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On Ben and Tampa

Bruce Krasting's picture




 

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Ben Speaks

 

House Oversight Committee Chairman Darrell Issa (R-Calif.) wrote a letter to Ben Bernanke and Ben wrote back. The WSJ’s Jon Hilsenrath covered the story (Link). Not surprisingly, Hilsenrath spins the exchange of letters as a triumph for Big Ben.

 

Bernanke defends the Fed’s efforts as well as he can. But in the absence of definitive information on the success of QE, ZIRP and Twist, the best Ben can do is argue, “it coulda been worse”:

 

“the Fed's bond-buying of recent years has helped to promote a stronger recovery than otherwise would have occurred”

 

Really Ben? In the darkest days of 2008 and 2009 the Fed took actions that helped avoid a complete collapse. But there is very little evidence (if any) to support Bernanke’s claim since then.

 

There is one section in Bernanke’s letter that got to me. Issa asked if it were premature to consider additional monetary moves, Bernanke responded:

 

the Fed must make policy in light of a forecast of the future performance of the economy

 

Come on Ben, your economic crystal ball is cloudy. Want proof?

 

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Issa questioned the risks the country faces when the Fed is ultimately forced to reverse its policies and begin to reduce the size of its balance sheet. Bernanke blows off those concerns with:

 

The Fed will normalize the size of its balance sheet through gradual pre-announced sales in order to ensure that markets have an appropriate amount of time to make adjustments.

 

This statement is a lie.

 

Bernanke has no idea what will happen to the credit markets once the Fed starts selling the trillions of bonds it has bought. The Fed has never done this before in history. How can Bernanke be so confident of something when there is no road map? To believe that it will be just as easy to sell bonds, as it has been to buy them, is just ridiculous. When the Fed does start selling, the capital markets (and the economy) will shudder. Bernanke knows this is true.

 

Bernanke is not going to be the head of the Fed when the selling of those bonds starts to happen. His term will run out before the pendulum shifts. He is setting this up so that the “next guy” has to clean up the mess.

And Ben is going to do more. From the 8/22 letter:

 

"There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery"

 

This talk means that Ben is going to up the stakes once again. He will undertake more emergency monetary measures. The “buck” that he is passing to the “next guy” is going to get bigger. Bernanke will be retired at Del Boca Vista when this blows up.

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Republicans in Hot Water

 

Who was it in the Republican party that chose to have a convention at a seaport in Florida at the peak of the hurricane season? What were they thinking of?

 

The Tampa Bay Times Forum is where the Republicans are supposed to be spending Tuesday. Think of an auditorium filled will delegates wearing silly hats and waving state flags. This picture shows the location of this well-chosen venue. It’s right on the water, and yes, that’s an ocean liner parked nearby.

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The good news for the Republicans (and the rest of the folks in Tampa) is that Issac appears to be drifting away from a direct hit. The bad news is that Isaac is going to strengthen quite a bit before it passes by.

The hottest ocean water at any location in American waters today just happens to be in Tampa Bay (89 degrees). The area from the Florida Keys north, is also very hot relative to the rest of the Gulf of Mexico.There's plenty of fuel to make this storm grow.

 

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If you're left wondering why the deep thinkers in the Republican Party chose Tampa, consider this opinion piece in the local paper today. Have fun Republicans!

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Sat, 08/25/2012 - 17:00 | 2737581 Republicae
Republicae's picture

Fiat paper securitizing fiat paper securitizing fiat paper...sorta like government solutions which become problems which require more government solutions which, in turn, become more problems requiring more government solutions.

Sat, 08/25/2012 - 21:24 | 2737872 Ned Zeppelin
Ned Zeppelin's picture

Once ensconsed in the Fed's vaults the bonds are beyond the Fiat Event Horizon and no longer matter. 

Sat, 08/25/2012 - 15:03 | 2737385 Winston Churchill
Winston Churchill's picture

Of course Uncle Ben has an exit plan.

Hes going to dump those long dated UST's by getting pension funds to buy them,

The legislatation has alreasy been drafted.

Honest,that paper is so good.Full faith and credit and all.

Sat, 08/25/2012 - 15:03 | 2737382 malikai
malikai's picture

Here's to hoping that the storm washes away all the filth!

Sat, 08/25/2012 - 16:06 | 2737485 Pure Evil
Pure Evil's picture

Which filth are you talking about?

