The Commerce Department said today that retail sales fell by 1.2 percent in May. Although this was a surprise to many economists it has been no surprise to the millions of Americans who are looking for a job, or those that have already thrown in the towel and given up, or for the millions still facing foreclosure.
The US economy has been brought to its knees by the inevitable failure of any meaningful and insightful judgment coming from the Obama administration. Both the president and congress have thrown money in the wrong direction, wasting resources that may cause the US government to find itself in the same place as Greece within the next few years. Yes the banks were saved but at the expense of the US population.
Now after throwing trillions at the banks and a small token at the people, the Federal Reserve under Bernanke is completely lost in its own quagmire of confusion; the system is so completely over run by the bank elite that there is no place in this administration for common sense.
Five banks that set this collapse in motion each KNEW Obama would bring taxpayer aid to their survival. Those banks were Goldman Sachs Group Inc., Deutsche Bank AG, Bear Stearns Cos, Citigroup Inc., and JP Morgan Chase & Co., traders from these banks actually met and devised the instruments to bet against the subprime securities they were themselves promoting, and by playing both sides of the table they couldn’t lose. It was a Las Vegas style Gamble and they took out insurance, literally, taking down AIG and a host of other smaller insurance companies.
Why then did they need a government bailout? Primarily because they actually bankrupted AIG which caused Timothy Geithner from the New York Fed to coerce AIG to pay the banks in full for their second party CDS’s, thus allowing these same banks to be made whole with the exception of Bear Stearns. Why was Bear allowed to fall when the others were not?
Former Bear Stearns chief executive James Cayne, the chairman and CEO said the firm became the first major victim of the financial crisis due to “unfounded rumors”, not because of risky exposures to mortgage-related products with free-falling values.
Bear Stearns in March 2008 experienced essentially a run on the bank as creditors and the markets lost confidence in the institution. Regulators scrambled to find a buyer for the collapsing firm, resulting in a sale to none other than JPMorgan Chase & Co for $10 a share.
Maybe it’s just a coincidence that Bear Stearns was brought to its knees by rumors and ended up in the hands of JP Morgan. In 1907 JP Morgan began a series of rumors that the New York Banks were insolvent causing a similar run which essentially gave Morgan control, and what was accomplished was that which Morgan sought the beginning of the Federal Reserve System where Wall Street actually took control of the US Government.
The belief is that J.P. Morgan actually wanted Bear Stearns. So they arranged it by rumors and a sale, just as they did with Washington Mutual.
On April 17, 2010 the former head of the chief banking regulatory agency that oversaw failed Washington Mutual told lawmakers that the giant savings and loan collapsed because of a run on the bank, not failures by him or other regulators.
Who started the rumors that cause a run on Washington Mutual? Another coincidence Washington Mutual was taken over by non other that JP Morgan Chase who bought it for $2 billion.
Phil Angelides (Crisis Commission) in January accused Goldman Sachs CEO Lloyd Blankfein of treating clients unfairly for creating -- and then betting against -- subprime mortgage-backed securities. And this is essentially what each of these banks did.
Could the US economy have been saved?
Absolutely if that were the real intent of the Obama Administration! But Obama and Congress were to focused on their financial backers to see the forest for the trees, they threw money at the banks, and AIG with the latter allowing the foreclosures to continue, thus giving the banks a twofold profit, the bail out money allowing them to loan it back to the government and the foreclosure where they were paid by AIG and the other institutions that were foolish enough to guarantee these insane investments.
Obama and Congress could have used the same money to bailout both the Banks and the Borrowers, they could have provided the money to the banks per each loan that was modified to reduce the principal and interest. Thereby stopping the onslaught of foreclosures and maintaining a jobs market because there would not have been the financial impact on the economy.
The US Government because they have been substantially absorbed by Wall Street, is now tinkering on the brink of financial collapse. And this collapse is what should have allowed of Wall Street.
Showing posts with label JP Morgan. Show all posts
Showing posts with label JP Morgan. Show all posts
Friday, June 11, 2010
Friday, May 28, 2010
While the Banks control Congress, the American people remain the real losers.
“The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” Andrew Jackson
It was 1836, and the central bank had attempted to take control of the Federal government, sensing the power the bank asserted over the nation and the influence its money contained over the destiny of its citizens Jackson vowed to shut the bank. He succeeded!
Now more than170 years later we find ourselves once more embroiled in a struggle against the banking interest over control of the US government and even the destiny of America as a nation. We are failing! And as we fail, we present a new decade of enslavement for not only ourselves but a season of global instability.
It was 1907, and 71 years after Jackson made the nation aware, when JP Morgan set in motion one of the greatest scams America could ever envision, the great panic leading to the passage of the Federal Reserve Act, where Wall Street took control of America.
