Dylan Ratigan Discusses The Great Financial Con Job With Alan Grayson And Bill Fleckenstein

Tyler Durden's picture

Dylan Ratigan, joined by the inimitable Alan Grayson and Bill Fleckenstein, does one of the best comprehensive summations of the where we are, how we got here, and why those responsible for the upcoming US default are still doing exactly what they were doing, through the enabling of the Federal Reserve. The logical question arises: when will someone finally do something about the situation the US is in right now? At this point pretty much everyone understands how the con works (and if you don't, watch this clip). Why do we allow a handful of corrupt politicians and a select few of Fed members unaccountable to anyone, coupled with a small group of Wall Street CEO, to determine the fate of this nation, and how long will democracy be trampled by those very people who claim to represent nothing but the people's interests? Watch this clip.

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non-anon's picture

Greenspan does not look so well. Not like the bygone days when he was the superstar of the world!

equity_momo's picture

He's still got ample supply of virgin's blood to consume , he'll be fine for at least another 2 bubbles.

Never_Put_Down's picture

Greenspan is due to shed his skin and rejuvenate at anytime now

Mr Lennon Hendrix's picture

"Did someone say virgin's blood?" Al Gore was damn tired after flying in one of his many jets across the European continent for the third time in as many days.  Ken Lay pivoted in the golden colored lazy boy seat that was personally designed for him. "I heard Bill was having a party in the Caymans.  They should have some virgin's hearts there.  You know Billy C loves his virgin hearts!"  "Quite right, Kenny boy, Bill loves them hearts."  He had a chuckle, as Gore also loved eating the ripe muscle of teenage girls.  "Man Bear Pig!  Man Bear Pig!"  Yelled Dan Qualye from the back.  "Remember that show, heeheehee.  Man Bear Pig."  "Shut up Dan, how do you spell potato again.  Did I catch an "e" in there.  Haha."  "Good one." Said Ken, as he leaned back in the chair and put his gelly-eye sun-blocker on.  "Oh yeah, that's original."  Said Dan with a frown.  "So was YOURS."  "That's enough!"  Quipped CondaLeeza from the front.  "I have had just enough from you two.  Everyday, bicker, bicker, bicker.  If you do not stop by the time we land, I am telling Bill neither of you can have heart."  "Ooooh."  They replied in unison.  "We're sorry."

erik's picture

I did it.  I closed my Chase accounts.  I will be moving to a local credit union tomorrow.  It feels really good to actually do something that can make a difference eventually.  I encourage all of you to do the same if you disagree with the bank bailouts and obscene banker bonuses.



CookieMonster's picture

I got a friend to do the same last week! But also need to look at credit cards - boycott them! Gas cards, tire store cards, regular credit cards, etc - they are all sources of money for the squid!!! Usury is evil.......

goldfreak's picture

Am paying cash for everything, except for when buying something on line. I also moved my mother's account out of chase and into a small bank

non-anon's picture

Man, this is encouraging seeing ZH'rs taking concrete actions that make a difference. Spread the word, Starve the Beast!

Mr Lennon Hendrix's picture

May I add, boycott COKE and PEPSI.  Starve the beast, and be healthy doing it! 

CookieMonster's picture

Yes, there is another area in which the squid would like to grasp onto with its tentacles - the food supply. Things like large company farming tied to debt and banks and driving out small farmers. Buy locally grown food and dairy products.....

Mr Lennon Hendrix's picture

C is for cookie!  That is good enough for me!

Gold...Bitches's picture

C is for cookie!  That is good enough for me!

Now that is classic

CookieMonster's picture

Hard to live on cookies. Tried it and it makes the digestion get weird. Now I eat veggies (yeah, right!).....

Lux Fiat's picture

Great first step.  Now go out on Meetup.com or do some local digging and look at the myriad number of groups that are actively working to get the message out.  Many are not affiliated with either the dems or repubs.  Find one that fits you, join, and make some time to put words into action.

Start paying attention to the primary elections.  If you don't like who's on the ballot in Nov., the primaries are a chance to steer it your way.


CookieMonster's picture

Just a comment. Many ZH'ers are used to a free-for-all style of communicating. Some of the people in these other groups are, let's call it, "well behaved". Just a warning if you want to venture into something else.

