(RealNews) – Bill Black: Jacob Lew confirmation hearing for Secretary of the Treasuery shows he was picked as a signal that the Geithner policies would survive Geithner, and that they’re actually the president’s policies Read the rest of this entry »
(WeeklyStandard) – Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts. Read the rest of this entry »
(NaturalNews) – Those pesky debt ceilings are just never high enough. Not $10 trillion, nor $14 trillion or even $18 trillion. The problem with debt ceilings is that, in a nation of runaway, criminally insane debt multiplication, debt ceilings keep getting in the way of what the globalist banksters really want: INFINITE debt! Read the rest of this entry »
(RussiaToday) – In this episode, Max Keiser and Stacy Herbert bring a bankster rat onto set to discuss the civil suit against JP Morgan’s mortgage fraud. We revisit episode 97 of the Keiser Report on which journalist Teri Buhl had first warned you about the residential mortgage back security fraud issue on JP Morgan’s balance sheet – thanks to their purchase of Bear Stearns. Read the rest of this entry »
(BloombergLaw) – Last week Manhattan DA Cy Vance filed charges against Abacus Bank and 19 former employees for committing mortgage fraud. Does this mean more prosecutions of other banks for crimes committed prior to the housing crisis? Probably not, according to Bill Black, former regulator and current professor at University of Missouri-Kansas City. Read the rest of this entry »
(RussiaToday) – This week Max Keiser and co-host, Stacy Herbert, talk about JP Morgan’s bet against itself, a Florida legislator’s plans to boost the economy with ‘dwarf-tossing’ and Tim Geithner flying economy. In the second half of the show, Max Keiser interviews Saifedean Ammous about Mubarak’s odious debts and about whether or not Occupy Wall Street is an Arab Spring for the West. Read the rest of this entry »
Start watching at the 2-minute mark. This is the most important Ratigan clip since his on-air meltdown. You will hear that Geithner and Summers defied orders from Obama and took over White House policy, instructing Attorney General Eric Holder to back off Wall Street criminal prosecutions. Read the rest of this entry »
See Also: (CNSNews) – Gallup: Obama Had Worst Month Ever in August – Read More Here
(RawStory) – Kentucky Senator Rand Paul (R) on Wednesday took to the Senate floor to call for a vote of no confidence in Treasury Secretary Timothy Geithner, one of the stalwarts of President Barack Obama’s administration. Read the rest of this entry »
Alex talks with Lyndon LaRouche, who has called for “the immediate jailing of Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner and President Barack Obama for their role in a massive theft of taxpayers money, in the 2008 bailout of Wall Street and London, and the ongoing pledge to continue the bailout of the hopelessly bankrupt European Monetary Union and Wall Street. Part 1 of 4
(BusinessInsider) – The New York Times Bemoans the Lost Opportunity to Cut Social Security and Raise the Age of Medicare Eligibility to 67 – Read More Here
(SeekingAlpha) – 3 Ways to Trade the U.S. Default Talks No Matter What Happens – Read More Here
(SeekingAlpha) – Bank of America: A Calculated Risk or Russian Roulette? – Read More Here
(Bloomberg) – Dollar Drops to Record Versus Franc as U.S. Struggles With Debt Deadlock – Read More Here
(Reuters) – Analysis: Europe’s “Marshall Plan” for Greece may disappoint – Read More Here
(WSJ) – Frenemies: Two Greek Rivals Hold Nation’s Fate in Balance – Read More Here
(TheAustralian) – Warring politicians are playing with fire. – Read More Here
(Reuters) – IMF chief urges U.S. to immediately resolve debt spat – Read More Here
(ZeroHedge) – Goldman Launches The SS QE3 – Tyler Durden – Read More Here
(AgDefenseCoalition) – SOCIAL SECURITY & MEDICARE ALERT – 2011
There are currently seventeen bills pending in either the U.S. House of Representatives or the U.S. Senate that are related to changes in Social Security. This staggering number of Social Security bills, now being considered in various committees, where amendments will be added or the bills changed, shows how determined many elected officials are in either privatizing or killing two of the most beneficial programs to protect the public ever created Read More Here
(CNBC) – Stocks Lag Amid Debt Talk Worries; Gold Soars
Stocks pared some of their losses Monday, but remained under pressure as talks to raise the debt ceiling hit another stalemate and the threat of a U.S. rating downgrade and potential default intensified. Read More Here
(Reuters) – Greek default almost certain, warns Moody’s – Read More Here
(Cryptogon) – Gold Went Vertical for About 45 Minutes In Early Trading – Read More Here
(SchiffReport) – Video: Peter Schiff Responds to Timothy Geithner on Debt Ceiling – “He’s just making this stuff up!”
