
after growing in the shadows for years, they are generating
lots of talk. ...
How You Finance Goldman Sachs’ Profits Information
Clearinghouse.com, by Nomi Prins
This is perhaps the most important thing I
learned over my years working on Wall Street, including as a
managing director at Goldman Sachs: Numbers lie. In a normal
time, the fact that the numbers generated by the nation's
biggest banks can't be trusted might not matter very much to
the rest of us. But since the record bank profits we're now
hearing about are essentially created by massive federal
funding, perhaps it behooves us to dig beneath their data.
Prior to the signing of the Declaration of
Independence, the American Colonies were subject to the rule of
English Common Law and pronouncements of the English Crown
and Parliament. Charters from the English Government delineated
legal powers granted to the colonies, and at least one,
Virginia’s Charter of 1606 , gave that colony the power to
coin its own money. Others, however, did not have this power,
and it was Massachusetts’ 1652 establishment of a
mint, for example, that led in part to revocation of its
Charter in 1684 and closure of the mint in 1688. ...
History of the Credit Card
Something every person should know about the credit card
My economic point of view is from ground
level. It is a point of view sometimes described as
“agrarian.” That means that in ordering the economy of a
household or community or nation, I would put nature first,
the economies of land use second, the manufacturing economy
third, and the consumer economy fourth.
A properly ordered economy, putting nature
first and consumption last, would start with the subsistence
or household economy and proceed from that to the economy of
markets. It would be the means by which people provide to
themselves and to others the things necessary to support
life: goods coming from nature and human work. It would
distinguish between needs and mere wants, and it would grant
a firm precedence to needs. ...
How the U.S. Uses Globalization to
Cheat Poor Countries Out of Trillions Confessions of an Economic Hit Man
By John Perkins In his first book, Confessions of an
Economic Hit Man, John Perkins told the story of his work as
a highly paid consultant hired to strong-arm leaders into
creating policy favorable to the US government and
corporations, what he calls the “corporatocracy.” John
Perkins says he helped the US cheat poor countries around
the globe out of trillions of dollars by lending them more
money than they could possibly repay and then taking over
their economies. ...
Congressman Kucinich Grills AIG On Fraud
Kucinich rips apart AIG CEO for stealing millions.
The Financial Meltdown We will never know the true inside story of what really
The International Forecaster by Bob Chapman On Friday, we had the
latest edition of the FDIC “Friday Night Financial Follies” as regulators
on Friday shut down Bank of Lincolnwood, a small bank in Illinois, marking the
37th failure this year of a federally insured bank. More are expected to succumb
amid the pressures of the weak economy and mounting loan defaults. ...
For the past eight months, we have been a nation focused on
bailouts and bankruptcies. For the past ten years, we have been a nation
ignoring massive wealth transfer and wealth concentration through a rigged Wall
As simple and clear as this picture is, some of the brightest minds in this
country are unwilling to connect the cause and effect of wealth in too few hands
to bankruptcies and a tanking economy.
Wealth-deprived consumers can't buy the goods and services being produced. This
leads to repetitive cycles of layoffs and growing unemployment which leads to
more wealth-deprived consumers leading to more overcapacity in production
plants, more layoffs, more shrinking purchasing power.
The accompanying, and equally dangerous, problem is that concentrated wealth
stifles the very innovation that is necessary to create new industries, new jobs
and lead us out of the downward economic spiral.
Let's think about the individuals who tapped into Wall Street's rigged wealth
transfer system and what they have done with their ill-gotten loot: typically,
they own three or more homes, fancy cars, multiple country club memberships,
airplanes, yachts, and numbered offshore bank accounts. The problem is, they
just can't buy enough to compensate for the purchases they have deprived
hundreds of thousands of other consumers from being able to make. ... (Read
Economic And Political Advice From The
You've Got To Get Active When Let Down By The System
Bail-Out Scam An open
letter to Congress on the bail-out NewsFocus, by Tim Watts 040209
For those not thinking properly on these
large bail-outs…. “we the people” want some
accountability. Congress is bankrupting us to save
the poor business dealings of others. So in essence,
let’s bankrupt our once great sovereign nation in order to
save a smaller not so great for-profit corporation.
There is no other way to parse that statement. ...
