- advertisements -
accountability in this system?? wow thats asking alot
so, her conclusion: much of the housing and finance market is built on fraud
might be for the general public that listens to MSM
how many months before the general public hears this?
how long can the MSM ignore zerohedge - a voice calling in the wilderness
I'll bet "Money Rocks", as part of the MSM, picks up on this story soon.
Her conclusion is that the evidence needed to prosecute this fraud is finally coming to the surface.
Now that all the top brASS at the various institutions have set up their partnership interests in the "spun out" prop trading desks -
IT IS TIME TO GET RID OF THE UP-TICK RULE AND REINSTATE THE MARK-TO-MARKET RULE (the rule that dumbass Markowitz drones begged for) for the banks, again, so that the masters of the universe can profit once again by shorting these dead banks, and the country can take care of the situation in an orderly manner.
Oh, yeah, since the SEC has taken care of the HFT CASE and issues (Ie. found and categorized the best porn sites on the internet) they should be able to make sure that there is no naked shorting to occur by the former "prop traders" that would improperly enhance their profits during this forced liquidation.
It is people like you that cause unrest.
I love it. Thank you.
Meanwhile..... the shameless charlatans in Congress slip through a bill with no discussion, with NO MEDIA coverage . Why? To let the banks once again slide . If this is not enough evidence to the American sheeple that D.C. and its denizens ,to a man!, are not public enemy #1 , I don't know what will wake us up . I pray November see an outright slaughter of these felons . I am for the first time grateful to our President for making one right decision on behalf of the American people . May the crooks who are robbing us receive 100 fold the grief they have placed on America .
I think everyone has missed the more important points regarding this bill. At least I haven't seen them discussed.
Far more important than the contents of this bill is the way in which it was done. First, it shows the power that someone out there has. They managed to slip this one by the House with no debate, and no recorded votes, back in April. Then they managed to do the same thing with the Senate in September. This is not only a characteristic of power, but also of skill. They knew exactly what had to be done, and how to do it.
Second, this bill was first introduced back in 2005 IIRC. Someone knew what was going to happen back then. And we've seen other evidence of this, with the Bankruptcy reform bill, which seriously tightened the ways of being able to get out of debt. The Bankers knew back then what was going to come down, and set about protecting themselves quite well.
In short, there is someone (or a group of folks) out there with serious power, skill and knowledge. People talk about such things in passing, but seldom do you see something done so expertly. In the computer biz, this is the sign of a superb cracker. There are very, very few of these; and they are the ones you have to watch out for.
The only saving grace appears to be that they can seriously screw up. They should've gotten this done back in 2006. No one would've thought twice about it then, and it would be a done deal now.
Taking what you are saying as true, yes. Indeed deeply distubing. Since 2005?
Yes, the bill was originally introduced in 2005. Here's what the bill's sponser had to say:
"... Aderholt said. "I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed."
I agree it wasn't obvioius to most everyone then what the game plan was. It sure is obvious now. And it was apparently obvious to someone back then.
power + skill + knowledge is a very powerful combination, indeed.
Thanks for the background ES. Do you know why it failed in 2005?
No idea. Perhaps enough Political Capital had been spent getting the tougher Bankruptcy provisions passed. Far more likely is that someone was being too cheap, and didn't pony up the money to get it passed.
Here's an interesting quote, btw:
"A brief review of the funding of Harry Reid’s campaigns ...: he is one of the top recipients of campaign cash from big banks.
...My bet is that if we thoroughly investigate the process by which this bill reached the White House, we’ll discover it is far better described as a modern Teapot Dome scandal than a tempest in a teapot."
The Jewish Financial Crimes, Ripoffs and Scams are very easy to understand...
Just look at the Jewish Babylonian Talmud -- CSR
Some Teachings of the Jewish Talmud
Where a Jew Should Do Evil
Moed Kattan 17a: If a Jew is tempted to do evil he should go to a city where he is not known and do the evil there.
Penalty for Disobeying RabbisErubin 21b. Whosoever disobeys the rabbis deserves death and will be punished by being boiled in hot excrement in hell.
