Two new additions to the web illustrate, in plain English and for all to see, the systematic means by which the Wall Street, Big Finance, and Fed bankers are WAGING economic & financial WAR against the American people.
First, a video explaining how not only is current "Fed" Chairman Ben Bernanke a LYING TOOL of his Big Finance financial terrorist sponsors and career mentors, but that President Barack Obama is also a LIAR, a SWINDLER, and a FINANCIAL TERRORIST himself, for PROMISING the American people "CHANGE - you can believe in!" while DELIVERING MORE of the very financial terrorism that Bush, Cheney, Greenspan, Paulson, BERNANKE and co. had visited on America, leading millions of American voters to break the race barrier and vote for a minority presidential candidate in November 2008, a candidate pledging, promising, above all, to "change" the ECONOMIC SITUATION in America -
It must be said: BLACK and minority voters have done EVEN WORSE under two years of IDIOT, LIAR, SWINDLER and "step-and-fetch-it" HIRED ECONOMIC HIT MAN Barack Obama and his PRETEND "liberal" but actually RIGHT-WING "of, by, and for Golddamn-Sachs" economic policies, than Black & minority families were doing back in November 2008 when they proudly voted for - and thought they were getting - positive "change."
As Professor Michael Hudson explained (posted here at DemNationUSA in one of our earlier posts) back in February, Obama's re-appointment of Ben Bernanke signaled that Obama was running a RIGHT-WING REPUBLICAN style presidency - JUST LIKE George W. Bush and dastardly Dick Cheney - and, indeed, at the behest of his Neo-Con sponsors and Big Finance puppet-masters, Obama was doing things to the American people that Bush could not have gotten away with - Obama is executing MORE RIGHT-WING big finance attack-on-America policies in 2 years, than Bush and Cheney delivered in EIGHT long years of trying!
Guns and Butter - Obama's Republican Class War Presidency - February 3, 2010 at 1:00pm
But first, before we get to Barry Ritzholtz's awesome, incredibly simplified explanation (in the form of an imaginary letter ffrom Warren Buffet, on truth serum, to the SEC and "Uncle Sucker" formerly known as Uncle Sam) of the INTENTIONAL FRAUD and SERIAL LARCENY that were inherent in Robert Rubin & Phil Gramm's DEREGULATION of U.S. financial markets in the late 1990s,
we'll first post some quick headline links outlining the REAL news - the real ASSAULT ON AMERICA that the ENTIRE U.S. "major media," the ENTIRE U.S. education system (and especially college and university finance, politics, and economics departments), and of course both major political parties are COMPLICIT in WHITEWASHING, distracting, distorting, and diverting public attention AWAY from -
- the better to ENABLE the RIGHT-WING concentration of wealth & power ATTACK ON AMERICA:
BOB RUBIN: "US In Terribly Dangerous Territory," Bond Market May Be Headed For "Implosion"
(note: As Prof. Hudson explains very specifically in the 1 hr. audio link, above, ROBERT RUBIN, LAWRENCE SUMMERS, Goldman-Sachs, and Harvard were the architects, NOT of Russia's ECONOMIC REVIVAL, but of the TOTAL COLLAPSE of the post-Soviet Russian economy under "RADICAL PRIVATIZATION" in the early 1990s, that saw the wholesale transfer of trillions of dollars of Russian assets, to a handful of Western backed Russian oligarchs, who had done little to nothing to create those assets (which had been built up under decades of Communist rule) the oligarchs and their Rubin/Summers/Harvard sponsors DEFRAUDED tens of millions of Russians out of their pensions, medical care, and other social services, while contributing and creating almost nothing in return.)
Karl Denninger: (our paraphrase) "90% of Americans WANT STIFF PROSECUTIONS for FINANCIAL FRAUD, and especially for LOOTING of BAILOUTS, pensions, and mortgage & foreclosure fraud" - a desire that media, press, academic, and political ELITES have CRUSHED 100% !!
Dean Baker: "The Wall Street TARP [bailouts] Gang WANTS TO TAKE AWAY [steal] YOUR SOCIAL SECURITY."
Karl Denninger: BEN BERNANKE is a FRAUD and a LIAR -
IDIOT Obama: "More Aggressive Anti-Foreclosure Efforts Would Help People Who Don't Deserve It"
(Is Obama TRULY THAT DELUSIONAL???? "People who DON'T DESERVE financial help DEFINES Mr. Obama's fraudulent, financial TERRORIST BANKSTER BUDS at JP Morgan-Chase, Goldman-Sachs, Citi-bank, BoA, and Robert Rubin's other Swindler pals on Wall Street and at the Fed!)