Would it be the drugs, the strippers, and the prostitutes?

Or, the politicians?

Sun, 08/26/2012 - 01:46 | 2738047 Vooter
Vooter's picture

The entire population of Tampa is what I'm talking about...

Sat, 08/25/2012 - 17:30 | 2737614 malikai
malikai's picture

I'm fine with the drugs, strippers, and prostitutes.

Sat, 08/25/2012 - 22:47 | 2737936 Pike Bishop
Pike Bishop's picture

At least with the drugs, strippers, and prostitutes... you have a choice to keep them out of your life.

You don't have that choice of keeping the consequences of the fucknut majority of the Republican Party out of your life.

Republicans launder drug money, dance naked for corporate donors, and fuck the People.

They would also fuck a snake, if somebody would just hold its head. I wish Republican voters would stop holding its head.

If anybody infers this as a Democrat moment, be prepared for when those blowers of monkeys have their week.

Sun, 08/26/2012 - 07:05 | 2738212 ltsgt1
ltsgt1's picture

Is Jon Corzine a republican?

Sun, 08/26/2012 - 08:21 | 2738272 nmewn
nmewn's picture

And whatever happened to Bob Rubin?

Sun, 08/26/2012 - 01:47 | 2738048 TBT or not TBT
TBT or not TBT's picture

The Democrats should hire you as a spokesperson, they really should.

Sat, 08/25/2012 - 14:08 | 2737307 Wakanda
Wakanda's picture

Something (someone) else is focusing on Florida:

http://www.haarpstatus.com/haarpstatus/haarpmap.html

I wonder what they are up to.

Sat, 08/25/2012 - 16:02 | 2737469 Pure Evil
Pure Evil's picture

I can only think of one thing. Lots of wind and rain to tamp down the protestors, but not enough to cancel the convention. Save the anarchists for the Demo-rats in Charlotte.

Sat, 08/25/2012 - 14:02 | 2737296 Snakeeyes
Snakeeyes's picture

Ben is in a terrible position. M2 Money Velocity has crashed and employment to population is stalled.

http://confoundedinterest.wordpress.com/2012/08/20/the-feds-slippery-asc...

Sat, 08/25/2012 - 15:12 | 2737396 DeadFred
DeadFred's picture

Ben can make excuses and self justify, the MSM can cheerlead, they can keep trying the same old tricks but the ones who make the important decisions are not fooled. Why invest in an economy that you know is not fixed. When I talk to non-financial savvy people about how the economy is slipping back into recession most look at me like I'm crazy, when did the recession end they want to know. The Ministry of Propaganda isn't able to change the basic facts. we are experiencing the effects of leaders who are following a flawed model of how the world works. Fake it until you make it may have worked in the past but the underlying basis for improvement needs to be there. M2 velocity comtinues to contract because the ones who have money to invest understand it's better to sit on the cash until things improve. I am.

How long until the leaders admit they're on the wrong track? Could be a while. During WWI the military leaders believed espirt de corps was effective against machine guns and trenches and spent years sending wave assaults of young men to their fruitless deaths. What they needed to do was build tanks but they destroyed a generation before they admitted it.

Sat, 08/25/2012 - 14:17 | 2737319 Kayman
Kayman's picture

Since Ben's new "Money" is almost solely produced to prop up bank balance sheets whose "assets" are phantoms, money velocity is heading to zero. 

Except, of course, the skim off the top for bonuses to those who drink their own bathwater.

Sun, 08/26/2012 - 08:05 | 2738262 imapopulistnow
imapopulistnow's picture

Placing the blame on Bernanke may offer immediate gratification, but not much else.  Did he miss the housing bubble?  You betcha - so did most of us (those who do not reinvent their memories that is). 

He missed it for the same reasons that Greenspan missed it - as rational people, neither could imagine that bankers could be so absolutely greedy and self serving as to purposely destroy thier industry in the name of short-term bonus compensation.  We have all subsequently learned otherwise.

Today, Bernanke simply has to do what he has to do, which is to keep the economy artjificially propped up on QE & ZIRP until housing cycles back and debt levels return to norms. 

It would obvisously be better if Washinton enacted policies that actually encouraged long term investment and economic growth, but that has not happened, hence Ben has no other choice.

