FASB RULES RULED OUT BY CORRUPT CONGRESS

EASY READING CULTURE OF LIFE NEWS:  FASB RULES RULED OUT BY CORRUPT CONGRESS « Culture of Life News 2

 

Millions of Americans voted for ‘change’.  Instead, we get ‘stagnation.’  This is due to the absolute army of still-very ‘wealthy’ lobbyists and donors to both parties, infesting the system.  So even the smallest reforms are thrown out the window.  And even slight changes in our disastrous foreign policies and expanding warmongering, are defeated before they even appear in public.  So we don’t have ‘change’, we have ‘more of the same.’  For example, the mark-to-market rule is being tossed overboard so banking gnomes can set fantasy values on trashy tranches that switched from being assets to debits, two years ago.  This is because many of these loans are NON-PERFORMING assets which means, they are losses since no one is paying any interest or principal on them.This news is disgusting, disturbing and stupid!  I am furious about it.  Obviously, the gnomes will list the value of worthless paper much higher than it really is so that they can lend more phantom money!

 

Mark-to-Market Lobby Buoys Bank Profits 20% as FASB May Say Yes – Bloomberg.com

 

Four days after U.S. lawmakers berated Financial Accounting Standards Board Chairman Robert Herz and threatened to take rulemaking out of his hands, FASB proposed an overhaul of fair-value accounting that may improve profits at banks such as Citigroup Inc. by more than 20 percent.

Look at the credentials of Mr. Herz:

FASB Board: Robert H. Herz

  • Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm’s Global and U.S. Boards. He also served as a part-time member of the International Accounting Standards Board. Mr. Herz is both a certified public accountant and a chartered accountant.
  • Mr. Herz joined Price Waterhouse in 1974 upon graduating from the University of Manchester in England with a B.A. degree in economics. He later joined Coopers & Lybrand becoming its senior technical partner in 1996 and assumed a similar position with the merged firm of PricewaterhouseCoopers in 1998.

He is an accountant.  This means, he deals with  numbers.  Accountants don’t do fantasy numbers.  They like to balance the books.  This is something the gnomes hate to do.  They prefer open-ended systems whereby they can simply put in more and more numbers to infinity.  

Congress is corrupt.  This is why they threatened Mr. Herz when he tried to run a sane and fair system which values things for what they are worth, not what the gnomes wish they would be worth.

 

For example, in Japan, many zombie banks refused to write off dead loans.  We had rules that if a loan’s interest wasn’t paid at all for just 60 days, it is in default and the loan moves from the banker’s ‘asset’ column to the ‘deficit’ column.  This is classic bookkeeping that is pretty ancient.  

Banking systems that over-lend and cause huge bubbles like the Japanese property bubble of the late 1980’s, go bankrupt if the owners don’t pay off the loans.  This happened to us, now.  And this is why a central bank has to figure out how to kill bubbles before they grow, not after they are obvious to everyone who rush into this market to speculate.

The changes proposed on March 16 to fair-value, also known as mark-to-market accounting, would allow companies to use “significant judgment” in valuing assets and reduce the amount of writedowns they must take on so-called impaired investments, including mortgage-backed securities. A final vote on the resolutions, which would apply to first-quarter financial statements, is scheduled for April 2.

In other words, our dear zombie banks will be suddenly capitalized by lying bastard gnomes making up values out of thin air.  They don’t want real values, they want to simply lie and claim, they are sitting on a nest of golden eggs, not rotten yolks.

FASB’s acquiescence followed lobbying efforts by the U.S. Chamber of Commerce, the American Bankers Association and companies ranging from Bank of New York Mellon Corp., the world’s largest custodian of financial assets, to community lender Brentwood Bank in Pennsylvania. Former regulators and accounting analysts say the new rules would hurt investors who need more transparency, not less, in financial statements.

All the time, people mock me when I talk about China’s meteoritic rise in the finance world.  They tell me, China’s banks have problems!  China doesn’t have an open system!  And so on.  But pray tell, who are the ‘investors’ who have money to hand over to the top 5 US financial powers?  Aside from Warren Buffett who recently became part of Goldman Sachs?

These investors are people like the Chinese.  And US retirement funds.  The need to keep up the fiction of growing value when in reality, people are not paying off debts, is key to keeping our empire afloat.  We can pretend our investments are growing while handing it all off to a bunch of Madoff clones who are not creating wealth at all.  Our legislators want the ILLUSION of wealth!

Officials at Norwalk, Connecticut-based FASB were under “tremendous pressure” and “more or less eviscerated mark-to- market accounting,” said Robert Willens, a former managing director at Lehman Brothers Holdings Inc. who runs his own tax and accounting advisory firm in New York. “I’d say there was a pretty close cause and effect.”

 

 

 

This is yet another illustration how the low taxes on the wealthy has greatly increased the political power these rich tax evaders gained.  They don’t want to pay taxes to reduce our government’s overspending.  They don’t want rules that help investors see into the black boxes the wizards use to create the illusion of growing wealth. The debt system has so overtaken all systems in America, instead of undoing this mess, we are doubling it every year!  

 

The entire reason these lobbyists want no rules is simple: if they don’t have to give an accurate accounting, they can lie.  And when they lie, they can pretend they have capital.  This faux capital then is used to create more debt!  This is how they flooded all systems with immense amounts of debts in the first place.  The ending of the Japanese carry trade and the Bank of International Settlements rules forcing them to accurately price their debt holdings, killed the manic markets that ran from 2003-2007.


High and Low Finance – Bankers Point to the Rules as the Problem – NYTimes.com

 

If mark-to-market accounting is to blame for the current financial crisis, then the National Weather Service is to blame for Hurricane Katrina; if it hadn’t told us the hurricane hit New Orleans, the city would never have flooded.

