Last Friday the 21st, the market staged a huge closing rally upon announcement of New York Federal Reserve President and member of the Council on Foreign Relations, Timothy Geithner as the next Secretary of Treasury.
This rally should come as no surprise to those who understand how things really work. Unlike the European Central Bank, the Federal Reserve has as its only mission to protect the interests of the banking cartel and insiders who control the stock market. Don’t let the lies from the media fool you. Unlike in the past, what’s good for Wall Street is bad for Main Street.
People need to understand that the Federal Reserve is a private mafia owned and operated by a banking cartel. You should be familiar with the members of this cartel by now. If you don’t know who they are, just have a look at the SEC’s initial short sale ban list on July 21, 2008. I also advise you to read some of my previous articles which detail the activities of this syndicate.
The kingpins of this cartel are JP Morgan Chase, Bank of America and Citigroup. These are the guys who’ve been given trillions of dollars of YOUR tax dollars to buy up banks left out of this elite club. But don’t think for a minute this cartel is exclusive to the United States. It’s a global syndicate with members extending to the UK and Europe. Together under the auspices of the U.S. Treasury, World Bank and IMF, the banking cartel does as it pleases using taxpayer funds for its benefit.
Have you ever wondered why Bear Stearns, Lehman Brothers, Washington Mutual, IndyMac and other banks were allowed to fail while the others were bailed out?
The reason is quite simple.
They were not part of the banking cartel.
AIG is an exception. While not part of this mafia syndicate, the fact is that Goldman Sachs is. And If AIG was allowed to fail, Goldman stood to lose billions.
This is precisely why former Goldman CEO Paulson bailed them out. It’s also the reason for the resistance by the FDIC for the Wells Fargo-Wachovia buyout.
As you will recall, Citigroup made a ridiculously low $2.1 billion bid for Wachovia’s $900 billion in assets and over $1.3 trillion in worldwide deposits. This heist would have provided a tremendous boost to Citi’s cash flow situation, essentially buying them more time.
Just a few days later, Wells Fargo made a $15.1 all-stock bid, salvaging Wachovia shareholders and shielding taxpayers. Immediately, Shelia Bair, the Chairman of the FDIC sought to block Wells Fargo’s bid.
Why would Bair favor wiping Wachovia shareholders out with a paltry bid from Citigroup, especially when it would be using taxpayer funds?
You need to understand that the FDIC is a partner of the banking cartel just as the SEC is. And this agency, under Bair’s leadership has pulled off what I believe to be many illegal activities, including but not limited to an undisclosed role in the seizure of WaMu.
I have been independently investigating this matter and have already received some backlash by the federal authorities based upon false allegations drummed up by the FDIC because they are afraid of what I know and what I am going to report. I’ll tell you about it in the future. When you find out you’re going to realize that America is truly a fascist dictatorship.
Make no mistake. The FDIC is just as guilty as the Fed and Paulson in squandering taxpayer funds. And Shelia Bair has escaped any scrutiny. Instead, the clueless media journalists swallow the bull fed to them by insiders who praise her fascist policies.
Again, I’ll get back to this at another time.
If the FDIC’s fight for Citi wasn’t enough to make you realize they were in deep trouble, you should’ve been tipped off by their aggressive online ad campaign offering 3.55% and 4.00% for online savings and CDs respectively.
Remember this, when you start seeing very high rates for savings accounts and CDs you know the bank is about to fold. I also highlighted this fact in previous articles.
Even now as Citigroup struggles to stay afloat, the U.S. Treasury worked overtime with the Fed to arrange another blank check compliments of taxpayers. The full details of the plan have not yet been released but the preliminary proposal calls for a $20 billion capital infusion from the TARP in exchange for $27 billion in preferred stock, while guaranteeing $306 of problem assets.
This follows an earlier $20 billion Citi received from TARP. Citigroup will be responsible for the first $29 billion in losses while the Treasury (taxpayers) will be responsible for 90% of the next $5 billion in losses, with Citi on the hook for the rest.
The FDIC will absorb 90% of the next $10 billion while Citi takes the rest and for losses beyond that. The Fed will take 90% of the losses while Citi is expected to assume the remaining 10%, although this isn’t likely to be possible.
