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Bill Black On Foreclosuregate: Calls For The Immediate Termination Of Bernanke, Geithner And Holder
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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I'll do it doggis style. You go!
The banks did not loan a cent. They extended credit and entered a name ( any name would do) in a ledger book. The purpose was to show records of credit only. They had a plan to on-sell and off-load the risk of default. They securitized the mortgage so as to lure the pension fund in. They had the MBS stamped AAA so as to circumvent due dilligence about the validity of the financial investment. AAA is AAA, right? You can trust the banks, right?
These syphilitic tapeworm bankers, knowing that the local drifter would default, made bets that the bond that they had just sold to your pension fund, would fail. All this without putting up any money at all, right from the get go. They have no equity in the home and somehow have the right to foreclose on some poor bastard who has missed a payment, most likely after years of sacrifice.
Time to end this shit. This is war and this is the fight club.
Pick your opponent and don't let up until he/she is motionless or cries UNCLE.
Town hall meetings across the nation.
If I was savvy enough, I'd start a Web Page to get the ball rolling.
Any takers?
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.
The banks were also under considerable federal pressure (in various shapes and forms) to make their loan originations "look like America." Then of course Wall St. stepped in with their financial alchemy (gee, let me see if we can help...) to make shit look like shine but this all started with what amounted to Washington central planning: We want U.S. home ownership to look like XYZ. Make it happen.
Funny how all those big banks who were being sued for "red-lining" a few years before were the same banks who found themselves accused of "predatory lending" to the same crowd once they loosened up the purse strings.
Payne, yep. Acorn. Janet Reno. Jamie Gorelick (although she was kinda busy with other things). Community Reinvestment act.
Protests at the office and at the home. cwm officers of financial companies up to and including CEO. Bawney Fwank, Chris Dodd (D-Countrywide). Wall Street chum fest.
dang, smells like lobster-bait around here.
- Ned
Black has an excellent analysis of that question:
http://www.huffingtonpost.com/william-k-black/post_1115_b_772820.html
(Yeah, even huffpo is all over this issue.)
The fraud was perpetrated by the banks and the mortgage brokers. The gatekeepers for loan eligibility is the banker/mortgage brokers, not the applicant. Most people did not know squat about finance or mortgages. They just wanted a house. The system broke down because all the greedy morally-bankrupt financial "professionals" cared about was the their commission. They qualified anybody because they were going to pass the note off to some other sucker. Yes, I'd like to see every one of the "professionals" strung up along with many others up the food chain.
I'm at a loss for why a person needs financial sophistication to tell the truth on a loan document... I'm also at a loss for how a person can borrow enough that his or her note payments are 70%+ of takehome and have no idea how he or she got behind or that default was certain in the event there was any decrease in take home pay...
The fraud was perpetrated by all parties involved. We're at a standstill pointing fingers at each other. Time for us to man up, admit we screwed up, and then we're free to pursue the banks for their transgressions... until that day, we're just hypocrites.... generally speaking of course.
Payne in the ass. You consistently post on this side of the argument, missing the bankster role in the whole thing. They have the power to set the conditions for this thing to happen, not dishonest loan applicants.
I guess what I really want to say to you, have wanted to say to your posts for a while, is.... take that baby avatar down. You do the child a disservice. Leave the baby out of it. Unlike the baby, YOU are clearly NOT innocent.
The fraud they are speaking of is by the applicants not the Bank. uhhh, not.
"Mrs. Jones, even though you be makin' $14.00 per hour, 8% interest on $300K per year plus taxes and insurance is just too high. Now if we go with an adjustable rate and defer some balloon payments and squeeze some more stuff in the fine print and assume that your wages are going to go up to $20 per hour in the next few years and have the sellers provide a reduction to put towards your down payment, ...why, I think we CAN do it!" Just sign here and I can make sure your loan goes through. By the way, don't forget to sign that loan origination fee document and the transfer tax document and the mortgage insurance fee document. And we make sure those payments don't start until the month after you be in the house. Congratulations, Mrs. Jones, you're part of the American Dream.
Will I be back from the revolution in time for Giants/Rangers Game 1?
Depends if it goes atomic.
Fear the beard.
dup
The ZH page behind the 1st graphic is classic... They weren't logged in!
One wonders when Tyler will appear on MSNBC. =)
For chrissakes. It's nice that ZH gets some props, but consider the discussion on the cited thread from this morning:
http://www.zerohedge.com/article/bank-america-finally-confirms-foreclosu...
4% error rate is a bad joke.
Bravo!
I would further ask Federal Reserve: who gave you the right and power to debase our currency at your descretion and transfer wealth from prudent savers to greedy Wall Street gamblers? Who?
What Bernanke and company is doing borders criminal IMO.
Keep working on your readjustment, your almost there.
"borders criminal IMO."
The truth it's out there.