The results are tragic.  Money saved over decades to pay for retirement is wiped out as retirees must consume their non-interest bearing nest eggs to live on.  Economic imblances are deepening further as Washinton avoids (does not even comprehend) the structual changes needed to provdie for long-term economic growth and prosperity.  These distorted financial conditions will most certainly result in an - as yet unknown - future bubble-based, gut-wrentching economic collapse, particularly the longer they must remain in place. 

Bernanke's choices are to either "go the German way" of tough love and let our economy fall into the second great depression scenario that it most certainly would do without the artificial financial crutches, or continue to pile on the artificial financial crutches until some grown ups in Washinton begin to address the economic structual imbalances, including putting an end to China's injurious mercantile policies that were maybe OK when Japan did it 30 years ago, but China is 10X larger for christ sakes.

But to blame Bernanke is simply too easy and too simple, particularly when one does not explore and acknowledge the horrific consequences of what would have happened had Benanke not enacted ZIRP or QE1 or QE2 or QE21/2 or the upcoming QE3.  He is playing the hand he has been dealt to the best of his ability given the consequences. 

Yes there are valid agruments that his actions serve only to "enable" Washington and the general population, who, like addicts, will refuse to accept the reality of the economic, budgetary and taxation policy changes that need to be made so long as they can get their next "Bernanke fix".  But yes also, the tough love approach is extremely painful.  Further, there is absolutely no guarantee that, even if tough love were applied, Washington or the MSM misled general public would undertake the appropriate corrective policies. 

JMO for what its worth.

Sun, 08/26/2012 - 13:36 | 2738745 Kayman
Kayman's picture

imapopulistnow

Yes, you can blame Bernanke and the Fed.  They have been on this easy money path for a decade or two. This has distorted market clearing mechanisms.

It has also killed savings. Savers cannot get a return above inflation, so they are pushed into exotic, opaque larcenous financial instruments.

The Feds power is drawn from the strength of the nation. With monstrous trade and government deficits stretched out forever, the best move for the Fed would be to raise rates. That would get politicians to pay attention.

Once the free  money party is over this nation might, just might, have a chance.

Sat, 08/25/2012 - 13:45 | 2737258 Kayman
Kayman's picture

Historically, underlying the Fed's power was a functioning value-added U.S. economy.  Today, we have an economy of parasites- Government, Financialization, Marketing and Distribution of Made-in-China crap, and Welfare.

All that Bernanke can do, and is doing, is buying time for the front-runners.

It is a tragedy to watch this nation dissemble itself while mini-Goebels assure us that all is well.

"Merry Christmas from Stalingrad."  

Sat, 08/25/2012 - 14:02 | 2737257 flacorps
flacorps's picture

Tampa has not experienced a direct hit from a hurricane since 1921. Nobody is saying it can't happen, but for it to happen a hurricane has to take an unusual track. The Carolinas and the Gulf Coast from Panama City all the way around to the left and down to the Yucutan peninsula are more likely targets for the run-of-the mill hurricane.

Before Isaac got a name, the odds were at something like 0.2%. I have seen odds prior to TD9 having  formed (the storm that became Isaac) that were much, much lower than that even (lots of zeroes after the decimal).

Nonetheless, people do win the lottery or have their homes or cars damaged by meteorites.

Before Tampa (my hometown) got the RNC, I had a saying that here we never missed an opportunity to miss an opportunity. The cross-bay rivalry with St. Pete led to miscues that delayed and hobbled professional baseball and had many other deleterious effects. The Hard Rock hotel and casino could have been downtown if a land swap had been arranged. The Skyway Bridge was constructed too low to accommodate the newer generations of cruise liners ... the list is almost endless with the exception of our superlative airport.

I'm hoping we luck out here and our hosting of the RNC is no debacle. We have been finding and removing pre-positioned anarchists' nests from which they intended to lob bricks, etc. onto crowds below. There is a high degree of diligence. I think it will pay off.

Sat, 08/25/2012 - 17:40 | 2737628 PlausibleDenial
PlausibleDenial's picture

I too live in the Tampa area and had to travel the roads before and after Debby (just a tropical storm).  The roads to include the causeways were closed a good bit of the time.  Now then, remember the Florida and South Carolina delegates are being housed at Innisbrook a good 45 minutes from downtown Tampa and on the "other" side of the causeways.  And, I believe the delegates from Tennessee are being housed at the Safety Harbor Inn again on the "other" side of the causeways.  We just can't wait to see the debacle that will occur if the Issac does come this way.  Fucking conventions are a joke anyway leaving very little for the casual observer to see the stupidity of the American people.

