Screw the Banks and Investment Firms

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Re: Screw the Banks and Investment Firms

Postby can't sit still » Wed Jun 29, 2011 8:36 pm

It seems that bankers screwed other bankers. These "screwed bankers" have lawyers. They are going to take a pound-of-flesh from the original screwers;
http://www.zerohedge.com/article/beginn ... -has-begun
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Thu Jun 30, 2011 7:11 am

"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Mon Jul 11, 2011 10:50 pm

Budget Blowhards: Why the Budget Debate Is Destined to Become Ever More Painful
Monday 11 July 2011
by: Dean Baker, Truthout | News Analysis



There are few exercises more entertaining than ridiculing the nonsense that comes out of the mouths of leaders in Washington. The great part is that this is completely bipartisan. Neither party has a monopoly on solemnly stated absurdities. And, of course, we never have to worry about running out of material.

The winner in last week's contest was John Kasich, the former Republican chair of the House Budget Committee and the current governor of Ohio. National Public Radio (NPR) interviewed Kasich in the context of a piece on the state of the negotiations over raising the debt ceiling.

NPR introduced Kasich by saying that he was chairman of the House Budget Committee "when he balanced the budget with President Clinton in the 1990s."

Kasich is then quoted as saying:



At the end of the day, you look yourself in the mirror, and you say to yourself, 'Did I do what was right for families and for children, and if I paid a political price, so what?'"



The story then concludes:



"That's the kind of attitude the president wants in his meeting Thursday. Come to the White House, he says, but leave your rhetoric at the door."



Pretty touching isn't it? It may even be inspirational. After all, a politician who is willing to do what is right even at risk to his career is a rare bird.

It also happens not to be true. The Washington press corps is living some bizarre delusion about the balanced budgets at the end of the Clinton years. They didn't come about from politicians making tough choices. They came about from much stronger than expected economic growth and the willingness of Alan Greenspan to ignore the economic orthodoxy and not shut down the expansion.

This can be easily seen by just looking at the projections from the Congressional Budget Office (CBO). In 1996, the CBO projected that the year 2000 budget deficit would be $244 billion (2.7 percent of GDP). Instead, the economy ran a surplus of $232 billion, or roughly 2.4 percent of GDP. This involves a shift from deficit to surplus of $476 billion or 5.1 percentage points of GDP. This would be equivalent to reducing the annual deficit by $750 billion in 2011.

While Kasich and NPR tell this shift from deficit to surplus as being the result of politicians making the tough choices to cut spending and raise taxes, this is simply not true. According to the CBO, the net contribution to deficit reduction of Mr. Kasich's courage was minus $10 billion. In other words, the sum of the impact of legislated spending cuts and tax increases to the budget over this four-year period was to add $10 billion to the deficit.

The main reason that the budget went from deficit to surplus was that the economy grew much faster than expected and unemployment fell much lower than the consensus in the economics profession said was possible. In 1996, the CBO projected that the unemployment rate would be 6 percent in 2000. It was actually 4 percent.

This happened in large part because Greenspan ignored the economic orthodoxy and allowed the economy to keep growing even after the unemployment rate fell below the 6 percent threshold that most mainstream economists viewed as a lower floor. They expected inflation to take off if the unemployment rate fell to 5 percent, and certainly to get out of control at 4 percent.

Greenspan ignored the orthodoxy and overrode the objections of the leading economists at the Fed, who were Clinton appointees. Had the Clinton appointees gotten their way and the Fed adhered to economic orthodoxy, then the budget never would have shifted into surplus. This is all easy to see with a quick look at the CBO publications.

I promised that budget blowhard mocking would be bipartisan, so let's also take a moment to ridicule President Clinton. Clinton gave an interview with the National Journal last week which was titled, "A lost decade: Bill Clinton reflects on the reasons for the economy's struggles since he left office 10 years ago."

The piece has Clinton telling us how they did things right in the '90s with the idea that this will be a recipe for future prosperity. Incredibly, the piece never mentions the stock bubble that was the economy's main driver at the end of the '90s. The collapse of this bubble, at the time the largest asset bubble in the history of the world, gave us the 2001 recession and the longest period without job growth since the Great Depression (until now).

The piece also doesn't mention Clinton's high-dollar policy. The overvalued dollar made US goods uncompetitive in world markets and led to a soaring trade deficit by the end of the Clinton years. The massive trade deficit and the imbalances it implied created the basis for the housing bubble.

If we had reality-based politics, Clinton would be hiding under a rock, not lecturing us about the route to economic prosperity. In fact, Clinton even had the gall to tell us how to create manufacturing jobs through trade, apparently overlooking the fact that the economy lost manufacturing jobs each of his last three years in office.

The facts are fairly simple here and they are 180 degrees at odds with the stories on the budget and the economy in the major news outlets. But the budget blowhards have the money and the power, so we will be hearing much more from them. We can at least enjoy playing the ridicule game.
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Re: Screw the Banks and Investment Firms

Postby victorianixon » Thu Jul 14, 2011 11:04 pm

Hmm.........great info.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Mon Jul 18, 2011 7:13 pm

victoria, how do you spell spam?



I say it again, fuck this uncle tom slave to Wall St president and fuck all the corporations who prop him and puss sack administration up.


President Obama's Big Deal: Cuts for Social Security, but No Taxes for Wall Street
Monday 18 July 2011
by: Dean Baker, Truthout | News Analysis


The ability of Washington to turn everything on its head has no limits. We are in the midst of the worst economic downturn since the Great Depression. Even though the recession officially ended two years ago, there are still more than 25 million people who are unemployed, can only find part-time work or who have given up looking for work altogether. This is an outrage and a tragedy. These people's lives are being ruined due to the mismanagement of the economy.

And we know the cause of this mismanagement. The folks who get paid to manage and regulate the economy were unable to see an $8 trillion housing bubble. They weren't bothered by the doubling of house prices in many areas, nor the dodgy mortgages that were sold to finance these purchases. Somehow, people like former Federal Reserve Board Chairman Alan Greenspan and his sidekick and successor Ben Bernanke thought everything was fine as the Wall Street financers made billions selling junk mortgage and derivative instruments around the world.