(InternationalForecaster) – Economic Recovery Remains Elusive – Bob Chapman – Read More Here
(WashingtonsBlog) – Debt Ceiling Negotiators Propose a “Super Congress” To Do the Dirty Work and Avoid the Wrath of Voters
Debt ceiling negotiators think they’ve hit on a solution to address the debt ceiling impasse and the public’s unwillingness to let go of benefits such as Medicare and Social Security that have been earned over a lifetime of work: Create a new Congress.
This “Super Congress,” composed of members of both chambers and both parties, isn’t mentioned anywhere in the Constitution, but would be granted extraordinary new powers.
Legislation approved by the Super Congress … would then be fast-tracked through both chambers, where it couldn’t be amended by simple, regular lawmakers, who’d have the ability only to cast an up or down vote. With the weight of both leaderships behind it, a product originated by the Super Congress would have a strong chance of moving through the little Congress and quickly becoming law. A Super Congress would be less accountable than the system that exists today, and would find it easier to strip the public of popular benefits. – Source: Washington’s Blog
(HeraldSun) – A professor speaks out: money has corrupted our global warming debate
Australian physicist Professor Brian J O’Brien has worked on the Apollo moon missions. In this interview with the ABC, just 8:15 from the end, he suddenly cuts loose on man-made global warming, and commits a series of heresies that pin back the ears of the interviewer.
- It’s been wildly exaggerated. When he first started researching the topic, “I got rather frightened at the exaggerations that were going around.”
- It’s “certainly not proven” than man is largely to blame for any warming. Read More Here
(RussiaToday) – Video: US Doom – ‘The nation is killing itself’ – View Video Here
(SteveWatson) – Goldman Sachs Predicts Gold To Hit $1650 Within 12 Months – Banking on a debased currency, continued printing of money out of thin air – Read More Here
(FoxNews) – Foreclosure Mess Deepens, as Experts Fear that U.S. Has Yet to See the Bottom – Read More Here
(BBC) – Obama will not ban home repossessions ‘fraud’
The White House has ruled out a temporary ban on the repossession of homes, despite a growing row over alleged malpractice. Read More Here
REPOST- (WashingtonsBlog) – “The Largest Financial Swindle in World History”. “Counterfeit” Mortgages “Laundered” by the Banks – Read More Here
(OtherWords) – Washington at Work–for the Wealthy – Uncle Sam is concentrating America’s wealth, not sharing it. – Read More Here
(InfoClearingHouse) – Slashing the Dollar – The Future is Ugly – Mike Whitney – Read More Here
(DailyBell) – Doug Casey on the Violence of the Storm, the Destruction of the Middle Class and the Coming Gold Standard – Read More Here
(MyBudget360) – Bank of America has $2.3 trillion in assets but $956 billion of that is made up in loans. Think those loans are valued at current market levels? The FDIC would have a challenge even breaking up one too big to fail bank – Read More Here
(IND) – Spending cuts will cost a million jobs, warns PwC – Read More Here
(Yahoo) – Who’s upset over the economy? Everybody, everywhere – Read More Here
(AP) – Robo-signers: Mortgage experience not necessary
Banks hired hair stylists, teens to process foreclosure documents, workers’ testimony shows Read More Here
(YahooFinance) – Video: The Fed’s New Plan To Save The Economy Could Lead To “Titanic Trouble”, Says Westwood’s Alpert – Read More Here
(UnconventionalEconomist) – US Housing Market: From Bad to Diabolical – Read More Here
(CNBC) – Video: Debt Crisis Will Hit Japan Next, Then US: Historian – Niall Ferguson – Read More Here
(EconomicPolicyJournal) – Ben Bernanke Money Printing Ends Up as Wall Street Bonuses
WSJ is reporting that bonuses on Wall Street this year are expected to be around $144 billion. How big is that relative to the overall economy? Read More Here
(KevBoyle) – Student Fees: Coming Enslavement Of The Middle Class
As you might already know, we have already effectively handed over our childrens’ futures to the banking oligarchy via the greatest theft in human history…..the bail-outs and ‘quantitative easing’ that began in November 2008. Read More Here
(PopModal) – Video: Donna Brazile Cites Communist China As a Successful Economic System – Video Link Here
(C4L) – What Did the Pentagon Do With That Extra Trillion Dollars?