Good analogy!  The need for crystal clear honesty in banking is paramount to the system’s operations.  For it is all about ‘trust’ and you can’t trust liars.  And I swear, our top bankers seem to be an army of Pinnochios with noses longer than a mile.

This is the logic the bankers are using, and they are getting sympathetic ears in Congress. The bankers have gotten two members of Congress to introduce a bill to establish a new body that could suspend accounting rules for financial institutions.

We could call this new body, ‘Bad Bank Protection Agency’.  The sole operations will be to prevent any laws, rules or regulations to interfere with lying, cheating and stealing.

Edward L. Yingling, the president of the American Bankers Association, says the proposal addresses “systemic risks that accounting standards can have on the economy.”

HAHAHA!  Using sane accounting standards that demand accuracy will destroy our economy!  And people tell me, I should chew out the Chinese?  HAHAHA.

Steve Forbes, the publisher and erstwhile presidential candidate, goes even further. “Mark-to-market accounting is the principal reason why our financial system is in a meltdown,” he wrote in a Wall Street Journal op-ed piece.

 

Forbes is a classic silver spoon in mouth jerk.  Of course, if lying bankers go under because their bottom line proves to be a bottomless pit, this is the fault of the accountants who added up all the numbers.  If we could pretend things were worth whatever we wish, will will try to pretend they are quite valuable.

 

But all things must eventually be sold, to determine value!  And we set value based on what similar items sold for in the recent past.  This is what the bankers want to evade.  They know perfectly well, how this system works.  But don’t want it to work.  For this would mean, they can’t lend unless they first find some capital.  And capital is in very short supply, right now.  Funny money, on the other hand, is pouring out of the Federal Reserve at an astonishing rate.

ALFRED: ALFRED Graph

picture-213

OH MY GOD!  Just look at that graph.  In 1960, the monetary base was only about $20 billion.  It then rose very gradually to $200 billion twenty years later.  Then, it shot up to $600 billion in another 20 years.  Three times bigger.  Then, in just 8 years, it shot up to $800 billion and then took off like a rocket, hitting $1.75 trillion in just three month’s time!  That is a more than doubling in the monetary base in just one quarter!

 

This is INSANE.  Look at the grey lines.  These are recessions.  During none of the previous recessions, did the US Federal Reserve make the monetary base grow more than a few percentage points!  This is the clear indication, we have a collapsed system.  Not just banking.  Not just commerce.  We are seeing the dollar DIE.

 

 ALFRED: ALFRED Graph

picture-316

Notice the difference between currency in circulation versus monetary creation via Fed printing presses!

picture-413

See how the two are in near total harmony over half a century and then boom!  Off it goes…this shows that the money being created is NOT IN CIRCULATION.  And god help us, when it does circulate!  We have more than doubled the amount of ‘money’ that has the potential of circulating.  If this isn’t a harbinger of future hyperinflation, I’ll happily spend my Deutsche Reichsmarks I have from the Weimar Republik.

 

The lying bastard bankers are holding all of this funny money!  And are most anxious to turn it into DEBTS but cannot, so long as they have to be honest about the losses on their books.  I swear to god, this is just so infuriating.  

 

And look, the Chinese ARE NOT DOING THIS.  They have real wealth.  They want to preserve this.  If our only way to undo the holdings of China, is to create hyperinflation in America, watch out.  Did that fix Germany’s financial problems?  And did starting WWII fix Germany’s financial position?  History is very clear about the answers.

 

As usual, I am not very educated in these matters so I like looking up stuff to see if there is something to learn.  99% of the time, I learn something, even if this seems rather tiny in comparison to other people.  Oh, look at the FASB!  They don’t want their information disseminated.

 

FASB: Financial Accounting Standards Board

Copyright Notice for FASB Pronouncements Listed Below

Copyright © by Financial Accounting Standards Board. All rights reserved. Permission is granted to make copies of this work provided that such copies are for personal or intraorganizational use only and are not sold or disseminated and provided further that each copy bears the following credit line: “Copyright © by Financial Accounting Standards Board. All rights reserved. Used by permission.”

This organization is supposed to be protecting us from crooks.  But they don’t want their data or their information spread all over the internet, eh?  What sort of malarky is this?  Why the secrecy?  Why not beg us to publish them, to spread the information?  Eh?  EH????  Good barking grief!

Well, in defiance of this restriction, I am going to give a little bit of what these guys want to say but don’t want broadcast across the planet:

 

General Descriptions of Exposure Documents

Exposure Drafts—An Exposure Draft is a draft of a proposed Statement or Interpretation for an FASB technical project that proposes standards of financial accounting and reporting, an effective date of application, and a method of transition. An Exposure Draft also includes background information, an explanation of the basis for the Board’s conclusions (including its reasons for accepting certain alternatives and rejecting others), and a summary of the more significant and relevant points of view communicated to the FASB at public roundtable discussions and in written comments and position papers.

Discussion Papers—A Discussion Paper is a discussion document that can be used to solicit input on major issues (or on a subset of issues) addressed in a project. It also can be used to solicit input on a variety of matters, including (a) matters specific to a possible agenda topic and (b) a discussion document, Exposure Draft, or other document issued for public comment by another standard setter. A Discussion Paper that contains the Board’s preliminary views generally is issued in the early stages of the project and focuses on the tentative decisions and any alternative views discussed by the Board in its deliberations of the project.

Proposed FASB Staff Positions (proposed FSPs)—These draft documents are used to solicit comments on proposed narrow and limited revisions to GAAP literature (including Statements, Interpretations, EITF Issues, APB Opinions, and AICPA Statements of Position and Audit Guides) in a more timely and consistent fashion than other draft documents.