When the bubble burst, one of the consequences was an increased budget deficit. This is kind of like two plus two equals four. The collapsing bubble tanked the economy. Tax revenue plummets and we spend more on programs like unemployment insurance and foods stamps. We did also have some tax cuts and stimulus spending to boost the economy. The result is a larger budget deficit.

All of this is about as clear as it can possibly be. The large deficit came about because the housing bubble, which was fueled by Wall Street excesses, crashed the economy. Yet, we are constantly being told by politicians from President Obama to Tea Party Republicans that we have a problem of out-of-control spending.

The claim of out-of-control spending is simply not true. It is an invention, a fabrication, a falsehood with no basis in reality that politicians are pushing to advance their agenda. And that agenda is not pretty.

According to numerous reports in the media, President Obama wants a "big deal" on the budget, which will involve cuts to Medicaid, Medicare and Social Security. The last is especially ironic, since Social Security is financed by its own designated tax. Therefore, it does not contribute to the deficit. If there is no money in the Social Security trust fund, then benefits will not be paid.



The plans to cut to Social Security also seem perverse since we know that the vast majority of retirees are not living especially well right now and the benefits already are not especially generous. If we exclude their Social Security income, more than 80 percent of people over the age of 65 get by on less than $20,000 per year.

The average Social Security check is about $1,100 a month. This would be less than an hour's pay for many of the Wall Street honchos whose greed and incompetence brought down the economy.

Yet, when President Obama preaches equality of sacrifice, it is the elderly and the poor who are supposed to do most of the sacrificing. His plan to change the annual cost-of-living adjustment formula for Social Security would reduce benefits for someone in their seventies by 3 percent, in their eighties by 6 percent and in their nineties by 9 percent.

These are huge cuts. The Republicans are screaming bloody murder because President Obama wants to raise the top tax rate by 4.6 percentage points. Imagine that he proposed raising taxes on the wealthy by twice as much. That is effectively what he is proposing for people in their nineties who are entirely dependent on Social Security.

And he is proposing to impose this tax on seniors who had nothing to do with the crisis, while leaving Wall Street untouched. A modest tax on financial speculation could raise more than $150 billion a year or $1.5 trillion over the course of a decade.

It is striking that a financial speculation tax (FST) has not been mentioned in the debt discussions. The European Union has been actively debating the imposition of a FST ever since the crisis. The European Parliament voted for such a tax by a margin of more than 3 to 1. The United Kingdom has had an FST for decades. It raises the equivalent, relative to the size of its economy, of almost $40 billion a year just by taxing stock trades. Even the International Monetary Fund has come out in support of increased taxes on the financial sector.

Presumably, the continuing power of the financial industry explains why few in Washington are discussing an FST. After all, a director of Morgan Stanley, Erskine Bowles, was the head of President Obama's deficit commission.

And this explains why we are looking to gut Social Security and Medicare in response to Wall Street's wreckage of the economy. The basic story is that the average worker and retiree will have to sacrifice because of the damage that the Wall Street crew did to the economy. That is what democracy in America's looks like now.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Wed Jul 20, 2011 7:24 pm

A few graphs and numbers;
"If we work that backwards then we see that there USED to be $4Tn in the bottom 99% that has now been transferred to the top 1%. "
"the US already taxes our Corporations and Citizens FAR less than almost any other nation on Earth and that, of course, had led us to run up TREMENDOUS deficits, to the point where we had to borrow $15 Trillion - just to keep pretending we could run our Government without collecting the taxes to pay for it. "
http://ilene.typepad.com/ourfavorites/2 ... ament.html
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Thu Jul 21, 2011 9:38 pm

can't sit still wrote:A few graphs and numbers;
"If we work that backwards then we see that there USED to be $4Tn in the bottom 99% that has now been transferred to the top 1%. "
"the US already taxes our Corporations and Citizens FAR less than almost any other nation on Earth and that, of course, had led us to run up TREMENDOUS deficits, to the point where we had to borrow $15 Trillion - just to keep pretending we could run our Government without collecting the taxes to pay for it. "
http://ilene.typepad.com/ourfavorites/2 ... ament.html


so much for the corporate press misnomer of the "deficit crisis". We have a Wall St crisis. A criminal Banking crisis, a bought and sold down the river congress crisis, a jobs crisis, a run away defense spending crisis and a corporate media crisis. Fuck these shit heads and their elitist mentality.
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Sun Jul 24, 2011 3:28 pm

This is an excellent article on the Euro. The Eurozone is a political union that doesn't yet have a monetary or taxing mechanism. Since the bankers skim off all the cream, it is necessary to have taxing authority. This crisis was a set-up. The PTB knew all along that Greece was perennially in default. The crash is just a stepping-stone to the European union pushed decades ago by Valéry Marie René Georges Giscard d'Estaing .
The PTB are absolutely desperate to preserve the currency union. They will willingly cough up hundreds of billions more Euros to save the monetary union. They are trying to buy time until they can impose Eurobonds and Eurotaxes.
http://www.oftwominds.com/blogjuly11/EU ... -6-11.html

The NWO types are trying to preserve the union at all costs. They will print whatever is needed for a bailout and worry about the inflation later. According to the article, the bankers just got too greedy. They ran up the debt so high that the various countries can never service the debt. The EMU just continues to send money to the Greeks. This money is relayed directly to the big banks. It doesn't do any good for the Greeks. Same for Ireland.
The Eurocrats figure that they can print trillions now,,,, they expect to get taxing authority sooner or later. The various countries will have to pay off the loans that the EMU created out of thin air. The loans cost the banks next to nothing. When a country defaults, the bankers expect to take all the infrastructure.