Sat, 08/25/2012 - 16:06 | 2737436 AlaricBalth
AlaricBalth's picture

Spoken like a true Tampa City Commissioner.
Just have lots of signs pointing the way to Mons Venus and most delegates will leave and report that their experience in Tampa was a pleasant one.

Sat, 08/25/2012 - 16:08 | 2737484 flacorps
flacorps's picture

2040 N. Dale Mabry Hwy ... Joe Redner's last hurrah!

 

And nobody could pay me enough to sit on the Tampa City Commission.

Sat, 08/25/2012 - 17:41 | 2737627 AlaricBalth
AlaricBalth's picture

Native Floridian huh? Me too. I recognize the political indignation.
All the best to you my friend!

Sat, 08/25/2012 - 13:39 | 2737242 MFLTucson
MFLTucson's picture

“the Fed's bond-buying of recent years has helped to promote a stronger recovery than otherwise would have occurred”

 

The end justifies the means!  

Mr. Bernanke, buying bonds that you issued is borrowing from yourself and it has not made things batter, in fact it has destroyed the fabric of the US economy and our reputation abroad!

Sat, 08/25/2012 - 20:11 | 2737781 Republicae
Republicae's picture

Isn't it truly amazing the world we live in, a world where you can borrow something you don't really have and transform it, in a magical way, into something people think is valuable? It is the wonderful world of the Uber-Counterfeiter, the Alchemist Stone has been discovered within the Halls of Central Bankers...turning lead into gold, ooops, I mean turning worthless paper into something valuable.

Sat, 08/25/2012 - 13:34 | 2737228 DeFeralCat
DeFeralCat's picture

+1 for Banzai. I think the title of Bernake's speech is something about the history of monetary policy. This does not sound like a stimulus announcement to me. He is going to act but his action will not be dramatic. Demand is dying; he has to act as to do nothing is not his job. However, the action will disappoint markets and we may be headed down from here.

Sat, 08/25/2012 - 12:58 | 2737142 williambanzai7
williambanzai7's picture

BIEBERNANKE

Sat, 08/25/2012 - 17:00 | 2737582 HardwoodAg
HardwoodAg's picture

I'm on chemo, and thought I might be able to eat. That thought didn't last.

The rest of your stuff is good though.

Sat, 08/25/2012 - 14:53 | 2737373 Wakanda
Wakanda's picture

Just Ben Bieber?

Sat, 08/25/2012 - 12:08 | 2737027 DeadFred
DeadFred's picture

Knowing that there can be no easy exit from their purchases how will the market (read the Chinese) react to any further QE. I think any non-sterilized QE will be impossible in the present climate and sterilized QE will have very little impact. Ulimately they will start buying again but only after we reach the point where we see today as the good-ole-days.

Sat, 08/25/2012 - 11:36 | 2736944 bank guy in Brussels
bank guy in Brussels's picture

Doug Noland's column this weekend focuses on the very issue above ... the empty promises to reduce the size of the Fed's balance sheet ...

Though Doug Noland, an expert writer on credit bubble dynamics for many years, does not seem to see any way out ... that an exit strategy is not only mythical, it is perhaps impossible

It seems that most prescient and succinct of all was Jim Sinclair, with his predictions several years ago that 'the only tool in the toolbox' of the central banks, which cannot be avoided, is 'QE to infinity' ...

Noland wrote yesterday, « As a student of monetary history, I was comfortable back in 2009 writing that it was all a myth: there would be no exit. ... At this point, there is clearly no end point and certainly no “exit strategy.”  »

Doug Noland's latest Credit Bubble Bulletin - always worth reading -

http://prudentbear.com/index.php/creditbubblebulletinview?art_id=10699

Sat, 08/25/2012 - 17:44 | 2737635 Debeachesand Je...
Debeachesand Jerseyshores's picture

"Ultimately however,the Fed cannot fight realty"

 

Quote from a article at Seeking Alpha by Colin Lokey.

Sat, 08/25/2012 - 16:23 | 2737468 slewie the pi-rat
slewie the pi-rat's picture

i read dNoland yesterday

sinclair may not be correct

i've written a bit abt issa;  not woth the time especially sonce this "news" is quite stale but good for the wing-nuts

here's some stale wing-nut news

SANDY SMITH-NONINI
Romney’s Blood Money

 

Recent revelations about Mitt Romney’s highly profitable company Bain Capital help connect the dots between offshore tax shelters, shady investors; and the role that ill-gotten gains plays in today’s casino-like finance capital.

