NEWS & INFORMATION ON
THE ECONOMIC CRISIS
November 2008 and Earlier
A timeline of the actions which have led us to this point. The economic crisis seems to have come out of nowhere. Is there little wonder the American people were back on their heels when one week our President and the Federal Reserve were telling us the economy was 'sound' but two weeks later, we were in crisis and needed to pledge $700 Billion to fix what was wrong? FedUpUSA sheds some light on what the American people have been kept in the dark about.
A chronological documentation of the lies Fed Chairman Ben Bernanke has told the American People and Congress.Treasury Secretary Henry Paulson's Lies
A chronological documentation of the lies Secretary Paulson has told the American People and Congress. Mr. Paulson's lies are particularly egregious in that he also has the biggest conflict of interest of anyone involved in this economic crisis. Do you really trust the man who was CEO of Goldman Sachs when they created CDS and CDOs? Mr. Paulson was not only at the helm when Goldman Sachs realized these little 'financial weapons of mass destruction' were failing, but was still there in 2006 when they decided to take short positions betting AGAINST their own creations in order to protect themselves. Is this the man who should be trusted with the entire United States Treasury? Why do you think he really wants all this tax payer money? Read documented proof of what he has said, much of it under oath in front of Congress and draw your own conclusions.
Why is our government doing this? What's the real reason? Where's the money going?
Is there anyone in Washington who cares about the American People more than their wallet? Is anyone trying to do the right thing? Is anyone telling the truth? After all, they can't all be lying can they?
What is the world's initial reaction to the Bailout?
There are some Federal Reserve Presidents who don't quite agree with the actions being taken. See what they have said.
The Treasury Department held a non-public conference call with 'interested' parties right before the Bailout vote. These were parties who stood to benefit from the Bailout. Evidence the Bailout was not designed to help the American People or the economy.
The Chicago School of Business provided an 'umbrella' for over 200 world-renowned academic economists from all over the country to unite and make a statement in opposition to the Bailout. In addition to these brilliant academic minds, who have no conflicts of interest unlike certain other famous people who have come out in favor of the Bailout, other recognized experts such as Nouriel Roubini, Mike "Mish" Shedlock and Anna Schwartz have also joined in unison against this Bailout. FedUpUSA would like to know why Congress has repeatedly refused to listen to these unbiased, brilliant minds.
Economics is all about math. Mathematics is the key to whether or not a budget will work. FedUpUSA asserts that Mr. Paulson has a serious deficit in math skills. See for yourself.
Financial expert, Mike "Mish" Shedlock sets forth specific reasons why the Bailout will fail.
The Federal Reserve and Hank Paulson, along with President Bush certainly did a 180 degree turn from "the economy is sound" rhetoric, a change that happened within days. FedUpUSA examines where did this sudden change of heart come from and why was the panic button pressed with such urgency and fear-mongering. Decisions made in haste and panic are never good long-term solutions.
Exactly how much will this Bill cost the American taxpayers?
Letters from American People like you.
Special risks to Social Security and Medicare every American approaching retirement and every American already retired should be aware of. Is the government telling the truth about Social Security? We tell you what the government doesn't want you to know.
Photographs from various protests across the country. If you have photographs of a protest you have organized against the Bailout and the actions in Washington, please feel free to submit them.
How do you most effectively do this? Well, buy a Congressman, of course. Who is really running America?
A video, in plain language that explains what the REAL economic problem is facing America. You might be surprised to know that it isn't really a lack of money.
A video, in plain language that explains what WILL work to fix the economic problems facing America.
400 Points down on the DOW today. Was this because the market was afraid that the Bailout Bill wouldn't pass? We prove that notion false.
A video, in plain language, dissects the Bailout Bill. Who does it really benefit?
Oddities happening in the market during Bailout Bill negotiations. Some concrete proof from the Federal Reserve's own online balance sheet. Did you know you can see this for yourself? Don't take our word for it, read it yourself from the source!
What did Americans tell their Members of Congress about this Bailout Bill?
What did the market do in response to the vote on the Bailout Bill?
Dallas Federal Reserve President, Richard Fisher states that the Bailout Bill jeopardizes America.CONGRESS: YOU'RE FIRED! - 9/27/2008
Congress failed to listen to We The People and they failed to listen to non-biased economic experts. Instead, they listened to those who have severe conflicts of interest. Congress listened to private individuals who would love to benefit from taxpayer money to bail themselves out of their own bad bets.
Warren Buffet is one of those who is a private individual who is at great risk of having at least one of his highly speculative positions blow up his own company - he wants YOU the taxpayer to stand behind his risky bets.
The Federal Reserve purposely let Washington Mutual and Wachovia fail at a time when it would most influence Congress to vote the way the Fed and Treasury wanted them to. In essence, they used fear as a motivator, but did these banks have to fail right now?
Congress is scared of Ben Bernanke and Hank Paulson's threats, but perhaps they're more scared of an angry mob of American citizens.
The Federal Reserve pumps $630 Billion into the banking system and it did NOTHING to relieve the stress in the credit markets. It did nothing to entice banks to lend to each other. Further proof that this is NOT a liquidity problem, but one of trust. The $630 Billion is nearly the entire amount of the proposed Bailout.
A group of Congressmen (and ladies) bravely stand up in unison against the Bailout Bill. How does the Senate propose to re-introduce this Bill when they have no authority to do so?
Video report on what has been learned about the Bailout Bill and where the money is going.
Congressman Brad Sherman (D-CA) confirms FedUpUSA's fears. This money is primarily going to China, Japan and other countries for American debt they purchased, which was NEVER explicitly guaranteed by the United States of America.
What exactly is it when a foreign country demands another sovereign country backstop debt they bought, which was never explicitly guaranteed? Debt they essentially purchased for the same reason anyone else purchases debt, to make a profit. The riskier the debt, the higher the profit. These countries wanted windfall profits but when it doesn't work out that way, should the US taxpayer make good on their speculation?
What happened recently with the $700 billion dollar "rescue" was not the first time that we were threatened economically by foreign interests. Freddie Mac and Fannie Mae, hereby referred to as Fraudie and Phoney, were the first time foreigners were bailed out with US taxpayer money. This was yet another one of the many "bailouts" that was going to fix the economy once and for all that failed because they didn't address the true issue: Lack of Trust!
November 2008 and Earlier
When a central bank thinks its house is on fire, it too will rush to save the thing valued most. In the United States, the central bank has rushed to save the bonuses and dividends of its Wall Street clientele by hiding away the bad assets that can no longer be foisted on gullible investors. In Europe too the response of central banks has been to save the wholesale banking and securities industry rather than the consumers and businesses underlying the real economy’s longer term productive strength.
Stonleigh at The Automatic Earth discusses inflation and deflation: The basic point is that we here at TAE are expecting deflation. Although inflation and deflation are commonly thought of as descriptions of rising or falling prices, this is not the case. Inflation and deflation are monetary phenomena. The terms represent either an increase or a decrease, respectively, in the supply of money and credit relative to available goods and services.
This chilling documentary film examines the relationship between the media, corporate America, and government. In a country where the 'top 1% control 90% of the wealth', the film argues that the media system is nothing but a 'subsidiary of corporate America.'
Extraordinary wealth is possible. What is required is a change in spirit, in culture and in politics. To paraphrase Utah Phillips, “our economy is not dying, it is being killed. And the people killing it have names and addresses.” Forget bailouts. Let’s stop doing those things that are destroying our real economy and let’s stop financing and supporting the people who are doing it.
Death By Numbers, fiscal suicide, committing a "Paulson", these accurately describe what is going on at the federal level regarding our economy and banking system. This article, written by a friend of FedUpUSA (Nate) provides an excellent explanation of our current situation, and why everything "they" are attempting is doomed to failure. Not only will "they" fail, but they're trying their best to pass the bill onto you, your children, and your grandchildren. We will be paying this bill for generations, unless we stop now. Please click the link above for the full story. It is VERY worth the read.
Nov. 24 (Bloomberg) -- The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago. The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
Is the FRAUD clear enough? If it isn't clear to you yet, the foxes are in charge of the hen house. These guys have one goal and one goal only, they will take absolutely everything from American citizens to keep the banks and the bankers alive. The banks will have all the money and all the assets if the American People do not band together, rise up and stop them. $24,000 has just been stolen from every American...man, woman and child! One half of the entire country's REAL production wiped off the face of the Earth and PAID TO THE BANKERS!
The banks are NOT lending money! They are NOT going to lend money! The real economy is meaningless to the banks and those that run them. It is also meaningless to our elected government officials that get paid.....by the BANKERS!
The winners and losers have already been chosen - long ago. Three more small banks failed Friday night. Citi was rescued. JPMorgan is backstopped. Bank of America is backstopped. Merrill Lynch was rescued/merged. Morgan Stanley is temporarily propped up. Goldman Sachs was rescued/merged. Lehman was left to die. Why? They didn't 'play nice' during the LTCM debacle 10 years ago. Paybacks are a bitch when you're no longer in the 'Club'.
GM isn't in the 'Club'. Neither are any of the other American automakers, or any of the companies in the real economy. The American taxpayer is most definitely NOT in the 'Club'. Absolutely everything and everyone is expendable to save those that ARE in the 'Club'. You can take THAT to the bank.
YOU are a slave to this 'Club', as are your children and their children. When the US Government can no longer sustain the sucking black hole that are the banks, the US Sovereign AAA credit rating will be downgraded, instantly doubling or trippling (or worse) the rate at which our government borrows money (which is what your taxes represent) and if they can no longer wring it out of YOU, then the United States of America will default on its debt and cease to exist.
Fed up yet??!
Impatient White House Tells Banks to Stop Hoarding Money – So, this Bailout was supposed to help unfreeze the credit markets and allow consumers access to credit. Well, who would’ve guessed that once all our tax dollars went to the banks, that all they would want to do is keep it? FedUpUSA warned of this a month ago.
The system is broken and lending and confidence cannot be restored without transparency.
The government has long manipulated official numbers relating to jobs, inflation and gross domestic product. See what the real numbers are. John Williams over at ShadowStats has been keeping track of the true statistics for years.
The following more or less supports what some have been saying for a while — that major banks in the U.S. and the U.K. will end up being entirely nationalized before this crisis is over — but it’s still a striking way of looking at the data.
Secretary of the Treasury Henry Paulson's $125 billion capital "giveaway" to nine of the country's largest banks has helped to calm the credit markets, but it won't last. The "real economy" is beginning to stumble and the stock market is gyrating more wildly than anytime in history.
Fast forward to today and what does 60-Minutes have to say about derivatives? Apparently Hank and Ben still aren’t watching much TV these days. At this point, I’m pretty sure that the writers and investigative reporters at CBS’s 60 Minutes would do a far better job at dealing with this economic mess than Ben Bernanke and Hank Paulson.
Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke both testified in front of Congress that they had no idea how risky these derivatives were. Well, here it is all laid out in a 60-Minutes special from 1995. Apparently, neither of them ever watched television. So, if 60-Minutes had it figured out in 1995, exactly why didn’t the so-called experts have any idea in 2006 when all of these derivatives started to unravel?
When this man predicted a global financial crisis more than a year ago, people laughed. Not any more...
As the crisis worsens, the government's reaction keeps changing. Lawmakers in both parties are starting to gripe that the bailout is turning out to be far different from what the Bush administration sold to Congress. Well, FedUpUSA was far ahead of this and we have been saying all along this bailout was one big scam. Too bad Congress took this long to start figuring it out.
Bill Nocera of the New York Times exposes a nasty little lie, right from JPMorgan’s own Jamie Dimon. The truth is, the banks have no intention of using the TARP (Bailout) money to give loans to the American People and the real economy as we were told; they plan to hoard it and use it to buy up weaker institutions for pennies on the dollar. Article from Financial Times showing independent evidence for what Bill Nocera published at the NYT.
CNBC's Rick Santelli on the trading floor of the CME shares his thoughts on the bailout
The popular CNBC show, Fast Money reveals exactly what the problem is: LACK OF TRUST. It has always been about trust. A monetary system cannot work without it, regardless of how much money is thrown at the problem.