In a general sense, the Eurocrats are ignoring the possibility of Italy and Spain defaulting. I think that they are out of luck;
http://prudentbear.com/index.php/credit ... t_id=10556
They probably can't get eurobonds off the ground before these 2 countries implode.
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Mon Aug 01, 2011 7:46 pm

The banking business is an enormously costly edifice. They keep getting $ trillions from GOV. CITI got $ 2.5 trillion,,, no interest. Here's the list.
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

The consumer-debt-based economy has crashed. It can't very well revive. There is nothing to replace it.
http://www.oftwominds.com/blogaug11/dem ... -8-11.html
The bankers are starting to realize that survival becomes very difficult,,, minus the consumer economy. The layoffs just keep getting bigger.
http://www.marketwatch.com/story/hsbc-t ... k=obinsite
J P Morgan-Chase alone has 5100 offices and 250,000 employees. If consumer credit is dead, they have far less business. I guess that it is too much to ask for GOV to let them fail. :evil:
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Fri Aug 05, 2011 12:27 pm

The European Central Bank has officially thrown Italy and Spain to the wolves. They won't be bailed. Their GOVs will fall.
http://theautomaticearth.blogspot.com/2 ... towel.html
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Mon Aug 08, 2011 10:46 pm

As we happily run off to the desert spending thousands of dollars to be crowded into endless dust noise to burn shit, ponder the burning of America, well underway my friends....

The Standard and Poor's (S&P) Debt Downgrade: What It Means
From AAA to AA+

by Dr. Paul Craig Roberts


Global Research, August 8, 2011





On Friday, August 5, the credit rating agency, Standard & Poor's, downgraded US debt from AAA to AA+.

Gerald Celente’s view that S&P’s downgrade of the US Treasury’s credit rating reflects a loss of confidence in the political system was confirmed by the rating agency itself. S&P explained the downgrade as the result of heightened political risks, not economic ones. The game of chicken over the debt ceiling increase and the GOP’s ability to block tax increases indicate that “America’s governance and policymaking is becoming less stable, less effective, and less predictable”

The reduction in the government’s credit rating to AA+ from AAA is a cosmetic change. It remains a very high investment grade rating and is unlikely to have any effect on interest rates. It is revealing that despite the downgrade, US bond prices rose. It was stocks that fell. The financial press is blaming the stock market decline on the bond downgrade. However, stocks are falling because the economy is falling. Too many jobs have been moved offshore.

Interest rates could fall further as investors flee into Treasuries from the euro because of sovereign debt worries, flee equity markets as they continue to tumble, and as large banks charge depositors for holding their cash. Indeed, the latter policy could be seen as an effort to drive people with large cash holdings out of cash into government bonds. Japan has a lower credit rating than the US and has even lower interest rates.

More hard knocks are on their way. As the economy weakens and the economic outlook darkens, new deficit projections will elevate the debt issue.

The psychological effect of the S&P’s downgrade is likely to be larger than its economic effect. Many will see the downgrade as an indication that America is beginning to slip, that the country might be entering its decline.

There is no danger of the US defaulting on its bonds. The bonds are denominated in US dollars, and dollars can be created without limit. Moreover, the problem with the debt is less with the size of the national debt, which remains a lower percentage of GDP than during World War II, than with the large annual budget deficits. If equities continue to fall, if flight continues from the euro, if bank fees drive people out of cash, it is possible that the inflows into Treasuries can finance, for awhile, the large annual deficit, removing the need for the Federal Reserve to monetize the deficit via Quantitative Easing.

On the other hand, the weakening economy, given traditional policy views, will likely lead to a renewal of debt monetization or QE in an effort to stimulate the economy.

Continued debt monetization threatens the dollar. Investors will move out of Treasuries and all dollar-denominated assets not because they fear default, but because they fear a fall in the dollar’s exchange value and, thus, a fall in the value of their dollar holdings.

Debt monetization can cause domestic inflation (and imported inflation for those countries that peg to the dollar) as, and if, the new money finds its way into the economy. This has not happened to any extent so far in the US, because the banks are not lending and consumers are too indebted to borrow. But the fall in the dollar’s exchange value results in higher prices of many imports. So far the inflation that the US is experiencing is coming from the declining exchange value of the dollar. However, there is little doubt that asset prices, such as those of Treasuries and stocks, have been inflated by the Fed’s monetization of debt.

To flee from the dollar, there must be someplace to go. There are not alternative currencies large enough to absorb the dollars, especially with China pegged to the dollar and the euro experiencing troubles of its own because of the sovereign debt crisis in Greece, Spain, Ireland, Portugal, and Italy. Dollar flight has driven up the prices of bullion and Swiss francs. Despite the Swiss government printing francs to absorb the dollar inflow, the franc continues to rise in value. As of time of writing, one US dollar is worth only about 76 Swiss centimes or cents. In 1966 there were 4.2 Swiss francs to the dollar or 420 centimes to the dollar.

The rise in the franc is crippling Switzerland’s ability to export. The loss in the dollar’s exchange value from dollar creation causes other countries, such as Japan and Switzerland to inflate their own currencies in order to hold down their rise. The Fed’s dollar policy has resulted in Russian leader Putin declaring the US to be a parasite upon the world and the Chinese to call for other countries to control how many dollars can be printed.

In other words, the US policy is seen as adversely impacting other countries without doing any good for America.

What I have explained can be comprehended within existing ways of thinking. Within this way of thinking, as the debt ceiling imbroglio made clear, the policy choices are between eliminating Social Security and Medicare or eliminating wars and low tax rates on the mega-rich in order to eliminate the annual budget deficits that are threatening the dollar’s exchange value and enlarging the national debt.

However, it is often the case that more is going on than traditional thinking can know about or explain. It is always a challenge to get people’s thinking into a new paradigm. Nevertheless, unless the effort is made, people might never comprehend the behind-the-scenes power struggle.

A half century ago President Eisenhower in his farewell address warned the American people of the danger posed to democracy and the people’s control over their government by the military/security complex. Anyone can google his speech and read his stark warning.

Unfortunately, caught up in the Cold War with the Soviet Union and reassured by America’s rising economic might, neither public nor politicians paid any attention to our five-star general president’s warning.

