Max Keiser On JPMorgan, Goldman Sachs Et Al's Fraud
Max Keiser in his prime, discussing whether the crisis is over: "It'd not froth, it's fraud. This is an incredible case of accounting fraud and the American peasants have got to be the stupidest people in the world today: they don't mind becoming peasants, they don't mind living like peasants, and if that's the case, we should do nothing to step them from sliding into a peasant class." And this pearl: "The bankers on Wall Street are the equivalent of suicide bombers in other countries. They threaten to blow themselves up and blow up the economy in exchange for huge bailout money."
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on Fri, 10/16/2009 - 11:02
#100868
"financial terrorists running the system"
I think Max has a good handle on things.
on Fri, 10/16/2009 - 14:50
#101179
Move over WWE for the Keester vs Kermit Show.
Guess Cantor Fitgerald Casinos and Primary Dealer plus Lionsgate paid Max enough for HSX.com
simulated money and films to hang out at Harry's to do
MMoore style interviews in Paris for Al Jazera, BBC and
Iran TV. Karmabank.com website in search of content.
Not sure how long calling WEB Public Enemy Number 1 and
Congress Mafia Kingpins and Big Banks Financial
Terrorists may play. Even MM has to come out with a new
movie every now and then. "Not so easy and clear"
polite response higlights the acute difference between
an employee and a rogue. Godspeed MK...
http://www.jubileeprosperity.com/
on Fri, 10/16/2009 - 18:08
#101436
Max is the greatest.
on Fri, 10/16/2009 - 20:56
#101587
Max,
Nice!
Wall Street Jihad's, nice terminology. :-)
on Sat, 10/17/2009 - 08:27
#101926
What a rude man.
on Fri, 10/16/2009 - 11:03
#100871
Let the banksters take all the risk they want and pay themselves whatever they wish as long as we let them go bankrupt when it goes wrong.
on Fri, 10/16/2009 - 11:03
#100872
I totally agree with his sentiments. We are redefining our society. Goodbye middle class and hello serfdom.
on Fri, 10/16/2009 - 11:05
#100877
The IBs convinced Washington to allow leverage at 40 to 1 because otherwise the industry would have moved overseas. Now wouldn't that have been a pleasant event!
on Fri, 10/16/2009 - 13:45
#101088
HAHAHA,
I use the same argument when talking about health care, and why we don't need a "public option" to compete against private insurance.
Just tell them what they're goona do and how they're goona do it.
What are they goona do? Outsource our health insurance to India?
on Fri, 10/16/2009 - 11:05
#100878
Maybe if that was on MSM people would start waking up!
on Fri, 10/16/2009 - 11:19
#100892
And prosecute them to the full extent of the law when they break the law. They need to be the bitch of a peasant that gets caught robbing a 7-11.
on Fri, 10/16/2009 - 11:24
#100901
Max is great. He tore up the nerd from Paree.
on Fri, 10/16/2009 - 11:29
#100908
I agree with most of Max's points. I think his rudeness did the cause harm.
on Fri, 10/16/2009 - 15:24
#101238
So now Passion and Candor, not to mention Facts... are being looked at as rudeness? The guy should get the Nobel Prize for Economics.
on Fri, 10/16/2009 - 11:33
#100915
The problem is that Wall street's crime is perfect as Americans don't care as long as they are fed an illusion of prosperity. Who can possibly explain this crime to the people and not come off as a conspiracy theorist?
on Fri, 10/16/2009 - 11:57
#100958
Bingo RT! Enlightenment about what is going on/being perpetrated by the govt and fin svcs cannot be accomplished in individuals via outside forces, it has to come from within each individual. In the US, a great many citizens have no interest in being enlightened, they are in fact drones. If you (or me or anybody else) attempts to enlighten them, they treat you like a crazy, conspiracy-minded wingnut. And, quite often, if you attempt to enlighten these otherwise decent people, you end up losing friends. I believe that enlightenment having to come from within is why it will take a complete economic collapse for folks to wake up. Widespread pain and suffering tends to be very sobering and thought-provoking.
on Fri, 10/16/2009 - 13:49
#101092
Agreed,
I've constantly tried to peddle my "your casino is rigged" warez all over friends and family. EVERY single one of them thought I was insane, until their 401k's collapsed.