Luigi Zingales of the University of Chicago, Professor of Entrepreneurship and Economics, sets out a plan which Congress completely ignored (among many others). Strange how all these plans from unbiased sources have little or no need for taxpayer money. Makes you wonder why our government is so anxious to give the American People's money to the banks, despite there being clear, inexpensive alternatives to try.
Plan written by former Internet company owner and CEO and current internet Blogger Karl Denninger. This plan was faxed to all members of congress and the senate before the bill was passed and offered a workable solution that didnot require giving massive amounts of tax payer money away.
The Bailout Bill has made come true exactly what Bernanke, Paulson and this Administration claimed was already happening. Indeed, the Bailout Bill is RESPONSIBLE for the worsening of this economic crisis. Who would have thought that further impairing America's already encumbered balance sheet would actually make things worse? Perhaps someone with an ounce of common sense.
So, what is the market's initial reaction to the Bailout Bill passing? Not what you might think.
An angry mob of investors and taxpayers is assembling, and they want to see some executives' heads on pikes. The question for the courts will be, Who was just foolish with our money - and who was lying, cheating, and stealing? While former Enron CEO Jeff Skilling could at least try to have his case transferred out of Enron-devastated Houston, the credit-crisis targets will have no such card to play. This time the corporate shenanigans have wrecked the globe. "This is the ugliest enforcement environment I've ever seen in my professional career," says one criminal- defense lawyer, who also asks for anonymity.
WASHINGTON, YOU’RE FIRED!” was born out of sheer frustration with abuses in our current political system and it gives a voice to Americans across the country. Producers Lewis and Abel trailed their way across the United States on an expedition to pull together the thoughts and requirements that everyday Americans have for their political representatives in Washington, D.C. The results were staggering and their stories are moving. The American people know in their hearts that a problem exists in our current political structure and their solutions are simple, direct, and honest. Washington, You’re Fired captures the spirit and zest of an old fashioned Boston tea party and captivatingly delivers the audience an education into legislation that will affect them and generations of Americans to come. From the mismanagement of Hurricane Katrina rescue efforts and law enforcement abuses to the wrongful imprisonment and torturing of legal enemy combatants and misuse of the FBI and NSA -- nothing is taboo in this disturbing look at the dark side of government.
CNN Money Presents a Short Video - December 31, 2008
I disagree with them regarding Paulson being the dumbest person of 2008. We The People win the Dumbest Award - because we did nothing to stop him. I'm sure Tim Geithner will make Paulson look positively astute. BOHICA!
The commercial pillars holding up the Western world - banking prudence and sound credit - have been smashed to smithereens. The "advanced" nations are now flirting with economic collapse. The emerging economies have also suffered "collateral damage" – the West's "sub-prime" debt bombs now threatening the stability of global commerce.
Why Americans Need a New Monetary System - December 27, 2008
The system is rigged, and not in your favor.
What Happened to the American Dream? - December 26, 2008
This is the painful truth. The whole truth and nothing but.
Many people are looking for an easy answer to the tyranny that is being imposed upon us by the oligopoly of government, corporations, and media. There is no easy answer. The original patriots struggled for 14 years to free themselves from British tyranny. Failure meant the hangman’s noose. Our politicians, corporate CEOs, and media pundits will provide comforting “solutions” that have been crafted by PR maggots. Their crafted talking points are lies. They have no idea what they are doing. The only question is whether rational change will come when the existing system collapses under the weight of its lies, or we take back the country through grassroots efforts and spreading the truth through the internet.
"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to." But no bank provided even the most basic accounting for the federal money. "We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion. Others said the money couldn't be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money "doesn't have its own bucket." Others, such as Morgan Stanley spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: "We are going to decline to comment on your story." Most banks wouldn't say why they were keeping the details secret. "We're not sharing any other details. We're just not at this time," said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government. Heine, the New York Mellon Corp. spokesman who said he wouldn't share spending specifics, added: "I just would prefer if you wouldn't say that we're not going to discuss those details."
Bailiffs Get Power to Use Force on Debtors - December 21, 2008
In a stunning break from hundreds of years of property rights in the UK, bailiffs representing creditors have been granted new powers to violently separate people from their property in order to repay their debts. Coming soon to a country near you? We certainly hope not.
The government has been accused of trampling on individual liberties by proposing wide-ranging new powers for bailiffs to break into homes and to use “reasonable force” against householders who try to protect their valuables.
Congress Ready to Hand Over Remaining $350 Billion to Hank Paulson - December 19, 2008
Despite rhetoric to the contrary, Congress apparently has NO intention of making the Treasury Department disclose exactly how the FIRST $350Billion was spent. Instead, they're going to hand them a second helping. Keep in mind, there has been NO accounting for what happened to the first $350B, other than the fact that we know it went to insolvent banks who have failed to lend it to the real economy.
Paulson today urged Congress to release the second half of the rescue funds after the government exhausted $350 billion in less than three months. “Congress will need to release the remainder of the TARP to support financial market stability,” Paulson said in a statement released in Washington. “I will discuss that process with the congressional leadership and the president-elect’s transition team in the near future.”
BRUSSELS (Reuters) - Belgium's government collapsed on Friday after a top court found signs that it had sought to sway a legal ruling on the future of stricken bank Fortis.
Wall Street Coup D’état - December 19, 2008
We were originally told that the whole problem was a sub prime mortgage problem. Unfortunately this is a LIE. The amount of all sub prime mortgages in America is $1.3 trillion Dollars. But the bailouts are already $8.5 trillion Dollars and growing daily. Why do you need $8.5 trillion to fix a $1.3 trillion problem?
Homes of the Rich & Bailed-Out - December 18, 2008
So, just where did all that money go that we taxpayers are now on the hook for? Take an aerial tour of the homes of the bailed-out (by you) bankers and Wall Street fat cats.
Image from Calculated Risk.
The most remarkable thing in the US Federal Reserve’s statement this morning was not the cut in the cash rate target to near zero, although it was certainly a bit more than the market was expecting. It’s the fact that the Fed is now one of the largest and most important commercial banks of all time – by necessity and virtually by default, it is nationalising the US banking system. In a sense, the Fed is eating the banks.
Federal Reserve Cuts Target Rate to 0 - December 16, 2008
We have now officially joined Japan in its 'lost decade' (which is now actually two decades). Contrary to common belief, the Fed never had control over interest rates in the first place. They merely follow the demand for credit. Since there are few people that have any capacity (or will) to borrow, the demand for credit is, well, nearly zero - so now the Fed Funds Rate reflects what is the truth; we're all tapped out. What the Fed really wants to do is blow up the old bubble again; try to kick start a borrowing frenzy in order to allow banks to charge interest (of any sort) so they can recapitalize. Short of this, they'll take it from your future taxes (generated from your earnings). So basically, the idea here is to keep the debt slavery of the masses going. Sound good to you? Who's it going to be, you or them?
Fed Refuses to Disclose Recipient of $2 TRILLION in Taxpayer Loans - December 12, 2008
Wondering where the government is spending all your taxpayer money? Well, wonder no more, they say, 'None of your business.
Dec. 12 (Bloomberg) -- The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
Congress says 'yes' to HUNDREDS OF BILLIONS of dollars to Wall Street, but 'no' to a $15 Billion loan to aid automakers and real production in America. Any doubt now that Congress is bought and paid for by the Wall Street elite or that they intend to take all your money, your children's money and their children's money to cover their decades of fraud?
Suspected anarchist protests which have dogged Greece for the last week spread outside the country today, with mobs causing violent scenes in Italy, Spain, Russia, Denmark and Turkey. Even before the riots, the government was already facing public discontent over the state of the economy, the poor job prospects for students and a series of financial scandals.
Violence is now breaking out across Europe, these are not 'anarchists' as described, these are regular, normal people who are fed up with being debt slaves to the banks, being subject to suppressed wages, corrupt politicians and fraudulent financial institutions.
Image from Calculated Risk.
Bernard L. Madoff, a legend among Wall Street traders, was arrested on Thursday morning by federal agents and charged with criminal securities fraud stemming from his company’s money management business. According to the complaint, Mr. Madoff advised colleagues at the firm on Wednesday that his investment advisory business was “all just one big lie” that was “basically, a giant Ponzi scheme” that, by his estimate, had lost $50 billion over many years.If you believe this guy was the only one running this scheme, guess again. This is what is ruining our country and these are the very same guys your taxpayer money is going to bail out!
Ford Motor Company's CEO, Alan Mullaly, apparently fed up with Congress's attitude towards American industries that actually make something other than perpetual debt-slaves, today declined any money from American taxpayers. While Congress has no problem GIVING taxpayer money to insolvent banks, American industry requesting temporary loans are apparently repulsive to them. Mr. Mulally today demonstrated the American spirit that has been gone too long from this country. 'Fine. We'll find a way.' In a show of solidarity, he also said that he fully supports General Motors and Chrysler in their pursuit of some temporary help and that the severe economic climate and the lack of credit are to blame for all three American automakers' situation. FedUpUSA commends Ford Motor Company not just for declining American taxpayer money but for reminding us of the spirit that has made America great.
Fred Thompson On The Economy
"This holiday season, be extra nice to the kids. Bless their hearts, they have no idea what's in store for them."
Chris Martenson comments on this revelation on his blog:Some people think of Hank Paulson as our Treasury Secretary. I think of him as a 19 year veteran of Wall Street banking. At every turn of this entire bailout he has specifically advantaged banks over taxpayers, banks over industry, banks over homeowners, and banks over the future health and prosperity of this country.
Sen. James Inhofe (R-Ok.) said yesterday that it was Treasury Secretary Henry Paulson who personally told Congressmen that there would be martial law in America if they did not pass the bailout of the banks as demanded by the Bush Administration.
Iceland’s currency collapsed in September, plunging the country into an economic depression. The US media is not covering what is now happening to the people in Iceland. This Icelandic gentleman is providing an English translation of first hand accounts of what is happening there:Geir Jon Thorisson, chief of police, was talking to tens of people who barged in to the lobby of the central bank and demanded to talk to David Oddsson, central bank governor. The police tryed to get the people out of the lobby, but are prepared for anything.
Rep Marcy Kapture: SQUAT your own homes! - January 30th, 2009
Hattip to Raw story for this one...
If you're poor and the bank is coming for your home, Congresswoman Marcy Kaptur has a plan for you.
Just squat, she says.
Dallas Fed President, Richard Fisher, States Current Liability of US Government is $88 Trillion - February 2, 2009
On a C-span interview, Richard Fisher, the President and CEO of the Dallas Federal Reserve claims that the current, long-term unfunded liabilities of the US Government is 88 Trillion dollars. Yes, that is $88,000,000,000,000 in current long-term unfunded liabilities (you know, details like Social Security, Medicare & Medicaid). If you're having trouble coming to grips with this figure, we'll break it down for you: Future liabilities $88.0 T (apprx. 300E6 Americans) Current deficit $10.6 T This years deficit $ 2.0 T -------------------------- Sub-total $100.6 T Since roughly 156.3 million pay fed taxes, the average DEBT owed per family of 4 is, wait for it.... $558,888.00 x 4 = $2,235,552.00 (per family of four) Any doubts our government is ENSLAVING us?
January 30, 2009
Across the pond our European counter-parts have had quite enough of their respective governments transferring the wealth from the common folk to the bankers and government, leaving them to suffer. France, Great Britain, and Russia now join Iceland and Greece in expressing their frustration. It appears they're quite FedUp. (Videos after the jump.)
Change We Can Believe in - More Transparent Criminality - January 30, 2009
First we have Timothy Geithner, new Treasury Secretary and head of the IRS not paying his taxes for the past 4 years. He claims it was an 'innocent' mistake and Congress gave him a pass allowing his appointment. Does this sit well with you? You as a taxpayer sure couldn't get away with this. What happened to restoring trust and transparency to our government?!
If You Thought Geithner was Bad - January 30, 2009
Turns out, Tom Daschel, Obama's choice for Secretary of Health and Human Services owes the IRS $100,000. At least he did until he was nominated for this position.