Until this panic congress had been reluctant to allow the Banks to control the issuance of our money, mainly due to the constituency who at the time understood the real nature of Bankers and mainly held them to a high level of distrust. Morgan and his allies set in motion rumors that created an atmosphere of fright, the rumors were calculated to cause a run on New York’s prominent banks. Morgan then rode to the rescue bringing in some 100, million of Rothschild’s gold to save the day, his white horse made him a stunning figure, and continued his legend as the leading banker of his day.
But it didn’t stop there JP Morgan Jr. attempted the unthinkable, too actually over through the US government. It was 1934 and Morgan led and financed the failed attempt to over through the legitimate presidency of Franklin Roosevelt, though it failed it showed the true character of Americas leading bankers, and showed them as the real villains of American free enterprise, Morgan and his other allies such as chemical industrialist Irénée du Pont, their avowed purpose to form a fascist government.
Now that fight continues at the treasury where some want what Obama and his co-harts don’t, real Bank reform. Let’s face it Congress is completely dominated by Wall Street money and that money means influence amounting to control. Today Money buys loyalty, and there is little money on Main Street to even buy a hot dog. So the loyalty of congress and yes even the president himself goes to Wall Street insiders. Like JP Morgan and Goldman Sachs.
Deputy Treasury Secretary Neal Wolin reiterated Thursday that he would like to see the "Volcker rule" included in the bank reform bill now being finalized, and reconciled in congress, the thrust of the “Volcker rule” would separate banking from proprietary trading, a revisit to Glass Steagall. Since the FED under Greenspan and as he was directed by his association with JP Morgan, Glass Steagall was dumped by the FED and later by Congress and Clinton.
Yes to reinstate Glass Steagall would be a beginning, but there is so much more required. And America sadly lacks the stomach for a real fight.
It was 1836, and the central bank had attempted to take control of the Federal government, sensing the power the bank asserted over the nation and the influence its money contained over the destiny of its citizens Jackson vowed to shut the bank. He succeeded!
Now more than170 years later we find ourselves once more embroiled in a struggle against the banking interest over control of the US government and even the destiny of America as a nation. We are failing! And as we fail, we present a new decade of enslavement for not only ourselves but a season of global instability.
It was 1907, and 71 years after Jackson made the nation aware, when JP Morgan set in motion one of the greatest scams America could ever envision, the great panic leading to the passage of the Federal Reserve Act, where Wall Street took control of America.
Until this panic congress had been reluctant to allow the Banks to control the issuance of our money, mainly due to the constituency who at the time understood the real nature of Bankers and mainly held them to a high level of distrust. Morgan and his allies set in motion rumors that created an atmosphere of fright, the rumors were calculated to cause a run on New York’s prominent banks. Morgan then rode to the rescue bringing in some 100, million of Rothschild’s gold to save the day, his white horse made him a stunning figure, and continued his legend as the leading banker of his day.
But it didn’t stop there JP Morgan Jr. attempted the unthinkable, too actually over through the US government. It was 1934 and Morgan led and financed the failed attempt to over through the legitimate presidency of Franklin Roosevelt, though it failed it showed the true character of Americas leading bankers, and showed them as the real villains of American free enterprise, Morgan and his other allies such as chemical industrialist Irénée du Pont, their avowed purpose to form a fascist government.
Now that fight continues at the treasury where some want what Obama and his co-harts don’t, real Bank reform. Let’s face it Congress is completely dominated by Wall Street money and that money means influence amounting to control. Today Money buys loyalty, and there is little money on Main Street to even buy a hot dog. So the loyalty of congress and yes even the president himself goes to Wall Street insiders. Like JP Morgan and Goldman Sachs.
Deputy Treasury Secretary Neal Wolin reiterated Thursday that he would like to see the "Volcker rule" included in the bank reform bill now being finalized, and reconciled in congress, the thrust of the “Volcker rule” would separate banking from proprietary trading, a revisit to Glass Steagall. Since the FED under Greenspan and as he was directed by his association with JP Morgan, Glass Steagall was dumped by the FED and later by Congress and Clinton.
Yes to reinstate Glass Steagall would be a beginning, but there is so much more required. And America sadly lacks the stomach for a real fight.
Friday, May 14, 2010
Bank Reform
JP Morgan Chase, Goldman Sachs, Bank of America, Citigroup and Wells Fargo invest over 6 million dollars to defeat major bank reform.
The nation's five largest and (as consumers feel), least credible banks which currently dominate the derivatives market; are in Washington armed with carpet bags full of cash. They have marshaled a contingency of trade groups, paid lobbyists and their own executives to convince senators that excluding banks from the derivatives business would make markets less safe.
Just how, is a curious oddity?
