Results 1 to 2 of 2

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member AirborneSapper7's Avatar
    Join Date
    May 2007
    Location
    South West Florida (Behind friendly lines but still in Occupied Territory)
    Posts
    117,696

    It's Not the Great Recession It's the Great Bank Robbery

    It's Not the "Great Recession". It's the Great Bank Robbery

    by Washington's Blog
    Global Research, November 11, 2010
    Washington's Blog

    In case it's not crystal clear, this isn't the "Great Recession".

    It's really the Great Bank Robbery.

    First, there was the threat of martial law if the $700 Billion Tarp bailout wasn't passed. Specifically, Treasury Secretary Hank Paulson warned Congress that there would be martial law unless the Tarp bailouts were approved.

    As I pointed out last October: http://www.washingtonsblog.com/2009/10/ ... eeded.html

    The New York Times wrote on July 16th: http://www.nytimes.com/2009/07/18/busin ... gewanted=2

    In retrospect, Congress felt bullied by Mr. Paulson last year. Many of them fervently believed they should not prop up the banks that had led us to this crisis — yet they were pushed by Mr. Paulson and Mr. Bernanke into passing the $700 billion TARP, which was then used to bail out those very banks.

    ***
    Congressmen Brad Sherman and Paul Kanjorski and Senator James Inhofe all say that the government warned of martial law if Tarp wasn't passed:

    Video at the Link: Rep. Brad Sherman Martial Law

    http://www.youtube.com/watch?v=HaG9d_4z ... r_embedded

    Another 2 Videos at the Link that will not transfer: http://www.globalresearch.ca/index.php? ... &aid=21882

    Bait And Switch

    Indeed, the Tarp Inspector General has said that Paulson misrepresented some fundamental aspects of Tarp.

    And Paulson himself has said:

    During the two weeks that Congress considered the [Tarp] legislation, market conditions worsened considerably. It was clear to me by the time the bill was signed on October 3rd that we needed to act quickly and forcefully, and that purchasing troubled assets—our initial focus—would take time to implement and would not be sufficient given the severity of the problem. In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks.

    So Paulson knew "by the time the bill was signed" that it wouldn't be used for its advertised purpose - disposing of toxic assets - and would instead be used to give money directly to the big banks?

    And see this and this.

    But at least the bailout money was used to help the economy by stabilizing the financial sector, right?

    Sorry.

    As I wrote in March 2009:

    The bailout money is just going to line the pockets of the wealthy, instead of helping to stabilize the economy or even the companies receiving the bailouts:

    * Bailout money is being used to subsidize companies run by horrible business men, allowing the bankers to receive fat bonuses, to redecorate their offices, and to buy gold toilets and prostitutes

    * A lot of the bailout money is going to the failing companies' shareholders

    * Indeed, a leading progressive economist says that the true purpose of the bank rescue plans is "a massive redistribution of wealth to the bank shareholders and their top executives"

    * The Treasury Department encouraged banks to use the bailout money to buy their competitors, and pushed through an amendment to the tax laws which rewards mergers in the banking industry (this has caused a lot of companies to bite off more than they can chew, destabilizing the acquiring companies)

    And as the New York Times notes, "Tens of billions of [bailout] dollars have merely passed through A.I.G. to its derivatives trading partners".

    ***

    In other words, through a little game-playing by the Fed, taxpayer money is going straight into the pockets of investors in AIG's credit default swaps and is not even really stabilizing AIG.

    But at least the government is trying to help the struggling homeowner, right?

    Well, PhD economists John Hussman and Dean Baker (and fund manager and financial writer Barry Ritholtz) say that the only reason the government keeps giving billions to Fannie and Freddie is that it is really a huge, ongoing, back-door bailout of the big banks.

    Many also accuse Obama's foreclosure relief programs as being backdoor bailouts for the banks. (See this, this and this).

    But certainly quantitative easing is helping the little guy?

    Unfortunately, QE only helps the big banks and giant corporations, and the small number of investors who hold most of the stock. See this, this, this, this and this.

    And now, the government has announced that it will maintain tax breaks for the wealthiest while considering slashing social security and medicare.

    Warren Buffet famously said a couple of years ago:

    There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning.

    The proof is in the pudding: a small handful of people have ended up with a lot more loot in their safes, while everyone else has gotten a lot poorer. And, unfortunately, radical concentration of wealth is destroying both capitalism and democracy.

    The government has not only failed to enforce any laws to prevent theft, but has been so busy helping the big boys carry their bags of cash that - even with the sheriff's badges - it is difficult to tell who is who.

    http://www.globalresearch.ca/index.php? ... &aid=21882

    many, many links on this post; go to the link above if you wish to view them
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  2. #2
    Senior Member swatchick's Avatar
    Join Date
    Aug 2006
    Location
    Miami, Florida
    Posts
    5,230
    Last Friday there was an episode of Conspiracy Theory with Jesse Ventura called: "Wall Street."
    http://www.trutv.com/shows/conspiracy_t ... index.html
    "Wall Street" Premiered Fri, November 5 at 10P
    Jesse goes inside the secret billionaire's boy's club to find out what caused the financial meltdown and how the group allegedly continues to manipulate and control the stock market and oil, gold and silver prices. From Wall Street to Washington, the governor barges in on the rich and powerful to demands answers. TV-PG-L
    After seeing that episode, reading "The Foreclosure of America" by Adam Michaelson that discussed the rise and fall of Countrywide home loans, and articles in the news it makes sense. That Wall Street episode even had Ron Paul on it.
    http://www.youtube.com/watch?v=n6ZGZ3qs ... re=related
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •