This page has been archived and commenting is disabled.
William Black On Why "Recurrent Crises Will Get Bigger And More Disastrous" And Why All Talk Of Change By The Administration Is Just Posturing
The ever insightful William Black sits down with PBS' Paul Solman to note that most of the too big to fail banks are currently insolvent, that mortgage fraud is pervasive and lender complicit, and that unlike in previous systemic crashes, not only person has been indicted for the trillions in mortgage fraud perpetrated. "At this stage we have zero convictions, we have zero indictments." But the most damning indictment from Black: that Congress managed to extort FASB to change their rules just so that the big banks would continue to appear healthy and solvent, even as unworthy execs made tens of billions in bonuses.
PAUL SOLMAN: What would you have us do about the major financial institutions as they currently exist?
WILLIAM BLACK: First, stop them from getting
bigger. The 19 largest institutions are what we call systemically
dangerous institutions. Many of them are already insolvent on any real
market value basis.PAUL SOLMAN: What do you mean insolvent? I mean, they're reporting large enough profits, that they can give bonuses to their employees.
WILLIAM BLACK: They were able to get Congress to
extort FASB, which is the Accounting Standards Board, to change the
rules, so that you no longer have to recognize losses on your bad
loans, unless and until you actually sell them.PAUL SOLMAN: Extort FASB? Why would it be extorting FASB?
WILLIAM BLACK: They said, you will change the
rules, and you will change the rules such that banks no longer have to
recognize their losses, or we will remove your authority over the
accounting rules, which is the whole reason for existence for FASB,
right? So, that's extortion in anybody's language.
And for all those who still don't get just why the big banks don't care if they get even bigger and even more systematically riskier (and why the Fed is dying to regulate them, just so that ever more problems can be swept under the rug until it is too late).
PAUL SOLMAN: You see no arguments that keeping the system as it is, is a legitimate political objective?
WILLIAM BLACK: Well, then you are going to have
recurrent crises that get bigger and are disastrous. The financial
firms get this burst of short-term profits. They max out their personal
bonuses of their executives. It's great for them, but it's terrible for
the world.
Full interview:
h/t Ian
»
- 15359 reads
- Printer-friendly version
- Send to friend
- advertisements -
Word.
WORD!
Black Friday?
http://www.youtube.com/watch?v=Z6s2lnnQf_E&feature=PlayList&p=9C8C05F552...
When Black Friday comes
I'll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
When Black Friday falls you know it's got to be
Don't let it fall on me
When Black Friday comes
I'll fly down to Muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do but feed
All the kangaroos
When Black Friday comes I'll be on that hill
You know I will
When Black Friday comes
I'm gonna dig myself a hole
Gonna lay down in it 'til
I satisfy my soul
Gonna let the world pass by me
The Archbishop's gonna sanctify me
And if he don't come across
I'm gonna let it roll
When Black Friday comes
I'm gonna stake my claim
I'll guess I'll change my name
Which leads us to a New Frontier (Donald Fagen)
www.youtube.com/watch?v=qBruAooXPNU
Yes we're gonna have a wingding
A summer smoker underground
It's just a dugout that my dad built
In case the reds decide to push the button down
We've got provisions and lots of beer
The key word is survival on the new frontier
Introduce me to that big blonde
She's got a touch of Tuesday Weld
She's wearing Ambush and a French twist
She's got us wild and she can tell
She loves to limbo, that much is clear
She's got the right dynamics for the new frontier
Well I can't wait 'til I move to the city
'Til I finally make up my mind
To learn design and study overseas
Have you got a steady boyfriend
Cause honey I've been watching you
I hear you're mad about Brubeck
I like your eyes, I like him too
He's an artist, a pioneer
We've got to have some music on the new frontier
Well I can't wait 'til I move to the city
'Til I finally make up my mind
To learn design and study overseas
Let's pretend that it's the real thing
And stay together all night long
And when I really get to know you
We'll open up the doors and climb into the dawn
Confess your passion your secret fear
Prepare to meet the challenge of the new frontier
Big fan of Bill Black but that beard kills me..
He could hide a Whopper in that thang--comes in handy for the late afternoon munchies...yow
"Big fan of Bill Black but that beard kills me.."
Black will shave the beard off after the first conviction or when people stop calling the convicted felon worm Michael Milken a philanthropist... which ever comes first.
I would put him in charge of the FDIC tomorrow... beard or no beard he has less hair on his face than Sheila Bair...
Ditto. He absolutely gets what's going on but, man oh man, he'd fit up on the stage right beside Jerry Garcia.
