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Bill Black On Foreclosuregate: Calls For The Immediate Termination Of Bernanke, Geithner And Holder

Tyler Durden's picture




 

Bill Black, who will soon, together with Neil Barofsky, be a guaranteed shoe-in for the POTUS/VP position (both as independents, of course), was on the Ratigan show today, following on his op-ed from last week (here and here) calling  for the long-overdue nationalization of Bank of America, and discussing the rampant fraud at the heart of mortgage gate. And contrary to ongoing lowball estimates from the like of JPM and Goldman, Black provides numbers about the bank liability that are simply stunning: "Credit Suisse says that by 2006 49% of all mortgage originations were liars loans. When independent folks study fraud, it is in the 80-90% fraud range. That means there were millions of acts of fraud. Those loan frauds occurred because the banks created incentive structure for the loan brokers to bring them the absolute worst of the worst loans, and to lie on the application forms... These frauds came from the banks, and they propagated through the system through a series of echo epidemics...This fraud spread through the system and that's why we have a crisis in foreclosures. This stems from the underlying fraud by the lenders in mortgage loans to the tune of well over a million cases a year by 2005."

Furthermore, Black points out the glaringly obvious, that the Fed should not be in charge of any investigation into mortgage fraud, due to its "massive" conflict of interest, to the tune of $1.5 trillion in MBS/agencies held on the Fed's books, which would be immediately null and voided if rampant MBS fraud is indeed uncovered. Which is precisely why the entitlement of the Fed as supreme regulator (as inspired by the financial generosity of the Wall Street lobby) as part of Frank-Dodd was the one single most destructive decision ever made, and equivalent in many ways with electing America's very own tyrannical despot, whose only interest is making the multi billionaires, into trillionaires, and leaving everyone else in the cold through the eliminating of the savings class and the destruction of the reserve currency.

And it goes much further... to the very top of the US ruling oligarchy in fact. Which is why, as we have claimed from day one, nothing less than a complete reset of the entire kleptocratic system can give any hope for a fresh start. The general public is starting to finally realize this, unfortunately with the dawning realization comes anger, and with anger comes aggression. And from there, broad civil "discontent" is merely a thin white line away. Which is why, we again reiterate our belief, now that America has completely missed its chance for a peaceful resolution, that the reset will have to go first and foremost through the Fed, whose end however will be precipitated by nothing less than an all out social upheaval. We agree with Black's conclusion: "fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law."

Alas, it is too late. America has proven it has failed as a society in which checks and balances work when Wall Street dangles billion dollar bribes to corrupt and greedy individuals. And just like the market is stretched so far that it is always seconds away from a flash crash, so the entire US society is now mimicking our stock market, and the possibility for an all out social flash crash is no longer trivial.

 

 

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Mon, 10/25/2010 - 19:06 | 676309 Bob
Bob's picture

What to do, what to do?

Black for President. 

Mon, 10/25/2010 - 19:09 | 676313 GS is short Gold
GS is short Gold's picture

we already have a black President.

Mon, 10/25/2010 - 19:19 | 676324 Bob
Bob's picture

True Black is more than skin deep. 

Mon, 10/25/2010 - 20:22 | 676484 flacon
flacon's picture

From SGTbull07:

SILVER REPORT: FRAUD, CORRUPTION & QE TO INFINITY

http://www.youtube.com/watch?v=mtxSM0dw7YY

Mon, 10/25/2010 - 20:26 | 676491 High Plains Drifter
High Plains Drifter's picture

If you go black, you won't go back.

Mon, 10/25/2010 - 21:09 | 676577 Ras Bongo
Ras Bongo's picture

LOL!

Mon, 10/25/2010 - 22:40 | 676754 rocker
rocker's picture

Yeah. What the Fuck is this. Many belong in JAIL.  And that starts with Hank Paulson, under Bush.

And it continues with Lloyd Blankfein and Neel Kashkari.  Who's got the balls. So now we talk about Black.

Simply Pitiful.  Black, White, I don't care. Put the crooks in Jail. Start with the triplets.

And then continue with Bernanke and Giethner. Add a little Phil Gramm and Snow. Just getting started. Yup.

Mon, 10/25/2010 - 23:19 | 676811 goldfish1
goldfish1's picture

Public hangings ala mussolini.

Mon, 10/25/2010 - 23:25 | 676823 flacon
flacon's picture

Infections with biological agents and caged in a lab for observation.

Mon, 10/25/2010 - 23:27 | 676826 rocker
rocker's picture

I thought it should be Paulson, Kashkari, Blankfein, Bernanke, and Geithner who should be hung.

Oh Yeah, I forgot the other scumbag, Hank Greenberg from AIG.  What a puke.

Tue, 10/26/2010 - 05:59 | 677124 Andrew G
Andrew G's picture

Duplicate post

Tue, 10/26/2010 - 05:57 | 677125 Andrew G
Andrew G's picture

Instead of hanging, you could just make each one of them eat 1M dollars. In small denominations.

Tue, 10/26/2010 - 06:55 | 677139 Conrad Murray
Conrad Murray's picture

Public hangings ala mussolini

Mussolini was not hung: http://www.youtube.com/watch?v=C0pO23w75SI

Tue, 10/26/2010 - 08:29 | 677199 BorisTheBlade
BorisTheBlade's picture

Technically he was, but only after being shot.

Tue, 10/26/2010 - 14:39 | 678221 MaldelBot
MaldelBot's picture

Hangings are only ok if the noose is tied around their balls. I assume they are mighty large???

Tue, 10/26/2010 - 09:10 | 677282 orangedrinkandchips
orangedrinkandchips's picture

rocker...I hear you! We all speak the same language....Jail is too good...Im thinking French Revolution! Heads need to roll...

But really it's all about short-term vs. long-term. I believe if we want to continue as a going concern as a nation, we need to changes horses here in mid-stream.....right now. However, if they do not care or foolishly think the short term will take care of the longer term, then contuinue the ride to hell in a bucket....(im enjoying the ride!)

What is fearfully obvious is that The Fed has lost control. Fuel inflation so they have a reason to hike rates which is the only thing they have....now that rates are negative The Fed's last stand is the equity markets.

Can you NOT feel the tension and pull in the markets daily? the so-called PPT cannot prevent these flash crashes but they are ALWAYS picking it up after a fall....

The Fed has deemed themselves one giant sponge! Soak up the extra shares....

 

but cmon...someone has a shitload of inventory and it's not the HFT jack-fucks either!

I have a feeling this market action going in a NW action in a tight range just like 2004-2007...fighting the desperate fed....that is how the phrase should read.

 

 

Mon, 10/25/2010 - 21:20 | 676598 Bob
Bob's picture

We're still waiting on Barry.

