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And So It Began
Three years ago tonight we were all watching a new world unfold.
Many of us did not know how bad it would be, how close to utter collapse we would come, or three years later how little would have actually changed (besides the unemployment rate being 40% higher)
What has changed is the confidence and trust we have in the Government, Politicians, and the United States as a whole.
In a piece the Frank Rich wrote for NY Magazine for 9/11 he speculated that 9/11 may not have been the worst thing that happened to the United States in the last 10 years. That award may go to what happened in the fall of 2008:
In retrospect, the most consequential event of the past ten years may not have been 9/11 or the Iraq War but the looting of the American economy by those in power in Washington and on Wall Street. This was happening in plain sight—or so we can now see from a distance. At the time, we were so caught up in Al Qaeda’s external threat to America that we didn’t pay proper attention to the more prosaic threats within.
Even as the middle class was promised a free ride, those at the top were awarded a free pass—not just with historically low tax rates that compounded America’s rampant economic inequality but with lax supervision of their own fiscal misbehavior.
It is that America—the country where rampaging greed usurped the common good in wartime, the country that crashed just as Bush fled the White House—that we live in today. It has little or no resemblance to the generous and heroic America we glimpsed on 9/11 and the days that followed. Our economy and our politics are broken.
When you watch these videos, remember that this crisis unfolded while Tim Geithner was the head of the FRBNY, and Ben Bernanke was the Federal Reserve Chairman, the former received a promotion, the latter kept his job and “saved the system”. Remember that after getting trillions of dollars in aid the banks paid out record bonuses in 2010. Remember that to date, there has been no “perp walk” for anyone connected to his crisis including any member of the executive team of Lehman Brothers. Finally remember that despite all arguments to the contrary TARP (as was reconstituted in July of 2010 ($475Billion)) still has $237B net outstanding or 40% of total outflows.
When “people” lament the lack of confidence or trust, in the system, one is amused by how short their memories really are. TBTF is the law of the land. As long as every policy decision, is run through the paradigm of “must not have Lehman 2.0”, there will be no confidence. Without failure which is merely accountability there cannot be real success. Subverting the interests of the majority, in order to ensure the survival of not the financial system, but the BANKS that make up the financial system, will end up costing the United States the core of what made her a once great country, in a way no terrorist organization ever could.
From September 14, 2008:
The fall out from September 17, 2008:
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Fantastic! Such a succinct dissection of so many narratives in one short post.
FYI, Amen is the Hebrew word for 99, which signifies an agreement. Abraham was circumcised- the symbolic act to indicate he would follow G-d- when he was 99 years old.
there are 9 beatitudes.
there are 9 fruits of the spirit.
people get way too hung up on the pagan, occult, and esoteric symbolism and forget that it is all a perversion of Godly symbolism.
have you ever asked yourself why Satan hates us humans? well, it's because God gave us a gift far greater than He ever gave the angels; He gave us the gift of Creativity, the most Godly thing there is. Satan had ZERO creativite capacity. all he can do is take what is Godly, and distort and pervert it thorugh his profane imitations, which is why he's the father of lies.
sadly, many people are duped by his lies.
FYI, paganism came first. It's all a perversion of pagan symbolism.
There, fixed it for ya.
Regards.
Lucifer was cast into darkness for disobediance when God told the angels that they must obey and bow to man. Lucifer stated that he would only worship and love God. The punishment for his undying love was eternal darkness.
I don't where you get your information fella, but, yes, I would agree... many people are duped by lies.
You sure that you're on the right side of the mirror ?
How can you tell ?
Just call me Polyanna! The Greek word for prayer is attention, and when i say "amen" i say it as something we need to attend to.
Normal end cycle yes, but that doesn't chance the fact that my "ideal" scenario would have probably saved the US dollar from losing world reserve currency status, does it LeBalance?
agrotera aka Pollyanna
The US dollar "world reserve status" operates as a global extortion racket with the Pentagon as the global enforcer.
The fiat petrodollar supremacy does not now owe its existence to US financial transparency and integrity, but is instead just another means to express the opposite.
Pollyannish indeed is the notion that honest and forthright actions such as you suggest would "save" the petrodollar system. Rather the opposite, such actions done consistently would ultimately require ending it.
PETRODOLLAR
http://www.marketoracle.co.uk/Article803.html#comment118284
I misspoke completely rwe2late, and thank you for correcting what i said!!! I meant the attack on the US$ as world reserve currency was an attack coming from a last straw broken when in 2008, the privately owned Federal Reserve corporation and it's agents, the toobigtofail, were declared SACROSANCT by our government, making our government (currency, integrity) a sham.
