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Pretty much nailed it …
Compare to Krugman’s view at the time.
I am choosing a candidate based on simple pragmatism.
Except for Ron Paul, every other GOP candidate has doubled-down on more air and land wars in Asia and Africa, they have endorsed TARP or other bail-outs, and their economic plans are simply nibbling at the edges (except for Cain, who wants to raise taxes on the poor and middle class). Please explain how any of that will be any different than Obama in November? Are those winning issues in 2012? Obama-lite will not win the general election.
No other candidate in the race motivates independents and young people like Ron Paul. No other Republican can capture so large a portion of the voters abandoned by pro-war, economy destroying Obama.
America will not settle for the Tweedle Dum, Tweedle Dee rotation this election year.
If you want to know what the protests are about, ask one of the protesters. Jesse LaGreca, an unofficial spokesman for the movement, said last week, “What we are doing is engaging in civil disobedience in non-violent manner throughout the country.” LaGreca says the bigger issues are things like “crimes that took place on Wall Street” and “corporations bribing our politicians with campaign funding.” No big Wall Street bankers have been jailed for causing the biggest financial meltdown in history (in 2008), and I think everyone can agree both parties are bought and paid for.
MF Global trustee: $1.2 billion missing
the apparent shortfall in what MF Global management should have
segregated at US depositories may be as much as $1.2 billion or more,”
the trustee said in a statement
I can’t emphasize this enough: If you have brokerage and commodity accounts at big Wall Street firms that are also owned by bank holdiing companies – get your money the hell out of there. I’m dead serious about this. This is especially true if your account is at Jeffries, Morgan Stanley or Bank of America/Merrill. Fidelity and Schwab are the safest alternatives to outright physical gold and silver.
New Peril MF Global Trustee
The MF Global Trustee (on alleged-rumored urging by the Department of Justice and the SIPC) seeks via court motions to exclude customers from representation in the Bankruptcy Process. Customers, in the form of the customer coalition want to cross balance sheets towards the entities who stole their money (including the CME, Corzine, JPM, Bank of America et al) while the establishment wants to wind this thing down by creating a firewall.
As the World Crumbles: the ECB spins, FED smirks, and US Banks Pillage
Today, the stock prices of the largest US banks are about as low as they were in the early part of 2009, not because of euro-contagion or Super-committee super-incompetence (a useless distraction anyway) but because of the ongoing transparency void surrouding the biggest banks amidst their central-bank-covered risks, and the political hot potato of how many emergency loans are required to keep them afloat at any given moment. Because investors don’t know their true exposures, any more than in early 2009. Because US banks catalyzed the global crisis that is currently manifesting itself in Europe. Because there never was a separate US housing crisis and European debt crisis. Instead, there is a worldwide, systemic, unregulated, uncontained, rapacious need for the most powerful banks and financial institutions to leverage whatever could be leveraged in whatever forms it could be leveraged in. So, now we’re just barely in the second quarter of the game of thrones, where the big banks are the kings, the ECB, IMF and the Fed are the money supply, and the populations are the powerless serfs. Yeah, let’s play the ECB inflation game, while the world crumbles.
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Tuesday, November 22, 2011
The United Banana Republic of America
The outright corruption and thievery at the highest levels of business and Government have gotten to the point at which its hard to not think of our country as little more than a glorified banana republic. I remember that I had a friend in business school who’s father was an ambassador to a Central American country. My buddy told me that Central American high level bureaucrats at official cocktail parties achieved honor, social status and bragging rights based on the relative amount of U.S. aid that each guy diverted into their own pocket. I get the feeling that the same thing happens now among the banking and business elite, as they achieve social status based on the amount of taxpayer and investor money that they walk away with. Obviously this is predicated on their ability to plant key people into key spots in the Presidential administration. With the Bush administration it was defense companies, who had their de facto President sitting in the office of the Vice President (that would be Cheney). In the current administration, it’s Obama’s chief of staff, a former JP Morgan director, the Treasury Secretary – who is in effect a big bank puppet – and the Chairman of the CFTC – a former Goldman Sachs partner and butt-buddy of Jon Corzine.
Banks Pressing for Foreclosure Settlement Before Investigation
If ever you need as an illustration why bank bailouts are such a misguided idea, one need look no further than Fraudclosure and RoboSigning. The sunk cost of the bailouts have completely skewed government officials priorities. Hence, enforcement of laws and imposing criminal penalties has become verbotten, as it undercuts the prior monies.
Why do I suspect that the hand of former NY Fed president and current Treasury Secretary Timothy Geithner is behind this?
Court Closed Door To MF Glob Customers, Future Theft Timeline Strategy
The Court Closed the Door To MF Global Customers. What happens behind closed doors is obvious. There is a timeline which the major players are following to close the door to “Fraud.” The word Fraud would open the door for customer recourse at the cost of a large swatch of the derivatives market.
More Moral Hazard on the way
brought to us courtesy of senators Kay Hagan of North Carolina and one of the banking lobby’s most obedient lap dogs, Bob Corker of Tennessee;
The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.
Asset classes eligible to be rolled into Covered Bonds are shown below including “H” which leaves the door open for anything left over, What would qualify would be the decision of one unelected official, the treasury secretary/Goldman Sachs representative.
(A) a residential mortgage asset class;
(B) a commercial mortgage asset class;
(C) a public sector asset class;
(D) an auto asset class;
(E) a student loan asset class;
(F) a credit or charge card asset class;
(G) a small business asset class; and
(H) any other eligible asset class designated by the Secretary, by rule
and in consultation with the covered bond regulators
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Infographic - How the IRS abused the 501(c)(4) tax loophole
Must watch & read - Greenwald interviews NSA leaker Snowden
Let the free markets work, said Ludwig Von Mises.
EFF unveils a secret spying method used by Feds that they, nor the companies forced to comply can reveal.
Those Elitist Libertarians
Enter The Financial Blogosphere - we made the list