Mon, 10/25/2010 - 21:44 | 676639 DaveyJones
DaveyJones's picture

what we need are some white kids from Dublin

http://www.youtube.com/watch?v=o_aO9pv0Y7I

Tue, 10/26/2010 - 00:44 | 676919 Arkadaba
Arkadaba's picture

Nah just more like this:

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

 

Tue, 10/26/2010 - 06:48 | 677137 Troy Ounce
Troy Ounce's picture

 

Come on guys: stop the black humor.

Tue, 10/26/2010 - 10:57 | 677622 tamboo
tamboo's picture

is he black? islamic? white? the polls curiously avoid another category, lol.

http://etherzone.com/2009/mako100909.shtml

wrt my avatar see:

http://tracker.zaerc.com/torrents-details.php?id=15190

Mon, 10/25/2010 - 19:40 | 676383 NOTW777
NOTW777's picture

how about if we forget skin color, nationality, ethnic background, sex, etc

and pick someone on the merits - someone who will advocate for the good of the US as a nation and the good of its people, for whats right and based on common sense.

Mon, 10/25/2010 - 20:05 | 676436 chopper read
chopper read's picture

Abe Lincoln would have never gotten elected these days.  he didn't play the saxaphone, his skin was quite wrinkly, and he just didn't seem like someone a gal would want to date.  way too serious.  

Mon, 10/25/2010 - 20:41 | 676516 Ludwig Van
Ludwig Van's picture

 

If they've got us by the FRNs, let 'em have the stinkin' FRNs. It's a feint away from the real, the metal. That's the vote they're afraid of.

 

Mon, 10/25/2010 - 22:36 | 676742 chopper read
chopper read's picture

a protest into gold breaks the back of the fraudulent welfare state and ends the reign of terror created by central planners. 

Mon, 10/25/2010 - 23:29 | 676830 Popo
Popo's picture

Gold will certainly cause some problems, but not enough of a problem as they can legislate gold ownership. They have done it before and they *will* do it again.

In the modern era, there is one and only one weapon which scares the bejesus out of government, and it is a tax-revolt among even a small percentage of Americans.

That day is coming.

Tue, 10/26/2010 - 01:39 | 676968 chopper read
chopper read's picture

a tax revolt comes from refusing to invest capital for the purpose of income or capital gains.

as it relates to gold ownership being made illegal, i do not care as i will not comply.  I will defend myself with force if anyone attempts to take my property.  they have done this once to my ancestors. never again.  i will not allow it.  this is the cost of liberty. 

Tue, 10/26/2010 - 01:01 | 676935 TheMonetaryRed
TheMonetaryRed's picture

HAHAHA!

Buying gold will "break the back of the fraudulent welfare state". 

Yeah, pay Goldman Sachs cash for some of their gold so you can bury it in the back yard. 

That'll show 'em. 

Funny.

You libs are funny, funny people. 

 

Tue, 10/26/2010 - 01:55 | 676979 chopper read
chopper read's picture

why bury gold when you can trade it for things that you want?

when we stop transacting in fiat currency then our resources cannot be fractionally (reserve) lent.  Converting to 1 ounce of gold from an existing bank account removes approximately $10,000 of M3 from the system by pressuring banks to further recall loans in order to meet reserve requirements, and diminishes the value of existing M1 further through dilution as the gold vendor deposits the new fiat into a new bank.  Unless the new bank loans this money, then the $1,350 sits dormant.  In order for the system to work, banks must be making more loans then they are recalling.  Gold conversion on a massive scale cripples these efforts.   

if enough folks do this it will break the back of the welfare state by forcing economic contraction and the subsequent tax revenue contraction.  

no tax revenue, no welfare state.  got it?

aren't you the same idiot that defends Keynesian economics?  

Tue, 10/26/2010 - 01:58 | 676982 Oracle of Kypseli
Oracle of Kypseli's picture

These guys print their own money. They do not need our taxes. The better thing to do is to sell all stocks and stay out of the market. They can not have a market without us.

Unfortunately, investing has become gambling and most people can not stop. Ask yourselves. Can I stop? If not you are a gambler.

Tue, 10/26/2010 - 02:06 | 676987 chopper read
chopper read's picture

when productive workers convert all non-working capital to precious metals it both cripples the system and drives up the fiat value of the metals which are bought. 

Big-Government-Welfare-loving Robin Hood do-gooder dipshits like The Monetary Red need us very, very badly.  He certainly cannot be generous without our wealth as he would never think to donate his own.  

Tue, 10/26/2010 - 02:06 | 676989 Oracle of Kypseli
Oracle of Kypseli's picture

Better yet, if you want to bring them down

Stop all health insurance payments. If sick start calling doctors and bargain, it's cheaper. Don't forget, insurance companies are financial institutions and capitalize on human fear. If you are sick prone stay in the system.

Case and point, a set of X-rays for my daughter were billed to the insurance for $1400. 20% copay=$280. Same set of x-rays negotiated in cash with no insurance involved, $148.

Take all your cash out of the big banks.

Sell all stocks.

Buy silver and gold coins

None of the above is illegal.

Tue, 10/26/2010 - 02:09 | 676991 chopper read
chopper read's picture

well put. 

Tue, 10/26/2010 - 04:35 | 677111 TheMonetaryRed
TheMonetaryRed's picture

Last first, I'm no Austrian, but I certainly do not defend either Republi-Keynesianism or Demo-Keynesianism at this point. 

Forget tax revenue. The government will borrow and print what it needs. That goes back to the Revolutionary War. 

If you want to bring the system down it's simple: pull your money out of the bank and stop paying your debts. Coordinated non-payments of consumer credit combined with a run on consumer deposits would bring down any bank within a few weeks at most.

Tue, 10/26/2010 - 11:20 | 677680 chopper read
chopper read's picture

a run on cosumer deposits

...converted into gold for safe keeping.  so you agree.  "a protest into gold breaks the back of the fraudulent welfare state and ends the reign of terror created by central planners." 

Goldman Sachs is no match for the Bank of China if they were to dump fiat toilet paper and buy gold (as they may be doing secretly right now).  The Bank of India is doing this as we speak with the $USD, and so are others. 

the welfare state cannot exist without keynesian money printing.  keynesian money printing is dependent upon infinite amounts of loans expanding exponentially.  obviously, this is not sustainable.  The pain is coming.

