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Random Musings On The End Of The American Experiment

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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 04:08 PM
Original message
Random Musings On The End Of The American Experiment
Bob O'Brien's Sanity Check Blog

I think the defining moment for me was when Bernanke responded to the question from Congress, as to whether the American people (and their elected representatives in Congress) would be told to whom all their tax dollars have been given or lent. That single word summed it up perfectly for me: "No."

Any illusions that the money trust in the US, that collection of bankers and hedge fund managers and industrialists who are the beneficiaries of the systematic looting of the Treasury under the current "emergency" measures, is going to do anything other than precisely whatever it likes, or is going to report to those being looted, was dispelled at that moment. Likewise, nobody has been able to articulate why the massive swindle at AIG continues to be subsidized by our tax dollars - but again, no reporting on where those dollars are going will be forthcoming.

Basically, the gloves are off and the banking establishment - the for-profit cartel of private bankers that is the Federal Reserve - refuses the most basic explanations of where our, and the next several generations' retirements, are going.

(snip)

So AIG sells insurance for which it has no collateral, thinly disguising it as credit default swaps, to those with no financial interest in the things being insured (which is illegal if insurance), and you and I get to pay those who bought the swaps and are now collecting big on the destruction of the market and the American way of life. Not a mention of simply making swaps illegal and calling them what they are - illegal insurance, which should be null and void. Nope. Instead, we get to pay out hundreds of billions, to Goldman and the Saudis and whomever else is fortunate enough to be a counterparty - but we can't know to whom the billions are being paid. Again. That's a secret.

I was thinking about how casual the disregard for the rule of law has become on Wall Street, and how confident the money trust is in our apathy and our absence of the will or the means to interfere with their schemes. And well they should be. As nothing has, and likely nothing will.

When I started writing about the naked short selling scam, and the underlying larceny that drove it, I predicted that it would ultimately destroy the engine of prosperity that is the US market system. My reasoning was simple - if you allow crooks to run the system, to take money without requiring that they deliver what they were paid for, you don't have a market, you have a giant fraud. And a system built upon a foundation of fraud isn't sustainable; eventually there are no more rubes to fleece. I also was vocal that while this started out as a penny stock fraud, it had grown to include small-cap companies, and that left unchecked, it would ultimately destroy the IBMs of the world just as surely as it has the countless small-caps. And here we are - the other day, the CFO of GE was forced to acknowledge that its stock is being deliberately manipulated down, however he had no choice but to simply ignore it and focus on the long term, as nobody was going to do anything to stop it. How remarkable is that? We've gone from where this was a penny stock issue, to where one of the largest multi-nationals in the world is being played...and there's nothing anyone is going to do about it.

(snip)

Their contempt for you is manifest in every action now, every day, as the looting moves out into the open. Oh, sure, there is plenty of hand wringing and table pounding by concerned politicians and the occasional journalist, however the point is that your money is being systematically stolen, and you can't do anything to stop it. Game over.

I used to believe that it was an information gap. That if I only articulated the problem with the right words, in the right forum, that exposure would be sufficient to drive those entrusted with protecting us to do their job. For a while I believed that inaction was a function of ignorance of the true issues, and that if only the correct explanation was put forth, that then a lightbulb would go off in the collective congressional head, and the problem would be corrected.

Now I know better. Patrick's site, DeepCapture.com, is read by every major news outlet on a regular basis, as is this site. It's not that the info isn't knowable or known. It's that nothing will ever be done to change it; not by those with the apparent power to do so. Because even that power is an illusion. As evidenced by the single word response to a demand for the most basic and obvious form of transparency in the largest landgrab of national wealth in history:

"No."

More...
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Anna Lee Donating Member (42 posts) Send PM | Profile | Ignore Sat Mar-07-09 05:14 PM
Response to Original message
1. Yes - that "NO"
Thanks for posting this. The author is literately saying what I was screaming on various forums right after I heard the "NO" for AIG counterparties. I concluded that day that we no longer have a country at all. We have a puppet government that no longer is in control of the currency or the nation's wealth, if any is left.

