Friday, October 16, 2009

Friday 10-16 "Theft Driven Derivative Economy "

Ratigan On A "Theft Driven Derivative Economy Supported By Trillions Of Dollars Of Taxpayer Money" This title is a direct quote from an article which was really a comment on the video clip below from Dylan Ratigan's show on MSNBC.

I explained the theft of 23.7 trillion dollars from the taxpayers in this way. It is illegal for a bank to knowingly buy or to sell a worthless investment. So the banks created Credit Default Swaps (CDS) which are a cross between a derivative and insurance. A derivative is a bet on the future value of a commodity, of a bond or a currency. To knowingly sell worthless mortgages based on liar loans they needed to create the fiction that these loans were insured so they bought insurance in the form of CDS which enabled them to issue bonds that could get favorable bond ratings from corrupt and incompetent rating agencies. Your job as a taxpayer is to pay for it all. Your share of 23.7 trillion dollars is probably more than you will earn in a lifetime but you could get a second job or even a third job. Of course you will have to delay your retirement until you reach age 82.

In the video below there is mention of Barney Frank's House committee working out a bill to regulate derivatives and CDS. Before you say :"Thank Heaven", you should realize that the Big Five banks got to the committee and so the resulting bill actually makes rules easier for Goldman Sachs and friends. You will see a mention of this in the video clip. By the way, the other day I saw a quote from a detestable creature who is a first term and I hope last term congressman who defended this revised version of the bill. He called himself a :"New Democrat." They are supposed to be pro-business. Someone needs to explain to that kid the difference between Main Street and Wall Street.

These are the comments from Tyler Durden at Zero Hedge. Dylan Ratigan sums it better than any financial analyst has been able to do so far: "giving people $23 trillion in taxpayer money, especially the banks, it makes their stock price go up."

And some observations on the Chairman's Moral Hazard Doctrine: "Ben Bernanke said he would print an unlimited amount of money, against the future of our taxpayer, that's why our dollar continues to collapse, to support the banks which is working pretty well."

Dylan: CNBC misses your optimism This last sentence is a reference to Ratigan's move from CNBC to MSNBC. I found this at Wikipedia about Ratigan.

In Ratigan's final CNBC broadcast from the floor of the NYSE he reported on what he called "an important story developing" that Goldman Sachs and "a variety of European banks", in his assessment and that of his guests, essentially "perpetrated securities fraud" and an "insurance fraud scam" against AIG—and, by extension, the government and taxpayers funding that insurance company's "bailout"—by insuring their questionable investment vehicles and, upon their devaluation, making claims on them to be paid by AIG "at 100 cents on the dollar" despite all of the markdowns "being forced upon every other" entity including the government, banks, shareholders, bond holders, taxpayers and homeowners.

"I think that it should be a bigger political issue than whether somebody bought an airplane... Forget the private jets, forget who got a million dollar bonus. Fifty billion dollars", he emphasized, minimizing what he saw as populist side issues to "the real question" of how "government policy makers" are to deal with the "problems of contract law" inherent in the agreements of businesses receiving government assistance during the financial crisis.

"The banks are being asked to take 'haircuts' on their toxic assets, why are the Goldmans and the Deutsche Banks of the world not being asked to take haircuts on their toxic credit default swaps? It's a real question. I will continue to pursue it for sure, I hope others will as well." Ratigan praised New York Attorney General Andrew Cuomo's subpoena of AIG to determine the bank payouts as "legitimate inquiry" and looked forward to "a body of lawmakers in Washington D.C. who are going to ask, it appears, some of the same questions that I'm asking."

You might remember that Obama suggested that NY Governor David Paterson just step aside and allow Attorney General Andrew Cuomo to run in his place for the governorship. This might have been motivated by a desire to protect the banks from scrutiny by the AG.

Finally, Here is the Video: It Takes A Pillage: Taxpayers Subsidize AIG & Goldman Fraud

NOW FOR THE REALLY BAD NEWS: Janet Tavakoli told us that fraud has been embedded in derivative contracts. Harry Markopolos who attempted in vain to warn the SEC of Bernie Madoff's Ponzi scheme has said there is 600 trillion dollars in "bad derivatives." There is about 1.4 quadrillion dollars in derivatives. So now you have some good questions to ask Frank, Bernanke, Geithner, Pelosi, Reid, Obama and your local House representative.

EU Parliament Discusses Legal Case VS Israel This is not an official inquiry.

'Toughest Sheriff' Vows Face-off With Feds Over Illegals

Do you remember my story the other day about Barricks selling its future gold production to depress gold prices to prop up the government against the interests of their stockholders? This story continues here: American Barrick Issues $1.25 Billion In Debt To Further Reduce Gold Hedge The stock deal was used to extinguish Barrick's $3 billion fixed-price hedges plus some of its floating-price hedge exposure, incurring 10% shareholder equity dilution and a $5.6 billion charge to earnings.