Even now, they still think that no one was responsible except "people" who intentionally knew they were buying more house than they could afford and we'll be back on top before the end of 2010.
on Fri, 10/16/2009 - 15:31
#101250
Just show them the balance sheets for JPMorgan Chase, Goldman Sachs, Citigroup, BankofAmerica and Morgan Stanley, and point out to them the column labelled "total credit derivatives" and explain that they aren't worth dog s**t!!!
on Sat, 10/17/2009 - 03:34
#101863
Haha, I was the butt of every investment joke at my last job: "he doesn't believe in investing, he's got his money in a 2% bank account while we make 15% in the 401K". Just before the layoff (early 09), I went around and asked all the "smart guys" who gave me crap if I should "buy and hold".
Similarly, many of my friends bought houses between 2004 and 2008. Every single one of them said things like: "you'll never get in if you keep waiting", and, "stop being so doomy and gloomy". For some reason I am now their foreclosure expert.
At a marionette show, I showed the kids the strings above that animate the puppets...
on Fri, 10/16/2009 - 12:31
#101000
No kidding. Most of my friends call me Chicken Little. Their common response to my argument is "there's nothing I can do about it." And my boyfriend chuckles every time I get a new shipment of precious metals delivered to the house. Financial products are so complicated for the average person (myself included), that you need to seek out reliable sources for information. Most people are too damn lazy to do that.
on Sat, 10/17/2009 - 01:01
#101821
Ron Paul does pretty well, in my opinion.
on Fri, 10/16/2009 - 11:34
#100918
Where did they get that dill-hole from?
on Fri, 10/16/2009 - 11:37
#100924
Darn, I thought I had the US peasants trademark cornered...
on Fri, 10/16/2009 - 11:39
#100926
Look at Max's face at 2:40 into part 1 when he's being told by the other guy that the banks provide a decent public service and they irrigate the economy with liquidity.
Max thinks he's talking to an idiot and the idiot is irrigating on his leg.
on Fri, 10/16/2009 - 13:59
#101102
"You are just an apologist for financial terrorists!"
LOL! How many times did Ma call him an idiot in so many words?
on Sat, 10/17/2009 - 15:29
#102205
"irrigate the economy" - well if he meant "piss all over it" then he got something right
on Fri, 10/16/2009 - 11:39
#100927
where did they find the other guy? Did he manage to say anything that made sense during the whole interview?
on Fri, 10/16/2009 - 11:44
#100933
Yeah, it's unfortunate because while Max is right on the mark... he can be too easily pegged a conspiracy theorist and a loon by MSM. Perhaps the analgous use of "terrorism" may being going a bit too far... even if it's descriptively accurate?
on Fri, 10/16/2009 - 15:28
#101245
".. a bit too far..."????
Seriously, the complete disassembling (that means taking apart, not "not telling the truth" as the f**ktard rodger-dodger, George Weasel Bush once remarked) of the American economy, resulting in colossal payoffs, or thefts, from taxpayer funds, certainly fits the terrorism label to this fellow.
The last three 'tards I punched out may have believed me to be a "conspiracy theorist" but they were far too lazy stupid and inconsequential to even comprehend the number of people convicted in the courts every month for criminal conspiracy. (They wouldn't even know it was a legal term....)
on Fri, 10/16/2009 - 11:44
#100934
As if the news that GS took over SEC, I have to watch this to lose my lunch...Love Max
on Fri, 10/16/2009 - 12:02
#100965
http://www.breitbart.tv/balloon-boy-vomits-during-live-interview-on-toda... Sq: here you go:
on Fri, 10/16/2009 - 13:37
#101080
dear little falcon speaks for us all.
on Fri, 10/16/2009 - 11:45
#100936
This situation is probarbly much worse then what Keisers is conveying, it is highly likely that the banks supposedly building their deposits, with tax payers money, to increase liquidity - are fact not doing so at all - see Greg Pytel (UK prof) seminal work on how the entire banking system was LITERALLY turned into a Pyramid scheme, by raising the Loan/Deposit ratio over 1, turning the fraction reserve process of money creation from one that converges on finite limits to one which diverges to infinity, this was essentially done by allowing banks, to equate money equivalents to cash reserves. Why this leads to increased opacity as to what the true levels of these reserves are and whether or not liquidity in the system is increasing or decreasing even with tax payer cash injections.