The banks reason, that the derivatives are a way of protecting their investments from failure, as they lay off the question of performance on third parties, like AIG for example, well that may be a bad example! But we get the point.
But the notion of excluding banks from the derivative market isn’t the issue. The issue is regulation and transparency of this 100 trillion dollar market.
The financial legislation proposed by the Obama administration and as passed by the House would require “most derivatives” to trade on public exchanges, in the belief that a transparent marketplace will be safer and cheaper. The scope of the exchange trading requirement has been the focus of the debate for months. Opponents argue that the bill would limit the industry's ability to customize derivatives to match the needs of clients. But in most cases they are their own client, except when they sell an instrument that an investor questions.
But, so far it has been the banks that have made small fortunes from the derivatives market, the most recent reminder AIG counterparty contracts with these same 5 banks receiving a concealed bailout from the Obama administration, and timothy Geithner’s requirement that AIG pay the banks 100 cents on the dollar. (Another story here)
According to the Office of the Comptroller of the Currency, Banks reported $22.6 billion in derivatives revenue in 2009. No doubt they used taxpayer bailout money to invest. Goldman Sachs was paid $13bn alone from AIG in 2009
Derivatives are contracts whose value is determined by something else. Trading in derivatives is dominated by these five banks, they were largely used in connection with Mortgage securitization instruments and were a form of insurance against a mortgage default, it is because of this “insurance” that the banks were made whole after a borrower defaulted, and it is because of these same instruments that the banks have NO incentive to work out a loan modification with a defaulting borrower, as they are made whole by these CDS’s (credit default swaps)
The five banks together have assembled more than 130 registered lobbyists, including 40 former Senate staff members and one retired senator, Trent Lott to water down and in most cases, (after their success in defeating the most concerting elements of the reform bill circulating congress), to defeat the latest round, unregistered Derivatives. Included in the list are also former staff members for the Senate majority and minority leaders, the chairmen and ranking members of the banking and finance committees, and more than 15 other senators.
The real issue and the one the banks are prepared to fight no matter how much money they have to throw at our congress, is control of their industry, this is something they will not tolerate, and after all they “are” the real masters of Washington .
The nation's five largest and (as consumers feel), least credible banks which currently dominate the derivatives market; are in Washington armed with carpet bags full of cash. They have marshaled a contingency of trade groups, paid lobbyists and their own executives to convince senators that excluding banks from the derivatives business would make markets less safe.
Just how, is a curious oddity?
The banks reason, that the derivatives are a way of protecting their investments from failure, as they lay off the question of performance on third parties, like AIG for example, well that may be a bad example! But we get the point.
But the notion of excluding banks from the derivative market isn’t the issue. The issue is regulation and transparency of this 100 trillion dollar market.
The financial legislation proposed by the Obama administration and as passed by the House would require “most derivatives” to trade on public exchanges, in the belief that a transparent marketplace will be safer and cheaper. The scope of the exchange trading requirement has been the focus of the debate for months. Opponents argue that the bill would limit the industry's ability to customize derivatives to match the needs of clients. But in most cases they are their own client, except when they sell an instrument that an investor questions.
But, so far it has been the banks that have made small fortunes from the derivatives market, the most recent reminder AIG counterparty contracts with these same 5 banks receiving a concealed bailout from the Obama administration, and timothy Geithner’s requirement that AIG pay the banks 100 cents on the dollar. (Another story here)
According to the Office of the Comptroller of the Currency, Banks reported $22.6 billion in derivatives revenue in 2009. No doubt they used taxpayer bailout money to invest. Goldman Sachs was paid $13bn alone from AIG in 2009
Derivatives are contracts whose value is determined by something else. Trading in derivatives is dominated by these five banks, they were largely used in connection with Mortgage securitization instruments and were a form of insurance against a mortgage default, it is because of this “insurance” that the banks were made whole after a borrower defaulted, and it is because of these same instruments that the banks have NO incentive to work out a loan modification with a defaulting borrower, as they are made whole by these CDS’s (credit default swaps)
The five banks together have assembled more than 130 registered lobbyists, including 40 former Senate staff members and one retired senator, Trent Lott to water down and in most cases, (after their success in defeating the most concerting elements of the reform bill circulating congress), to defeat the latest round, unregistered Derivatives. Included in the list are also former staff members for the Senate majority and minority leaders, the chairmen and ranking members of the banking and finance committees, and more than 15 other senators.
The real issue and the one the banks are prepared to fight no matter how much money they have to throw at our congress, is control of their industry, this is something they will not tolerate, and after all they “are” the real masters of Washington .
Sunday, May 9, 2010
Bank control of congress and the White House, pays off big time for Wall Street
The US Senate has more interest in the big pools of money the banks funnel for campaigns through their lobbyists, than for the people who elect them to office.
