and you'll receive our popular
newsletter with latest news,
videos, commentary & more.
Help Us Spread The Word!
HELP US GO VIRAL!!!!
We no longer have the
luxury of time.
Guest Users: 4
Please Support Us With A Purchase
We have no control over
what ads google displays
Please Support Us With A Purchase
Thanks to the boys at www.thinkbigworksmall.com, this is the perfect example of how banks have a license to steal and why our currently elected government officials can't be trusted.
This is the long anticipated new film by the writer and director of "The Money Masters," Mr. Bill Still.
Few people know that the book "The Wonderful Wizard of Oz" was written to expose the truth about bankers and our monetary system and how to achieve monetary reform. This new film is shorter than the Money Masters, is more entertaining and provides you with deep insight into money, how it's supposed to be issues and used and how the private bankers have seized control over it.
What's the secret behind "The Wonderful Wizard of Oz?" Nations don't have to borrow money! That's right, NO MORE NATIONAL DEBT! It's the interest on the debt that's killing the economy.
The solution is nothing radical; Abraham Lincoln used it to win the Civil War. Colonial America became prosperous by this method.
Director Bill Still focuses on the populist movement of the late 1800s -- the William Jennings Bryan era -- when the monetary reformers were strongest -- right wher "The Wonderful Wizard of OZ" was written.
YOU MUST GET THIS FILM AND LEARN THE TRUTH ABOUT WHY WE'RE ALL IN THE MESS WE'RE IN AND HOW TO GET OUT OF IT.
By Betty Liu and Matthew Leising
Taxpayer losses from supporting Fannie Mae and Freddie Mac will top $400 billion, according to Peter Wallison, a former general counsel at the Treasury who is now a fellow at the American Enterprise Institute.
“The situation is they are losing gobs of money, up to $400 billion in mortgages,” Wallison said in a Bloomberg Television interview. The Treasury Department recognized last week that losses will be more than $400 billion when it raised its limit on federal support for the two government-sponsored enterprises, he said.
The U.S. seized the two mortgage financiers in 2008 as the government struggled to prevent a meltdown of the financial system. The debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks grew an average of $184 billion annually from 1998 to 2008, helping fuel a bubble that drove home prices up by 107 percent between 2000 and mid-2006, according to the S&P/Case- Shiller home-price index.
By Hugh Son
The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.
AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a “backdoor bailout” of financial firms.
By Hugh Son
Former Treasury Secretary Henry Paulson has been asked to join his successor Timothy Geithner in testifying before a House panel examining bailout payments to American International Group Inc.’s trading partners.
Paulson was invited to a Jan. 27 hearing set by Edolphus Towns, chairman of the House Oversight and Government Reform Committee, about the decision to fully reimburse AIG’s bank counterparties for $62.1 billion in derivatives. Stephen Friedman, the former Federal Reserve Bank of New York chairman who serves on the board of Goldman Sachs Group Inc., was also asked to appear, Towns said in a statement yesterday.
“Chairman Towns is well aware of the fact that President Bush’s Treasury secretary orchestrated this bailout,” Jenny Rosenberg, a spokeswoman for the New York Democrat, said in an e-mail explaining why Paulson was invited.
The request widens the probe into what lawmakers have called a “backdoor bailout” of banks that benefited from the $182.3 billion U.S. rescue of AIG. Geithner, who ran the New York Fed when AIG was saved in 2008, agreed to testify before the committee after Darrell Issa, a California Republican, released e-mails last week showing that the New York Fed asked AIG to withhold data about bank payments.
By Gretchen Morgenson and Louise Story
New York Times
In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm.
Mr. Egol, a Princeton graduate, had risen to prominence inside the bank by creating mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.
Goldman’s own clients who bought them, however, were less fortunate.
Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm.
Goldman was not the only firm that peddled these complex securities — known as synthetic collateralized debt obligations, or C.D.O.’s — and then made financial bets against them, called selling short in Wall Street parlance. Others that created similar securities and then bet they would fail, according to Wall Street traders, include Deutsche Bank and Morgan Stanley, as well as smaller firms like Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner.
How these disastrously performing securities were devised is now the subject of scrutiny by investigators in Congress, at the Securities and Exchange Commission and at the Financial Industry Regulatory Authority, Wall Street’s self-regulatory organization, according to people briefed on the investigations. Those involved with the inquiries declined to comment.
George Washington's Blog
Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent.
Writing Wednesday in The Hill , Congressman Brad Sherman pointed out that :
In my opinion, Geithner’s proposal is “TARP on steroids.” Section 1204 of the proposal [the proposal being the "Resolution Authority for Large, Interconnected Financial Companies Act of 2009"] allows the executive branch to use taxpayer money to make loans to, or invest in, the largest financial institutions to avoid a systemic risk to the economy.
Geithner’s proposal reminds me of the Troubled Asset Relief Program (TARP), the $700 billion Wall Street bailout adopted last year, but the TARP was limited to two years, and to a maximum of $700 billion. Section 1204 is unlimited in dollar amount and is a permanent grant of power to the executive branch. TARP contained some limits on executive compensation and an array of special oversight authorities. Section 1204 contains absolutely no limits on executive compensation and no special oversight.
By: Brian Beers
Senior Producer MSNBC
End The Fed by Ron Paul
"Nothing good can come from the Federal Reserve," writes Texas Congressman Ron Paul in his latest book hitting shelves this week, titled "End the Fed."
"It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class."
Paul makes the case that the Fed is the main culprit responsible for the current economic mess the country faces through the destructive policies of cheap credit and excessive money printing.
"Prosperity can never be achieved by cheap credit," says Paul. "If that were so, no one would have to work for a living. Inflated prices only deceive one into believing that real wealth has been created."
This just in from the House floor: Rep. Mike Grayson (D-FL) has announced a hearing for House Resolution 1207, which would subject the Federal Reserve to an independent audit.
This video is from C-Span, broadcast Sept. 15, 2009.
Wall Street is at it again, blowing up yet another bubble, another false economy that produces absolutely nothing but bogus profits for Wall Street. The financial sector is supposed to exist as a support system for industry in the "real economy." Instead it has become nothing but a way to make money off money, a way to concoct one fraudulent, convoluted set of "financial products" after another.
Wall Street produces NOTHING OF REAL VALUE. They simply suck the life blood out of the real economy. Now they are going to amp up yet more gambling bets, this time on our very lives. Gee, this couldn't have anything to do with the fact that they are also about to stage a massive genocidal pandemic on us all could it?
* * * * * * * * * *
By Jenny Anderson
New York Times
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.
Either way, Wall Street would profit by pocketing sizable fees for creating the bonds, reselling them and subsequently trading them. But some who have studied life settlements warn that insurers might have to raise premiums in the short term if they end up having to pay out more death claims than they had anticipated.