Rep. Paul Kanjorski (D-Pennsylvania) - January 31, 2009
Rep. Kanjorski admits Congress was told that the end of the banking system and political system as we know it was at hand if they didn't approve the $700 billion TARP, and that Congress is not filled with financial geniuses...but we knew that already, didn't we?
FedUpUSA's Founder was a guest on Plains Radio - January 28, 2009
The Founder of FedUpUSA (Stephanie) was a guest on The Plains Radio Network at 8:30 PM EST (TIME CHANGE!) on January 28th, 2009. Click the link above, to hear a recording of that appearance. Stephanie did a great job and we're all proud of her.
Welcome to the Depression - January 26, 2009
Bennet Sedacca over at Minyanville asserts we are already or will very soon be in a depression. The definitive indication is unemployment.
Just to give you a flavor for how far-reaching the unemployment situation is, the following companies have recently announced job cuts and layoffs - all are global, best-of-breed and industry leaders: Caterpillar, Kimberly-Clark (KMB), Pfizer (PFE), Royal Bank of Scotland, ING (ING), Harley-Davidson (HOG), Philips International, Microsoft (MSFT), Deere (DE), Starbucks (SBUX), United Airlines (UAUA), Schlumberger (SLB), Xerox (XRX), Toyota (TM), Sony (SNE), Union Pacific (UP), Bentley, Reebok, Fiat and Clear Channel (CCO).OK. Are you depressed yet? If you think that list is scary, consider this: All of those layoffs have been announced since last Thursday.
Warning: Megabanks Could Fail Despite Federal Aid - January 26, 2009
When is enough enough? How long will taxpayers be complicit in throwing their money away (and their children's money)? Martin Weiss exposes the real numbers behind those mega banks that are gobbling up your taxpayer dollars. Can any of these banks actually be saved? The answer is most likely, no.
U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis.
NEW PROTEST ANNOUNCED: - January 19, 2009
Please click the above link for more details.
You're Invited to a Commemorative Tea Party
Date: February 1, 2009
There IS Another Answer: Why Not Capitalize NEW Banks? - January 15, 2008
Why are we throwing good money at bad banks? We're rewarding the crooks that caused this mess. Apparently, logic is a difficult thing to grasp. Thank goodness there's at least one person who doesn't have a problem using his brain and now, more than one person agrees with him. See the very simple answer and see who agrees with it.
Fed Vice Chair Donald Kohn testified before the Financial Services Committee today, along with John Bovenzi of the FDIC. The Fed's balance sheet has expanded by $1.2 trillion since September 1. Where did the money go? Kohn wouldn't say.Do you think We The People have a right to know where it has been spent?!! Then get up out of your chair, go to the phone and CALL your Members of Congress! Do it NOW!
TIME TO TELL CONGRESS YOU'RE PISSED OFF AND YOU'RE NOT GOING TO TAKE IT ANYMORE! - January 14, 2009
The clock is ticking. How much more stealing, fraud and lies will you tolerate?
"We've seen so many times angry Americans call their senators to stop and not do what is coming on this bill," said Sen. Jim DeMint, R-S.C.Let's show Congress what "angry" is. Contact your Members of Congress NOW!
The Entire Financial System is a Giant Ponzi Scheme - January 7, 2009
No, it's not just Wall Street. No, it's not just the banks. No, it's not just the mortgage lenders, and no, it's not just Madoff - it's the entire financial system. It's purpose was to rob you blind. The financial whiz-kids who schemed this up also made sure that our governments would be complicit by lining the pockets of those in power. That's the bad news, but the good news is there are some 'good guys' out there. Tavakoli Structured Finance, people in a position to know how this stuff works, draws a clear picture of how this all works:
Care to take a peek at how the "real economy" is doing today? Click the link above, and you'll get to keep track of just how many Americans are layed off each day, and which company sent them home.
Happy New Year.
"You bet. This is an outrageous thing that has gone on down there. When he (Paulson) went down there with that page and a half or two pages and asked for this money, and the congress gave it to him. Secretary Paulson, what an idiot , and congress gives it to him without any accounting whatsoever. The public is paying for this. We should get that money back. By the way, I want everybody listening to this show to write your congressman, call him on the phone, march on Washington. If they can do it for civil rights, you can do it for your money because the government is stealing your money. That is what is going on. They should be giving it bask. Some of these banks when asked for this accounting said we are not going to disclose that. We refuse to disclose that. Outrageous." Jonathan Hoenig, CapitalistPig Asset Management: I think it would create more havoc. A lot of the money has been spent, invested. It is gone. I don't think the answer is to ask for a bailout refund. The answer is no more bailouts. Not for banks, not for insurance companies, homeowners or anybody. But to try to get that $350 back now would create more havoc and distortion in the marketplace. Tanya Acker. Democratic strategist: Both sides voted for a bailout in which there were absolutely no standards for how the money was going to be used, no standards for accountability, and no process for making sure the money is used for the goals for which it was intended. Good god, my parents put more standards for my childhood allowance than congress put on these guys. I don't know if it is feasible to get a bailout refund, but what is feasible, before we release the second half of the $700 billion we promised these guys, they have to be accountable to us, and there has to be a process in place that these funds are used in the manner if which they were intended. Jonas Max Ferris, MaxFunds.com: The banks were failing. Banks like Citigroup wouldn't exist right in and be out of business without that money. This is a private investment in the banking industry which is failing and would have failed without this money. You can't tell them to make loans. That is more government Fannie Mae type stuff. I don't really care what they do with the money as long as we own a stake in the bank and will profit as taxpayers.
The House voted Wednesday to kill a resolution calling for an ethics investigation into potential quid pro quo between lobbyist campaign donations and lawmakers.Any wonder why we keep getting the same corrupt officials, who don't care at all about the American people? Sure is easy to keep getting away with murder when you can vote the cops off the island.
In what will be seen by many as die-cast confirmation that the world economy is plummeting towards an economic and corporate implosion of unprecedented proportions, Moody's said it anticipated a tidal wave of defaults was approaching. This peak is even higher than the peak reached in 1933, when bank after bank throughout America was collapsing, taking hoards of other companies with them. Back then, the default rate peaked at 15.4pc; moreover these companies were former investment grade issuers regarded as more reliable credit prospects than their contemporary counterparts.If this comes to pass, it will certainly prove once and for all, Ben Bernanke's doctoral thesis deserved an 'F'.
As the bailouts spiral out of control, we are forced to fund failed banks. With foreclosures on the rise, we are made the collateral of out-of-control spending. And, when the bills come due, the IRS knocks on the door of individual responsibility....Enough with the Pork! We bring home the bacon and we want to keep it! Bring Your Tea Bags, Protest Signs and American Flags!
Rick Santelli of CNBC - February 19, 2009
Rick Santelli, on CNBC this morning, shreds the government's plan to subsidize people in their bad mortgages. In this clip, he explains that with this program, the government is "promoting bad behavior" and suggests that instead the government should put up a website and have the "people vote on the Internet, as a referendum," whether they WANT to subsidize "the losers' mortgages." Is it possibly a better idea to help the people that actually carry the water, or continue to aid those that merely drink it? "President Obama, are you LISTENING?!?" Get 'em, Rick!
Could We PLEASE Have Some Grow-Ups In The Room?!
Not One Member of Congress Has Read this 1,100 Page Bill! - February 13, 2008
Democratic Senator Predicts None of His Colleagues 'Will Have the Chance' to Read Final Stimulus Bill Before Vote
Sen. Frank Lautenberg (D. -N.J.)
Congressional Hearing Questioning Bank CEOs - February 11, 2009
Michael E. Capuano(D-Mass) said everything to the Bank CEO's that the public has been wanting to say for months! It was one moment among many, where way too often our Representatives lobbed softballs - but this was well worth the price of admission.
Fraud 'Directly Related' to Financial Crisis Probed FBI Agents Could be Reassigned from National Security Due to Booming Caseload - February 11, 2009
Finally! A little GOOD news! It's time to go after the bad guys!
Chuck Schumer: Americans Don't Care about 'Pork' in the Stimulus Plan - February 10, 2009
And, Mr. Schumer, what Americans are you speaking with? According to this site here, NoStimulus.com in a matter of only 6 days, more than 100,000 of these 'Americans who do not care' have signed a petition to STOP the stimulus plan. Guess these 'Americans who do not care' didn't get your memo.
Treasury Secretary, Tim Geithner, Announces Big Plan - Of A Whole Lot of Nothing - February 10, 2009
Stocks tumble on news of no news. Probably someone should tell this administration the markets don't like being led to believe that they have the answers when they clearly don't. This is turning into a classic Boy Who Cried Wolf scenario. THANKS TIM!
Pure, Unadulterated Evil - February 8, 2009
Bloomberg is now reporting that coming this Tuesday, the new Secretary of the Treasury, Timothy (tax-cheat) Geithner is going to unveil a bank rescue plan, consisting of asking Congress for an additional $1.3Trillion for the Troubled Asset Relief (TARP) program. This is to be added to the already allocated (and spent) previous EESA funding for the TARP of $700Billion. Full Bloomberg Article For those of you keeping track at home, this is a total of $2Trillion of taxpayer money which has been given to the banks that caused this mess in the first place. At the same time this hit the wires, Larry Summers, who took Geithner's place at the New York Fed, gave an interview to ABC News' George Stephanopolis. This is the opening exchange:
STEPHANOPOULOS: Let me ask about that financial overhaul. Originally, Secretary Geithner was supposed to give that speech tomorrow. Administration officials are telling me it's now more likely on Tuesday? SUMMERS: Yes, I think there's a desire to keep the focus right now on the economic recovery program, which is so very, very important. STEPHANOPOULOS: So Tuesday it is.Full Transcript
Monetary Theory - An Epic Battle Being Waged - February 7, 2009
There are two basic schools of thought on how to 'fix' the global economy. Unfortunately, it appears the entire planet has chose the wrong one.
The Michigan Coalition for Responsible Gun Owners (www.mcrgo.org), the largest state-based firearms advocacy group in America, is laying the groundwork for a national rally in Washington D.C. next spring. The Million Gun Owner March will demonstrate broad national support for the recognition--and preservation--of the Second Amendment.It is time we Americans stand up and re-affirm our Second Ammendment rights in the seat of American Government, Washington D.C. We will be there to lend our support to this effort and we hope to see you there.
Feb. 6 (Bloomberg) -- Marc Faber, managing director of Marc Faber Ltd. and publisher of the "Gloom, Boom & Doom Report," talks with Bloomberg's Carol Massar about the prospects for a U.S. economic stimulus package. Faber, speaking from Hong Kong, also discusses gold prices, the appeal of U.S. technology stocks and the outlook for the banking industry. ("Morning Call" is seen weekdays on Bloomberg TV. Source: Bloomberg)
00:00 "Best" for banks to be nationalized 02:36 Need for "resting period" in economy 03:29 "The depression will last longer." 04:26 "Cozy" ties between regulators, Wall Street 05:17 "Dire consequences" from stimulus spending 07:01 Tax cuts, need for "market-based solution" 07:37 Outlook for gold, technology stocks
February 4, 2009
Across the United States, it seems that States are suddenly intent on declaring their Soveriengty to the Federal Government. Specifically citing the 10th Ammendment of our beloved Constitution, reminding our central government where the real power lies, and of the fact that the Federal Government's power is derived from the will of the States (and of the People) and even going as far as to state (in some cases) that the United States Government has been trampling our Constitution by acting outside of its enumerated powers specified in our founding document. The links below go to each State's recently-introduced actual piece of legislation.
PETITIONS AGAINST THE STIMULUS - February 3, 2009
No Stimulus: Americans for Prosperity
Vote No on the Stimulus: Country First
GM CEO resigns at Obama's behest - March 29, 2009
Rick Wagoner, Chairman and CEO of General Motors, has resigned upon the request of President Obama. Mr. Wagoner, having been with GM for 30 years, and having spent the last 8 of those years in an attempt to restructure GM, in order to push the company back into profitability and competitiveness with the foreign car makers, was forced out of his position, while President Obama ignored blatant corruption and the theft of YOUR tax dollars when it comes to the banking industry. Does this possibly indicate that the President intends to see that other "heads roll," or does this merely demonstrate a bias against anybody that isn't a banker? We have our doubts.