How much pain?  enormous amounts the longer we allow this fraud to be drawn out over years and years.  I would not be surprised if by this winter or next, old folks are freezing to death because they must choose between paying their heating bill or eating bread.  

this is a sick, twisted system of fraud, with the promise of "free lunches" all around and a "chicken in every pot".  Obviously, this promise is going to be broken. 

the "right" thing to do is to "starve the beast" by withdrawing true wealth (capital) and buying gold.  This will "break the back" of the fraudulent welfare system sooner rather than later so we can get back to free trade among individuals.  This will better empower us to truly help our neighbors in need.

consider this: if Trillions of $USDs were not tied up in U.S. Treasury Bonds supporting the Welfare State, this capital would be in the private sector because it would have no other place to go.  The Dow Jones Industrial Average would be at 100,000 and everyone would have a helicopter in their back yard.  Hurricane Katrina victims, for example, would not need to rely on central planners who currently have a monopoly on both "force" and incompetence.  The abundance of wealth would increase the generousity of fellow Americans to unseen levels, and dwarf financial outpourings towards Haiti's hurricane victims and Bali's tsunami victims by comparison.

instead, we are paying ever-expanding interest payments on nearly $15 Trillion with approximately $160 Trillion in unfunded liabilities to the further enrichment of The Federal Reserve and extended members of the International Banking Cartel. 

how's that working out?

Tue, 10/26/2010 - 11:30 | 677716 i-dog
i-dog's picture

+1334

Well said, Chop!

Tue, 10/26/2010 - 11:41 | 677757 chopper read
chopper read's picture

thanks, i-dog. 

Tue, 10/26/2010 - 02:15 | 676993 Johnny Dangereaux
Johnny Dangereaux's picture

Hey MonetaryHead-Blow Me!

Tue, 10/26/2010 - 02:21 | 676995 chopper read
chopper read's picture

don't forget to junk him for good measure. 

Tue, 10/26/2010 - 14:45 | 678241 MaldelBot
MaldelBot's picture

Agreed Monetary. The Borg said it best when arguing about gold....

 

"IRRELEVANT"

 

What really needs to change is our structure of borrowing. We need to go from debt based borrowing to public control of funds, a la Greenback system. A gold backed system would still have banksters at the helm, encouraging the government to spend spend spend on war war war. 

 

As Farrakhan said: "[those banksters] are sending your babies....to die....for BULLSHIT. For interest!"

Tue, 10/26/2010 - 14:49 | 678261 chopper read
chopper read's picture

spend spend spend on war war war. 

how does gold encourage this?  please, explain. 

Tue, 10/26/2010 - 15:54 | 678496 MaldelBot
MaldelBot's picture

A system where private interests (banks) control the money supply encourages spending regardless of what it is backed by or if it's backed by anything. Not to mention the fact that it is a very few elite that own almost all the gold. They would control the money supply. 

Private banking is the problem. A system where the government issues its own currency is much more sane. At least in that system printing more money would pay for public goods- there would be no debt. And no external incentives to spend for no reason (war).  Nowadays we don't make a dent on any debt due to astronomical interest payments which solely benefit banksters. 

 

Tue, 10/26/2010 - 19:25 | 678933 chopper read
chopper read's picture

i disagree.  

First, the practices of fractional reserve counterfeiting, fiat money, and centralized money planning, along with Welfare State that these enable, are the problem.  Because these frauds exist, "rich" people gain access to free money (leverage) to which others do not have access, all under the guise of "helping the poor".  Of course, this is "The Greatest Lie Ever Told".  If we eliminate these fraudulent practices, then open up regional economies to competing currencies including gold and silver, we will restore liberty in America.  If we do this, over time, those WITH merit at the bottom will win, and those WITHOUT merit at the top will lose.

As I mentioned above, if Trillions of $USDs were not tied up in U.S. Treasury Bonds supporting the Welfare State, this capital would be in the private sector because it would have no other place to go.  The Dow Jones Industrial Average would be at 100,000 and everyone would have a helicopter in their back yard.  Hurricane Katrina victims, for example, would not need to rely on central planners who currently have a monopoly on both "force" and incompetence.  The abundance of wealth would increase the generousity of fellow Americans to unseen levels, and dwarf financial outpourings towards Haiti's hurricane victims and Bali's tsunami victims by comparison.

instead, we are paying ever-expanding interest payments on nearly $15 Trillion with approximately $160 Trillion in unfunded liabilities to the further enrichment of The Federal Reserve and extended members of the International Banking Cartel. 

The Welfare State cannot exist without keynesian money printing.  keynesian money printing is dependent upon infinite amounts of loans expanding exponentially.  obviously, this is not sustainable.  this is a sick, twisted system of fraud, with the promise of "free lunches" all around and a "chicken in every pot".  Obviously, these promises are on the eve of being broken and leading us ever-closer to economic collapse by the moment.   

MOST IMPORTANTLY, your concerns about the hoarding of gold/silver, in a system where these metals are used freely for trade, are misplaced.  

Consider this: without a Welfare State, for example, unproductive individuals will not procreate because they will not be able to feed their children; and if they do, their children will starve (barring any philanthropic intervention).  This fact will discourage unproductive, anti-social behavior, and encourage productive behavior.  Productive individuals will be paid in the finite amount of gold/silver and move up the socioeconomic ladder.

conversely, productive individuals will have many children, and their gold/silver will be divided among those children.  If the individual children are not productive themselves, then eventually (perhaps over several generations) they will exhaust their inheritence and move down the socioeconomic ladder.  The trajectory will continue until they demonstrate productive behaviour again so that they may be rewarded with gold/silver. 

Of course, rewards can come in the form of other barter assets and services as well (besides gold/silver), anyway, but the outcome is the same.

Importantly, those productive individuals with gold/silver can make individual value judgements as they relate to helping their neighbors in need.  Unlike the Welfare State, they can descriminate between the widow/orphan versus the drug addict. 

A spirit of rewarding that productive behaviour, which perpetuates mankind, and punishing that bad behaviour, which burdens our progress, is the closet we can come to perfecting the organic efficiency and stability of both peaceful free trade and the advancement of civilization within the boundries of earth and beyond.  

Opening up our regional economies to competing currencies, including gold and silver, and eliminating the fraudulent practices aforementioned, will be the greatest step towards restoring liberty in America again where it once flourished.  

Mon, 10/25/2010 - 23:35 | 676834 Popo
Popo's picture

double post...

Mon, 10/25/2010 - 20:08 | 676450 Rasna
Rasna's picture

Great Point NOTW!

Mon, 10/25/2010 - 20:19 | 676473 boooyaaaah
boooyaaaah's picture

"nationalization of Bank of America, and discussing the rampant fraud at the heart of mortgage gate."

Tyler you're sounding more and more and more like the spooky dude (Soros) himself.

 

http://www.theblaze.com/stories/beck-dissects-george-soros-his-mr-potter-moment/

Mon, 10/25/2010 - 22:42 | 676762 jeff montanye
jeff montanye's picture

nationalization (or receivership if you prefer) is the price paid by insolvent banks that have govt insured deposits.  it works better than bank runs or crony capitalism (see u.s. 1931 and nordic countries late '90's vs. japan then and u.s. now).

