By Michael Collins
Wall Streeters, big banks, and their proxies in political office are all reaching for the Xanax tonight. The Greek left, led by Alexis Tsipras, is saying that there’s no obligation to pay back the rotten deal handed down to the Greek people. (Image: Oneiros)
“After accepting a mandate to create a multiparty administration following inconclusive elections, Alexis Tsipras sent shockwaves through financial markets by announcing the pledges Athens had made to secure rescue funds from the EU and IMF were null and void.
“The popular verdict clearly renders the bailout deal null,” said the politician, whose stridently anti-austerity coalition of the radical left, known as Syriza, sprung the surprise of the weekend’s poll, coming in second with 16.8% of the vote. “This is an historic moment for the left and the popular movement and a great responsibility for me.” Guardian, May 8, 2012
And what does this mean? Continue reading
Max Keiser interviews John Perkins
The John Perkins piece starts at about 14:13 into this show:
Posted in Economy Economics
Tagged bailout, banksters, class war, economy, honduras coup, john perkins, max keiser, obama, obama cia link, outsourcing, wall street
The peoples’ oligarch Warren Buffett just wrote a thank you letter to “Uncle Sam” published in the New York Times. It is the height of cynicism. (Image)
Buffett has a carefully crafted public image as a brilliant but people-friendly master of investments. We hear about his regular table at an Omaha diner where he conducts business (just plain Warren) and we see his occasional public stands for reasonable policies like the inheritance tax.
He claims that “Uncle Sam”, the government, saved us from a financial catastrophe that would have swallowed up his company. He then endorses the notion that the housing bubble was based on “mass delusion” – meaning it was our fault. But he forgets to mention that he took advantage of the 2008 crisis to purchase a $5 billion interest in Goldman Sachs. And he forgets whose money “Uncle Sam” stole from the Treasury to save him and the rest of his cronies. What a hypocrite. Continue reading
By Michael Collins
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Neil Barofsky just released his latest Quarterly report on TARP. He begins by asking the question, who has benefited from the TARP program? He makes a strong case that Wall Street is the main beneficiary, while Main Street has suffered under deteriorating conditions for commercial credit, home ownership, and employment conditions. (Image)
“By fulfilling the goal of avoiding a financial collapse there is no question that the dramatic steps … were a success for Wall Street. … Main Street …reaped significant benefit from the prevention of a complete collapse of the financial industry. …Main Street has largely suffered alone, however, in these areas in which TARP has fallen short of its other goals.” (p. 5)
By Michael Collins
Oh, it’s just that Collins guy mouthing off again.
Actually, I was far too easy on Congress yesterday in Lawless Nation – Congress.
Here’s why: HR 3808 The Interstate Recognition of Notarizations Act of 2010
The bill is the response to the events outlined in a story that Numerian scooped on foreclosure problems. The banks are in big trouble. They failed to follow the law and rules in handling mortgages. Instead of foreclosing on home owners, those upside down and under water can consider strategic defaults on the mishandled notes. Legal efforts have reached a point where there’s a “tsunami of legal action against mortgage servicers” as Tyler Durden calls it.
Posted in Economy Economics, Elections, Neoliberalism, Slavery
Tagged bailout, big banks, congress, corruption, fix, foreclosures, HR 3808, notarization, strategic defaults
By Puddy Dunne
Coalition of the Obvious
It is rare for me to even acknowledge Congress as anything but elected lobbyists and globalists, but I have to mention one.
Stars and Stripes 4 sale was my site for the Clinton-Bush gang and I spent years following and cataloguing the Congressional shills. One of the few I had little ammunition against was Russ Feingold (WI).
Posted in Constitution, Economy Economics, Elections, Human Rights Civil Liberties, Privacy, Resistance, Torture
Tagged bailout, class war, maverick senator, russ feingold, TARP, war spending
reddit | digg it
By Mike Whitney
On Tuesday, the Fed announced that it will reinvest the proceeds from maturing mortgage-backed securities (MBS) into US Treasuries. The process is called Quantitative Easing. In theory, QE increases inflation expectations so that consumers spend more and rev up the economy. That’s the theory. But adding to bank reserves when the banks are already loaded to the gills, achieves nothing. It doesn’t put money in the hands of people who will spend it, generate more economic activity or increase growth. It’s a big zero.
By Numerian posted by Michael Collins
One of the fictions propagated in American history courses – of the order of Washington throwing a dollar coin across the Potomac – is the theory that America always comes up with brilliant leaders at a time of crisis. Witness Washington himself, and Lincoln, Wilson, or Franklin Roosevelt (Republicans will throw in Reagan for balance). This was supposed to have something to do with the genius of the Constitution and the American political system’s ability to surface political talent.
