Wow, the Wall Street banksters strike back
 

I just heard that over the weekend BOA and other too big to fail banks moved 150 trillion in derivatives, they still have out there, from their investment banks to their commercial banks in hundreds of thousands of accounts that meet the max FDIC limit. That means if there is an economic collapse we are on the hook for their lousy paper.

If we do have a collapse in the economy there is no way Uncle Sam can cover the debt. They have 150 trillion in government insured commercial bank accounts. The entire GDP of the US is (drum roll please) is 14.5 trillion. We would be bankrupt in a big way.

Thank you Nixon, Ford, Jimmy Carter, Reagan, Bush I, Bill Clinton, Shrub was too stupid to know what was going on, and Obama for being the good little corporatist that he is, for deregulating the banks to the point we are at now.

Shrub and Obama gave the banksters close to a trillion dollars of our money in a bailout (where is our direct bailout?). The Fed gave the banks an additional 15 trillion in 0% interest loans using our money and they pull this crap. Those sons'a'bitches stole another 1/4 of my retirement accounts this year and charged me to do it. Screw them! I passed up an occupy Fayetteville rally last night, tonight I am going! /rant

And people say that our children will be paying for the deficit.

We're paying for it right now, and if you were thrifty and saved money for retirement, you're getting hammered twice.

You mention Fayetteville...are you an Arkie???

Chas

Yes, I consider myself to be an Arkie and a Razorback fan even though I am originally from Philadelphia. Actually born there and grew up in West Chester, PA. NW Arkansas is one of the best kept secrets for places to live. I think Fayetteville has been in the Forbes top ten best places to live many times.

As far as I'm concerned, Bull Shoals is one of the best kept secrets for a stunning lake.

It can be a tough bite, but it is deserted from the Peel Ferry to the K-Dock area. Even Lead Hill doesn't add much traffic.

The Lake of the Ozarks it ain't. What a shithole.

We used to go down to Eureka Springs on occasion, but that's been 20 years ago.

If I ever left Bugtussell, that would be the area I would move to.

Chas

Well HOT DAMN!!!!! Someone else FINALLY gets it..

Basically what this means.... The banks are scared... and if you see banks doing this, you better hang on to your TuTu

There's a book out there worth reading... The Best Way to Rob A Bank is Own One.

Not much difference between then and now as to what the owners are doing.

I'm looking for a news article that can confirm this, but not finding one... anyone?

And just today, Citibank reached a settlement with the SEC for $285 million for deceiving investors in a $1 billion derivatives deal.

http://www.nytimes.com/2011/10/20/bu...c-charges.html

http://rulingtheelite.com/ruling-the-elite-book
It's not just about the bankers, but it is a very interesting book for us Piss-Ants.

Well from what I can tell.. We just got fucked and they didn't even spit on it..

http://www.zerohedge.com/news/bank-a...ew-clients-dep

So yes, they were VERY scared..

Well.. look at the bright side... IF this is true, this is going to be bringing a lot more people to the streets...

But sadly hurt a lot more.

I love to trout fish below the Bull Shoals dam. Beaver lake is closer to me and they are making major improvements below the dam and putting in a fish hatchery.

My wife's cousin is a well known artist on Nantucket. She has decided to move to Eureka to retire. That says something about the area.

I heard it on the Thom Hartman show. I can't find anything either. His sources are usually good and something usually shows up days later in the lame stream media.

Why is not more being made of the hard-left slant of these protesters. Their desire to force wealth re-distribution. Their demands to be leeches on the backs of people that work hard and earn their money. Sure, there are problems on Wall Street. But the problems with the economy are not on Wall Street, they are in the White House and the Congress. They are with NAFTA and all other, so-called "free trade" agreements with the third world that export American jobs. They are with the failed housing policies of DNC heavy-hitters, such as Franks and Teddy Kennedy, that demanded banks lend to people who should have NEVER gotten a loan.

The problems with the American economy rest squarely in Washington, and much of it with the failed policies of the DNC.

In 2007, even with the wars in Iraq and Afghanistan, we had a deficit spending of $160 Billion. That was bad enough. In 2011 it will be $1.4 TRILLION, nearly 10x as much. We also have not had a budget since 2009. Who is to blame? Barrack Hussein Obama and his Democrat friends - no one else.