Hitting a Jew is the same as hitting God
Sanhedrin 58b. If a heathen (gentile) hits a Jew, the gentile must be killed.
O.K. to Cheat Non-Jews
Sanhedrin 57a . A Jew need not pay a gentile ("Cuthean", "Goyim") the wages owed him for work.Jews Have Superior Legal Status
Baba Kamma 37b. "If an ox of an Israelite gores an ox of a Canaanite there is no liability; but if an ox of a Canaanite gores an ox of an Israelite...the payment is to be in full."Jews May Steal from Non-Jews
Baba Mezia 24a . If a Jew finds an object lost by a gentile ("heathen") it does not have to be returned. (Affirmed also in Baba Kamma 113b). Sanhedrin 76a. God will not spare a Jew who "marries his daughter to an old man or takes a wife for his infant son or returns a lost article to a Cuthean..."
Jews May Rob and Kill Non-Jews
Sanhedrin 57a . When a Jew murders a gentile ("Cuthean"), there will be no death penalty. What a Jew steals from a gentile he may keep.
Baba Kamma 37b. The gentiles are outside the protection of the law and God has "exposed their money to Israel."Jews May Lie to Non-Jews
Baba Kamma 113a. Jews may use lies ("subterfuges") to circumvent a Gentile.Non-Jewish Children are Sub-Human
Yebamoth 98a. All gentile children are animals.
Abodah Zarah 36b. Gentile girls are in a state of niddah (filth) from birth.
Abodah Zarah 22a-22b . Gentiles prefer sex with cows.Insults Against Blessed Mary
Sanhedrin 106a . Says Jesus' mother was a whore: "She who was the descendant of princes and governors played the harlot with carpenters." Also in footnote #2 to Shabbath 104b of the Soncino edition, it is stated that in the "uncensored" text of the Talmud it is written that Jesus mother, "Miriam the hairdresser," had sex with many men.
Historian William Popper states: "It was not always that long passages...were censored...but often single words alone were omitted...Often, in these cases, another method of correction was used in place of omission--substitution." (Cf. William Popper, The Censorship of Hebrew Books pp. 58-59).
For example, the translators of the English Soncino version of the Talmud sometimes render the Hebrew word goyim (Gentiles) under any number of disguise words such as "heathen, Cuthean, Kushite, Egyptian, idolater" etc. But these are actually references to Gentiles (all non-Jews). Footnotes for certain passages in the Soncino Talmud translation state: "Cuthean (Samaritan) was here substituted for the original goy..."
The heirs of the Pharisees often deny the existence of the Talmud passages here cited, in order to brazenly claim that such passages are the "fabrications of anti-Semites."
In 1994, the 80 year old Lady Jane Birdwood was arrested and prosecuted in a criminal court in London, England for the "crime" of publishing in her pamphlet, The Longest Hatred, the truthful statement that the Talmud contains anti-Gentile and anti-Christian passages. (She was accused of violating the Public Order Act of 1986).
In the course of her Orwellian thought-crime trial, which was ignored by the U.S. media, a rabbi was called as a prosecution witness. The rabbi proceeded to flatly deny that the Talmud contained anti-Gentile or anti-Christian passages and on the basis of the rabbi's "prestige," this elderly and ailing woman was sentenced to three months in jail and fined the equivalent of $1,000.
Like Madoff, Blankfein, Bernanke or Greenspan, etc.... typical Jew Sh*t... spewed on the "Goyim"...