Basically, you got a smaller Navy and Air Force and a tiny increase in the size of the Army. As an extra bonus, the hardware those forces use are now older than they were in the Clinton administration in 1998. Read More Here
(ZeroHedge) – Gold Surges After Japan Says It Is Considering New QE And Geithner Guarantees Currency Wars – Tyler Durden
A quick look at gold price action demonstrates that someone somewhere is actively debasing currencies. An even quicker scan of headlines confirms this to be the case: Read the rest of this entry »
(Infowars) – The United States is running out of time to get its budget and trade deficits under control. Despite the urgency of the situation, 2010 has been wasted in hype about a non-existent recovery. As recently as August 2 Treasury Secretary Timothy F. Geithner penned a New York Times column, “Welcome to the Recovery.”
As John Williams (shadowstats.com) has made clear on many occasions, an appearance of recovery was created by over-counting employment and undercounting inflation. Warnings by Williams, Gerald Celente, and myself have gone unheeded, but our warnings recently had echoes from Boston University professor Laurence Kotlikoff and from David Stockman, who excoriated the Republican Party for becoming big-spending Democrats Read the rest of this entry »
(BeforeItsNews) – Into the Abyss: The Cycle of Debt Deflation
One of the most famous quotations of Austrian economist Ludwig von Mises is that “There is no means of avoiding the final collapse of a boom brought about by credit expansion. Read More Here
(ZeroHedge) – US Mint Out Of Not Only Silver But Gold American Eagles As Well – Tyler Durden
Update: After following up with the Mint, any shipments and deliveries of American Eagle 2010 edition both gold and silver are TBD and the mint has no idea on when these will be received if at all this year. A small shipment of American Buffalo gold coins will go on sale on June 3 at noon. The mint expects these to sell out promptly. Read More Here
(PaulWatson) – Bilderberg 2010: Globalists Panic Over Euro Collapse
Elite to seek reassurances from Spanish leaders that ultimate agenda for global currency will not be derailed Read More Here
(RawStory) – Goldman Sachs sold $250 million of BP stock before spill
Firm’s stock sale nearly twice as large as any other institution; Represented 44 percent of total BP investment Read More Here
Goldman Sachs Sold 44% of its BP stock three weeks before the Deepwater Horizon explosion – View Stocks Here
Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products. Update: Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Proof Coins will not be produced.
(ZeroHedge) – US Mint Sells More Gold Coins In May Than Any Month Since January 1999 – Tyler Durden
If anyone wants to know the reason why PHYS is once again trading at about a 10% premium to NAV all over again (yes mere days after the follow on offering) look no further than the US mint. Reuters reports that “The U.S. mint sold 190,000 1-ounce American Eagle gold coins in May, the largest number since January 1999, and the most in any month so far in 2010, according to a spokesman for the U.S. agency.” At least the mint still has gold coins to satisfy record demand. Buyers in Europe unfortunately are not so lucky, which is why in Greece recently an oz of sold for as high as $1,700. Read More Here
(ZeroHedge) – Another Blatant EUR Intervention Leads To 150 pip EURUSD Move In Seconds
With all the grace of a drunk Keynesian at an Austrian economists meeting, the Central Banks once again kill the EUR shorts and intervene to prop it up, for a ridiculous 250 pips intraday move. Read More Here
(CNBC) – Euro to Go Under $1.20 ‘Almost Certainly’: Gartman – Read More Here
(PaulWatson) – Iran To Dump 45 Billion Euros For Gold Bullion & Dollars
The Central Bank of Iran is set to dump a whopping 45 billion euros in exchange for gold bullion and dollars as Gulf states also prepare to flee from the ailing single currency amidst debt turmoil in Europe that threatens to disintegrate the entire region.