Both the Los Angeles Times and Huffington Post published investigations in the last month showing that over a third of the $37 million raised by Romney to launch Bain Capital in the mid-1980s came from rich Latin Americans, the bulk of it from Salvadoran families linked to death squads.

and so on...

the writer is a prof who knows the hood but didn't lose the the whole family to these asswipes

more zH FED disinfo!  this time from bKrass-tinkler :>

This talk means that Ben is going to up the stakes once again. He will undertake more emergency monetary measures.   <:

forget the link?  if ya have kids, i sure do hope the extra money helps them grow up straight.   like daddy!
 

 

Sat, 08/25/2012 - 16:50 | 2737556 slewie the pi-rat
slewie the pi-rat's picture

offshore mittens & the casino capitalists;  of course this writer can't touch bKrass-tinkler for experience, knowledge, journalism,  and, unhh,.. c.r.e.d.

here's the rest of the article so ya can gimme moJunx:

 

While living in El Salvador in 1989, my family fell victim to rightwing terror, so I took the news like a punch in the gut.  But as a professor, I know that the generation of Americans born since 1980 has little awareness of the troubled U.S. history of  aiding Central American militarism. Perhaps that is why this story has not been more widely reported. Let me explain why I use such a rude term as blood money.

The revelations took me back to November 1989 when I worked as a stringer for the New York Times and other U. S. newspapers in San Salvador. It was late at night. I sat on the floor in my bedroom over a TRS-80 laptop finishing an article about recent air force raids on urban neighborhoods in the capital. Moments after sending the file the phone rang. “You have 24 hours to leave the country or you can kiss your family good-by,” said a man in accented English.

The shadowy death squads in my articles suddenly materialized into a personal menace — someone with a gun had my toddler son and I in his crosshairs. With the airport and bus companies closed due to fighting, it was impossible to leave, so we spent a nightmarish week with my son in hiding while I pulled long hours running back and forth between him and my office in the foreign press corps — constantly on adrenaline alert with an eye on my jeep’s rear view mirror.

Earlier that year we had lost my son’s aunt to the terror. Marta Lidia “Tita” Guzman, an activist with UNADES, a group that advocated for victims from the 1986 Earthquake, disappeared a few hours after the National Police raided her office in June 1989. We never found her body.   Tens of thousands died in a similar manner, killed by what Political Scientist William Stanley called “a protection-racket state.”

For me, it is grotesque to imagine that families deeply enmeshed in the operations of the “protection racket” behind Tita’s murder helped finance the rise to power of a candidate for the U.S. presidency.  Far from denying the claims, Romney named and publicly thanked several Salvadoran investors for their help in a 2007 speech in Miami. U.S. officials and human rights inquiries had linked close relatives of the investors, belonging to the Poma, Duenas, de Sola and Salaverria families, to paramilitary violence by 1984 when they met with Romney. Some of their relatives were charged with directing violence personally, others with supporting it behind the scenes under cover of the extreme right wing ARENA party which orchestrated the death squads in those years.

The Times’ July 19 article cited Bain’s corporate filings in Massachusetts, as well as a 1994 expose by the Boston Globe, which calculated the Salvadorans’ investment in Bain at $6.5 million, based on writings by former Bain executive Harry Strachan who introduced Romney to the investors.  The Globe quoted Romney saying Bain had checked backgrounds of individual investors (none of whom are accused of human rights crimes) but had not investigated their families.  The Salon blog also reported on Romney’s recruitment of the Salvadoran investors in January.

Approximately 35,000 Salvadorans were killed, most in political murders from 1979-1984 when the violence reached genocidal levels, with dead and mutilated bodies routinely found in landfills or dumped  by roadsides.  In his 1992 book How Holocausts Happen Sociologist Douglas Porpora argued that,  given the proportion of Salvadorans affected and the systematic nature of the violence in the early 1980s, it was justified to consider this period a Holocaust-like event.

