It really does get more horrifying by the day, as the 'truth' drips out to find out that even within the Federal Reserve System itself, when other members of the Federal Reserve system such as Vice chairman Don Kohn was worried that lax interest rates were propping up housing prices or that Cathy Minehan, head of the Boston Fed, worried about CPI increases in her region....driven by rising shelter costs or even Geithner was concerned about possible financial imbalances that King Alan Greenspan was telling all of them to basically: STFU...there will be no discussion, there will be no debate, in other words, what in the hell do you think this is a DEMOCRACY?
No, we mustn't have anything like a 'discussion, or a debate or dissent' when everyone on Wall Street and the Banks were making money hand over fist to 'keep that BUBBLE BLOWING UP.'
Just when I thought I had heard it all, just when I thought the truth couldn't get any worse, here is a new story, that officially points out, whether or not you want to admit it, THE FEDERAL RESERVE OWNS OUR GOVERNMENT and is nothing more than an arm of Wall Street/the Banks and together, they knowingly financially ruined out entire nation all within the 'secrecy' of the Federal Reserve System.
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"Le secret des grandes fortunes sans cause apparente est un crime oublié, parce qu' il a été proprement fait."
(The secret of great returns which are difficult to explain is a crime that has not yet been discovered because it has been carefully executed."
Honoré de Balzac, Pere Goriot
So when others members of the Federal Reserve System Banks stood up to King Greenspan, he said the following:
As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves. "We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting.
Again, let's notice these words people: 'dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less and well-informed than themselves.'......snip....
'We run the 'risk' of laying out the pros and cons of a 'particular argument' of inducing 'people' to join in on the debate, and in this regard 'lose control' of a process that only we fully understand.'
Does anybody here on DailyKos, truly understand the 'full ramifications' of statements like this made by 'one man' that is without a doubt telling other members of the Federal Reserve who were very worried about the 'growing bubble in real estate' to 'silence themselves?' Does anyone really understand what true 'economic Dictatorship' this has really become about in our nation?
And because King Greenspan 'silenced' those members of the Federal Reserve, we are in the worst economic DEPRESSION since 1930, and who made a killing off of it? Wall Street and the Banks who are nothing more than an extension of the Federal Reserve.
The very 'idea' that the Federal Reserve is 'Independent' in laughable at best.
At the same meeting, a Federal Reserve bank president from Atlanta, Jack Guynn, warned that "a number of folks are expressing growing concern about potential overbuilding and worrisome speculation in the real estate markets, especially in Florida. Entire condo projects and upscale residential lots are being pre-sold before any construction, with buyers freely admitting that they have no intention of occupying the units or building on the land but rather are counting on 'flipping' the properties--selling them quickly at higher prices." Had Guynn's warning been heeded and the housing market cooled, the financial collapse of 2008 could have been avoided. But his comment was kept secret until Friday, when the central bank released the transcripts of Federal Open Market Committee meetings for 2004 and CalculatedRisk spotted it. The transcripts for 2005 to the present are still secret.
http://www.huffingtonpost.com/...
It is all about the 'secrets' and it is all about our government hoping that 'we peasants' don't get too 'smart' to understand how 'things' really work on the 'Secret CIA 4th Branch of our Government' that answers to no one.
One of the 'biggest secrets' is the way that the Federal Reserve releases it's 'minutes' to the public. If they were 'released in real time' you can best believe that 'we the people,' let alone our complicit Congressional Whores who are being bribed at every opportunity, might have a chance in hell, to find out what the hell is 'really going on,' but that is not how these 'minutes' are released at all.
Does anyone know, on DailyKos, or any other organization in our entire country that 'releases its minutes five years' after a meeting takes place?' ANYONE?
Transcripts of meetings for an entire year are released to the public with a five-year lag, according the Fed's own policy. But if these transcripts been released on time, they could have influenced the confirmation of Ben Bernanke for a second term as chairman. Meanwhile, the Fed policy of releasing a full year at once deprives the public of transcripts from the first four months of 2005, which are now five years old.
Five years old, people. Shit, doesn't that give them plenty of time to let's just say....................change the minutes? Because according to all reports, that is exactly what they did, and what they have been doing for years. Re-writing the minutes, lying in our faces, and getting away with it.