According to the Iranian state website Press TV, Iran’s central bank has already begun converting its euro reserves into gold and dollars as a response to the “downward spiral” of the euro, in the first of a three phase movement to flee from the currency. Read More Here
REPOST – (Blacklistednews) – 25 Questions To Ask Anyone Who Is Delusional Enough To Believe That This Economic Recovery Is Real
If you listen to the mainstream media long enough, you just might be tempted to believe that the United States has emerged from the recession and is now in the middle of a full-fledged economic recovery. In fact, according to Obama administration officials, the great American economic machine has roared back to life, stronger and more vibrant than ever before. But is that really the case? Read More Here
(LVRJ) – Problems continue in high-rise condo market
It really didn’t take a $40,000 study from the Sierra Club to determine that Las Vegas was overbuilt, putting a strain on natural resources. Just look at the vacant buildings. Read More Here
(BusinessInsider) – How The U.S. Is Faced With Both Rocketing Inflation And Deflation At The Same Time
Calafia Beach Pundit shows how the U.S. has been experiencing both long-term inflation and deflation at the same time. Essentially, the cost of services has been rocketing higher, just as the cost of durable goods has been rocketing lower: Read More Here
(Neithercorp) – REPOST – Warning Signs Of Full Spectrum Collapse Are Everywhere
The sovereign debt crisis in Greece and many other European nations has, at least for the moment, opened a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. The average American is now more aware of the terrible costs of living in an artificially driven and widely manipulated “global economy”, and has also been exposed (at least for the moment) to the very real frailties in our own markets, which have been hidden or downplayed by the government as well as disingenuous establishment economists. Read More Here
(June 1) – Video: Webster Tarpley Details TIm Geithner’s “America is Finished” Comment to China on Alex Jones Tv
Alex also talks with researcher and author Webster Tarpley. Alex also covers the latest news following the holiday and takes Read the rest of this entry »
(SOTT) – Are Goldman Sachs and the Megabanks Able to Wipe out an Entire Economy with a Keystroke?
How artificial intelligence and robotrading pose a growing threat to the global marketplace. Read More Here
(BostonHerald) – Frills, not jobs, filling posh IRS digs
The $92 million renovations at the IRS compound in Andover will include a reflecting pool, an art gallery, indoor gardens, a 7,000-square-foot cafeteria and an amphitheater, but it remains unclear what new permanent jobs, if any, will come to the center. Read More Here
(MurrayDobbin) – The Canadian ‘good banks’ myth
The sorry spectacle of Conservative cabinet ministers flying around the world defending banks from a tax to cover their next, inevitable, meltdown is bad enough. What is perhaps worse is that it is being largely justified by the perpetuation of the myth that Canada did not have to bail out its banks.
REPOST- (SeekingAlpha) – Video: Hendry – ‘I Would Recommend You Panic’
In this widely watched BBC video, Hugh Hendry of hedge fund Eclectica Management recommends the world panic over the ongoing European debt crisis and then the group debates whether perpetual bailouts and a much longer slowdown are preferable to a real purging of the system and a much shorter recession that would also see major reforms. Video Link Here
(TimesOnline) – Greece urged to give up euro
THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy. Read More Here
(Express) – WORK UNTIL LUNCH JUST TO PAY TAX
Analysis relating the tax burden to the working day suggests that the average 9-5 worker takes until 1.21pm to cover their tax bill and then spends three hours 39 minutes working for themselves. Read More Here
(WSWS) – Austerity measures throughout Europe
Two weeks ago, European heads of state and the International Monetary Fund reached agreement on a €750 billion rescue package for the euro. Since then, not a day has gone by without the announcement of a new round of draconian austerity measures. Working people are now being ordered to pay the price for plugging the massive holes in public finances that are the result of various rescue measures for the banks and the euro. Read More Here
(ComingDepression) – Sell now warns LA real estate experts amid BP oil spill
“Carolyn Angelette said around 100 clients have canceled summer rentals in Grand Isle, LA. Other clients have postponed plans to buy a home until they see the full extent of oil damage. At this rate, she warns, her Century 21 office will go out of business.”