That was the first thing that struck me at the beginning with the footage of him when he was younger. With black hair, he looks allot like JG
If I could grow one like that, I'd let it steep in a big bowl of hot water and have myself a hearty broth in no time.
...And Why All Talk Of Change By The Administration Is Just Posturing
In my last act of kindness before going to bed for the evening, please allow me to correct the error in your headline.
..And Why All Talk Of Change By The Administration Is Just BULLSHIT
Sweet dreams kiddies....
BINGO.
This is why I love deadhead. Working late into the evening to make sure every spade is called a spade.
"So, that's extortion in anybody's language."
They do bigger tricks than extortion. The cartel that runs the US has essentially set up a company store from shore to shore, and we are all imprisoned/indentured workers/servants; basically slaves.
Keep working, or we take everything... serf.
Stand up and fight in any way you can!
Take your money out of the banks and investment accounts, stop working, stop spending, and tell others what you're doing and why.
No work = No income tax generated, No spending = No sales tax
Me no workee.
Me take $ out of bank.
Me buy yummy gold.
I'm in NH, we don't have any sales tax. Can I keep buying junk made in China at Walmart as long as I don't pay into the system?
You must know I'm joking, I made it by the captcha.
FASB Extortion ... This is the ultimate and most obscene abuse of power we have ever seen in America. The whole market move (666 to 1100) was built on the back of this abuse. The next Pulitzer Prize should explore the background and arm twisting accompanying this decision.
The problem is no cohort can be identified that will benefit from its exposure (except every American voter).
Please someone work on this.
And yet no one is talking about it. Have you heard it mentioned in congressional hearings? No. Have you heard anyone talking about it on MSNBC or CNBC? No. Have you heard anyone asking questions on Sunday talk shows about it? No.
William Black is the first person I have heard come out and say it was coercion and intimidation by congress that caused the FASB to change the rule. I have just skimmed the wikipedia article on the FASB, but apparently it is the SEC that gave the FASB the power to set accounting standards.
Where is the investigative journalism here? Why is no one pursuing this story. This sort of thing should be front and center. But MSM is also owned and regulated by politicians, big business, banks, Wall Street and lobbyists. So what we have left are BBs and Blog sites to report the news. It just does not make 6 pm TV unless Tyler and Marla want to start a TV station.
this is not news in the least.....this lack
of knowledge and understanding is why this
country is doomed doomed doomed....
the cia controlled newsfakers are not going to tell
the truth - not because they are controlled by the powers
you cite but because they are controlled by much
more powerful forces coordinated through the cia....
i am not trying to be mean but a cold dispassionate
analysis means the unknowledgeable people make bad
decisions....relying on state controlled news channels
means you are being brainwashed....
We're gettin' tired of hangin' around
Waitin' around with our heads to the ground
I hear a very gentle sound
Very near yet very far
Very soft, yeah, very clear
Come today, come today
I hear a very gentle sound
With your ear down to the ground
We want the world and we want it...
We want the world and we want it...
Today, in full scope, is reason to believe that gentle sound is getting much louder.
Perhaps its about time to get some money together and create the first non-profit online NEWS organization that focusses on these matters.
Its worth to introduce a NEWS channel based solely on 'PEOPLE MATTERS'. I bet there is gigantic amount of goodwill money to be collected to create such honest reporting. At least it will be more opposition against the government and its bureaus. Congress doesn't do it. Let the people do it!
What you think fooks?
Awesome idea! We will take government funding, put real puppets on it instead of CNBC ass puppets, and call it PBS!
There is no investigating journalism anywhere in the US. If there were, there would be no incumbent politicians in DC.
Investigative Journalism is all but dead in the US. One has to watch Russia Today and Al Jeezera TV in order to get any decent news, which is unbelievable.
Black is the best,I can't get enough of him. Hearing the actual truth is such a relief...but shocking...
The currently building financial disaster is going to be a
whopper, please place your trays up, straighten your seatbacks and fasten your seatbelts.Prepare for a crash landing....
The next Pulitzer Prize should explore the background and arm twisting accompanying this decision.
and...
Where is the investigative journalism here?
Nothing to explore....it was openly talked about in Kanjorski's committee and Gary Ackermann (D-NY) openly pushed it on Barney's committee...one of the critters made a remark during the congressional hearings that if FASB didn't change it, Congress would.
I remember the hearings specifically and it was very evidently out in the open.
I remember the discussion about changing the "mark to market" rules for banks, but what I am referring to is the lack of discussion about the arm twisting and extortion of the FASB.