It is all about 'the secrecy' and it is all about us, 'not being privy' to knowing who is controlling our nation's money and I want to know why. Don't you?
I stand in support of Senator Bernie Sanders and Congressman Alan Grayson's movement. Sign the petition. Let's get it done. Let's stop this insanity for once and for all.
http://salsa.mydccc.org/...
Who in the hell is King Alan Greenspan to 'stifle' debate, even within the Federal Reserve System itself, when even the very members of this organization, that controls out entire national economy are being told to STFU, because according to him, or Ben Bernanke:
'dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less and well-informed than themselves.'......snip....
'We run the 'risk' of laying out the pros and cons of a 'particular argument' of inducing 'people' to join in on the debate, and in this regard 'lose control' of a process that only we fully understand.'
This truly is the most outrageous article that I have read in months, about what what happening in our nation prior to where we find our selves now: Our economy has been destroyed, millions have lost their jobs and their homes and savings/retirements, Goldman Sachs has been caught with their fucking immoral pants down, aided and abetted by the Federal Reserve.
What is it going to take for us to 'get the message.'
BTW, if you are one of those people, 'that doesn't want to know the truth' because 'we might find out we are already bankrupt' and the 'Federal Reserve' knows better than the rest of us, what to do....then, please, don't even bother leaving a comment in their diary.
I'm way beyond that 'cowards way out.' If you don't want to know the truth because you don't think it's going to hurt you, then just take a long look around your own country.
Who was King Alan Greenspan holding up and protecting?
Were the big banks all knowingly running Ponzi schemes? That's the question that arises from the stunning hearings held this week by the Senate Permanent Committee on Investigations, chaired by Senator Carl Levin, on the collapse of Washington Mutual, the largest thrift failure in the U.S. Faced with looking like fools or knaves, the barons of the big banks -- from Robert Rubin to Lloyd Blankfein to WaMu's Kerry Killinger -- have chosen, not surprisingly, the fool. But the WaMu hearings -- and Zach Carter's stunning running commentary on them -- suggest that while Bernie Madoff may have been the extreme, he wasn't the exception. (Note: Carter blogs for the Campaign for America's Future which I co-direct)
The Levin hearings show that WaMu systematically peddled loans to people it knew could not pay them back. This wasn't an accident. Levin exposed a WaMu internal audit that reviewed 132 loans, and found 115 involved confirmed fraud, with 80 having "unreasonable" income -- meaning the income listed on the loan was so preposterous that any reasonable person, much less a trained loan officer, would have called it into question. The audit resulted in no -- zero, nada -- changes in WaMu's lending practices. Fraud wasn't a problem; it was the business plan. As Carter summarizes:
According to the FBI, 80% of mortgage fraud is committed by the lender. We're not talking about stupid loan officers allowing borrowers to get away with something crazy that is bad for the bank. We're talking about clever loan officers pushing fraudulent documents in order to score bigger paychecks, and bank executives looking the other way so that they can keep getting big paychecks from the securitization machine. This isn't a problem unique to WaMu. This is how the U.S. mortgage system operated for half a decade. WaMu particularly pushed predatory option-ARM loans, loans with an initial monthly payment so low that it often didn't even pay off the interest on the loan. Then after a couple of years, the monthly payment explodes -- and the loan becomes unaffordable.
http://www.huffingtonpost.com/...
Let me ask you this...is 'your house under water?'...Mine is.
Losses in Home Equity:
When value falls and debt stays the same, equity gets crushed (See The Problem With Debt). If house prices end up falling more than 40% peak to trough, which seems likely, U.S. homeowner equity will drop more than 70% and as many as half of American mortgage holders will be underwater.
For most consumers, one's house is one's biggest source of wealth. Economists have demonstrated that a loss of wealth leads to cuts in spending--from psychology and necessity. A 50%+ drop in home equity is one whopping-big loss of wealth. And it will have a lasting impact on consumer spending.
http://www.businessinsider.com/...
Thank you King Greenspan and Prince Bernanke, thank you Wall Street and the Banks....thank you for the 5 year 'lag' in your 'so called secret minutes' that you can change to re-write the truth' of what you did behind all our backs.