Tue, 10/26/2010 - 09:06 | 677273 MachoMan
MachoMan's picture

Depends.  If the nationaliaztion is solely to conduct an auction for market price of the assets of a failed institution, then sure, it'll probably be beneficial...  However, if the purpose of the nationalization is nothing more than taking a "share" in the institution, propping it up for a few years, feeding it full of liquidity, and then getting out, effectively not punishing the failure of the institution and at the same time costing tax payers significant money against their will, then it's a different ballgame...  or, worse yet, just selling the assets at pennies on the dollar to members of the club...  (which is the end game here and what will happen unless we somehow grow spines soon). 

At this point, I'm not sure how to feel about nationalization...  It may be our best option, but that might not be saying much...

Tue, 10/26/2010 - 20:12 | 679118 chopper read
chopper read's picture

our centralized banking system of fractional reserve counterfeiting in fiat money that extends to the periphery of TBTFs is a farcical pig in lipstick.  this is NOT "private enterprise", capitalism, or free trade.

There is no reason we should allow for the privatization of profits and the socialization of losses.  

all banks that were insolvent (all of them!) should now be nationalized as they are simply an extension of the fraudulent Federal Reserve, anyway, offering none of the benefits to Americans taxpayers who shoulder all of the risk (with such programs as FDIC "insurance").  

again, the entire system is a scam.  the sooner we get control of all of it, the sooner we can dismantle it.  

I, too, am entirely against communism as we all know (most of us, anyway!) it is doomed to fail, but this hybrid situation where we get all the pitfalls of communism whilst simultaneously enriching corrupt private bankers is the greatest moral hazard ever known to mankind.  

absolutely tragic.  

Mon, 10/25/2010 - 20:46 | 676527 lead salad
lead salad's picture

Agree.  Where can we find someone like that? 

Mon, 10/25/2010 - 22:18 | 676704 jomama
jomama's picture

they would get shot in the face if they ever had a chance at making a real impact within the current system.

Tue, 10/26/2010 - 09:09 | 677280 MachoMan
MachoMan's picture

We WILL NOT find them through the self-nomination process currently found in politics...  It's kind of like women that complain they only meet the same kind of men...  I wonder why that might be?  It's not magic...

Mon, 10/25/2010 - 22:04 | 676678 Bose Einstein OracIe
Bose Einstein OracIe's picture

*golf clap*

Mon, 10/25/2010 - 23:25 | 676822 Thomas
Thomas's picture

"golf clap": LOL!

Mon, 10/25/2010 - 19:21 | 676338 cossack55
cossack55's picture

Was this not the cat who had 1000 scumbags doing the perp-walk from the S&L scandal a few years back?

Mon, 10/25/2010 - 19:37 | 676377 lizzy36
lizzy36's picture

Yes. When perp walks actually happened.

Unfortunately one is convinced that perp walks WILL NOT happen this time around. Even Enron saw 30 people arrested. Lehman/Bear Stearns = ZERO.

The reason of course is because the regulators are as culpable as the perpetrators. Valukas report, noted that the FRBNY (led by geithner) noted "issues" with Lehman in 2007 (what did they do about them:SFA). The report also noted that Hank Paulson was very worried about LEH in 2007 (what did he do:SFA).

Those are only 2 tangible examples. There are a million more, where the regulators (from the SEC to the FED to Treasury to FDIC) failed in their duties to the point of culpability. 

As Tyler noted, the system should have been revamped 2 years ago.  It would have been a horror and times would have been very tough. By now, we would be healing instead of extending and pretending. Change, at this juncture will come with a much heavier price tag, and i am not merely referring to the monetary tag.

Mon, 10/25/2010 - 20:05 | 676442 Rogerwilco
Rogerwilco's picture

@lizzy

Haven't you heard, perp walks are so yesterday. Now they just lawyer-up, write a check for $67M (admitting no wrongdoing of course), and get back to the yacht club for a good laugh with the boyz.

I wish somebody at a town hall meeting would ask Obama when he's going to appoint an attorney general. The post has been vacant now for nearly two years.

Mon, 10/25/2010 - 20:34 | 676500 Miles Kendig
Miles Kendig's picture

Two?  Try twenty

Judicial exclusion delusion

Mon, 10/25/2010 - 21:14 | 676582 Careless Whisper
Careless Whisper's picture

what happened to the good ol' days? u know, when criminal bankers threw money around... literally

http://www.youtube.com/watch?v=1dU1PVRvhSE

 

Mon, 10/25/2010 - 21:18 | 676590 Miles Kendig
Miles Kendig's picture

I dunno...

I can only hope that scourge gets corked (and not Bobbing for cork Corker corked) and this kinda action can be uncorked.  Best CW

http://www.youtube.com/watch?v=9cadbYIzhqQ

Tue, 10/26/2010 - 01:39 | 676970 CitizenPete
Mon, 10/25/2010 - 21:21 | 676602 lizzy36
lizzy36's picture

Remember the days of Michael Milken? $600m check to the government ($200m in fines and $400m to SEC for investors) and 2 years in jail. Plus another $500m to Drexel investors. All in $1.1B.

Ahhhh the good ol' days.

Mon, 10/25/2010 - 21:48 | 676644 DaveyJones
DaveyJones's picture

It is amazing how fast we are sliding down sort of like...the downside of peak oil

I wonder if the two are related?

Mon, 10/25/2010 - 22:45 | 676767 jeff montanye
jeff montanye's picture

good comments lizzy.

Mon, 10/25/2010 - 20:09 | 676453 Greenweather
Greenweather's picture

Lehman/Bear Stearns = ZERO

 

Not true.  Cioffi and Tannin were both arrested and tried.  And found not guilty.  Of course, they're both up to their armpits in civil suits at the moment, but jail time is not the same as some meaningless civil judgment.

Mon, 10/25/2010 - 23:04 | 676793 jeff montanye
jeff montanye's picture

the feds also couldn't convict ted stevens (one prosecutor killed himself over it).  but they managed to get five enron convictions and the only one that walked after that (so far) had to kill himself to manage it.  much of this is the poor legislation that defines white collar crime: "the rich get richer; the poor get prison".  lizzy's larger point still looks pretty strong.

Mon, 10/25/2010 - 20:17 | 676471 DonS
DonS's picture

+1 So true. From the state banking departments, to the state insurance departments that turned a blind eye to exotic crap mortgages and non-monoline insurance products, to the financial market regulators who allowed unregulated CDSs to trade OTC..They are all culpable.

Mon, 10/25/2010 - 20:24 | 676487 spencer
Mon, 10/25/2010 - 23:00 | 676788 scaleindependent
scaleindependent's picture

Excellent link.

Thanks Spencer

Mon, 10/25/2010 - 22:14 | 676696 tom a taxpayer
tom a taxpayer's picture

 

Up-against-the-wall-you-muthaf*cking-pension-robbing widow-rapers.