But, it can't be. I heard Brian Wesbury (author "It's Not as Bad as You Think"), say that MTM was just causing a self-perpetuating cycle of asset devaluation that bore no relationship to the real values. We just have to suspend the MTM rules until Godot arrives. Then everything will get better.
I remember several "pundits" beside Mr. Wesbury preaching that changing MTM rules would solve the crisis; at that time, the real villain was considered to be an overzealous regulatory community that was "forcing" otherwise healthy banks into insolvency.
If only.
Throughout the last 10 years I have been trying to pass on the understanding that the whole 'fair value' accounting valuation idea was an accident waiting to happen. The profession, worldwide, did not want to know because its clients were loving it (houses cannot go down, right?, neither can anything else that is part of the whole pyramid scam).
So when fair values DO have to be reduced, what happens:- they are abolished. 100% for professional integrity, right? Dear God, they didn't even blush!
Believe me, the accounting profession is far, far more responsible for this entire mess than has been realised. If the profit-reporting rules had been the same as they were 20 years ago, it could not have happened. But, like all the others involved, from politicians downwards, the watchdogs were bought off.
+1 ..... fair value = whatever a bigger fool is willing to pay on the way up, fair value = whatever you want it to be on the way down
As a non-cable consumer, I love PBS. Sometimes slanted, but usually dead on. I hope my PBS raised kids see it the same way.
Since it's impossible to be completely unbiased (anyone who tells you otherwise is deluding themselves into believine that their biases are 'true'), the best we can hope for is news/reporting which encourages listeners to question everything, including itself. PBS and NPR, for all their faults, seem to be more open about this than most other media operations.
Why do I get the feeling LTCM was a lesson. Not in the usual sense, but a model for future modalities?
imho, i think you are correct
wall streets take-away, leverage wasn't bad, these guys were just bad TRADERS
so, they took the model and morphed it, and of course hedged it all too kingdom come
Of course they're bad traders, but can you honestly name a good trader? I mean, year in and year out?
Don't tell me Rogers. Rogers is to ideological on China to be a good trader. He's also a media whore. Jimmy blows up one day just like his buddy Boone. You can count on that.
Soros? Not a chance. He's also an ideological media whore. I guarantee you Soros will blow up before the game ends.
I can't think of a single trader who doesn't eventually go all LTCM given enough time. Sure, there are guys doing well now but they're not the same guys that were doing well 20 years ago and very few of them had the moral courage to walk away on top. No, this is a game full of sharks who, let's be honest, are intellectually challenged and just looking for a fast buck. The odds say that guy always blows up sooner or later. Im not saying I'm any better but at least (unlike some of you) I know who I am.
What?
$1 invested alongside Soros in 1968... would be more than $5,000 today. That's why he has $20B created from thin air.
$1 invested alongside Steve Cohen in 1992... assume no fees... would be more than $2,500 today. That's why he has $20B created from thin air.
$1 invested alongside Renaissance in 1980... again, assume no fees.... would be close to $5,000,000 today. That's why the RTC partner complex is probably $30B created from thin air.
(Fees take a significant bite. Taxes take another bite for non-tax emempt investors.)
Kinda makes "Gold" look silly, no?
It was, and in the same sense that the Soviet Union was a lesson. As long as the people were reasonably warm, fed, and well-oiled with vodka, and as long as the system could afford to keep a critical mass of apparatchiks in comfort, the system could sustain itself and stay in power. Only when the economy drooped and the critical mass evaporated did the system collapse.
This is the realpolitik basis for extend and pretend, and it is being done globally.
http://www.energybulletin.net/node/23259
Thanks for the excellent link. Experience made Orlov effectively prescient; he prepared that presentation in 2006.
It's kind of amusing watching them all steal with impunity. The shareholders don't get jack, nobody gets jack from all their lying and stealing except them. I guess nyc gets a cut of the loot but that's it. Even big states like California have zero representation, their delegates are total sellouts. The president is like Fredo Corleone. Wow, it's getting so that I just marvel at how much they can get away with. The rest of the world must be really stupid to go along with this scam.
I have mixed up cause and effect, but now I get it
Rules>Fraud>Reprecussions>New rules
I like it, wonder if it works for me.
"The most corrupt society will have the most laws."
Tacitus
Nice... May I use your dead Roman's quote Anony?
Thank you William Black.
If the Congressional Financial Crisis Inquiry Commission hired William Black as Chief Investigator, then there would be a better prospect that investigations would lead to prosecutions of the mortgage and banking industry. The Commission should recognize that the public is not interested in just a history of the crimes or any lessons learned baloney. We want the Commission to investigate the bankers to uncover the criminal enterprise that pervaded this crisis.