Lady Birdwood's work "The Longest Hatred" --
HAVE YOU ever wondered where the Banks get all their money from? When they grant you a loan or allow you an overdraft, where does the money come from? According to Frederick Soddy, former eminent Oxford University Professor, Banks are: “Institutions which pretend to lend money, and do not lend it, but create it, and when it is repaid to them, de-create it and have achieved the physically impossible miracle thereby, not only of getting something for nothing but also of getting perennial interest from it.” So the Banks create money out of nothing and charge you, the customer, over 10% interest to borrow it. And woe betide you if you default. It is a delusion promoted by the Banks themselves that they are merely the custodians of their customers’ deposits, that they lend these same deposits, and that their profit consists of the difference in the rate of interest they pay depositors, and the interest they receive from borrowers. The truth is that no Bank lends as much as a penny of the money deposited with it. Every Bank loan or overdraft is a creation of entirely new money (credit) and is a clear addition to the amount of money in the community. It is no more than a record in a Bank ledger or computer and is actually the creation of new money out of nothing. When an account is drawn on by cheque and the cheque is lodged in another account at the same or another Bank, a deposit is created and the supply of money increased. Thus Bank loans create “deposits” which are not the source of loan money, but rather the other way round—they are the outcome of loans. Banks can create credit virtually without restraint. But usually sound Banking practice limits the creation of credit to nine or ten times the amount of cash or legal tender which a Bank holds. When it is said that a particular Bank has so many million in deposits, it is erroneously believed that it actually has this amount of money to lend out. It is a complete delusion. Those deposits are not cash at all—they are nothing but an enormous superstructure of credit.
On June 25th, 1863, the Rothschild Brothers sent a letter to Messrs Ikleheimer, Morton and Vandergould at No. 3 Wall Street, New York, which included the following passage setting out the system by which Banks monopolize the creation, control and distribution of the nation’s money from nothing and charge exorbitant interest to borrow it: “The few who understand the system ... will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand the great body of people mentally incapable of comprehending the tremendous advantages that capital derives from the system, will bear its burdens without complaint and perhaps even without suspecting that the system is inimical to them.”
Well, at least your name is accurate. You get bonus points for truth in advertising.
Your description of the Banking Racket is excellent. Why don't you put something together as a contributor??
About the Talmud, I believe what you have pointed out. I believe that some Jews Believe that, But I do not believe that all Jews believe that.
A lot of religions have some crazy skeletons in the closet.
Good post ET.
[edit - tried to move this post up where it was a reply to Bringing It & Eternal Student's posts, sorry it's "down" here, sigh]
there is a handy tool to help uncover the origins - and origin-ators - of these bills as they weave their way from through the maze of gov't,
I've used this for a while now, and it shows how those "elected" drones work on a longer timeline - passing the ball back 'n' forth, from "side" to "side" over years, modify the language slightly as certain words are dropped from vocabulary due to public scrutiny. . . it's actually fascinating to watch the machine at work, in a gut-tightening way. . .
as you can see, this current action against the public has roots in. . . 1998 ^^
(thanks for the posts Eternal Student)
You're welcome, and thanks for the link.
Sorry but this pales to the fraud that is being perpetrated by Cap-and-Trade.
What William Black and Harry Markopolos are to the sub prime bank and accounting frauds Hal Lewis is to the Climate Change and Cap-and-Trade frauds...All of these people including Tavakoli who are not afraid to stand up against such ravenous looting frenzies are real American hero's and of course us ZH'rs who have the balls and critical thinking skills to pull the covers off these perverted parasitical cons.
great post. thank you, GRUNT. wow.
If your interested check out this 5 part interview with Dr. Tim Ball.
For the layman he describes this fraud beautifully. Dr. Tim Ball another hero among hero's.
Solid ammo. Thanks.
It is to my amazement that this side of the debate is completely smothered. Another approach to the sheer insanity of the 'man made' climate change disciples is examined in a book called "Cool It" by Borg Lomborg. Stating, even if climate approach is 'man made' which is highly debatable, the way the climate nuts are going about their 'do good' efforts are totally useless and a waste of resources.
I like the way Ball runs the analogy in part 4 as he explains how the frauds have convinced the naive and ignorant of the world that if you can show the by-product of these industrialized nations (C02) is destroying the climate, causing run away global warming and now climate change then you can place restrictions on C02 production. I visualize these sick minded perverted parasitical frauds rubbing their filthy greedy hands together thinking deep down inside "let the looting begin" with a deep seated primal devilish laugh!!!!!
