See Also: (USAToday) – Weill, ex-Citigroup CEO, says big banks need to be broken up – Read More Here
Also: (Forbest) – Rethinking Capitalism: Sandy Weill Says Bring Back Glass-Steagall – Read More Here
(WashingtonsBlog) – The government’s special inspector general in charge of oversight of the Troubled Asset Relief Program (the “TARP” bank bailouts) – Neil M. Barofsky – wrote a stunning editorial for Bloomberg yesterday, concluding: Read the rest of this entry »
On the Thursday, November 8 edition of the Alex Jones Show, Alex welcomes back trends forecaster and author Gerald Celente who will talk about the former boss of MF Global, John Corzine, taking the Fifth as Congress fumbles its way through an investigation of the failed company. Celente lost money in the six figure range after MF Global grabbed cash from supposedly segregated customer accounts. Part 1 of 3
Author and investigative journalist Jim Marrs talked about why he believes the International Elite are using economic collapse, man-made disease, and erosion of civil liberties to take down America. He referred to the US as a “zombie nation” because citizens and the country itself are trillions of dollars in debt. JFK ended up dead not longer after he issued $4.2 billion in currency that was printed by the Treasury instead of the Federal Reserve (in reality, a group of 12 banks that charge interest), he noted.
“They’re setting us up for a really big fall– because the United States has been a free nation and a republic,” and the biggest stumbling block to their plan for a New World Order– a global socialist state broken into three economic blocks (as George Orwell predicted in 1984), Marrs laid out. Rather than conservatives or liberals, Democrats or Republicans, he said the Global Elite is made up of various wealthy individuals– many Cabinet members of the last four administrations have been members of the CFR (Council on Foreign Relations), he added. Read the rest of this entry »
(RussiaToday) – This time, Max Keiser and co-host Stacy Herbert look at the scandals of real time fraud as quoted on the ticker tape; the more ‘perfect quarters’ and even more ‘missing records’ as the US government hands out tens of billions to TARP banks. In the second half of the show, Max interviews legendary investor Jim Rogers about the euro, naked short selling, and gold. Read the rest of this entry »
This time Max Keiser and co-host Stacy Herbert look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp financiers are themselves bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.
The past two years have seen the greatest outpouring of money and credit from central banks and governments in history. In most countries interest rates cannot fall much lower being presently under 1% or close to zero. You might call this an attempt at fiat money recovery. As a result of pump priming for the past six months or more investors have returned to the same gambling and risk taking they engaged in before, the losses of which caused the world economy to come to the edge of the financial abyss. All sectors of investment are again affected by a casino mentality. Read the rest of this entry »
(SeekingAlpha) – $2.5 Trillion – That’s the size of the global oil scam.
It’s a number so large that, to put it in perspective, we will now begin measuring the damage done to the global economy in “Madoff Units” ($50Bn rip-offs). $2.5Tn is 50 times the amount of money that Bernie Madoff scammed from investors in his lifetime, but it is less than the monthly excess price the global population is being manipulated into paying for a barrel of oil. Where is the outrage? Where are the investigations?Read the rest of this entry »
(Reuters) – President Barack Obama complained about “fat-cat bankers” and sharply criticized Wall Street banks for paying out big bonuses to executives in a television interview to air on Sunday. Read the rest of this entry »
“What are they going to do, quadruple the debt again? Print more money? We don’t have any trees left. We’re running out of trees.”