It is obvious BP will be in litigation for decades with multiple plaintiffs once it is discovered just how much damage this unprecedented disaster has unleashed. It would not surprise me if this catastrophe bankrupts the company. Read More Here
(LATimes) – Lessons of hard times in Vallejo
Since filing for Chapter 9 bankruptcy protection two years ago, this scrappy Bay Area bedroom community has come to symbolize the fiscal troubles — now faced by many cities — that helped push it to the brink: unrestrained spending, out-of-control pension costs and a burst housing bubble. Read More Here
(RussiaToday) – Video: Wall Street Operative Geithner Rebuffed in Berlin on Mission to Make World Safe for Derivatives
On the most important stop of last week’s desperate mission to make the world safe for derivatives, US Treasury Secretary Geithner has been dealt a decisive rebuff. Geithner’s obvious attempt to sabotage the recent prohibition enacted by the German government against naked credit default swaps (among the most toxic of derivatives) was rejected in Berlin on Thursday by German Finance Minister Wolfgang Schäuble. Read the rest of this entry »
Bank of England Governor Mervyn King says: “We are still halfway through the world’s worst financial crisis ever.” He is in good company.
The following experts have said that the economic crisis could be worse than the Great Depression: Read More Here
(CalculatedRisk) – California: “Absolutely terrible” budget cuts to be announced at 4 PM ET – Read More Here
(YahooFinance) – Video: TechTicker – Dow Tumbles as “Disintegration” Fears Haunt Europe
Hopes that a massive $1 trillion bailout for Europe would hold the financial markets together came unglued Friday. Stocks tumbled around the world and the U.S. followed suit. Heading into the close, the Dow was down more than 230 points. – Video Link Here
(GeorgeWashingtonBlog) – The Bailout of Big American Banks Has Cost Trillions More Than We’ve Been Told
Granted, the $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. Indeed, the Fed doesn’t want the banks to lend.
The debt mountain that brought down some of the world’s biggest banks and dragged the international financial system to the brink of disaster has simply shifted to governments. Now it’s threatening countries around the globe — and, if left unchecked, could rip the very fabric of Europe’s economic system and wreck economic recoveries in the U.S., China and Latin America. Read More Here
(USAWatchdog) – Is the Financial System Corrupt?
Recent headlines coming out of the financial world have been jaw dropping. Here are a few: Read More Here
(WSWS) – US media demands Greek-style austerity for American workers
In recent days, the US media—led by the standard bearer of American liberalism, the New York Times—has insisted that workers in the US, like their brethren in Greece, have been living the good life for far too long and must accept a drastic and permanent reduction in their living standards. Read More Here
(CNBC) – Video: The Economy & Your Portfolio with Rick Santelli ‘This European Crisis Should Be A Wake Up Call’
A look at the big issues facing the economy and how investors are playing them, with Michael Pento, of Delta Global, and Jordan Kimmel, of National Securities. Video Link Here
FLASHBACK- (WashingtonExaminer) – In 2005, U.S. intelligence warned of Euro econ crisis and EU’s demise unless welfare states downsized
In 2005, the National Intelligence Council prepared a prescient report warning that overextended welfare states could lead to economic crisis and possibly the collapse of the European Union sometime in the next 15 years: Read More Here
(FinanceMarkets) – US banks under investigation
Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. Read More Here
(ChartingStocks) – Dollar Jump Resembles ‘08 Crash
On Wednesday, I wrote about the troubling signal given by the Volatility Index (VIX) as it surged in a manner which resembled the 2008 crash. Today we can add another market indicator to the “trouble” list – The US Dollar. Read More Here
(AlethoNews) – New Iran sanctions bill to kill 20,000 US jobs each year
Major US firms are warning Congress against passing legislation to impose new sanctions against Iran, saying such sanctions will further damage the US economy.
Boeing Co. and Exxon Mobil Corp. are lobbying to fend off tightened sanctions against Iran that business groups say will cut US exports. Read More Here
Video: The New World Order Currency Crisis
(Kitco) – Five Facts You Need to Know About the Financial System
Let’s connect the dots on the ENTIRE financial system right now. Read More Here
(LondonTelegraph) – US faces same problems as Greece, says Bank of England
Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank. Read More Here
(LondonGuardian) – Nicolas Sarkozy threatened to pull France out of the euro
French president Nicolas Sarkozy threatened to pull his country out of the euro if other EU countries, especially Germany, did not agree to help rescue debt-laden Greece. Read More Here
(Bloomberg) – Volcker Sees Euro ‘Disintegration’ Risk From Greece
Former Federal Reserve Chairman Paul Volcker said he’s concerned that the euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region’s members. Read More Here
(InfoClearingHouse) – Financial Chaos And The Smell Of Napalm In The Morning
What in God’s name should we make of it all? On Thursday, the New York Stock Exchange had its most severe plunge in history – nearly 1000 points, before it recovered minutes later. On Monday, it shot up 400 points, one of the biggest spikes in memory. All told, the variance was around 1400 points over the period of a couple of days.
