SIGTARP Investigator Sacked After Fight With Geithner

Picture 8The cesspool of Washington, DC, was not cleaned out with the DNC victory taking over all levers of power.  When the GOP takes over, it most certainly is not cleaned up, either.  Like in Britain, both main parties are criminal affairs where the appearance of popular support is dropped like a hot potato the instant either party wins power.  This is why true campaign finance reforms are never passed whenever one or the other controls all three sections of our government.  Today, we examine the firing of the Chief Investigator of the TARP programs.

First, let’s look past the obvious struggle for power going on in Iran, with the people taking to the streets to openly challenge their government and look at dynamic China:

EastSouthWestNorth: The Shishou Mass Incident

Picture 3Hundreds of baton-wielding police on Sunday dispersed protesters and cordoned off a city hotel in central China after a young man’s mysterious death sparked unrest, a local official and a witness said…. Discontent with local officials and police in China often leads to mass protests, which can gather size and force with remarkable speed. Mild frustration can turn into fury within minutes.

Let’s be frank here: if any population in the US dares to overturn and destroy cop cars, masses of paratroopers move in to shoot and kill anyone who dares poke their noses above ground.  Look at how casual the people are who are looking at this defiance of police power!  In the US, they would be beaten and arrested just for taking photos!  The police in England are being investigated for beating to death, anti-WTO demonstrators and recently, beating grandmothers who took pictures of the cops at a demonstration against a power plant in England.

Then there is Israel: nothing from that hell hole ever makes the news. They kill peaceful demonstrators with utter impunity.  Even American citizens who are killed never make the US news.  So, as the US media gloats over chaos in Teheran or China, one thing we better remember: the only way we can take back power is to make life uncomfortable for both political parties!  So, let’s poke around inside the latest scandal and how it and others have evolved.

First, Senator Dodd is finally going to have hearings about the Derivatives Beast:

Derivatives Get Second Look From U.S. Congress That Didn’t Act –

Congress will take a second shot at the derivatives industry after its decision nine years ago to forgo regulations led to a $592 trillion market that brought financial firms to their knees. Using President Barack Obama’s regulatory overhaul proposal last week as a foundation, Senate Banking Committee Chairman Christopher Dodd is holding ahearing today on how to rein in a market that grew almost seven-fold since 2000 and complicated government efforts to assess the risk of banks’ interconnected trading when credit markets froze two years ago.

Lawmakers will field ideas from those who want to move all derivatives trades to monitored exchanges as well as from regulators seeking authority over dealers and an analyst who says some contracts should be banned. Members, who exempted private derivatives from oversight in 2000, are targeting the financial instruments after American International Group Inc. needed a $182.5 billion U.S. bailout because of credit-default swap trades on mortgage-linked securities.

HAHAHA.  All the gnomes who buy the services of Congress will have full bellow as to how to ‘regulate’ them which is, of course, as close to zero as humanly or rather gnomenly possible.  And one, yes, one person will be talking about eliminating the Derivatives Beast.  Oh, the gnashing of teeth, the howls of rage this will produce will be deafening.

The reason I chatter about the Cave of Wealth and Death is so we can better understand relationships and interior thinking.  It is pretty simple: the Goddess of Infinity gave the gnomes a baby that she said, will protect them from Risk.  They then got very greedy and fed the Derivatives baby until it grew into a monster.  The fact that they could make it grow at a rate that was tremendously fast and indeed, grew it to be bigger than all financial instruments and businesses on earth was proof that this thing is magical, attached to the Goddess of Infinity and will eventually zero out when it reaches infinite growth rates.

Knowing that this thing is part of the Infinity/Zero Death goddess operations means, we must isolate and kill it as fast as possible.  It may even be too late!  Pretending we can now control this thing, now that it is approaching infinity, is foolish.  But Congress will try to pretend to control it while the banking gnomes will pretend to not feed it but this is impossible.  It is doomed to failure.  It is corruption incarnate.

The head of the Finance committee should be arrested.  Hell, the previous head, Gramm, should be arrested, too.  Both should be charged with TREASON:

Dodd’s Irish Luck –

It’s also been nearly a year since a former loan officer at Countrywide Financial charged that the mortgage lender had classified Mr. Dodd as a “very important person” (a.k.a., a “friend of Angelo” Mozilo, Countrywide’s then-CEO). As such, Robert Feinberg said, Mr. Dodd received — and knew he’d received — preferential rates and fees on two mortgages he and his wife refinanced in 2003. As a power on the Senate Banking Committee, he also knew this was a conflict of interest. This was the era when Countrywide originated and then sold to Fannie Mae high volumes of subprime loans.