Speaking of DEREGULATION and FINANCIAL FRAUD, in this all time classic edition of the Dylan Ratigan show Mr. Ratigan interviews former S&L Regulator Professor William Black - who states plainly that Obama SHOULD FIRE Bernanke, his SEC Chairwoman Mary Schapiro, AND Attorney General Eric Holder, who have all been DERELICT IN THEIR DUTIES to POLICE, prevent, and PROSECUTE FRAUD in America's financial markets!
video - http://www.msnbc.msn.com/id/21134540/vp/39836703#39836703
IDIOT Obama GIVES IN on extending BUSH TAX CUTS FOR RICH - in time of war, and economic crisis for America's non-rich families - who are forced to make good on the "BAILOUTS" than land in the vaults of the wealthy and their bankers!!
Writing an imaginary letter by Warren Buffet, on truth serum, to "Uncle Sucker" (formerly known as Uncle Sam), Barry Ritholtz explains how the United States government - the Congress, the executive (government) agencies, and BOTH political parties, INCLUDING the so-called "Democrats" - enabled what would become the decades-long LOOTING and GUTTING of both the productive (industrial) parts of the American economy, and specifically the TITANIC FRAUD in the critical financial markets.
As the above cartoon video on Bernanke, the Fed, and "Quantitative Easing" explained, the inherent nature of the Fed - a PRIVATELY OWNED BANKING CARTEL that "issues" ALL of America's (dollar) currency "money" - IS INHERENTLY FRAUDULENT, undemocratic, dictatorial, and PARASTIC - for it, the Fed Reserve very private banking cartel system, ALLOWS connected operators, to PREY ON American workers, companies, and especially pension funds, by using FAKE, FIAT, CREATED-out-of-THIN-AIR 'money' to SIEZE ALL PRODUCTIVE ASSETS in the country (and world), by organized financial, debt leveraging cartels, and creating such concentrations of fiat money that large fund operators can "PUMP & DUMP" EXTRACT the real wealth RIGHT out OF pension funds, by COORDINATED pump-and-dump stock PRICE MANIPULATION by large funds operators working together. (See Jim Cramer's "how large hedge-fund operators like me MANIPULATE markets and individual stock prices - he uses the word "fomenting"- and he uses as an example large companies like Apple (APPL) and Blackberry (RIM)"!! and video here.)
Dear Uncle Sucker . . .
By Barry Ritholtz - November 17th, 2010,
Before I get to the bailouts, I have to remind you that in:
• 1999, you passed the Financial Services Modernization Act. This repealed Glass-Steagall, the law that had successfully kept main street banking safely separated from Wall Street for seven decades. Even the 1987 market crash had no impact on Main Street credit availability, thanks to Glass-Steagall.These actions and rule changes were requested by the banking industry. Rather than behave as adult supervision, you indulged the reckless kiddies, looking the other way as they acted out. You were the grand enabler of the finance sector’s misbehavior. Hence, you helped create the mess by allowing the banking sector to run roughshod over decades of successful constraints. (Kudos again on that). (cont'd)
• 1997-2010, you allowed the Credit Rating Agencies to change their business model, from Investor pays to Underwriter pays — a business structure known as Payola. This change effectively allowed banks to purchase their AAA ratings, and was ignored by the SEC and other regulators.
• 2000, you passed the Commodities Futures Modernization Act. It allowed the shadow banking industry to develop without any oversight by the Commodity Futures Trading Commission, the SEC, or the state insurance regulators. This led to rampant creation of credit-default swaps, CDOs, and other financial weapons of mass destruction — and the demise of AIG.
• 2001-04, the Fed, under Alan Greenspan, irresponsibly dropped fund rates to 1%. This set off an inflationary spiral in housing, commodities, and in most assets priced in dollars or credit.
• 1999-07, the Federal Reserve failed to use its supervisory and regulatory authority over banks, mortgage underwriters and other lenders, who abandoned such standards as employment history, income, down payments, credit rating, assets, property loan-to-value ratio and debt-servicing ability.
• 2004, the SEC waived its leverage rules, allowing the 5 biggest Wall Street firms to go from 12 to 1 to 20, 30 and even 40 to 1. Ironically, this rule was called the Bear Stearns exemption.