AYFKM?: Romney Not Focused On The Federal Reserve

AYFKM?: Romney Not Focused On The Federal Reserve

If there was ever any doubt in your mind as to whether Mitt Romney is the aristocracy’s pick to replace Obama, try this on for size.

Mitt Romney: “I’m Not Going To Focus On The Fed”

“I think Ben Bernanke is a student of monetary policy; he’s doing as good a job as he thinks he can do,” Romney said when Kudlow asked what kind of job Bernanke is doing. “I’m not going to spend my time going after Ben Bernanke. I’m not going to spend my time focusing on the Federal Reserve.”

We already know why auditing and abolishing the Fed is so important; but what does this say about Romney? Too power-hungry or too dangerously stupid to serve? Has he not been paying attention?

From Matt Taibbi of Rolling Stone:

The Real Housewives of Wall Street

Now, following an act of Congress that has forced the Fed to open its books from the bailout era, this unofficial budget is for the first time becoming at least partially a matter of public record. Staffers in the Senate and the House, whose queries about Fed spending have been rebuffed for nearly a century, are now poring over 21,000 transactions and discovering a host of outrages and lunacies in the “other” budget. It is as though someone sat down and made a list of every individual on earth who actually did not need emergency financial assistance from the United States government, and then handed them the keys to the public treasure. The Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses. “Our jaws are literally dropping as we’re reading this,” says Warren Gunnels, an aide to Sen. Bernie Sanders of Vermont. “Every one of these transactions is outrageous.”

(H/T The Economic Collapse)

Here is what you can do.

Ron Paul Debate Day Money Bomb, 5.5.2011 (Click to link)

The first nationally televised Republican presidential debate in the 2012 election cycle will be held on May 5, 2011 on Fox News. Because of this, it is imperative to showcase Ron Paul as the leading frontrunner in the race. On May 5, 2011, we will hold an online money bomb in support of Ron Paul for President 2012. A money bomb is a 24-hour fundraising event aimed at dramatically increasing funds for a specific candidate. In November 2007, Ron Paul raised more than $4.2 million in a single day. In December 2007, Ron Paul raised the most money in the history of American politics in a single day, raising more than $6 million; a record that still holds strong to this very day.

Please invite your friends, and tell them that it is essential that we all donate to Ron Paul on May 5, 2011, in preparation for the first nationally televised Republican presidential debate for 2012.

Ron Paul’s run in 2008:

Moderator: If you were president, would you work to phase out the IRS?

Ron Paul: Immediately. And you can only do that if you change our ideas about what the role of government ought to be. If you think that government has to take care of us from cradle to grave, and if you think our government should police the world, and spend hundreds of billions of dollars on a foreign policy that we cannot manage; you can’t get rid of the IRS, but if you want to lower taxes and if you want the government to quit printing the money to come up with the shortfall causing all the inflation, you have to change policy.

FreedomWatch, 4.6.2011: Empire Of America (The Fed)

FreedomWatch, 4.6.2011: Empire Of America (The Fed)

Lies the government tells you including the $3.3 Trillion lie the Federal Reserve was forced to disclose about bailouts to just about everybody on the planet. The Judge interviews Ron Paul and Dennis Kucinich about the new docs that have been released and also speaks to Stuart Varney (among other guests) about the TARP program and how banks ‘are special’. What a perfect example of the FIRE economy that is killing the real economy. The judge also covers the covert wars with ‘boots on the ground’ that happen all the time without our knowledge.

To learn more about the FIRE economy, hit the link. The Postcatastrophe Economy: Rebuilding America and Avoiding the Next Bubble

Catherine Austin Fitts, ‘Financial Coup d’Etat’ (With Alex Jones, 2.17.2011)

This financial genius has nailed it yet again with the continuing predictions that have come true. She starts this interview with the german bank taking over the NYSE and the fallout from that merger, fraud in different markets, bailouts and the trillions that have disappeared, and the ‘financial coup d’etat’ that occurred right in front of our faces. Have you yet seen a banker in handcuffs?  She goes into cutting the head off the beast with the money that we give to the government, banks, and charities (Part 1, 11:00).