I found a few articles about it, bt you have to dig. Appears they are keeping it really quiet. I found one that was really good and explained exactly what it means for us.. Here's one here.

http://problembanklist.com/fdic-to-c...ive-bets-0419/

Here's another.. and yes, ows is alreay plannin about how to protest it.

http://dailyreckoning.com/government...uts-by-design/

Good for them! OWS is getting smarter!

Interestingly, people forget that it was a very Liberal movement that started the US!

Perhaps because that aren't that many people willing to follow through with
such a biased misunderstanding of what the OWS folks actually find wrong with the masters of the universe.

Regards,

D-Ray

This is what OWS stands for and is really fighting about..

http://wearethe99percent.tumblr.com/archive

Or is it because it is expedient to the actual masters of the "OWS folks", the left-wing of the DNC, and their desperation not to lose the White House in 2012? After all, communist imagery doesn't resonate with mainstream America. Nixon should have lost in 1972, but he did not. Have you ever asked yourself why the Democrats were unable to defeat Nixon in 1972?

These "protesters" should be protesting Congress and the White House as their policies have failed the nation. They would never do that, for obvious reasons. ;)

KG, where are you getting this stuff from? You wanna share your sources? Which bank do you work for?

Why protest the White House? The big problems happened when Bush was in power. He be gone now. Or did you forget that the bank failures, the economic collapse, TARP, etc happened on HIS watch?

Bush made many mistakes, however, Obama is not entitled to a free-ride. He has been President for nearly 3 years now and it is time to take responsibility. "The buck stops here" is what was displayed on President Truman's desk. The sitting President is ultimately responsible. There has not even been a federal budget under Obama's watch.

I should also point out, that when the DNC took control of both houses of Congress in January 2007, unemployment was at 4.9% and the economy was very strong. The economy collapsed in mid 2008, 18 months after the Democrats took control of Congress. The collapse continued under Obama. This data comes from the CBO.

Where do I get my information on the 1972 election? Common knowledge. There are some very interesting books written on the 1972 presidential election and the failure of the DNC to capitalize on public sentiment. Several of them were written by prominent Democrats. Including one by George McGovern, the Democrat candidate in 1972. He also holds a Ph.D in History. He especially lays out the missteps of the DNC during that election cycle. :)

Do you really work for a bank?

If so, why do you keep pointing your finger at the government? They have been very good to you.

Chas

Chas,

I don't work for a bank, and never have. Economic policy starts in Washington, not on Wall Street. I point fingers to where the problem is: the failed economic policies of Washington. :eek:

Of course big-business is going to export jobs. Why shouldn't they? Washington makes it difficult to do business in the USA. Did you know that the USA has the highest corporate tax rates in the world combined with more environmental red-tape than "green" Europe? Imported goods have to be made more expensive that domestically produced ones. That is how you restart this economy. Cancel NAFTA, the Mexican component, as it makes no sense. Economic policy has to make sense for America, not for China, Mexico, or Brazil. That's the bottom line.

Boeing wanted to open a second, already built, production line in South Carolina... we all know what ole Barrack did about it. Now, these jobs that would have been created there are going to be exported to China or Brazil. Who is to blame for this? Not Boeing, but Barrack Hussein Obama and his Democrat friends who back him on this. This is just one of many examples.

No bank was ever forced to make any loan they did not want to make. They made those stinker loans to gather hefty fees up front and then bundled the bad loans up, got AAA ratings and sold them to pension funds, teacher retirement funds, etc. The whole time they took out credit default swaps and bet against their own worthless paper.

You are right, this is the responsibility of the US government. Phil Gramm wrote two pieces of legislation that deregulated banks 100% and over turned Glass-Stiegel in the process. The Gramm-Leach-Bliley act and the Commodities futures modernization act. Bill Clinton signed both into law.

Obamas hands have been tied by a do nothing 60% super majority Senate. He has never had both houses because of the Senate filibuster rules that Republicans have used over 200 times to block legislation that came out of the House. A president is not a dictator. To get amnesia about what happened before 2008 seems to be a Republicans favorite past time.