All of Congress and all our Presidents since Reagan trotted into office, know perfectly well, they are treading on the edge of the cliff when it comes to conflicts of interest and campaign contributions. This is why they adamantly refuse to fix the mess they created.

The SEC charged Mr. Mozilo with fraud and insider trading earlier this month, and the Los Angeles Times reported in May that there is an FBI investigation which “includes a probe of [Countrywide’s] role in an influence-peddling scandal involving” Mr. Dodd. The Senate Ethics Committee won’t comment on its own investigation of almost a year.

I hope that doddering old coot, Dodd, is arrested. Mr. Dodd denies receiving any special treatment, and nearly a year ago he promised to release the Countrywide mortgage documents and clear up the matter. We are still waiting, though he did attempt to placate the Connecticut press with a peek-a-boo release of a few select documents and a review by his own lawyers in February.

So, Dodd owns an estate in Ireland?  Indeed, a surprising number of elected officials own properties outside of the country.  But it is much worse: when they retire, they work for foreign entities and even foreign governments.  Reagan’s ‘speech’ in Tokyo, delivered by an old man obviously suffering from Alzheimer’s disease, garnered him over $2.5 million and opened the floodgates for the sale of the services of all our elected officials. Reagan should have been investigated and arrested after that ridiculous business.

I was not surprised to learn, via Open, that one of Dodd’s top contributors is a foreign bank:

Chris Dodd: Campaign Finance/Money – Summary – Senator 2010 | OpenSecrets

Dodd's contributors

The bottom half of my story today is all about the firing of the Troubled Asset Relief Program’s investigator.  But before we dig into that story, first, we must remind ourselves, how the GOP played this game when they controlled all the levers of power:

GOP Discloses Names of Big Donors; On Eve of Fund-Raiser Mosbacher’s Hearing, Panel Shifts Position | Article from The Washington Post | HighBeam Research

January 1989:

On the eve of the confirmation hearing for Commerce Secretary-designate Robert A. Mosbacher, who raised more than $25 million in large donations for President Bush and other GOP candidates last fall, the Republican National Committee yesterday reversed its previous position and made public a list of 249 individuals and corporate representatives who gave at least $100,000 to the Bush cause.

Back in 1989, the flood of bribes took off.  So did talk about reforming things when McCain and the Keating 5 got in so much hot water back then.  But the end result was a collapse in morals, not increased morals.

Senate Banking Committee Press Release

Tuesday, November 2, 1999 202-224-0894 GRAMM’S STATEMENT AT HEARING ON WORLD TRADE ORGANIZATION Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement prior to the testimony of U.S. Trade Representative Charlene Barshefsky at the committee’s hearing on the World Trade Organization:

“Of all the members of the administration, I think you have done more to promote trade, prosperity and job growth than anybody. I think this has been a difficult administration to be trade representative in. You’ve been torn by many different forces. I think you have done an outstanding job in standing up for economic growth and job creation for prosperity and the future.

“I had to laugh when I was reading an article about the new head of the World Trade Organization, who showed up in Seattle and every kook group and lunatic fringe in America and the world was there to protest the one activity that consistently creates the goose that laid the golden egg, and that’s trade.

“One of my great frustrations is that everybody benefits from trade but nobody knows it. Of all the issues I’ve dealt with in public life, it is the most important and the most difficult and hard for people to understand. “I think it is very important that we continue forward with our GATS negotiations, that we move into services, which is an area where we have comparative advantage.”

The ‘kooks’ who took to the streets like the Iranians and Chinese were beaten and defeated using paratroopers.  Today, there are zero demonstrations against the destruction of US sovereignty.  The meetings no longer happen in the US but are held in distant lands like Greece, for example.  And there, NATO troops surround any meetings and keep at bay, any possible demonstrators who are handled with the same level of brute force we see in China and Iran or even, Israel.

Note that in 1999, Gramm, a corrupt creep, was gloating over opening ‘services’ to world markets and we know what happened next: US office functions were instantly moved overseas and our trade deficit became a wretched mess.  I would love to have criminal hearings concerning how many of our political leaders conspired with the businesses and banks that were bribing them, into destroying our entire economy and running up around $5 trillion in trade deficits in less than 20 years.