The Reagan administration’s generous foreign aid to the military regime protected a small oligarchy of families whose wealth came from plantations dependent on cheap labor from a peasantry forcibly dispossessed of land. After the 1992 ceasefire a United Nations study blamed 85% of the civilian killings on government military and allied death squads.  I documented the human toll from the Salvadoran land grabs and militarism in my 2010 book Healing the Body Politic (Rutgers University Press), which traced 25 years of resistance to the regime by rural community health organizers during and after the 12-year war.

The ARENA party later morphed from a façade for death squads into the party of big business by 1989 when it gained the presidency, ruling the country and enjoying a close alliance with U.S. administrations, until its electoral defeat in 2009.  Reagan-era backing for the Salvadoran military is now seen by historians as having hurt U.S. international credibility on human rights. It is a sign of change that on President Obama’s 2011 visit to the country he honored the grave of Archbishop Oscar Romero, a beloved priest who spoke out against the murders and was assassinated by a death squad.  What a throwback if a Romney victory in November were to put the United States once again at service to current and former Latin American oligarchs with bloody hands.

Although investment banking paper trails are difficult to unearth, increasingly scholars understand that genocidal regimes depend not only on military support, but also on unscrupulous financiers. In the late 1990s the public was stunned to confront evidence that German Nazis also depended upon financiers in business suits.  U.S. Senate Banking Committee hearings held during the Clinton Administration produced evidence that Swiss banks had laundered Nazi gold stolen from Holocaust victims.  The findings helped lead to a $1.25 billion settlement of a lawsuit by the World Jewish Congress in 2000 benefitting survivors who had long sought access to family holdings in the banks.

In 2002 Salvadoran-born torture victims successfully sued two retired Salvadoran military generals (now residents of Florida) in a U.S. federal courtroom. What a turn-around it would be if families of  other Salvadorans killed by death squads used these precedents to go after the holdings of  the former oligarchy invested in accounts like those of Bain Capital.  But it is not only Salvadorans who should be concerned about Bain Capital-style casino finance.

How ironic that as the U.S. middle class lost ground on wages and job security in recent  years, the vulture capitalism of Bain Capital, which dismantled companies and offshored U.S.  jobs, thrived, generating returns of over 50% annually by the early 1990s for Romney and his Salvadoran partners.

Casino finance has long enjoyed Republican protectionism.  But when the party’s candidate for president earns his wealth partnering with oligarchic families that steal from poor peasants and finance political killings, GOP claims of fiscal responsibility and family values begin to look hollow indeed.

Martyrs like Tita, Archbishop Romero, and thousands of others killed, deserve better, and so do American voters.

 

Sun, 08/26/2012 - 00:00 | 2737986 Imminent Crucible
Imminent Crucible's picture

"the Globe calculated the Salvadorans’ investment in Bain at $6.5 million"

I'm not about to vote for Mitt Romney, BUT....$6.5 mil is chicken scratch at a house like Bain Capital. This chump change is supposed to draw a direct line between Reagan-era Salvadoran death squads and Mitt Romney? Pretty thin gruel.

Find us Romney's El Salvador birth certificate. Then I'll take a second look.

"GOP claims of fiscal responsibility and family values begin to look hollow."  Hey, no kidding? When did they ever look solid? And how bout those Dems? How are their claims of fiscal responsibility and family values holding up? Waste some more of our time, will ya?

Sun, 08/26/2012 - 08:23 | 2738276 goat
goat's picture

I think the $6.5 million was a large chunk of the original start-up capital for Bain, so its importance is magnified, although it would seem like chump change today.

Sat, 08/25/2012 - 21:05 | 2737854 Michael
Michael's picture

Let me see if I get this strait;

The Federal Reserve is handing its corporate member banks on a silver platter hundreds of billions of dollars in free money by collecting interest on Fed deposits in their banks. That's what the 28 trillion dollars is for?

Sat, 08/25/2012 - 18:31 | 2737679 otto skorzeny
otto skorzeny's picture

But,but,but-according to the MSM and all the history I have ever been "taught" in school the JEWS are the ONLY people in ALL of history to experience a HOLOCAUST. Is there any way the Jews can teach the Salvadorans how to extort billions of dollars from Swiss banks (getting a cut of the extortion $-of course)?

Sat, 08/25/2012 - 17:36 | 2737624 malikai
malikai's picture

One of my good friends was a kid in ES when all that was going on. The squads killed his grandpa and him and his mom were forced to leave. They ended up stateside where he lives now. The shameful part is that all the oligarchic families have similar ties to similar crimes in disparate places as mittens does to ES.

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