EITF Tentative Conclusions (Draft Abstracts)—Prior to reaching a consensus on an EITF Issue, a tentative conclusion must be established and then, based on that tentative conclusion, a draft abstract is issued for public comment. Prior to issuing the draft abstract for public comment, the FASB Board must ratify the tentative conclusion and approve of its exposure for public comment. The Task Force will review comments on a draft abstract at a future EITF meeting to determine whether to approve the tentative conclusion as a consensus.

Statement 133 Implementation Issues—These Q&A style draft documents represent tentative conclusions on implementation questions on FASB Statement 133. Their status is tentative until it is formally cleared by the FASB and incorporated into an FASB staff implementation guide.

The gnomes read this document and they commented on it, too.  At top volume, screaming, jumping up and down like monkeys deprived of bananas.  Did anyone else see this document?  No?  HAHAHA.  Not for you or I, my friend.  We are sidelined, as usual.  Here is part of the 133 document:

 

http://www.fasb.org/draft/ed_amendment_fas162.pdf

 

Information for Respondents 

 

The Board invites individuals and organizations to send written comments on all 

matters in this proposed Statement, particularly on the questions listed below. 

Respondents need not comment on each issue and are encouraged to comment on 

additional matters that they believe should be brought to the Board’s attention. Comments 

are requested from those who agree with the provisions of this proposed Statement as well 

as from those who do not. 

 

Oh boy!  I want to comment!  HAHAHA.  Yes, they want us to comment, all right.  But only if we

behave ourselves.  We can’t disseminate this for comment, of course.


Comments are most helpful if they identify the issues or the specific paragraph(s) to 

which they relate and clearly explain the reasons for the positions taken. Those who 

disagree with provisions of this proposed Statement are asked to describe their suggested 

alternatives, supported by specific reasoning. Respondents must submit comments in 

writing by May 8, 2009. 

 

The gnomes were most eloquent: they suggested the FASB jump in a lake.  And if they didn’t

the FASB would be replaced by a new regulatory group called the BASTARDS.  See?  This 

is Mafia talk for, ‘We will make a suggestion you can’t refuse.’

 

The Board specifically requests comments on the questions below: 

 

1. AICPA TIS Section 5100, paragraphs 38–76, would be applied prospectively 

for revenue arrangements entered into or materially modified in annual periods 

beginning on or after December 15, 2009, and interim periods within those 

years. Do constituents agree with the transition provisions for nonpublic 

entities that had not previously applied this guidance? Please explain your 

answer. 

 

HAHAHA.  That one got the full attention of the Hell Hounds and pirates!


2. Do constituents agree with the Board’s conclusion that this proposed 

Statement would not change GAAP except as described in Question 1? If not, 

please provide specific examples of the changes caused by this proposed 

Statement. 

3. Do constituents agree with the July 1, 2009, effective date for this proposed 

Statement?  If not, please provide a detailed explanation of the reason(s) for 

extending the implementation period…..  

 

The answer to this question was unambiguous: NEVER shall any of these provisions

be implemented! 

 

 

105-10-10 Objectives 

 

10-1 The objective of this Topic is to establish the Financial Accounting Standards 

Board (FASB) Accounting Standards Codification™ as the single source of authoritative 

principles and standards used by nongovernmental entities in the preparation of financial 

statements in conformity with U.S. generally accepted accounting principles (GAAP), 

except for rules and interpretive releases of the Securities and Exchange Commission 

(SEC) under authority of federal securities laws, which are sources of authoritative GAAP 

for SEC registrants.  

 

 

 

And we wonder why the SEC has been defanged?  We see that investors will not be protected at all if the hell hounds, pirates and gnomes all get to set the rules and determine compliance.  This naked lunge at preventing any controls or sane bookkeeping was done, in the open, in Congress, at the same time, the US public is in a rising fury over the huge bonus issue.  The power of the lobby has not vanished at all, it hasn’t even gone under any rocks.  They ignore us.

 

Speaking of clarity and information, I often go to Markit to look at the graphs that all show these instruments collapsing in value.  The losses have been up to over 97%.  So I trot off again and see this:

 

Markit Indices

picture-127

Far from openness, the doors are slamming shut!  What next?  Bernanke destroyed the M3 data dissemination.  Now, Markit is covering up the information so only the ‘right’ people can access it.  Eventually, all systems will be blacked out in the name of security.  We would imagine, the system would move towards more daylight, not deeper into the Cave of Wealth and Death!  

 

But then, as my series on the Cave of Wealth and Death clearly shows, it is very easy to make magical money in the darkness.  And this is what these guys yearn for, above all else: to totally control information so they can make up money at will and thus, create infinite funny money wealth.

 

Mark-to-Market Lobby Buoys Bank Profits 20% as FASB May Say Yes – Bloomberg.com

Mary Schapiro, sworn in as SEC chairman in January, testified to Congress on March 11 that the agency recommends “more judgment in the application, so that assets are not being written down to fire-sale prices.”

I was aghast when I heard the enabling bitch, Schapiro, was going to head the SEC.  She enabled Madoff!  How dare she run the SEC?

 

Goldman Sachs Group Inc. investment strategist Abby Joseph Cohen and Nouriel Roubini, the New York University professor who predicted last year’s economic crisis, made bearish forecasts last week about the outlook for the banking industry. Cohen says banks aren’t yet “in the clear,” and Roubini expects the government to nationalize more lenders as the economy contracts. The 24-member KBW Bank Index rose 21 percent in March, after slumping 75 percent during the prior 12 months.

By letting banks use internal models instead of market prices and allowing them to take into account the cash flow of securities, FASB’s change could boost bank industry earnings by 20 percent, Willens said. Companies weighed down by mortgage- backed securities, such as New York-based Citigroup, could cut their losses by 50 percent to 70 percent, said Richard Dietrich, an accounting professor at Ohio State University in Columbus.