Chuckle. What does it take to meet criminal standards, Jeffrey Dahmer?
http://en.wikipedia.org/wiki/Jeffrey_Dahmer
[...who gave you the right and power to debase our currency..]
Who indeed. The 63rd US Congress and Pres. Woodrow Wilson, 1913; Federal Reserve Act.
The 63rd Congress (save 60 Congressmen and 25 Senators who voted "nay") abrogated its sworn duty to defend and uphold the U.S. Constitution. Specifically, the "yea" voting members illegally transferred their Constitutional right and obligation to "coin Money, regulate the Value thereof..." to the Federal Reserve. Congress does NOT have the right to transfer this responsibility to ANY entity. (Can you imagine if the Senate tried transferring their right and responsibility of confirming U.S. Supreme Court Nominees to The United Nations?)
The 63rd Congress and Pres. Wilson committed a crime. The Federal Reserve is unconstitutional. Each and every Congressman and President thereafter who was or is complicit to the Fed's existence bears a measure of disgrace.
Thank you for your post, theXman. I'm with you on this one.
The U.S. Congress can carry out its responsibilities in any way it sees fit, provided that its activities are not expressly forbidden by the Constitution. Congress did not transfer their responsibility to the Fed. The created a tool and delgated their responsibility to the tool they created (the Fed). Congress can un-delegate its responsibilities any time it wants to. The Fed serves at the pleasure of Congress. They pay any profits they make back to Congress. Congress could abolish the Fed tomorrow if it chose to do so.
The grand collusion.
secret or illegal cooperation or conspiracy, esp. in order to cheat or deceive others : the armed forces were working in collusion with drug traffickers |collusion between media owners and political leaders.• Law such cooperation or conspiracy, esp. between ostensible opponents in a lawsuit.
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, 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.
td - your excerpt here is the written truth - raw - and in its most intense form. this is poetry!
Tomorrow and Thurs are POMO.. This bitch may blow before Nov 2nd..
Get in..
Get out..
Good bye..
True but there are only so many days you can near the ending of the ZIRP, low interest, fake accounting, shadow inventory, raped shorts to oblivion, calm and jobless public looking for answers and diminishing trading profits before you start thinking...
" Maybe I should short with this POMO..how much higher can I take NFLX and AMZN on now volume. If everyone is going the other way when the QE disappoints or inflation causes Ben to move or any other soveriegn anamoly emerges I will be positioned best"
This my friends is how cannibalization occurs. The party is almost over and My FAZ has stayed so stable thatvi have decide to put away 10% of my monthly earnings into avergaing down if it dips lower.
Eventually Ben has to take the zombie markets off the Brains because inflation is telling us such.
This is not even factoring in the greatest rally in market history on no volume and FED gimmes in conjucntion with MSM lies and the funeral of all shorts. This canoe is affirmatively one sided. And as I said 2 years ago home prices will fall another 75%.
As a matter if fact I am so frighthened of bank holiday I am planning on moving all of my cash by months end out of TD Bank because I think a bank run is less than a year away. I won't buy gold but cash is just as good.
There is an easier way of reaching your same conclusion. Simply ask yourself this question: will a strong dollar or weak dollar policy enhance our operational goals in the ME? (That is, support our military control of ME oil supplies.)
For those who believe in unicorns & QE, Ben can destroy the $USD and drive oil & commodity (gold!) prices ever skyward with nary a concern for US global geo-political strategic objectives. Sure.
The top is in - as you note, the simple mathematical reality of diminishing returns indicates upside potential has been exhausted. This is all setting up to be the mother of all shorts. The only thing missing is a national security EO.
you both are clever individuals, but I'm not following your thought process.
are you saying that almost $15 Trillion of Treasury debt (along with $160 Trillion in unfunded liabilities) is going to be financed with a stronger $US dollar?
i'm not sure this is possible. for this reason, i do not believe gold is setting up as "the mother of all shorts".
with all due respect, what am i missing?
dup
2x post.. delete me..
smoke break sex
@Ripped Chunk, I watched the video you suggested last week.
Thanks for the Bill Black link. Good stuff.
Unlike what Bill said, I think the gold standard is a good idea.
The “catalyst” … gold & silver is money.
a poll result from Rasmussen that I read today said 43% do not believe either party represents the interest of the people. Why is this number so low?
Rasmussen is a Fox pollster. Their numbers are never right. They always slant for Republicans. In this case, they slant for Republicans by saying that only "43% do not ..."
FRAUD....??? WTF....?? Ben calls it " irregularities ".
Irregularity is when you don't take a dump every day.
Getting rid of irregularity requires good constitution.
Nice.
The Fraudclosure Crisis has finally made it to the front page in part thanks to you guys here but Obama and Co have done nothing but dance around the issue. Meanwhile about a million people will be turned out their houses in the next few months if the banksters are allowed to continue their game.
