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Timmy will pull some stupid ass stunt in an attempt to quash these.
And we can all thank Blythe Masters for being one of the main drivers behind the creation of the derivatives market.
Putting the 'poof' into liquidity.
QE3 guaranteed as QE 1 and QE2 was how The Bernak was able to give free money to the banksters. QE3 coming soon, so nice gold and silver play here (buy).
MSM has not been spining the bank lawsuits like they spun the USA doungrade to AA+
Doesn't the banks own the MSM?
I smell a spat between TPTB
Hmm, WHY ISN'T Wells Fargo on that list?
Good point. My take on this is that some sacrificial lambs of a very hated sort are about to be offered up to people to quell some of the rage. Have Blankfein do the perp walk and we can all pretend that there is justice in this country while the FED quietly does it's thing, the Patriot act continues to exist, molestation by TSA is still a daily occurrence. Just offer up a few of the big boys (who lets face it are just errand boys for the REAL powers) and the masses will be quieted for awhile.
It's sort of like the banking version of replacing the hated white man Bush (who is definitely worthy of hate!) with the friendly well spoken black man affirming we still have a Democracy. You chumps buying that shit? Please pay no attention to his voting record around retroactive immunity for the telecoms...
Yeah that's what I think is going on the magician is getting nervous we might start paying attention to the important hand, better do something REALLY eye catching with the front man hand. Also, if they take out some of the banks it would be a perfect scapegoat for a deeper crash that leads to oh, I don't know, global monetary integration and coincident global government? It was the naughty Junior Varsity bankers! Now let us all follow the lead of the BIS and G-20.
Kudos to Bruce K for sniffing out the FHFA ...
The squeaking wheels get louder by the day... soon we will see a little smoke from the wheel bearings... and when the first wheel falls off hell will be coming to breakfast.
All we can do is try to be prepared as best we each can... good luck.
Ouch, I can feel each one, oh woe are we...!
DCRB... I had your biz in mind when I posted above... New spindles and axles required... just wheel bearings will not do... :)
Hah! Just what I suspected!
I just put up a new article at my blog re the Debt, Gold vs. Platinum and the Banks being sued. Anyone curious? Send me a gmail at my name and assure me you will behave and I will send the link to my bog. I ask this as I publish under my own name. Over 200 of my readers came from ZH.
US Taxpayer bails out the banks... Then Sues the banks to recover... the banks fail and the FDIC (read Taxpayer) bails out the er, ah Taxpayer...
Actually, I don't think so. If Treasury didn't want this to happen, Geithner could have fired DeMarco prior to the filings. No, there is some kind of game going on here, but we don't know what it is yet. If DeMarco did this against Geithner's will and he doesn't fire him, then we must conclude that the political price is too high. I happen to think that DeMarco is a tougher cookie than the admin. thought, else they wouldn't have given him the job. The cynic in me wonders if this is a ploy by Obama to test the public's mettle. If the public demonstrates strong support for this action, maybe, just maybe, Obama will toss the banksters overboard.
Thoughtful and original concept... I like it.
Pure fairytale but I like it.
Obama tossing the bankers would require HIM to have the ability to think thoughtfully and originally. The bankers write all his speeches... he just reads them and tries to look like a regular joe. Put more crudely, they have their hands far enough up his backside to make his mouth move.
Even if what you say is true, I lay odds on success at 1:1,000,000 even WITH strong public support. Kennedy tried it and look where it got him.
It may sway some. But the lack of Wells Fargo on the list and the Warren Buffett connection won't go unnoticed..
This election cycle is going to be the dirtiest / shittiest / most fun to sit back and watch..
pass the popcorn.
Elliot Spitzer tried it in New York and look where it got him.
People forget that even Jamie Dimon and Lloyd Blankfein are but mere Junior Varsity bench players compared to those who OWN JPM and GS let alone the holders of FED and BOE stock. That's the real power and they have long shown a willingness to throw a few of those guys to the angry horde to placate the horde whilst they operate in the shadows.
No doubt if any big guy went to jail he would need to think long and hard about opening his mouth lest he get sent a message or have a lethal accident just ask Madoff: http://www.brokencountry.com/index.php/2009/12/24/bernie-madoff-takes-a-beating-in-prison/
Yeah, I know there were later denials, but I think Bernie was sent a message and it was STFU before you have something really bad happen to you or your family.
Chromer..been wunnerin how DeMarco got off the resevation without a pass from tiny turbo meself..Got me a gold foiled helmet to proved I'm nuts.
Probably, but then I never thought they would even make the appearance of acting upon the FCIC* report and the hard work by Phil Angelides and Brooksley Born!
Sure, I may be the ONLY American outside of the DOJ who has actually read the entire report, and while I was aware of the mechanics of the entire thing long ago, it WAS NEWS to me about Clayton Holdings, that forensics analysis firm the banksters hired to audit their faulty loans --- and when the Clayton people explained that this one was 1/2 bad, and that one was 1/3 bad, etc, etc., the banksters ignored them and went ahead with their bundling and tranching anyhow. (Criminal intent to defraud)
And when Clayton Holdings offered this data (free of charge) to S&P, Moody's and Fitch --- the three primo ratings giants told them they didn't want to know about it. (Colluding with intent to defraud)
Yes, this is probably just a political gambit, but it would be nice to dream of at least one honest person at the DOJ.....
*FCIC: Financial Crises Inquiry Commission
I guess it's time to start a new war than, Iran and/or Syria looks ready for picking
Save fuel, do them both and throw in Yemen and Somalia for shits and giggles.