In the succeeding half century the military/security complex became ever more powerful. The main power rival was Wall Street, which controls finance and money and is skilled at advancing its interests through economic policy arguments. With the financial deregulation that began during the Clinton presidency, Wall Street became all powerful. Wall Street controls the Treasury and the Federal Reserve, and the levers of money are more powerful than the levers of armaments. Moreover, Wall Street is better at intrigue than the CIA.

The behind the scenes fight for power is between these two powerful interest groups. America’s hegemony over the world is financial, not military. The military/security complex’s attempt to catch up is endangering the dollar and US financial hegemony.

The country has been at war for a decade, running up enormous bills that have enriched the military/security complex. Wall Street’s profits ran even higher. However, by achieving what economist Michael Hudson calls the “financialization of the economy,” the financial sector over-reached. The enormous sums represented by financial instruments are many times larger than the real economy on which they are based. When financial claims dwarf the size of the underlying real economy, massive instability is present.

Aware of its predicament, Wall Street has sent a shot across the bow with the S&P’s downgrade of the US credit rating. Spending must be reined in, and the only obvious chunk of spending that can be cut without throwing millions of Americans into the streets is the wars.

Credit rating agencies are creatures of Wall Street. Just as they did Wall Street’s bidding in assigning investment grade ratings to derivative junk, they will do Wall Street’s bidding in downgrading the US credit rating. Wall Street might complain about downgradings, but that is just to disguise that Wall Street is calling the shots.

The struggle between the military/security complex and the financial sector comes down to a struggle over patronage. The military/security complex’s patronage network is built upon armaments factories and workforces, military bases and military families, military contractors, private security firms, intelligence agencies, Homeland Security, federalized state and local police, and journalists who cover the defense sector.

Wall Street’s network includes investors, speculators, people with mortgages, car, student, and business loans, credit cards, real estate, insurance companies, pension funds, money managers and their clients, and financial journalists.

As the financial sector has over-extended and must shrink, Wall Street is determined to have access to public funds to manage the process and determined to maintain its relative power by forcing shrinkage in its competitor’s network. That means closing down the expensive wars in order to free up funds for entitlement privatization and to keep the dollar’s role as reserve currency. Wall Street realizes that if the dollar goes, its power goes with it.

What insights can we draw from this analysis?

The insight that it offers is that although economic policy will continue to be discussed in terms of employment, inflation, deficits, and national debt, the policies that are implemented will reflect the interests of the two contending power centers. Their struggle for supremacy could destroy the rest of us.

Wall Street opened the game with a debt downgrade, implying more are to come unless action is taken. The new Pentagon chief replied that any cuts to the military budget would be a “doomsday mechanism” that “would do real damage to our security, our troops and their families and our military’s ability to protect the nation.”

Will Americans be so afraid of terrorists that they will give up their entitlements? Will false flag terrorist events be perpetrated in order to elevate this fear? Will Wall Street provoke crises that are perceived as a greater threat?

From whom do we need greater protection than from Wall Street and the military/security complex and from our government, which is the tool of both?

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration and associate editor and columnist at the Wall Street Journal.

Paul Craig Roberts is a frequent contributor to Global Research. Global Research Articles by Paul Craig Roberts
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Tue Aug 09, 2011 8:48 pm

Cowboy, that is a fascinating article. I have to do a few comments though. There are some interesting memes being pushed.
"dollars can be created without limit"
There is a definite limit. It's called credibility. The new head of OPEC is an Iranian military man. The R.O.W. is dumping our debt, not rolling it over. Imagine what would happen when GOV discovers that it has to force the FED to print $ 3 trillion a year.

"To flee from the dollar, there must be someplace to go"
Not completely true. All these instruments are in danger of just evaporating. They will "go" up in smoke.

"caught up in the Cold War with the Soviet Union"
FORCED into the cold war is more accurate.

"The struggle between the military/security complex and the financial sector comes down to a struggle over patronage. The military/security complex’s patronage network is built upon armaments factories and workforces, military bases and military families, military contractors, private security firms, intelligence agencies, Homeland Security, federalized state and local police, and journalists who cover the defense sector.

Wall Street’s network includes investors, speculators, people with mortgages, car, student, and business loans, credit cards, real estate, insurance companies, pension funds, money managers and their clients, and financial journalists."

Here we see the lie. Roberts tries to claim that Wall Street is somehow separate from the military-industrial complex. He names the two groups in the struggle. Do you see any mention of the banks? How could he mention the banks when he is trying to assign blame to the military and the wars. He doesn't mention the enormous financial bubbles. Did the military contractors blow these bubbles? Was the military responsible for the bubbles in Lehman, Mac n Mae, AIG? Is the defense industry somehow separate from Wall Street? Did none of the $ 13 trillion aggregate cost of the wars not benefit Wall Street? What about all the members of congress who have huge investments in the defense industry?

"As the financial sector has over-extended and must shrink, Wall Street is determined to have access to public funds to manage the process"
FUCK Wall street. They have FAR more funds than the public. What kind of fucking mentality needs FUNDS to shrink?

"Wall Street realizes that if the dollar goes, its power goes with it."
Well, the bastards should have thought of the survival of the dollar when they were blowing bubbles.

"policies that are implemented will reflect the interests of the two contending power centers"
Fucking wonderful ! It is far better that we get fucked by the lying bastards on Wall street than we get fucked by the military.

"Will false flag terrorist events be perpetrated in order to elevate this fear? Will Wall Street provoke crises that are perceived as a greater threat?"
Marvelous choice. Wall street will cause financial crashes,,,,, the military will cause false-flag attacks. This will all be done so that the White Knights from Wall street can be the legitimate recipients of all of our productivity. There is an old Indian saying; When the elephants fight, it is the grass that suffers.