AIG Was Responsible For The Banks' January & February Profitability - March 29, 2009
So. The reason the banks had profits for the first two months of 2009 is that AIG funneled taxpayer money to them. Not surprisingly, this means that Mr. Vikram Pandit's leaked memo that discussed the profitability of Citigroup, the memo that touched off a two week rally in the capital markets, was a balled-faced lie...and merely your tax dollars at work. How does it feel America, to have your own money working against what you know to be true? The banks are all insolvent, yet continually propped up by lies and your money.
A PERSONAL MESSAGE TO DYLAN RATIGAN - March 27, 2009
The New York Post is reporting that Dylan Ratigan has been 'released' from CNBC.
Goldseek Radio Interviews Dylan Ratigan - February 7, 2009
Mr. Ratigan's profile has been removed from the CNBC website, both as a personality and as host of Fast Money and it has indeed been confirmed that he is gone from CNBC. Dylan Ratigan has been a voice for truth in reporting in a sea of dishonest personalities. Mr. Ratigan has been the antithesis of everything that John Stewart accused Jim Cramer (CNBC's Mad Money) of doing: misleading the public, manipulation, and collusion with the very institutions that have been fleecing the American public and bribing America's politicians. With this self immolating move, CNBC has lost the viewership of FedUpUSA as well as many other Americans who value truth in media (if they can find it). FedUpUSA wants to salute Dylan Ratigan for bringing truth and honesty to reporting on the financial crisis and let him know that he will be missed. We would like to extend our assistance and support in any way possible to his future endeavors. Thank you, Dylan Ratigan - you are a true patriot.
Yet More AIG Fraud - March 26, 2009
Listen to Dylan Ratigan of CNBC explain that AIG took more than $60 Billion of US Taxpayer money and paid otf its counterparties at 100% on the dollar. AIG Counterparties List Many of these CDS that AIG wrote were worth NOTHING. They just paid some fantasy 100% on the dollar for fraudulent insurance policies sold to Goldman and foreign banks.
Banks Already Defrauding Taxpayer - March 25, 2009
It hasn't even been two days yet, and already CityBank and Bank of America have found a way to game the new 'Geithner Plan' - PPIP. We at FedUpUSA had this figured out about 5 minutes after the release of this new Plan. Although, it seems it didn't take the bankers even that long to figure if they could buy up MORE toxic securites, they could dump them on the taxpayer at a higher price than they paid, sticking taxpayers with the difference. So, basically, you get to give MORE money to the banks. Gosh, Turbo-Tax-Timmy, this was such a 'good deal' for the American people. NOT! So, are we having fun yet? Have you called your Members of Congress? Better yet, why not fax them a copy of this New York Post article and demand an investigation?
Daaniel Hannan MEP for South East England - March 25, 2009
And over on the other side of the Pond, our British cousins seem to have at least one Member of Parliament that understands the problem. Just take a look at Daniel Hannan, MEP as he calls Mr. Brown 'The devalued Prime Minister of a devalued Government.'
WASHINGTON (MarketWatch) -- The Treasury and the Federal Reserve released a joint statement Monday that spells out the different responsibilities of the two agencies in dealing with the financial crisis. In the most noteworthy part of the agreement, Treasury said it would take over the Fed's holding of assets of Bear Stearns and American International Group. Treasury did not say how it would pay for these programs and said it would only make the move "in the longer term and as its authorities permit." The Fed's investments in the three funds, known as Maiden Lane, totaled $72.21 billion in the latest week, according to Fed statistics. Maiden Lane fund hold Bear Stears and AIG assets. Additionally on 1/20, the WSJ noted that at the end of Sept, Maiden Lane had a value of $27B and the same article noted that analysts expect the value of the Maiden Lane assets to have dropped more in Q4. Furthermore on 3/17, it was disclosed that Maiden Lane III paid $62B to buy CDOs and thus settle derivative transactions for AIG with 16 investment banks in return for securities worth less than $30B.Besides the fact that we the taxpayers now own more than $60 Billion in shiny new toxic assets, the timing of this release, at 5:00 pm, March 23, 2008, consider the following:
"Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York said in a decision Friday that the government is directed to comply with FOX Business’s request under the FOIA “within 30 days and to produce a Vaughn index with 45 days.” That means Treasury must comply with FOX Business’s request by Monday, March 23, and must produce a Vaughn index by Monday, April 6. A Vaughn index details which documents have been withheld and why."They did this to avoid having to give the public information about exactly how toxic this crap is! The Federal Reserve is not authorized to tax. It is not authorized to spend - Article I, Section 7 - US Constitution: ALL SPENDING BILLS SHALL ORIGINATE IN THE HOUSE OF REPRESENTATIVES! WE ARE BEING ROBBED!!!!
Geithner's Galling (and Dangerous) Plan - March 23, 2009
Mike Shedlock has an excellent breakdown of the pitfalls and misconceptions of the new Treasury Secretary. Essentially, this new plan is merely another plan to hang all this toxic debt on the tax payer. Do NOT be fooled. You and your kids are on the hook.
The government has agreed to finance 93% of the loan, and it is a no recourse loan. This provision is in place for one reason only: to ensure that investors overpay for bad bank assets, at taxpayer expense.
Thanks to a complicit Congress, the reins were systematically loosened on the looters of the financial industry. And they're still at it, looking for new plunder.Americans need to wake up and start taking ACTION! Our government is at fault for all this - the dog and pony shows over 'bonuses' and 'compensation' are meant to distract you and lead you to condemn capitalism in favour of bigger, 'stronger' more invasive government. Is this what you want?!
AIG, The Real Scandal: It's Not The Bonuses - It's That AIG's Counterparties Are Being Paid Back In Full - With YOUR Tax Dollars - March 17, 2009
Don't fall for the latest dog and pony show coming out of Washington. This is ALL a huge distraction from the REAL story!
Whistleblower Exposes Insider Trading At JPMorgan - March 17, 2009
A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing 'how-to' programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.
Glen Beck on AIG's Bonus - March 17, 2009
Should the AIG executives and employees receive their bonuses?
Glen Beck says YES. They have a valid contract. Chris Dodd and the government knew about the bonuses and let AIG keep them. The government is now all up in arms only because their poll numbers are sliding. If the government and Chris Dodd really cared about doing the right thing for the people they would not have allowed AIG to keep the bonuses.
It's a dog and pony show to distract you from the real problem. Don't fall for it.
FedUpUSA Protest in NYC - March 13, 2009
There Are Still Lots of Gamblers Out There - Until These Manipulators Are Wiped Out, There Will Be No Recovery - March 12, 2009
So long as the filthy rich global gamblers are alive and able to manipulate the stock markets, the currency markets, the oil markets and the derivative markets, there can be no genuine recovery for the global economy.
Fed Refuses to Release Bank Data, Insists on Secrecy - March 5, 2009
In response to Bloomberg News being granted an FOIA requiring information from the Federal Reserve regarding exactly who they have given loans to and in exchange for what collateral, the Federal Reserve has stated, they 'won't make that information public.' I see that laws don't apply to the Federal Reserve. Apparently, laws only apply to the 'common American' - this excludes Wall Street, Banks, The Federal Reserve and the members of the US Government. Houston: We Have A Problem!
United States Bails Out Europe - March 5, 2009
First we bailed out China through the Fannie & Freddie rescue, now the US Taxpayer is bailing out all of Europe with the never-ending propping up of AIG!
Joseph Stiglitz of Columbia University - March 4, 2009
The Renegade Economist - March 4, 2009
Explains how the world governments are more interested in "saving" those that have lined their pockets at the expense of the "real economy," and that the ancient concept of Jubilee may be just the right medicine to fix our economic ills.
Sen. Dick Durbin, on a local Chicago radio station this week, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken: "And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
Financial Flogging for Dummies - April 27, 2009
Sources say investigators are digging into whether Joseph Cassano, the former head of London-based AIG Financial Products, and two of his top deputies - Andrew Forster, an executive vice president, and Thomas Athan, a managing director - committed securities fraud and other federal crimes...
Six Egregious Lies! - April 27, 2009
Martin Weiss, Ph.D. lays out, in plain language, what we are facing and exposes the lies:
The truth hurts. But it also heals. That’s the lesson of the Great Depression of the 1930s, the S&L disaster of the 1980s, the giant insurance failures of the 1990s, and the tech wreck of the early 2000s. As long as Wall Street and Washington hid the real facts and lied about their true consequences, the crisis lingered and deepened. It wasn’t until they confessed to past blunders, flushed out the bad assets, and let the marketplace determine their true values that the crisis finally began to end. Our leaders know this. Yet they do nothing about it.
Oh, You wanted Change? 100 Days And…. – April 25, 2009
The link above goes to Karl Denninger's latest edition of The Market Ticker - an absolute MUST read. The video below, while not created by Mr. Denninger, goes well with his article, and we consider it mandatory viewing.
B of A’s Ken Lewis Committed Fraud, but Bernanke & Paulson May have Conspired to Commit Fraud – April 25, 2009
Judge Andrew Napolitano: The failure of the President of B of A to have engaged in due diligence with respect to Merrill Lynch and to have revealed the risks of the acquisition to shareholders, as the law requires, is an act of fraud and directly violates laws enforced by the Treasury Department. Lewis wasted the money of his shareholders and was silent about it. As for Paulson and Bernanke, if the Lewis version of all this is true, they could be charged as participants in a criminal conspiracy to defraud B of A shareholders. All three of them (Lewis, Paulson, and Bernanke) could be prosecuted.
Gerald Celente of the Trends Research Institute – April 19, 2009
TRI predicts that there is a violent revolution coming in the United States soon. While that remains to be seen, Mr. Celente has a firm grasp on exactly what is happening in the US and around the world right now. Those in power are looting their citizens. When capitalism is in the hands of the state, it is fascism. The freedoms we have enjoyed as Americans since our country was founded are bit by bit being taken away.
4th of July Tea Party – Washington DC - April 18, 2009
Since our regional Tea Parties were so successful across the nation, there is a movement to get a HUGE Tea Party going in Washington DC on July 4th. FedUpUSA wants to see MORE Tea Parties all around the country on July 4th, but if you can make it to Washington DC – we want to encourage everyone to do so. We need to keep our message out in the open and make it consistent and loud and clear: STOP THE LOOTING – START PROSECUTING! Those in government are NOT above the law. Since much of the lawlessness is taking place in Washington DC, the next step is to take it there. This is NOT Republican or Democrat – THIS IS AMERICAN! Taxpayers must NOT be forced to pay for the bad acts of any individual or any institution, especially not against our will! Let insolvent institutions FAIL and PROSECUTE the criminal activities that have destroyed our real economy. We no longer want our children to have to pay for the illegal acts of AIG, Goldman Sachs, Bank of America, JPMorgan and the rest of the institutions that created and used fraudulent, complex investment vehicles to rake in obscene profits only to have them blow up in their faces. THEY need to bear those losses, NOT the American taxpayer! Congress is allowing the looting of America on behalf of these insolvent institutions because THEY have been some of the largest beneficiaries of these institutions. Therefore Congress along with our Executive branch of government are failing to protect the PEOPLE for their own benefit. The fact that we have a tax evader in charge of the IRS and US Treasury should be enough evidence that our government has been failing to represent the will of the People. So start making plans now. Spread the word. Get to DC on July 4th. Tell our government that they are NOT above the law and they must ENFORCE the laws of our Constitution.
Proof the Tea Parties are NON-PARTISAN and NOT-Right-Wing – Republican Congressman is Relentlessly Booed at NC Tea Party - April 18, 2009
“The people who designed the plans are either in the pocket of the banks or they’re incompetent.”Not much else needs to be said. The fact is, our government is out to protect profits for themselves at the expense of the American people and many generations into the future.