Politics is something like a necessary evil. Our answer may not come from politics, it has to come from inside each of us and our collective decision making about everyday things. If there is first an economic movement, then that will make politicians take notice - Starve the Beast, not just the NY Banks but also the Beast in the political parties.

Lux Fiat's picture

Are you referring to the 5th rule - one fight at a time?  Multiple fronts energize me, particularly when they are related.  Thinking about something that is important to me and that I am passionate about is great, but ultimately it takes action to attempt to make a constructive difference.

Mr Lennon Hendrix's picture

The first rule....and the second.  What are we supposed to do in politics.  Fight?  Well...........maybe we should.

Lux Fiat's picture

I guess I could have been more considerate in how I responded.  Perhaps I should have phrased it as "These past 2-3 years have been one hell of a wake up call for me.  I felt a strong need to get engaged in some way, shape or form, and here is how I went about it.  This may not be for everyone, but it works for me." 

I certainly have my opinions, and will put foot in mouth on occassion expressing them, but to pick up on a post by CD, I have also gotten a sense of fatalism from some of the posts over the past few months, and was trying to, in an encouraging way, highlight one out of many paths that folks can take to become more engaged (assuming that they want to be "engaged").  I hope it was not taken as bashing the "starve the big banks/beast" idea, as that was not intented.

To quote from CD's post - "So with apologies to Tyler and Marla if I'm breaking the house rules and in the spirit of the season of spring renewal, I’d like to ask the ZH community what we think each of us might do to move the ball forward. Short of moving into an underground bunker with a stash of dehydrated food and emergency supplies of Playboy magazine (or Playgirl for our female contingent) if or when the breakdown comes, we'll still be living in our community and thus we'll need to make do with what's in place at that time. What can we do on a local, regional or national level that will improve our lot in life as a community and as a nation, now or later? How can we organize without leaders? As far as I’m concerned, anything goes and no comment should be shouted down as silly because quite frankly, we really have no idea how this will play out."  My post was intended in this spirt, as I believe was yours.

Otrader's picture

I think I will do the same. These types of reports on how we empower the TBTF banks is absolutely disgusting!

To the credit union we shall go!!!

Seer's picture

I'm happy to state that I've been banking at CUs for most of my banking life.  Also have NEVER held a single credit card!  But, there's always more to do... Ditch drinking life-shortening sodas (I stopped years ago) and bottled water.

Anyway, hats off to all those taking concrete steps!

sgt_doom's picture

That's 'cause he's been living the high life with all those big bucks he earned from John Paulson's hedge fund membership....you know, when they bet on the subprime meltdown.

Geez.....who could have ever seen that coming????

TraderMark's picture

GReenspan line of defense changed today from "low rates had nothing to do with it" to...

"Congress made me do it"


Oh and he mentions the Fed is really not independent....

On a related note American Idol results were tonight and 42% of Americans could care less what greenspan said.  Another 48% said "Greenspan who?" when queried. 9% were seen pulling their hair, while the other 1% said "Can we get NFL season moved up - I see a hole in our distraction schedule this summer"

anony's picture

Garyson is all for the Health careless bill!  He's as bad or worse as those he criticizes.

Damned hypocrite.

Graphite's picture

Yeah, he's actually filing a complaint against a Florida doctor for putting up a sign asking those who voted for Obama to seek care elsewhere. As good as he is on financial reform, overall he appears to be just a typical Congressional scumbag.

Augustus's picture

Filing that complaint is just the first tip off.  Why should a doctor have to provide services to people he does not want to take as clients?  When the doctor shortage hits, will the retired docs have to come back and work until they die?  Seems that Grayson could support that too.  Grayson is all for taking over everything, then ration care and spending so that patients are mandated to die to keep the expenses within the budget.  He's one of the lowest of the low lifes in Washington.

pan-the-ist's picture

Here is a different point of view.  There won't be any shortage of doctors.  Today, to seek any health care, you are forced into an expensive office visit with a doctor.  Soon we will have community health centers for the poor where you an RN will draw your blood and send it to a lab for analysis and you won't have to spend a fortune to see an asshole who will only talk to you for 5 of the 15 minutes you paid for...

