The 7 Con’s That Goldman Used To Screw Tax Payers

February 22, 2010

If your not familiar with Matt Taibbi, put him on your must read list. Matt is a writer for Rolling Stone and has written some of the best articles over the last year about what really happened with the bailouts. Who caused the economic crash, who made the money, and where did the money go.

His latest article “Wall Street’s Bailout Hustle“, is not only informative but entertaining. Telling the exact way a con man works his mark until he’s broken and confused. One thing is clear after reading Taibbi’s work. This was not a bunch of bad decision that went south, these banks absolutely knew what they were doing, and they are already at it again trying to creating a even bigger bubble to soak up more money.

“In fact, the FED became not just a source of emergency borrowing that enabled Goldman and Morgan Stanley to stave off disaster – it became a source of long term guaranteed income. Borrowing at zero percent interest, banks like Goldman now had virtually infinite ways to make money. In one of the most common maneuvers they simply took the money they borrowed from the government at zero percent and lent it back to the government by buying Treasury bills that paid interest of three or four percent. It was basically a license to print money – no different then attaching an ATM to the side of the Federal Reserve.

U.S. May Lose It’s “AAA” Rating Because of Large Amounts of Debt

November 12, 2008

CNBC reported this week that

The United States may be on course to lose its ‘AAA’ rating due to the large amount of debt it has accumulated, according to Martin Hennecke, senior manager of private clients at Tyche.

It goes on to say,

the bankruptcy of the government is not out of the realm of possibility,

oh, that makes me feel better

Then Theres this story

about the same thing, but from early this year, saying if we don’t change things in 10 years we could loss our “Triple A Rating”

so in 10 months we have gone from having 10 years, to now we could loss our “AAA” rating any time. We have successful taken on 10 years worth of debt in 10 months!

Whats even more disturbing though is this line towards the end on CNBC story

In order to solve or stem the economic slowdown, Hennecke suggested the US would have to radically reduce spending across all sectors and recall all its troops from around the world.

You mean we would have to do the things that congressman Ron Paul has been saying for 15 years. The same things that he campaigned on for the Republican nomination in 2008, the same very things that he was laughed at, and told he was crazy for by the other completely uninformed Republican nominees including McCain.

It’s amazing that financial experts are saying the only way to say our economy is go back to the conservative fiscal policies of our founding father, and the not the fake conservative policy of Bush and Cheney, and Romney, and Mccain and the rest of the majority of the republican is so sad.

It’s sad we have drifted so far away from real conservatism. Not all of congress is corrupted, there are good people who have spent their lives trying to serve our country for the better. Number one example is Ron Paul who has been on the United States House Committee on Financial Services for years! screaming that we are headed towards a brick wall, and no one wanted to listen…. most of all the media.

AIG Needs Another Bail Out!

November 8, 2008

The Financial Times reports that AIG is asking the government for a new bailout just 2 months after the first one.

The moves come amid growing fears AIG might soon use up the $85bn cash infusion it received from the Fed in September, as well as an additional $37.5bn loan aimed at stemming a cash drain from the insurer’s securities lending unit.

Apparently AIG executives are complaining that the 8.5 % interest rate on the first loan is crippling them.

Original Article

Remember What Lindsey Williams Said In July?

October 10, 2008

On July 28th, Lindsey Williams was on the Alex Jones Show, and dropped some bomb shell predictions about what we would see happen in the next year. I’ve gone back and listened to the interview a couple of times, and I posted the major highlights below.

• Oil will go to $50 a barrel

Bloomberg, October 2, 2008

Oil May Fall to $50 in Global Recession”

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• The United States is going to see a financial collapse that will be so great it will takes years to come out of

Huffington Post, September 26, 2008

WAMU becomes the biggest bank to fail in US History


Birmingham Business Journal, September 29, 2008

Worst Point Loss In Dow History

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• Countries will being to drop our “T bills”, and that will collapse the U.S. dollar

Telegraph, August 2007

China threatens ‘nuclear option’ of dollar sales


Money Week, June 2007

Why Investors fear a China Treasury dump

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• It will spread out of the Untied States and become a global economic collapse, all to bring the North American Union in. reported on October 9, 2008

GLOBAL MARKETS-Panic sweeps US stocks, oil off on recession fear

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The $50 a barrel oil is to bankrupt the global economy, especially the middle east. They have become over leveraged and such a huge drop in price for oil will crash their economy first, they then won’t be able to buy our tbills, and it will bring our economy down too.

The only conflict I hear in the interview is that Lindsey says oil will drop because the market will be flooded with new oil from Russia and indonesia. I have yet to see that. There is a FOX NEWS article about a new oil field north of Russia, but I haven’t heard anything about Indonesia other then the Cepu oil field that begins production in 2009.

Wallstreet has turned into a giant gambling casino

October 7, 2008

“Wallstreet has turned into a giant gambling casino”

– Ralph Nader, on the Bill Maher Show

you make not like Ralph Nader, but regardless of how you feel about him, it’s a crime thats he’s not aloud a seat in the Presidential debates. He constantly holds between 6-10 % with out any main stream cover. Imagine if he was given time on prime time TV next to the other 2 candidates. Corporate America has to block third parties for fear their ideas would become contagious to the masses.

Democratic Congressman: Representatives Were Threatened With Martial Law In America Over Bailout Bill

October 4, 2008

This is the kind of stuff that goes on in congress! Dennis Kucinich calling the bail out immoral, Mary Kaptur saying illegal criminal activity is going on, Brad Sherman saying people were threatened with martial law, and over 90% of the people against the Bail out, and yet congress still passes it!

It is clear to me, congress and washington no longer work for us.

Glenn Becks, Chilling Letter To America

October 2, 2008

CNN posted this commentary from Glen Beck today. I happen to like Beck, I now he gets dogged from conservatives for being to liberal, and from liberals for being too conservative. But I identity with his jaded and sarcastic out look of politics.

This to me is the most powerful line in the article, and we will never change as a country until every main stream news station is repeating it.

Your Constitution will never fail you, but your leaders will. Be wary of anyone who tries to convince you that it’s the other way around.

I’m starting to notice more and more political heads arriving at this very point, we have to get back to the Constitution, if we don’t it will be the death of us. Chuck Norris came out yesterday and said the only person he trust in Washington is RON PAUL, a commentator on CNN a week ago, live on air said, Ron Paul was right!

I’m seeing calls from the media to clean out anyone from washington that votes for this Bail Out.

Hopefully we are moving in the right direction.