Who got 'bailed out' for screwing us up the butt? You need a reminder? Here it is:
Bankers justified their massive paychecks by pointing to the outsize returns many investors received during the credit boom. But even after crashing the economy, bankers are still finding ways to lavish themselves with compensation. The bankers at the nation’s six largest banks – Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Morgan Stanley – are on pace to take home $150 billion in bonuses, benefits, and compensation in 2009, 19% more than their high during the peak of the financial boom in 2007.
Total bailout funds received*
Goldman Sachs $63.6 billion
JPMorgan Chase $94.7 billion
Bank of America $199.0 billion
Wells Fargo $36.9 billion
Citigroup $341.1 billion
Morgan Stanley $25.0 billion
2009 Projected Bonuses & Comp.
Goldman Sachs $22.3 billion
JPMorgan Chase $29.1 billion
Bank of America $32.2 billion
Wells Fargo $26.3 billion
Citigroup $25.0 billion
Morgan Stanley $14.5 billion
This massive windfall for bankers comes straight out of taxpayers’ pockets. After taking nearly $17.8 trillion in bailouts to stay afloat, banks and other financial firms are still relying on taxpayer-funded programs to generate their profits. Along with the now-publicized TARP investments, debt guarantees, AIG payments, and emergency lending programs, big banks are also benefitting from a Federal Reserve commitment to pump $1.25 trillion into the market for mortgage-backed securities, which has fueled a speculative trading boom that is currently propping up bank earnings.
Instead of ramping up risk-taking and lavishing bankers with excessive bonuses and compensation, the banks could be contributing to a real economic recovery. The top six banks are on pace to pay $150 billion in bonuses and compensation this year, which translates to $577 million every day or $72 million every hour. Even a small portion of the bankers’ total bonuses and compensation – just days or hours of pay, in some cases – could make a huge impact at the national, state, and local levels.
http://ourfinancialsecurity.org/...
The 'real cost of human suffering' as King Alan Greenspan and Prince Bernanke are 'banking' on you 'not signing the petition' in favor of Auditing the Federal Reserve?
The human cost of suffering due to the 'Wizards of Wall Street' endless gambling casino are staggering:
The body count is still rising. For months on end, marked by bankruptcies, foreclosures, evictions, and layoffs, the economic meltdown has taken a heavy toll on Americans. In response, a range of extreme acts including suicide, self-inflicted injury, murder, and arson have hit the local news. By October 2008, an analysis of press reports nationwide indicated that an epidemic of tragedies spurred by the financial crisis had already spread from Pasadena, California, to Taunton, Massachusetts, from Roseville, Minnesota, to Ocala, Florida.
Across the United States, people have been reacting to dire circumstances with extreme acts, including murder, suicide and suicide attempts, self-inflicted injury, bank robberies, flights from the law, and arson, as well as resistance to eviction and armed self-defense. And yet, while various bailout schemes have been introduced and implemented for banks and giant corporations, no significant plans have been outlined or introduced into public debate, let alone implemented by Washington, to take strong measures to combat the dire circumstances affecting ordinary Americans.
There has been next to no talk of debt or mortgage forgiveness, or of an enhanced and massively bulked-up version of the Nixonian guaranteed income plan (which would pay stipends to the neediest), or of buying up and handing over the glut of homes on the market, with adequate fix-up funds, to the homeless, or of any significant gesture toward even the most modest redistributions of wealth. Until then, for many, hope will be nothing but a slogan, the body count will rise, and Americans will undoubtedly continue going to extremes.
I urge you to read the rest of this article, ( Meltdown Madness : The Human Costs Of The Economic Crisis - By Nick Turse, it is astounding:
http://www.huffingtonpost.com/...
Had enough yet? I have:
Get off your ass, and sign the 'petition'
http://salsa.mydccc.org/...
You don't think 'they are all connected'? Are you ready to pay $5 to $6 dollars a gallon for gas this summer, to help support BP to clean up the devastating mess, because that is what is coming next.
If you don't believe that's true, then I suggest to you that there is a bridge in Brooklyn I'd like to sell you...you know for cheap.
Thanks.