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Bill Black is what America needs right now. Less Bernanke/Geithner/Summers and a whole hell of a lot more William Black.
Truth is mortally dangerous to the Ponzi and thus it will always be given the heave ho. It is only when the masses recognize that they have willingly allowed their own theft will they tune out WIIFM (What's In It For Me). Until then, they will continue to believe the lie that their continued existence depends upon the well being of the Ponzi.
Germany... was already in a depression... before, the loans went bad in Cleveland, Chicago or other $0.25 on the dollar secondary market places in America.
Liars Loans did not cause the World to faulter, considering the World was already faultering...
Utility Output Slows the Increase in Industrial Production
I don't understand. The utility output is normally an issue of supply and demand until local capacity issues arise. My understanding is that utility output, at least here in Michigan, is reduced by lack of demand.
Would appreciate your comment on this.
The Tail that Wags the Dog
Although it comprises less than 12 percent of total output, utility production has been the X-factor in recent reports on industrial production. An exceptionally cold winter followed by an unseasonably warm spring resulted in a 6.4 percent decline in utilities output, the sharpest drop in more than four years. Manufacturing output was strong, increasing 0.9 percent for the month as the manufacturing recovery continues.
I thought it was interesting that power production is hindering manufacturing, I am in Florida and suffer JEA and more often that not FPL... so I am un-aware of the problems suffered in the great white north, although I do hear that offshore or lake power is on the rise in your neck of the woods. Sorry I could not be of more service to your question directly, it was not my intent to be ignorant on the matter presented.
Be well, JW
He is one of the greatest voices for us the people. It is completely clear that everyone from Wall St to Washington is complicit in this ridiculous scam, the engineered collapse. If you haven't seen his Bill Moyers interview it is well worth watching...
I like Blacks little dig at the end, "By the way, the folks who are the better regulators, they pay their taxes so you can get them through the vetting process a lot quicker."
Bill Black and a bunch of 9mm arguments
I absolutely love this guy's moxy. The efforts to marginalize the truth speakers to date have been successful. When Bill Black (and others like him) begins to be taken seriously, we will finally see the unmovable begin to move. All America now knows what the freedom movement by African Americans in the 50s and 60s looked like from the inside.
No harm to plug his book.
Watch the video again. Watch the guy popping in and out on the left. His expressions seem to be "OH SHI*! He isn't on script."
That idiot annoyed the shit out of me...
Yeah, that guy bothered me too. I wanted to punch that prick. I was also infuriated at the scumbag hitting the gavel in the last minute over & over.
FUCK THAT BULLSHIT! LET BLACK TALK FOR 3 DAYS STRAIGHT IF HE WANTS AND THEN GIVE HIM THE TOP JOB OF CLEANING THIS MESS UP SINCE HE UNDERSTANDS IT!!!!
NO MORE BUSINESS AS USUAL!!!!!!
STOP DICKING AROUND UP THERE IN D.C. AND LOCK SOME FUCKING PEOPLE UP OR WE WILL COME HUNT THEM (AND YOU) DOWN!!!!!!!
NO MORE FUCKING BUBBLES!!!!!!!!!
He trimmed the beard... Nice! Makes him more credible.
LOL. He could slap on some crazy Dr. Hugo (Dune reference) eyebrows and I'd still listen to every word.
Someone made a Dune reference last week in the comment section of ZH that drove me to my library to resurrect my copy. Rereading Dune in the current economic and political environment has convinced me that Frank Herbert was definitely a clairvoyant or great seer.
That was a messed up movie. I hope we don't end up with heart plugs. Few things creepier than the scene of Baron Harkonin (sp?) taking that dude out. If Benron could, he would.
Hell, we could eat some Melange, fold space, and get the hell out of here.
Oh, yeah. Nobody warned me - I was raised pretty quietly so my worldview was skewed for a day or three.
You're welcome. Harkonen. He who controls the spice controls the universe!
My father once told me that respect for the truth comes closer to being the basis for all morality. "Something cannot emerge from nothing", he said. This is profound thinking if you understand how unstable "the truth" can be.
- from "Conversations with Muad'Dib' by the Princess Irulan
Like my wife would say: "He looked like Easy Top"!
So everybody was part and parcel of the fraud. Unless they want to claim extreme ignorance and incompetence the regulators have to admit they were part of the scam, effectively against the country.
There are some regulators that no doubt should be in prison for criminal negligence.
You have quite eloquently illustrated how the big lie becomes so completely assimilated into the very fabric and core of a culture. This is precisely why everyone gets a taste or a piece of the action in organized crime. It's then in every one's interest to keep their mouths shut. It also makes for some strange (but satisfied) bed fellows.
Reminds me of the Catholic priest scandal. Everyone has something on everyone
or as someone else described it, a banana republic without bananas
Not true. No doubt bad shit has happened. Coverups for sure. But the vast majority of Catholic clergy are clean. Let's not impune the entire lot.
It is a big lie- I did nothing to cause this problem. I bought a house I could afford, I avoided a stupid ARM loan, etc - yet I suffer the bad economy because of loan sharks and goldman. As Mr. Black said, if the the existing regulators hadn't turned a blind eye to the awful loans this could have been stopped. No McMansions, no run up on house prices. I get angry when people say the banks were forced to make these loans - the fuck they were - they were enabled to make the loans and their agents were given bonuses to deliver.
There are guilty people who should be punished and they are identifiable!
Nobody in a politically vulnerable position wants to spoil the party. "Kick the can down the road and let someone else deal with it.