 

A totally fake 20% hike, of course.  If we close our eyes and pretend, we can be or do anything.  But harsh reality will still triumph, eventually.  The more we do fantasy banking, the more dire and horrible the crash when reality breaks through at last.  And the reality is, China plans to take over control of world banking and our goofy irresponsibility simply makes this more likely.


“This could turn net losses into significant net gains,” Dietrich said. “It may well swing the difference as to whether bank earnings are strong this quarter, or flat to negative.”…

 

Yes, changing a debit into an asset is VERY EASY: just move things from one column to the other.


While helping lenders report higher earnings, FASB’s changes may hurt Treasury Secretary Timothy Geithner’s plan to remove distressed assets from bank balance sheets, Dietrich said. Allowing companies to hold on to assets without writing them down could discourage them from selling the securities, which would work against Treasury’s objective to resuscitate markets, he said.

 

Zombie banks with ghostly assets: what a great way for the world’s supposedly richest nation on earth to do: fake information justifying fake money values.  I don’t see this lasting all that long.


“It’s one of the unintended consequences of having the FASB bow to political pressure,” Dietrich said.

 

The last sentence puzzles me.  What is this garbage about ‘unintended consequences’?  Huh?  This is VERY INTENTIONAL.  And deliberate.  Obviously.  These guys are certainly addicted to lying.  Already, the banking gnomes are going nuts with joy:

 

Apollo, Colony May Start Funds for Geithner’s Toxic-Asset Plan – Bloomberg.com

 Apollo Global Management LLC, the private-equity firm run by Leon Black, and Colony Capital LLC may start funds to participate in the Obama administration’s program to buy distressed mortgage debt from U.S. banks.

 

They want to ‘buy’ so they can sell–FOR A HUGE PROFIT—to the US government.  This is why the whole rescue business STINKS TO HIGH HEAVEN.  If we can, in turn tax these profits to the tune of 90% and pay down our own losses, then I might assent.


The firms are among buyout groups that are considering raising as much as $1 billion each to invest in government- backed deals, said people familiar with the matter who asked not to be identified because the discussions are private. Apollo and Colony may reduce their usual fees to lure investors who might otherwise be wary of betting on a recovery in real estate markets, the people said.

 

Again, the secrecy!  They don’t want us to know that the pirates, gnomes and hell hounds who evade taxes and controls, are profiting from this bail out business!


“It’s a business that will be here for a while, and it’s a grind-it-out business,”Thomas Barrack, chairman of Los Angeles-based Colony, said in an interview, referring to distressed investing. “Some of the private-equity groups are equipped for that, and investors will pick and choose.”

 

Yes, this is grinding salt into gold.  A slow process but one that has NO RISKS.  Since the US government will buy all the garbage, without any quibbling.  The Rothschilds have moved very heavily into the bankruptcy business, family members have spread out across the world, forming bankruptcy groups.


U.S. Treasury Secretary Timothy Geithner, who outlined two public-private investment plans on March 23, is counting on buyout firms and hedge funds to lead as much as $1 trillion in purchases of toxic assets from ailing lenders. Private-equity managers have been looking for new opportunities since the seizure of credit markets in June 2007 all but ended their ability to take companies private in leveraged buyouts.

 

 

‘Take companies private’ is pirate talk for dumping immense amounts of debts on businesses and then running them all into the ground, to make them pay off these immense loans that were created by the pirates in the first place!  These are looting expeditions and should be terminated and taxed, not enabled.  This is why the entire world’s banking AND business have gone off the cliff!

 

Here is Engdahl’s article about all this:  Geithner’s ‘Dirty Little Secret’

 

The Geithner Plan, his so-called Public-Private Partnership Investment Program or PPPIP, as we have noted previously is designed not to restore a healthy lending system which would funnel credit to business and consumers. Rather it is yet another intricate scheme to pour even more hundreds of billions directly to the leading banks and Wall Street firms responsible for the current mess in world credit markets without demanding they change their business model. Yet, one might say, won’t this eventually help the problem by getting the banks back to health? Not the way the Obama Administration is proceeding. In defending his plan on US TV recently, Geithner, a protégé of Henry Kissinger who previously was CEO of the New York Federal Reserve Bank, argued that his intent was ‘not to sustain weak banks at the expense of strong.’ Yet this is precisely what the PPPIP does. The weak banks are the five largest banks in the system. The ‘dirty little secret’ which Geithner is going to great degrees to obscure from the public is very simple. There are only at most perhaps five US banks which are the source of the toxic poison that is causing such dislocation in the world financial system. What Geithner is desperately trying to protect is that reality. The heart of the present problem and the reason ordinary loan losses as in prior bank crises are not the problem, is a variety of exotic financial derivatives, most especially so-called Credit Default Swaps.

A must-read. Now, on to some news from the UK, the nation that is going under even faster than the US:

 

UK recession: ‘It’s even worse than we thought,’ says Office for National Statistics | Business | guardian.co.uk

 

Revised data from the Office for National Statistics (ONS) showed that gross domestic product shrank by 1.6% in the last three months of 2008, rather than the 1.5% previously reported. Worse than previously expected output in construction and services was blamed for the downward revision.

 

It is the worst performance since the second quarter of 1980 and confirms Britain is in the middle of a deep downturn following a contraction of 0.7% in the third quarter of last year and zero growth in the second.

 

Not that we have much to boast about:

 

Home Prices in 20 U.S. Cities Fell by a Record 19% (Update2) – Bloomberg.com

 

Home prices in 20 U.S. cities fell 19 percent in January from a year earlier, the fastest drop on record, as demand plummeted and foreclosures rose.

The S&P/Case-Shiller index’s decrease was more than forecast and compares with an 18.6 percent decrease in December. The gauge has fallen every month since January 2007, and year- over-year records began in 2001.

