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.


The Future of America

December 29, 2009

Here’s a look at reality. Don’t be fooled about how well the recovery is going. Every action the FED takes has consequences that will come back at some point.

The Dallas FED estimated the financial obligations of the US government at 99 trillion dollars. The head of the TARP program estimated the bailout cost at 24 trillion dollars. Totaled together the US has in the neighborhood of 120 trillion dollars of current and future obligations on an annual revenue of around 2 trillion dollars which is falling due to high unemployment, higher state and local taxes and fees and lower wages.

Cutting that down to size, imagine earning 200,000 a year and having a debt of 12 million dollars. In short, the US dollar has become a token of an unpayable debt and thus the anchor of the entire global financial system is a ponzi fraud.

It becomes impossible to compute the value of anything as measured in a fraudulent currency that represents an unpayable debt.

…. From 321 Gold


Support The Audit The Fed Bills

August 14, 2009

Thanks to Ron Paul and The Campaign for Liberty, the nation is finally talking about the FED. HR 1207 & S 604, If you haven’t read them I would encourage you to do so. Then Contact your representative.

I emailed both my Senators this morning to ask them to co-sponsor the Senate version of the Audit The Fed Bill. If you haven’t signed the petition go here, if you haven’t emailed your representative go here.

You may think an Audit of the FED is no big deal, but they have hired a PR firm to smooth their image with the public. Plus they are releasing all kinds of political propaganda like this.

The U.S. Federal Reserve on Thursday launched a robust defense of its independence and warned that efforts in Congress to put monetary policy under political sway would hurt the economy …. From Reuters

Fed Vice Chairman Donald Kohn, basically threatened to raise interest rates if congress doesn’t stop pointing it’s finger at the FED. Thats a sure sign of a bully.

I guarantee the FED will go down kicking and screaming. They would rather watch the US be destroyed and hang onto their power, rather then be audited.


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


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

http://www.youtube.com/watch?v=mwYKA12s9VE

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.


Random Thoughts From The News About The Bail Out

September 30, 2008

ABC News

ABC News’ Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson’s request for billions of dollars to buy debt from struggling Wall Street financial firms as “un-American” and said the secretary should have stepped down.

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CNN Money

Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government’s $700 billion bank bailout plan.

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Bloomberg

“You let essentially Lehman Brothers go bankrupt but you save AIG and you save other brokers by merging them with banks and then you come with a bailout plan that should be paid by the taxpayer, when Wall Street last year in total received a compensation of $69 billion – $38-39 billion of which were bonuses paid to the executives essentially of Wall Street.”

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Daily Newscaster

“I have been thrown out of more meetings in this capital in the last 24 hours than I ever thought possible, as a duly elected representative of 825,000 citizens of north Texas.” Said Congressman Burgess.

Burgess asks the Speaker of the House to post the bailout bill on the internet for at least 24 hours instead of passing the largest piece of legislation in US financial history in the “dark of night.”

The most frightening part of Rep. Burgess’ one-minute floor speech is when he says, “Mr. Speaker I understand we are under Martial Law as declared by the speaker last night.”

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Life After The Oil Crash

Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.”

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Guardian

A shattering moment in America’s fall from power

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over


Ron Paul: Wall Street Crisis is Corporatism

September 30, 2008

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