One of the most pathetic Washington Post stories about banking is the retirement of Ron Paul. Bernanke and the corrupt members of the House Banking Committee all laugh at him while smugly patting themselves on the back…right in the middle of yet another of zillions of banking scandals. The real scandal, of course, is the collapse of all sane oversight for bankers who then ran amok and by creating way, way too much credit, have caused the entire global banking system to collapse.
Ron Paul is right and his fellow House members are insane: Dana Milbank: Ron Paul, fed up with trying to end the Fed – The Washington Post
“Policies never change. . . . No matter what the crisis is, we still do more of the same,” he lamented in what probably was his last public appearance with Bernanke before retiring from Congress at the end of the year. “I hoped in the past to try to contribute to the discussion on monetary policy, the business cycle and why it benefits the rich over the poor. And so far, my views have not prevailed, but I’ve appreciated the opportunity.”
For the fiery Paul, it was a subdued surrender. His colleagues — Democrats and Republicans alike — used this final hearing to honor Paul for his passionate service, treating him with the cautious affection one might use to address a crazy uncle.
“This may be his last committee meeting with the chairman of the Federal Reserve,” Chairman Spencer Bachus (R-Ala.) began. “And his leadership on the committee, especially during these hearings when we’ve had the Federal Reserve chairman appear before us, have certainly made the hearings more interesting and provided several memorable YouTube moments.”
Many on the dais laughed, and even Bernanke smiled at the memory.
Oh yes, this is so, so funny. HAHAHA. Right! Who is crazy here? Ron Paul or the well-padded, well-fed clowns who created one of the worst banking messes in earth’s history? True, dinosaurs didn’t have banks, the creation of banks is fairly recent in the geological record. But the fact remains, after paying Congress to undo every single regulation imposed on banks after the 1929 crash, we had an identical series of crashes.
This is, of course, the real scandal. The non-response going on three years after the obvious crash is a crime. The refusal of Congress to do anything sane is a crime. They are all crazy uncles. Seeing them laugh at the only one to provide some warning of the crash that was coming and which is far from finished, is disgusting.
Several years too late, the Libor Investigation Close To Making Arrests: Report
The criminal charges would come alongside efforts by regulators to punish major banks with fines, and could show that the alleged activity was not rampant in the banks.
“The individual criminal charges have no impact on the regulatory moves against the banks,” said a European source familiar with the matter. “But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders.”…
Reuters previously reported that more than a dozen current and former employees of several large banks are under investigation, including Barclays Plc, UBS and Citigroup, and have hired defense lawyers over the past year as a federal grand jury in Washington, D.C., continues to gather evidence.
So, the guys at the top, the Bilderberg gang who created this entire mess, the guys who bribed British and American politicians to eliminate all banking regulations and rules will not be punished???? How insane is that?
Arresting the near-powerless underlings is like putting the prison guards on trial at Nüremberg while letting the Nazi leadership go to Argentina. Once again, displaying their immense political power bought by donating money to elections and hiring retired politicians to deliver speeches, the super-rich, super-powerful bankers will skate away with billions in personal loot after exploiting loopholes they, themselves, created in the laws to give out credit at false interest rates based on near-zero capital.
The underlings working for these criminal bankers are going insane: ‘Frustrated’ UBS broker arrested after ‘smashing windows with a slingshot and marbles’ | Mail Online
A hot-shot investment banker, 58, has been arrested, accused of wrecking havoc in Los Angeles.
Michael Poret has allegedly been driving around and shattering windows since the beginning of the year, using a slingshot to fire marbles and nuts at buildings. Police said he must have ‘got a thrill from it’…
Poret was first arrested in Encino on July 3 after police officers spotted a slingshot in his car during a traffic stop for a vehicle code violation. A subsequent search of the vehicle turned over brass knuckles, knives and slingshot projectile.
The 58-year-old was suspended from his post as vice president of investments at UBS Financial Services after his arrest. He had worked there for three years after being headhunted while at Merrill Lynch.