New American Hero: Brad Sherman Tells It Like
And yet CNBC still seems to be clueless to it all.
I guess we know who not to get our financial advice from now.
CORRECT ME IF I'M
WRONG... Are We Helping The Wong People With The Bail-Outs And
Stimulus? NewsFocus, by Tim Watts 032209
It seems to this American that all of the corporate bail-outs
deal with keeping the ultra-wealthy afloat. Someone please explain how giving
money to uber-rich banks and corporations will save this country. We are dealing
with the richest 1% of America while the other 99% with the real spending power
are left to rot and die. Where is the common sense in that approach?
It would seem apparent to most that we've
had enough of Reaganomics and the 'trickle-down" theory. It has been
proven undeniably that this rationale is very clearly a gross financial myth, if
not simply a bald faced lie from the fat cats that have gained all of their
wealth off the middle-class and the poor.
The rich easily forget where they
(stole) their money from, through the over-valuing of retail goods and services,
ripping off the American consumer in the end process for obscene, outrageous
profits. I like to refer to this as "unchecked capitalism."
The benchmark of American capitalism
is that you charge 100% of what an item costs you in order to make your tidy
profit. Many have now egregiously overstepped that rule with the sky as the
limit principle for their unchecked, immoral avarice. For all the crap
rhetoric that this country likes to spew about communism and socialism, it
appears that unchecked capitalism has indeed truly been the worst evil
for humanity and the world.
Fact: The Bush administration
gave those 1% of America's most wealthy the largest tax breaks immediately upon
coming into office. So what did Americans ever get in return? Oh yeah, our
economy is in shambles.
Fact: More corporations leave
for off-shore tax shelters, refusing to pay their fair share in an economy whose
infrastructure they freely use and abuse on a daily basis. According to a 2008
Government Accounting Office (GAO) report, over 66% of these ultra-wealthy
corporations and overpaid executives give nothing back to America by
paying NO taxes whatsoever. With revenues of over $2.5 trillion dollars in
untaxed income, this is, to coin a new term, taxation treason.
Fact: Rather than use bail-out
money for what it was intended for, the wealthy elite have instead used it to,
1) get richer, 2) as a next egg for their own bad times, 2) grow more powerful
by buying up smaller institutions and competitors, and 4) paying dividends to
their top wealthy shareholders. All against the TARP and what the stimulus was
Fact: Wall Street pariahs
fervently seek to destabilize markets and institutions through short selling and
other outlandish financial schemes, all so they can make a buck for themselves,
with no personal responsibility for the economic backlash they create.
Excuse me, but what is wrong with this
If the term "criminal behavior"
pops to mind, you're definitely on the right track.
For anyone to blame middle-class
America for accepting loans that our government and private financial
institutions enticed and teased them with is a wildly disingenuous accusation. As cold
as it sounds or truly may be, rape has always been a hard case to to prove in a
court of law when the victim eagerly urged and teased the predator on. So why do
we accept this disgusting reasoning when it is now applied to inflated mortgages
and loans in the current housing and financial crisis?
It would seem that if you seriously
wanted to stimulate the economy, you would help the 99% of Americans who hold
the true buying power in this country. That is where true economic recovery
begins. It does not take a master economist to grasp the principle in this
concept. Trying to appease the wealthy has already been proven to be a waste of
time and money. It merely depletes the middle class and creates more of the poor
and lower class.
Momma always said, don't trust
bankers, lawyers, politicians or insurance salesman. I guess we can now add Wall
Street investment brokers to that list as well.
Let the richest 1% wallow in the
financial cesspool that they created. Throw the bail-out lifeline to the other
99% of Americans who truly need it.
BofA's Lewis Against Reinstating Glass-Steagall Act Crooks & Liars.com, by Susie Madrak Saturday Mar 28, 2009
No, of course not. Because so
far, that little arrangement has been working rather well for them - they got
obscenely rich, and we got the tab The Glass-Steagall Act of 1933 prohibited banks from having
commercial- and investment-banking businesses under one roof, but the
law was repealed in 1999 by the Gramm-Leach-Bliley Act. The change
followed the merger of Citicorp Inc. with Travelers Corp. Inc. to form
Citigroup Inc. ...