This was exemplified last night (May 7) when the Senate rejected the single most important element of Wall Street reform, being able to break up the “too big to fail banks” the Senate rejected this provision by a vote of 33 to 61; 27 Democrats joined all but three Republicans to vote against breaking up the banks.
The 61 votes against the measure are votes in favor of Wall Street's continuing stranglehold over our economy. But more importantly it allows business as usual on Wall Street, and without fear of government reprisal. It also guarantees future bail outs when they become necessary. (And they will)
At the same time, the Senate also voted down a $50 billion Wall Street tax that would have been used to fund the cost of shutting down a major failing bank, assuring future taxpayer funding when a “too big to fail” bank again finds itself in trouble.
By rejecting both the break-up bill and the bank tax, Wall Street has emerged as a clear winner and shown what clout and control they have over the US political system and particularly over congress, and the president.
President Obama who strongly opposed both the tax and the break-up measures, hosted J.P. Morgan Chase CEO Jamie Dimon for dinner at the White House on Monday. J.P. Morgan is the largest U.S. bank, and spent more money on lobbying in 2009 than any other bank. House Minority Leader John Boehner (R-OH) has aggressively courted Dimon for campaign cash, as has Obama
It seems that money is more important to congress and the president, that the interests of the nation!
The failure of congress to address the banking problems in the US and to protect the interest of the American people over their benefactors, have assured further reckless behavior from these mega financial institutions.
By allowing the megabanks to remain super-sized, Congress has insulated them from the fallout associated with the Fed disclosures, and given them a tool to fight other reforms. Our giant financial institutions are not only too-big-to-fail they are now too-big-to-regulate!
No matter what else Congress may “ultimately” enact, in the name of Bank reform, Congress has decided that it will not confront the single greatest problem and threat to the U.S. economy: the “Too Big To Fail banks”.
If any meaningful legislation is passed it will be a total surprise.
Perhaps the issue of “too big to fail” will ultimately be address by a different forum, the American People themselves who after all have the last word.
Following is a list of Senators, who voted to protect the banks against the interest of the American people, its time to retire each and ever one of them.
Akaka (D-HI);
Alexander (R-TN);
Barrasso (R-WY)
Baucus (D-MT);
Bayh (D-IN);
Bennet (D-CO);
Bond (R-MO);
Brown (R-MA);
Brownback (R-KS);
Burr (R-NC);
Carper (D-DE);
Chambliss (R-GA);
Cochran (R-MS);
Collins (R-ME);
Conrad (D-ND);
Corker (R-TN)
Cornyn (R-TX);
Crapo (R-ID);
Dodd (D-CT);
Enzi (R-WY);
Feinstein (D-CA);
Gillibrand (D-NY);
Graham (R-SC);
Grassley (R-IA);
Gregg (R-NH);
Hagan (D-NC)
Hatch (R-UT);
Hutchison (R-TX);
Inhofe (R-OK);
Inouye (D-HI);
Isakson (R-GA);
Johanns (R-NE)
Johnson (D-SD);
Kerry (D-MA);
Klobuchar (D-MN)
Kohl (D-WI);
Kyl (R-AZ);
Landrieu (D-LA)
Lautenberg (D-NJ);
LeMieux (R-FL);
Lieberman (ID-CT);
McCain (R-AZ);
McCaskill (D-MO);
McConnell (R-KY);
Menendez (D-NJ);
Murkowski (R-AK)
Nelson (D-FL);
Nelson (D-NE);
Reed (D-RI);
Risch (R-ID);
Roberts (R-KS);
Schumer (D-NY);
Sessions (R-AL);
Shaheen (D-NH);
Snowe (R-ME);
Tester (D-MT);
Thune (R-SD);
Udall (D-CO);
Voinovich (R-OH)
Warner (D-VA);
Wicker (R-MS)
But equally important remember that Obama as well is financially beholden to the mega bank interests.
This was exemplified last night (May 7) when the Senate rejected the single most important element of Wall Street reform, being able to break up the “too big to fail banks” the Senate rejected this provision by a vote of 33 to 61; 27 Democrats joined all but three Republicans to vote against breaking up the banks.
The 61 votes against the measure are votes in favor of Wall Street's continuing stranglehold over our economy. But more importantly it allows business as usual on Wall Street, and without fear of government reprisal. It also guarantees future bail outs when they become necessary. (And they will)
At the same time, the Senate also voted down a $50 billion Wall Street tax that would have been used to fund the cost of shutting down a major failing bank, assuring future taxpayer funding when a “too big to fail” bank again finds itself in trouble.
By rejecting both the break-up bill and the bank tax, Wall Street has emerged as a clear winner and shown what clout and control they have over the US political system and particularly over congress, and the president.