Something's got to give...
America is run by criminals. What's new?
Is there a government in the world that isn't criminal, that runs countries for the benefit of the elite few at the detriment of the many?
Seriously, what's new?
You expect peoples to get up and do something about it? Not going to happen, they're docile cattle, pure and simple.
Where is the surprise? HE WHO OWNS THE GOLD MAKES THE RULES, breaks the rules, ignores the rules and is exempt from the rules. Aways has been always will be.
But who makes the rules about who can own the gold?
Look every ruling class knows what it takes to stay in power. Keep your front line just happy enough to stay loyal and manage the masses. What is the ratio of ruling elite to average joe? Can you have elites (top of the food chain) without average joes? No. Can you have huddled masses without elites? You bet your ass you can.
Baron Rothschild: " Allow me to control a nation's money, and I care not who makes its laws, or what those laws are."
As I've said before, "One lamppost, one congresscritter, One tree branch, one bankster, One impalement stake, one lobbyist, and the rest to Madame Guillotine"
They won't do anything, huh? Well, I will do something. I'm printing little "Listen to William K. Black" labels, and they will soon be popping up everywhere I go: bathroom doors, shopping cart handles, stair railings, ATM machines...
American ingenuity.
You might print a web site address on your labels so that folks know where to go to find Black. Labels with tear-off strips containing the web site address might work best. If folks don't have a pen to write down the address they can just tear off a strip that has the address printed on it.
I love this guy. Him and Ron Paul are fucking logic machines. Here is the Dream Team Administration. President: Ron Paul Vice President : Michelle Bachman Treasury Secretary: Bill Black Federal Reserve Transitionary to abolishment Chairman: Peter Schiff Attorney General: Neil Barofsky Economic Advisor Team: Zero Hedge, Hugh Hendry and Jim Rogers Secretary of State: Jesse Ventura Press Secretary: Dylan Ratigan And for anyone who has not read what Andrew Jackson encountered when ridding our nation of the Central banking monopolistic cartel please pick up the book this weekend. "The bank has by degrees obtained dominion over the circulation medium and with it the power to increase or diminsh thr price of PROPERTY through levy of taxes on the people or premium and interest rates limited by the or supplied by the quantity of money. In conclude our founding fathers revolted against such power by England wielded against them and this generation and administration shall do no less. I will veto the bill" This cane after Biddle and his media captures along with purchasing of Clay and Webster had gotten the bill passed. It took the will of one man to cast aside his personal benefit for the good of the nation even after Biddle had called in numerous loans to squeeze the money supply and blame Jackson for the depression in order to consolidate power. As we have seen in Sept of 08 and May 6th Flash crash the Elites will do whatever is necessary to maintain their power over the populace as the Dictators of the U.S. The parallels are equivalent from the media to the contraction. Jackson vetoed and returned America to a debt free nation. Biddle died years later embarassed, defeated and powerless. " You are a den of thieves and I will rout you all" Andrew Jackson
Love your government. The sad thing is that it will only stay dreams.
I'm assuming Bachman is on the Dream Team because every administration needs one goob to provide hilarious hijinkitty sound bites (makes everybody else sound even more sane and thoughtful)?
My thoughts on Michelle Bachman are due to her staucnh defense of local small business and her perfect categorzation of out power structure that unless they have a friendly contact in the elite corprate circle than they are heel shit to the remainder.
I do not abide hypocrites unless they genuinely repeant so if you have a reason for not disliking her I am all ears for the facts. I can always change my opinion.
Too bad Mr. Black is blinking his thoughts in morse code. Dude needs to calm down and stare at the camera.
BTW, you have a good start at an adminstration there. Nix the weirdo Ventura.
Maybe Gov. Ventura is just mis-cast. I think he'd make a good chief of staff - isn't their job twisting arms? He's got the practical experience.
stick him in the pentagon to get the generals all twisted
and do a reality show on it
“The mischief springs from the power which the monied interest derives from a paper currency which they are able to control, from the multitude of corporations with exclusive privileges which they have succeeded in obtaining...and unless you become more watchful in your states and check this spirit of monopoly and thirst for exclusive privileges you will in the end find that the most important powers of government have been given or bartered away….
- Andrew Jackson, Farewell Address, 1837”
"The Monster was likely to destroy our republican institutions, and would have entirely subverted them if it had not been arrested in its course"
- Andrew Jackson, in referring to his "war" with the Second Central Bank of the United States
I found this quote in a biography of him. It's from a letter he wrote (or at least I recall it was a letter, might have been something else).
'Ole Hickory was the Man.
http://www.youtube.com/watch?v=-aopKmA6VIs
I'd love to agree but his disregard for the judiciary leaves me less than thrilled with his respect for the constitution and the rule of law. While it's not necessarily true he disparaged the supreme court justice, he did usurp state's, (Georgia's) rights by utilizing federal troops when evicting sovereign citizens from legal possession of real etate.