Phil Gramm Says the Banking Crisis Is (Mostly) Not His Fault – TIME

January 2009:

The current financial crisis is not all Phil Gramm’s fault. Who says? Well, Phil Gramm says. Big surprise. But in a lengthy defense of his record and analysis of the current mess Friday afternoon in Washington, Gramm did allow that it might be at least a teeny bit his fault. Call it the beginning — maybe — of the nuanced consideration of the causes of the crisis that was impossible during the fall election campaign….

Now these laws are under fire, cited by critics — mostly but not exclusively on the political left — as major precipitating causes of the financial meltdown. And while both were signed into law by Bill Clinton, Gramm has taken the most heat. (It hasn’t helped that, since leaving the Senate in 2002, he’s been working for Swiss banking giant UBS, which has sustained huge losses on bad mortgage securities and derivatives.)

The last sentence says it all: Gramm refused to protect the US working public and sold us all down the Yangtze River and then turns around and works for a Swiss bank who is rewarding him for past services.  Now, on to the main basis of today’s news story:  Obama has fired the independent investigator of the TARP program:

Senator asks about firings of watchdogs —

He was appointed with fanfare as the public watchdog over the government’s multi-billion dollar bailout of the nation’s financial system. But now Neil Barofsky is embroiled in a dispute with the Obama administration that delayed one recent inquiry and sparked questions about his ability to freely investigate.

The disagreement stems from a claim by the Treasury Department that Barofsky is not entirely independent of the agency he is assigned to examine a claim that has prompted a stern letter from a Republican senator warning that agency officials are encroaching on the integrity of an office created to protect taxpayers.

Sen. Charles Grassley, R- Iowa, sent the letter Wednesday to Treasury Secretary Timothy Geithner demanding information about a “dispute over certain Treasury documents” that he said were being “withheld” from Barofsky’s office on a “specious claim of attorney-client privilege.”

This is a murky business, as usual, when there is corruption, there is murk.  This is due to murk being the state of affairs in any swamp.  Swamps are murky and money movement in politics is always, by definition, murky, mushy, muddy, filthy messes.  This is why cleaning out systems is needed regularly.  We call these events, ‘Revolutions’ and ‘Civil Wars’.  Note that the two biggest wars (aside from the ongoing wars with our neighbors and the Natives) in our domestic territory were these sorts of wars.

Federal Eye – In Letter, Barofsky Explains Concerns

Barofsky also wrote that “To date, Treasury has not withheld any documents from my office on the grounds of privilege, and has made its personnel available to our auditors and investigators as requested.”

The dispute first arose as Barofsky’s office was auditing the controversial bonus payments to executives at AIG. The company, which is receiving large amounts of assistance from the government, paid bonuses to top executive last year, which prompted a firestorm of criticism from lawmakers and the general public.

Treasury spokesman Andrew Williams said yesterday that the department believes that putting Barofsky’s office under the supervision of the secretary will be helpful to the agency and give it privileges the office would not otherwise have.

That paragraph is a shining example of ‘total bullshit’.

“The request to clarify the SIGTARP’s complex legal status within the executive branch was sent to the Department of Justice only after Department of Treasury consulted with Mr. Barofsky who had no objection,” Williams wrote in an e-mail, using the acronym for the watchdog agency’s official title, the Special Inspector General for the Troubled Assets Relief Program.

After the silly Clinton sex scandal wore out its welcome, the GOP gleefully killed the ‘independent prosecutor program’.  Since then, we have no independent prosecutors like the ones that were created during the Nixon Watergate scandals.  Both parties were most anxious to ditch this business back in 1999 because both were increasingly corrupt.

So we had a decade of utter, blissful, total corruption.  And they want to keep it this way.  The money at stake here is significant: like any greedy organization, they know they can pile debts on top of the entire US economic and political system and thus, gain access to trillions of dollars in wealth. We saw yesterday in the news here at Culture of Life, that Goldman Sachs is making tremendous profits, selling US debts which were created to bail out Goldman Sachs.

One of the many matters that Barofsky’s SIGTARP investigators were looking into was exactly this entire business as we shall see in their last report which was released a short while ago.

Oversight Group Opts Not to Investigate Fellow Watchdog’s Dispute With Treasury – Political Punch

The Congressional Oversight Panel tonight said it would not launch an investigation into the dispute between the Treasury Department and bailout watchdog Neil Barofsky over Barofsky’s independence.