Please check the related links following the vids.

Catherine Austin Fitts: “Financial Coup d’Etat!!” – Alex Jones Tv 1/3:

Catherine Austin Fitts: “Financial Coup d’Etat!!” – Alex Jones Tv 2/3

Catherine Austin Fitts: “Financial Coup d’Etat!!” – Alex Jones Tv 3/3

Glenn Beck, 12.28.2010; Had Enough Yet? (Bailouts)

Economic history lessons of the US with depressions that were averted.  In 1946, the Republicans ran on the phrase, “Had Enough Yet?” and took control of congress.  You may not be saying that phrase yet, but you will…

Sean Bielat Making Barney Work For His Spot At The Trough

Sean Bielat Making Barney Work For His Spot At The Trough

Sean BielatMy readers know that I consider Barney Frank to be one of the top public enemies of the republic because of his almost 3 decade track record of progressivism in the US House.  I believe that Barney needs to be fully investigated, charged and convicted when it comes to what he knew and when he knew it in regards to banking, housing, and regulation. (The other two PEs being Bernanke and Geithner.)

All of that being said, along comes a marine named Sean Bielat who has the economic credentials (Wharton) that Barney lacks, and who is giving B-Boy the political fight of his life.

Mass. Rep. Frank lends $200,000 to own campaign

Frank, a Democrat who began October with more than $1 million in his campaign account compared with Bielat’s $364,000, said he’s taking money out of his own pocket to fight anticipated spending by outside groups.

Those ‘outside groups’ being the silent majority of everyday Americans that are fueling all the constitutional candidates campaigns.  You. Me.

I am hoping you will see what I see in this interview with Sean Hannity (10.26.2010), and hit the ‘ByeByeBarney‘ banner at the bottom of this article to donate to Sean’s real, bonafide chance to fire ‘Fannie and Freddie are sound’ Barney Frank.  Without traitors like Barney Frank and Chris Dodd inside congress protecting them, Ron Paul might actually get that audit of the Fed and the abolition of the private banking cartel mafia.

Sean Bielat MoneyBomb 'ByeByeBarney.org'

The AIG Saga Continues: Treasury Hides $40 Billion Loss? (UPDATED Video)

Neil Barofsky isn’t making any friends over at Treasury right now, considering he is slamming their changing methodology (without telling the American public) that make the losses at AIG looks significantly less than what they were 6 months ago.

Is anybody surprised?  No; didn’t think so. I know I will have died and gone to heaven when the Federal Reserve no longer exists and the big wall street banks aren’t telling our government how it’s going to be anymore.

Treasury Hid A.I.G. Loss, Report Says

The United States Treasury concealed $40 billion in likely taxpayer losses on the bailout of the American International Group earlier this month, when it abandoned its usual method for valuing investments, according to a report by the special inspector general for the Troubled Asset Relief Program.

“In our view, this is a significant failure in their transparency,” said Neil M. Barofsky, the inspector general, in an interview on Monday.

In early October, the Treasury issued a report predicting that the taxpayers would ultimately lose just $5 billion on their investment in A.I.G., a remarkable outcome, since the insurance company was extended $182 billion in taxpayer money in the early months of its rescue. The prediction of a modest loss, widely reported as A.I.G., the Federal Reserve and the Treasury rushed to complete an exit plan, contrasted with an earlier prediction by the Treasury that the taxpayers would lose $45 billion.

And as an added bonus, Neil Cavuto covers the story of the Treasury looking for employees that know their way around the Freedom Of Information Act specifics.  How’s that for transparency…?  The Judge weighs in.