President Obama who strongly opposed both the tax and the break-up measures, hosted J.P. Morgan Chase CEO Jamie Dimon for dinner at the White House on Monday. J.P. Morgan is the largest U.S. bank, and spent more money on lobbying in 2009 than any other bank. House Minority Leader John Boehner (R-OH) has aggressively courted Dimon for campaign cash, as has Obama
It seems that money is more important to congress and the president, that the interests of the nation!
The failure of congress to address the banking problems in the US and to protect the interest of the American people over their benefactors, have assured further reckless behavior from these mega financial institutions.
By allowing the megabanks to remain super-sized, Congress has insulated them from the fallout associated with the Fed disclosures, and given them a tool to fight other reforms. Our giant financial institutions are not only too-big-to-fail they are now too-big-to-regulate!
No matter what else Congress may “ultimately” enact, in the name of Bank reform, Congress has decided that it will not confront the single greatest problem and threat to the U.S. economy: the “Too Big To Fail banks”.
If any meaningful legislation is passed it will be a total surprise.
Perhaps the issue of “too big to fail” will ultimately be address by a different forum, the American People themselves who after all have the last word.
Following is a list of Senators, who voted to protect the banks against the interest of the American people, its time to retire each and ever one of them.
Akaka (D-HI);
Alexander (R-TN);
Barrasso (R-WY)
Baucus (D-MT);
Bayh (D-IN);
Bennet (D-CO);
Bond (R-MO);
Brown (R-MA);
Brownback (R-KS);
Burr (R-NC);
Carper (D-DE);
Chambliss (R-GA);
Cochran (R-MS);
Collins (R-ME);
Conrad (D-ND);
Corker (R-TN)
Cornyn (R-TX);
Crapo (R-ID);
Dodd (D-CT);
Enzi (R-WY);
Feinstein (D-CA);
Gillibrand (D-NY);
Graham (R-SC);
Grassley (R-IA);
Gregg (R-NH);
Hagan (D-NC)
Hatch (R-UT);
Hutchison (R-TX);
Inhofe (R-OK);
Inouye (D-HI);
Isakson (R-GA);
Johanns (R-NE)
Johnson (D-SD);
Kerry (D-MA);
Klobuchar (D-MN)
Kohl (D-WI);
Kyl (R-AZ);
Landrieu (D-LA)
Lautenberg (D-NJ);
LeMieux (R-FL);
Lieberman (ID-CT);
McCain (R-AZ);
McCaskill (D-MO);
McConnell (R-KY);
Menendez (D-NJ);
Murkowski (R-AK)
Nelson (D-FL);
Nelson (D-NE);
Reed (D-RI);
Risch (R-ID);
Roberts (R-KS);
Schumer (D-NY);
Sessions (R-AL);
Shaheen (D-NH);
Snowe (R-ME);
Tester (D-MT);
Thune (R-SD);
Udall (D-CO);
Voinovich (R-OH)
Warner (D-VA);
Wicker (R-MS)
But equally important remember that Obama as well is financially beholden to the mega bank interests.
Thursday, April 15, 2010
FDIC accused of seizing Washington Mutual to enhance JP Morgan
Washing Mutual former executive Kerry Killinger has accuses the FDIC of seizing the company to enhance JP Morgan, and not because the savings and loan was insolvent.
Killinger appearing before a congressional committee investigating the financial crisis (the Senate Permanent Subcommittee on Investigations) charged regulators unfairly seized the thrift in September 2008.
Killinger stated that, while the company had suffered from rising loan losses, Wamu was working its way through the financial crisis, even as Morgan and many other banks were doing.
On September 25, 2008, JPMorgan Chase & Co bought WaMu's banking operations from regulators for $1.9 billion. Everyone has prompted that the sale was grossly undervalued in Morgan’s favor, even as Washington Mutual was solvent.
If this is true, JP Morgan Chase got the "steal" of a lifetime while WaMu shareholders and bondholders were wiped out.
Reports that have surfaced after the seizure and sale provoke an image of FDIC collusion in the seizure of WaMu.. The largest S and L has since been proven to have been solvent at the time of its seizure, and had plenty of cash on hand, even more than the FDIC requires.
An interesting side note:
Just six business days after the seizure of WaMu, the government initiated a $700 billion Troubled Asset Relief Program, (TARP) and an increase in bank deposit insurance limits to $250,000 from $100,000, a move that helped stop panic withdrawals at all banks.
The government also refused, despite pleas from WaMu executives, to put WaMu on a list of banks in which short-selling of stock was prohibited. That decision contributed to a downward spiral of the stock price, which mirrored dwindling confidence in the bank. Other banks were placed on the list, why not the largest?
It appears that the seizure and sale of WaMu to Morgan, was a gift or payoff or? We just don’t know what for, yet! Stay tuned for the next episode!