Roberts implies that the 2 power groups are going to battle it out to a final grinding finish. Fucking marvelous. :evil:
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Fri Aug 12, 2011 5:50 pm

This is pretty interesting. An arm of the federal GOV is going to sue Goldman Sachs for a $1/2 billion. Should they prevail, this will open the door to $ billions more in lawsuits. Several big banks are being sued.
http://finance.yahoo.com/news/Regulator ... 5.html?x=0
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Fri Aug 12, 2011 6:12 pm

This is the first call I've seen for the obliteration of the bankers. It won't be the last.
http://www.youtube.com/watch?v=JqgDzEqd ... r_embedded
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Fri Aug 12, 2011 7:55 pm

The American Elites Are Insane



There can be no debate anymore; it is now a fact that the American economic elite have lost their minds. These people are not stupid in any sense of the word, yet it seems they have truly gone off the deep end.

In the 1990’s, it seemed as if all was well, yet many companies were pushing for a new economic theory called globalization in which the world would become more economically interconnected. It was presented as a good thing for both the US and the world, however, as we can now see, only the companies are doing well and offshoring is destroying the US economy. It has led to a dismantling of the American manufacturing sector and with it large amounts of unemployment and lowered national GDP.

Then, in the early 21st century, in order to get at the oil and gas wealth in Central Asia and Iraq, wars in Afghanistan and Iraq were launched (as well as a robot war in Pakistan that may very well increase Pakistan’s instability). These wars, so far, will have cost America almost $3.7 trillion and we have nothing to show for it. The economic elite, in addition to wanting to wage wars in order to boost their profits, also didn’t want to pay as many taxes, thus the wars and the tax breaks contributed (see the 3rd graph) to the $6.1 trillion debt increase that occurred during the Bush administration.

Now, as of recent, this economic crisis has led to a real unemployment rate of 16.2%. However, there are larger problems with the financial system as it is now based on non-existent money, seeing as how the corporate-controlled 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’” (emphasis added) according to a recent audit of the Fed. This $16 trillion is larger than US GDP! One may ask how on Earth was the Fed able to get $16 trillion. The answer is that the financial system is now based on nonexistent money. This argument is furthered when one considers that the derivatives market has been worth more than the global economy!

Thus, by waging wars and having tax cuts for themselves, the American elite have led to the US having a massive increase in its debt. This has caused major problems for the US besides the recent debt ceiling crisis. There is a major worry about the future of the dollar.

Warren Buffett has stated:

“I would recommend against buying long-term fixed-dollar investments,” Buffett said at a public appearance in New Delhi. “If you ask me if the U.S. dollar is going to hold its purchasing power fully at the level of 2011 five years, 10 years or 20 years from now, I would tell you it will not.” (emphasis added)

The dollar may very well soon be worth nothing, the country is an economic disaster and yet the American elite are acting as if all is well. These people have lost their minds and are destroying the very country which allowed them to become wealthy. That is insanity.

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Re: Screw the Banks and Investment Firms

Postby can't sit still » Wed Aug 17, 2011 6:17 pm

Imagine this. "The IMF told Latvia to close half of their schools and hospitals,to fire half of their police,and cut the pensions of everyone. Would we in the USA accept this or strike out?" Imagine that kind of austerity here. The banks want their pound of flesh.
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Thu Aug 18, 2011 5:28 pm

Reportedly, the SEC has destroyed documentation of 9,000 investigations into bank wrong-doing. The banks are getting brazen about their illegal activities.
http://globaleconomicanalysis.blogspot. ... lving.html
Here in L. A. the Bar association raided the offices of law firms engaged in class action suits against the banks. WTF gives the bar association the right to raid anything ? They took all the records.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Thu Aug 18, 2011 5:51 pm

Send Rick the Prick Perry to Mars.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Thu Aug 18, 2011 10:22 pm

S&P Downgrade Analysis by Ellen Brown. The Bastards are up to something and I think Ellen has her finger on the right button....

Titanic Battle or Insider Trading? The S&P Downgrade and the Bilderbergers: All Part of the Plan?

by Ellen Brown


Global Research, August 18, 2011
Web of Debt


What just happened in the stock market?

Last week, the Dow Jones Industrial Average rose or fell by at least 400 points for four straight days, a stock market first.


The worst drop was on Monday, 8-8-11, when the Dow plunged 624 points. Monday was the first day of trading after US Treasury bonds were downgraded from AAA to AA+ by Standard and Poor’s.


But the roller coaster actually began on Tuesday, 8-2-11, the day after the last-minute deal to raise the U.S. debt ceiling -- a deal that was supposed to avoid the downgrade that happened anyway five days later. The Dow changed directions for eight consecutive trading sessions after that, another first.


The volatility was unprecedented, leaving analysts at a loss to explain it. High frequency program trading no doubt added to the wild swings, but why the daily reversals? Why didn’t the market head down and just keep going, as it did in September 2008?


The plunge on 8-8-11 was the worst since 2008 and the sixth largest stock market crash ever. According to Der Spiegel, one of the most widely read periodicals in Europe:


Many economists have been pointing out that last week's panic resembled the fear that swept financial markets after the collapse of US investment bank Lehman Brothers in September 2008.

Then as now, banks stopped lending each other money. Then as now, banks' cash deposits at the central bank doubled within days.


But on Tuesday, August 9, the market gained more points from its low than it lost on Monday. Why? A tug of war seemed to be going on between two titanic forces, one bent on crashing the market, the other on propping it up.


The Dubious S&P Downgrade


Many commentators questioned the validity of the downgrade that threatened to be another Lehman Brothers. Dean Baker, co-director of the Center for Economic and Policy Research, said in a statement:

"The Treasury Department revealed that S&P’s decision was initially based on a $2 trillion error in accounting. However, even after this enormous error was corrected, S&P went ahead with the downgrade. This suggests that S&P had made the decision to downgrade independent of the evidence. [Emphasis added.]


Paul Krugman, writing in the New York Times, was also skeptical, stating:

[E]verything I’ve heard about S&P’s demands suggests that it’s talking nonsense about the US fiscal situation. The agency has suggested that the downgrade depended on the size of agreed deficit reduction over the next decade, with $4 trillion apparently the magic number. Yet US solvency depends hardly at all on what happens in the near or even medium term: an extra trillion in debt adds only a fraction of a percent of GDP to future interest costs . . . .