A glut of unsold properties may keep prices low, shrinking household wealth and damping spending. Still, sales of new and previously owned homes rose in February, indicating the housing slump, now in its fourth year, may ease as policy efforts to unclog credit and aid borrowers begin to take hold.

“There is still a lot of downward momentum,” said Michelle Meyer, an economist at Barclays Capital Inc. in New York. “We don’t think we’ll see a bottom in home prices until the second half of next year. The decline in home prices will continue to depress household balance sheets.”

 

Remember: the rise and fall of empires is all about relativity.  China is going up and up.  The US and UK are going down and down.  This is all that matters, in the end.  Europe and the US and Japan all have had a series of elections which basically had the old corrupt crew replaced with a new corrupt crew.  This is the problem!  Until we change the flow of money into the political arena, we will continue to have faux governments working for the wrong parties, doing the exact opposite of what they should do to stop this international train wreck. 

 

ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ

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54 Comments

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54 responses to “FASB RULES RULED OUT BY CORRUPT CONGRESS

  1. I’m a little confused here. Doesn’t the loss of mark-to-market mean all P&Ls and balance sheets automatically become suspect at best? On what basis can investors wisely invest? I would expect real corporate lending to get worse, not better, because questions about solvency will increase, not decrease. If I’m right, how can they expect this to end well?
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE; correct. All will be darkness. Watch out for the muggers. They are the pirates, gnomes and hell hounds.

  2. sharkbabe

    Hey Elaine, check out this guy Max Keiser .. boy have i been waiting to hear this kind of talk

    “These guys are financial terrorists. They should be decapitated.[..]

    “This is a pre-planned financial holocaust by financial terrorists .. I think if Bin Laden would be running the central bank in the US he would be doing a much better job and less damage …”

  3. rockpaperscizzors

    Obama is nothing more than a spineless Hoover. Andrew Jackson’s tombstone was “I Killed the Bank.” Obama’s shall be “I Destroyed the Republic.”

    Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion
    March 31 (Bloomberg) — The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year..

    New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

    President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending.

    “The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.” ……….(a table details how the Fed and the government have committed the money on behalf of American taxpayers over the past 20 months)

    That S*$##O#!!@B Blankfein in broad daylight has anointed himself as the KING of the USA AS OBAMA AND THAT TRAITOR GEITHNER KNEEL BEFORE THE EVIL EMPEROR. We the People are GS’s subjects and future generations of hereditary bondage shall be taxed into perpetuity to pay for the Empire Goldman Sachs Casino.

    “Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves . . . I intend to rout you out, and by the Eternal God I will rout you out!” — Andrew Jackson
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE; Wait until you see my OCC story coming up! All about Goldman Sachs and the Derivatives Beast!

  4. Paul S

    I imagine a number of people here are familiar with this site, but for those who are not, here is a link: http://www.opensecrets.org/lobby/top.php?indexType=s It list the top spending lobbyists. There is a host of other useful info as well. The list cries out for reform. I think most voters would be surprised to discover that the main business in Washington DC is NOT about where one stands on hot topics such as gun control or abortion. No, the main business of Washington DC is lining ones pockets–and then conning the voters into thinking that you care about them. Sad but true. The system needs a third and a fourth party in Congress.
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: I use Open Secrets. They are a most excellent web site. Highly recommend it to everyone.

  5. openlyhidden

    so payAttention wrote:
    “Actually you are describing the Enclosure laws that aggregated the common lands unto the crown. The process predates by many years the Napoleonic wars and had its trial run in Ireland, as the lands became fenced. The desperate famines are result of the commoditization of the stead’s local farm and the introduction of unicrop farming”
    ===================================================================
    i have always wondered how basically free peasants owning their own land (undoubtably living like happy hobbits in their shire) somehow managed to leave their farms where they had everything i would think and morph into horribly exploited slum living “workers” owning squat during the industrialization periods. i am a farmer and never understood what happened. i always imagined things got a lot better for the commoner once the slave holding corrupt roman empire fell and the peasants then lived together in subsistence-living “paradise” villages during “the dark ages”….i get that part. but i never could figure out how the hell they managed to lose their lands and families and homes and become the city dwelling shit upon proletariat. and you say “someone” just passed some laws and made the lands the kings land? wtf! and they expect to pull this shit off in iowa someday too do you think? wtf! anyway, i always wondered how this happened to the peasants. how did they lose their land. or am i confused about something here?
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: The peasants did NOT own the land. The lords owned the land. For example, one of my ancestors owned several hundred square miles of Ireland, Scotland and Western England. Got it the old fashioned way: killed the natives and told them, ‘I own it, you pay me rent.’ See? The farmers were not on horses with riders using spurs and stirrups, wielding large swords and wearing chain mail and kite shields. This is how all ruling elites begin: killing natives, taking over.

  6. More on AIG. Karl Denninger has found out the former AIG Financial Products’ CEO Joseph Cassano was feeding the Derivatives Beast in Liechtenstein and the Queen’s pirate coves. Enron style.
    .
    http://market-ticker.denninger.net/archives/916-Yoo-Hoo!-Yes,-Mr.-Cop-Over-THERE!-AIG.html
    .
    Way to go, Joe! X(

  7. Pingback: Topics about Culture » FASB RULES RULED OUT BY CORRUPT CONGRESS

  8. emsnews

    I was going to do the Denninger story this morning but had to leave the house. Will be talking more about it, his story is GREAT….later. Along with Goldman Sachs. Nasty, nasty stuff.
    .
    By the way, there is one way for ‘peasants’ to react to foreign invaders. We see this in Afghanistan. Fighting is hard work. But if pressed, I expect to see more of this if things don’t improve, fast.