The Day After... What were the protests about? – April 16, 2009
Now that it's all over, main stream media (MSM) is offering its take on what the tax day "tea parties" were all about. Lets look at this from NPR:
The politics are wrongheaded. The irony is that the idea springs from the original tea party in Boston against Great Britain. It was not a protest against big government. It was a protest against England's refusal to allow the United States to govern itself at all. Now that the U.S. has sovereignty and is able to govern itself, a tea party protest is pretzelish in its logic. "The people who were involved in the Boston Tea Party were protesting because they had no representation. These people have representation," says Benjamin Woods Labaree, a retired historian in Amesbury, Mass., and author of The Boston Tea Party. The contemporary protest, he says, "is totally irrelevant. There is no connection."I can't believe a historian and author could be so wrong.
In 1773, the ministry of Lord North passed the Tea Act in an attempt to rescue the British East India Company from bankruptcy, the result of a combination of poor management and an enormous surplus of unsold tea. This act would allow the company to ship its tea directly to North America without paying the usual English export taxes, and then sell the high-grade tea directly to the colonials without going through American middlemen. - The HUB: From the Revolutionary War to the Big DigIn 1773 the people were upset that their government was bailing out a private corporation. They were upset that they had no representation in their government even though they were being taxed. In 2009 the people are upset that their government is bailout out private companies. We are upset because we believe we have no representation in the government. Our government is ignoring the people and catering to the banks. So once again we are being taxed without representation in the government. We have reports that despite the "TARP" bailout being opposed as much as 300 to 1 by their constituents, Congress still voted "yes". In addition to being upset and taxation without representation, we are infuriated that our hard earned money is being used to support known criminals and known fraudulent behavior.
Tea Parties Across The Country
If you want to see for yourself what really happened at the Tea Parties, click the above link.
Tea Party Pictures from Troy, MI – April 15, 2009
Pictures from the Tea Party Protest in Troy, Michigan - Home base of FedUpUSA - on April 15th, 2009. Over 2000 people attended, making the Troy protest second in size only to the Lansing protest in Michigan today. Thanks everybody for attending and supporting the Tea Party Protests across the country today. Together, we really CAN make a difference.
Official Homeland Security Report Labels Economic Policy Dissenters Threat to USA - April 14, 2009
Today the DHS has released a report describing anyone that takes issue with the economic policies of the federal government a 'threat' - it also claims organizations like FedUpUSA are a threat to returning military veterans. They claim that people's reactions to 'perceived' job losses may become violent. The report also claims that there are fearmongering rumors of "martial law" in the USA. Remember this?:
I guess they would consider Representative Brad Sherman (D-CA) a "fearmonger" and a "right-wing extremist."
Stephanie Jasky: Read it for yourself at the above link.
The Long Arm of Goldman Sachs – April 12, 2009
By Stephanie Jasky
Mike Morgan was doing the ‘real estate bubble’ before it was ‘cool.’ Mike Morgan – Behind Enemy Lines - His blog has been tracking the implosion in the real estate market since 2007, warning of the impending doom approaching. With his inside perspective on the loans that drove the real estate bubble, he attempted to warn people with his accurate presentation of facts and analysis. As the crisis has broadened into every sector of the economy, he’s continued to give his excellent analysis to the public, which includes exposing the big players who thought it was a great idea to bundle up mortgages and sell and re-sell them, thus creating the giant disaster we have today. Arguably one of the biggest players in creating these creative investment vehicles (debt bombs) that have now brought us to the brink of the collapse of our financial system is Goldman Sachs. Mr. Morgan has been compiling and analyzing information regarding Goldman Sachs for quite some time. He started a new website to keep a sharp eye on these guys: Goldman Sachs 666. Since Goldman has multiple people in Treasury (even our former Treasury Secretary was a Goldman alumni), it would certainly be in the American people’s interests to understand the large influence Goldman has on our economy. After all, if the foxes are in charge of the hen house, exactly what are the hens supposed to do to protect themselves if not at the very least, expose the guard as being dangerous? Well, it seems as though Goldman Sachs doesn’t like their dirty little secrets being published on the Internet and they have reached out with their long, politically well-connected arm and decided to try to squash Mr. Morgan. They’ve called out the lawyers to try to stop him and shut him down. There is absolutely NOTHING illegal, slanderous or fraudulent on Mr. Morgan’s site; he is merely posting facts as he gets them. The picture it paints of Goldman Sachs is their own responsibility. If you don’t like the idea that Goldman Sachs is now aggressively pursuing an Internet blogger in order to stifle freedom of speech, and more importantly, to prevent facts about them from being in the public domain, I urge you to visit Goldman Sachs 666. Mr. Morgan is asking for volunteers to help him out. The real fact of the matter is, the Internet is what has allowed the truth about our economic situation to reach the people. It was only about 8 short months ago that our administration was telling us the ‘economy was sound.’ How’d that work out? If the truth of the Internet is infringed, or worse, shut down completely, We The People don’t stand a chance against these Wall Street fraudsters who have essentially captured the complicity and cooperation of our own government. I know and understand this intimately, since I’ve been doing much the same thing with FedUpUSA as Mike Morgan has been doing with his blog, for more than a year now. Any of you out there with your own blogs, don’t think it can’t happen to you! The long arm of Goldman Sachs and of our government gets longer and stronger every day. Get out there – get involved. Attend one of the many Tea Parties; start your own. Volunteer to spread truth to your neighbors, your community. Help preserve freedom of speech by giving a couple hours to Mike Morgan – your children will thank you. This is what the New Revolution looks like.
The Social Security Bomb Is About to Explode – April 11, 2009
New figures revised by the CBO (Congressional Budget Office) show that Social Security may not last until 2010. No, that’s not a typo. All our money has been being funneled to the banks, leaving just about everything else (you know, like essential services) completely bankrupt or about to be. If the American people do not wake up, and fast, absolutely everyone in this country will be broke, jobless and homeless – except the banks. They’ll be fine. PEOPLE YOU’RE BEING ROBBED BLIND IN BROAD DAYLIGHT!
McCotter Letter to Administration on GM Bankruptcy Profiteering – April 9, 2009
In Congressman McCotter’s letter to the administration, he specifically cites The Market Ticker, FedUpUSA’s affiliate, with supplying him with critical information to support his position regarding the possible fraudulent conveyance by AIG.
Note: According to articles from The Market Ticker and The Business Insider, many GM bondholders could hold credit default swaps (CDS) with Troubled Asset Relief Program (TARP) recipient AIG on GM debt. Secretary Geithner has previously stated that, due to the injection of taxpayer dollars, AIG “fully met its obligations” – in sum, it paid 100 cents on the dollar on AIG’s CDS contracts. Thus, if GM enters bankruptcy, GM’s bondholders with CDS contracts from AIG could be assured of getting all their money back – if not more – because the American taxpayer is now guaranteeing these contracts with AIG. McCotter was the first member of Congress to call for the breakup of AIG and the first member of Congress to oppose the original Wall Street bailout.
Join Your Local Tea Party - April 11, 2009
FedUpUSA Joins the Don't Go Movement- April 10, 2009
Check it out and organize your own local protest.
BofA to Boost Rates on Cards With Balances - April 9, 2009
A message from your friendly tax-payer funded bank (that swears to Congress they are providing credit to the public and businesses with your money):
BofA to Boost Rates on Cards With Balances Bank's Move Follows Rivals, Affecting Millions Who Don't Pay Bill in Full Every Month
Bank of America Corp. is raising interest rates on as many as four million U.S. credit-card customers who carry a balance, becoming the latest bank to crack down on people who don't pay off their bill every month. Starting with June account statements, any credit-card customer who carries a balance and has an interest rate below 10% will see his or her rate jump into double-digit territory. A company spokeswoman declined to provide an exact number, saying the changes would affect less than 10% of the bank's card customers in the U.S. The bank has 70 million card customers world-wide, but doesn't break out the number of customers who are in the U.S. "It impacts a small portion of our cardholders," said Betty Reiss, the spokeswoman.Of course they won't provide an exact number, and of course their statement would serve to minimize the impact upon customers, but just imagine... You're a loyal Bank of America customer, have been for years, you carry a balance from month to month, but your payments are never late and are at least the minimum amount required. All of the sudden, your account in good standing is socked with a huge increase in interest rate, increasing your minimum monthly payment due solely to the greed of Bank of America and not your irresponsibility. What kind of message does this send to their customers?
AIG Shareholders Class Action Amended - April 9, 2009
AIG Shareholders' class action suit ammended to include Geithner, Paulson and Cox as defendants!
(Los Angeles, Ca., April 8, 2009). Freedom Watch, the government watchdog that protects individual liberties over government and corporate illegalities, today amended its $200 billion dollar class action derivative shareholders suit today against AIG and its directors to include two successive Secretaries of the Treasury, Henry Paulson and Timothy Geithner, as well as former SEC Chairman Christopher Cox, as defendants in the lawsuit. The suit is pending in Los Angeles federal court.Click the link above for all the gory details.
Nassim Taleb - A Black Swan Free World - April 8, 2009
Nassim Nicholas Taleb is a specialist in financial derivatives (while critical of the industry), and held a "day job" in a senior trading and financial mathematics career in a number of New York City's Wall Street firms, before starting a second career as a scholar in the epistemology of chance events to focus on his project of mapping how to live and act in a world we do not understand, and how to come to grips with randomness and the unknown —which includes his black swan theory of unexpected rare events. Taleb has also, in the wake of the economic crisis that started in 2008, become an activist for a "Black Swan robust society".
The link above goes to Mr. Taleb's 10 Principles for a Black Swan-Proof World.
FedUpUSA announces its support of and alliance with A New Way Forward - April 5, 2009
A New Way Forward advocates: NATIONALIZE: Experts agree on the means -- Insolvent banks that are too big to fail must incur a temporary FDIC intervention - no more blank check taxpayer handouts. REORGANIZE: Current CEOs and board members must be removed and bonuses wiped out. The financial elite must share in the cost of what they have caused. DECENTRALIZE: Banks must be broken up and sold back to the private market with strong, new regulatory and antitrust rules in place-- new banks, managed by new people. Any bank that's "too big to fail" means that it's too big for a free market to function. Big bankers ruined our economy and now they are gaming the political system so they can profit even more off the crisis they caused. They must be stopped. On April 11th, 2009, the public will come out in cities across the country to express their frustration and disapproval with how our elected officials have handled the economic crisis. No one has been left unscathed; this protest is yours. The bankers' failure to see anything beyond short-term profit for themselves has torn this country apart and jeopardized our future. But the blame doesn't lie only with the banks; it also lies with the U.S. government that failed to protect its citizens through regulation and oversight. Through their blind and unconditional faith in the financial markets, the banks and the government have made us all into victims of greed gone out of control. This crisis is an opportunity for President Obama to lead the U.S. in a new direction; one that values economic growth, but protects the well-being of the public before the bank accounts of the world's financial elite. A New Way Forward - The Idea With these goals in mind, FedUpUSA would like everyone to join in their organized protests April 11, 2009 at 2:00 pm – Protests are being held all across the country. Find one or organize your own! A New Way Forward - Demonstrations
Who Ignored its cry?
Geithner's Dirty Little Secret - April 4, 2009
By F, William Engdahl
US Treasury Secretary Tim Geithner, in unveiling his long-awaited plan to put the US banking system back in order, has refused to tell the dirty little secret of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction.
Bill Moyers Interview With William K. Black - April 4, 2009
The link above goes to a video of the interview discussed below.
The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout.