Maybe the problems will go away.
Bravo...three snaps from me!!!
I was shaking while listening to him live.. I need to chill
Kabuki Theater -- Black is just one more character in this ongoing charade. Congress gets big bucks from the likes of GS and BAC, and how much did Mr. Obowma take from these guys during his campaign? Over $900K?
Give the proles a false sense of justice, play to the cameras, and let the Wall Street types continue to do what they do best -- loot and pillage.
I seem to remember only 2 questions directed towards Black after his opening statement.
The committee seemed to concentrate on Fulds ramblings which was a classic stalling exercise filled with inane banking babble.
Black rightly was pointing the finger to the top of the manure heap which was/is occupied by the Wash / NY FED
This will not end until it is over.
Why doesn't the administration hire the guy? Why don't Americans demand the administration hire the guy? Call it a Pecora moment and have him start busting some chops.
You know Pecora was just a Rockefeller lackey right? Pecora and his "findings" simply gave the Rockefellers more teeth while clamping down on the Morgan interests. Giving birth to the famous Glass-Steagall that I am sure everyone this board just adores, along with the useless FDIC and even more useless SEC.
Sushi if I were a rat the last thing I would want in my house is a rat catcher.
That is exactly the reason pitchforks were invented. The French improved the same technology. They called it the guillotine.
the key phrase in all of this was:
Kanjorski bangs the gavel
I never understood Bill Black. How can a guy who understands so much about our big banking be such a raging liberal working hard to get Obama elected. Obama, who by the way, was the largest recipient of Goldman contributions. Is Black just a finance genius and political idiot...or?
I won't even mention that the entire point of the speech is to make it quite clear that fraud was running rampant and that our regulatory agencies FAILED. Not because they were not in place, but because people did not want to act. So why is the answer more regulation when existing regulation failed miserably.
It's hard to stomach all this especially as he advocates more Central Bank powers as if a more powerful Fed is what America needs. How about he address the central bank involved in buying 1 trillion dollar worth of toxic paper and maintaining a liquidity pump program for 30 years using artificial interest rates.
What is more damaging to our economy? Central planning of our financial industry or creating more inept regulators.
I cannot be the only one seeing this.
I don't think he is advocating it, just destroying the FED's reasoning for not getting involved when clearly they could have stopped the madness and did have the authority. Instead they played along. As far as his political choice, maybe he was fooled just like many others. Those campaign contributors give to both sides, they cover all bases. These people always play both sides in wars,elections, and finance.
I certainly see your point about covering bases, they certainly seem to do that which makes voting for either of the two parties a grave error.
Imagine though Rick, if Black would advocate the dismantling of the Federal Reserve solely based on his utter failure and perhaps even complicity.
He would be discredited as an extremist. It probably makes more sense to him to bring accountability to the system already in place rather than dismantling the whole system, because when they try to pass legislation against the banking cartel or corporations they are unsuccessful. If they are unsuccessful at that level then to dismantle the whole system (or the FED) is out of the question.
You could be quite right, except that he is already saying "The Fed failed". It would not be a stretch to add "therefore we should reconsider the system".
All one has to do is prove failure, most Americans have no clue what the Fed does or the consequences that we have to live with because of it.
I agree with you the FED should be abolished, but the reality is abolishing it would require a revolution whereas introducing accountability would be more acceptable and could gain support. Steps in the right direction and just maybe towards abolishing the FED. You are right most Americans don't have a clue about our monetary system or political system. There is collusion between the two.
Fair enough, I guess it always struck me as wasted opportunity to not expose the machinations of our centrally planning masters to the public. Then again, who is going to even watch this testimony? People who already know what's up.
Yes, in the video he's very clearly talking about what the Fed could have done with the powers it already has. Even in his written submission, where he moots structural changes at the Fed and other regulators, very few of them could be described as giving extra powers to the Fed. (Though arguably, if the Fed gets into the habit of deposing bank chiefs BoE-style, then that might be an expansion in its de facto powers, which might be problematic.)
As far as his political choice, maybe he was fooled just like many others.
He's been fairly open in accepting that he was rolled by the Obama campaign/administration, at least up to now.
With all due respect to Mr. Black - he got rolled by a socialist? What the hell did he expect to happen? Every single person who is surprised by what Obama truly is boggles my mind. Obama to his credit, despite being a socialist, was pretty straight forward with his intentions. I can forgive stupid Americans enraged with 8 years of Bush to fall for the song and dance, but not people like Bill Black.
How about he address the central bank involved in buying 1 trillion dollar worth of toxic paper and maintaining a liquidity pump program for 30 years using artificial interest rates.
He's spoken out against the Greenspan/Bernanke put and mark-to-model elsewhere. In his testimony to Congress he has to stay on-topic and (as you can see) inside his limited time.
Fair enough, if that is true, then it certainly boosts his credibility at least in my eyes.
Yes and no... Doesn't matter how good people are, tossing a limited number at huge entities like a Goldman Sachs is like David vs. Goliath. You better be sure that you can justify your time and energy: and what you use (time and energy) in one case you cannot use in another (the rest of the industry would just run wild).
The SEC was basically gutted under the Bush administration. The wolves go into the chicken coop and there weren't enough guardians available.
So, yes, the SEC was a political tool, a tool to help pay back campaign supporters.
Don't like enforcers? Get rid of the laws: and then perhaps some of us would be free to apply some lead that we couldn't otherwise use.
Moral of the story: careful of what you wish for (esp when not understanding the big picture).
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