Card Interest Rate Scam Explained
How To Get
Out Your Interest Rates Lowered
Hard To Get Out of Debt
How To Get
Out of Debt The Right Way
THIS IS UNDENIABLY A
HUGE PART OF THE PROBLEM
If working families have to pay their taxes then so should big, wealthy
corporations. When major corporations avoid paying state taxes, families and
small businesses pay more. We shouldn’t be increasing tuition, fees and
property taxes on working families to fix the budget deficit while big, wealthy
corporations dodge their taxes.-Wisconsin
State Representative Spencer Black, 77th District
GAO STUDY: $2.5 Trillion In Corporate Money Goes
Nearly two-thirds of U.S. companies and 68% of foreign
corporations do not pay federal income taxes, according to a congressional
report released Tuesday. (August 2008) The Government Accountability Office
(GAO) examined samples of corporate tax returns filed between 1998 and 2005. In
that time period, an annual average of 1.3 million U.S. companies and 39,000
foreign companies doing business in the United States paid no income taxes -
despite having a combined $2.5 trillion in revenue. GAO-08-957
Administration: Comparison of the Reported Tax Liabilities of Foreign and
US Controlled Corporations 1998-2005 ...[PDF]
Time, By Donald L. Barlett and James B. Steele110998
How would you like to pay only a quarter of the real estate taxes
you owe on your home? And buy everything for the next 10 years without spending
a single penny in sales tax? Keep a chunk of your paycheck free of income taxes?
Have the city in which you live lend you money at rates cheaper than any bank
charges? Then have the same city install free water and sewer lines to your
house, offer you a perpetual discount on utility bills--and top it all off by
landscaping your front yard at no charge? ...
that still believes in the trickle-down theory (Reaganomics) needs to take a serious
look at the state of our economy. Bush gave the wealthiest 1% of Americans the
biggest tax breaks immediately after taking office and look what it did for our
House Rock - Paying Taxes
House Rock - Tyrannosaurus Debt
A Must See Psychoanalysis of the Modern Corporation
Hey, GOP... remember this one? Bush Signs Landmark $700-Billion Bailout Legislation!
Reuters - by
Eddie Evans and Kevin Krolicki - October 3, 2008
President Bush Friday signed landmark US$700-billion legislation
to help lenders unload distressed real estate assets off their books, a move
aimed at curbing a spreading financial crisis. The White House confirmed that
Bush had signed the bill, which was approved earlier by the House of
Representatives, just before he was due to leave for a political fund-raiser in
St. Louis and a weekend stay at his Texas ranch. ....
Remember $29-Billion In Financing For JP Morgan/Chase's
Buyout of Bear Stearns
First We Had $200-Billion For Fanny Mae And Freddie Mac
Then We Had The First AIG Bail-Out For $85-Billion
Then There Was The Second AIG Bail-Out For $37-Billion (up to $148-B
And Don't Forget The $25-Billion Auto-Bail-Out
We Gave Bank of America $118-Billion
And on and on and on. It's hard to keep up at this point.
Love Him Or Hate Him: Glenn Beck Nails
This One On The Head
What's the old saying?... A broken clock is right twice a day.
Congressman: Culprits Of Financial Collapse Should Be
Arrested Not treated as saviors and given
more power to “fix” the problem that they created PrisonPlanet.com, By Paul Joseph Watson - March 12, 2009
Congressman Ron Paul says that the people responsible for the economic crisis
should not be hailed as saviors and given more power to fix the problem that
they created, but arrested and criminally prosecuted. Paul told the Alex Jones
Show that the only way the private Federal Reserve could be brought under
control would come as a result of a mass uprising, noting that there is a lot
more awareness in Washington about the Fed’s contribution to the economic
The Congressman has two
bills before Congress, one to abolish the Fed altogether and another to audit
the organization. “Today they’re protected, they’re in total secrecy and
they’re protected by the law - if 1207 is passed we have an audit and they have
to answer the questions and I figure, if we ever get that far and get the
exposure and get the transparency that we need then people will wake up and
realize, why do we have them at all,” said Paul. ...
A PR attempt to calm the country down, but how can we trust the Fed?