Judge Napolitano – Treasury Dept. Secrets

What Quantitative Easing Really Means = Bank Bailouts

What Quantitative Easing Really Means = Bank Bailouts

Kona Tea Party, 4.15.2009

Did you really think that the Federal Reserve’s magic printing presses were actually going to help us, the average American. What follows is an excellent explanation of what QE actually means; more big bank bailouts.  Do you still have a bank account or credit card with one of these sharks?

From Economic Collapse:

The Biggest Bank Robbery In History? More Quantitative Easing = Backdoor Bailouts For The Big Banks Without Having To Go Through Congress

The U.S. Federal Reserve is getting ready to conduct another gigantic bailout of the big banks, but this time virtually nobody in the mainstream media will use the term “bailout” and the American people are going to get a lot less upset about it. You see, one lesson that was learned during the last round of bank bailouts was that the American people really, really do not like it when the U.S. Congress votes to give money to the big banks. So this time, the financial “powers that be” have figured out a way around that. Instead of going through the massive headache of dealing with the U.S. Congress, the Federal Reserve is simply going to print money and give it directly to the banks. To be more precise, the Federal Reserve is going to use a procedure known as “quantitative easing” to print money out of thin air in order to purchase large quantities of “troubled assets” (such as mortgage-backed securities) from the biggest U.S. banks at well above market price. Some are already openly wondering if this next round of quantitative easing is going to be the biggest bank robbery in history. Most Americans won’t understand these “backdoor bailouts” well enough to get upset about them, but that doesn’t mean that they won’t be just as bad (or even worse) than the last round of bailouts. In the end, all of the inflation that this new round of quantitative easing is going to cause is going to be a “hidden tax” on all of us.

These new backdoor bailouts are going to work something like this….

1) The big U.S. banks have massive quantities of junk mortgage-backed securities that are worth little to nothing that they desperately want to get rid of.

2) They convince the Federal Reserve (which the big banks are part-owners of) to buy up these “toxic assets” at way above market price.

3) The Federal Reserve creates massive amounts of money out of thin air to buy up all of these troubled assets. The public is told that all of this “quantitative easing” is necessary to stimulate the U.S. economy.

4) The big banks are re-capitalized and have gotten massive amounts of bad mortgage securities off their hands, the Federal Reserve has found a way to pump hundreds of billions (if not trillions) of dollars into the economy, and most of the American people are none the wiser.

Make sure to go over and read the rest; then tell your family and friends about the latest way the big banks are going to get a hand up/hand out and how we are going to be left with the interest payment reaching $1 Trillion dollars next year.

Available Historical Data Fiscal Year End - in Billions (Source: US Treasury)

Sean Bielat Making Barney Work For His Spot At The Trough

Sean Bielat’s ‘David’ To Barney Frank’s ‘Goliath’

Sean Bielat

Massachusetts woke up earlier this year and reclaimed “The Kennedy” seat for the people when they voted for Scott Brown.  Now they have an even better choice in Sean Bielat to retire one of the main reasons for the financial collapse which started with the housing bubble created by the Dems’ Community Reinvestment Act in 1977 and continued with the House Financial Services oversight by 30 year career politician, Barney Frank.  Mr. Frank, by the way, has absolutely no private sector or business experience at all; none, nada, zip.  How does a guy that knows nothing about how a business actually survives and thrives, become the chairman of one of the most influential, (if not the most influential), committees in Congress?  How?

I don’t think that Fannie and Freddie are financially insolvent.  I don’t think they need large bailouts. – Barney Frank, 2008

and my personal favorite:

I doubt that Treasury will write a check to Fannie and Freddie – 2008

Not only has the Treasury written $148 billion in checks, but on December 25th, 2009 (Merry Christmas!), the Treasury lifted the $400 billion dollar cap for these two mortgage giants allowing them unlimited funding. The worst case scenario for the bailout of Fannie and Freddie is $1 TRILLION.