William Black is author of "The Best Way to Rob a Bank is to Own One".
http://www.utexas.edu/utpress/books/blabes.html
http://www.pbs.org/moyers/journal/04032009/profile.html
For a recap of the rampant criminality that begs for prosecution, see William Black's "Great American Bank Robbery":
http://hammer.ucla.edu/watchlisten/watchlisten/show_id/129363
I nominate William Black to replace Sheila Bair.
I won't hold my breath waiting for that change...
History will show that this is how the democratic experiment ends, at the greed of the few. It is a pivotal moment, which we are set to squander. We are sitting by the sidelines watching them rape our liberty.
And still we do nothing.
“Nothing ends nicely, that's why it ends.”
Tom Cruise, Cocktail
"Ah, but in the end, we will finally beat Zenu and his fleet of DC-8s. And when I reach OT-9, I will be able to fly."
Tom Cruise, OT-8
LOL !!!
DeToqueville, while touring America about 200 years ago came to the conclusion that the system would work only
untill the pols figured out they could purchase votes
of the represented. The shift has been from that to
the pols only representing lobbying money.
So history has been ignored for a very long time. What
would lead anyone to believe that history will be read
in the future and decisions made accordingly?
its older than that...kings used to buy off farming populace to keep merchant class in check, many faux populist dictators, kings etc have stayed in power by buying (for very cheap) the poor peoples affection. Thailand is a good example, poor rural people vs urban middle class, politicians straight up buy poor people votes...an US has tolerated all sorts of corruption and imperialism on behalf of corporations because we were fairly well off, nearly whole country of middle class in 50-70s...now that debt bubble bursting, that is ending now
OT-
This one is for you Joe! The last 50 years in five minutes; and ask yourself, if you choose to watch; Are you proud of what we've become?
http://www.youtube.com/watch?v=TkfB-KTdBCU
Nicely done.
One of the best William Black.
And nothing is going to change in the U.S as long as they keep giving the masses bread and circuses.
The only thing that would get people moving right now would be empty bellies for about two weeks. But that's not going to happen.
Unemployment will be extended for the duration (even if it's years) and if they have to, I'll bet the government will start subsidizing cable to keep the American Idol flowing into brainwashed households.
Otherwise it would be Riot Central 24/7... and they are smart enough not to allow that.
And nothing is going to change in the U.S as long as they keep giving the masses bread and circuses.
The only thing that would get people moving right now would be empty bellies for about two weeks. But that's not going to happen.
Unemployment will be extended for the duration (even if it's years) and if they have to, I'll bet the government will start subsidizing cable to keep the American Idol flowing into brainwashed households.
Otherwise it would be Riot Central 24/7... and they are smart enough not to allow that.
And nothing is going to change in the U.S as long as they keep giving the masses bread and circuses.
The only thing that would get people moving right now would be empty bellies for about two weeks. But that's not going to happen.
Unemployment will be extended for the duration (even if it's years) and if they have to, I'll bet the government will start subsidizing cable to keep the American Idol flowing into brainwashed households.
Otherwise it would be Riot Central 24/7... and they are smart enough not to allow that.
Black is 1000% correct....
Why ?
The problem is structural....
The current flawed structure is tax structure....
There has to be tax structure change....to the degree that
business valuations will dramatically improve.....and thus the number of businesses will dramatically increase.....along with their valuations....
Credit and Equity have contracted over 40 %....
This has to be replaced with other valuations....
Business valuations that represent sustainable incomes overall....not government makeshift job programs ....have to make up these additions in valuations....
The current administartion can accomplish this by dramatically reducing the size of government....while changing the US tax structure to a 15% consumption tax only....
It is this very tax angle that will allow the US to rebuild its manufacturing base to the degree that even when you purchase from WalMart....you will actually purchase some goods made in the US.........
......................
Any othe rmove by the current administration will not work....simply kicking the can down the road....
Sir, the only tool in your toolbox is a hammer, and you're trying to make a 6-course formal dinner. If the current tax structure is crippling the economy, explain why the US economy experienced so much growth and prosperity during the 1950s when the top marginal tax rates were over 90%. Please also explain the lack of crippling economic depression in the social democracies of Northern Europe. Looking forward to your responses (you can put them at the bottom of your next copy/paste into an unrelated topic, I don't mind).
And on the other hand ....this is so simple.....
When people are paid by commission.....and instruments of higher risk ....pay more commission.....
THIS IS THE PROBLEM....
This started in earnest when the brokergae community began to pay straight commission in the 1970's....