Killinger appearing before a congressional committee investigating the financial crisis (the Senate Permanent Subcommittee on Investigations) charged regulators unfairly seized the thrift in September 2008.
Killinger stated that, while the company had suffered from rising loan losses, Wamu was working its way through the financial crisis, even as Morgan and many other banks were doing.
On September 25, 2008, JPMorgan Chase & Co bought WaMu's banking operations from regulators for $1.9 billion. Everyone has prompted that the sale was grossly undervalued in Morgan’s favor, even as Washington Mutual was solvent.
If this is true, JP Morgan Chase got the "steal" of a lifetime while WaMu shareholders and bondholders were wiped out.
Reports that have surfaced after the seizure and sale provoke an image of FDIC collusion in the seizure of WaMu.. The largest S and L has since been proven to have been solvent at the time of its seizure, and had plenty of cash on hand, even more than the FDIC requires.
An interesting side note:
Just six business days after the seizure of WaMu, the government initiated a $700 billion Troubled Asset Relief Program, (TARP) and an increase in bank deposit insurance limits to $250,000 from $100,000, a move that helped stop panic withdrawals at all banks.
The government also refused, despite pleas from WaMu executives, to put WaMu on a list of banks in which short-selling of stock was prohibited. That decision contributed to a downward spiral of the stock price, which mirrored dwindling confidence in the bank. Other banks were placed on the list, why not the largest?
It appears that the seizure and sale of WaMu to Morgan, was a gift or payoff or? We just don’t know what for, yet! Stay tuned for the next episode!
Saturday, July 11, 2009
The Last Republic
One of the Founding Fathers; Thomas Jefferson is credited with the following warning:
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
There is substantial debate as to whether this comment is rightfully awarded to Jefferson. We do know that Jefferson was an antagonist to a Central Bank, and fought Hamilton during the 1790 debates over the chartering for the First Bank of the United States. By the verbiage claimed of Jefferson, it would seem that this comment was designed sometime after the first great depression following the passage of the Federal Reserve Act of 1913, and not, however relevant this observation, letters written during 1802 to1809 of which no credible evidence exists.
It is In any event axiomatic. The prediction having come now to full measure!
Examples of the large corporate interests that have sprung up around the banking interest are many, for example, look at the mega corporations, DuPont, United States Steel Corp, (a JP Morgan Co.) Halliburton, Brown and Root, Alcoa Aluminum, AOL-Time Warner, Bertelsmann, Viacom, News Corporation, General Electric (owner of NBC), Westinghouse Inc. (owner of CBS), Disney (owner of ABC), Sony (owner of Columbia and TriStar Pictures and major recording interests), Seagram (owner of Universal film and music interests), Standard Oil (now Exxon), General Motors, and ITT, there are more than 200 large corporations with intermixed ownership and control in the hands of only 5 families.
In the book “The Last Republic”, you will discover how these families obtained their wealth, and, you should be outraged. While we toil for a living, they break every law of nations, and we, the pawns in a global conspiracy, protect their interest with the blood of our children.
But even more concerting, you will learn that they, the bankers, have planned and implemented two great depressions since 1913, through which they have confiscated our wealth. But this aside, through bankers intent or incompetence or greed, we have had (9) recessions in the 121 years prior to the passage of the Federal Reserve Act, and (16) in the 96 years since its adoption. These later experiences have been more frequent and more devastating to our economy.
Each has a common denominator “Control by a Central Bank”, creating an artificial boom then bust, inflating then deflating our medium of exchange. By inflating the currency through excessive money creation, the banks cause all prices of goods and services to rise, then by detracting or deflating the currency, they cause all prices and services to fall thus causing the Boom/Bust business cycle, resulting in bankruptcies, foreclosures and often these devastating conditions cause despair and loss of human life.
If the Federal Reserve remains in control of our monetary system, by its past performance we “will” endure, in the next 26 years, between 4 and 7 additional recessions of varying degree and intensity.
Certain immutable truths: Banks like governments have a propensity to self corrupt. Of necessity they have an inherent overlay, a matrix of an ideology based upon greed which necessitates control. Unlike government, Bankers possess the means to advance their corruption. It is called money, that over which the banks have now total and complete control. The purse strings of the nation. Both obtain their wealth from the people they serve, and just as money is power, so too then is knowledge. It is this lack of knowledge that allows us to be controlled, both by government and by those within government to whom they answer.
I am not one easily taken to conspiracy, but after much assiduity, I have come to the only conclusion evidence supports, there is a conspiracy to control the resources of the world, and we are part of that resource.
As you read “The Last Republic” you will learn of an attempt by several public people including Prescott Bush (Grandfather of George W. Bush) and JP Morgan (of the banking empire), to overthrow this government, the government of the United States, this is not a fantasy or an alleged conspiracy, or an imagination on overload, it is fact supported by evidence, the congressional record and newspaper articles of the time. It is documented as true!