In short, S&P is just making stuff up — and after the mortgage debacle, they really don’t have that right.

In an illuminating expose posted on Firedoglake on August 5, Jane Hamsher concluded:


It’s becoming more and more obvious that Standard and Poor’s has a political agenda riding on the notion that the US is at risk of default on its debt based on some arbitrary limit to the debt-to-GDP ratio. There is no sound basis for that limit, or for S&P’s insistence on at least a $4 trillion down payment on debt reduction, any more than there is for the crackpot notion that a non-crazy US can be forced to default on its debt. . . .

It’s time the media and Congress started asking Standard and Poors what their political agenda is and whom it serves.


Who Drove the S&P Agenda?


Jason Schwarz shed light on this question in an article on Seeking Alpha titled “The Rise of Financial Terrorism”. He wrote:


[A]fter the market close on Friday August 5th, we received word that S&P CEO Deven Sharma had taken control of the ratings agency and personally led the push for a U.S. downgrade. There is a lot of evidence that he has deliberately tried to trash the U.S. economy. Even after discovering that the S&P debt calculations were off by $2 trillion, Sharma made the decision to go ahead with the unethical downgrade. This is a guy who was a key contributor at the 2009 Bilderberg Summit that organized 120 of the world's richest men and women to push for an end to the dollar as the global reserve currency.


[T]hrough his writings on “competitive strategy” S&P CEO Sharma considers the United States the PROBLEM in today’s world, operating with what he implies is an unfair and reckless advantage. The brutal reality is that for "globalization" to succeed the United States must be torn asunder . . .


Also named by Schwarz as a suspect in the market manipulations was Michel Barnier, head of European Regulation. Barnier triggered an alarming 513-point drop in the Dow on August 4, when he blocked the plan of Hans Hoogervorst, newly appointed Chairman of the International Accounting Standards Board, to save Europe by adopting a new rule called IFRS 9. The rule would have eliminated mark-to-market accounting of sovereign debt from European bank balance sheets. Schwarz writes:


We all should be experts on the dangers of mark-to-market accounting after observing the U.S. banking crisis of 2008/2009 and the Great Depression in the 1930s. Mark-to-market was repealed at 8:45 a.m on April 2, 2009, which finally put a stop to the short term liquidity crisis and at the same time ushered in a stock market recovery. Banks no longer had to raise capital as long term stability was brought back to the system. The exact same scenario would have happened in 2011 Europe under Hoogervorst's plan. Without the threat of failure by those banks who hold high amounts of euro sovereign debt, investors would be free to move on from the European crisis and the stock market could resume its fundamental course.


Schwarz notes that Barnier, like Sharma, was a confirmed attendee at past Bilderberger conferences. What, then, is the agenda of the Bilderbergers?


The One World Company


Daniel Estulin, noted expert on the Bilderbergers, describes that secretive globalist group as “a medium of bringing together financial institutions which are the world’s most powerful and most predatory financial interests.” Writing in June 2011, he said:


Bilderberg isn’t a secret society. . . . It’s a meeting of people who represent a certain ideology. . . . Not OWG [One World Government] or NWO [New World Order] as too many people mistakenly believe. Rather, the ideology is of a ONE WORLD COMPANY LIMITED.


It seems the Bilderbergers are less interested in governing the world than in owning the world. The “world company” was a term first used at a Bilderberger meeting in Canada in 1968 by George Ball, U.S. Undersecretary of State for Economic Affairs and a managing director of banking giants Lehman Brothers and Kuhn Loeb. The world company was to be a new form of colonialism, in which global assets would be acquired by economic rather than military coercion. The company would extend across national boundaries, aggressively engaging in mergers and acquisitions until the assets of the world were subsumed under one privately-owned corporation, with nation-states subservient to a private international central banking system.


Estulin continues:


The idea behind each and every Bilderberg meeting is to create what they themselves call THE ARISTOCRACY OF PURPOSE between European and North American elites on the best way to manage the planet. In other words, the creation of a global network of giant cartels, more powerful than any nation on Earth, destined to control the necessities of life of the rest of humanity.

. . . This explains what George Ball . . . said back in 1968, at a Bilderberg meeting in Canada: “Where does one find a legitimate base for the power of corporate management to make decisions that can profoundly affect the economic life of nations to whose governments they have only limited responsibility?”


That base of power was found in the private global banking system. Estulin goes on:


The problem with today’s system is that the world is run by monetary systems, not by national credit systems. . . . [Y]ou don’t want a monetary system to run the world. You want sovereign nation-states to have their own credit systems, which is the system of their currency. . . . [T]he possibility of productive, non-inflationary credit creation by the state, which is firmly stated in the US Constitution, was excluded by Maastricht [the Treaty of the European Union] as a method of determining economic and financial policy.


The world company acquires assets by preventing governments from issuing their own currencies and credit. Money is created instead by banks as loans at interest. The debts inexorably grow, since more is always owed back than was created in the original loans. (For more on this, see here.) If currencies are not allowed to expand to meet increased costs and growth, the inevitable result is a wave of bankruptcies, foreclosures, and sales of assets at firesale prices. Sales to whom? To the “world company.”


Battle of the Titans


If that was the plan behind the market assaults on August 4 and August 8, however, it evidently failed. What turned the market around, according to Der Spiegel, was the European Central Bank, which saved the day by embarking on a program of buying Spanish and Italian bonds. Sidestepping the Maastricht Treaty, the ECB said it would engage in the equivalent of “quantitative easing,” purchasing bonds with money created with accounting entries on its books. It had done this earlier with Greek and Irish sovereign debt but had resisted doing it with Spanish and Italian bonds, which were much larger obligations. On Tuesday, August 16, the ECB announced that it was engaging in a record $32 billion bond-buying spree in an attempt to appease the markets and save the Eurozone from collapse.