Jon Stewart Ices Jim Cramer With Earnest Anger, Not Bombast Cramer's Day of 'Stewarts'... Martha meek in the
morning, Jon right on at night U.S. News & World Report - 17
hours ago 031309
If you haven't seen
it, the Jon Stewart-Jim Cramer interview from Thursday night was actually worth
the hype. You know there's something going on when the people weighing
positively for Stewart afterward range from TPM and James Fallows, who compares
Stewart to both Edward R. Murrow and
(so who plays whom in "Stewart/Cramer"?) ...
AIG releases list of bailout
benificiaries guardian.co.uk - 31
minutes ago 031609
Despite denials, Goldman Sachs tops lists of
benificiaries from US taxpayer bailout of insurance giant AIG.
Bowing to building pressure from the media,
AIG Still Living in Denial As It Pays Out
Millions in Bonuses By Mary Kane 3/15/09 11:33 AM
Bailed-out insurance giant AIG will no doubt be a
heated topic of discussion today, with The Wall Street Journal
and other news organizations
reporting that the failed and essentially insolvent company
is vowing to pay out $450 million in bonuses to its “top
performers” — you know, the folks in the financial products
unit, many of whom contributed to bringing the company to ruin
and helped tank the entire economy in the process.
Why is it comedians get this but Congress doesn't?
Switzerland breaks with tradition on tax evasion The Associated Press - 5
GENEVA (AP) — Switzerland's days as a safe haven for the world's
tax evaders are numbered. Under pressure from the United States
and other troubled economies, the Swiss government announced
Friday that it will cooperate in international tax
Switzerland eases banking secrecy BBC News - 14
Switzerland, the world's largest offshore financial centre, has
agreed to accept concessions on bank secrecy. However, while it
will now abide by international rules on bank data sharing, it
said it would only respond to "concrete and justified"
Bank secrecy moves may force
wealthy back onshore Reuters - 9
By Lisa Jucca - Analysis BERNE (Reuters) - Wealthy people who
have stashed cash in undeclared accounts in Switzerland and
other offshore centers may now seek ways to legitimize their
money after Berne and other tax haven governments relaxed bank
US senator wants Fed to name loan
recipients Reuters - 30
minutes ago 030309
WASHINGTON, March 3 (Reuters) - A US senator
berated Federal Reserve Chairman Ben Bernanke on Tuesday for
refusing to name banks that borrow from the central bank and
introduced legislation that would require public disclosure. ...
"Diseases desperate grown
are by desperate appliances relieved, or not at all." –
Moody’s credit rating agency is warning that the
U.S. government’s AAA credit rating is at risk, because it has
taken on so much debt that there are few creditors left to
underwrite it. Foreigners have bought as much as two-thirds of
U.S. debt in recent years, but they could be doing much less
purchasing of U.S. Treasury securities in the future, not so
much out of a desire to chastise America as simply because they
won’t have the funds to do it. Oil prices have fallen off a
cliff and the U.S. purchase of foreign exports has dried up,
slashing the surpluses that those countries previously recycled
back into U.S. Treasuries. And domestic buyers of securities, to
the extent that they can be found, will no doubt demand
substantially higher returns than the rock-bottom interest rates
at which Treasuries are available now.
May God Help Us All...
G7 Meeting: Italy's Giulio Tremonti calls for a "new global
Andrew Willis 021609
Finance ministers and central bank governors of
the Group of Seven industrialised nations (G7) met over the
weekend in Rome to discuss the ongoing financial crisis and
Lansing Mayor Rips FOX
Anchor On Financial Crisis One thing is clear to the public, the American worker did
not cause this mess.
Financial Crisis: Toxic Plans for Toxic
by Stephen Lendman
February 16, 2009
Exit Paulson, enter Geithner with the latest "no
banker left behind plan" - aka whatever Wall Street wants, Wall
Street gets. Yet, the reception was underwhelming. The Dow
plummeted 382 points while investors took shelter in bonds and
gold. AP reported that "the new bank rescue plan landed with a
thud on Wall Street" as investors worried that no end to the
crisis is in sight. Editorial and op-ed commentaries were near
unanimously negative and some especially critical. ...
Panel Rips Into Bankers Over Bailout
For some, the bankers conduct during this
crisis is tantamount to treason.
Olbermann Rails Against Fat-Cat Corporate Greed
Time for greed to take a backseat to the US economy.