Why he maintains this is a criminal enterprise and countinues to be a criminally run enterprise, for THE best explanation of the causalities of the credit crunch imo see
http://gregpytel.blogspot.com/
The greatest Heist in History
http://gregpytel.blogspot.com/2009/04/largest-heist-in-history.html
Report used in house of common hearings
on Fri, 10/16/2009 - 11:45
#100937
Revolution will come only when TV is being switched off, not sooner.
on Fri, 10/16/2009 - 11:47
#100941
Max Payne
on Fri, 10/16/2009 - 11:49
#100945
i thought Max was a funny lookin guy. the guy across the table is worse. thats not to say i don't love Max; i do!!!
on Fri, 10/16/2009 - 11:58
#100959
i am amazed at the extent of populist, moronic, conspiratorial drivel appearing on this web site. if you guys reallocated the time and effort you spend discussing conspiracy theories and posting to this blog, towards trading, you might actually make some money.
in the interest of reg FD i'm an ex GS analyst.
on Fri, 10/16/2009 - 12:01
#100963
When the fuck will anyone be able to get EFT's and stock short again...in our life time. What BS
on Fri, 10/16/2009 - 12:01
#100964
Did anyone else notice how Frederica couldent stop studdering (just like paulson) while he was trying to come up with fancy words to throw off the audience? Max caught him with every lie and made Fred look like a fool! LOL!! I love that guy!!!
on Fri, 10/16/2009 - 12:03
#100967
Well, that wasn't a fair fight. I'm not sure what the other guy was trying to say. Hell, I'm not sure he knew what he was trying to say. Who here would let that dork handle your money?
on Fri, 10/16/2009 - 12:09
#100973
He doesn't actually handle other people's money. He's just an economist and thus not responsible for what he says.
on Fri, 10/16/2009 - 12:19
#100981
Oh, I see. So those who handle other people's money just use his analysis?
Nuance.
on Fri, 10/16/2009 - 12:50
#101025
It's called sarcasm.
on Fri, 10/16/2009 - 13:37
#101079
Actually, I was just playing along.
on Fri, 10/16/2009 - 19:44
#101519
My apologies. Getting too sensitive. A thousands pardons.
on Fri, 10/16/2009 - 12:17
#100979
We need bumper sticks for our donkey carts "MAX WAS RIGHT"
on Fri, 10/16/2009 - 12:19
#100980
Tyler -
You really degrade an otherwise useful web site when you post this retard's (max keiser) videos. Max Keiser is a moron, and would not know an accounting fraud if it kicked him in the ass. He has zero understanding of banking, accounting, or corp fin theory.
Stick with the analysis and conclusions of intelligent analysts, not opinionated populist morons like Max Keiser.
on Fri, 10/16/2009 - 13:35
#101076
@Anon 100980
This should help
http://en.wikipedia.org/wiki/Denial
on Fri, 10/16/2009 - 14:32
#101157
I'm sorry, but talk about degrading...
Now, post-ad hominem (forgive me!), please, list me intelligent analysts you follow, the school of economics, your political affiliation (just for kicks).