Cartoon from the Chicago Tribune circa 1934
FLASH: AIG Called Criminal Scam - April 2, 2009
From Karl Denninger's daily Ticker:
WHOAH!In fact, our investigation suggests that by the time AIG had entered the CDS fray in a serious way more than five years ago, the firm was already doomed. No longer able to prop up its earnings using reinsurance because of growing scrutiny from state insurance regulators and federal law enforcement agencies, AIG’s foray into CDS was really the grand finale. AIG was a Ponzi scheme plain and simple, yet the Obama Administration still thinks of AIG as a real company that simply took excessive risks. No, to us what the fraud Bernard Madoff is to individual investors, AIG is to the global financial community. As with the phony reinsurance contracts that AIG and other insurers wrote for decades, when AIG wrote hundreds of billions of dollars in CDS contracts, neither AIG nor the counterparties believed that the CDS would ever be paid. Indeed, one source with personal knowledge of the matter suggests that there may be emails and actual side letters between AIG and its counterparties that could prove conclusively that AIG never intended to pay out on any of its CDS contracts.Read that folks. Then read it again. Then read it AGAIN. More excerpts:There are two basic problems with side letters. First, they are a criminal act, a fraud that usually carries the full weight of an “A” felony in many jurisdictions. Second, once the side letter is discovered by a persistent auditor or regulator examining the buyer of protection, the transaction becomes worthless. You paid $6 million to AIG to shift risk via the reinsurance, but the side letter makes clear that the transaction is a fraud and you lose any benefit that the apparent risk shifting might have provided.And finally, the last nail in the coffin:The key point is that neither the public, the Fed nor the Treasury seem to understand is that the CDS contracts written by AIG with these various non-insurers around the world were shams - with no correlation between “fees” paid and the risk assumed. These were not valid contracts as Fed Chairman Ben Bernanke, Treasury Secretary Geithner and Economic policy guru Larry Summers claim, but rather acts of criminal fraud meant to manipulate the capital positions and earnings of financial companies around the world. Indeed, our sources as well as press reports suggest that the CDS contracts written by AIG may have included side letters, often in the form of emails rather than formal letters, that essentially violated the ISDA agreements and show that the true, economic reality of these contracts was fraud plain and simple. Unfortunately, by not moving to seize AIG immediately last year when the scandal broke, the Fed and Treasury may have given the AIG managers time to destroy much of the evidence of criminal wrongdoing. Only when we understand how AIG came to be involved in CDS and the fact that this seemingly illegal activity was simply an extension of the reinsurance/side letter shell game scam that AIG, Gen Re and others conducted for many years before will we understand what needs to be done with AIG, namely liquidation. Seen in this context, the payments made to AIG by the Fed and Treasury, which were then passed-through to dealers such as Goldman Sachs (NYSE:GS), can only be viewed as an illegal taking that must be reversed once the US Trustee for the Federal Bankruptcy Court for the Southern District of New York is in control of AIG’s operations.Thank you Timmy, thank you Ben Bernanke, thank you Henry Paulson, thank you George Bush and thank you President Obama. If this is true every one of you needs to go to prison. After those of you still in your positions are impeached. Again, for the simple who need it in one sentence:AIG was a Ponzi scheme plain and simple, yet the Obama Administration still thinks of AIG as a real company that simply took excessive risks. No, to us what the fraud Bernard Madoff is to individual investors, AIG is to the global financial community.Distilled to one sentence: The bailout of AIG is equivalent to the US Taxpayer bailing out Madoff's admitted (and now convicted) Ponzi Scheme. PS: This isn't MY analysis, this is the analysis of Institutional Risk Analytics. If you don't understand who they are, you should - they're one of the most-respected groups out there when it comes to banking system analysis. If they're willing to print something this damning....
AIG CDS Illegal? - April 2, 2009
Pertinant excerpts from the long article linked above:AIG: From Reinsurance to CDS While some reinsurers are large, well-capitalized entities that generally avoid these pitfalls, AIG was already a troubled company when it began to write more and more of these risk-shifting transactions more than a decade ago. It is easy to promise the moon when people think that they can deliver, but because AIG and their clients saw how easy it was to fool regulators and investors, the practice grew and most regulators did absolutely nothing to curtail the practice. It was easy for AIG to become addicted to the use of side letters. The firm, which had already encountered serious financial problems in 2000-2001, reportedly saw the side letters as a way to mint free money and thereby help the insurer to look stronger than it really was. AIG not only helped banks and other companies distort and obfuscate their financial condition, but AIG was supplementing its income by writing more and more of these reinsurance deals and mitigating their perceived exposure via side letters. A key figure in AIG's reinsurance schemes, according to several observers, was Joseph Cassano, head of AIG-FP. Whereas the traditional use of side letters was in reinsurance transactions between insurers, in the case of both CELL and PNC neither was an insurer! And in both cases, AIG used sham deals to make two non-insurers, including a regulated bank holding company, look better by manipulating their financial statements. Falsifying the financial statements of a bank or bank holding company is an felony. AIG-FP was simply doing for non-insurers what was common practice inside the secretive precincts of the insurance world. The SEC did investigate and they did finally obtain a deferred prosecution agreement with AIG, which was buried in the settlement with then-New York AG Elliott Spitzer. The key thing to understand is that if you look at many of these reinsurance contracts between ROA and Gen Re, they look perfect. They appear to transfer risk and seem to be completely in order. But, if you don't get to see the secret agreement, the side letter that basically says that the reinsurance contract is a form of window dressing, then you cannot understand the full implications of the transaction, the reinsurance agreement. Not, several experts speculate, can you understand why AIG decided to migrate away from reinsurance and side letters and into CDS as a mechanism for falsifying the balance sheets and earnings of non-insurers. Several observers believe that at some point in the 2002-2004 period, Cassano and his colleagues at AIG began to realize that state insurance regulators and the FBI where on to the reinsurance/side letter scam. A number of experts had been speaking and writing about the issue within the accounting and fraud communities, and this attention apparently made AIG move most of its shell game into the world of CDS. By no coincidence, at around this time side letters began to disappear in the insurance industry, suggesting to many observers that the industry finally realized that the jig was up. It appears to us that, seeing the heightened attention from regulators and federal law enforcement agencies such as the FBI on side letters, AIG began to move its shell game to the CDS markets, where it could continue to falsify the balance sheets and income statements of non-insurers all over the world, including banks and other financial institutions. AIG's Cassano even managed to hide the activity in a bank subsidiary of AIG based in London and under the nominal supervision of the Office of Thrift Supervision in the US, this it is suggested to hide this ongoing activity from US insurance regulators. Even though AIG had been investigated and sanctioned by the SEC, Cassano and his colleagues at AIG apparently were recalcitrant and continued to build the CDS pyramid inside AIG, a financial pyramid that is now collapsing. The rest, as they say is history. Now you know why the Fed and EU officials are so terrified about an AIG liquidation, because it will result in heavy losses to or even the insolvency of banks and other corporations around the globe. Notice that while German Chancellor Angela Merkel has been posturing and throwing barbs at President Obama, French President Nicolas Sarkozy has been conciliatory toward the US. But for the bailout of AIG, you see, President Sarkozy would have been forced to bailout SGE for a second time in two years. So long as the Fed and Treasury can subsidize AIG's mounting operating losses, the EU will be spared a financial bloodbath. But this situation is unlikely to remain stable for long with members of the Congress demanding an investigation of the past bailout, a process that can only result in bankruptcy for AIG. Are the CDS Contracts of AIG Really Valid? The key point is that neither the public, the Fed nor the Treasury seem to understand is that the CDS contracts written by AIG with these various non-insurers around the world were shams - with no correlation between "fees" paid and the risk assumed. These were not valid contracts as Fed Chairman Ben Bernanke, Treasury Secretary Geithner and Economic policy guru Larry Summers claim, but rather acts of criminal fraud meant to manipulate the capital positions and earnings of financial companies around the world. Indeed, our sources as well as press reports suggest that the CDS contracts written by AIG may have included side letters, often in the form of emails rather than formal letters, that essentially violated the ISDA agreements and show that the true, economic reality of these contracts was fraud plain and simple. Unfortunately, by not moving to seize AIG immediately last year when the scandal broke, the Fed and Treasury may have given the AIG managers time to destroy much of the evidence of criminal wrongdoing. Only when we understand how AIG came to be involved in CDS and the fact that this seemingly illegal activity was simply an extension of the reinsurance/side letter shell game scam that AIG, Gen Re and others conducted for many years before will we understand what needs to be done with AIG, namely liquidation. Seen in this context, the payments made to AIG by the Fed and Treasury, which were then passed-through to dealers such as Goldman Sachs (NYSE:GS), can only be viewed as an illegal taking that must be reversed once the US Trustee for the Federal Bankruptcy Court for the Southern District of New York is in control of AIG's operations. (Editor's note: Officials of BRKA and GenRe did not respond to telephonic and email requests by The IRA seeking comment on this article. An official of AIG did respond but was not willing to comment on-the-record for this report. We shall be happy to publish any written comments that BRKA, AIG or GenRe have on this article.)
GM: Bankrupt, UNLESS.... - April 1, 2009
Karl Denninger explains why he believes GM is likely bankrupt in his latest, shocking daily Ticker...GM is likely finished.Click the links above for the complete, shocking story.April 1 (Bloomberg) -- General Motors Corp.’s 60-day deadline to restructure is unlikely to be extended because the U.S. won’t repay $1 billion in convertible notes maturing June 1, according to a person with knowledge of the discussions.This is basically the government telling GM that either they get the bondholders to agree to whatever is necessary, or they're dead. They're dead, and here's why. Back on Monday I wrote about the Automakers and said this in closing:And then there's the nearly $1 trillion in CDS that will trigger. There is no accurate way to know what the net exposure is on those, but I'd take the "over" on $100 billion, focused in you-know-where.Here's the problem - I'm willing to bet that a huge percentage of those were written by AIG. The government has provided a history now that says that if you are a holder of CDS written by AIG, you will get 100 cents on the dollar, even if the notes don't default. In addition that 100 cents is above what you would normally get even if there IS a default, because normally you have to tender the defaulted bond or the payout is limited by the recovery, and recovery on a defaulted bond is almost never zero. So in this case the winning play, if you're a big bondholder, is to tell GM to suck eggs; you'll get paid 100 cents on your CDS even though AIG has no money, because the taxpayer will make you whole on those CDS, even if the bonds have a recovery in bankruptcy.
Are We a Marxist Country? – May 30, 2009
Marx drafted the Communist Manifesto as instructions for creating and testing the creation of a communist society. In light of Pravda’s recent article from May 19, 2009, perhaps we should examine this question.
Here are the 10 PLANKS stated in the Communist Manifesto and some of their American counterparts:
1. Abolition of private property and the application of all rents of land to public purposes. Americans do these with actions such as the 14th Amendment of the U.S. Constitution (1868), and various zoning, school & property taxes. Also the Bureau of Land Management (Zoning laws are the first step to government property ownership)
2. A heavy progressive or graduated income tax. Americans know this as misapplication of the 16th Amendment of the U.S. Constitution, 1913, The Social Security Act of 1936.; Joint House Resolution 192 of 1933; and various State "income" taxes. We call it "paying your fair share".
3. Abolition of all rights of inheritance. Americans call it Federal & State estate Tax (1916); or reformed Probate Laws, and limited inheritance via arbitrary inheritance tax statutes.
4. Confiscation of the property of all emigrants and rebels. Americans call it government seizures, tax liens, Public "law" 99-570 (1986); Executive order 11490, sections 1205, 2002 which gives private land to the Department of Urban Development; the imprisonment of "terrorists" and those who speak out or write against the "government" (1997 Crime/Terrorist Bill); or the IRS confiscation of property without due process. Asset forfeiture laws are used by DEA, IRS, ATF etc...).
5. Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly. Americans call it the Federal Reserve which is a privately-owned credit/debt system allowed by the Federal Reserve act of 1913. All local banks are members of the Fed system, and are regulated by the Federal Deposit Insurance Corporation (FDIC) another privately-owned corporation. The Federal Reserve Banks issue Fiat Paper Money and practice economically destructive fractional reserve banking.
6. Centralization of the means of communications and transportation in the hands of the State. Americans call it the Federal Communications Commission (FCC) and Department of Transportation (DOT) mandated through the ICC act of 1887, the Commissions Act of 1934, The Interstate Commerce Commission established in 1938, The Federal Aviation Administration, Federal Communications Commission, and Executive orders 11490, 10999, as well as State mandated driver's licenses and Department of Transportation regulations.
7. Extension of factories and instruments of production owned by the state, the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. Americans call it corporate capacity, The Desert Entry Act and The Department of Agriculture… Thus read "controlled or subsidized" rather than "owned"… This is easily seen in these as well as the Department of Commerce and Labor, Department of Interior, the Environmental Protection Agency, Bureau of Land Management, Bureau of Reclamation, Bureau of Mines, National Park Service, and the IRS control of business through corporate regulations.