His actions in evicting the 5 nations from Georgia may have saved them from being decimated in the subsequent civil war, but perhaps their removal from the region caused the situation to develop into the powder keg that defined some of the worst autrocities of that conflict.
Not sure how that would play out in today's climate.
I'm kinda of the opinion the 3 branches are gearing up for a slug fest of epic proportions and think our founders would at least appreciate the fact they have the opportunity and wherewithal to do so.
We've had enough trails of tears with this latest ordeal of lost, destroyed and opfuscated land titles and hope the rule of law will prevail in re-establishing our citizen's sovereign rights over the moneyed interests attempts to continue the enslavement of the US middle class.
Sure would be nice if it could all be done without bloodshed. Unfortunately, without a strong conviction in the legitamacy of our judiciary, that may be a pipe dream, imo.
Good points, - I do not agree with Jackson's handling of the Native Americans, but I do like the way he handled the international bankers.
I am just laughing my ass off thinking about Jesse Ventura at State. Fuck, ivy league, ivory tower career nob types can't stand him. It would either completely disintegrate or morph into something truly beautiful. *laughing*
Oh yeah, V bitches, I will never bleed for oligarchs in a foreign war but I would happily bleed for Old Hickory.
And frankly, I think one key to any serious game changing business in this country is the military officers. Find out where they (really) stand and you'll know whether a Fed burning is in the cards or not.
The military will turn out to be the oligarchs' Achilles Heel.
By and large, the officer caste in this country is largely self-selecting and hereditary - over 80% of the student bodies at the military academies come from career military families, both officer and enlisted.
On the other hand, the Elite enrollment in the Ivy League is 10% minority, 25% non-Jewish white, and the rest - well, they are members of that dual-allegiance, dual passport-holding, Certain Religious Minority that while comprising only 2% of the overall population comprises over 40% of the Oligarchy.
And the troops tend to come not from the Northeast and the Left Coast but from the rural Midwest, the Great Plains and the South - precisely those geographies which the Elite despise.
Just like the elite, the military is a breed apart - and it is seething not only over "dont ask don't tell" but that they will shoulder the blame for the looming defeats in Iraq and Afghanistan.
Personally, I believe a Corrective Military Dictatorship (much like Oliver Cromwell in 17th Century England) for about a generation or so would be needed to effect the "Great Reset".
China (our only worrisome peer competitor) would completely understand (and even applaud) as they know that a non-corrupt, authoritarian, one-party government is their only hope for repayment and stability, even if it comes at the cost of wholesale repatriation of jobs to this country.
When everybody is working in both countries (no bothersome public demonstrations)and both nations are firmly in the hands of strongmen, a large Deal between the US and China will be cut.
You have my support. Where do I send the check?
How about including Jim Grant?
If this ever happened, somehow they would all end up on a plane from Poland to Russia. Fog will roll in. You know the rest.
Here's a good way to grow a no-faith movement quickly. Anyone who attends political functions or town hall meetings should turn their backs any time that a politician speaks. This was done frequently in the 'early' Tea Party protests and had quite a powerful effect. Of course, you could also throw your shoes...
Fuck me.
I'm a busy guy so its not every day that I take the time to really consider the degree to which we are fucked. Then, when I "war game" end scenarios in my mind, I see nothing but strife, anger and pain. Warn your friends. Warn your families. Warn your co-workers. The end is coming much faster than any of us think and, when it arrives, God only knows what comes next.
Hide your kids.
Hide your wives,
and hide your husbands, cuz they're rapin' er'body up in here.
Close. Here is the Monte Cristo #1
http://www.youtube.com/watch?v=CBoccq6ZN1Y
That is the problem really. So many people are busy trying to make a living. oh if we could just be like the French or the Greeks just once. It would be fun.
Warn them if you want. They don't listen.
I'm concentrating on my preparations - so I am able to care for me and mine and help my little community as much as possible.
we are going back to colonial days.
"Alas, it is too late. America has proven it has failed as a society in which checks and balances work when..."
Well, there you have it. Our vaunted experiment in federative, distributed-power government has failed and failed miserably. Anything short of an acknowledgement of this is simply rearranging deck chairs on the Titanic, as they say. Or as the great Albert Jay Nock said, "Sending in good people to reform the state is like sending in virgins to reform the whorehouse."
Time to do what the Soviets did twenty years ago (bloodlessly, I hasten to add) and just say no, returning power to the individual states, going on from there to devolve power further, and letting the Internet, social networking, and related technological advance reduce our degrees of separation from six to one, with no state left to stick its fat fucking nose into humanity's business.
__________
The state can kiss my ass.
Most likely the Fed and Ben didn't want to investigate this because it is illegal for the Fed to buy any security at less than its value.