Thanks!
on Fri, 10/16/2009 - 12:21
#100983
I don't want to be a peasant. I don't like that the bankers and government are making me a peasant. Save me Max!
on Fri, 10/16/2009 - 19:46
#101521
In your icon picture, you look to be a mighty handsome peasant.
on Fri, 10/16/2009 - 12:22
#100984
Aces to Max
on Fri, 10/16/2009 - 12:35
#101006
This guy facing off against Keiser... Wow, and I wonder why I have so little respect and time for mainstream economists. This guy speaks the textbook and can't get is nose to sniff out the real world. It explains why forecasts are often so wrong.
on Fri, 10/16/2009 - 12:41
#101012
Extremely difficult to model economic forces and make accurate forecasts when the engine of US growth, financial innovation, is based on opacity, deceit,fraud.
on Fri, 10/16/2009 - 15:12
#101206
The amazing thing about this French twit they had facing off against the Great Max Keiser, is that he didn't appear to even understand basic arithmetic, let along fantasy finance (a k a "structured finance")!
This clown actually sounded like he believed that nonsense perpetrated by the Foxtards that 4% foreclosure rate brought down the entire global economy! Sacre Merde!!!!
(Although a buddy of mine told me the execs at the last company he was at actually believed that crap as well.....un-frigging-believable!)
And that French twit wasn't correct ABOUT ANYTHING! Geez.......
When I sat down a few years back and did the math on the number of layers of securitization on a single group (tranche) of mortgage-backed securities, I ended up not only coming up with a dramatic number pointing to from 1 to 160 to 1 to 300 ratios of leveraging, but was soundly convinced that there was in all probability a number of phony mortgages involved with a number of MBS writeups! (Probably something to do with that automated MERS system they adopted back in '97.)
And as everyone knows at this site, add to the equation that an unlimited number of credit default swaps can be written against a single borrower, and .....
on Fri, 10/16/2009 - 19:49
#101524
If you study for six years that 2 x 3 = 9 you will fight to defend that belief with the most astounding energy. Who says herd mentality is just for the great unwashed?
Some of the world's greatest stampedes are occurring right this minute all around the world in explaining the recent stock market rise.
on Fri, 10/16/2009 - 12:40
#101010
Although I like Max somewhat that kid he was debating with was an absolute moron. I agree with most of what Max says but he needs to lay off the american peasant thing. He acts like everyday people, like myself, have the power to go down to Congress and change things. If he had as much balls as he expects from US citizens he would of punched that idiot debating him in the face and stole his money to make a point. That I would of loved to have seen...
on Fri, 10/16/2009 - 12:52
#101028
Why have we convinced ourselves that we can do little to nothing about this?
on Fri, 10/16/2009 - 13:22
#101059
Because if it took just anybody, and only one person to change things it would have happend already. Besides most people don't even understand how to focus public rage, or how to do it in a constructive way.
If I could do something it would be start a movement of people to stop paying income taxes and start trading in gold in silver. But most people are too chicken shit to get thrown in jail now a days which is why they won't.
on Fri, 10/16/2009 - 15:15
#101217
Strange you should say that, Burnbright, as the people in Europe appear to be able to focus their rage: such as burning down the alpine vacation homes of crooked pharmaceutical executives, frying luxury automobiles of the financial elites, etc., etc., etc.
Sounds like a keeper to this peasant....
on Fri, 10/16/2009 - 15:21
#101235
As someone involved in political activism for three decades, people with the attitude of our friend Burnbright usually fall into the group of "not interested in action, not with my taxes, and football is one right now..."
Forty years ago I sat in an audience and listened to Ralph Nader warn us that if we did not become active citizens, our country would be stolen from us.
It has come to pass --- and it has occurred slowly over thirty years, with the banksters having fully taken over within the past several.
A minority of active citizens wasn't enough, it would take the majority exhibiting active citizenship, as the Founders designed it, but the lazy stupid have given up the good fight!
on Fri, 10/16/2009 - 17:01
#101363
Or you could just not assume something you don't know. I talk to people constantly about rights we all have, not handed down to us from any authority, just the ones we are born with and most people roll their eyes. I talk till I am blue in the face about the value of real money and why it has real value, but as you pointed out most people are too lazy both litterly and intellectually to have longer than a five minute conversation. I haven't given up anything, I am still young and have time to get work done but if you think it is easy to constantly fight against the government in all its forms, i.e. the police (who don't understand the difference between law and legal), the IRS, the judges... you are gravely mistaken. Holding a position as a liberal as mine in this day in age gets you thrown in jail for life or killed. And you think people are just being lazy? Its also a matter of risk.