8. Equal liability of all to labor. Establishment of industrial armies, especially for agriculture. Americans call it Minimum Wage and slave labor like dealing with our Most Favored Nation trade partner; i.e. Communist China. We see it in practice via the Social Security Administration and The Department of Labor. The National debt and inflation caused by the communal bank has caused the need for a two "income" family. Woman in the workplace since the 1920's, the 19th amendment of the U.S. Constitution, the Civil Rights Act of 1964, assorted Socialist Unions, affirmative action, the Federal Public Works Program and of course Executive order 11000.
9. Combination of agriculture with manufacturing industries, gradual abolition of the distinction between town and country, by a more equitable distribution of population over the country. Americans call it the Planning Reorganization act of 1949 , zoning (Title 17 1910-1990) and Super Corporate Farms, as well as Executive orders 11647, 11731 (ten regions) and Public "law" 89-136. These provide for forced relocations and forced sterilization programs, like in China.
10. Free education for all children in public schools. Abolition of children's factory labor in its present form. Combination of education with industrial production. Americans are being taxed to support what we call 'public' schools, but are actually "government force-tax-funded schools " Even private schools are government regulated. The purpose is to train the young to work for the communal debt system. We also call it the Department of Education, the NEA and Outcome Based "Education" . These are used so that all children can be indoctrinated and inculcated with the government propaganda, like "majority rules", and "pay your fair share". WHERE are the words "fair share" in the Constitution, Bill of Rights or the Internal Revenue Code (Title 26)?? NO WHERE is "fair share" even suggested !! The philosophical concept of "fair share" comes from the Communist maxim, "From each according to their ability, to each according to their need! This concept is pure socialism. ... America was made the greatest society by its private initiative WORK ETHIC ... Teaching ourselves and others how to "fish" to be self sufficient and produce plenty of EXTRA commodities to if so desired could be shared with others who might be "needy"... Americans have always voluntarily been the MOST generous and charitable society on the planet.
Do you recognize any of these?
Luxuries on the Taxpayers’ Dime – Not Just for Parliament – May 30, 2009
WASHINGTON -- Florida Rep. Alcee Hastings spent $24,730 in taxpayer money last year to lease a 2008 luxury Lexus hybrid sedan. Ohio Rep. Michael Turner expensed a $1,435 digital camera. Eni Faleomavaega, the House delegate from American Samoa, bought two 46-inch Sony TVs.
Congress's Afterthought, Wall Street's Trillion Dollars – May 30, 2009
Fed's Bailout Authority Sat Unused Since 1991 On the day before Thanksgiving in 1991, the U.S. Senate voted to vastly expand the emergency powers of the Federal Reserve. Almost no one noticed.
Obama Looks to Do The Unthinkable – National Sales Tax – May 27, 2009
But wait! Obama, you are a liar:
June 30, 2008 - 'If you are a middle class family, making less than $250,000 a year, you will NOT see your taxes go up - not your income tax, not your payroll tax, none of them - your taxes will NOT go up.' -- Barack Obama
This tax will hit the middle class and lower class hardest of all.
Administration’s Handling of Chrysler is Illegal; Strikes At the Core of Our Founding Documents - May 26, 2009
Bloomberg News Reports:The funds’ attorney, Thomas Lauria, and other lawyers at White & Case LLP, previously represented a group known as Chrysler’s non-TARP lenders. President Barack Obama criticized the non-TARP lenders for refusing to accept an offer that would have paid them about 30 cents on the dollar, saying they forced the automaker’s bankruptcy. The non-TARP group abandoned its fight to block Chrysler’s sale plan earlier this month, citing political pressure.Here’s the problem: The government has no legal authority to wipe out unsubordinated debt. This destroys the capital structure and is explicitly against the rule of law in this country. In Mr. Lauria’s motion, he cites:It is this very infirmity that the Government apparently seeks to exploit in this case. The assault on the contract rights of the senior lenders here is of particular concern. As James Madison wrote in the Federalist Papers of 1788, "laws impairing the obligation of contract are contrary to the first principles of the social compact, and to every principle of sound legislation." THE FEDERALIST NO. 44 (James Madison).Yes folks, that would be The Federalist Papers – the documents that gave us the Constitution of the United States. This thuggery by the US Treasury and the Executive Branch of our current illustrious government is contrary to the very core of our founding documents. Despite the administration’s best attempts to smear these bondholders as ‘uncooperative’ for the collective good, it is a thin disguise for the true criminality of these actions. The entirety of our nation’s capital structure hangs in the balance.
Next up will be GM. No surprise its TARP recipient bondholders have no problems ‘agreeing’ to Treasury’s terms, because under TARP they’ll be paid 100% on the dollar courtesy of the taxpayer. What about all those non-TARP bondholders? You know, those individual retirees, teacher’s pension funds, fire and police pension funds – all those ‘expendable’ people. Too bad Mr. Lauria is getting no help from the other two big pension holders – in California and Michigan. No real surprise there, since both states are begging the federal government for funds for their own bailouts – the rule of law is of no consequence when they’re begging for money.
Every US citizen should support Mr. Lauria – or it will be YOU that is arbitrarily told that your investments and money are worthless, even if they came with prospectuses promising a senior position….because the federal government said so.
S&P’s Warning to Britain Marks the Next Stage of this Crisis – May 25, 2009"This is the next stage of the global crisis." Simon Johnson, former chief economist of the International Monetary Fund (IMF), is hardly renowned for hyperbole, so his description of the events of the past week, including Standard & Poor's warning over Britain's creditworthiness, is difficult to ignore.
If the first stage of the crisis was the financial implosion and the second the economic crunch, the third stage – the one heralded by Johnson – is where governments start to topple under the weight of this debt. If 2008 was a year of private sector bankruptcies, 2009 and 2010, it goes, will be the years of government insolvency.
Brad Sherman (D-CA) - TARP $$ Paid Back is NOT Geithner's Revolving Fund Should PAYOFF National Debt!! - May 24, 2009
"Why is it only legal when Wall Street wants it?"
Wall Street is Now Officially Running the US Treasury – May 23, 2009The U.S. Treasury’s plan to regulate the over-the-counter derivatives market outlined by Secretary Timothy Geithner on May 13 contains recommendations similar to those made by Goldman Sachs Group Inc., JPMorgan Chase & Co., Credit Suisse Group AG and Barclays Plc three months earlier. “The banks appear to wish to maintain the intra-dealer market and raise barriers to new entrants to keep the OTC business as compartmentalized as possible and to protect their profitable market conditions,” said Brad Hintz, an analyst at Sanford C. Bernstein & Co. in New York. “The Street’s lobbyists appear to be asking for a ‘club’ structure in OTC trading.”
The Clock is Ticking – May 21, 2009
The clock is ticking people.
American Capitalism Gone With a Whimper – May 19, 2009
Article from a Russian publication by Stanislav Mishin
This article originally appeared in Pravda. It is reprinted with the permission of the author.
It must be said, that like the breaking of a great dam, the American descent into Marxism is happening with breathtaking speed, against the backdrop of a passive, hapless sheeple, excuse me dear reader, I meant people.
Some Eye-Opening Charts to Ponder – May 19, 2009
Representative Kucinich (D-OH) Skewers AIG’s Liddy In Testimony to Congress – May 13, 2009
Liddy revealed, under oath, among other things, that: ‘When the Federal Reserve set up Maiden Lane, they took on responsibility for settlement of all the CDS.’ ‘The Federal Reserve decided we should pay 100 cents on the dollar.’ The bottom line is that the testimony was that The Fed decided to settle the contracts in a non-economic manner that resulted in screwing the taxpayer by transferring more than $100 billion dollars of taxpayer money out to these banks when the cash value at the time was FAR LESS! Some of these instruments were trading on the open market for pennies on the dollar. The allegation just made by Liddy is that Bernanke and The Fed literally stole $100 billion dollars from you and I by intentionally and wantonly overpaying on the settlement of these contracts!
Budget Falls Into Red in April for the First Time in 26 Years – May 12, 2009The government has borrowed $1.12 trillion so far this year, up from $201.2 billion a year ago. The US reported the first budget deficit for April in 26 years, recording a shortfall in the month that usually sees a jump in tax payments before the Internal Revenue Service’s mid-month deadline.
Hope For Homeowners Makes Grand Total of 51 Loans - May 11, 2009
This was the program Obama promised would help keep 400,000 homeowners in their houses. To top it off, the primary lender is now being investigated for fraud. So, what happened to all the taxpayer money that was supposed to go to help struggling homeowners? When will Americans wake up to the fraud being perpetrated by our own government?
Saturday Night Live Has The Truth About Bank Stress Tests – May 9, 2009
What I want to know is, if even Saturday Night live can see what a big scam this whole thing is, why aren’t We The People demanding Washington DC put an end to this whole game of theft?
Job Losses during the current, and previous two recessions - May 8, 2009
Does anyone out still there really believe this recession will be shallow and brief?
Rep. Marcy Kaptur (D-OH) Gets My Nomination for Treasury Secretary – May 7, 2009
Ms. Kaptur knows how to clean house - and a good house cleaning in DC and for the big banks is what this country needs right now. Put the criminals in JAIL!
Is Anyone Minding the Store at the Federal Reserve!? – May 7, 2009
The link above goes with the video below. Enjoy the "oversight" being explained...
Stimulus Oversight Left Up To Taxpayers - May 7, 2009
Joseph Curl POLITICAL THEATER | Wednesday, May 6, 2009So just who's tracking that $787 billion in taxpayer money that President Obama and the Democrat-led Congress are doling out? You are. Or you're supposed to be, anyway. "We are, in essence, deputizing the entire American citizenry to help with the oversight of this program," said Rep. Brad Miller, chairman of the House Committee on Science and Technology's subcommittee on investigations and oversight. So, too, said Earl Devaney, the ex-cop who's now chairman of the Recovery Act Accountability and Transparency Board, charged with tracking the torrent of cash now pouring out of federal coffers. "I'm going to have millions of citizens to help me," he said, comparing run-of-the-mill Americans to inspectors general, the high-ranking officials charged with ferreting out waste and abuse in federal agencies. "I'm going to have a million little IGs running around," the chairman said Tuesday after his testimony before the subcommittee. And perhaps that's just as well, given the turnout of the panel tasked with keeping track of thousands of millions of dollars. Just three of the 10 members bothered to show up for the subcommittee's second meeting, dramatically titled "Follow the Money Part II."
Judge Andrew Napolitano Calls for Immediate Arrests – June 30, 2009
...of Hank Paulson, Ken Lewis, Jeff Lacker, Ben Bernanke, John Thain et al for extortion, conspiracy to commit fraud and the theft of honest services.
You Know It’s Bad When CNBC Comes Out And Says There’s Massive Market Manipulation – June 29, 2009
Stop Spending Our Future - June 28, 2009
Rep. Daryl Issa Accuses Federal Reserve & Treasury of ‘Cover-Up’ in BofA/Merrill Lynch Deal – June 24, 2009
Alan Grayson Letter To Neil Barofsky Requesting Audit of Citi - June 24th, 2009
First, Darrel Issa taking on Bernanke in what may prove a fateful and timely opposition against the Federal Reserve, now Alan Grayson going for Bernanke, Geithner, and Vikram's jugular. Just when it seemed that the D.C.-Wall Street crony alliance would last forever (don't worry Barney, we still love you), opposition voices finally emerge and take on the biggest culprits head on.
The Fed's Emails - June 24th, 2009
At first blush, sentences like "Ken Lewis' claim that they were surprised by the rapid growth of the losses seems somewhat suspect. At a minimum it calls into question the adequacy of the due diligence process BAC has been doing in preparation for the takeover. [As an aside, BAC management told us they could not provide electronic versions of ML files, and one wonders how that is possible since they have been doing the due diligence for months and having e-files would have made that much simpler and more effective for them. May have helped limit their current surprise.]" get the saliva going.