Have you ever heard of doctors who talk patients into unnecessary surgeries for the extra bucks? Rather than clean up the back with some less expensive scoping (order of magnitude difference in price) they fuse the vertebrates? Rather than putting in the band they  do a gastric bypass?

There are countless examples if this abuse.   Some doctors are worse than auto-mechanics.

SRV - ES339's picture

"Why should a doctor have to provide services to people he does not want to take as clients?"


The Hippocratic Oath (Modern Version)

  I swear to fulfill, to the best of my ability and judgment, this covenant:

I will respect the hard-won scientific gains of those physicians in whose steps I walk, and gladly share such knowledge as is mine with those who are to follow.

I will apply, for the benefit of the sick, all measures [that] are required, avoiding those twin traps of over-treatment and therapeutic nihilism.

I will remember that there is art to medicine as well as science, and that warmth, sympathy, and understanding may outweigh the surgeon's knife or the chemist's drug.

I will not be ashamed to say "I know not," nor will I fail to call in my colleagues when the skills of another are needed for a patient's recovery.

I will respect the privacy of my patients, for their problems are not disclosed to me that the world may know. Most especially must I tread with care in matters of life and death. If it is given me to save a life, all thanks. But it may also be within my power to take a life; this awesome responsibility must be faced with great humbleness and awareness of my own frailty. Above all, I must not play at God.

I will remember that I do not treat a fever chart, a cancerous growth, but a sick human being, whose illness may affect the person's family and economic stability. My responsibility includes these related problems, if I am to care adequately for the sick.

I will prevent disease whenever I can, for prevention is preferable to cure.

I will remember that I remain a member of society, with special obligations to all my fellow human beings (unless of course they participate in the election of a black, liberal President), those sound of mind and body as well as the infirm.

If I do not violate this oath, may I enjoy life and art, respected while I live and remembered with affection thereafter. May I always act so as to preserve the finest traditions of my calling and may I long experience the joy of healing those who seek my help.



Perhaps this explains why I passionately hope all three of you would simply go away... as far as your pathetic minds can take you.


Please Note:

I've added 13 words to the text of the Hippocratic Oath... the first (of the three posters above) to identify all 13 words gets an all expense paid, one way trip to the (distant) destination of his or her choice (winner must provide proof of active participation in the "human race" to claim prize).

Ned Zeppelin's picture

Gee the rascist part looks added.


CookieMonster's picture

Yes! This is what I meant by our answers not coming from politicians but from ourselves individually, then collectively!!!

Never_Put_Down's picture

Grayson's a big government Democrat no doubt, but he did co-sign HR1207 with RP - that at least makes him better than most

Alienated Serf's picture

Look, he may be some big gov "Dem" (like there is a difference) but lets just appreciate any light that is shed on the fedCONomy.  Lets take what we can get right now.

G. Marx's picture


Yeah, same for Mussolini, after all he got the trains to run on time, so he couldn't be all bad.

Alienated Serf's picture

i am not quite the fascist, but i do believe in logic.  if mussolini says the sky is blue, does that mean the sky is not blue b/c the statement came from such vermin?

G. Marx's picture

Non Sequitur that misses the point, the argument being put forth is, Grayson should be given a pass on all his other transgressions because he's right about this one and/or supports Ron Paul on auditing the FED, I disagree with that logic. For we immediately see the problem that arrises when placing someone as the face of an issue, who then has so many problems on other issues. These other problems become a (legitimate) distraction and can tinge the legitimacy of the issue at hand.

Have we seen this before? Sure and many times in US political history. Right now (free market) capitalism is being discredited because supposed capitalist like Greenspan and Sen. Phil Gramm supported measures which helped to bring about the financial disaster of '08. So instead of focusing on the overwhelming acts of the government which were by far and away the main contributors to the collapse, one instead has to defend the paradigm of capitalism.

There are so many others who saw what was coming and weren't tainted by actions that wouldn't cause the issue to be sidetracked. Why not put them forth?

One last thing, that's a bit of a side track from my point, but relevant overall nonetheless. Grayson's party has played a significant role as well, especially after they came to majority status in the House and Senate. After all, its his party's leadership which has pushed the various stimulus and bailout bills, is inclined to give the FED greater regulatory and oversight powers and played a role in the committees to shield and protect Fannie and Freddie (and still do). Yet for all his disapproval over what has been done, he's still a loyal member. You might claim this is just pragmatic politics, but for me it means that he puts the control of power for his party, above principle.

pan-the-ist's picture

Guess what Non-Sequitur boy - there are no perfect politicians. 

In reality, we have to take what we can get and hope for the best.

Your libertarian utopia will never happen.

Time to grow up Peter Pan. (That's an ad hominem.)

Non-Sequiturs add to the discussion just fine. You argue like a bitch.

Cognitive Dissonance's picture

I don't get this shit. People complain that the mainstream media ignores the Ponzi. Then, when someone in the mainstream media talks about the Ponzi, repeatedly calling it the big con and regardless how poorly he may have stated the case (considering he summarized it in 2 minutes, he did an excellent job) you fucking guys are complaining?

What the fuck?


Hulk's picture


+1 trillion zillion. For first time, Hulk understand

what Cognitive Dissonance say!!!

(me bad. both a compliment and a zinger in one sentence...)

Alienated Serf's picture

Amen CD!!! i am no fan of MSNBC, but if they tell the truth once, I can admit it.  And if anyone thinks the msm is the enemy (99% of the time it is), this is one time you can use the enemies weight against it. 

Frank Owen's picture

Oh CD, don't you see the army of people fighting against the banksters on the news all the time? You just can't flip the channel without coming across one politician or another going on about things that are obviously wrong. There are far too many interested in justice, so we can afford to cherry pick the best of the best. ;)

john_connor's picture

No doubt.  Ratigan's explanation, while very simplistic, is perfect for the majority of people. 

Tethys's picture

Gotta agree with you here - the MSM is by-in-large a steaming pile, but you do have to acknowledge the few rays that get through.  Ratigan reminds me of a sane Glenn Beck (who also sometimes calls it like it is wrt these same issues).

In my view Grayson is playing it smart.  It is easy to support auditing the fed when you know there is virtually no chance it will ever happen. So he gets to appear populist with very little downside.  And if (more likely when) the shit does jump off, and the politicians throw the bankers under the bus, he will be smelling like a rose.  In a more cynical view, one might consider that this is why MSNBC throws Ratigan a loose leash - reports like this lay the groundwork for the upcoming prisoner's dilemma between politicians and banksters, in this case in favor of the politicians.


The Merchant of Venice's picture

Ratigan is Secular Beck.  It's a better position to be in.

However, did you hear him take Grayson to task for putting his name on legislation that gave away the farm to insurance companies?


Grayson is part of the problem.  He votes for the Farm Cartel, against the Bank Cartel, and now for the Insurance Cartel.  These so called friendly cartels are few hundred thousand bodies ahead of the killing spree the Juarez Cartel and Sinaloa Cartel are presently engaged in.

Tethys's picture

Ratigan did go after Grayson - but it seems to me that there are two reasons that media ask tough questions these days.  They either (a) want to find the truth, or (b) want to give the person they are asking a chance to defend themselves.  My rule for telling the difference if whether they press the issue if they get a non-answer.

People can judge for themselves which Ratigan was doing.  Grayson definitely gave non-answers each time he was asked about the gov't in my opinion (if you listen closely).  And there is a subtle but important difference in framing the issue as 'lobbyists gave $$$' and 'congressmen accepted $$$'.  So my suspicion remains.  In times like these, I really can't see the message controllers letting anything important slip through.


SRV - ES339's picture

Probably a bit late for a reply but... pllllleeeeease, do you really think Grayson (or anyone else for that matter) wanted "that bill," as passed? Of course not!

It is a first step compromise pure and simple... it was the "Party of NO" that forced the "giveaway" elements of the bill in order to (finally) pass a Health Care Reform bill after 50 years of being blocked by the "bought and paid for" GOP. There is no turning back now, and the bill will evolve to favour the public... until you and your friends retain control and begin chipping away at the progress, based on direction from the insurance lobby. Fortunately, "claw back" platforms are rarely successful!


Let me guess... "The Merchant of... Hypocrisy!"