If a broker put $100,000 of his client's money in a 90 day treasury bill....the commission was $10.....
If a broker put $100,000 in a 1980"s limited partnership....the commission was $7000.....
If the broker put $100,000 in a Drexel Milkin junk bond....the commission was $4000....
If the broker put the money in stocks....this would create 3% or more in a year in commissions....$3000 per $100,000....
.......................
Now step up to the really big money of "not in the open"....not traded on an exchange ...where commissions can not be seen....and now the payoff is a significant numbere of basis points of large levered sums.....so now at the pinnacle of leverage....payouts....and risk.....
............................
Solution....
Brokers should get paid based on the money that they make for the clients....but must also be subject to the same risks as the clients....
Read the above 100 times....THEN IMPLEMENT IT....
PROBLEM SOLVED MY FRIENDS....
That's called going to a fee-based financial advisor. My brother in law was trained in a company that looked at a person's full situation, investments, insurance, budgeting, goals. The fee earned was simply a percentage of how much was under the advisor's management. (or, if the client chose, hourly)
Commissions earned were applied to the account, so if the fee for the year was $2000, and something was done with a $3000 commission, that ended up with a $1000 net credit to the next year's fees.
When the value of the account went down 20%, the advisor's income went down 20%, period.
"Just posturing" - That we already knew.
The French historian/philosopher DeTouqville, while touring America about 200 years ago, made the observation that the American system of government would only last untill the elected officials discovered that they could buy the votes of the governed with the taxes of the governed.
History has been ignored for a very long time. Why would anyone believe that this state of affairs is going to change now or in the future?
A few men, like Black, come forward in marginalized news outlets and tell the truth, but they are overwhelmed by the main stream propaganda outlets that brodcast bs 24/7.
Agreed about media non-coverage of the more critical, behind-the-curtain issues playing out these days.
I thought Solman's aggressive attitude was disturbing, for a PBS journalist. But for the soon-to-be-missed Bill Moyers, we have very few truth-tellers in MSM. Perhaps MSNBC's Rachel Maddow or Keith Olbermann qualify.
Your mention of off-shore news sources are spot-on. I'd add The Guardian and Independent for general news, and more
business-oriented sites or blogs for specific markets or industries.
OK, if the FASB revaluation allows these 19 majors to hide the 75% loss, what is the value of that loss for each bank, and what would their balance sheets look like if they carried the loss? Are the banks required to calculate and report this number? Can anyone find the information and make it public?
Let's see, the Keating Five of the S&L Crisis of the late '80s were;
1. Sen. John McCain
2. Sen. Alan Cranston
3. Sen. Dennis DeConcini
4. Sen. John Glenn
5. Sen. Donald W. Riegle
Accounting fraud, fraudulent loans, rewards for taking excessive risk, regulators bought and paid for or asleep at the wheel, a complicent congress, and an ignorant populous as the mark. I am curious as to when this all will end the veil will be lifted off of the masses and the end of the world as we know it will come about. I live to see that day.
"a complacent congress"
Congress is more than complacent. They are the primary repository of greed, corruption and lies.
Now that the Supreme Court has said that corporations are "persons" and thus their speech (read: lobbying, donations, buying congress) is protected by the 1st Amendment all three branches are complicit.
It's not that bad: CNBC even said so this morning...
[/sarcasm]
Insolvent? Bah. Just pretend your money actually exists and you'll be fine. It's a {cough} confidence {cough} game.
Black: "Until the FBI brings these cases, we're not going to have definitive information."
Where is the vaunted FBI? Probably planting electronics in my underwear drawer, infiltrating Tea Parties (like the jackass with the "Press" credential that took my picture at one of the events I attended in immediate reaction to an innocuous comment), sharing information with fusion centers, contributing to MIAC reports, and doing training semiars for local and state police agencies on the rising domestic threat. Investigate financial fraud? Why, exactly, would they do that, where there are so many angry citizens? Broke, angry citizens can't defend themselves with legions of attorneys; broke, angry citizens can't muster legions of friends in high places. Broke, angry citizens are easy to smash. Maybe, too, the FBI is out of its depth and not equal to the task. In either case, their silence is deafening.
I know, we'll get the SEC to do it!
FBI knew about Austin kamakazi stunt and they did not stop that do you think they will try to 'splain to 'merica dat da banksters stole their money?
It's the failure of the institutions that I bemoan, as often as I can in the face of those failures and the public outcries that ensue. It's really inconceivable to me that so much public attention has been focused on blatant Wall Street malfeasance, and there have been no prosecutions brought of anyone in any high place at any big bank. Are there investigations proceeding behind the scenes? From where I sit, I can't tell, and it's been long enough that I'm forced to doubt it. I'd like to be able to say I trusted them, but they need to do something to earn that trust.