If marked to market, the Fed would have a hard time convincing people that it did due dilgence on the $1 trillion Mortgage Securities it bought, and the tremendous losses it will realize.
The best interviews with William Black:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=33&I...
http://hammer.ucla.edu/watchlisten/watchlisten/show_id/129363
http://www.youtube.com/watch?v=Rz1b__MdtHY
http://www.youtube.com/watch?v=UhO--P_tVBQ
The Ratigan interview is not the first time he's asked for the thieves now in charge to be fired. He's also been correctly yelling FRAUD from day one.
@Winston, thanks for info/links.
SAY IT LOUD, SAY IT PROUD
ZERO HEDGE
Fraud is fraud. I wonder if the bankers will get away with this....
They won't.
I suspect many of these fat fuckers will ultimately find themselves within the catacombs of the United States Penitentiary system.....
Ditto for their political friends at the state and federal level.
Charlie Bravo
Black: "97% of the loans done by Countrywide were fraudulant." Now there's a stat that reflects the true state of affairs.
Has it ever been this bad?
Tammany Hall? Watergate? Iran-Contra? Enron? Dot.com? Maddoff?
These all seem to pale in comparison to the current state of affairs: TARP, QE, mortgage-gate, stupid wars, etc.
Is our doom and gloom justified? Or is this just run-of-the-mill incompetence and corruption?
Sorry, this is bad on an entirely different scale from your examples. This is the blow off top. Kondratieff winter here we come. According to long wave calculations, this is thought to be the sort of crash that occurs only every couple of hundred years or so. Those who come out the other end, and I'm old and don't expect to be one of them, thank God, will live in a very different sort of world than the one we have inhabited.
Bill Black for president.
Props, Geo. You said it weeks ago.
Yes, he's good on fraud. But let's get to real issues here.. What's his opinion on gays? Oh, and Israel? Is he loyal to Israel? Does he like guns or hate guns? Does he eat bugers? The elite representing real America want to know.
Funny but true.
He needs to stay away from grassy knolls, airplanes and hot tubs. He's not exactly making friends.
Bill Black is the fucking man. He will never get anywhere near government administration, He is far too dangerous to their agenda. They can't bullshit this guy because he knows all their devious tricks and can cut right through their obfuscating techniques. The adversity that he overcame in the S&L prosecutions is a testament to his integrity. A true patriot.
Lisa Epstein did a great job there as well, very clear.
http://www.foreclosurehamlet.org/
DavidC
I've been reading you guys for 6 or 8 months now. Probably read most every posting and all the comments. Fascinating perspectives. I'm a CPA but don't really understand the details a lot of the time. By the end, I do get the point. The problems seem to be the same, just a new slant or a new piece of the puzzle as time goes on. However, at some point, this much crap has to surface. I've been warning my friends, they avoid me now, about the coming armageddon and nothing seems to ever happen. The market goes up, gold and silver give and take but basically trade sideways, the euro heads to parity with the dollar and then reaches a new high, oils a problem and then it isn't, all this stuff with the banks sounds like the worlds coming to an end and I wake up tomorrow and its just like today. Not that I'm a fan of what I'm convinced is going to happen but at some point, all of this shit has to boil out of the pot! When is that going to happen? How is it going to happen? It seems like this house of cards is in the middle of a hurricane and still standing.
Don't worry, something will happen. It's like baseball. Sweet fuck all seems to be occurring for a very long time and then.....
http://www.youtube.com/watch?v=HvFQLqWBdiY
Incredible..your a CPA and you do not get. Thanks for the nightmares pal..that just tells me the criminals have altered the rules to such a degree that you cannot even do your job any longer.
And that is how they like it..move the goalposts.
No worries man. My best friend is a genius accountant at one of the big player institutions and he cannot make head or tails of nothing. Scary thing is if I remember math is supposed to be absolute.
C'mon John,
Give the guy some points for at least looking in the window. He, as well as your Keynesian trained genius accountant friend, (perhaps not your friend, but he will) are both querying the math that they have been drilled in. When they query the subject of money, the penny will drop.
Having acquired a general understanding of Austrian Economics, it is always amusing to pick up an economics text book (usually discarded at a thrift store) and get a laugh from their silly assumptions, usually starting on page 1.
They (accountants and Keynesians) look at gold and silver as commodities and regard financial instruments as works of art or genius. They never see the role of true money as wealth earned and saved, capital for invetment. They consider debt based depreciating assets as savings ($s). Look at the recent posting on TIPS.
http://www.zerohedge.com/article/show-us-your-tips
It is intrumental to see the absolute mesmerization of these "investors", who buy these (hurl in your dinner) financial instruments. "Financial" is a term that churns my stomach as I know that they are instruments that carry risk and liability, created by shysters.
I can't wait for the day that I am able to risk my capital with someone I can trust, locally. Will it be a banker?