But, much to my chagrin, no one was interested at all. No, there will not be an outcry, much less a tea party.
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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 12:56 AM
Response to Reply #1
2. there is more anger out there than you think
Almost everybody I know who had any exposure to either the residential real estate market or the stock market got raped. 401ks, retirement plans, pensions, all destroyed, lost half their value and there's nothing out there that can get you a decent interest rate to even try to make some of that up. The rest of the nest egg, house values, has taken a serious beating and isn't looking forward to better days anytime soon.

People are pissed. The only people who aren't, are the ones who started with nothing and still have nothing, or those who remain blissfully unaware of exactly what has been going on.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 12:32 PM
Response to Reply #2
5. those who choose to remain blissfully unaware

That's most of my family and friends. I try to inform them, I send them email, videos, discuss in person. Yet, all went to their professional finance planner who told them not to worry, don't sell, stay in the market until it recovers because it always comes back. These are college grads with great jobs. They just have other priorities.

No, I would not call them angry. Miffed that they have lost money in their IRA, but the market goes up and down. They truly believe they don't have anything to worry about. They buy houses, cars, take exotic vacations. No, they do not believe we are on the verge of a collapse.



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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 12:35 PM
Response to Reply #5
6. What priorities could they possibly have
that are more important than preventing the frauds in the market from stealing what little remains of their life savings?

This kind of misplaced priorities is how we got into this mess. People paying attention to bullshit (Rush Limbaugh, Chandra Levy, Britney Spears, Michael Jackson etc. ad nauseam) at the expense of what really matters.

When they find themselves broke due to not paying attention they will have no one to blame but themselves. Somehow I doubt that is where they will put the blame.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 12:43 PM
Response to Reply #6
7. They are Democrats, don't listen to Limbaugh nor watch TV

Their priorities are work and their own personal hobbies. Blissfully unaware of what goes on around them except for my emails of basic CNN articles. They see people around them getting laid off and businesses closing down, but life is still very good. Nothing to worry about. They are unable to believe that we are heading towards a global depression.
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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 12:50 PM
Response to Reply #7
8. The day will come
when reality smacks them in the face with a two-by-four.

When that day comes they will be angry in the extreme that their fantasy lives were disrupted and they thereafter will be living in poverty.

Either that, or they will get depressed and end up on the suicide statistics. Word has it that baby boomer suicides are going through the roof.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 01:05 PM
Response to Reply #8
9. It has been a fantasy world

So amazing the lives we have lived for the past 20 years. But nothing can be sustained forever, what goes up must come down. It's going to be a different world facing us, not necessary bad though. It's all in a person's frame of mind, and becoming adaptable. Otherwise, it's gonna be hard to survive.

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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 03:42 PM
Response to Reply #5
11. I have little sympathy..
... for the "buy and hold" crowd - who are about to find out that it is a very losing strategy.

You will be holding for a decade or more to get back to 2007 IMHO.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 03:51 PM
Response to Reply #11
12. lots longer

It took 25 years for the stock market to come back after the 1929 crash. This time, I'm not sure if it will ever come back. If it does, I'll probably be already dead.
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HowHasItComeToThis Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 01:36 AM
Response to Reply #1
3. SHORT SELLING IS A SCAM
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SlowDownFast Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 09:39 AM
Response to Original message
4. Rec'd. n/t
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GeorgeGist Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 01:09 PM
Response to Original message
10. Yes ...
The 'United States of America' IS a consequence of the holocaust against the New World.
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Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-08-09 04:42 PM
Response to Original message
13. K&R. It's very frustrating that this kind of information is ignored on a
board like DU that represents the tiny percentage of people that pay at least some attention.

The blissfully uninformed masses will not even hear of this.

If I had my way, the economy forum would be the front page.
:kick: & R

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