It appears, as history suggests, that capitalism thrives in an atmosphere of corporate governance, more commonly understood as Fascism (that which became a predominant factor under George W. Bush) it is for that reason that the constitution had to be nullified, and it was accomplished in short order.
Revolutions can take many forms, from the silent and deceptive revolution, accomplished in secret, as we have ourselves witnessed, to the sonant revolution that often lead to violence and blood shedding accomplished in the streets of nations.
Plato, centuries ago, already understood, that first and foremost there is power, this power we have all a right to possess. It is called knowledge. We have unwittingly allowed this power, the power of knowledge to be conciliated by the enemy. To be transmuted and eviscerated by their indiscretion, withheld us through the tools by which we are informed “The Media”, now fully in league with government, which is fully in league with the Banks. We are become of the dark ages of Christianity, cowering before the gods of gold, the money changers, as we have thus given up our power. We are no longer an enlightened people.
This nation has been overthrown by a revolution quietly mounted and carried out secretly, yet in plain view of a public arena overloaded by the stresses of daily living, and “intentionally” dummied down by the excitement of the entertainment complex and their version of the nightly news. We as a people have been subdued and seduced by the opiate known as Television.
Sunday, January 25, 2009
Foreclosing on America
There are currently 111 Million households in the United States, of which 67% are owner-occupied, single-family housing units; this equates to 74 Million homeowners.
The Government acknowledges that about 6.5% of these households are in the foreclosure process, which would mean, if we accept for argument that the Government has not downplayed the problem, that approximately 4 Million, 810 Thousand homes are currently facing foreclosure and a like number have already been foreclosed.
This does not include apartment complexes and commercial property!
How did we get in this mess?
In February 2004 several banks and traders from Wall Street met in the offices of Deutsche Bank to “create” the sub prime model. Those banks that were involved in the initial planning of the Sub Prime Mortgage Securitization were Deutsche Bank, JP Morgan Chase, Goldman Sachs Group Inc., Bear Stearns, and Citigroup Inc.
The Group was able to deal in securities and to create this failed model, loaning money to people that had no means of repaying those loans, because of one man, Allen Greenspan, (previously a Director at JP Morgan) and the crusade of the Banks to repeal the Glass Steagall Act.
Glass Steagall was enacted in 1933 during the height of the most devastating Depression our country has experienced prior to 2008.
Again this Depression was caused by Wall Street and the greed of Bankers that have placed this country in the middle of another great Depression, and the Federal Reserve System who completely lacked oversight, allowed this to happen!
This is not an issue of incompetence it is an issue of deception; Bankers buying the favors of Congress, their lobbyists, paying Millions of dollars in legal Bribes for the favors they ask. That favor was the repeal of the Glass Steagall Act, accomplished in 1999 by a Republican Congress and a Democrat in the White House who signed the bill.
The citizens of our country, have been used by the Bankers whose motivation have been profit driven. We have been stripped of our assets, both our homes and our businesses, and our economy devastated by economic war, generated by Wall Street and its insatiable appetite and greed, even the price of oil was driven by the Bankers futures market.
Our working class has been disenfranchised as their jobs were promoted first to Mexico, then to China leaving good jobs out of the reach of some 22 Million American workers, a legacy of the Bush/ Reagan socialist plan for One World Governance.
As the domino effect collapses the American Banking System, Congress came to their aid; in return, the Banks gave our politicians the money to run their campaigns for public office. We, the Taxpayers, are expected to bail out our enemy. They devastate our economy, take our homes, and we pay for the privilege of allowing this to occur.
As of this writing, Congress has made gifts of over 1.5 Trillion Dollars of Taxpayers’ money to Wall Street Banks, investment Houses, Credit Card Providers and insurance Companies. More than 135 banks so far have gained taxpayer aid; Credit Card Giant American Express received $3.39 Billion. And commercial finance company CIT Group received $2.33 Billion.
Wells Fargo, U.S. Bancorp and Bank of America collectively received $46.6 Billion. JP Morgan Chase also reached for the green spoon.
At least 14 banks receiving taxpayer help are privately held banks that do not have publicly traded stock.
In addition, the following regional banks sold preferred equity stakes to the Federal Government, in an expected expansion of the already failed program to stabilize the U.S. banking system: KeyCorp, Huntington Bancshares, Fifth Third Bancorp, SunTrust Bank, Comerica, Northern Trust and Capital One Financial all agreed to participate in the program, in which the Treasury Department will invest $250 Billion in capital from the Troubled Asset Relief Program, (TARP), into banks for the purpose of encouraging what the Government has termed “stalled lending.”