Not in this lifetime.
Its like the tax code. Nobody understands it. You can read it and you can't even understand what it means. Even the IRS doesn't really understand it. The IRS using commerce clearning house volumes to explain to them what the code actually means. I wonder just who it is that really writes that crap. If they ever got rid of the IRS, Washington DC population would deflate to half its present number. Many CPA's and lawyers would be mowing yards.
Thats not how I would do it. As you mentioned the tax code is a very,very complex equation. Whether you look at it algebraically, psychologically, or using non-linear differential equations.
It created a lot of bad crap. But some of the money it harvested was spent on super-colliders, observatories, and the internet's.
The first thing I do when elected president of the USA is ask the congress to implement a national sales tax with 5 levels. Food. Cleaning products. Clothing. durable goods. And everything else (including all service industry transactions.)
Notice how there is no energy tax in there? Cause I keep every single revenuer on the job. In fact I am in their building more than the white house sitting right there with them pouring through the volumes of existing data data to invent sustainable effective fusion.
Its not a joke. I think the Tax code is more complex than engineering safe, sustainable fusion. So it should be gravy for the staff at the IRS.
Check out this site:
http://www.perfecteconomy.com/pg-math-walking.html
Expotential functions take no prisoners and do NOT suffer fools gladly or for long.
Check out the latest version of the "non borrowed funds" chart included in in that article. Their version is from 2008.
http://research.stlouisfed.org/fred2/series/BOGNONBR
Where the F*** did all those "non-borrowed" dollars come from?
Blah, blah blah.
Seriously, is there a story here?
Ha!
You win the award for "Understatement of The Year!" Congratulations!
Tee Hee. You're funny.
America, your crisis has yet to begin.
I fear it will come as a result of 'their' solution to fraudclosure-gate. They will officially set aside the 'rule of law' and shut up every American. In effect the laws of the land will be determined by the banks.
That may become the touch paper that blows up the whole place.
I've always measured their desperation by how openly they engage in control fraud. You know that the whole fucking enchilada is on the table when they are so open about the looting and there's a absolute, total lack of law enforcement action. Clearly, this is class warfare: the monied class, who has everything to lose from loss of the status quo, versus the producer class. It's not like they're picking off the low hanging fruit and using them to go after the bigger guys. There's nothing happening on the LE front. Nothing.
This was plainly evident very early in the crisis and was one of the indicators that motivated me to buy PMs. It was obvious they were "all in," meaning this was no ordinary recession.
National security. National. Security. Say it slowly; savor the sound as it rolls off your tongue.
This heist was planned, organized & executed at the highest levels of industry & government. The justification was/is/and will be national security. The US didn't have (nor currently has & most likely never will ever have again) a sufficient operational economy necessary to finance our various global objectives and commitments.
In lieu of this shortfall, we needed a classic financial Ponzi scheme - the housing bubble - in which to generate taxes (cap, income, prop & sales) and lever access to oodles of additional credit. And you know what? It worked like a charm - better than expected, really.
The only problem was the follow-up. According to models, the Fed should have been able to blow another bubble to keep the happy times a-rolling. Sadly, it didn't turn out that way, so here we are instead dwelling on all these negative thoughts. Like fraud, criminal conduct, poverty, etc.
Sigh. Anyway, it's about time to bring this bitch to a boil.
Part of the expansion is simply a smoke screen for the level of tribute/theft of the control group. In other words, the military industrial complex and our military aspirations are merely the representations of our control group's desired theft level. Over the years, the hands in the pot get larger and for the principal actors to get the same level of return, the amount of slush money has to increase. This causes the amount of total money to also increase (probably proportionately). In other words, the military industrial complex is about the only way you can "piss away" money in that large of an amount... because there would be nothing left to improve if it were dumped in infrastructure and capital improvement... the more money in the pot, the easier it is to take a little without anyone knowing... the more demands for money in the pot, the easier it is to justify a bigger pot.
Any goals of national security or to capture strategic assets play second fiddle to the withdrawals by the principal actors... This will become incredibly obvious as our military hegemony recedes and our government is whittled to a skeleton crew... heists never last forever...
This is such a fucked up country.
Wow, That was deep. Now go home and get your fucking shinebox. Until i see action, This is nothing but rubbing salt in the wound
Is there a bubble forming in tech names?
PCLN outperforming AAPL...actually PCLN outperforming everything to include gold.
$172 to $376 in four months? That is impressive Mr. Shattner.
Ballin'
American politics explained in a nutshell
http://pages.stern.nyu.edu/~wstarbuc/mob/kerrab.html
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genius.
Don't forget Torches - Goss Inc
That being said why do we only get to use the medeival instruments on them. It seems the American goverment/ CIA is much more keen on the use of waterboarding and cold cells.
How many perps have gone to jail so far?
