They were trying to spur consumer lending, so they gave people these millions of dollars, said, ‘go out and buy student loans and commercial mortgages, and credit cards and whatever else it is that you want to buy, give them to us; if it goes up in value, you take them back and you cash them in, and if they go down in value, you leave them with us and the taxpayer will eat the loss.’- Matt Taibbi on the millions loaned to CEO wives, foreign banks, foreign car companies, etc. by the Federal Reserve
Here’s the link yet again for those that have not yet gone over to Rolling Stone and checked out Matt Taibbi’s piece.
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?
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.”
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.
Matt Taibbi has part of the puzzle, but not all of the pieces. Make sure to follow the link and watch the video Rolling Stone has of Matt Taibbi, and then go over to GoldmanSachs666. Mike Morgan has been covering this tentacle of the Pilgrims Society, and just won his court case against Goldman Sachs over copyright infringement. One has to cheer David on when he beats Goliath.
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression
In Rolling Stone Issue 1082-83, Matt Taibbi takes on “the Wall Street Bubble Mafia” — investment bank Goldman Sachs. The piece has generated controversy, with Goldman Sachs firing back that Taibbi’s piece is “an hysterical compilation of conspiracy theories” and a spokesman adding, “We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good.” Taibbi shot back: “Goldman has its alumni pushing its views from the pulpit of the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts; it also has former players fronting major TV shows. They have the ear of the president if they want it.” Here, now, are excerpts from Matt Taibbi’s piece and video of Taibbi exploring the key issues.
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
They achieve this using the same playbook over and over again. The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They’ve been pulling this same stunt over and over since the 1920s — and now they’re preparing to do it again, creating what may be the biggest and most audacious bubble yet.