“There can be no doubt that SIGTARP must be available to investigate freely and independently all aspects of Treasury’s role in TARP, and I share your concerns about these troubling news reports,” the panel’s chair, Elizabeth Warren, said in a letter to Rep. Jeb Hensarling, R-Texas, responding to his calls for an investigation.

But Warren said she had spoken earlier to Barofsky, who expressed confidence that the Justice Department, asked by Treasury to rule on the issue, will come down in favor of the watchdog’s independence.

“He informed me that he is confident that the Department of Justice, which is considering the matter, will not endorse any incursion on his independence,” Warren wrote. “In the meantime, he has complete confidence that Treasury is promptly and appropriately processing SIGTARP’s requests.”

So, instead of standing up for Barofsky, he was kicked out.  I suspect, it was because he communicated with the GOP who is trying desperately to pretend to be a bunch of moral people seeking to prevent corruption, not the ultimate in corruption.  Of course, they are fakers, liars and cheats.  They only want the rival party investigated.

The Democrats, instead of cleaning house, simply picked up the slimy reins of power from the GOP swamp monsters and drove the US even deeper into the exact same swamps.  Instead of a revolution in power, we had a regression in power.  So the pretense of wanting change is dropped in favor of keeping the status quo going.  This is because the same gnomes own BOTH political parties.

Ever curious, I went to the pdf of the SIGTARP investigators and found it to be full of delightful information.  I wish we could get more information but of course, this will prove increasingly impossible.  Since we see from this report, the biggest banking houses who are incidentally, the owners and feeders of the Derivatives Beast, don’t want us to learn anymore information:

SIG TARP header image containing the SIGTARP Logo the text SIGTARP.

U.S. Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)

Picture 4

It is no shock to me to see the names in this SIGTARP report.  These are the exact same entities who the Office of the Comptroller of the Currency also tracks in their Derivatives Report:

Picture 9

These are the gnomes who are the fathers and feeders of the Derivatives Beast. The OCC has been defanged by the Treasury to the point, all it can do is issue warnings and track disasters cooked up by the Federal Reserve and our elected officials, all operating in the dark, off the record, on behalf of the owners of the Federal Reserve who happen to be the same clowns we are bailing out in the TARP program.  Back to the dead SIGTARP investigation:

Picture 5

As these entities grow stronger again, thanks to trillions in US taxpayer-backed guarantees and the Federal Reserve sucking down immense amounts of equities, these guys exit the TARP programs.  Of course, these same entities bribe Congress and manipulate our laws on their own behalf which is why our economic system collapsed.  Yet, due to their immense influence, they get bailed out even as their political contacts destroy US jobs with our insane WTO deals!

Picture 7

Whoppee.  After going trillions into debt to bail out these gnomes, we get $2 billion back.  Wow.  Talk about differentials.  For every $100 of risk we took on, we get a pay back of $1.  Below is some interesting remarks from the SIGTARP investigators:

Determining If a Bank Is Healthy

Banking sector regulators (such as FDIC, the Office of the Comptroller of the Currency (“OCC”), and the Federal Reserve) use a variety of measures to enforce compliance with banking regulatory standards. Central to these measures is the notion of capital. The term “regulatory capital” is generally used to describe the cushion a bank has against future losses. As a starting point, it is helpful to think of the bank’s capital as being roughly equal to the shareholders’ equity. If capital is adequate, then theoretically the firm could cover all liabilities by selling all assets, and still have something left over for its shareholders. If, however, losses become greater than the bank’s capital, the firm would be insolvent — assets could not cover outstanding liabilities.

Much of the disputes rumbling around underground, one of the things SIGTARP is tripping over, is the business of ‘what is capital’.  This is why they are going to some trouble, in this report to Congress, to explain capital.  Of course, they dare not refer to ‘Das Kapital’ by Karl Marx.  Instead, they pussy foot all around it.  Naturally, they prefer to discuss what banks think, is ‘capital’.

The banks, of course, want zero capital and simply be allowed to hand out loans. And when the loans go under, hand it all off to the government.  This happens to be why we have a TARP program in the first place! The zero-capitalization business of the bankers is why they are all, across the board, completely bankrupt!  And, instead of going bankrupt, they handed off all this to the government….which is now going bankrupt!

The solvency of the bank, therefore, depends on how it accounts for losses (which reduce its assets) and how capital is defined. In practice, there are many different ways of defining capital, each describing a different level of cushion against losses.