Barney has been the Chairman of the House Financial Services Committee since 2007 which oversees the financial services industry in it’s entirety; housing, banking, investment, securities and insurance.  Nobody could be this stupid, and from everything I have seen of Mr. Frank, he is one of the most intelligent people in Congress which bodes darkly for us.  A service and conflict record of an employee in the private sector this lacking in judgement would beg for dismissal.  Massachusetts now has a choice; may they choose wisely.

May I introduce to my readers the constitutional candidate (with a business background) that is giving Barney the first competition he has felt in more than two decades; Sean Bielat.

I do believe that Sean’s Wharton MBA sheepskin trumps Barney’s Harvard law degree when it comes to fixing the economy, and we all know that ‘it’s the economy stupid!’.

From Sean’s site:

Meet Sean

Sean Bielat is the first strong challenger to Barney Frank since the 1980s. His experience and accomplishments have shaped his views:

—As a businessman, Sean believes in focusing on economic growth and fiscal responsibility

—As a Marine, he believes in peace through strength

—As an American, he believes in a return to Constitutional values and citizen-legislators

Sean’s career highlights include—

  • Major, U.S Marine Corps Reserve
  • Independent Consultant. Helped client companies build market strategies
  • Program Manager, iRobot Corporation. Led $100 million, 100 person business line providing life-saving defense robots used to destroy roadside bombs in Iraq and Afghanistan
  • Chairman, NATO Industrial Armaments Group. Led an international team studying the potential for use of advanced reconnaissance technology in urban warfare
  • Management Consultant, Mckinsey & Company
  • Lieutenant, U.S. Marine Corps (active duty)

Sean and his wife are residents of Brookline, MA and recently had their first child, Theo. They are members of St. Mary of the Assumption Catholic Church in Brookline. Sean currently works as an independent consultant and serves as an officer in the Marine Corps Reserve.

Sean worked his way through college and graduate school, aided by scholarships and the GI Bill. He now holds a Master in Public Policy from the Harvard Kennedy School of Government, a Bachelor of Arts from Georgetown University, and a Master of Business Administration from The Wharton School, University of Pennsylvania. He is a member of the Knights of Columbus, the International Institute for Security Studies, and the Council on Emerging National Security Affairs.

As I have stated in the past, all of these local races have become national referendums on the continued survival of America as a free nation. Scott Brown, Charles Djou, Nikki Haley, John Willoughby, Allen West, Marco Rubio, Dan Benishek, Christine O’Donnell, Sharron Angle, Joe Miller…and the list goes on. Please donate to Sean’s campaign in any way that you can as taking down the great white shark, Barney Frank will do more to demoralize and derail the progressives than any other candidate except for Nancy.  Remember, the other sweetheart deal, money man, Chris Dodd, is retiring.

Click To Donate

Glenn Beck, Crash Course Week: The Economy (9.6.2010)

Judge Andrew Napolitano is hosting Glenn’s ‘Crash Course’ Week as Glenn is on vacation. This week’s programs will be a recap of Beck programs that have outlined the history behind the events that have been occurring in our nation since the installation of Barack Obama.

Today’s program is all about the economy, Obamacare, the travesty of the Fin-Reg bill, cutting spending, unsustainable pension funds, and the insanity of bailing out GM. I only take issue with the movement of money in the buckets (you’ll understand when you see it), as all the money that GM collected in the first bailout should have been thrown on the floor or flushed down a toilet. Then GM should have refilled their bucket from TARP and then transferred that money to the Government Loan bucket. Glenn is correct though; the taxpayers’ bucket remains empty to this day.

Part 1:

(more…)

Obama Times Mortgage Forgiveness Perfectly…

Obama Times Mortgage Forgiveness Perfectly…

Get ready for the snake-oil salesman to go all in as he prepares to make the voters swoon, cry, and wave their arms in the air yet again.

On the heels of another $1.5 Billion requested bailout from Fannie, (who has suffered 12 straight months of losses), we have the Obama political machine maneuvering to ‘buy’ votes in the upcoming midterms by offering mortgage forgiveness to Americans.  How does that money-changing-hands-thang work again?  Why don’t we just keep our money in the first place?  I’m sorry, I forgot; I’m just some brain-dead, fluoridated, prescription-drugged and debt-strapped moo whose only reason for an IRS and Social Security tracked existence is to be out working to produce a revenue stream for the aristocrats and the rest of the world.