Federal Reserve Chairman Ben Bernanke was also expected to come through with another round of quantitative easing, but his speech on August 9 made no mention of QE3. As blogger Jesse Livermore summarized the market’s response:

.
. . [T]he markets sold off rather rapidly as no announcement was made about QE3. . . . It wasn’t until . . . the last 75 min of market activity [that] the DJIA gained 639 pts to close at a day high of 11,242. That begs the question, where did that injection of capital come from? The President’s Working Group on Financial Markets? Or did the “policy tools” to promote price stability by any chance include the next round of Quantitative Easing unannounced?

Was that QE3 Incognito, Ben?

Titanic Battle or Insider Trading?

That leaves the question, why the suspicious downgrade on August 5, AFTER the government had made major concessions just to avoid default, and despite the embarrassing revelation that S&P’s figures were off by $2 trillion? Suspicious bloggers have pointed out that Lehman Brothers was brought down by a massive bear raid on 9-11-08, echoing the disaster of 9-11-01; that the S&P downgrade hit the market on 8-8-11; and that the S&P fell exactly 6.66% and the Dow fell exactly 5.55% on that date. In Illuminati lore, these are power numbers, of the sort chosen for power moves.


But we don’t need to turn to numerology to find a motive for proceeding with the downgrade. On August 12, MSN.Money reported that it “wasn't much of a surprise”:


Wall Street had heard a rumor early on that the downgrade was coming. News sites reported the rumor all day.

Unless it was all a huge coincidence, it's likely that someone in the know leaked the information. The questions are who and whether the leak led to early insider trading.


The Daily Mail had the story of someone placing an $850 million bet in the futures market on the prospects of a US debt downgrade:


The latest bet was made on July 21 on trades of 5,370 ten-year Treasury futures and 3,100 Treasury bond futures, reported ETF Daily News.

Now the investor’s gamble seems to have paid off after Standard and Poor’s issued a credit rating downgrade from AAA to AA+ last Friday.

Whoever it is stands to earn a 1,000 per cent return on their money, with the expectation that interest rates will be going up after the downgrade.


The Securities Exchange Commission announced on August 8 that it is investigating the downgrade. According to the Financial Times, the move is part of a preliminary examination into potential insider trading.

Whatever can be said about the first two weeks of August, their market action was unprecedented, unnatural, and bears close observation.


Ellen Brown is president of the Public Banking Institute and the author of eleven books. She developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, she turns those skills to an analysis of the Federal Reserve and “the money trust.” Her websites are http://WebofDebt.com and http://PublicBankingInstitute.org.

Ellen Brown is a frequent contributor to Global Research. Global Research Articles by Ellen Brown
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Fri Aug 19, 2011 8:03 am

Cowboy, that is an excellent post. I read a good article somewhere about all of this being a battle between the BIS and IMF. Dunnno. If you take the time to read extensively about that information revealed in the comprehensive annual financial report , you find that various governmental agencies own much of the stock market. Reportedly, the Mellon bank trades GOV accounts worth hundreds of $ trillions.
"Here, for example, is what just the New York Pension system holds:"
. Shares $ Market Value

NYSE Euronext 1,044,464 18,695,906
NASDAQ OMX Group Inc 539,840 10,570,067

How about the Dow Jones?

Dow Jones 201,002 7,899,379

And most importantly, the rating companies:

Moody’s Corp 1,001,702 71,581,625
Barclays plc 2,558,517 29,889,010

The moral of the story is that while we listen to the government owned media report to us that the government owned stock market is taking a nosedive because the government owned rating companies have downgraded the government owned economy of the United States, we actually believe the lie!

http://realitybloger.wordpress.com
The CAFR reports are extremely clear. GOV owns huge sectors of the economy. Apparently, this enormous wealth is NOT available to improve the life of Americans.
I really wish that I had a better understanding of all this.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Fri Aug 19, 2011 8:38 am

Yeah. The virus can kill only so much of the host before it wipes out its very nourishment. Look what Roubini is just saying:

Roubini: ‘Karl Marx had it right’

by News Source on August 14, 2011

Joseph Lazzaro writes:

There’s an old axiom that goes “wise is the person who appreciates candor almost as much as good news” and with that as a guide, place the forthcoming decidedly in the category of candor.

Economist Nouriel “Dr. Doom” Roubini, the New York University professor who four years ago accurately predicted the global financial crisis, said one of economist Karl Marx’s critiques of capitalism is playing itself out in the current global financial crisis.

Marx, among other theories, argued that capitalism had an internal contradiction that would cyclically lead to crises, and that, at minimum, would place pressure on the economic system.

Companies, Roubini said, are motivated to minimize costs, to save and stockpile cash, but this leads to less money in the hands of employees, which means they have less money to spend and flow back to companies.

Now, in current financial crisis, consumers, in addition to having less money to spend due to the above, are also motivated to minimize costs, to save and stockpile cash, magnifying the effect of less money flowing back to companies.

“Karl Marx had it right,” Roubini said in an interview with wsj.com. “At some point capitalism can self-destroy itself. That’s because you can not keep on shifting income from labor to capital without not having an excess capacity and a lack of aggregate demand. We thought that markets work. They are not working. What’s individually rational…is a self-destructive process.”
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Sun Aug 21, 2011 12:22 pm

The first graph on this page shows the economy dropping off a cliff when "they" stop the QE.
http://www.munknee.com/2011/07/are-we-o ... recession/
Since the economic indicators include many financial firms, the sudden rise at the inception of QE is just bogus. It represents the shuffling around of newly printed "money". within the financial system. The real economy never saw an end to the "first" recession. This isn't a big surprise. GOV pumped in "money" to get an improved attitude towards consumption. The plan was to improve sentiment so that people would go out and spend tons of money.

After the MOSSAD / CIA attack in New York, Bush said to "go out and shop". GOV is deathly afraid of a slowdown in consumer spending.
GOV rallied all the cheerleaders during QE to get the economy "jumpstarted". The dumb fucks ignored the fact that the consumer was debt-saturated. The jump start did not work. GOV doesn't really have a plan "B". The consumer is over-indebted.

