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Reply #26: Financial terrorism: US taxpayers bail out Wall Street criminals [View All]

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-22-08 09:57 AM
Response to Reply #6
26. Financial terrorism: US taxpayers bail out Wall Street criminals
From Jerry Mazza at Online Journal:



Financial terrorism: US taxpayers bail out Wall Street criminals

By Jerry Mazza
Online Journal Associate Editor
Analysis
Sep 22, 2008, 00:21

In the weeks surrounding the anniversary of 9/11, the most terrifying attack on Americas soil, another attack on Americas citizenry is taking place: the systematic looting of the US Treasury to bail out American financial institutions.

After degrading the stock and stealing the floundering Bear Sterns, then handing the institution and its physical building to JP Morgan, the FED and US Treasury, the financial fronts of the US government, decided to bail out Fannie Mae and Freddie Mac. While allowing Lehman Brothers to drown on its own, and Merrill Lynch to scuttle under the wing of the Bank of America, curiously the F & T (Fed and Treasury) saw fit to answer AIGs call for a $30 billion bridge loan with an $85 billion bailout. This all happened while Morgan Stanley is pow-wowing with Wachovia to merge.

At the root of all this financial disaster, we are told, is bad debt paper, unsecured loans, bad mortgages, irresponsible handing out of monies to unfit borrowers by mortgage companies, banks, and others who should have known better but for their greed, their criminality, and the lack of effective overriding controls. But then lenders made their commissions, their profits, had a heyday with the housing bubble until it burst around them and nobody handed back a buck as the crappy debt paper hit the fan and began to infect the world.

It turns out the banks had no problem passing the debt paper upwards to be collateralized by investment banks into securities, preferred stocks and bonds. And the central banks had no problem sucking it up. The entire financial system took part in this orgy, knowing full well that without protection it could catch the financial AIDS virus that could spell death to our financial system. But they succumbed to their cash-lust against all their well-credentialed wisdom.

Now the Fed is throwing still more money into securing money market funds, whose buck was busted yesterday, yielding 97 cents on the dollar. So your money is safe nowhere, that is without some pig somewhere getting a piece of it; that is whoever is behind this incredible manipulation. Of course, in an election year it behooves the masters of debt, the Bush administration to rush in and now borrow from the US taxpayers, from our Treasury, to bail out these sorry corporate flops. But then borrowing comes natural to Bush & Company.

As Paul Craig Roberts pointed out in his Online Journal article, US economy: rudderless and reeling from direct hits, Most Americans, including the presidential candidates and the media, are unaware that the US government today, now at this minute, is unable to finance its day-to-day operations and must rely on foreigners to purchase its bonds. The government pays interest to foreigners by selling more bonds, and when the bonds come due, the government redeems the bonds by selling new bonds. The day the foreigners do not buy is the day the American people and their government are brought to reality. This is not the position of a superpower.

Roberts is the former assistant secretary of the Treasury during President Reagans first term; the former associate editor of the Wall Street Journal; and author of numerous books on economics, American government and Washingtons perverse insider mentality.

CONTINUED...

http://onlinejournal.com/artman/publish/article_3773.sh...