As your so aptly point out, "The fiat petrodollar supremacy does not now owe its existence to US financial transparency and integrity, but is instead just another means to express the opposite"
Thank you!!!
cum uppance...whew. At last. Lovely to hear a woman say thank you!
Ty for your ty. Now its circular.
Dear fakak pema,
I can't speak on behalf of all women, but between you and me, it is lovely to hear your kind words!
Thank you falek pema for your kind words and thank you for your thank you!!!
agrotera
My bud let me hang around his place at CME starting around Sept 8th. I had 30 yr vets explaining it to me as it happened. Got on an elevator and theres Santelli. Bought some SP500 puts. Sold em and bought AU. Sumthin to tell the grandkids in 20years.
whats amazing is that people think lehman was the problem. no. the problem was 3 decades of securitization gone wild. lehman was the natural conclusion to this and it was healthy as hell.
europe trying to smother over the fire of greece and french/german banks that are undercapitalized is only going to make things worse when the collapse comes.
Lehman was food for the rest of the banks to feed on with their US TAXPAYER backdoor free 65BILLION DOLLAR BONANZA passed out two days later in the backyard of AIG whild big daddies hank&ben lobbied for TARP for three weeks crying that this scam was to save the world...and you think that is a good thing?
Cramer's input was priceless. Wish I had been in the market then to buy, buy, buy all those non-financials that were going to be just fine! Oops, do we see a parallel today?
Yup. Cramer, still yelling "BUY BUY BUY!"
He's quite a clown but always consistant about one thing and one thing only. When the "system" appears at risk he wails whines for the goverment to bailout the casino.
Does any of them ever say sell this now, or when? It's like were all in that one tenth of one present at the top, and have unlimited cash to just BUY BUY BUY. If I want to buy something, I have to first sell something (old and living on SS and savings).
Sept. 14, 2008 is the night the bubble began to burst for all to see. We've had some success at reinflating it, but it's going to pop again a la 1931. Everything flatlines and the Reichstag begins to burn. This time around, when the historians write about it in the future, America and her allies will be the bad guys :-(
Not to be too cliché, but history is written by the winners. For America to be the bad guy, America would need to be defeated. Given that the US spends as much on its military as the rest of the world combined, I'm not sure I see a clear path here. Certainly all empires eventually expire, but if the comparison is to 1931, I'm not sure how we play the role of the Nazi's, exactly. I'm not saying that I disagree with you completely... I just don't know if "history repeats itself" means we are the Nazi's of the 1930's. Maybe we're the Romans of (pick a date).
the Reichstag incident occurred on 9/11/01. ;)
@Dingleberry, I told my wife that I would like to short this crap market. But the extend and pretend crowd are too alive.
There will be the event, (Black Swan), that blows it up. She asked how will we know. My Answer was simple.
"Zero Hedge" . They will tell us the news we can use and when. Kind of like the deer in headlights thing. It works Eh.
The problem is it will happen over the weekend or at least overnight. Anyone have good ways to have shorts or puts and not be exposed to the ramp ups I'd love to hear. All I know to do is have a long enough expiration and add in increments as the ramping occurs. Anything I'm not seeing?
Nope, you have seen everything.
>>> Physical Gold.
Does not have an expiration date.
No counterparty risk.
Your wealth in your hands.
thx for the history review
We're making our own free press! Screw the lamestream!
What a group of Happy Faces.
And unless the crooks who caused this and frauded America go to Jail, we will do this for 10 more years.
Seeing these videos reminds me why I don't watch that shit on TV anymore. All they do is show their boobs, and suck off the bankers and advertisers. On the flip side, if it wasn't for their rank dishonesty and hypocrisy, we wouldn't have blogs like ZH!
Here's one response to Fox tv boobs:
http://www.youtube.com/watch?v=UZ16u-szAhQ&feature=related
Weird. I watch CNBC solely for Maria, Melissa, Asian Melissa, and Amanda's boobs.
I had the privilege of meeting Amanda Drury in Sydney back in 2008. If you think she's beautiful on screen, you should see her in person. Breathtaking. And nice.
Who cares about them. There are 7 billion people on the planet. Decent looking chicas are literally everywhere, and lots more outside the U.S. -- and that's only because we have a high number of fatties in the lower 48. Not saying this is you, but I cringe at dudes who go nuts over some chick. I ask myself why, when there are so many.
Oh Lord, please don't let it take 3 years for Europe to play out.
It will probably take 3 more years for Lehman to play out in the U.S.
here's a full bbcdocumentary on the collapse
http://www.planbeconomics.com/2011/09/14/sept-15-3-year-anniversary-of-t...