 

Mon, 10/25/2010 - 23:01 | 676753 JGus
JGus's picture
Chapter 2 of the Book of The Prophet Micah

 1 Woe to those who plan iniquity,
       to those who plot evil on their beds!
       At morning's light they carry it out
       because it is in their power to do it.

 2 They covet fields and seize them,
       and houses, and take them.
       They defraud a man of his home,
       a fellowman of his inheritance.

 3 Therefore, the LORD says:
       "I am planning disaster against this people,
       from which you cannot save yourselves.
       You will no longer walk proudly,
       for it will be a time of calamity.

Tue, 10/26/2010 - 01:19 | 676947 scaleindependent
scaleindependent's picture

+1

Tue, 10/26/2010 - 05:04 | 677116 Pondmaster
Pondmaster's picture

synonym - Babylon - Book of Revelations - falls in one day . Now thats what I'm talkin bout. If men can't solve the greed - God can and will because men can't and won't - blatant rebellion against "natural" moral and civic laws . Stop the looting and start the prosecuting . Hey can anyone name ONE SINGLE candidate for House or Senate thats states he will serve the American people by making it his purpose in life to prosecute and imprison ALL THE FRAUDSTERS ? ............. the silence is telling . We have no hope at this time . NONE!!!  

Tue, 10/26/2010 - 08:56 | 677250 Saxxon
Saxxon's picture

+1 JGus.

Mon, 10/25/2010 - 19:06 | 676311 Cistercian
Cistercian's picture

 Revolution looms.

  It is the only recourse we have now.

Mon, 10/25/2010 - 19:11 | 676321 Bob
Bob's picture

Remember, remember The Fifth of November:

http://www.youtube.com/watch?v=chqi8m4CEEY

Mon, 10/25/2010 - 19:31 | 676364 traderjoe
traderjoe's picture

Bob - you upload a new avatar recently? Nicely done...

Mon, 10/25/2010 - 19:44 | 676393 Bob
Bob's picture

Just a couple hours ago after seeing the movie again on cable last night. 

It would be in keeping with the premise of the movie if the masses were to start using it.  (Please feel free to right click on mine, save as z to your desktop, and then go to your account settings and upload it for your own use.  Even a IT slug like me did it in 30 seconds (including the google search that the availability of mine right here makes unnecessary.))

It says alot, with no words at all.  And it ain't about me. 

Mon, 10/25/2010 - 19:48 | 676402 traderjoe
traderjoe's picture

Thanks for that. Cheers...See you on November 5th...

Mon, 10/25/2010 - 19:57 | 676421 Bob
Bob's picture

Spread the love, TJ. 

Mon, 10/25/2010 - 21:51 | 676653 DaveyJones
DaveyJones's picture

whoa, CyberSybil  

Mon, 10/25/2010 - 21:55 | 676662 traderjoe
traderjoe's picture

Did you read the comment last night on disorganized resistance? Was in a post on the dishonesty of market structures...

http://www.zerohedge.com/article/gues-post-us-financial-markets-well-has...

Interesting stuff...

Mon, 10/25/2010 - 22:32 | 676735 Bob
Bob's picture

Yes, I thought so.   

Mon, 10/25/2010 - 22:01 | 676674 Al Gorerhythm
Al Gorerhythm's picture

Hey Trader Joe.

Just a question about the 5th of November. What's the occasion? Are you guys going to have a Beer-N-Brats day?

Seriously.

 

 

Mon, 10/25/2010 - 22:21 | 676714 traderjoe
traderjoe's picture

You have to watch the clip that Bob started this little conversation on. Apparently (I haven't seen the movie in a couple of years), the November 5th date is relevant in the movie because it used to be some sort of independence day in that society, but it didn't fit the meme of the fascist regime, so it wasn't celebrated anymore. The people had allowed their national soul to be lost...

http://en.wikipedia.org/wiki/V_for_Vendetta

http://splashpage.mtv.com/2009/11/05/remember-remember-the-5th-of-novemb...

(2nd more relevant)

I said this on another post a week or so ago, but it amazes me sometimes that many of our treasured sci-fi movies predict the diminishment of freedom and the increase in fascism - 1984, Blade Runner, V, etc., etc. And yet we fail to make the connection that their predictions apply to our own existence...

Mon, 10/25/2010 - 22:46 | 676737 Bob
Bob's picture

V is not my favorite movie, but it's damn good and fits our present better than any other I can think of, like a glove. 

Mon, 10/25/2010 - 22:59 | 676787 traderjoe
traderjoe's picture

Well, it applies more then Field of Dreams... ;)

Mon, 10/25/2010 - 23:32 | 676833 MsCreant
MsCreant's picture

You guys are awesome but NO, NO, NO.

Too much drift I cannot allow it. Here is what underpins it. Guy Fawkes:

http://en.wikipedia.org/wiki/Guy_Fawkes_Night

Mon, 10/25/2010 - 23:44 | 676847 Bob
Bob's picture

Celebration is in the eye of the beholder.  Watch the movie, mc!

Mon, 10/25/2010 - 23:59 | 676857 Al Gorerhythm
Al Gorerhythm's picture

I tried to start something there. How about town hall meetings across the nation. Remember, they are all asleep. Time is short.

Wakey, wakey.

You might want to invite your Rep. You know, the one with laryngitis. They all have it so offer them an invite they can't refuse. No turn up, you're out. Make sure your local TV reporters are there. Show the film before the crusifictions.

Tue, 10/26/2010 - 00:21 | 676892 Al Gorerhythm
Al Gorerhythm's picture

In reply to Doggis' post below, I made some suggestions.

Tue, 10/26/2010 - 00:22 | 676895 Bob
Bob's picture

I hear ya, I used to see some promise in the MeetUp model.  Now I'm thinking we've passed the point where incrementally developing public awareness will be adequate.  The facts are rolling out at exponentially increasing speed--who would have guessed that the details of bankster crimes would be revealed as they have been for the past few weeks?

It seems to me that we are now in a race against the folks who would buy their way out via their congress people, fed, etc..  I'd like to see things like this:

http://inventorspot.com/articles/graffiti_research_lab_5502

Homemade equipment based upon widely available technology.  As for the movie, pretty much everybody has already seen it, I think, which is what I particularly like about the symbol.  

Town Halls sponsored by ZH?  What format are you thinking?  Even groups like moveon.org took years to develop critical mass for nationwide meetings. 