With the loans... well, the ACLU with prodding from Barney Franks sued several for not giving loans to some that though were entitled to them. If you flip burgers at Burger King, you probably cannot afford a $200,000 home. Franks, and others, didn't care. :mad:

Glass-Stiegal must be reinstated. That is the bottom line. :D

Yes there were problems prior to 2008, or even January 2007, but the current administration has gotten a free-pass on so many things. $4.2 Trillion dollar increase in the deficit under Obama. That is a reality. The lies about Obamacare being "budget neutral". There are so many more examples that are 100% Obama's doing. Yet, if you want to hold him responsible, you are labeled a racist at best by many. If Obama had shown leadership, stewardship, and even common sense, the DNC would not have suffered the horrendous election defeats it did in 2010. I predict 2012 will eclipse them considerably.

Lemme tell you why I think OWS is hitting Wall Street and the banks instead of the governement.

First off, people understand money. Lots of people have lost money, or have no way to make any money, so by going after the money, it will cause more people to take notice and want to become involved.

I also think by going after the gravy the government is so fond of eating it will make them take more notice of what the people are fed up with, than if we just stood outside their offices.

I do feel we should be making things a lot tougher for the government right now too, and protesting on their door steps too, but everyone can get on the money wagon, where as it's harder for people to get on the government wagon.

This is part of the reason I've gotten involved with October2011 when I can. They have well seasoned activists that have been hitting the government along with the money. They know how to put up a good fight.

Is it really? That is good to know. My youngest is flying down there in a few weeks to meet with a coach.

People are hitting Wall Street because they understand it is a private club that legally steals from the masses to accuire it's wealth. No one in the USA begrudges wealth, it's the stealing that is being protested.

exactly noone.. you just said it better than I did.. But, they wouldn't be able to steal all that cash without the help of Unkle either..

I think that the chant "Wall Street got bailed out, we got sold out" is not solely directed at Wall Street, especially when they are doing the chanting in front of Concress.

Corporate income tax relief is a scam, about the only ones that ever paid the 35% are small businesses without a good tax accountant. GE paid zip, nada, most other big corporations paid less than half.

Funny as hell how our friends to the north can run successful businesses with the amount of regulation they have.

Frankly all the whining coming from the right is really rather pitiful.

What did the Republican say when the elephant stepped on his foot?

Nothing he just gave a little whine.

I have the feeling that there will be a lot of wailing and gnashing of teeth next November and it won't be being done by just who people think.

I dunno Rob, my 401k took a big hit last quarter & I know I'm not the only one. Still time to turn it around though.

Pete

So did mine and who do you think was responsible. The same folks that have stood in the way of everything, except a moving bus unfortunately.

Well, Obama has been in office for almost three years. That is plenty of time to make sure that GE pays taxes. Besides, are there not several former GE executives very high up in the Obama administration? Didn't GE give very generously to Obama's 2008 campaign? :eek:

One can throw stones in a glass-house all day, which will not solve anything unless there is some measure of tax reform. :D

How can you have super majorities as a president, and still have your hands tied? That is an excuse inability, nothing more. Not even a budget was able to be passed under Obama. Yet, a wildly unpopular budget busting health care bill was passed. Passed in a way that made the US Congress look very much like the Russian Duma under Stalin - like a "rubber stamp" legislature. That, my friend, is very disturbing. Yes, quite right, Obama isn't a Dictator. Neither was George W. Bush or Bill Clinton, and both have proven themselves considerable more able than the Hawaiian. ;)

Check out Post #20 on this thread, I'm pulling Erik's chain and not yours.

Actually, I pretty much agree with everything you have said...but I've been too busy renovating one of them rich 1% doctor's bathroom and keeping my last employee in beer and beans to contribute much more than the occasional wise assed remark.

Podunk engine of enterprise that I am.

Normally, whenever anyone to the right of Che shows up here, they wind up being beaten about the head and shoulders...but so far you have sidestepped the onslaught.

Now I can't tell if it's because you are a member of the fairer sex, or you have a couple of sheepskins on your wall as well, or your message actually resonates with the blame it all on the Republican's crowd.