When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.
touche.
That is a profound statement, SWRichmond. You are by far one of the great thinkers of these times; why the Internet has overtaken newspapers and magazines as a news outlet. It speaks well of ZH that your comments would appear here.
Just caught this. If you mean the italicized text, it's from "Atlas Shrugged": Francisco's money speech. I wish I could write like that.
http://www.capmag.com/article.asp?ID=1826
source for foreknowledge?
I have a title to suggest for a new Bill Black book:
"The Best Way to Run a Government is to Buy One".
^^ +1
This is the pivotal issue in my opinion. Congress represents people not fictional "legal" entities. Until we acknowledge this (it will be an uphill battle IMHO) government can be and will be sold to the highest bidder. That will almost always be corporations.
Black is the best and understands what has befallen us
and knows how to fix it.that is why he will never, ever,
get any where near a positon of authority where he can start
to fix this mess. As Black states "the system is 100% corrupt"
A must watch:
http://hammer.ucla.edu/watchlisten/watchlisten/show_id/129363/show_type/...
In the above video, Black dissects and diagnosis the financial mess we are in and explains hoow, once fraud enters the system, it takes over completely.
I just started a new band. We are called:
"Bill Blacks Beard!"
So they now admit fraud. How aragant. Wonder why these bastards are so arrogant? Maybe because they think they beat us.
-Extort FASB
-Dixon's boat is a metaphor
-Dixon served "40" months in a "prison"
WILLIAM K. BLACK's INTERVIEWS ARE ALWAYS GOOD, btw.
Bill Black thank you
I listend to a great song by Gene Burnett called
Jump you f**kers ( a song for Wall Street).
Changing the FASB accounting standards makes it impossible to invest in any bank in America. No one really knows how bad off these institutions really are. That is why to me the biggest shoe to drop really is the commercial real estate loan market. How long can banks hold on to assets which were valued based on inflated proformas when now rents have dropped over 30% and vacancy levels are astounding? See-through office buildings and condos are prevalent in every major city in America with demand continuing to wane. We are talking about projects that cost a couple of hundred million to build. As for the lack of coverage about the FASB rules change, most Americans are too ignorant to understand it any way but journalist covering the economic news should have been all over it repeatedly. I do give credit to Karl Denninger for adamantly blogging about this on his Market Ticker site.
FUNNY MONEY
We are controlled through the money system
By greedy banks who dominate
But they have built a tower of Babel
That one day will disintegrate
Stop corruption of the money system
End this theft of our wealth by stealth
Abundance is our right in God’s Kingdom
In money, happiness and health
Perverted money – something for nothing
Reaping reward from other’s sweat
Stealing the value of people’s labour
With too much money, too much debt
It started out with the wars in Europe
How to pay for the crippling cost
A **clever banker set up the system
Ensuring that the people lost
We’re money slaves without understanding
Of how the systems’ robbed us blind
With penal taxation by inflation
And interest - that’s another crime
Money detached from things of real value
This system siphons wealth away
And we support it by working smarter
We need to find another way
What we want is a pure money system
Currency that is backed by gold
We say no to created inflation
We want money whose value will hold
Radical change needs Golden Age thinking
And laws that will these bankers shock
Wake up now see a system that’s failing
The money machine runs amok
Chorus
We can put a stop to this funny money
We can bring an end to this anti - Christ tool
We can see what’s right with crystal clear vision
We can see a world with real money rules
We don’t want no more…
We don’t want no more…
We don’t want no more - of your funny money
We don’t want no more - of your funny money
We have had enough - of your funny money
We can see a world with real money rules
We don’t want no more - of your funny money
We don’t want no more - of your funny money
We have had enough - of your funny money
We can see a world with real money rules
** A. M. Rothschild is generally acknowledged as the founder of ‘fractional reserve’ banking that has been the black heart of the free world’s financial system since the Napoleonic Wars.
(c) Copyright 2008 Kim Andrew Lincoln
+1 Karl Denninger is the man ~ equal to William Black. The USA needs both of them in high regulatory positions.
So I have a question:
The bank stocks I am invested in say they have a "loan-loss reserves" account. And they say that the "loan-loss reserves" account is growing every quarter, and totals 1.5x "non-performing assets".
For example, Wells Fargo has $25B in total loan-loss reserves and that number has grown every quarter, despite the high-level of charge offs and currently stand at 3.5% of all loans (in reserves).