Tue, 10/26/2010 - 09:30 | 677312 MachoMan
MachoMan's picture

You need to cut the legs out from under the education system that gives validity to the politicians' actions.  As a result, your "guests" at the meetings would need to be the banking/keynesian shills and they would get a sore ass before leaving.  The problem of course is that it is a "no win" situation for these people to appear...  why risk looking like an idiot when all they have to do is trot out on CNBC or wherever, spout off at the mouth to a larger audience, and accomplish the mission?  Why risk being exposed?  It's going to take a lot of cheese for these people to commit career suicide before being forced to commit career suicide (their failed ideologies come to an abrupt light).  Maybe the first few defector rats get to see the light of day afterward....  but the majority are going to be dismissed as outright hacks...  of course, this is after the world has collapsed, unfortunately.

In other words, it's going to have to be more of a symposium/lecture + public Q & A session...  the problem with that is getting people to show up.  If there is meat for the sharks, then they'll show up (e.g. high profile incumbent) just to bitch/vent.  But, otherwise, they'll keep getting pounded by infomercials while they sleep.

 

Mon, 10/25/2010 - 20:10 | 676455 Rasna
Rasna's picture

Yeah,

I saw that too and thought that it was a Frontline documentary.  Thought  about changing my avatar to the mask, but the surprised WTF? cat says it all.

Mon, 10/25/2010 - 20:02 | 676435 brillnt1
brillnt1's picture

...gunpowder, treason and plot...great movie.

Mon, 10/25/2010 - 20:09 | 676438 brillnt1
brillnt1's picture

Beneath this mask there is more than flesh. Beneath this mask there is an idea, Mr. Creedy, and ideas are bulletproof.

 

Mon, 10/25/2010 - 20:22 | 676481 Unlawful Justice
Unlawful Justice's picture

People should not be afraid of their government,

government should be afraid of it's people.

 

V

Mon, 10/25/2010 - 22:22 | 676712 sethco
sethco's picture

still that way in France. strange role model maybe.

Tue, 10/26/2010 - 01:27 | 676872 Bolweevil
Bolweevil's picture

Didn't they have some little uprising that REALLY impressed Thomas Jefferson?

Mon, 10/25/2010 - 20:26 | 676493 Bob
Bob's picture

Sweet. 

Mon, 10/25/2010 - 23:25 | 676814 Unlawful Justice
Unlawful Justice's picture

It is criminal not to teach a man to defend himself when he is the constant victim of brutal attacks.

I told you only the truth, is that so selfish. ~Valerie

Every inch of me shall perish.  Every inch but one.  An inch, it is small and it is fragile and it is the only thing in this world worth having.  We must never lose it or give it away.  We must never let them take it from us. ~Valerie

By the power of truth. I while living, have conquered the universe~ Faust about cheating the devil. 

Tue, 10/26/2010 - 00:25 | 676897 Bob
Bob's picture

Every inch of me shall perish.  Every inch but one.  An inch, it is small and it is fragile and it is the only thing in this world worth having.  We must never lose it or give it away.  We must never let them take it from us. ~Valerie

That was really powerful. 

Tue, 10/26/2010 - 00:54 | 676926 bookwurm
bookwurm's picture

John lennon's 5th of November...

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

Tue, 10/26/2010 - 03:37 | 677091 Jendrzejczyk
Jendrzejczyk's picture

Tried to click the link and junked you instead. Apologies.

Tue, 10/26/2010 - 08:43 | 677217 Widowmaker
Widowmaker's picture

The only thing that matters is the banks stall until the statute of limitations expire.

That is the plan for thieves.

Federal Reserve is not on the people's side, nor was it ever.   Employment in the charter was only a mirage for fools and congress.

Mon, 10/25/2010 - 19:15 | 676333 Robslob
Robslob's picture

Revolution you will see yes yes but not until the 45 Million people on WalMart Stamps ( funded by the government) are no longer fed.
Up next, infinite unemployment support I see...party on Steve J., Bill G., Warren B., Timmothy G., Ben B. And company (insert Rothschild Legacy).
Signed,

Yoda

Mon, 10/25/2010 - 19:48 | 676398 New_Meat
New_Meat's picture

slob-gotta find out which direction the revolution would go. 

Gatsby never felt any real pain-he was different.

Mon, 10/25/2010 - 20:54 | 676544 justbuygold
justbuygold's picture

Its torch and pitchfork time for the American public.   Bernake, Giethner , Frank, Reid,  etc  etc   ....all have to go !

What America is really lacking is a three party system.

 

Mon, 10/25/2010 - 21:29 | 676616 Al Gorerhythm
Al Gorerhythm's picture

What America is lacking is awareness.

 

Mon, 10/25/2010 - 23:56 | 676862 i-dog
i-dog's picture

What America is lacking is a lack of politicians.

 

The ballot box is nothing but a suggestion box for slaves.

Tue, 10/26/2010 - 05:15 | 677119 Pondmaster
Pondmaster's picture

1+

Mon, 10/25/2010 - 21:18 | 676594 Fannie-stein
Fannie-stein's picture

…especially if QE2- involves the purchase of any potentially impaired securities at absurd premiums. Hmm, I guess that could soon prove to include US Treasuries.

Damn. End the Fed.

Mon, 10/25/2010 - 21:30 | 676619 Al Gorerhythm
Al Gorerhythm's picture

Vote Libertarian, buy gold and the fed will end.

Mon, 10/25/2010 - 19:12 | 676327 assumptionblindness
assumptionblindness's picture

Truth, Bitchez!

Mon, 10/25/2010 - 19:51 | 676413 John McCloy
John McCloy's picture

When all is said and done it all Is dwindled to that so when people say " why overuse bitches?"
They simply do not get it. It is because the solutions are so evident and what more of an exclamation is needed than bitches?

A fact is not corruptable. Gold is not corruptable because there is a finite amount. The will of people and mankind not to be dominated is not corruptable.

Truth bitches indeed. Either get some or become a bitch of the elites.

Mon, 10/25/2010 - 20:15 | 676468 chopper read
chopper read's picture

Truth bitches indeed. Either get some or become a bitch of the elites.

word.

Mon, 10/25/2010 - 20:58 | 676552 Ludwig Van
Ludwig Van's picture

Principal ≠ Principal + Interest

Money - Counterparty = Liberty

Mon, 10/25/2010 - 22:38 | 676747 chopper read
chopper read's picture

+2000

Mon, 10/25/2010 - 23:43 | 676844 MsCreant
MsCreant's picture

John McCloy,

I will not abandon the war cry, bitches.

Gold Bitches.

End the Fed, Bitches. 

End corruption, Bitches.

RULE OF LAW, most of all, Bitches.

On my own, I am already a bitch of the elite. Together, we are formidable. To not believe that is to cave, to be a bitch. Even if we are doomed, I will not be their bitch. As long as I know what they are up to, I will not be their bitch. 

I am willing to try real capitalism. 