How about ending the FED? Is that too much to ask?
Speaking of the Devil...I meant the Fed, this redefines arrogance as we know it!
http://read.bi/dklJYX
Unless we do something fast, I don't see what would stop everyone in the country who has a mortgage on the house....what would stop them from losing their house, as the economy falls--what jobs will be safe?
If the terriosts hit Wall street and Washington would anybody relay care ?
Fiat currency, is fraudulent.
Fractional reserve lending, is fraudulant.
The Federal Reserve System, is fraudulant.
What the fuck else do you need to know?!?
the federal reserve system is flatulence
As the IG who did the report on the auto dealership closings, Barofsky's report was highly critical of the closings of the auto dealerships that coast 100,000 jobs, because none of it was needed.
He concluded the dealerships did not cost the manufacturers a single dime and, in fact, the closings have damaged the manufacturers long term viability.
The closings were used for political retribution. The vast majority closed were in rural red state areas that were profitable and kept small towns viable. And, all minority owned dealerships were off limits to be closured.
.
loved what B. Black had to say in particular and another shout-out for ZH on MSM puts a smile on my face. Ratigan's nuggets contain 100% real meat.
"..nothing less than a complete reset of the entire kleptocratic system can give any hope for a fresh start"
Amen.
We don't need no stinkin' Bill Black and a Resolution Trust Authority to break up the big banks. We've got Elizabeth Warren and the Consumer Financial Protection Agency to send all of those bankers to bed without any supper.
BTW, the CFTA is housed under the FRB, in case you didn't know.
Glad to see you were holding back the punch line. Funny.
Now we know who is on top.
8 more days until we find out the details of Q.E.2.
The market is expecting 1 trillion or more.
If Bernanke and Geithner ever get booted, I will throw the biggest ZeroHedge party ever. Free booze, free music, free food, free women ... it will be a massive celebration!
Throw in free money and cocaine and you got yourself a typical Wall Street Friday Night.
" Free booze, free music, free food, free women"
isn't that the reason they need to go?
Things are gonna get real interesting in this country starting a week from tomorrow...
By now you know enough to be far away. They will kill you. The Liberal Barry drone will stop at nothing. Be safe. Obama is just a shit fucker ahole loser idiot.
The facinating thing is that this situation is GLOBAL and nobody is freaking out. The civilized world is just taking the punches. Oh, there's a few demonstrations, but not because the mass of people have been righteously screwed, but because they have to work a few more hours a week and take less vacation time.
It's looking like a fuse is lit and time is running out because the situation is way out of control and getting worse. Something is probably going to pop. But it won't be civil war or even mass civil disobedience and certainly not guns 'n ammo time. It will be more like Hank Paulson v2.0
Maybe QE2 is the additional time needed for the oligarchs to escape.
When the red dwarf (USA) goes supernova, the rest of the world will get slightly burned ... but will get over it. It is only the USA that has sent all its manufacturing to China and has set up a massive police state in full readiness to quickly suppress any slaves' revolt. Other countries will also fall, in succession, down the road as the globalists further centralise their control of world finance and commerce. But, in the meantime, many have natural resources and globalists' yacht clubs to keep them going.
The only way to stop the USA from falling at this late stage is for ALL the states to secede and take control of their own affairs. Washington is now Too Big To Fix.
"Revolution_starts_now"
Just incase some of you have been waiting.....
Nationalize the bank? More facism?
The local courts can handle the mortage foreclosures.
The justice depatment can handle the MBS fraud - system is in place.
You simply need an executive that will execute
"simply"?
Isn't it the crux of the whole matter?
You equate bank nationalization with fascism. Whatever you smoke I gotta have.
"Nationalize the bank? More facism?"
If by that you mean send them to prison and setup a donation fund for the roomie so he will sodomize them on a nightly basis, then yes I agree let's "nationalize" the banks and the bankers.
Can we pay extra if they promise to use sandpaper condoms and habanero sauce lube?
Ssssssssssssssssssssssss. Hot.
I wonder how much the Fed could shrink its portfolio by simply marking securities to market value, or at least impairing the credit portion under 115-2. The world may never know.
I hope this means someday a dollar might buy a candy bar and a soda pop again ... ??? I am gettin kinda hungry
Come on. Candy bars used to be ten cents and cokes were a nickle.
And compared to today's ingredients, healthier.
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What would Old Hickory do?
He would take care of business. That is what he would do. I would go to sleep and trust him and not worry one bit.
It's a fraud based eCONoME, get used to it.
There a way for Congress to remove Bernanke from office since they confirmed his appointment?
god bless bill black!!!
"fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law"
the assholes should have never been hired in the first place but the peeeople wanted change.
and while firing the criminals, destroy the fed. geithner is a liar. bernankrupt is a criminal, and holder is a nazi. their legacies are pure filth.
