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Sep
10
Elizabeth Warren grills Timothy Geithner
Filed Under Economics | Leave a Comment
Beautiful. Minutes 3 – 4 are the best.
Anytime you feel sympathy and/or hope for Obama, just remember he appointed this dirtbag and re-appointed Bernanke.
Amazing how Mr. Hope and Change is opposed to auditing the Fed and fully supports those who fed us a massive spoonful of corporate welfare.
Takeaway: Governments are power structures which are abused/manipulated. Giving up power/money to the government to fix our economy, environment, schools or anything is a mistake. Audit the Fed.
Aug
25
Obama Reappoints Bernanke
Filed Under Intellectual Honesty | Leave a Comment
Obama reappointed Bernanke as Fed Chairman earlier today, effectively sealing their fates as men that will take us from a recession into the Greater Depression.
For those “economists” who’ve lately been singing his praises on CNBC, all I have to say is this…
It takes a special kind of system (government) to screw up this badly and still be resoundingly supported by its leader.
In his reappointment speech Obama also pledged support for the continued secrecy independence of the Federal Reserve.
How foolish of citizens to inquire where trillions of dollars are being spent… clearly we should trust the former bankers running the Federal Reserve that regulate the banking system. After all, they obviously know what they’re doing.
Instead of perpetuating the broken system financed by politically embedded financial organizations, Obama could have attempted any of the following:
- Raise awareness of the ghastly unaffordable pension schemes which will inevitably crumble
- Strictly enforce FASB mark to market accounting standards instead of allowing companies to use “judgment” to value their toxic assets
- Clamp down on High-Frequency Trading
- Require the FDIC to close and wind down insolvent banks before the government taxpayer-funded safety net has to be used
- Eliminate alphabet soup bailout programs which are forms of corporate welfare
- Demanded transparency for toxic assets which traveled from insolvent banks to taxpayers
- Slash parts of a budget (military, NASA, HUD, etc.) that are so bloated we must borrow billions from foreigners to stay afloat.
Would that severely correct the housing and stock markets? Yes, probably. Can we continue on our current path? No. Will we eventually face unbearable consequences for our decisions? Yes.
Ironically, neither Bernanke nor Obama nor either political party seem to care about the following message:
It is not the responsibility of the Federal Reserve–nor would it be appropriate–to protect lenders and investors from the consequences of their financial decisions. – Ben Bernanke
So, Obama reappointing the guy who didn’t see any of this coming, who bailed out the irresponsible, who continues to provide cover for banks in the hopes that things will return to normal still makes Obama the “man of the people”? Why aren’t those who voted for Obama clamoring that this Bush appointee is more of the same? Why do horrible decisions not matter when *their* party is in charge?
The reappointment of Bernanke does have a silver lining. All the people that bought into the hope proffered in eloquent speeches that government can provide jobs, clean energy, healthcare, education and other goodies will eventually learn a valuable lesson. The love affair Americans have with celebrity, good looks and good speeches and a lack of discourse/intellectual honesty will finally meet its match against a tidal wave of financial reality.
We are witnessing firsthand government selling Hope while funding Grift.
A generation will learn that our government system, like all systems which redistribute power and wealth, is one that is relentlessly gamed and manipulated for the benefit of those in charge.
Takeaway: Strip away the external validation that media/family/friends give to people and institutions and think for yourself.
Jul
24
What Doesn’t the FED Want You To Know?
Filed Under Economics | Leave a Comment
Heroic.
Visit msnbc.com for Breaking News, World News, and News about the Economy
The most successful heists are the ones that occur every day that we are not even aware of. The Federal Reserve, the quasi-governmental agency run by ex-bankers, that controls the money supply, interest rates and manages the economy is an agency very few are familiar with.
Given the trillions of taxpayer dollars on the hook and the delicate state our economy is in, H.R. 1207 aims to audit the ongoing Federal Reserve activities.
For years, the author of this bill, Ron Paul, has spoken up and drawn attention to the importance of sound money (money with tangible value, like gold and silver) and an economy which is not micromanaged by ex-bankers or manipulated in a secretive fashion. Paul has always been a political outsider and it is good to finally see his attempts to uncover the truth finally gain some momentum.
Since politicians, like all of us, are self-interested, we need to exert our influence and let them know we expect this bill to pass.
Since this bill would expose a great deal of financial/governmental/corporate connections, it would not surprise me if there is another financial panic/disaster and this bill is pushed aside to give even more power to the Fed and Executive Branch.
The above video speaks volumes about the shape of our economy and the level of dishonesty that is fraught in our financial and economic system.
Takeaway: As a man, it is imperative to be ever-inquisitive, curious and non-complacent. Reading and questioning your beliefs can help you generate an Accurate Model of Reality and prepare better for your future. Think for yourself and stand up for what you believe in, even if you stand alone.
hat tip: Zero Hedge
Jul
15
MorganStanleySmithBarney Ad
Filed Under Intellectual Honesty | 1 Comment
Disgraced financial institutions Merrill Lynch, Bank of America, Morgan Stanley and SmithBarney were all hours from keeling over last fall.
That hasn’t stopped them from publishing gaudy, chest-thumping ads about their own greatness.
Since the coming together of Bank of America and Merrill Lynch1, we’ve emerged as a business of strength2, size and capability. Our two top-tier3 firms are now one financial powerhouse4, offering you an unrivaled range of financial solutions, and the ability to more efficiently structure and close deals5. In fact, we’re already doing just that with leading companies and institutional investors around the world. Our aim is clear: To continue delivering on the great potential of our union by helping to grow businesses like yours. And in doing so, build a shared prosperity for the future6.
- Thanks to an illegal shotgun marriage involving secrecy and corruption at the highest levels of the government.
- Please don’t make us mark to market because then we would be insolvent!
- Top tier firms in banking often need explicit and implicit bailouts…
- Dutifully leeching off the taxpayer…
- Do you have any deals? Please let us know we are hurting!
- (Tear rolls down cheek) Fin.
This ad is just bizarre. Standing on a ladder with binoculars in the middle of nowhere? Well, you convinced me…
Please… take my money, charge me fees for your “research” and let me benefit from your years of experience. Oh. Wait. Nevermind…
Takeaway: Merrill Lynch, Bank of America, Morgan Stanley and SmithBarney are only standing today because the taxpayer had to bail them out. Their scorn is well-deserved.
May
13
Marking to market involves assigning an accurate, reliable value to a certain security on a daily basis. As evidenced below, this is being avoided at all costs by our leaders.
It is disconcerting that this incredibly important and relevant information is disseminated from a blogger, rather than a major “news” outlet, or even a financial news outlet.
- Fed US Taxpayer paid 100 cents on the dollar (rather than market value) for Credit Default Swap settlements with investment banks.
- Banks sending Notices Of Default but not foreclosing on homes and realizing losses in an attempt to look “healthier” (solvent).
- Made unrealistic promises to unions to get them to vote for you? No problem, Barney Frank wants the government taxpayer to insure the municipal bond market. Why bother living within your means when you can create laws that distort market forces?
Tragic. There are no free lunches and accounting tricks cannot fix a country that is reliant on cheap energy, endless credit, deficit spending and perpetually rising asset prices.
Takeaway: Mark to market your own life and confront your weaknesses head-on. This introspection can yield insights on behavioral changes you need to make to avoid a painful crash.
Hat Tip: Karl Denninger has done an outstanding job diligently reporting on the financial markets and sharing his knowledge on his blog. If you want honest reporting, please check out his site.