The U.S. government’s plan to increase spending as a way to kick-start the economy will leave the country with no way to help its way out of the next crisis, Jim Rogers, chairman of Jim Rogers Holdings, told CNBC Thursday. Read the rest of this entry »
(MSNBC) – Warren discusses Tarp extension, Obama jobs program and gives a disturbing prediction of the death of America’s middle class. Read the rest of this entry »
The following information may be the most important we have ever published. One of our Intel sources, highly placed in banking circles, tells us that on 1/1/10 all banks that have received TARP funds have been informed by the Federal Reserve that they must further restrict any commercial lending. Loans have to be 75% collateralized, 50% of which has to be in cash, which is a compensating balance. Read the rest of this entry »
(PaulWatson) – Congressman Michael Burgess scalded Treasury Secretary Tim Geithner during a fiery hearing on Capitol Hill this morning, telling the former New York Fed chief that he should never have been hired and demanding that the TARP program come to an abrupt end, shortly after GOP Rep. Kevin Brady had called on Geithner to resign. Read the rest of this entry »
George W. Bush redistributed more wealth during his presidency than any president had since Lyndon Johnson. Republicans really have never had any problem with redistributing wealth as long as the proceeds go to the right people. Since Medicare benefits senior citizens, a constituency that no election can be won without in the baby boomer retirement era, Republicans had no problem using the force of government to take money from one individual and use it to buy “healthcare” for another — as they did with their Medicare prescription drug benefit. Read the rest of this entry »
Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent. Read the rest of this entry »
The biggest decision of the economic recovery will be made in the next six months, and Barack Obama will have almost nothing to do with it. Read the rest of this entry »
Financial insider and commentator Yves Smith wrote an essay last week entitled “MSM Reporting as Propaganda” arguing that the government has been using propaganda to make people think that things are getting better, no one is angry, and – therefore – no one should get upset: Read the rest of this entry »
(HuffingtonPost) – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday. Read the rest of this entry »
American International Group, which has received nearly $200 billion in bailout funds from the federal government, is slated to pay 400 employees in its financial products division another $198 million, according to a report published Wednesday by the Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP). Read the rest of this entry »
(HuffingtonPost) – How did Goldman, Sachs & Co. — saved a year ago by the US taxpayer — magically make $3 billion in 3 months a year later?
This as the US dollar collapses, unemployment soars and foreclosures hit a record? Read the rest of this entry »
On Wednesday, Dr. Paul appeared on CNN’s The Situation Room with Wolf Blitzer to discuss the need for the Republican Party to champion limited government and to put principle above politics. Read the rest of this entry »
Consumer credit is falling fast. In July, consumer credit plunged by $19 billion, followed by an August drop of $12 billion, a 5.8 percent annual rate. Credit card spending decreased by nearly $10 billion in August, while non-revolving debt, including auto loans, fell by $2 billion. Credit has shrunk for 7 consecutive months, the longest period of decline since 1991. Read the rest of this entry »
A trends forecaster says the current economic “rebound” from last winter’s Wall Street collapse of banks, insurance companies and automobile manufacturers is an artificial blip created by ‘phantom money printed out of thin air backed by nothing.” Read the rest of this entry »
In a new report, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), reveals that then-Treasury Secretary Henry Paulson and key federal regulators forced the nation’s nine largest financial institutions to take billions in taxpayer bailout dollars in October 2008, threatening that if the banks refused, the government would take their stock shares anyway. Read the rest of this entry »
(WATimes) – Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. misled the public about the financial weakness of Bank of America and other early recipients of the government’s $700 billion Wall Street bailout, creating “unrealistic expectations” about the companies and damaging the program’s credibility, according to a report by the program’s independent watchdog. Read the rest of this entry »
For the last few months I have been casting around looking for bullish data points as counterfactuals to my more bearish long-term outlook. I have found some, but not enough. If you recall, early this year, I stated that we are in depression, making the case for the ongoing downturn as a depression with a small ‘d.’