Where All the TARP Money Went
U.S. News & World
Report, DC - 22 hours ago 021209
Yesterday’s interrogation of the eight bank CEOs
by the 71 inmates of the House Financial Services Committee was
surreal. The politicians all demanded to ...
Bankers feebly try to defend why they're hoarding our money.
Vanity Fair Editor Uncovers Bail-Out
Application Apply To Get Your Cut of The
Bail-Out Pie Today! by
Bruce Feirstein December 1, 2008,
9:47 AM Well, it turns out that V.F.
contributing editor Bruce Feirstein has discovered the über-top-secret
Federal Bailout application—the one-page “EZ-CASH” form that’s
been making the rounds at corporate board rooms, weekend ski
chalets, and NetJets waiting rooms all across America. ...
Yeah, This Is Not A Good Thing People...
Time Magazine: The New World Order A New Central Bank For The World Is Needed By
Justin FoxThursday, Feb. 05, 2009 In recent weeks, the world has been
politely standing by and watching how things play out with the
fiscal stimulus and latest bank-bailout plans in Washington. ...
Need a Bank Of the World The financial crisis is
global- Only an international central bank can deal with it.
NEWSWEEK, By Jeffrey E.
Garten, Published Oct 25, 2008 (From the magazine issue dated
Nov 3, 2008)
If George W. Bush's upcoming
global summit on how to fix the world's broken financial
system—an event proposed by several European presidents and
prime ministers—is to be a serious effort, the leaders should
begin laying the groundwork for establishing a global central
bank. The idea of such an institution would have been a
political nonstarter before the current debacle. ...
Schools The Talking Heads On The Economy
Krugman displays a clear insight into the financial crisis
Richest 400 Earn More, Pay Lower Tax Rate
Forbes, NY -
Jan 29, 2009
WASHINGTON, DC--The 400 highest-earning
taxpayers in the US reported a record $105 billion in total
adjusted gross income in 2006, but they paid just $18 ...
Feds foil plot to wipe Fannie Mae
Associated Press 013009
URBANA, Md. (AP) — The Justice Department
says it foiled a plot by a fired Fannie Mae contract worker in
Maryland to destroy all the data on the mortgage giant's 4,000
computer servers nationwide.
Bank of America: Bad For America? Reports of Bail-Out Money Misuse
Brave New Films 012809
Bank of America is spending bailout funds like a
drunken sailor, but not on anything that will serve as a life
raft for our drowning economy. The largest bank in the US
received a whopping $25 billion in bailout funds with another
$20 billion on the way. And yet they just spent $4 billion on
executive bonuses, invested $7 billion overseas, and dropped
millions more on DC lobbyists. Meanwhile, they are laying off
35,000 workers and actively trying to block the Employee Free
America Flaunts Bail-Out Money
Anyone defrauding the bail-out needs to be indicted and
prosecuted to the fullest.
AIG Execs Get Millions In Cash Awards
Payouts Are Being Called 'Retention Payments,'
Not Bonuses It seems AIG has done it again, this time by
going out of its way to rename bonuses so they won't be reported
It's unpatriotic to exploit our country for profit while
depriving "we the people" a tax.
Corporations and their executives need to be held
Did Wall Street speculators create oil price bubble?
David Edwards and Muriel Kane
Published: Monday January 12, 2009
One of the most inexplicable economic
events of the past year involved the doubling of the price of
oil last spring and summer from $69 a barrel to nearly $150 --
driving gasoline and heating oil costs through the roof --
followed by its even more rapid collapse this fall to under $50
60 Minutes looked into various theories of what happened
and concluded that "many people believe it was a speculative
bubble .. and that it had more to do with traders and
speculators on Wall Street than with oil company executives or
sheiks in Saudi Arabia." (Story
and video here )
W. And The Damage Done
The Harm To The Country And The World Is Unprecedented By Vincent Rossmeier and Gabriel Winant 010808 President Bush inherited a peaceful, prosperous America.