Hey, dicksteele! The same goes back at ya'! Thanks also for giving a damn, my Friend!
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  -Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever. Octafish  Sep-21-08 09:50 PM   #0 
  - Republicanism is a cult of ruthless, cruel, and greedy lawlessness.  ladjf   Sep-21-08 09:55 PM   #1 
  - They used to call them and they still ARE: Robber Barons. n/t  Triana   Sep-21-08 10:22 PM   #5 
  - They are "Robber Barons" and beyond that.  ladjf   Sep-21-08 10:24 PM   #7 
  - GOP -- Greedy Oil Perverts  Octafish   Sep-22-08 09:03 AM   #23 
  - Who Should Pay for the Bailout  seemslikeadream   Sep-21-08 10:00 PM   #2 
  - Sen. Bernie Sanders said the top 1-percent made $680 billion over the past 7 years.  Octafish   Sep-22-08 09:18 AM   #24 
  - Octafish, thank you for putting this together.  Just-plain-Kathy   Sep-21-08 10:17 PM   #3 
  - listen to this  seemslikeadream   Sep-21-08 10:19 PM   #4 
  - I'm listening to it as I write. Amazing. Thank you. n/t  Just-plain-Kathy   Sep-21-08 10:50 PM   #10 
  - Thank you for the inspiration, Just-plain-Kathy!  Octafish   Sep-22-08 09:45 AM   #25 
     - I know Bush, with the help of our corporate owned and controlled media...  Just-plain-Kathy   Sep-22-08 11:52 AM   #32 
  - Octafish, yer a frickin National Treasure, y'know? K&R  dicksteele   Sep-21-08 10:24 PM   #6 
  - Financial terrorism: US taxpayers bail out Wall Street criminals  Octafish   Sep-22-08 09:57 AM   #26 
  - Thank you, bookmarking  DemReadingDU   Sep-21-08 10:24 PM   #8 
  - What's Really Bankrupt -- The Wall Street Model: Unintelligent Design  Octafish   Sep-22-08 11:05 AM   #28 
     - I like Pam Martens, thanks for the link  DemReadingDU   Sep-22-08 11:29 AM   #31 
  - K&R for the important information and the time it took to post  bluesmail   Sep-21-08 10:36 PM   #9 
  - Bush Urges Quick Passage of Bailout Package  Octafish   Sep-22-08 11:19 AM   #30 
  - Another lovely line of lilly pads to leap from and to.  hootinholler   Sep-21-08 11:22 PM   #11 
  - Fleecing Whats Left of the Treasury  Octafish   Sep-22-08 09:25 PM   #44 
     - This will be a step in the right direction!  hootinholler   Sep-22-08 10:31 PM   #47 
  - K&R + "What is Jeb Bush's role in the Lehman Brothers meltdown?" by Larissa Alexandrovna (9-16-2008)  bobthedrummer   Sep-21-08 11:33 PM   #12 
  - Jeb Bush: Lehman's Secret Weapon  Octafish   Sep-22-08 09:42 PM   #45 
  - Well done, Octafish! Always a pleasure learning my BFEE from your threads  Ghost in the Machine   Sep-22-08 12:18 AM   #13 
  - CARLYLE GROUP Founder on Cheap Debt, Credit Crunch and the New Buyout Landscape  Octafish   Sep-22-08 11:01 PM   #48 
  - You Rock,...... Great Post!  G_j   Sep-22-08 12:22 AM   #14 
  - Americas Own Kleptocracy  Octafish   Sep-23-08 03:26 PM   #54 
  - K&R. Thanks, Octafish.  Mr_Jefferson_24   Sep-22-08 12:29 AM   #15 
  - Putting lipstick on an AIG  Octafish   Sep-23-08 03:29 PM   #55 
  - k&r  Swamp Rat   Sep-22-08 12:44 AM   #16 
  - Guerrilla Warfare and the Budget: Senator Phil Gramm  Octafish   Sep-23-08 07:49 PM   #58 
  - K & R great presentation Octafish  democracy1st   Sep-22-08 12:53 AM   #17 
  - Two great crashes, one surviving United Slaves of America  Octafish   Sep-23-08 08:03 PM   #59 
  - K&R, I don't really believe that aliens inhabit the Earth...  AntiFascist   Sep-22-08 02:50 AM   #18 
  - Lets Stop the Greatest Theft in the History of Humankind  Octafish   Sep-23-08 11:19 PM   #70 
  - K&R  Hubert Flottz   Sep-22-08 04:37 AM   #19 
  - The Predators' Bailout - Swimming Lessons for Washington and Wall Street  Octafish   Sep-24-08 12:04 AM   #71 