  9. WNC Observer

    My understanding is that FASB charges for all of its materials because it needs the money. Unlike civilized countries with serious governments that actually try to do what is best for their people, more or less, the USA has “privatized” its regulatory functions, and expects private regulatory bodies like FASB to fund themselves. So they need to scrape together whatever nickles and dimes they can find, wherever they can find them.

    FASB should be funded by the government, but they aren’t. Lots of things should be done in the US, but aren’t.

  10. if

    Merkel said Germany and Russia share some common ground in their approaches to tackling the financial crisis, and that: “We hope we hold similar positions as we head for London.”

    “We must be very, very clear that the global financial architecture is changed in such a way as to prevent another crisis,” she said.

    Medvedev stressed that the global financial organizations – the International Monetary Fund and the World Bank – were created more than 60 years ago, under entirely different
    global conditions.

    “We need to think about how to give them the status of modern, vital institutions,” he said.

    He also highlighted the instability of global currency markets, and said a new system needs to be considered.
    http://tinyurl.com/cf4o6y

  11. emsnews

    What was so different in 1934? Just a different empire going broke.

  12. Bubba

    Any gnomes reading this?

    I can be bought, pay me $1,000,000 in gold and I will stop bitching about you on the internet!

    Just reply to this post with your offer and contact info.
    ΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: Wait, what about MY cut of the deal? Make it $2 million. Frankly, I will slay the Derivatives beast for them if they pay my about $600 trillion! Heh.

  13. DeVaul

    Well, Japan and North Korea are gearing up to set off a mini chain-reaction of war declarations that will eventually include everyone. Stranger things have happened: “Archduke Ferdinand! Look this way!”
    :
    Japan says it will launch missiles to intercept any “debris” from the NK satelite launch that might fall on Japanese territory. Right. I do not recall anyone ever launching a missile to intercept debris. If we could do that, all space debris would be cleared out in no time. Of course, NK says that it will “annihilate” Japan if it shoots down its satelite rocket.
    :
    We have stated that we will not intercept the rocket launch. Well gee, why bother if our pals in Japan will do it for us? Then we can look like we are defending them form North Korean aggression.
    :
    These are the same kinds of stupid games played by the imperial powers right before WWII broke out and ended the lives of millions everywhere.

  14. Gary

    Here comes another ball of excrement rolling down off the crumbling Wall St cliffs. AIG Bonuses were mere pittances compared to Merrill Lynch bonuses.
    36 pct of their TARP money went to the bonuses ! Kinda sucks the breath out
    of your lungs. Financial shock and awe. We’re all in Baghdad now holding our
    breath hoping the next one doesnt hit us.
    ………..
    From today’s http://www.alternet.org/workplace
    …………
    “Dennis Kucinich sent out a round of letters to top Treasury officials Monday morning, questioning how much they knew about bonuses paid to Merrill Lynch executives that totaled $3.62 billion, nearly 22 times the total bonuses paid to AIG executives. The payouts made up more that 36 percent of the TARP funds the financial institution received from the Federal government.

    The Merrill bonuses were 22 times larger than those paid by AIG ($3,620 million versus $165 million). They were also very large relative to the TARP monies allocated to Merrill. The Merrill bonuses were the equivalent of 36.2% of TARP monies Treasury allocated to Merrill and awarded to BOA after their merger. The bonuses, awarded mostly as cash, were made only to top management at Merrill. To be eligible for the bonuses, Merrill employees had to have a salary of at least $300,000 and attained the title of Vice President or higher.”
    ………………..
    Merrill should be Lynched.
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: WOW. Thanks for the news! Kucinich is a wonder, I voted for him in the past.

  15. Obozo

    You’ve got to be kidding me:

    http://www.msnbc.msn.com/id/29972428/

    A “relaxing, calm, beautiful place” may not be everyone’s description of Guantanamo Bay, Cuba, where the United States holds about 240 prisoners in a detention center that has drawn condemnation from around the world.

    But this was the opinion of reigning Miss Universe Dayana Mendoza of Venezuela…

  16. GS

    Dear Bubba,
    You have been such a thorn in our sides
    for so long maybe we can work something out.
    Please send us your contact info and where
    to send the check. Write us at GS:

    gs-investor-relations@gs.com  

    We can also supply you with a date.
    We have 10,000 women available.

    http://www2.goldmansachs.com/

  17. openlyhidden

    elaine said: “ELAINE: The peasants did NOT own the land. The lords owned the land. For example, one of my ancestors owned several hundred square miles of Ireland, Scotland and Western England. Got it the old fashioned way: killed the natives and told them, ‘I own it, you pay me rent…”
    ===================================================================
    well holy crap! you mean there never was a time after the western roman empire fell that decent normal ordinary peasant people were left alone finally to go about their happy hobbit peasant ways on land they called their own? what crap! you mean there was NOT a time after old roman land titles were no longer valid and before king arthur and the eurotrash rose up and became “nobility”? surely when the holy roman empire i.e. popes rules the church let the little common farmers own their own land surely!!!! surely!!!! what happened to the old roman estates? what you are saying basically was “gangs” and ganglords then provided “government” and took whatever they wanted and sucks to be the little person once again! and popes and lords were probably an “inprovement” in government….
    =====================================================================
    there just simply is nothing good about this world is there. the same kinds of people who are financial capitalists and drug lords now probably were with al capone before and before that were basically bandits and outlaws who got away with their evil deeds and started calling themselves earls and dukes and lords? what kind of shitty world is this i demand to know!
    =================================================================
    so waht you are saying basically is if obama and the financial capitalists do not pull this off and “save us” by giving all the money in the world to criminals and worse comes to worse and the usa government fails and there is no longer any law of the land, then theoretically i could load my gun and go to my neighbors house and inform him what, his land is my land now? and his child bride wife is mine if i want? as is his horse? and make him my slave? and i could call myself a duke or earl if i can pull it off. heh. so you people had better not fuck up if you manage to overthrow the government and do away with the lawyers, i expect to be able to keep my farm and be left alone to read Homer….what a load of crap!
    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: When there is total chaos and a power vacuum, the people who have the weapons end up taking whatever they can. And this can be quite a lot. For example, when the Mongols flooded into China, the Middle East and the edge of Europe, they killed nearly everyone they met.