If this is true, how is WellsFargo insolvent?
Fantastic post,
ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. cheap vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers
It's hard to think that it's nearly 15 years since arrival of the initial Adidas Predator Soccer Boots, which has gone on to turn into the trunk of selection for these kinds of top athletes like David Beckham, Steven Gerrard and Jonny Wilkinson. The first version of the Predator was designed by ex-Liverpool striker Craig Johnson, along with was developed to enhance the get in touch with between soccer boots along with boot on influence, to provide greater golf ball control. Glimpse footballing boot footwear you will have to shoot Nike CTR360 Elite FG into mind your learning flat surface that they'll use on the subject of. This is usually a central component within deciding which kind of flush buying.
It's essential to make it possible for care for decent handle to prevent injuries too possibility challenges. The brothers made great devotions to football boots. They even teach really need to give articulatio talocruralis with sufficient Nike CTR360 Elite FG company throughout traces and additionally plantar fascia injury which can general accidental injuries involving sportsmen. Just like more footwear for the nike mercurial vapor wide variety, the foot of the actual Nike Caption Intravenous Professional Golf Boot styles manufactured choosing carbon fibre gives much more traction force also robustness then again keeps your weight up to the least possible by looking into making it 40g lighter in taste.
His switch to the boot's outstep also authorized players to add rewrite and following touch. Adidas Predator Football boots had been heavily marketed, along with celebrity endorsements all through the 1994 FIFA World Cup ensured that the adidas football boots obtained the attention they warranted. The Rapier came out one year later, and was the only associated with Adidas' Predators to be released outside a World Cup or even European Championship. The Adidas predator X TRX and the Adidas Predator RX SG are both superb chioces within different price brackets ! There are many Rugby Boots on the market today, but few as good as the Adidas Predator range !
All these Boots and more can be found atand who have a comprehensive range of Adidas Predator Boots, including The Adidas Predator X TRX and the Adidas Predator X FG and all available from the conveniance of one store.. Related Articles - adidas F50 cleats
, Adidas Predator X FG, Rugby Boots, Email this Article to a Friend! Receive Articles like this one direct to your email box!Subscribe for free today! In April, 2009, there was an activity in London Tower.
This activity showed one football of his. Henry VIII used 8 shillings to finish the first great soccer shoes, which was significant to this world. From then on, we know "soccer shoes". Football Boots' First Step. In the second half of 19th century, football experienced an important modern phase. On 26, October, 1863, British people created the first football association, England Football Association.
It's hard to think that it's nearly 15 years since arrival of the initial Adidas Predator Soccer Boots, which has gone on to turn into the trunk of selection for these kinds of top athletes like David Beckham, Steven Gerrard and Jonny Wilkinson. The first version of the Predator was designed by ex-Liverpool striker Craig Johnson, along with was developed to enhance the get in touch with between soccer boots along with boot on influence, to provide greater golf ball control. Glimpse footballing boot footwear you will have to shoot Nike CTR360 Elite FG into mind your learning flat surface that they'll use on the subject of. This is usually a central component within deciding which kind of flush buying.
It's essential to make it possible for care for decent handle to prevent injuries too possibility challenges. The brothers made great devotions to football boots. They even teach really need to give articulatio talocruralis with sufficient Nike CTR360 Elite FG company throughout traces and additionally plantar fascia injury which can general accidental injuries involving sportsmen. Just like more footwear for the nike mercurial vapor wide variety, the foot of the actual Nike Caption Intravenous Professional Golf Boot styles manufactured choosing carbon fibre gives much more traction force also robustness then again keeps your weight up to the least possible by looking into making it 40g lighter in taste.
His switch to the boot's outstep also authorized players to add rewrite and following touch. Adidas Predator Football boots had been heavily marketed, along with celebrity endorsements all through the 1994 FIFA World Cup ensured that the adidas football boots obtained the attention they warranted. The Rapier came out one year later, and was the only associated with Adidas' Predators to be released outside a World Cup or even European Championship. The Adidas predator X TRX and the Adidas Predator RX SG are both superb chioces within different price brackets ! There are many Rugby Boots on the market today, but few as good as the Adidas Predator range !
All these Boots and more can be found atand who have a comprehensive range of Adidas Predator Boots, including The Adidas Predator X TRX and the Adidas Predator X FG and all available from the conveniance of one store.. Related Articles - adidas F50 cleats
, Adidas Predator X FG, Rugby Boots, Email this Article to a Friend! Receive Articles like this one direct to your email box!Subscribe for free today! In April, 2009, there was an activity in London Tower.