This further creates incentive for the FDIC to seize more banks claiming they are insolvent without proving insolvency to taxpayers. And if you really think it was the OTS that seized WaMu, you have no idea what’s going on. It was the FDIC that made the call.
When do these charades end!?
I thought I’d seen the worst possible of all scams during the dotcom meltdown but this has made that look like child’s play.
What’s worse is that these crooked banks are being bailed out with OUR MONEY! I think it’s safe to say that everyone is fed up with this sh**!
This is outrageous and it’s only going to add hundreds of billions to the bailout. Keep in mind that Citigroup still has over $1.2 trillion off-balance assets that it’s hiding for some reason. You can imagine why it’s hiding them.
Mark my words. Citigroup is going to cost taxpayers several hundred billion dollars.
Why wasn’t Bear Stearns provided with this deal?
What about Lehman or Merrill Lynch?
Once again folks, the reason is because the only interest the Fed and its partners, the Treasury and FDIC have is to protect the banking cartel. They seem to think they are above all laws and can do as they like.
These are FACTS people, so you had better accept them. The mainstream media isn’t going cover these realities because they are too stupid to see what’s going on. This includes the various “experts” that flood the airwaves.
Even if they realized this global scam, there’s no way in Hell they would ever touch it because the media is controlled by Washington and the wealthy elitists.
And these “experts” sure as Hell aren’t going to upset the media networks because they want to be invited back so they can market themselves.
All of these guys only care about themselves and they could give a rat’s **s if you get hosed.
This applies to EVERYONE on TV discussing economics, investments and finance, no exceptions. NONE. Trust me. I know exactly what I am talking about.
If you think there are any exceptions, feel free to email me and I’ll show you how your hero on TV is just as crooked as the bankers. You’re all getting taken while your hard-earned tax dollars are being shuttled to the same companies that hosed you.
Now with one of their “boys” as U.S. Treasurer, you can imagine how excited Wall Street is. Folks we are now looking at a banking bailout much larger than even I expected. My previous $5 trillion mark (which has now been surpassed) has been reset to $15 trillion. It is likely I will raise this amount in 2009. That’s more of your tax dollars going to feed the poor mistakes and excessive compensations of these banking bozos.
For those of you out there who were hoping for “change” from Obama, let me be clear – “fahgettaboudit.” And if you continue to believe this Disney-like fantasy of change, you will remain a sucker.
Obama talks loud about Washington insiders but thus far he is nothing but hot air. And he is turning out to be just as naïve as I imagined. But this is just the very beginning. I expect things to get much worse.
The fact is Obama picked Geithner just like he will pick the rest of his cabinet based on Britney Spears-like celebrity status in order to make the people think he knows what he is doing.
But there is another common feature they will all have – membership in the Council on Foreign Relations – the real governing body of America.
Of course Obama isn’t the first to play by these insider rules. It’s the status quo. That’s not change. Most likely Obama is too naïve to understand exactly what is happening. Right now he’s too busy basking in self-envy while living out his Superman fantasy. The reality is that his selections are being dealt to him by his advisers. These are the guys who are pulling Obama’s strings.
As a high ranking official of the Fed, you need to realize that Geithner is partly to blame for this crisis. It was Geithner who was the principal architect in one of the biggest banking heists in world history – the hand over of Bear Stearns to JP Morgan. He has supported Bernanke’s apparently intentional destruction of the dollar while siding with Paulson’s push for dictatorship-like authority over taxpayer funds.
As well, I find Geithner’s comments about minimizing regulation to be chilling. We cannot forget that it was the lack of regulation that caused this crisis. Everywhere you look you can find the lack of regulation or deregulation causing major problems, typically industry collusion and price gouging.
“As we reshape the incentives and constraints for risk-taking in the financial system, we have to recognise that regulation has the potential to make things worse. Regulation can distort incentives in ways that may make the system less safe. One of the strengths of our system is the speed with which we adapt to challenge.”
Do not be fooled by those who claim regulation is bad. Only pseudo-regulation is bad. Real regulation with real accountability is a must for a free market economy. Without the proper checks and balances and harsh penalties for all who abuse the system, America can never have a free market economy. It will only have an economy that benefits corporations and their wealthy elite owners.