  - UBS Warburg took over Enron's energy trading - Enron, UBS, S&L ripoff, McCain linked to BCCI  leveymg   Sep-22-08 06:22 AM   #20 
  - Thank you - that BCCI report reads like the BLUEPRINT for the Fascist Agenda.  blm   Sep-22-08 10:03 AM   #27 
  - I'm looking forward to Lucy Komisar's BCCI book-here's Stephanie's awesome DU thread from 2-22-06  bobthedrummer   Sep-22-08 03:56 PM   #35 
  - UBS exec admits banks sham tax shelters broke U.S. law  Octafish   Sep-24-08 08:26 AM   #74 
  - President Palin. Treasury Secretary Phil Gramm. This doesn't scare ANYONE?  HughBeaumont   Sep-22-08 07:35 AM   #21 
  - I've been waiting for your OP  malaise   Sep-22-08 07:38 AM   #22 
  - Incredible, just incredible. Bookmarked, kicked and recommended. Post of the year!  Major Hogwash   Sep-22-08 11:15 AM   #29 
  - K & R nt  glitch   Sep-22-08 01:06 PM   #33 
  - Don't forget his wife, Wendy, who regulated Commodity Trading (CTFC)  philly_bob   Sep-22-08 02:30 PM   #34 
  - thank you  barbtries   Sep-22-08 04:23 PM   #36 
  - kkkkkkrrrrrrrrrrrr  dogindia   Sep-22-08 04:30 PM   #37 
  - VIDEO: THE MAFIA, THE CIA AND GEORGE BUSH (1992)  reprehensor   Sep-22-08 04:50 PM   #38 
  - Great research, Octafish!  robertpaulsen   Sep-22-08 06:01 PM   #39 
  - K&R for the DUer with one of the best journals ever.  Kurovski   Sep-22-08 06:04 PM   #40 
  - K & R  lonestarnot   Sep-22-08 07:57 PM   #41 
  - K&R to share info of the type that a real media used to share with us! Thank you for your work.  cyberpj   Sep-22-08 08:12 PM   #42 
  - The Great Depression 2: Electric Boogaloo  EOO   Sep-22-08 08:47 PM   #43 
  - Wasn't this the opposite of money laundering?  Canuckistanian   Sep-22-08 09:51 PM   #46 
  - kick  G_j   Sep-23-08 01:28 AM   #49 
  - A few other US black budget network bank/finanicial criminal histories that led to this one  bobthedrummer   Sep-23-08 01:51 AM   #50 
  - This is too much information for me at this time of night  Giant Robot   Sep-23-08 01:54 AM   #51 
  - AIG=American Intelligence Grifters  bobthedrummer   Sep-23-08 01:36 PM   #52 
  - Utterly despicable.  JackDragna   Sep-23-08 01:55 PM   #53 
  - Kick n/t  hootinholler   Sep-23-08 05:33 PM   #56 
  - If Octafish got a dollar for everytime he informed a DUer what has transpired w BFEE,  mod mom   Sep-23-08 05:57 PM   #57 
  - Big k&r  crazylikafox   Sep-23-08 08:04 PM   #60 
  - This thread is jam-packed with incredible digging and dot-connecting and  chill_wind   Sep-23-08 08:24 PM   #61 
  - So where do you think the money is, Octafish?  Nikki Stone1   Sep-23-08 08:39 PM   #62 
  - how many dems voted for it? nt  tomp   Sep-23-08 08:52 PM   #63 
     - Man, I thought I was going to get a location  Nikki Stone1   Sep-23-08 08:53 PM   #64 
        - that's why i put "nt" in the subject. it means "no text".  tomp   Sep-23-08 09:12 PM   #65 
        - sorry, i think i misread the whole thing. nt  tomp   Sep-23-08 10:15 PM   #67 
  - I love your intellect...  BushDespiser12   Sep-23-08 09:22 PM   #66 
  - Octafish!!  bridgit   Sep-23-08 10:24 PM   #68 
  - I don't think I've ever seen Meyer Lanksy used...  dmesg   Sep-23-08 10:35 PM   #69 
  - K & R  OakCliffDem   Sep-24-08 05:14 AM   #72 
  - Octafish. You da man!  Joanne98   Sep-24-08 05:24 AM   #73 
  - philly_bob's post #34 briefly mentioned Wendy Lee-Phil's @%$#*  bobthedrummer   Sep-24-08 12:39 PM   #75 
  - Phil Gramm is McBush's economic guru, 'nuff said..  Virginia Dare   Sep-24-08 01:00 PM   #76 
  - Suspend campigns but not this thread-kick  bobthedrummer   Sep-24-08 10:49 PM   #77 
  - They're fighting over who gets what in DC, "bipartisanly", kick  bobthedrummer   Sep-26-08 12:38 AM   #78 
 

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