The banks view all of this as an accounting problem: where can them move their losses so these don’t show up on their books?  The answer was obvious: move it all to the central bank and the central government!  Voila!  No more red ink in Goldman Sachs or Citigroup!

“Tier One Capital” versus “Tangible Common Equity”

Two of the most relevant measures of capital adequacy are tier one capital (“T1”) and tangible common equity (“TCE”). For many TARP recipients, these two measures are significantly divergent in the current market, capturing different aspects of their health or lack thereof.

‘Tangible’ is fancy talk for ‘real’.

T1, often called “core capital,” is the measure of bank capital traditionally used by regulators in the United States. It can be described as a measure of the bank’s ability to sustain future losses and still meet depositor’s demands. T1 is a concept coordinated internationally through an agreement known as the “Basel II Accord.”92 Federal regulators look at T1 to calculate the tier one capital ratio (“T1 Ratio”), which determines what percentage of a bank’s total assets is categorized as T1 — the higher the percentage, the better it is for the bank. Under traditional Federal regulations, a bank with a T1 Ratio of 4% or greater is considered adequately capitalized.

4% is not good enough. Other countries had a higher level. Indeed, the main way to prevent wild lending which creates a credit bubble, is to require bankers to hold up to 20% in T1 capital! The US refused to do this for political reasons: the gnomes who were running a banking business on virtually no capital at all, wanted to keep on doing this so they spent over a billion dollars, bribing elected officials to allow this.

TCE is a more conservative measure of capital adequacy. Only capital that is “real” and possesses the last claim on the assets of a company can be counted as TCE. It can be thought of as the amount that would be left over if the bank were dissolved and all creditors and higher levels of stock, such as preferred stock, were paid off. TCE is the highest “quality” of capital in the sense of providing a buffer against loss by claimants on the bank. TCE is used in calculating the tangible common equity ratio (“TCE Ratio”) which determines what percentage of a bank’s total assets is categorized as TCE — the higher the percentage, the better it is for the bank. Preferred stock is an example of capital that is counted in T1, but not in TCE.

And what did we get in exchange for capitalizing the entire gnome banking system?  We handed over a tangible property: the entire US future tax revenues for all eternity, so these corrupt little monsters could capitalize their bankrupt operations!  And in return, we didn’t get TCE, we got RAPED.  That is, we got useless paper in exchange.

As Treasury officials have recognized, the massive infusion of preferred shares as a result of its CPP investments have altered analysts’ views of tier one capital. Analysts have begun to view Treasury’s preferred shares investment more as debt than traditional tier one capital, causing investors and analysts to discount tier one capital as a measure and look more closely at TCE as a measure of a bank’s health.

It totally messed up the Treasury as well as the Federal Reserve.  So, in exchange for bailing out a bunch of gnomes who are hopelessly entangled with foreign powers or even owned outright by foreign powers, we got to destroy our own ‘capital’.  Our ‘capital’ is our own debts!  This is why the mess is growing worse, not better.   So what, if GS or JP Morgan or Bank of America can resume handing out credit to all and sundry?

They are bankrupting us!  This is why we must tax these guys at over 90%.  They have to pay the future taxes which they sold off!  They have to pay down the debts they created, themselves!  They have to also go to prison for corrupting our government.  Instead, they rule us and look at how they dumped the investigator for the SIGTARP organization!  Below is more news from today:

Goldman Junk Credit Nightmare Shared With Morgan Stanley Fades –

The bond market is falling in love again with Goldman Sachs Group Inc. and Morgan Stanley and, for the first time in more than nine months, is giving these Wall Street icons a chance to close the gap with JPMorgan Chase & Co.

In the two days after Lehman Brothers Holdings Inc. went bankrupt last September, Goldman Sachs’s 5.95 percent bonds due January 2018 paid investors as much as 6.32 percentage points more than similar-maturing Treasuries, or double what they yielded a week earlier. Morgan Stanley’s bonds were even worse, widening to 800 basis points.

The surge in credit costs, the most both companies have experienced, cast doubt on a business model that relied on debt-market funding. Now, bondholders are accepting the smallest difference in yield for the New York-based banks’ bonds relative to Treasuries since before Lehman Brothers collapsed. Goldman Sachs and Morgan Stanley, which were among 10 banks that last week repaid loans from the U.S. Treasury, are emerging from the credit freeze with lower leverage and a stronger competitive position.