You should also understand that Geithner is a strong proponent of Paulson’s call for unprecedented and “experimental authorities” of the Treasury. This is very dangerous and reinforces America’s direction towards a fascist nation.
Make no mistake. You will never see any real “change” in America when Obama fills his cabinet with insiders. You should have known what to expect from Obama after he began consulting Franklin Raines on the housing crisis, as I did.
This was the deciding factor that caused me to realize Obama would bring no change. Obama needs to surround himself with people who have no agendas, no memberships in elite controlling groups; people who are actually capable and committed to restoring America’s monetary and economic policy to soundness.
According to reports, Obama also plans to appoint Lawrence Summers as his chief economic adviser. In all honesty, I generally like Summers. He’s sharp, bold, often practical, speaks his mind and he’s an intellectual. However, I have two concerns with him.
First, he has been a proponent of free trade ever since serving under Reagan.
As we know, free trade has been America’s biggest weapon of destruction.
Wait a minute. I thought Obama wanted to restructure free trade? Yea right; more hot air from America’s first African-American puppet president.
The second problem I have with Summers is his long tenure as a member of the Council on Foreign Relations.
These two concerns, when combined with Obama’s appointment of Geithners is clear evidence (as far as I am concerned) of the course planned for America.
And now we get to Clinton.
Do I need to say anything about her that already hasn’t been said by others?
The only thing I’ll add is that she too is a member of the CFR.
On December 3, 2008 Obama appointed Richardson as Secretary of Commerce. In his speech, Obama dug deep to find good things to say about his track record, mentioning things such as breaking the world record in hand shaking, holding 2500 town hall meetings, and being chummy with UN cafeteria employees.
He stated that Richardson has an understanding of America’s need to “go green” as former Secretary of Energy. However, he created no green jobs despite having the authority to do so.
Obama also boosted about New Mexico’s employment rate. There are thousands of people who have a far superior understanding about energy, including research, economics and policy than Richardson, myself being one of them.
The fact is that Richardson’s leadership as Governor of New Mexico was abysmal. New Mexico is towards the bottom of all states in residents below the poverty line, median incomes, high school dropouts, health insurance coverage, violent crimes and many other statistics.
The reality is that Richardson was appointed not because of his qualifications. He has proven to be a lame duck. He was appointed because of his strong endorsement of Obama after dropping out of the presidential election in the spring of 2008, to pander to the Hispanic community, his membership in the CFR, and his pro-free trade policies. Obama, you are a loser, liar, a con artist and a damn fool. And any American who does not realize this is simply naïve.
Obama, the fact is you are clueless. You are clueless about healthcare, energy, economic policy and everything else important to America.
You are a Britney Spears president leading a Paris Hilton nation down the toilet.
Obama, are you unable to select anyone in your administration who is not in this elite group?
All you are doing is showing the people what a puppet you really are.
How can you propose “change” when you are picking politicians from the Clinton and Reagan administrations? These are the people who have created this mess.
Real change means a completely new direction led by people without ties to former administrations.
Obama, if you do not wish to go down in history as one of the biggest puppet presidents ever, you had better get with the program because so far you are being played the fool.
The real heroes of change like Elliot Spitzer and Andrew Cuomo?
Could it be that Obama wants to avoid selecting anyone with pure integrity or anyone committed to stop Wall Street fraud?
Say what you will about Spitzer, but the fact is that he did what the SEC and other agencies are supposed to do. And in the process he humiliated Washington, the FBI, and the SEC, showing he was ready, willing and able to do the job they abandoned.
It is likely that Spitzer was taken down in a sting operation. As I have written about previously, in America heroes don’t last. Mr. Cuomo, my advice is that you had better be overly guarded because you just might be the next to be taken down by Washington insiders in a similar way as Spitzer.
In my opinion, insiders should not be allowed to determine America’s future. They already had their chance and failed.
America needs a fresh slew of intellectual leaders, not some puppet president who speaks loud and carries a toothpick while bringing in the same guys determined to continue fascist policies.
As I have expressed previously, it didn’t matter much who won the 2008 presidential election because America only has one political party. And it is controlled by fascists who have partnered with corporate America. America’s future is in deep trouble unless you are in the top 10% of wage earners. For everyone else, you might consider trying to find a way out of this country.
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