The context for this, of course, is the financial turmoil that has spread from Greece and is sweeping across Europe, threatening the very existence of the European Union and the Euro as a common currency. Last week alone, it is estimated that global stock markets lost $3.7 trillion of their value as a result of this crisis (1). According to the Canadian finance minister Jim Flaherty, not even the Canadian economy is immune from the financial contagion. Read More Here
(EconomicPolicyJournal) – Geithner Briefs Super Power Elite, Friday Afternoon
In addition to Rockefeller and Lady de Rothschild, on Friday afternoon, Treasury Secretary Geithner will also meet with the other members of the Board of Directors of the Peter G. Peterson Institute for International Economics to discuss the Administration’s agenda for economic growth and strengthening the global financial system.
Here’s the hefty list of the Institute’s Board of Directors: Read More Here
(HomeSolutionCounselors) – You are not in default. Freddie Mac is making your payments!
Yes it is true. I have seen it with my own eyes and IN WRITING. In our office we have on record a statement from Freddie Mac, which they submitted to the courts, that “Freddie Mac has made all relevant and required payments to the investors on behalf of the borrowers.” Did you catch that?!?!
Yes, Freddie Mac acting as the Master Servicer, has been making payments to the debt owners of a mortgage. How can the borrower be in default? Read More Here
(Bloomberg) – Euro Breakup Talk Increases as Germany Loses Its Currency Proxy
What was conceived as a club for Europe’s strongest economies was expanded for political reasons, leaving the currency union with minimal powers to police deficit spending and no safety net for dealing with countries, like Greece, that veer toward default.
German officials are already debating what was unthinkable to the euro’s architects: that a currency union designed in its founding treaty to be “irrevocable” might not be. Finance Minister Wolfgang Schaeuble said March 12 that expulsion from the euro may be the ultimate penalty for serial violators of debt rules. Read More Here
(WashingtonsBlog) – Partisan GOP hacks say the financial crisis was caused by too much regulation, and government interference in the markets.
But Glass-Steagall was repealed, derivatives were left unregulated, and the regulators were watching porn instead of preventing fraud. Giant banks, hedge funds and other fat cat private players knowingly gamed the market and committed fraud in more ways than can be listed in a single post. Read the rest of this entry »
(RussiaToday) – Today, Max Keiser and co-host Stacy Herbert look at the scandals of Prozac pilots and Chinese drywall; Timothy Sniveling Scamster Geithner, asking “what choice did the President have?”, and finally, Jamie Dimon, the most dangerous man in America, complaining about the demonization of mega-banks. Max also talks to Rolling Stone journalist, Matt Taibbi, about “Looting Main Street.” Read the rest of this entry »
(RussiaToday) – Treasury Secretary Geithner is on his way to Beijing, where he will meet with Chinese Vice Prime Minister Wang. The trip is in relation to US demands for a massive up valuation of the Chinese currency, the renminbi or yuan. This announcement has unleashed much gloating at the Associated Press and other pro-Wall Street news outlets, so it is important to issue a caveat at the very beginning: trips do not equal agreements. Obama made a personal visit to Afghanistan last month, and bilateral US relations with that country have been deteriorating in an alarming way ever since. Read the rest of this entry »
(WashingtonsBlog) – Tim Geithner told the Today Show that:
It’s “deeply unfair” that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.
Geithner also argued that President Barack Obama had no choice when confronted with a financial crisis.
“As the president has said, we had to do some very unpopular things,” Geithner said. “People looked at what had happened.”"It’s not fair. It’s deeply unfair,” he said. “He (Obama) had to decide whether he was going to act to fix it or stand back … and that would have been calamitous for the American economy.”