But by all means, carry on. And pay no attention to me , I'm nobody or nothing.

Chas

Perhaps I was premature on my estimation that you have been given a pass.

Chas

Chas,

I appreciate your opinion. You are certainly someone, with a view. That is good. Opinions are the basis for political debate. :D BTW: I was very unpopular at school because of my views. As a Graduate Teaching Assistant, I was known as the "witch" from the History Department as I demanded that the students that voiced political views (which is something I encouraged as History and politics are closely intertwined) also justified them through logical arguments. If they could not, I generally took them apart with the proverbial scalpel, or sometimes a machete. ;) One of my students, who leans quite far to the left politically, told me at the end my last semester that I taught before I graduated (paraphrase): Tasha, you put your thumb squarely on my forehead pushed till it hurt, but you taught me critical thinking skills that I didn't have. That I took as quite a compliment. :)

Perhaps, one of the reasons I have sidestepped the "usual" is that I am neither a Democrat or a Republican, but a social conservative. Am I to the right of Che? Yes, but was Che actually on the "left". He, like many other "communists" (or scientific socialists if you will) are very much akin to the far right rather than left - just the message is different. There is actually very little difference between Hitler, Stalin, and Mao when examining political action. Furthermore, the latter two were much heavier handed, less scientific, less efficient, and far more brutal in many respects. Most people who idolize Che, have no idea that he was a mass murder and a terrorist. They idolize him, just like Castro (Fidel, not Raul) and Hugo Chavez, because they really don't understand the nature of socialist states. Nor have they read "Das Kapital" or understand the fundamentals of Marxist-Leninism. They long for a promised socialist utopia, which is an impossibility due to our nature.

There was only of these states, known to all of history, that worked. That is East Germany. That one, didn't work all that well. In fact, the East Germans were often referred to by their neighbors as the "Capitalist Socialists". :eek:

P.S. The sheepskins are on the wall, and the voodoo dolls near my laptop.

Are you SURE he's Hawaiian? :D

LOL!

Pete

KG you are wrong on several counts.

Due to a Senate rule it takes a 60% super majority in the Senate to bring cloture to a bill so it can be voted on. Obama never had what you think of as a super majority in the Senate. At best, with, Bernie Sanders, they could only scare up about 52 to 54 votes trying to end the record number of Republican filibusters. If the filibuster is broken the vote would have only required 51 votes to pass. In the case of a 50/50 tie the Vice President breaks the tie. The truth is most of the legislation made it out of the House and most of it died in the Senate.

The health care bill in no way was "rubber stamped" after fierce debate in the Senate it passed. After fierce debate in the House it passed in a very close vote. That is about as democratic as it gets. Republicans could have easily blocked it in the Senate, but Republicans did not. Why?; because they wanted to use it to run against Obama in 2012. Yes, it was wildly unpopular because it did not provide any real competition to the for profit health insurance companies. A majority of Americans wanted a public option, if not a single payer system. I was against the bill because all it was was a mash up of Republican proposed ideas from paste debates. "Budget busting" yes in the Republican talking points world. In fact The CBO scored it as deficit reducer.

"In March 20, 2010, CBO released its final cost estimate for the reconciliation act, which encompassed the effects of both pieces of legislation. Table 1 (on page 5) provides a broad summary and Table 2 offers a detailed breakdown of the budgetary effects of the two pieces of legislation. CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting both pieces of legislation will produce a net REDUCTION in federal deficits of $143 billion over the 2010-2019 period." (emphasis is mine)

Bill Clinton is a friend. My wifes law partner for many years worked at the Arkansas AG's office when Bill was the AG of Arkansas. My father in law was the dean of the UofA law school and was responsible for hiring Bill and Hillary to teach there. Need I go on. That "Hawaiian" (Kenyan, black man, communist, Hitler, Fascist, etc....) in the White House now makes Clinton look like a light weight in the brains department. He makes Bush II look like an idiot. Well, I admit, that is not hard to do.

Here is the link to the CBO numbers on the health care bill should you care to read the crunched numbers

http://www.cbo.gov/publications/collections/health.cfm