This activity showed one football of his. Henry VIII used 8 shillings to finish the first great soccer shoes, which was significant to this world. From then on, we know "soccer shoes". Football Boots' First Step. In the second half of 19th century, football experienced an important modern phase. On 26, October, 1863, British people created the first football association, England Football Association.
No matter how your type of play, donning nike mercurial cleats can increase your skills. Acquire can obtain the unlock code boots, and solve the world's leading players (which include Wayne Rooney and Fernando Torres has the exceptional secret video), and Recommendations. By means of the miracle on the master training C ROM. Velocity test, boost your soccer teaching, or by means of the expert teaching and indicators action to best your abilities. Inside Edge is made cost-free personality and it created to get prepared for the video games.
Every player's preseason teaching is numerous. Superb touch could be part of the major topics people, and other people who wish to possess the super power. The world's best clubs freely direct Edge of pre-season training for telltale green, you how new season from giants. All the instruction courses are controlled by yourself. The globNo matter how your type of play, donning nike mercurial cleats can increase your skills. Acquire can obtain the unlock code boots, and solve the world's leading players (which include Wayne Rooney and Fernando Torres has the exceptional secret video), and Recommendations. By means of the miracle on the master training C ROM. Velocity test, boost your soccer teaching, or by means of the expert teaching and indicators action to best your abilities. Inside Edge is made cost-free personality and it created to get prepared for the video games.
Every player's preseason teaching is numerous. Superb touch could be part of the major topics people, and other people who wish to possess the super power. The world's best clubs freely direct Edge of pre-season training for telltale green, you how new season from giants. All the instruction courses are controlled by yourself. The globe class goalkeeper, defenders, midfield and forward beneficial experience and assistance are all concentrated your Within Edge.
Grasp all of the initiative.Pleasantly they are just plain understated though dazzling through sensations attached to bright Nike CTR360 Elite FG Blanco Negro Amarillo coloring among the diagonal reheel beating which are would always improve the wellingtons visibility. Such iron boot has become Nike CTR360 Elite FG developed to quite an excessive conventional and they've got the style along with look and feel to curve superior quality soccer boots.Go straight ahead bravely. The lengthy historical past and technique flow is the ideal modern football style Tuesday.
"Courage"-the slogan with the 125 years witnessed Arsenal glory and good results, now, it has currently stands around the leading from the green. Never ever retreat, red and his legion not dishonor.Click on on the internet, full knowing in the Spanish group followers the Air Jordan Phase 23 Hoops Basketball Shoes of your Barcelona and Manchester united's premier league group, or click on overlord participant web page might possibly be the further comprehending on the personal Outstanding document of Cesc Fabregas, Aguero and Zlatan Ibrahimovic.
Pick out your equipment from Nike Bootroom: no matter if you need to decide on the quickly Tiempo Mercurial choice or strong feel? CTR360 selection to the ball T90 nonetheless opt for to grasp the accuracy?We think that, a pair of golden Mercurial may be the ideal present to him.It's adidas F50. It's got the latest and most refined equipment which includes a helpful to enhance the overall performance from the stadium using the world's most explosive and exciting players and group.e class goalkeeper, defenders, midfield and forward beneficial experience and assistance are all concentrated your Within Edge.
Grasp all of the initiative.Pleasantly they are just plain understated though dazzling through sensations attached to bright Nike CTR360 Elite FG Blanco Negro Amarillo coloring among the diagonal reheel beating which are would always improve the wellingtons visibility. Such iron boot has become Nike CTR360 Elite FG developed to quite an excessive conventional and they've got the style along with look and feel to curve superior quality soccer boots.Go straight ahead bravely. The lengthy historical past and technique flow is the ideal modern football style Tuesday.
"Courage"-the slogan with the 125 years witnessed Arsenal glory and good results, now, it has currently stands around the leading from the green. Never ever retreat, red and his legion not dishonor.Click on on the internet, full knowing in the Spanish group followers the Air Jordan Phase 23 Hoops Basketball Shoes of your Barcelona and Manchester united's premier league group, or click on overlord participant web page might possibly be the further comprehending on the personal Outstanding document of Cesc Fabregas, Aguero and Zlatan Ibrahimovic.
Pick out your equipment from Nike Bootroom: no matter if you need to decide on the quickly Tiempo Mercurial choice or strong feel? CTR360 selection to the ball T90 nonetheless opt for to grasp the accuracy?We think that, a pair of golden Mercurial may be the ideal present to him.It's adidas F50. It's got the latest and most refined equipment which includes a helpful to enhance the overall performance from the stadium using the world's most explosive and exciting players and group.