Tue, 10/26/2010 - 01:02 | 676925 Miles Kendig
Miles Kendig's picture

We wouldn't go back now for any amount of money, or anything else

Welcome aboard Millie.  Every one of us that choose to be awake bitches the fewer true penitentiary punks remain to sell themselves some security, 1 pack of Marlboro's at a time.  Besides, this means that there will be awake and prepared folks to answer the call when it arrives.

Give the ponzi a great case of MS, bitchez.

Tue, 10/26/2010 - 02:52 | 677015 iconoclast63
iconoclast63's picture

I think it's time to check out of the game. I'm getting a small farm with some crops and livestock. Well water. Hopefully totally self-sufficient.

When money itself is corrupt it's time to live without it all together if you can.

 

Tue, 10/26/2010 - 18:43 | 677087 Bay of Pigs
Bay of Pigs's picture

Indeed. Fuck them all. United we stand.  

Mon, 10/25/2010 - 19:19 | 676329 cossack55
cossack55's picture

I'm ready anytime "they" are.  As an objectivist, of course, I am prohibited from initiating action.  On the other hand, I am more than willing to reply in-kind.

Mon, 10/25/2010 - 19:22 | 676342 unum mountaineer
unum mountaineer's picture

but that is the dilmena..won't be a physical thing..people let their fun bux do the talking..they cover it up..all is clear..retail is up..consumer is back...but so is the cost of basic necessities..saw a report on it on supermarket prices for the first time last saturday..threw me for a loop..(who let that cat out the bag?) what I want to see is more everyday, never- been -arrested- a- day- in- my- life  citizenry behaving badly and not obeying the traffic rules in every way possible..don't know how EE will react to that...maybe that's when they'll take over 401k's..ultimate fuck you pay me. or maybe that'll be long in play before then

Mon, 10/25/2010 - 19:30 | 676363 cossack55
cossack55's picture

Dig your comments, UM.  No dilemma here, tho, as I am 100% certain "they" will initiate.  "They" can't help themselves, even to the creation of a "false flag" event.  "They" always initiate.  Its that whole Alpha male thing.

Mon, 10/25/2010 - 23:44 | 676846 MsCreant
MsCreant's picture

Alpha bitches too.

Tue, 10/26/2010 - 20:02 | 679143 Miles Kendig
Miles Kendig's picture

Nice h/t of Jana von Alpha, and other notables there MsCreant

Mon, 10/25/2010 - 19:50 | 676406 New_Meat
New_Meat's picture

cossack55-I'm curious.  Who/what 'prohibits' you from initiating action?  How does one get out of bed in the morning.  More importantly, how do you initiate communication w/ZH?

Just wondering.  Please reply in kind ;-)

- Ned

Mon, 10/25/2010 - 19:15 | 676332 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

If only more of this 'articulation of a fraud' made it onto MSM screenings. The leading news story on my local network banged on about how Lady gaga had enjoyed 1bio hits (or somesuch ridiculous number) via YouTube. The media's attitude to people is to treat 'em like mushrooms : keep 'em in the dark and feed 'em shit.  

Mon, 10/25/2010 - 19:19 | 676335 cossack55
cossack55's picture

Yes, surely.  But since you know this, you are on the road to liberty, if not already there.

Mon, 10/25/2010 - 21:00 | 676558 High Plains Drifter
High Plains Drifter's picture

Liberty is a pearl of great price. To get her, one must give up much. We Americans have had it easy for a long time, more or less. The price is high , with much death, and destruction. Once the troubles start, they cannot be stopped until victory is achieved. That victory will be expensive. It can be done, but will it be done?  To view a possible similar scenerio, to wit, the Chechnya conflict .

http://www.youtube.com/watch?v=J3t43Uz5Law

 

I promise you, if this thing starts, they will stop at nothing to stamp it out. I hope everyone understand this. It is not a joking matter and is very, very serious.  The real question is then, shall we wear our chains and put up with it, or shall we make some much needed changes and water the tree of liberty?

 

Mon, 10/25/2010 - 22:03 | 676676 Ludwig Van
Ludwig Van's picture

 

To pursue liberty or not: One has no choice when one believes and is willing to act upon this: Greater love hath no man than he who gives his life for a friend.

...even if a friend you don't know.

Some might call it *patriotism,* but even that's a highjacked term, and highly diluted. The thing of it is the sublime yet instant decision to not want the other guy to take the grenade. That guy walking around in your stead becomes you, and you him.

 

Mon, 10/25/2010 - 22:47 | 676772 High Plains Drifter
High Plains Drifter's picture

Well to me, it is our turn. We lost it, now it is up to us to take it back. Why dump this on our children?  If nothing is done, I hate to see their world that is showing up now running towards us. The world coming for them is not like on the show "Jersey Shore", where American children are one big bunch of spoiled rotten crybabies. American young people have no idea what is coming for them, none. But thankfully, someone ,somewhere will stand up and take the reigns. It might as well be now. Its a dirty job, but somebody has to do it. The political system is broken. The courts are broken and now the money is broken. The French or the Greek protest methods would work pretty good I think. But in the end, probably for us, (mainly because we are who we are), the swords must be taken out and sharpened and used for what they were designed for. Of course the police will stand in the way. Men and women with spouses and children and homes just like us. Our ight must not be with them. One could only hope. I would hope that they could be talked out of doing what they will be told to do.  But, at this late hour what are our choices?  What indeed?  Americans from generation to generation have thought to themselves, well there is nothing we can do and silently they have also thought to themselves that the next generation will take care of the problem. Well, we are at the end of the rope now. No more generations to pawn this problem off on. No more. If it does start, it will not be like any of us think though unfortunately , I am afraid. America as we have known it will balkanize into seperate sectors mainly dominated by racial differences, just like they do now in prisons. We supposedly are civilized people but in the end, trust in another will be bestowed on others via the concept of race. Sad but true. To be understood, one must understand that this is the plan that was started in 1965 with the Jacob Javitts immigration bill of 1965.

http://www.lbjlib.utexas.edu/johnson/archives.hom/speeches.hom/651003.asp

 

where they opened the floodgates to non white immigration. All the while we are told that this is a good thing and diversity is good but in reality diversity kills nations and nationalism . So it has worked beyond their wildest dreams. In our cities, Mexican gangs fuss with each other over turf wars but  they wait. They wait for anarchy when they will make their move. This too was planned. So the cities will burn and there will be much confusion about what to do. This too was planned . For you see, diversity creates weakness because differing peoples have differing wants and needs and different motives for wanting changes to be made. This too was planned. So there will be no major congruent push for liberty. America will dissolve and the United Nations troops will move in based upon Hegelian dialectical ideologies of problem , reaction, sollution to

 

give us peace because the people will want peace in the land and so they will receive it at the end of rifle butt and the boot of a black booted thug dressed in blue. A sad commentary if there ever was one. But we are our own worst enemies. For you see, to see the enemy all you have to do is look in the mirror and know him as he is. But saying all of that , I say this. There always is hope. Hope is a good four letter word.