(WashingtonsBlog) – Geithner: Taxpayers Are Likely to Face “Very Substantial” Losses From Government’s Takeover of Fannie and Freddie
Tim Geithner told the House Financial Services Committee today that txpayers are likely to face “very substantial” losses from the government’s takeover of home mortgage giants Fannie Mae and Freddie Mac. Read More Here
(CBS3) – Homeowners Facing Foreclosure Take Own Lives
The foreclosure crisis in Philadelphia is now becoming a matter of life and death. Eyewitness News has learned that in the past month, two homeowners took their own lives before sheriff’s deputies arrived to tell them that they were being evicted. Read More Here
(Fox) – Fox News Poll: 79% Say U.S. Economy Could Collapse
The latest Fox News poll finds that 79 percent of voters think it’s possible the economy could collapse, including large majorities of Democrats (72 percent), Republicans (84 percent) and independents (80 percent). Read More Here
(AFP) – Geithner says Fannie, Freddie overhaul must wait
US Treasury Secretary Timothy Geithner on Tuesday swatted aside pressure for a swift reform of troubled government-backed mortgage giants as data pointed to a still struggling real estate market. Read More Here
(Bloomberg) – U.S. Economy: Sales of Existing Homes Decrease, Supply Climbs
Sales of existing U.S. homes fell in February for a third month, and the number of properties on the market climbed by the most in almost two years, casting a pall over the prospects for a recovery. Read More Here
(WSJ) – Learjet Repo Man Doing Brisk Business
Ken Cage isn’t your typical repo man. Rather than snatch cars from an over-extended middle class, he takes back yachts, planes and other toys from the over-leveraged rich. Read More Here
(InfoClearingHouse) – Yougotta see this! If this doesn’t convince you that the Timothy Geithner knew about the securities shenanigans that were going on at Lehman, than I don’t know what will.
Keep in mind, that Geithner ran Lehman through 3 “stress tests” prior to bankruptcy; all of which Lehman failed, and yet, nothing was done. Anton R. Valukas–the examiner who wrote the 2,200 page investigative-report which was released on Thursday– has provided plenty of information detailing Lehman’s “materially misleading” accounting and “actionable balance sheet manipulation.”
(WashingtonsBlog) – As William K. Black said a year ago, the government’s entire strategy now – as in the S&L crisis – is to cover up how bad things are (“the entire strategy is to keep people from getting the facts”).
Paul Krugman and others pointed out that Geithner has been trying to artificially prop up asset prices, but that such a strategy cannot succeed.
(WashingtonsBlog) – There is an established legal principle that people should not have to repay their government’s debt to the extent that it is incurred to launch aggressive wars or to oppress the people. Read the rest of this entry »
(BusinessWeek) – President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit. Read the rest of this entry »
Rumor has it that Timothy Geithner is on his way out as Treasury Secretary, due to his involvement in the AIG scandal that is now unraveling in hearings before the House Oversight and Reform Committee. Bob Chapman writes in The International Forecaster:
Each day brings more revelations of efforts of the NY Fed and Goldman Sachs to hide the details of the criminal conspiracy of the AIG bailout. . . . This is a real crisis on the scale of Watergate. Corruption at its finest.
Every week Max Keiser looks at all the scandal behind the financial news headlines. This time Max Keiser and co-host Stacy Herbert look at the scandal behind the headlines about the Volcker plan, the Supreme Court ruling and about Central Banks robbing the middle classes. Keiser also speaks to Fred Harrison, the Renegade Economist, about property bubbles and privatizing wages Read the rest of this entry »
(HuffingtonPost) – A key question at the heart of the controversial bailout of AIG is just how much money the government lost. The Federal Reserve and Treasury Department have worked to keep that number secret and to conceal who was on the winning end.
An unredacted document obtained by the Huffington Post shows the damage in detail. Read More Here
(PaulWatson) – Treasury Secretary Timothy Geithner’s denial that he played any role in the AIG cover-up is contradicted by emails which confirm that both Geithner and the New York Federal Reserve were both intimately involved in keeping details about payments to banks including Goldman Sachs from the public. Read the rest of this entry »
(KurtNimmo) – Rep. Darrell Issa, ranking member of the House Oversight and Government Reform Committee, has the goods on Treasury Secretary Tim Geithner. Earlier this month, Issa received emails proving without a shadow of a doubt that the New York Fed under Geithner’s leadership withheld documents and delayed disclosures on AIG’s swindle operation with Goldman Sachs, Deutsche Bank, and other international bankster criminal organizations. Read the rest of this entry »
(RussiaToday) – Treasury Secretary Tim Geithner is expected to face intense questioning on Capitol Hill later this week as more information comes to light on the US government’s bailout of AIG. Will heads roll over the controversy, or is it just another example of how nothing has changed between the Bush and Obama Administrations? Read the rest of this entry »