A time of crisis is certainly upon the US, and the entire globe for that matter. The financial system is ratcheting itself down step by step into a total, catastrophic collapse, bringing default and ruin to over-leveraged borrowers everywhere. The global economy’s dependence on petroleum is more and more seen as a point of extreme fragility which could, like the corrupt financial order, bring economic growth to a complete halt. The nations of the world cannot agree what to do about global warming, and this failure alone seems to show we are incapable of setting aside personal gain for the common good, even when the survival of so many species (including our own) is at stake.
By Richard (RJ) Eskow
March 30, 2010 OurFuture.org
What secrets are hidden in the Federal Reserve’s trillion-dollar shadow? Economic recovery depends on confidence, and confidence requires knowledge. But Senators like Chris Dodd and Judd Gregg don’t want us to have that knowledge. They don’t even want it themselves.
In Sen. Dodd’s case, he’s trying to give the Fed more authority (over consumer protection) even as he fights to keep its activities hidden. Fortunately, the final decision may not be up to him.
Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash
MATT TAIBBI Posted Feb 17, 2010 5:57 AM
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America’s pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles. In his message, Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman’s role in precipitating the global financial crisis.
The bank had already set aside a tidy $16.2 billion for salaries and bonuses — meaning that Goldman employees were each set to take home an average of $498,246, a number roughly commensurate with what they received during the bubble years. Still, the troops were worried: There were rumors that Dr. Ballsachs, bowing to political pressure, might be forced to scale the number back. After all, the country was broke, 14.8 million Americans were stranded on the unemployment line, and Barack Obama and the Democrats were trying to recover the populist high ground after their bitch-whipping in Massachusetts by calling for a “bailout tax” on banks. Maybe this wasn’t the right time for Goldman to be throwing its annual Roman bonus orgy.
Not to worry, Blankfein reassured employees. “In a year that proved to have no shortage of story lines,” he said, “I believe very strongly that performance is the ultimate narrative.”
By Leslie Thatcher
Read the book for the argument, but the unequivocal conclusion is, “The regulators – first and foremost the Fed – had all the tools necessary to combat the bubble. They chose not to.”
False Profits: Recovering From the Bubble Economy
By Dean Baker
PoliPoint Press, 2010
He who feels punctured must once have been a bubble. ~Lao Tzu, Tao Te Ching, 6th century BCE
Posted in Art, Books, Music & Film, Economy Economics, Housing, Land Grab, Neoliberalism, NWO, Obama and Company
Tagged bailout, banksters, book review, class war, dean baker false profits, deregulation, economics, Fed Fraud, housing bubble
Bank of America Looks Like First of Many
“This merger (Bank of America and Merrill Lynch) is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.” (Image)
Posted in Economy Economics, Land Grab, Neoliberalism, NWO, Obama and Company
Tagged andrew cuomo, bailout, Bank of America, banksters, class war, economy, Fed Fraud
By Robert Freeman
The media are awash with talking heads bloviating about the top stories of the last decade. The wired-in society. The growth of organic food. The new frugality. This is the ritual that reveals their true function in the culture: pacification. It’s their way of signaling the masses that Bigger Thinkers are looking after things, so go back to your Wii or Survivor or Facebook reveries.
The amazing thing is how little is ever mentioned about the stories that really mattered, those that affected the very nature of our society, its institutions, and the relation of the people to their state and society. Those stories paint a picture of danger, of a people who have lost control of their government and the corporations that own it. But you’ll hear nary a word about such difficult truths from any storyteller in the conventional media.
So here, in no particular order, are my Top Ten Stories of the Naughties, the ones that really matter.
Posted in Censorship, Constitution, Economy Economics, Elections, Energy, Human Rights Civil Liberties, Land Grab, MSM Shills, Neoliberalism, NWO, Obama and Company, Region: Middle East, Slavery, War and Peace
Tagged 911 intelligence, bailout, civil liberties, class war, corpogov, decade top stories, fake terrorism, fascism, income gap, info suppression, Land Grab, media consolidation, middle east wars, Neoliberalism, oil wars, resource wars, robert freeman, stolen elections
By Michael Collins
Time Magazine’s Joe Klein is having an allergic reaction to free speech and public debate. The title of his latest column says it all: The Left’s Idiocy on Health Reform. It’s an ex cathedra pronouncement from a made man at one of the nation’s oldest media properties.
What’s got Joe so worked up?
Posted in 4th Estate, Big Pharma, Economy Economics, Healthcare, MSM Shills, Neoliberalism, NWO, Obama and Company, Resistance
Tagged bailout, banksters, class war, corporate media disinformation, Healthcare, insurance bailout, insurance scam, joe klein corporate shill, medicare for all, MSM Shills, single payer, universal healthcare
Time to hit those thieves where it hurts – their pockets!
If you did that, they’d call it immoral
Over at The Agonist, Numerian offered up a short, powerful explanation of what’s happened with Wall Street bailout recipient, Morgan Stanley. The former investment bank bought five properties in San Francisco as the market verged on a sharp downturn. Their value fell precipitously. The office buildings lost 50% of their value at purchase.