In the 2007 crash, the banks SHOULD have been allowed to fail. They were rescued by GOV. NOW, the banks are in a worse position. The debt NEVER went away. But, this time, GOV is unable to rescue the banks. The banking failures were only postponed. It's much worse, this time.
All the big European banks have about 2% assets-to-loans. http://www.johnmauldin.com/images/uploa ... 082011.pdf
If/when there is a run on a bank, they will be helpless. Inter-bank loans have disappeared. They all know that all the banks have impaired capital.
Credit Agricole seems to be a good candidate for a crash. Whatever bank appears to be weak will be attacked by the shorts. That will start the crash rolling.
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Tue Aug 23, 2011 4:21 pm

Well, the banks really screwed the pooch a few years ago. They got GOV to bail them out but, they haven't fixed a thing since then. The financial industry knows just what the banks are worth. B of A is imploding. They've lost about 35 % of capitalization in the last few months. The big European banks are facing a complete crash of securities on the continent. The investors are deserting them as fast as they can. Here's what has happened to their market capitalization.
"Here's what British banks lost in market cap since August 2006:

* Lloyds: -94.54% (-58.10% in past year)
* Barclays: - 76.85% (-53.08% in past year)
* RBS: -96.83% (-54.15% in past year)"
http://theautomaticearth.blogspot.com/2 ... -want.html

These banks were backstopped and bailed out by GOV a couple of years ago. GOV is too broke to bail them out again. The investors are deserting them. Some day, the sharks will "short" them and bring it all down.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Fri Aug 26, 2011 7:45 pm

And who be the sharks?
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Fri Aug 26, 2011 8:54 pm

Cowboy, that's a hard one to define. One of the most negative aspects of the whole mess is referred to as " regulatory capture". Look at the S&P crisis. They changed the law to allow S&Ps to act like banks. Then, they loaded them up with fraudulent deals. Next, they gutted the S&Ps and laid it on the taxpayers. Next, they gutted Glass -Steagall. ALSO, they had to toss out a huge body of fraud law to institute derivatives. They have been successful beyond their wildest dreams.

Here's an analogy; A guy makes a Molotov cocktail out of a 5 gallon Sparkletts bottle. After a certain point, he belatedly discovers that tossing the bottle will take him out too. The institutional investors, banks, etc have come to the conclusion that all this fraud will cause an eventual collapse.
They insist on their pound-of-flesh and they will be paid off in a worthless currency,,, made worthless by their very own actions.
The too-big-to-fail are as nimble as a brontosaurus. If GS crashes Italian bonds, they will get obliterated when the Italian bonds take down the French banks.

The single investor who plans to make a killing,,,,,, this same investor who is now forbidden from shorting various European debt instruments,,, will take his gains out of the collapse zone.
There is another very important factor to this. Everyone was so shocked to learn that the FED had loaned tons of new money to European banks. Jim Willie claims that Interpol already had arrest warrants ready to go for obvious fraud. The FED money was the payoff to keep our banksters out of jail.
The IMF / FED group is doing their best to take down the Euro. BUT, you can't very well do 'god's work" if you're sitting in a jail in Brussels.
Bernanke just announced that he was going to take one more overt step against the Euro. He said no QE III,,, possibly next year. The European banks need $ 1 trillion dollars to fund their dollar-denominated debt. They need it NOW. He already pays interest on excess reserves deposited with the FED. Why would U.S. banks give up the sure money to loan it to broke Europeans. the FED won't print and the banks won't loan. The Eurozone won't get the $ 1 trillion. They can't print dollars . China has dollars but, I'm not so sure that they'll part with them.

The sharks are the ones who believe that they will survive a collapse.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Tue Aug 30, 2011 10:28 am

sharks run out of food too
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Sat Sep 03, 2011 7:07 am

cowboyangel wrote:sharks run out of food too

Then, they fight over what's left.
"Hmmmnn… let’s see if we can get this: A bankrupt government is suing on behalf of two bankrupt quasi-government firms… hoping to recover money from bankrupt banks that were already bailed out once by the aforesaid bankrupt government… and as a consequence may yet need to be bailed out again."

Read more: Mind-Blowing News from the FHFA http://dailyreckoning.com/mind-blowing- ... z1Wtl67ZaY
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Sat Sep 03, 2011 9:00 pm

Both the chickens and the black swans are coming home to roost. ALL the banks are being sued for qazillions of dollars. B of A is so broke that;
"Fed asks Bank of America to list contingency plan: report. The Federal Reserve has asked Bank of America Corp to show what measures it could take if business conditions worsen, the Wall Street Journal said, citing people familiar with the situation. BofA executives recently responded to the unusual request from the Federal Reserve with a list of options"
B of A is a dead duck and everybody knows it.
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Re: Screw the Banks and Investment Firms

Postby cowboyangel » Sun Sep 04, 2011 8:26 pm

Now hope they go after God's messenger....slimy Lloyd....
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Re: Screw the Banks and Investment Firms

Postby can't sit still » Mon Sep 05, 2011 7:08 pm

This is the latest from Fulford. It IS interesting. Who the hell knows if it is true? Scroll down to read it in English if you don't read Japanese.
http://benjaminfulford.typepad.com/
It's easy to be an optimist and believe this stuff. It is a fascinating read that has worldwide prosecution of bankers. One has to judge this from outside and/or corroborating factors. The only convincing corroboration is from Pastor Williams. He predicted that oil would rise way up. Then, he predicted it would be crashed down. Much of his predictions are NON-intuitive. That gives him a lot of credibility.
http://socioecohistory.wordpress.com/20 ... pril-2011/
The other corroboration is just intuitive. The fuckups by the bankers have crashed commerce. The bankers create nothing. Legitimate Commerce is suffering from all this BS and is rightly pissed off. The real moguls of commerce undoubtedly have a lot of power. Fulford claims that these moguls are on the verge of using this power to bring the bankers to justice.
The available corroboration is pretty weak but, one would expect these powerful people to work behind closed doors. The major funds have about $ 100 trillion in cash and near-cash. It will all go up in smoke if the banks are allowed to blow all the producing economies all to hell. Fulford postulates that the producers of the world are not going to sit idly by while the banksters pillage and run. It's hard to say at the moment.
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