Brief Video: Harry Reid: Stop Complaining That The Bill Has Too Many Pages

Brief Video: Harry Reid Suggests Health Care to Cost $2 Trillion Note" "He talked about CBO saying that there would be $54 billion saved each year if we put caps on medical malpractice" In other words he could save more by tort reform than would be saved by Medicare cuts. That means the trial lawyers are more important to him than 52,000,000 people on Social Security and disability. Note that 2 trillion dollars is more than twice the cost that the Obamacare proponents are admitting.

Oil price hits one-year high above $78

Obama Poised to Cede US Sovereignty At [the 2009 United Nations Climate Change Conference in] Copenhagen, this December, a treaty will be signed ... I read that treaty. And what it says is this, that a world government is going to be created. The word “government” actually appears as the first of three purposes of the new entity. The second purpose is the transfer of wealth ... How many of you think that the word “election” or “democracy” or “vote” or “ballot” occurs anywhere in the 200 pages of that treaty? Quite right, it doesn’t appear once.

Global banking body may be needed-FSA Governor Mario Draghi just happens to be a former Goldman Sachs employee.

My Comment: The amount of deficit spending the administration and the Congress is a deliberate plan to bankrupt America and force us to accept a world government run by Goldman Sachs, the Zionists, the Rothschilds and the Rockefellers. Please note that they will try to make as many people as possible dependent on government spending before they let the dollar crash. Forget about the Amero. I think they will go for a world reserve currency so we cannot buy imported oil without first going through the new Zionist controlled international bank.

Hopefully, this is only a trial balloon from Rahm Emanuel and Obama. Report: Obama Poised to Announce 45,000 Troop Escalation in Afghanistan ... that will soon be over 100,000 troops fighting the roughly 100 al-Qaeda members reportedly in the nation ... There is no money to fund this. One of the reasons stated last week for refusing to accept dollars for oil was that the Arabs, the Chinese and the Russians do not want to pay for our wars on credit. If this decision is finalized, oil money should go directly into gold to bring this Empire to a swift end.

I posted these photos of American soldiers guarding opium poppies the other day. Please Share WHAT OUR CHILDREN ARE DYING FOR IN AFGHANISTAN

At the European Parliament, during a conference against “Denial”, Lady Renouf asks for proof, one single proof, of “the Holocaust”

More Americans fall behind on debts: Equifax

John Bolton Suggests Nuclear Attack on Iran John Bolton is a former Goldman Sachs employee. If I were in the press, my first question would be this: "As a former Goldman Sachs employee do you still get multi-million dollar bonuses annually or do you get one humongous check if America blows up Iran?"

The MERShole Yawns Wide I have reported on MERS before. These court rulings could allow 60,000,000 homeowners to default on their mortgages. I think this is the third state to rule against MERS and the banks.

Chinese leader dashes hope for sanctions against Iran China could end Wall Street's Empire of debt by announcing today that all future loans to the US will be denominated in yuan.

We can only hope. American Jews Rethink Israel This year has seen a dramatic shift in American Jews' attitudes toward Israel. In January many liberal Jews were shocked by the Gaza war, in which Israel used overwhelming force against a mostly defenseless civilian population unable to flee. Then came the rise to power of Israeli Prime Minister Benjamin Netanyahu and Foreign Minister Avigdor Lieberman, whose explicitly anti-Arab platform was at odds with an American Jewish electorate that had just voted 4 to 1 for a minority president. Throw in angry Israelis writing about the "rot in the Diaspora," and it's little wonder young American Jews feel increasingly indifferent about a country that has been at the center of Jewish identity for four decades.

This is funny. Obama's Fake Tijuana Birth Certificate Manning is my favorite pastor.

UN body okays Goldstone Gaza report accusing Israel of war crimes

Italy 'bribed the Taliban all over Afghanistan': Fresh claims as row over death of ten French soldiers escalates A Taliban commander and two senior Afghan officials have allegedly confirmed that Italian forces paid protection money to prevent attacks on their troops.

Cost to get one gallon of gas to combat vehicles in Afghanistan: $400 Pentagon officials have told the House Appropriations Defense Subcommittee a gallon of fuel costs the military about $400 by the time it arrives in the remote locations in Afghanistan where U.S. troops operate.

Danish Prime Minister Knew WTC Would Collapse During a recent interview on Danish television, the former Prime Minister of Denmark admitted that he received a message 5 to 10 minutes beforehand telling him that the south tower of the World Trade Center was going to collapse, prompting questions as to why the victims and rescue personnel inside the building didn’t get the same warning.

Video: Thousands protest during Obama visit

What Is The Rationale Behind The SEC's Hiring A 29 Year Old Goldmanite As Its COO?> the most recent news out of the SEC that it would be hiring a 29 year old former Goldman Vice President Adam Storch as its COO, questions the rationale behind this move.

Federal Reserve Balance Sheet Update: Week Of October 14 Securities held outright: $1,608 billion (an increase of $75.3 billion MoM, resulting from $13 billion in new Treasury purchases, $52 billion increase in MBS and $11 billion in Agency Debt), or $13 billion increase sequentially

Video: Max Keiser - Face Off - "Is the Crisis Over?" ( Max's Opening Line. This (recovery) is not froth but fraud. The man defending the banks said, "The banks are not offering a decent public service." This is Part Two of Max's Video

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