Then again, did I or DID I NOT say in Fall 2007 that somebody was going to have to put a freakin’ floor under the housing market to stop the slide, and how does this affect the coming rounds of mortgage resets coming down the line in the next three years?

An August Surprise from Obama?

Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie. A few key points:

1) Republican leaders believe this is going to happen since GOPers and Democratic moderates in the Senate are unwilling to spend more taxpayer money on more stimulus. But such a housing plan would allow the White House to sidestep congressional objections and show voters it is doing something tangible about an economy that seems to be weakening.

2) Wall Street banks are alerting their clients privately to this possibility. Here is what some are cautiously saying publicly. This from Goldman Sachs:

GSE policies are one of a dwindling number of policy levers the administration has left to pull, so it is conceivable that changes could be made, though there is no sign that a policy change is imminent. The Treasury’s essentially unlimited ability to provide financial support to the GSEs creates an interesting situation over the next twelve months: the GSEs could potentially be used to provide additional support for the housing market and, to a lesser extent, the broader economy in 2H 2001.

And this from Mizuho Securities:

As policy makers ponder their next move the data suggests that they face not only a stalling recovery but a growing risk of deflation taking root in the economy. As a result, the Administration has turned back to industrial policies by approving the purchase of a sub-prime auto lender by GM as a means for pumping  up domestic sales, especially since the latest auto sales data indicates that consumers are still responsive to incentives. This precedent increases the risk that the government will use its control of Fannie and Freddie to increase consumer cash flow and juice the economy again.

Moreover, Morgan Stanley is pushing a mortgage relief plan directly to Congress. On August 3, a top Morgan Stanley economist recommended to the Senate Budget Committee that Fannie and Freddie ease their lending standards to allow millions of Americans to refinance their mortgages.

3) Keep in mind the political and economic context. The nascent recovery is already running out of steam. Wall Street economists just downgraded the government’s second-quarter GDP estimate of 2.4 percent to around 1.7 percent. And as even Treasury Secretary Timothy Geithner is warning, the unemployment rate may well begin to rise back toward the politically toxic 10 percent level given such sluggish growth. Many in the White House thought the unemployment rate would be dropping sharply by this point in the recovery.

But that is not happening. What is happening is that the president’s approval ratings are continuing to erode, as are Democratic election polls. Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. The political calculation is that the number of grateful Americans would be greater than those offended that they — and their children and their grandchildren — would be paying for someone else’s mortgage woes.

4) And don’t think the White House is worried about financial market reaction. If they thought it would pass Congress, they would be submitting a $200 billion Stimulus  2.0  (3.0?, 4.0?) right now.

August is supposed to be a slow month for Washington politics. But maybe not this one.

A few questions though.

  1. Who will be making up the difference of the forgiveness loans?
  2. Who will still be able to pay their mortgages without jobs, or with a dollar whose value is almost non-existent?
  3. Who will still be able to pay their mortgages when their taxes increase in a few short months?
  4. Who will still be able to pay their mortgages when hyper-inflation hits and food becomes more important than a roof over their childrens’ heads?
  5. If this was such a viable option, why did Washington wait so long to do this?

Another short term heroin hit to make the Usurper Freeloader look like The Messiah and attempt to save his precious majority from the guillotine.

The chess game continues…


(UPDATE:  I want to congratulate Left Coast Rebel and their crew of amazing bloggers for being picked up by The Daily Caller as they cover a number of these issues including Sam Foster’s GM and Chrysler bleed jobs while Obama claims victory.  Make sure to put LCR on your daily flyby of blogs of note.)

(H/T BB)

Bad Behavior has blocked 2257 access attempts in the last 7 days.

%d bloggers like this: