Timothy Geitner has just been confirmed the new US treasury secrertary.Let the money printing begin.
It says a lot about this new administration, and America in general, that the guy who created unbelievable chaos by letting Lehman fail and cheated on his taxes, is confirmed because he’s supposed to be “smart”.
Timothy Geitner has just appointed Mark Patterson as his chief of staff at the treasury.This is in direct contravention of Obama’s pledge to bar lobbyists from federal government,Mark Patterson was a lobbyist for Goldman Sachs and is now in charge of the treasury a government department he once used to lobby on behalf of Goldman Sachs
How refreshing to see the winds of change blowing through the White House…
Yep, Obama had to agree to that before getting the nomination, otherwise they would have put their weight behind Hillary.
Nobody can get elected without the nod from Goldman Sachs. If a candidate doesnt agree to work with them, theyll maker sure you dont get elected.
They now are now in control of the US Treasury. Its only a matter of time before they get control of the BOE, as well.
This has been posted recently by Green Bear and is specifically about the threat posed by the Federal Reserve to our freedom,our savings and our very way of life,the first half is basically a condensed version of The Money Masters a three hour long documentary on the history of banking and how European bankers took control of America by establishing the Federal Reserve,the rest is an overview of the lax or complete absence of regulation,compounded by the removal of laws which were passed after the last great crash to prevent its re-occurrence, and how dangerous the present situation is.
Of course it is also an opportunity to close down the Fed,but it can only be done by educating the peolple in how central banks have taken over governments and completely control our economies and our lives.
This is the problem:most people don’t understand the system,if they did they would demand change,watch it and pass it on to people you know,the internet is the only way people can find out.
Gary Fielder:The Gig is Up.
video.google.com/videoplay?docid … 4420953428
Bill Still:The Money Masters.
video.google.com/videoplay?docid … 0256183936
To grasp how completely out of touch US politicians are from reality and the cause of the current economic mess,and how ignorant they are of the role the Fed has played in this crisis and the last depression just read the following article,jawdropping is not the word for it…thoroughly depressing stuff.
Just been watching the US senators questioning US bankers on Bloomberg,it was sickening to watch the politicians pleading,grovelling to bankers,asking them was it not possible to reduce interest rates on credit cards to 9% from 25% as the very people who had contributed to the bailout of the same banks, would be most “graytfall if thayre burden was reduced,as many of my cownstichewnts would really bay haylped owt by such a consayshun”.
These f%%%%%g cretins have the power to :
1)Punish the bastards who have caused these problems
2)To put the very directors they are grovelling to in jail for fraud
3)To change the legislation to prevent banks from issuing money at interest the government could issue at no cost,
and if anyone says politicians could or should not be entrusted to issue the states money,in all the worst case scenarios that could possibly materialise,what could be worse than the situtation that has been alowed to arise at present?
Two hundred point surge in the Dow in the final hour attributed to the rumour of another govt plan to help people struggling to pay their mortgage,no details yet, but who in their right mind would carry on paying their mortgage if this ever came into force?
Good interview on the lost opportunity for reform in the US and how the banks are going to stay in control:
Warning to pinsters,reading the following article may induce uncontrollable laughter,symptoms maybe severe,considering recent events,you become hardened to shocking news and events,but then an article like this comes along and blows you away,and you really know the people in charge think of us as nothing more than pawns,and treat us with nothing but utter contempt,to think that they know that many people will actually believe it makes my blood boil.
Bernanke was more angry about the bailout of AIG than any other episode in the recent crisis.Apparently they exploited a huge gap in the regulatory system,and there was no oversight of the financial products division,and by god,the company made huge numbers of irresponsible bets that produced huge losses.There was no regulatory oversight because there was a gap in the system!!!
Well thank f**k,in all this orgy of speculation and gambling,chaos,fraud and manipulation of the system the Wall St banks that own the Fed acted responsibly and with an appropriate degree of probity,otherwise old Benjamin might have had cause to get really mad.
You really couldn’t make this stuff up could you?
Bernanke Says Insurer AIG Operated Like a Hedge Fund (Update3)
By Craig Torres and Hugh Son
March 3 (Bloomberg) – Federal Reserve Chairman Ben S. Bernanke said American International Group Inc. operated like a hedge fund and having to rescue the insurer made him “more angry” than any other episode during the financial crisis.
“If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG,” Bernanke told lawmakers today. “AIG exploited a huge gap in the regulatory system, there was no oversight of the financial- products division, this was a hedge fund basically that was attached to a large and stable insurance company.”
Bernanke’s comments foreshadow tougher oversight of systemically important financial firms, and come as President Barack Obama seeks legislative proposals within weeks for a regulatory overhaul. The U.S. government has had to deepen its commitment to prevent AIG’s collapse three times since September as the company accumulated the worst losses of any U.S. company.
**The company “made huge numbers of irresponsible bets, took huge losses, there was no regulatory oversight because there was a gap in the system,” Bernanke said. At the same time, officials “had no choice but to try and stabilize the system” by aiding the firm. **
“murf” posted a link to the PBS Frontline programme "Inside the Meltdown:
Well worth a watch - but you can go straight to part 4 which shows how letting Lehman’s fail blew up AIG.
[Mod edit: removed - please provide a link and use the quote marks. Do not quote long articles from other sites in full, use “>>>” or “cont’d” to show that more of the article exists on the originator site]
Continuing the “you couldnt make it up” series of eye poppingly hypocritical statements from the Fed,here is the latest from old Uncle Ben,it makes you forget for about a nanosecond who caused this crisis in the first place.
China’s Premier Wen ‘Worried’ on Safety of Treasuries (Update2)
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By Belinda Cao and Judy Chen
March 13 (Bloomberg) – China, the U.S. government’s largest creditor, is “worried” about its holdings of Treasuries and wants assurances that the investment is safe, Premier Wen Jiabao said.
“We have lent a huge amount of money to the United States,” Wen said at a press briefing in Beijing today. “I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets.” >>>>>>>>>>>>>>
Have the U S A responded to reassure . ?
I think the recent visit by Hilary Clinton was to ask for China’s support,ie please keep buying the tidal wave of US treasuries,and sure yes your money is safe…Her mission was not helped by that clown Geitner,who was at the same time accusing the Chinese of being currency manipulators,thats the way to get your biggest creditor on your side isn’t it?
I like the section where the Chinese analyst of the China Construction bank says“China is worried that the U.S. may solve its problems by printing money, which will stoke inflation,” **“If the U.S. can make sure this won’t happen, then China will continue to invest.” **
Just how anyone trust the US governments words on anything after recent events is beyond me.
“If the U.S. can make sure this won’t happen, then China will continue to invest.” WTF!!!Aren’t they supposed to be in charge of their own economic policies and money issuance?Isn’t it a bit like someone at a crooked card game saying if the dealer promises not to cheat they will continue playing!!!