P.S
When you mentioned taxes did you mean sales and property, income taxes or all? Cause I would prefer to get rid of most taxes and not have to worry about how someone else was going to spend it.
on Fri, 10/16/2009 - 16:43
#101346
What exactly are the tools with which we can affect change? Our representatives? No. Our Congressmen quite literally do nothing. Our Senators don't even understand the issues.
There simply *are* no other tools.
We can all make ourselves feel better by ranting on online forums, but we might as well be talking to ourselves.
There is no way to create change. Our tools (our representation) have failed us.
We are very, VERY swiftly approaching a "When in the course of human events" type of moment. But we are frankly, not there yet. But when we get there... we'll have fireworks. Americans aren't the lazy sods that people believe. There's a lot of anger starting to bubble under the surface. America is no different from any other nation. There will be a breaking point. But it's still off in the distance imho.
But all these pundits who say "Why isn't America doing anything" need to shut up and look in the mirror. Because all they're doing is writing, speaking and ranting. That actually doesn't "do" anything either.
on Fri, 10/16/2009 - 12:46
#101021
As more arrests are coming.....
on Fri, 10/16/2009 - 12:59
#101034
Max stole my analogy, I always liken women that get pregnant on you as "suicide bombers."
on Fri, 10/16/2009 - 13:02
#101039
I'm surprised that dweeb didnt throw his pocket-protector at Max!
And - anotha thing - what the hell was with that plum he was chewing???
-Nu Yawk Frankie
on Fri, 10/16/2009 - 13:11
#101045
wtg max
on Fri, 10/16/2009 - 13:24
#101060
Thanks, I would like my money back now.
Can I go to any bank to get it?
on Fri, 10/16/2009 - 13:28
#101067
Max is dead on... we are talking indeed financial terrorism.
The banks that are on life support should not pay bonuses. First, these banks did not deserve any money; second, the money was supposed to "save the banks" not "save the bankers".
It's truly disgusting if the bankers get away with paying themselves bonuses.
And for doing what?... another fraud, running the market up.
on Fri, 10/16/2009 - 14:18
#101139
Unfortunately, Max is right and not the only one to consider
the central banking a criminal enterprise robbing the public shamelessly and lament the ignorance and inaction on the part of the people.
I see only two options, revolution or moving to a less corrupt, more prospering country which tens of thousands like myself have done. And, of course, you buy and store precious metals for economic survival. Yes, it is challenging but remaining in a banking-military kleptocracy??
HiHoSilver!
on Fri, 10/16/2009 - 14:25
#101148
I agree with Max but can we match Marla up against the pencil neck geek looking dude in a fight club setting ?
on Fri, 10/16/2009 - 15:32
#101253
yes, max is the man. Does he ever get a chance to go on US Corporate Media?
on Fri, 10/16/2009 - 15:45
#101273
man, we want a Max Keiser T-shirt !!
he is a brilliant character!
on Fri, 10/16/2009 - 16:35
#101337
Max sounds like a nutjob, imho.
He's not wrong, but he needs to slow down, organize his thoughts and ease up on the ranting.
on Fri, 10/16/2009 - 16:41
#101342
Wow as a French person i feel obliged to apologize to other posters for the presence of that pathetic muppet.
I think our farmers made far more sense of the current economic mess we are in, today, by setting the Champs Elysees on fire.
So that you guys do not think all French people are economically illiterate, one of my favorite quote from a French economist ( yes we even had one or two ;) ). Our French version for lies damn lies and statistics.
"Statistics are like bikinis they can give some ideas but they hide the essential" (Alfred Sauvy) And yes if you see it attributed to someone else, he was the one who said it.
on Fri, 10/16/2009 - 21:56
#101655
Statistics are like bikinis...what they reveal is interesting but what they conceal is vital..
My favorite version of the quote.
on Fri, 10/16/2009 - 17:19
#101385
I love Max Keiser!!!!!