  18. Zak

    This is amazing!

    IBM files for a patent on software to calculate how to
    offshore jobs and maximize tax benefits!

    http://tinyurl.com/cv3t5e

  19. criticalcontrarian

    “Rules” no longer exist, FASB or otherwise, Elaine. The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the US last year. They did this to bailout the oligarchs, the elite. Period. Pure and simple. If there were any “rules” this would not be the case. Think about it, these oligarchs own most everything, and the people own practically nothing, therefore the people have nothing to loose, the elite do. So why pay for them? If every American stopped paying taxes what would they do, put +200 million people in jail? Fat chance. Let the elite eat their faux currency. Reads about this stupidity @ http://tinyurl.com/cwmq4u

  20. Gary

    The “peasants” did far better when the Celtics ran the Celtic (british) Islands.
    They may have fueded with eachother like the Hatfields and McCoys but back then
    they were the owners of their land–in the extended family sense of ownership. Not perfect conditions but better than after the Saxons and later the Normans invaded.
    …………..
    The first wave of peoples to the Islands probably had it the best. Back when the
    Islands were mostly Oak forest and game was plentiful–before the land was deforested, overcultivated and the marginal areas overgrown by the peat moss.
    But we’re talking 3000ys ago or more.
    …………….
    Och ! Civilization is so beautiful with art and architecture but has such a bloody
    seamy underside that, most of the time, is well hidden from view.

  21. OC

    CC,

    The Germans are raiding the COMEX for gold even as we speak:

    http://www.itulip.com/forums/showthread.php?t=9111

    or

    http://www.cmegroup.com/trading/energy-metals/files/delivery.pdf

    They certainly know the SHHTF!!

  22. On marking to model: I would tell the banks, you can pick the higher of mark-to-market or mark-to-strict-model to value your securities. All marked-to-model securities shall have transparent and accurate modelling and accounting of all underlying securities and loans; i.e., securities and loans that are defaulted are marked ‘zero’ unless proven otherwise. Any underlying items that are fraudulent (example: non-existent mortgages, no house address for a mortgage, etc.) will be marked zero no matter what, for ever and ever. All securitirs’ values must be updated overnight, prior to the start of the next business day and posted on the web for all to see.
    .
    And we will get to watch the value of all these derived ‘securities’ plummet like a rock that was rolled off a cliff, singly and in total, regardless of whether it was based on model or market.

  23. The G20 is coming up and it’s not just Russia and China that are getting antsy about Obama’s bailouts and stimuli. Now, even Germany is expressing their reservations. I am thinking, if there is some kind of accord that doesn’t include Britain and the United States, select headlines (like the NY Post) will read: G18 TO US & UK: DROP DEAD.

  24. OC, one of the forum participants has alleged that Goldman Sachs is borrowing gold for sale to Germany, who is buying gold from BNS and GS. And what if GS can’t return the gold it has borrowed, or the same quantity of other gold? My, my, my! What a web [gnomes] weave when at first they begin to deceive!

  25. seraphim

    Some philosopher (east-european) defined stupidity “to stand stockstill with the project”. Is the project PNAC?

  26. Pingback: Topics about Models » Archive » FASB RULES RULED OUT BY CORRUPT CONGRESS

  27. emsnews

    Hope we find more news about the gold delivery. Wow.

  28. OC

    Elaine,

    Talk about being stupid; the Germans are running to go for protection just like Russians & Chinese while throwing a smoke screen bullshit…

  29. OC

    Elaine,

    Sorry, I mean gold for monetary support…

  30. criticalcontrarian

    OC, the only thing I am trying to figure out at this point is WHO is in control of the music volume knob, who will switch the music off in this game of musical chairs? Once we are clear who that is then we can get a good read of WHEN, and I don’t mean WEN! LOL. Well, maybe I do… 😉

  31. Simon

    Reminds me, of the following scene in The Holy Grail (skit)
    BLACK KNIGHT:
    None shall pass.
    ARTHUR:
    What?
    BLACK KNIGHT:
    None shall pass.
    ARTHUR:
    I have no quarrel with you, good Sir Knight, but I must cross this bridge.
    BLACK KNIGHT:
    Then you shall die.
    ARTHUR:
    I command you, as King of the Britons, to stand aside!
    BLACK KNIGHT:
    I move for no man.
    ARTHUR:
    So be it!
    ARTHUR and BLACK KNIGHT:
    Aaah!, hiyaah!, etc.
    [ARTHUR chops the BLACK KNIGHT’s left arm off]
    ARTHUR:
    Now stand aside, worthy adversary.
    BLACK KNIGHT:
    ‘Tis but a scratch.
    ARTHUR:
    A scratch? Your arm’s off!
    BLACK KNIGHT:
    No, it isn’t.
    ARTHUR:
    Well, what’s that, then?
    BLACK KNIGHT:
    I’ve had worse.
    ARTHUR:
    You liar!

  32. OC

    CC,

    From what I gather so far; there are 3 major parties – Anglo Saxon alliance, Franco-German & Russian-Sino fighting for their share of the ‘pie’. Sino is now trying to set up the Yuan trading zone on both sides of the Pacific Ocean perhaps by 2020 as US economic collapse have thrown their plans into disarray. The Bear is going for energy control be it gas or oil. Frankly, I am not sure what the French, Germans and Japanese intend to do if USD goes down – surely they should know there is no market for their goods once US goes under. The Anglo Saxon alliance is reliving 1929 UK version again – this time it is the US empire that will be divided up.