What? The housing and finance market is nothing but a fraud? Shocking news! Oh wait, we knew that all along since the 2008 crash. Why is this 'news' now?
It's not like Janet wasn't talking fraud in the financial system months ago.
She's just gained a larger audience, starting with the pension funds that are getting the #$%$#@ defrauded out of them.
We should thank our lucky stars someone as knowlegable Janet Tavakoli is parading this issue in the media.
William Black has said the same things. He was lead man in cleaning up the S&Ls and needs to be brought back to clean up this mess.
Actually, the whole entire system was founded upon wide-spread, systemic fraud dating back to 1694.
Riddle me this: What sovereign funds have never defaulted (since 1694)? Now for a hint: What sovereign empire wiped out the indigenous peoples of two separate continents, expropriated all their assets, and then promoted the largest emigration (ie land sales boom) in recorded history?
As an added bonus, what entity enslaved the peoples of another continent, subjugated yet another to cultivate the production of lethal drugs, and backed by military power, forced yet one more continental nation to allow dispensing the aforementioned drugs?
[Answer key: N America and Australia/NZ; Africa, India->Opium and Hong Kong/China.]
Now, putting aside the moral dimension for a moment, let us consider this issue strictly from a fundamental basis. To wit, if it took this much coercion, dare I say it, systemic fraud, to prop up a corrupt system of this magnitude and for this long, what happens when all the 'economic' bases that drove continuous inflation are removed and taken away? (Granted there have been significant dips, yet recall that the GB has never defaulted to date, so there really hasn't been material deflation.)
I don't think anyone really wants to know. What we are all going to eventually find out is what is the true value of any productive asset? (That is, what is income? What are expenses?) The level of chaos necessary to clear the back dated fraud is so immense as to (almost) understand why all jurisprudence has been cast aside in a mad attempt towards preventing collapse.
Janet is wrong in terms of the magnitude; housing was just the last straw of a very long cycle.
It is important to note that none of this history/information is a surprise to the power-elite. History isn't complicated - age old biological drivers induce the same reactions in every generation, which is why the future is foretold for those who wish to see.
They also don't dick around with PC. In fact, they're the ones who promoted PC as a means of distracting others; ingenious, really. And lastly, they are well aware of resource depletion, environmental degradation and population overshoot. Anybody can conduct a 1 day experiment in a petri dish.
Add it up, and the power-elite know damn well if the last minute reflation attempts are unsuccessful, then this is going to be a 300 year old reset. Combine it with peak resources, and they don't have to be told twice there is going to be an immense die-off of epic proportions.
So exactly what do you think they are doing to prepare? As the ship goes down and the sheep look out to see a few life boats bobbing on the seas, will they finally recognize they were played the entire time?
So are you saying this is a buying opportunity, or would you advise going short?
when is a bull a lemming?
now THAT was funny!
Correct B9, but you may have to agree that never before has their fury been laser focused on their own middle class as it is now.
Previously they dined on third world countries, practicing large-scale international usury, but tell me a previous time where the meat and potatoes was the regular American?
have you forgotten "the forgotten man"? 1840's, 1870-1900, 1930's, for example. the deflationary depressions.
The middle class are redundent - replaced by drones, robots, stuxnet and assorted off-shore dark factories.
As the educated voice of the media they need to be removed and are now the target.
Welcome to economic feudalism - aux armes!
your analysis is not junk....it is excellent insight...keep writing..
Ok, I'll bite for all those here of my newbie persuasion, what then are they doing to prepare? "So exactly what do you think they are doing to prepare?"
selling paper assets (check out corporate control insiders buy/sell ratio), buying gold (in some actual cases by the ton) and moving it "to another location" (recent quotation from a swiss private banker). likely some food and energy futures positions. others can speculate further and i invite them to do so.
Buying land in certain land locked and sparsely inhabited S. American countries?
Devouring web trafic data?
Manipulating the weather?
I dunno? What else?
-54 - -66 = twelve.
A special thought for you. Comment around 470
Hey SwampNuts - You can comment around 666 where you belong.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.