Bill Black is an American hero.
Rule of law, ZHers, just keep saying to all those you know who are not getting it... restore the rule of law! No more retroactive immunity!
Here’s a guess on where this will go.
BAC is going down. They are the sacrificial lamb. They are out of towners, without cache, without prestige, and without a White Knight (even WFC has Warren). BAC will be the Lehman of the big banks. Unlike Dick Fuld, however, Ken Lewis will do time. The markets will undergo some turmoil, albeit less than when LEH went down. There will be feigned panic on Capitol Hill and just east of the East Wing, in the office of a man sitting on two copies of the Manhattan phone directory.
The turmoil-lite surrounding the fall (nationalization) of BAC will lead to legislation that alters the manner in which title changes are effected, “bowing to the new nature and new realities of the financial industry”. This new nature will be described as the complexities and supposed benefits surrounding securitization, when in fact it will mean fraud and corruption are now recognized as a modern and accepted business practice. Excused will be all the shortcuts that were used to move product from loan originator to MBS.
This new legislation will be grandfathered back to the beginning of MBS’. The confusion and complexity surrounding the change of rules and legislation will serve to obscure and hide the widespread fraud that was involved in the original creation of the individual mortgages that subsequently went into the MBS’, CDO’s, CDO Squareds and the synthetics, as well as the after-the-fact fraud that went on as paper trails were created where there were none.
Foreclosed folks will lose their homes. Period. Cases against the banks will be dismissed because the new laws will have been grandfathered. Title insurance will come back, and a wave of bottom fishers will step in to stabilize home prices. The Fed will step in and buy a trillion or so of paper that may have been put back on to the originators, and another trillion of bad mortgages. Over a period of a few decades, a new department in the Fed will sell off the foreclosed homes.
The last words of most all of us on ZH will be, "this is going to fall apart faster than most people think".
you're probably right about BAC, since Paulson and Bernanke gang raped him in his Merrill Lynch jail cell. and panic will be 'feigned', that's good, just like the pseudo crisis in 08', which was really the Bush people poisoning the ground ahead of the election. nuff said bout that. fraud will be rationalized as you say, but with no money to leverage it will be years before anyone can do it. however the bottom fishers have already spent their cash in this market, they are sheeps for the slaughter, (they bought homes in foreclosure knowing full goddam well the titles were in limbo, they get what they deserve) along with home flippers. the fed will try to offload its toxic mortgage debt onto the deficit, but Tea Party crazies will block the move. (gotta love it) this is a slow motion train wreck, Obama is reelected even though only about 35% of the people approve. Karl Rove stands next to him at the inauguration. (he is a corrupt venal bastard, not Rove the other guy) ZH reade3rs wonder, what took you so long.
in the end corrupt pols simply change parties to get elected, new third party rule, same old faces. another thousand years of this perhaps, with a knife to the new caesar every few years just to entertain the possibility of change. his replacement is cloned in China, like the red eyed sheep in a Caryl Fiorina campaign ad. "I would go against my party," just don't ask me when or how. and if I would turn on them I would sure as hell turn on you..
Nope. This fucker has gone critical. Think back to what little Timmy said last year; to wit "there is no plan B". Why did he say that? Because if the reflation attempts failed, it was good night Gracie.
Humpty Dumpty is an allegorical tale. You can never repair/replace an initial mess. All one can do is attempt to move on to the next party. Their entire recovery strategy rested on a combination of monetary & fiscal stimulus. They knew this situation could never be "fixed" - we needed another bubble in which to once again lure the masses.
It didn't work, and we are here to reap the whirlwind. It doesn't occur that frequently, but it is a matter of historical record that 1776, 1789, 1861, 1914, 1939/41 and 1991 happened.
I agree with you on this one, B9. No bandaid (new laws), no duct tape (election outcome), no baling wire (martial law), is going to fix this one! The Politburo will try, but central planners just never learn!
Trying to forecast the progression of a complex system in a phase change is also fruitless. Even supercomputers have trouble getting tomorrow's weather correct, let alone forecasting the track, severity and collateral damage of a hurricane that is going to make landfall in a matter of weeks (or months, but not years).
All we can do is wait ... and each do our best to spread the word (and buy PMs) so that the oligarchs and their political hacks are shown that herding cats is a lost cause.
[edit: apologies for the mixed metaphors ... posting in a hurry and getting confused!]
I still think (and I've made money on this before) that a bank named "Bank of America" will not be allowed to fail. I think it should but no power broker with political skin in the game wants a "Bank Of America Dies" headline on his watch.
I suppose most of it could go into receivership and the name and a handful of assets could be grafted onto something else (Wachovia was mostly First Union but the First Union name was discarded for Wachovia for some reason I can't remember).
I don't know if that means any BAC securities are a buy here (although they were in '08) but I bet at least a nominal B of A stays alive.