As he exits, Salon consults experts in seven fields to try to assess the
The $10 trillion hangover:
Paying the price for eight years of Bush
By Joseph E. Stiglitz and Linda J. Bilmes In a new article in
Harper’s Magazine, Linda Bilmes and Joseph Stiglitz estimate that the
cost of undoing the Bush administration’s economic choices, from the wars in
Iraq and Afghanistan to the collapse of the financial system, soaring debt,
and new commitments to interest payments and Medicare, all add up to over
See Democracy Now interview )
China Losing Taste for Debt From US
New York Times, United
States - 3 hours ago
By KEITH BRADSHER HONG KONG — China has
bought more than $1 trillion of American debt, but as the global
downturn has intensified, Beijing is starting to ...
US Congress accepts pay increase Despite Tanking Economy, Congress Accepts Cost of
MINA, Canada -
22 hours ago 122308
Each member of Congress will receive a $4700 pay
increase at the beginning of the year. Congress has set up for
themselves an automatic “cost-of living ...
Madoff investors hope for bailout
The Associated Press -
4 hours ago
NEW YORK (AP) — One week ago, Ronnie Ambrosino
was a millionaire. Now, Ambrosino is among the long list of
investors whose fortunes were allegedly wiped out.
Wealth Creation, or a Ponzi Scheme?
Last week the Good Lord evidently realized that
not enough people had been reading Hyman Minsky’s explanation of
how financial cycles end in Ponzi schemes – the stage in which
banks keep the boom going by lending their customers the money
to pay interest and thus avoid default.
Tidy Up The Bailout
Boston Globe, United
States - 16 hours ago 011509
IF TAXPAYERS are spending billions to bail out
banks, they deserve to know how that money is used. US
Representative Barney Frank has introduced legislation ...
Fed won't reveal names of recipients of $2
trillion Andrew McLemore,
December 12, 2008
Federal Reserve refused a request from
Bloomberg News to reveal the recipient of $2 trillion in
emergency loans paid for by U.S. taxpayers.
After Bloomberg filed an open records request through the
Freedom of Information Act, the fed answered by arguing that
it's allowed to withhold information, including memos and trade
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Where's the bank bailout money?
CNN International -
19 hours ago 122308
NEW YORK (CNN) -- Banks have launched public
relations campaigns to bring in customers and soothe nerves,
with ads offering "peace of mind" and other ...
Bailout: Feds don't know where money went?
Ledger, MS - 16 hours ago 122308
The Associated Press, in a survey, found that
not only do most banks that have received the $750 billion say
they don't know how or if they have spent it, ...
Federal bailout: Fair to taxpayers?
Intelligencer - 21 hours ago 122208
The Associated Press asked 21 banks
how they spent government funds and not one bank would
give specific answers. "We're choosing not to disclose that,"
Helen Thomas - It's A Depression
By HELEN THOMAS HEARST NEWSPAPERS
WASHINGTON -- Few prominent
economists will say it, but to me it looks and feels like we are
in another Great Depression or a reasonable facsimile.The
current meltdown is dubbed a "financial crisis." But a rose by
any other name would still inflict the same hardship and
suffering on most people and businesses.
The Worst Is Yet To Come
Anonymous Banker Weighs In On The Coming Credit
By Joe Nocera
A few weeks ago, I published an e-mail message sent to me from
an executive who works in the banking industry — and had become
disgusted by what he sees all around him. This weekend, that
same banker sent me another e-mail message, which he has also
agree to let me publish. It’s another wake-up call. Too bad
nobody is listening.
End the Fed, End Wall Street Bankster Rule, End
the Derivatives Depression
by Webster G. Tarpley / Global Research - 112308
The November 22 End the Fed
rallies raise a vital issue: it is past time to abolish
the unconstitutional, illegal, and failed institution
known as the Federal Reserve System, the privately owned
central bank which has been looting and wrecking the US
economy for almost a hundred years.
Death of the American Empire By Tanya Cariina Hsu / Global
Research - 102308 "Banking institutions are more dangerous to our liberties
than standing armies" (Thomas Jefferson)
America is dying. It is
self-destructing and bringing the rest of the world down with
Often referred to as a sub-prime mortgage collapse, this
obfuscates the real reason.
How the Financial Crisis Was Built Into
In 1910, seven men held a secret
meeting on Jekyll Island off the coast of Georgia. It's
estimated that those seven men represented one-sixth of the
world's wealth. Six were Americans representing J.P. Morgan,
John D. Rockefeller, and the U.S. government. One was a European
representing the Rothschilds and Warburgs.