Tag Archives: bailout

Greece left with mandate to create government says NO to bailout terms and illegal debt

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

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Economic Hit Men Now Used on Americans

Max Keiser interviews John Perkins
February 2010

The John Perkins piece starts at about 14:13 into this show:

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Goldman Sachs Investor Buffett Thanks “Uncle Sam” for Bailout

Michael Collins

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

Wall Street Beats Main Street Says Special IG for Tarp

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)

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Why Does Congress Hate America?

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.

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The Last of the Mavericks

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).

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Financial Party on Wall Street, Like It’s 1929

reddit | digg it

By Mike Whitney
Global Research

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.

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What’s a capitalist to do?

AIG’s Joe Cassano – An American Tragedy

By Numerian

What’s a capitalist to do when he loses $500 billion and almost single-handedly destroys the global economy? In Japan you would bow deeply in public and express the deepest possible remorse and shame, that is if you already had not committed seppuku. In America, where the Ayn Rand ethos of objectivism reigns supreme, you weasel your way out of any explanation or regret, while riding off in the sunset with your undeserved fortune.
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What went wrong with Obama

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.
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The Trillion-Dollar Shadow (audit the Fed!)

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.

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GOP Says Insurance Bailout Too Big

By Daniel Kurtzman
About.com Political Humor

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Understanding Capitalism versus Socialism

By Joaquin
The Agonist

Maybe you are a casual Agonist reader or an Agonista at heart but in any case you are probably asking yourself: what’s the deal with socialism and why do I like capitalism? (Image)

OK, let’s get started by defining socialism. Socialism is, by definition, something you don’t want. It’s that simple and all you really need to remember but, of course, there is a complex academic explanation which goes like this: Americans don’t want socialism because the government does it.

Now that you understand socialism, it’s really very easy to understand capitalism. The definition of capitalism is something that you do want. Again, it’s that simple: Occam’s Razor! Again, this being an academic sort of paper, I should add that capitalism is something that you want because the government doesn’t do it. It’s so simple, isn’t it?

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Wall Street’s Bailout Hustle

ROLLING STONE

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.”

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False Profits

By Leslie Thatcher
TruthOut

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

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Cuomo Takes on the Money Party

Bank of America Looks Like  First of Many

Michael Collins

“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)

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Top 25 Censored Stories of 2009/2010

For 34 years, Project Censored has been bringing the most vital stories to public awareness, believing that genuine democracy depends on freedom of the press. Here are 25 stories that were underreported or otherwise unjustly ignored in 2009.

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The Real Top 10 News Stories of the Past Decade

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.

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Joe Klein’s Fatuous Fantasy

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?

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Move Your Money

Time to hit those thieves where it hurts – their pockets!

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Morgan Stanley Just Walks Away from Huge Mortgages

If you did that, they’d call it immoral

Michael Collins

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.

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