 

Tue, 10/26/2010 - 00:37 | 676909 jdrose1985
jdrose1985's picture

In our cities, Mexican gangs fuss with each other over turf wars but  they wait. They wait for anarchy when they will make their move. This too was planned. So the cities will burn and there will be much confusion about what to do. This too was planned .

There is a young Mexican man I met this evening in Columbus, Ohio. This was in a very bad neighborhood, gunfire is ordinary. When I asked him if he worked in construction he showed me the pistol he carries in his waistline; he is a crack cocaine trafficker. He expressed a real desire to change his life, his entire family has been wasted in Mexico due to the drug trade; his return would surely mean death.

He went to the police with some very sensitive information about a week ago, he knows everything that happens in his neighborhood. The investigator told him to go fuck himself, they had no use for any of his information.

Make of this anecdote what you will, I think it speaks volumes to the situation we face in this country.

Tue, 10/26/2010 - 14:50 | 678263 MaldelBot
MaldelBot's picture

Diversity is our strength! I don't know about you guys but I'm making aliya to Europe. 

 

Arrivaderci bitches!

Tue, 10/26/2010 - 03:23 | 677078 RichardP
RichardP's picture

"We have no government armed with power capable of contending with human passions unbridled by morality and religion. Avarice, ambition, revenge, or gallantry, would break the strongest cords of our Constitution as a whale goes through a net. Our Constitution was made only for a religious and moral people. It is wholly inadequate for the government of any other."  John Adams, October 11. 1798.

There is not enough money available to pay for all of the police necessary to manage a population operating without morals.  Or, to rephrase:  in his early years, Bill Cosby told the story of the baby who found out that there really weren't snakes on the floor surrounding his crib.  There is no way to keep baby in the crib once he figures that out.

Mon, 10/25/2010 - 19:20 | 676337 obewon
obewon's picture

Hopefully, ZH viewers will forward this link to as many friends as possible, in order to inform the American people of:

1. how massive this foreclosure fraud has been, and continues to be, and

2. the extent to which our elected officials are STILL covering up this fraud.

 

Mon, 10/25/2010 - 19:24 | 676348 cossack55
cossack55's picture

I have been clubbing them over the head with facts for years, all to no avail other than becoming a "do not invite" on the party lists.  I fear they are terrified of the concept of LIBERTY.  I would ex-pat myself to Montevideo tomorrow except I have paid too many dues.  They can move.

Mon, 10/25/2010 - 19:52 | 676414 New_Meat
New_Meat's picture

...teasing, OK?  Is "clubbing them over the head" equal to "initiating action"?  just wondering/teasing.

all good here.

- Ned

Mon, 10/25/2010 - 22:19 | 676708 High Plains Drifter
High Plains Drifter's picture

Well Jim Willie moved to Costa Rica and Bob Chapman is down there somewhere I think. To my way of thinking, there is nowhere to run and nowhere to hide.

 

 

 

 

Tue, 10/26/2010 - 08:10 | 677177 Miss Expectations
Miss Expectations's picture

"nowhere to run and nowhere to hide."

...and priced out.  Check out the real estate prices in Uruguay

http://homes.point2.com/Uruguay-Real-Estate.aspx

 

Mon, 10/25/2010 - 19:35 | 676369 B9K9
B9K9's picture

Presently covering up? Try initiated in the first place. The USA needed additional funds (taxes & credit) in which to finance our many overseas commitments. That is, in plain English, to pay for our multiple military occupations in order to control critical resources aka oil. Hence the housing bubble plan was hatched, approved & launched @ the highest levels of fed.gov & the Fed.

Mark my words, if we ever get the final truth revealed, the justification will come down to national security. No joke. Obama might have had some fantasies about initiating reforms, but when he was informed of what really went down, the reasons why, and why he wasn't going to do anything about it, well, he just clocked out.

The banks = the government and the government = the banks. If the banks go down, the government goes down with them. If you don't think the banks will survive, then well ... you get the picture.

Mon, 10/25/2010 - 20:01 | 676433 New_Meat
New_Meat's picture

B9K9, you're a good dog, but really.

"The USA needed additional funds (taxes & credit) in which to finance our many overseas commitments."

I'm not dimishing your comment, but it is not even close to the use of payment for SS ponzi and the "War on Poverty."

And perhaps USN keeping open SoH so Japan can have lights on (despite the huge nuclear fleet), and other "control" or perhaps enablement of supply/security of same for others of our trading partners who would wish not to get their hands too dirty.

But that's OK, Michelle goes into the garden that produces the biggest veggies, uses gloves, hands not dirty.  Our foreign policy going down the path as well.

Compare/contrast "entitlement programs" vs. DoD and DoE (wasteful/non "energy") programs.

I concur with your "mark my words".  Of course national security will be the "blame".  But that shields the real factor. 

- Ned

Mon, 10/25/2010 - 20:58 | 676553 B9K9
B9K9's picture

When asked why the government/banking criminal syndicate robbed The People, Ben simply replied, "Because that's where the money is."

It doesn't really matter whether warfare, welfare or both drove the state's criminal behavior. All that really counts is they wanted the money ... and they got it. QED

Mon, 10/25/2010 - 21:52 | 676654 tip e. canoe
tip e. canoe's picture

you say warfare, he says welfare

he says banksters, she says deadbeats

warfare, welfare, banksters, deadbeats

let's call the whole thing FRAUD!

Mon, 10/25/2010 - 23:31 | 676832 Milestones
Milestones's picture

Well ya don't sing it the way Ella used to.   Milestones

Mon, 10/25/2010 - 23:46 | 676848 MsCreant
MsCreant's picture

Tipper sings it well enough for me.

Mon, 10/25/2010 - 19:22 | 676340 Payne
Payne's picture

The fraud they are speaking of is by the applicants not the Bank.  What if we prosecute everyone who lied on a loan application?  Getting ugly now.

Mon, 10/25/2010 - 19:29 | 676353 unum mountaineer
unum mountaineer's picture

what if we prosecuted everyone (corporations included) who don't pay taxes? rabbit holes? see your point, but look at the whole body of work. in the end we can agree this does not end well for anybody. lose, lose..no, lose, bigger loser

Mon, 10/25/2010 - 19:33 | 676368 doggis
doggis's picture

the banks intentionally loaned money to individuals they knew could not pay it back!! the banks wrote these mortgage contracts, and the banks had all the tools at their disposal to refuse any applicant whose information was unverifiable ie, those who lied. they did just the opposite. they accepted all loan documents, and in some cases - changed some to meet minimum requirements. the fraud is with the banks - pure and simple! the fraud they are speaking of is with the BANKSTERS!!!

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