The little guy he is facing off, is either stupid or a bankster shill...WTF!!!
on Fri, 10/16/2009 - 21:22
#101620
The American peasants are not dumb. They see the theft, just how do they counter it? So what does Max suggest the peasants do?
Vote for better representation? (politicians are bought and paid for by the bankers).
Personally run for office? ( slim chance against the $$$ supporting special interests just ask Ron Paul).
Blog on internet and inform people? (write and complain and defuse your anger and energy- yes, I feel better now).
Hold public demonstrations? (tea parties that don't get news coverage or any interest from elected officials)
Put the criminals in jail? (SEC and other officials can't even figure it out and 2 years into this no one has yet to be charge.)
So I would be most interested in what the peasants should do? Meanwhile, I will take my pitchfork and try to grow something to feed the family.
on Sat, 10/17/2009 - 09:17
#101945
Yes, there is a constant internet refrain that the American peasant is dumb or doesn't care. The evidence for this is given that otherwise we would have thrown off our shackles already. In a discussion rife with analogies, let's call it the coke-bottle defense formerly used in rape cases, aka blaming the victim.
I am sure the American people did not want much of what our captive government has delivered. If there was a date and a place where we all took our pistolas and faced down the federales, I missed the memo. The ultimate argument I hear is that you aren't resisting if you aren't in jail... of course, the person telling you that on the internet isn't either.
We are looking out for our families, keeping our jobs if we have one, and raising our children as best we can. Maybe one of the people who knows how stupid and lazy we are can lead us out of our predicament.
on Fri, 10/16/2009 - 22:04
#101658
Financial Jihadists?
All this talk of financial terrorists and no mention of Andrew Jackson fighting the then head of the 'FED', Nelson Biddle? Paraphrase.
Biddle to JAckson, "Try to shut us down by not renewing our banking charter and we will bring this economy to its knees by contracting credit like you won't believe. It will cause a recession and you won't get re-elected."
Jackson - "Try me."
A brutal recession ensued. Jackson said, Didn't I telll you those bankers have too much power? They said they'd turn off the money spigots and they did. that's why the recession occured; they called in all their loans.
Result? Jackson gets re-elected, survives an assasination attempt (TWO bullets misfired at point blank range) and shuts the FEd down.
Isn't history a wonderful thing? There is nothing new under the sun.
The banksters learn from history, do you? Get the president in your pocket and you won't have to deal with any more Andrew Jacksons.
Case closed.
on Fri, 10/16/2009 - 22:30
#101679
Max doesn't mention that all Americans benefited greatly from the easy credit, financial asset inflation, policies of the last two decades. Well that is if benefit is the correct term. A significant plurality of Americans were able to consume extravagantly and feel wealthy and this is a powerful perceived good for many. Setting aside the huge wealth that went to the few, many Americans, the heart of the middle class lived this good life without having to really work very hard. Sure the hours may have been long and the stresses large but it really wasn't work, in any classic sense.
I take issue with Max's rhetoric about the "loss" of wealth many Americans are now experiencing. He knows very well that wealth was largely illusory. Max implies in a way that if the banksters and the elites can be brought to heel that the good and easy life of the bubble era can be in the grasp of the peasants again. It isn't going to happen. There is no way that level of wealth, McMansion and 2 SUV wealth can be given to so many.
I know that Max is rabble rousing in the interest of what he sees as justice and democratic principals but also know he avoids stating the other side. That Americans will cumulatively be less wealthy, in the terms they have become accustomed to.
on Fri, 10/16/2009 - 23:21
#101717
What's all this talk about living like pheasants? I for one would love a nice bit of edge habitat, say a stubbly field near a wood, nice brackish pool or two, plenty to peck at...and when those dreadful hounds start baying, could you just send them across just over...there...see, those damn rabbits are just multiplying like rabbits again, and--what? What's that? "Peasants" is it? Ooo-er.
Never mind. That would just suck. Pitchfork please! Mind the gap!
--Emily Litella/Michael Palin