The moral degradation of our banking community is due to the entire ‘greed is good’ and sense of personal entitlement that has warped the mental health of everyone involved. It isn’t just Britain and the US, the other banking catastrophe in the troika of first world banking giants is the moral and mental collapse going on in Japan: Fitch downgrades three major Japanese banks ‹ Japan Today: Japan News and Discussion
Fitch said Friday it cut the credit rating of three of Japan’s biggest banks over concerns about Tokyo’s ability to support the financial sector, after the nation’s sovereign debt rating was also cut.
The ratings agency lowered its rating by one notch to ‘A-’ from ‘A’—the seventh highest on a 22-rating scale—for Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (MHFG), and Sumitomo Mitsui Financial Group.
In the same statement, Fitch said it also lowered its rating for Sumitomo Mitsui Trust Bank to the same level as the major banks.
The credit bubble in Japan happened when the yen suddenly shot up in value versus the dollar when the US demanded Japan bring its currency into compliance with trade values. This did nothing for the immense and continuous trade deficit the US runs and still runs with Japan. It did create a deceptive banking situation which the bankers there exploited and thus ran up one of the biggest real estate bubbles in the history of finance.
At the time. Then the US proceeded to have a bubble even bigger than the Japanese bubble. Japan is running everything in the red now including, for the first time since the 1970’s, a trade deficit.
Like the US, the Japanese political system is thoroughly and totally corrupt and completely incapable of even the smallest reforms of anything nor is able to respond to the series of terrible collapses including the collapse of all of society there. Which takes me back to the US Congressional corruption news: Financial Scandal Scorecard – NYTimes.com
And where were the regulators? “Subcommittee investigators found that the OCC” — that’s the Office of the Comptroller of the Currency, which is the nation’s primary bank overseer — “had failed to take a single enforcement action against the bank, formal or informal, over the previous six years, despite ample evidence” of money laundering, reads the report.
Good lord! Who, pray tell, destroyed the regulation powers of the OCC? Why, the Wall Street bankers and their buddies in the South and Midwest who met at Jekyll Island to plot the killing of this regulator! They created the Federal Reserve which is a private consortium of bankers with minimal regulation from Congress!
All of whom laughed at Ron Paul on Friday. All the OCC could do was detail the immense rapid growth of the Derivatives Beast! Which they dutifully did. And which Congress ignored. The people who defanged the OCC are generations of politicians who wanted the OCC dead and powerless.
Speaking about the other news stories that illustrate the collapse of morals or futile attempts at robbing people of their homes: Report: NCAA to hand down ‘unprecedented’ penalties on Penn St. Well, it should be eliminated entirely. No football for Penn State. Indeed, the real scandal is, the NCAA is allowing players going to college to do ruinous things to their brains rendering them senile at the age of 35 and the vast majority of these players die of old age before they are 57 years old.
That is criminal. Encouraging it, making money off of this physical abuse of students is nauseating. Yes, passive bystanders love watching the mayhem. Corporations make money selling products to these bystanders. But it is a killing machine. Everyone knows this and everyone ignores this.
In world news, the near-powerless President of Egypt did something very popular to Egyptians, he has decided that the Gaza Blockade Should End as Egypt Opens Border to Palestinians.
Meanwhile, due to banking scandals in London and the many offshore royal tax havens, the British people are seeing their social system shredded. This is very unpopular. Now the biggest welfare queen on earth is Queen Elizabeth and her royal brood is being cut out of the payola: Royal family members may lose guards – Telegraph
The cost of providing security for members of the Royal family and VIPs was disclosed for the first time in internal police budget figures in 2010, when it was put at £113.5 million a year, or £310,000 a day.
And in la Belle France, French lawmakers abolish tax breaks, boost taxes on rich. Now the rich have to run and hide. Where to go? Brazil? That country teeters on the edge of chaos. The US? That is still safe with Congress refusing to pay for spending via taxes! London? The mob isn’t too far from the doors of the rich so it is sort of unsafe.
The rich eventually will have nowhere to hide if they continue to destroy the global banking system, the governments of all the first world democracies, everything. They could all go to China but that is no safe zone, of course. China has had revolutions in the past just like France. Eventually, the very rich will have to pay taxes to maintain the US/NATO war machine and they will have to pay society to keep the civil order going and of course, they will have to be regulated so they don’t become totally depraved.
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