So, our entire future is much, much worse and our collective finances are much, much worse but lucky day for the gnomes!  Their future is assured!  They are getting their beloved bonuses so they can resume having wild sex with fashion models and can live in palaces while we get to face the angry Chinese communists who will be demanding full payment for all the money we owe them.

And we owe them money thanks to the hard work of Gramm and Dodd and fellow corrupt criminals in Congress!  And our Presidents who seem to all be in hock to foreign powers!  And to these gnomes.  Arrest everyone. Charge them all with treason!

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Filed under .money matters, Free Trade

32 responses to “SIGTARP Investigator Sacked After Fight With Geithner

  1. I propose “gnomenly” as a word that ought be used more frequently!

    Too funny!


  2. For awhile, I thought the “whole Internet” was gonna go down, but now I think the likelihood of this is slim. Attempts will be made to make “focussed attacks” on individual users, but these attempts will create such a firestorm of bouncback that all it will do is expose the usurpers.

    The gnomenly usurpers.

    Some things are evident.

    Thanks for this great article. Thank-you again.


  3. Z

    The likely reason that the investigation into the aig bonuses coincided with the treasury’s push back was that scumbag geithner claimed to not know anything about the aig bonuses until shortly before they were given out. Meanwhile, the ny fed had knowledge of those bonuses when they were originally structured WHILE the rubinite geithner was head of the ny fed although he insisted that he personally knew nothing of them … which is very likely bullshit and hence the reason for their sensitivity into investigating this matter.

    That aig bonus payout was one of the few things that actually got people in this country riled up. That is until the head pr man of the establishment, “our” celebrity president, came on tv to leno’s show, and some others, to perform his stand-up act … as in acting as if he is standing up for the American people. emanuel the traitor probably directed the show. The American people bought it, obama’s promises were never kept, and the aig employees kept their bonuses.

    It was quite funny to watch dodd posturing about the situation surrounding the aig bonuses by acting like he tried to prevent them with his bill. I guess he must have been “shocked” that his provision which would have prevented the aig bonuses from being paid out was stripped out during committee. Mind you that the administration was adamantly against that provision and was quoted as saying so and the bill with that provision had passed the senate 100-0!!!!!!! Before, of course, it happened to be stripped out during committee.

    Since when does the senate vote against anything that does not benefit their biggest campaign contributors and hence themselves? Since when have they voted against anything that big business wants? Immigration reform? All right then, since when have they voted against anything that their banking pals wanted? And to vote 100-0 against their banker constituency?!!!! How absurd is that? They fucking knew that it was going to be stripped out in committee and that’s why they voted for it: it allowed them to posture. But one of the senate’s biggest posturers of all, dodd, wants us to think that his “effort” was on the up-and-up and that he didn’t know that the provision would be stripped out in committee … which it sounds like he did not even attend … and that the senate voted 100-0 against some of their biggest campaign contributors. He also wants us to believe that he didn’t know that aig, who is incorporated in his state, was one of his biggest campaign contributors. It was all bullshit, a charade, and dodd is one of the biggest whores on the hill.

    I see no reason … no differentiation between the two … why the goldman faSachist bonds and the u.s. treasury bonds do not give an identical yield.


  4. if

    The foreclosure wave is here — look beneath the headlines
    * Notice-of-Trustee Sales are up 100% from Feb to May and subsequent foreclosures are up 75% from March to May.
    * CA foreclosure activity outpaces total house sales by 100% – infinite supply

  5. As to Gramm, the debate at the time was not just Gramm on one side and Born on the other sidel; it was several important people on both sides. On Born’s side several people described clearly what has happened, a massive wave of debt and defaults; on Gramm’s side seveal people also described clearly what has happened, a massive enrichment of financial insiders.

    These two articles gives a startlingly clear story:

  6. emsnews

    Thank you, many times over, Blissex. I like reading old articles. Way back in 1997, I used to post analysis about the Japanese financial collapse and the Congressional finance committee. It is always fun to review old articles from back then. I was warning about the Derivatives Beast back when it was a baby.

  7. emsnews

    Brooksley Born was the pioneering voice of dissension on Wall Street over a decade ago. She was vilified and marginalized and treated as if she was insane. Then, every single thing she said and did turned out to be sane and moral.

    She deserves the Nobel Economics and Peace prize because bad economics always leads to wars. Good economics avoids wars.

  8. criticalcontrarian

    All I can add to what is said here is that it will only get worse. Why? Because the people running the show are choosing to up the ante rather than come clean and start fresh. Censorship, window washing, market manipulation, deregulation ad infinitum. And to prove it here is an article about the top alphabet soup agency recruiting the fraudsters into their ranks. Prepare for the worst.

  9. I won’t do it. I refuse to prepare for “the worst”.

    But I will prepare.

    Like the “Boy Scouts” say:

    Be prepared.

  10. criticalcontrarian

    Hey Ken, just so you know, the banksters, fraudsters, CEO’s (protectors of the shareholders), are preparing for the worst. Executives at 252 companies in the S&P 500 unloaded shares since March 10, with total net sales reaching $1.2 billion. Yup they are protecting shareholder value, their own. 😉

  11. Well – what else would you expect them to do? But it sure is indicative.

    cc – all for you!



  12. CK

    A trillion is 1000 million, not 100 million.
    So the return is more like 1 dollar on a thousand.
    Much more in keeping with the merkin way.

  13. “Missouri State Legislator Davis to Hungry Kids: Let Them Eat McDonalds!” 😯 …

    She is related to terminator off the poor Schwarzenegger?.

  14. openly hidden

    hello. can this be true?
    from “california’s economy collapsing” by martin weiss.

    “California is home to the largest manufacturing belt in the United States and to Silicon Valley, the nation’s largest high-tech center.

    California is America’s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India….”
    and is it true that the time to buy is when there is blood in the streets? just askin…

  15. openly hidden

    and from
    , can this be true?
    “….Like then, the crisis was a Washington provocation with tiny Georgia a mere pawn in a dangerous high-stakes confrontation – a new Great Game that former National Security Advisor Zbigniew Brzezinski described in his 1997 book, “The Grand Chessboard.”

    He called Eurasia the “center of world power extending from Germany and Poland in the East through Russia and China to the Pacific and including the Middle East and the Indian subcontinent.” He explained that America’s urgent task was to assure that “no state or combination of states gains the capacity to expel the United States from Eurasia or even to diminish significantly its decisive arbitration role.” Dominating that part of the world is key to controlling the planet, and its the main reason for NATO’s existence. From inception, its mission was offense….
    and the Zbigniew Brzezinski fellow is the same fellow who gave us the descriptive term “tittytainment” while visiting with the former soviet premier discussing how the global elites plan to keep the masses quiet and distracted with gluttony of the senses and weakening of the mind, while the new world order is constructed. and zbigniew brzezinski served under jimmy carter, proving that all our troubles started between the honest president ike eisenhower and jimmy carter, not the saintly ronald regan (may blessings be upon him)

  16. openly hidden

    how inconvenient! this conflicts with the sophist arguments that jimmy carter and the democrats = GOOD, and ronald regan (may peace be with him) and sarah palen = BAD and STUPID! just like anyone normal and productive and doing something REAL protesting that governments already take too much of the little persons taxes shows IGNORANCE as to how beneficial total government by the parasitic 1960’s “intelligent” left and their symbiotic other side of the same bloodsucking coin, the untaxed global corporations and the banksters. how INCONVENIENT for the sophists.

  17. emsnews

    Carter worked to kill hyperinflation so we didn’t end up like Zimbabwe.

    Reagan began the free trade/government overspending in earnest. He cut taxes. The anti tax movement of California began the mess we see today. That began BEFORE Reagan became President. He was governor of California while recklessly cutting taxes.

  18. openly hidden

    or part of the problems seen in california come from the belief by the “educated” parasites that there simply cannot be too many government employees sucking at the public tit and telling us little people who actually have to do real shit that pays crap yet supports you all how to live our lives to suit them while they promote ass fucking between men and deliberately destroyed the family stucture that supports civilization itself so baby can have two mommies. this all comes from a wide selection of sophist college and university majors that simply are not based on anything whatsoever that is real except for the leftist sophist arguments that they make you feel good and therefore must be so. in your mind elaine, there cannot be too much government or too many liberal arts graduate feminist governmetn employees literally running our day to day lives while your symbiotic fucking global banksters allies are stealing from everyone every dime they can get. you do not like free trade because that implies you cannot exist in a 1960’s time warped utopia like north korea. admit it elaine. admit it you are guilty as charged your entire life. still you do a fine service for us with your financial writings.