(BobChapman) – The G-20 Pittsburgh Summit ended last Friday. Their official statements made for some novel and interesting reading. Read the rest of this entry »
“I blame the Fed for almost everything” – Ron
(RussiaToday) – October 01, 2009 – Congressman Ron Paul sits down with RT’s Marina Portnaya to discuss rising Congressional support for FED Audit, Tea Parties, Iran, and the U.S. economy. Read the rest of this entry »
Congress and the White House have been busy lately patting themselves on the back for staving off financial armageddon by handing out taxpayer money to Wall Street like it was Halloween candy. But while they’re trumpeting the fact that some financial firms have returned a tiny portion of the trillions of dollars that were given to banks, reality is setting in that Americans will never see that money again and will be paying it off for many, many years to come. Read the rest of this entry »
So now it turns out that the whole Troubled Assets Relief Program (TARP) was a flop or more likely a scam. Remember Bush Treasury Secretary Henry Paulson telling us last September that credit markets had locked up, and then, after half of the $750 billion that he extorted out of Congress was handed out to Wall Street firms, new President Barack Obama justifying the spending of the second half of the money because we needed to “get the banks lending again”? Read the rest of this entry »
(BobChapman) – Nearly half the nation’s 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren’t counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year. Read the rest of this entry »
The government hasn’t exactly been forthcoming about how it has made buckets of money available to the banking sector. But here’s what really happened. Read the rest of this entry »
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. Read the rest of this entry »
“Lehman’s fate was sealed not in the boardroom of that gaudy Manhattan headquarters. It was sealed downtown, in the gloomy gray building of the New York Federal Reserve, the Wall Street branch of the U.S. central bank.” Stephen Foley, U.K. Independent
Stephen Foley is on to something. Lehman Bros. didn’t die of natural causes; it was drawn-and-quartered by high-ranking officials at the US Treasury and the Federal Reserve. Read the rest of this entry »
(RawStory) – The US economy is recovering from the shock of last year’s banking collapse, but could continue to need financial assistance for an indefinite period into the future, the Treasury Department stated in a report released Monday. Read the rest of this entry »
(Bob Chapman) – The Financial elites are desperate. They are appealing the Bloomberg directive to reveal who received funding to keep from going bankrupt from the Federal Reserve. Read the rest of this entry »
Lenin once said that capitalism would ultimately undo itself, because the entrepreneurs would gladly sell the rope with which they would later be hanged; they’d be too busy counting the profits to see the noose tightening around their necks. Well, somebody is choking right now, but it’s not the “capitalists”. Read the rest of this entry »
(WSJ) – Americans are about to re-learn that bank deposit insurance isn’t free, even as Washington is doing its best to delay the coming bailout. The banking system and the federal fisc would both be better off in the long run if the political class owned up to the reality. Read the rest of this entry »
(Robert Singer) – Having trouble understanding the events since the October 2008 financial crisis?
Any of this sound familiar:
* · Banks hoarding their TARP funds
* · Gas prices going up when they should be going down
* · Automobile dealerships closed without regard to profitability
* · Health Care reform: The Kevorkian is out of jail early Read the rest of this entry »
(NYPost) – It’s been a hilarious August, watching media supporters of President Obama’s health care package puzzle over the obscure motivations of the noncompliant Americans rallying against it. Read the rest of this entry »
Forecasts published this week by the Obama administration and the Congressional Budget Office (CBO) estimate that the US national debt will nearly double over the next 10 years to about $20 trillion. Read the rest of this entry »
“In a little time [there will be] no middling sort. We shall have a few, and but a very few Lords, and all the rest beggars.” R.L. Bushman
“Rapidly you are dividing into two classes–extreme rich and extreme poor.” “Brutus”
Americans think that they have “freedom and democracy” and that politicians are held accountable by elections. The fact of the matter is that the US is ruled by powerful interest groups who control politicians with campaign contributions. Our real rulers are an oligarchy of financial and military/security interests and AIPAC, which influences US foreign policy for the benefit of Israel. Read the rest of this entry »
(Mike Whitney) – We’re making this way too complicated. It’s simple really.
The Fed has only one tool at its disposal; to create more money. Typically, the way the Fed adds to the money supply is by lowering interest rates. When the Fed lowers rates below the rate of inflation; they’re basically selling dollars for under a buck. That’s a good deal, so, naturally, speculators jump on it and trigger a credit expansion. What follows is a frenzy of market activity that ends in a housing, credit, tech or equity bubble. Eventually, the bubble bursts and the economy goes into a tailspin. Then, after a period of digging-out, the process resumes again. Wash, rinse, repeat. It’s always the same. Read the rest of this entry »
Six months since taking the reins, the Barack Obama administration has met its primary objective. It has swiftly ramped up the murderous imperial agenda inherited from Bush-Cheney while the masses, pacified and deceived by the appeal of the Obama image, pay no attention to realities.
Too bad Pulitzers aren’t handed out for blog-entries. This year’s award would go to Zero Hedge for its “The ‘Money on the Sidelines’ Fallacy” post. This short entry shows why the economy will continue its downward slide and why the US consumer will not get off the mat and resume spending as he has in the past. The fact is the Net Wealth of US Households has “declined from a peak of $22 trillion to just under $12 trillion in early March.” Read the rest of this entry »