    Seems to me like the Dragon is setting the pace to turn up or down the music slowly but stealthily – not just the US but to the rest of the emerging countries through extending the reach of Yuan. I think pegging it to gold or silver will be the final stage to replace USD as the reserve currency. It is letting USD set the time for its own demise.

  33. criticalcontrarian

    OC, that makes absolute sense. The Chinese think in 100 year projections, while the Anglo’s want everything yesterday, tomorrow is a distant fantasy. I have similar sentiments, they will allow the dollar to set the pace for its own demise. Question is, will the greedy bastards running the dollar dog and pony short it to make up for their huge losses once they start really seeing and feeling the pinch at home. The atmosphere in the US is quickly changing day-to-day, the situation is becoming critical in many States.

  34. criticalcontrarian

    I am of two minds, either they short the dollar or start on Iran. My bet is war with Iran, it’s their typical M.O. which has become so transparent. They need a new script writer. Pathetic.

  35. emsnews

    The solution that is always the #1 solution for all hyper-military states is to go to war.

  36. nah

    yeah im pretty much done investing in anything but cash and physical metal if they dont enlarge the foundation of this ugly thing… but i doubt its possible without a major structure change ‘ie broken permanently not under warrenty’… but maybe after all thair bullshit they were always telling the truth… the system has figured out the intrinsic value of paper money so that happiness can span the breadth of the earth
    .

    .
    disillusioned black slave…

  37. Gary

    Simon……..
    ……..
    Black Knight: “Come Here and I’ll bite your kneecaps off”

  38. Want REAL CHANGE in the Federal Government NOW? Without bloodshed? Then Google “Want REAL CHANGE in the Federal Government NOW?” to find out how.

  39. nah, soon all those military jets will BELONG TO CHINA.

  40. criticalcontrarian

    Ed-M: There is some scuttlebutt that two carriers already do! 😉

  41. criticalcontrarian

    Here some validation on the invade Iran scenario from no less than American media, and they are turning up the volume. Please note how the highest American military leader is lawyering for the Israelis. http://tinyurl.com/dnbhv2

  42. emsnews

    Yes, the Apocalypse is approaching. Talk about mass stupidity.

  43. cc, The US dot gov probably sold them, cheap.

  44. Simon

    Another day of mass rally in the markets
    Proof that majority is never right

  45. cc, You’re not kidding! Did Israel offer the General an Israeli dual citizenship?
    .
    And I’m sure you didn’t miss this classic from Bibi Natanyanu’s mouth: “You don’t want a messianic apocalyptic cult controlling atomic bombs,” Netanyahu said of Iran’s leadership, according to an excerpt posted on The Atlantic’s Web site. Yet Israel itself is intent on chancing the Apocalypse by bomb, bomb, bombing Iran! And Messianic Apocalyptic Cults can be Christian or even Jewish, for that matter.

  46. Man, did I ever mangle Netanyahu!

  47. Simon

    “You don’t want a messianic apocalyptic cult controlling atomic bombs”
    Well technically he’s right, Judaism and Christianism do have this important difference

  48. Simon, if Obama fails, chances are there WILL be a Christian Messianic Apocalyptic Cult controlling bombs! Either the The We’re-Ready-for-the-Rapture-End-Times Christians or the Let’s-Take-Over-the-Planet-and-Force-the-Second-Coming-Cause-We’re-Joel’s-Army Dominionist Christians!

  49. Last autumn, 60 Minutes “revealed” that the US Armed Forces were being larded with both cults. Of course, it was well known to those of us who were savvy enough to look for it in the Internets, for almost four YEARS.

  50. Angela

    Elaine, you have me too spooked to EVER have you read my Tarot cards… but I will assist you in any specific suggestions you may have in attempting to avert the Apocalypse!
    I wish I shared with you the sense of possibility that Obama is not already bought and paid for by the malodorious powers-that-be, although lots of people that I know who voted for him are hanging in for a bit longer with a benefit of doubt.

    Most of who I know that didn’t vote for Obama are convinced that he’s the actual Antichrist, are really buying and/or training with their new weapons and ammo and are waiting for the impending race war that Rush and Glenn have them preparing for. Professional, educated people have somehow forgotten that appearances deceive -that these media men are paid 100 million dollars a year for their services in dividing and conquering the populace.
    By now, how can anyone still believe that we have a genuinely functioning two party system? Or a still functioning Constitutional Republic? And to blame all of this on the it on the “liberals”?
    I just don’t understand it.

  51. Angela

    oops- meant to post this on Obama’s Tarot reading…

  52. emsnews

    That’s OK! 🙂

  53. criticalcontrarian

    Elaine and Angela, thought you might enjoy watching this, a Persian classmate sent it to me. When I went to school with them in the ’70s they addressed themselves as Persians, not Iranians. It’s an interesting vid on Persian culture and history fronm their perspective.

    I was not aware they practiced women’s rights, as well as were the only ones who protected the Jews. Very progressive. Now I begin to understand why, spell Roman, Greek, Christian and Arab. I guess the Jews of today have short memories, eh?

  54. Angela

    CC, I had to laugh when I saw the evidence of the 5,000 year old brain surgery from Burnt City- a woman-controlled city. Just maybe that big hole in the skull was from a tumor. Or, those women figured out back then how to deal with the obnoxious, agressive predators among us.
    Speaking of neo-cons, dominionists and garden variety haters… thought this was an interesting read… especially since I think we are under a massive group psychosis …

    http://samvak.tripod.com/terrorism.html

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