  19. openly hidden

    and that in a nutshell is why ordinary nascar loving shotgun shooting women lovin working beer drinking meat eatin boys and girls in dixie went republican the last generation. like it or not. i know what you all think elaine and very little of it is true or real, starting with karl marx basic fundamental background assumptions. north korea this ain’t and your kind will never be our beloved leaders. the 1960’s family destroying treasonous left and their symbiotic significent others, the sociopath criminal demon loving banksters and illuminatti. vs. me. ha!

  20. openly hidden

    i should have said “possum eatin” boys and girls….(see, they love to run down and catch their own meat too. did you ever hear of the dehogenator?) anyway, i was caught up in the moment. still, tittytainment ain’t all bad. did you see what britney is doing now. i am glad to see how healthy she looks now! and how about billy cyrus whatalls he got going for him from dollys boy toy to top of the tittytainment mountain, so to speak he didn’t do himself too bad now has he.

  21. openly hidden

    and wheres david been lately….or gary….i liked them fellows. they could see the other side, even though they didn’t agree with me. you could have been a good country gal yourself elaine betcha. in another world in another time. as ken would say, Peace be with you. good bye.

  22. openly hidden

    point bein, in a better world with fewer sophist parasites to support, americans could compete with anyone anywhere making anything with one hand while fondlin daisy duke with the other. but we got ourselves simply too many sophists we got to support and way too many criminal bullshit harvard MBA’s and bogus engineers with no honest mechanical abilities us common folk simply are expected to support with the sweat from our honest labors. now i am done.

  23. donethat

    As far as I can tell SIGTARP has not been fired, but is in a fight with Treasury as to what SIGTARP’s capabilities are.
    The SIG for Obama’s Americorp has been fired.

  24. Paul S

    Ronald Reagan. Do we have to talk about that venal, lying fraudster? I guess so. Actually Reagan passed THE biggest single tax HIKE in US history, raising the payroll taxes for Social Security. Reagan aggressively pursued tax cuts for the wealthiest Americans, that was always Reagan’s true constitiuency. Reagan and his handlers also stalled resolving the Savings and Loan scandal until HE, Reagan, was out of office. Bush II did the same thing, but with the banks. Oh, and let’s not forget about the Reagan stock market crash of 1987. Why does the stock market ALWAYS seem to crash if a Republican is in the White House for too long? Aren’t Republicans supposed to be fiscal conservatives?HAHAHA.

  25. openly hidden

    granted the democrats were traditionally the party of the working man and the republicans were i suppose the party of business….used-to-be….my point is …. both parties now make it their point to represent our owners, the ones who seem to have taken over completely, the people who if an honest person is elected to congress buys influence with grotesque campaign contributions and lobbying favors and employment for politicians if they are voted out of office. and now free and democratic elections is just a “good cop/bad cop” jokes on us thing…imho….and the fact is, the old tyme 1960’s know it all “educated” left is in a symbiotic relationship with the banksters that imho, results in the vast majority of the decent people in the land being owned by that globalist banksters and corporate world and ruled by the busy body sophist left….and now everything is fucked up. and now we are going to lose everything maybe that our parents and grandparents and before them even stole for us fair and square back in their day.

  26. emsnews

    As a life time working woman, the Democrats still represent me more than the GOP.

  27. openly hidden

    i agree and me too. but imho, what they have done is divide us by deliberately and sneakily using “cultural” issues important for part of the people and “economic” issues for the rest of us to keep the people divided…. unless i am missing something, it wouldn’t necessairly have to be that way at all. i mean they aren’t stupid and it does serve their interests to keep us all clueless and preoccupied with tittytainment and if that is not good enough, to keep us worried about simply surviving their fuckups. but maybe that is just me. but honest to god, the normal people i know are manipulated and divided in this way imho.

  28. emsnews

    Human minds are always easily distracted. ‘Look, a pretty butterfly!’

  29. nah

    but we NEED people to own 3 mansions, 8 cars, 2 jets and 2000 acres of land with 100 million in assets for no other reason than its good for all the poor peoples oportunity in life
    life is full of mysterious features

  30. PLovering

    @Paul S

    Early in his administration, Reagan also considered a gold standard and appointed a Gold Commission to look into the matter.

    The matter was dropped for lack of findings.

  31. I don’t consider looking at a pretty butterfly a distraction. If all I could do every day was look at pretty butterflies, well, that would be almost like heaven!


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