PNC Financial Group acknowledged it had accepted a $7.7 Billion investment through the program, as it agreed to a $5.7 Billion deal to acquire National City. Capital One and SunTrust announced the two largest investments, with $3.55 Billion and $3.5 Billion, respectively. Fifth Third accepted a $3.4 Billion infusion, KeyCorp took in $2.5 Billion, Comerica got $2.25 Billion, Northern Trust received $1.5 Billion and Huntington garnered $1.4 Billion.
We should understand that the Asset Relief Program sponsored by Congress and to be paid by us is only the beginning. The real purpose of this bailout is to allow the Banks to continue foreclosing on American homeowners.
Congress was created to protect the public, so why is Congress aiding the Banks and Insurance Companies and other large businesses and not you- the consumer?
The Government acknowledges that about 6.5% of these households are in the foreclosure process, which would mean, if we accept for argument that the Government has not downplayed the problem, that approximately 4 Million, 810 Thousand homes are currently facing foreclosure and a like number have already been foreclosed.
This does not include apartment complexes and commercial property!
How did we get in this mess?
In February 2004 several banks and traders from Wall Street met in the offices of Deutsche Bank to “create” the sub prime model. Those banks that were involved in the initial planning of the Sub Prime Mortgage Securitization were Deutsche Bank, JP Morgan Chase, Goldman Sachs Group Inc., Bear Stearns, and Citigroup Inc.
The Group was able to deal in securities and to create this failed model, loaning money to people that had no means of repaying those loans, because of one man, Allen Greenspan, (previously a Director at JP Morgan) and the crusade of the Banks to repeal the Glass Steagall Act.
Glass Steagall was enacted in 1933 during the height of the most devastating Depression our country has experienced prior to 2008.
Again this Depression was caused by Wall Street and the greed of Bankers that have placed this country in the middle of another great Depression, and the Federal Reserve System who completely lacked oversight, allowed this to happen!
This is not an issue of incompetence it is an issue of deception; Bankers buying the favors of Congress, their lobbyists, paying Millions of dollars in legal Bribes for the favors they ask. That favor was the repeal of the Glass Steagall Act, accomplished in 1999 by a Republican Congress and a Democrat in the White House who signed the bill.
The citizens of our country, have been used by the Bankers whose motivation have been profit driven. We have been stripped of our assets, both our homes and our businesses, and our economy devastated by economic war, generated by Wall Street and its insatiable appetite and greed, even the price of oil was driven by the Bankers futures market.
Our working class has been disenfranchised as their jobs were promoted first to Mexico, then to China leaving good jobs out of the reach of some 22 Million American workers, a legacy of the Bush/ Reagan socialist plan for One World Governance.
As the domino effect collapses the American Banking System, Congress came to their aid; in return, the Banks gave our politicians the money to run their campaigns for public office. We, the Taxpayers, are expected to bail out our enemy. They devastate our economy, take our homes, and we pay for the privilege of allowing this to occur.
As of this writing, Congress has made gifts of over 1.5 Trillion Dollars of Taxpayers’ money to Wall Street Banks, investment Houses, Credit Card Providers and insurance Companies. More than 135 banks so far have gained taxpayer aid; Credit Card Giant American Express received $3.39 Billion. And commercial finance company CIT Group received $2.33 Billion.
Wells Fargo, U.S. Bancorp and Bank of America collectively received $46.6 Billion. JP Morgan Chase also reached for the green spoon.
At least 14 banks receiving taxpayer help are privately held banks that do not have publicly traded stock.
In addition, the following regional banks sold preferred equity stakes to the Federal Government, in an expected expansion of the already failed program to stabilize the U.S. banking system: KeyCorp, Huntington Bancshares, Fifth Third Bancorp, SunTrust Bank, Comerica, Northern Trust and Capital One Financial all agreed to participate in the program, in which the Treasury Department will invest $250 Billion in capital from the Troubled Asset Relief Program, (TARP), into banks for the purpose of encouraging what the Government has termed “stalled lending.”
PNC Financial Group acknowledged it had accepted a $7.7 Billion investment through the program, as it agreed to a $5.7 Billion deal to acquire National City. Capital One and SunTrust announced the two largest investments, with $3.55 Billion and $3.5 Billion, respectively. Fifth Third accepted a $3.4 Billion infusion, KeyCorp took in $2.5 Billion, Comerica got $2.25 Billion, Northern Trust received $1.5 Billion and Huntington garnered $1.4 Billion.
We should understand that the Asset Relief Program sponsored by Congress and to be paid by us is only the beginning. The real purpose of this bailout is to allow the Banks to continue foreclosing on American homeowners.
Congress was created to protect the public, so why is Congress aiding the Banks and Insurance Companies and other large businesses and not you- the consumer?
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