The UN and the Red Cross (both Rothschild subsidiaries) have already taken care of Somalia.
Like I said on a nearby thread, I am taking out $500 / day from the ATM this weekend!
people at work looked at me wierd a couple weeks ago when i filled out the form to stop having my checks direct deposited to my bac acct
i guess they'll be filling out there own forms on tuesday
'i' before 'e' except after 'c' .... forget all that followed but 'weird" was one of them :)
And they will soon be filling their foodstamps forms too.
Go into the branch and take it all out tomorrow. I'm doing the same.
WOO! BUY SILVER CRASH JPM... err wait...
Same here, DCRB. I've got the bare minimum in the ol' community credit union. Not earning interest, so may as well keep it handy for he regular coin shop excursions.. ;)
Some 20 years ago I got my first ATM card. The limit I could take out was $300. That was often pretty close to being enough to buy an oz of gold.
Now I can take out $500 a pop. Takes 4 ATM visits to get enough cash for an oz.
Also, there is no opportunity cost to holding long green, since they pay essentially NO interest on our savings...
I made a phone call to BECU HQ and now they 'graciously allow' me to pull out $1000/day at the ATM. Nearly brings a tear to my eye, their kindness. Shall I kiss their feet...? [sardonic lolz]
At least, there is no opportunity cost until this idea is resurrected
WASHINGTON -- US currency should include tracking devices that let the government tax private possession of dollar bills, a Federal Reserve official says..."
Apparently, such an idea did not completely die in 1999. See this 2009 FT blog post very seriously discussing the need for, and practical issues related to, negative nominal interest rates (read: tax on cash).
"....Taxing currency may be awkward and intrusive, but abolishing currency is not just easy (just do it) but also has considerable advantages as a blow against criminality and terrorism....
To get the bearer to come forward to pay the negative interest [on cash holdings] we can either rely on honesty and a sense of patriotic duty, or we can impose sanctions for non-compliance. I am afraid penalties for non-compliance (fines, a day in the stocks) would be required to make negative interest on currency work. This would require random checks etc...."
The article carries an implicit (and sometimes not so implicit) assumption that people carrying (read: hoarding) cash are suspect. Mentioned criminal and terrorist activities.
This article references a 2009 NBER presentation, http://www.nber.org/~wbuiter/negative.pdf.
It has a chart entitled "If currency creates the zero lower bound, what can be done about it?" with such ideas as
- "Abolish currency (first?best solution!)
- Replace currency with universal accounts with the central bank, possibly administered through commercial banks, post offices etc. Could pay positive or negative interest
- Tax currency and mark (stamp) it (Gesell, Irving Fisher). Like clipping coupons"
and a later chart proposes
- All currency notes ending in that integer, printed in that year or earlier, lose their legal tender status and are no longer redeemable/exchangeable at central bank for anything else
- "Problem: value of fiat money is what people think it is" (!!!!!). "Legal tender status not necessary. Threat of confiscation may still be necessary"
I need to read the NBER presentation in more depth, as aspects sound very similar to what has begun. Not sure if that was predictive or discussing the wheels in motion at that time. If predictive, very scary, as it implies further steps in the future.
dont spend that $1500 all at once
How about $2000 for a Gold Eagle?
QE 3 would be pretty pointless as well at this time.
Does this mean I don't have to pay my mortgage any more? <sarc>
You're still paying?
This smacks of posturing by the administration. "Hey look, we're doing something about those evil banks!" Right. I'll believe it when I see a judgment against them that isn't paid with taxpayers $s.
GP... Here you go... The banksters are robbing the world blind... Time for Obummer to grow a pair and throw them under the bus.
"Nassim Taleb: The American Economy Will Transfer $5 Trillion To Banker Pay And Bonuses Over The Next 10 Years"
"For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. In the United States, the sum stands at an astounding $2.2 trillion.
Extrapolating over the coming decade, the numbers would approach $5 trillion, an amount vastly larger than what both President Barack Obama’s administration and his Republican opponents seem willing to cut from further government deficits.
That $5 trillion dollars is not money invested in building roads, schools, and other long-term projects, but is directly transferred from the American economy to the personal accounts of bank executives and employees.
Such transfers represent as cunning a tax on everyone else as one can imagine."
Sure, obviously. What isn't obvious to me is that the .gov has all of a sudden sprouted a pair and is going to bite the hand that feeds them hard enough to draw blood.
Its not at all obvious until you read this piece from Bruce Krasting...http://www.zerohedge.com/contributed/feds-plan-rumors-news
This is the first step. The second is for obummer to announce a settlement where the banks refi everyone's mortgage at a low rate as punishment. Except it doesn't really hurt that much and by paying off all those pre-2008 mortgages and writing new ones, it gets the banks out of a big chunk their MERS risk. It also lets obummer put an extra hundred or two each month in the homeowner's pockets in front of an election and gives banana ben a trillion more bucks to throw at the bankers for their trouble. I would really love to know who thought of this; it is simply brilliant.
Yeah but you turn away from one pet dog and begin lavishing your attention on the other...makes the ignored doggie mad enough to bite. The Banksters' $$ donations and under-the-table back-pats are more and more going to the GOP. Much to O'B's displeasure me-thinks.
Can I sue you?
maybe i could sue for punitive damages...that you're giving me...
+1 Jerky Boys reference
here is the bit http://www.youtube.com/watch?v=QhjBlPucpd0
That I'm giving you? I'm a lawyer whet did I do to you?
So you want to sue me? I'm a lawyer...
I was drinking, and I lost control of the bike.
well......my shoes fell off......
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