Global Crisis – Is It Over Yet? – June 23, 2009
A slide show presentation by Simon Johnson, MIT Sloan School of Management. Use the arrow buttons to scroll through the slides. A quote:Crisis solves nothing: surviving oligarchs stronger
Tea Partiers Resurrect the Toilet Bowl Protest – June 23, 2009
Click the link above for an extensive list of Tea Parties – FIND ONE IN YOUR AREA! GET OUT THERE!Enthusiastic tea partiers in Virginia have decided to give "imperial leaders" in Washington a seat of power they believe they truly deserve – a portable toilet throne.Gosh, I wonder where they got the toilet bowl idea? Toilet Bowl Protest Organizer Interviewed - August 18, 2008 - Original AP Story on ABC News
Dylan Ratigan Shows Journalists How It SHOULD Be Done! - June 21, 2009
Web of Debt: The Retreat of The Shadow Lenders: Why Deflation, Not Inflation, Is The Order of The Day – June 18, 2009While contrarians are screaming “hyperinflation!”, the money supply is actually shrinking. This is because most money today comes into existence as bank loans, and lending has shrunk substantially. That means the Fed needs to “monetize” debt just to fill the breach.
Bailout Nation – HOW MUCH DEBT?!!! – June 18, 2009It is exceedingly difficult to convey exactly how much we are spending on all these bailouts. Whenever I start talking trillions (versus mere billions), I get puzzled looks from people. Humans have a hard time conceptualizing any number that large. I wanted a graphic way to clearly show how astonishingly ginormous the amounts involved were.Click the link...if you dare.
How Stimulating Is Stimulus? – June 17, 2009
by Lee E. OhanianThere are a number of economists who strongly object to even the basic idea that government spending is a useful tool during this crisis. For example, 1995 Nobel Laureate Robert Lucas called multiplier estimates from Economy.com "schlock economics"; John Cochrane of the University of Chicago has called government spending stimulus "a fallacy"; Robert Barro of Harvard called one version of the American Recovery and Reinvestment Act (ARRA) "the worst bill that has been put forward since the 1930s."
Ben Bernanke in 2005 – Clueless, Inept or Lying? – June 10, 2009
House to Subpoena Federal Reserve Over BofA/Merrill Deal – June 9, 2009
The Wall Street Journal is reporting:U.S. House lawmakers on Tuesday said they would file a subpoena to compel the Federal Reserve to turn over internal notes and emails detailing the central bank's role in encouraging Bank of America Corp. to complete its acquisition of Merrill Lynch & Co. The House Committee on Oversight and Government Reform, chaired by Rep. Edolphus Towns (D., N.Y.), has asked the Fed to turn over documents requested by the panel last week. The documents requested include emails to and from Chairman Ben Bernanke, as well as handwritten notes from meetings and conversations involving Bernanke, then Treasury Secretary Henry Paulson and Bank of America CEO Kenneth Lewis. The request is being made ahead of a Thursday hearing in which Mr. Lewis is scheduled to appear before House lawmakers. Congressional investigators have been investigating the details of Bank of America's acquisition of Merrill Lynch, as well as the government's decision to give the company $20 billion in additional government aid in January. Additionally, lawmakers have been examining testimony given by Mr. Lewis to New York Attorney General Andrew Cuomo in which he suggested top Fed and Treasury officials pressured him to complete the deal for Merrill Lynch despite ballooning losses at the securities firm.I guess Congress decided it might be uncool for the Treasury and the Federal Reserve to pressure an executive into doing something illegal. Whoddathunk?
Big Banks Send US Treasury Bill for $9Million – For Advice on Crisis – June 7, 2009
The guys that created this mess are now directly billing the US taxpayer for advising the administration and Treasury on how to ‘fix’ the crisis. Nice.
What Stimulus? May Job Losses Worse Than Expected – June 5, 2009
The Unemployment rate change was 60% higher than what was predicted. This is a LARGER increase than from March to April. Good thing we wasted all that money that we didn’t have on stimulus that promised to ‘save or create’ hundreds of thousands of jobs. Keep in mind, the bulk of the auto layoffs have not happened yet.
The "Hands Off Our Health Care" Protest, Troy, MI - July 30, 2009
Over 2,000 people attended the Troy, MI protest against the proposed changes to our health care system today, including Oakland County Executive L. Brooks Patterson (1st picture). Hopefully, President Obama and the leadership in Congress get the message.
Hank Paulson Pwned – CSPAN – July 17, 2009
Congressman Stearns: Mr. Paulson, How do you have any credibility?
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says – July 20, 2009
U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program. When will you say enough America?
Jon Stewart Takes On Goldman Sachs - July 17, 2009
The Daily Show With Jon Stewart Mon - Thurs 11p / 10c Pyramid Economy
Political Humor Joke of the Day
CNBC: The Follow Up Part I– July 18, 2009
Karl Denninger's follow up to his appearance on Larry Kudlow's Show on Friday - Part I
CNBC: The Follow Up Part II – July 18, 2009
Karl Denninger's follow up to his appearance on Larry Kudlow's Show on Friday - Part II
Henry Paulson Interview...Possible Purjury Evidence? - August 31, 2009
In an interview with a biographer, former Treasury Secretary Henry Paulson claimed that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress. Then, he testifyed before Congress to the exact opposite.
Henry Paulson seems to have purjured himself. Why is he not being held accountable for his actions? Did anybody else know of his intent before his testimony in Congress? If so, who else should be subpoenaed and held accountable? We are supposed to all be treated equally under the law. We would like to see Mr. Paulson answer for this apparent crime.
TownHall Meeting, Troy, MI - August 27, 2009
Michigan State Representative Marty Knollenberg (R-MI 41st District) hosted a Townhall Meeting regarding HR 3200 (aka The Obamacare Bill) last night in Troy High School's auditorium. The meeting's panel consisted of US Representative Pete Hoekstra (R-MI) and several area physicians. Oakland County Commissioner Robert Gosselin was also in attendance. US Representative Gary Peters (D-MI) was invited (there was even a seat set up for him on the panel) but he chose not to attend. In addition to dodging this event, he declined to attend a similar meeting earlier this month in nearby Rochester, MI and is refusing to hold a townhall meeting of his own. We greatly appreciate Rep. Knollenberg taking the lead on this issue and holding this meeting...without which, the voices of the residents of Troy and Clawson would surely not have been heard. While the Obama Administration and the Democrats in Congress that support HR 3200 claim that all the dissenters/protesters are "plants" and/or "astroturf," the townhall meeting last night in Troy, MI proved them wrong. The only people in attendance that supported this bill were brought in from outside the district. This fact was confirmed due to the requirement that all attendees show their State-issued IDs in order to enter the meeting. Once all of the residents of the district that wanted to attend the meeting were seated, Rep. Knollenberg allowed people from outside the district to fill the remaining seats. The only supporters of HR 3200 at the event were seated in the back of the auditorium, and were not residents of Michigan's 41st district...a fact which flies in the face of the Obama Administration's and the Democrats' claims to the contrary. These video clips are a small sample of the 2 1/2 hour meeting's comments, which were overwhelmingly opposed to the adoption of HR 3200.
This clip shows one of Rep. Peters' constituents' dissenting opinion:
This clip shows FedUpUSA founder Stephanie's comments;
This clip shows an out-of-district supporter of Rep. Peters, and the crowd's reaction to her:
Business bankruptcies rise 64 percent - August 25, 2009More than 30,000 businesses filed for bankruptcy protection in the first half of 2009, up 64 percent from the nearly 18,500 in the same period last year, the American Bankruptcy Institute said.Quick question for you: What's another term for "jobless recovery?" Answer: The recovery that ain't. Make no mistake folks, our economy is 70% consumer driven, and with more and more of that 70% being laid off each month, the "recovery" is pushed farther and farther into the future. Our government is borrowing and spending at record levels, and jobs are continuing to disappear much faster than anybody would like to acknowledge, "they" might just as well admit that our economy ISN'T recovering yet, and in fact has yet to hit bottom. "Green shoots?"...yeah, pull the other one.
Geithner: Auditing the Fed is a "line that we don't want to cross" - August 25, 2009In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating "I'm sure people understand that you want to keep politics out of monetary policy." When Geithner is again pressed on the issue, he makes the stunning assertion that conducting an audit of the Federal Reserve—something never before done in its 96 year history—is a "line that we don't want to cross," proclaiming that such a move would be "problematic for the country." Watch the interview in the player below:
Colonial Bank Failure Highlights the Problem – August 23, 2009One might think that these shareholders might be getting tired of being financially “raped” by these banksters. …. They may own the politicians. They may own the regulators. And they may simply own most of America. However, they don't own the billion or so guns currently in the possession of an increasingly angry American population. Massive economic suffering and a billion guns is a very dangerous mix!
Hmmmm…..he could have a very good point – as illustrated quite clearly here:
Town Hall Meeting with U.S. Congressman Brian Baird – August 22, 2009
Recess Rally – August 22, 2009
The core groups behind the Tax Day Tea Party are once again organizing for a major nationwide rally happening on August 22nd, 2009. The rally is set for every single Congressional office in the country.
The People’s Genie Is Out Of The Bottle – August 15, 2009Obama and Democrat Congressional leaders uncorked the bottle and the peoples' Genie is out. He's not happy, this Genie. In normal times, he sits there quietly inside the bottle. Sometimes watching. Mostly not. He finds politics boring, if not disgusting. He sat and watched in silence as the TARP bill passed. Told the sky was falling, he looked up and saw it wasn't. But he shrugged, trusting the bipartisan nature of the effort. Then, as TARP rolled out, he stood up. The bailouts plowed a furrow across his forehead; his eyebrows lowered; his gaze intensified. But he stayed inside the bottle.
US Treasury Intent to Deceive the American Public: PROOF – August 15, 2009
Judicial Watch has uncovered Treasury’s blatant attempt at deceiving the American public. Read all the documents at their site.
THE EXECUTIVE ORDER: a Presidential Power not designated by the Constitution – August 15, 2009
All the Federal Government has assumed control (or is about to) of the following:
ALL water - 2009 S787 Feingold Bill (in committee) ALL Food - 2009 HR2749 'Food Safety Bill' (cleared House) ALL medical resources - 2009 HR3200 'ObamaCare' (in committee) ALL drugs - 1930 FDA ALL transportation - 1967 Federal Highway Administration ALL salaries - 2009 Executive Order/Czars ALL vehicle production - 2009 Executive Order/Czars/Bailouts (minus Ford) ALL energy - 2009 HR2454 - Waxman Markey Cap & Trade (cleared House) ALL personal freedoms - 2002 - The Patriot Act YOU – If you allow it
The US Constitution provides that these rights are inalienable – that means no one has the power or right to take them away – UNLESS – YOU ALLOW IT!
US Budget Deficit Grew By $181 Billion in JULY Alone – This Is $2.172 TRILLION Annually – August 9, 2009Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).
Download HR 3200 in its entirety - August 8, 2009
You might just want to read the bill yourself, and draw your own conclusions, both about what is actually in the bill, and what your representative may be telling you about it.
Obamacare Protest - Troy, MI - August 6, 2009
These videos and pictures are from a protest near Representative Gary Peters' Troy, MI office this evening. The other half of the protest took place simultaneously in front of Rep. Peters' office building itself. Rep. Peters (we were told) left the building as the protest was commencing (presumably in order to avoid discussing this issue with his constituents) and canceled his Town Hall Meeting, which was scheduled for later this evening. That's pretty "fishy" behavior toward your constituents, don't you think? Note the lack of an "angry mob".
The "Angry Mob" - August 5, 2009
The DNC, taking a page right out of Saul Alinsky's Rules for Radicals, has decided to label the protesters across the country an "angry mob". They allege that this "angry mob" is funded by the RNC, when in fact the "mob" in question is composed entirely of average Americans that are merely exercising their 1st Amendment rights. This video is recently-released, DNC-funded, and now playing as a television advertisement across America...
Are you part of an "angry mob"? Maybe it's time to set the record straight. You can contact the DNC and "express yourself" here: 202-863-8000
The Return of Greed: Banks Reopen Global Casino (to fleece the taxpayer) – August 2, 2009"A few years ago, the investment banks got rich on their customers' money," says a former high-flier in the industry. "When that resource became too small, they fell back on their shareholders' money. Now they've reached the biggest pool the world can offer: taxpayers' money."