Now, I've seen everything in this past week, which only confirms my own gut reactions as to what is truly going on in our nation, and how the Shock Doctrine gets played out during times of national crises, when major decisions must be made by the existing Neo-Con-Neo-Liberal Elite Oligarchy-Plutocrats. It really is so transparent, that it puts the word Moran, into an entirely new transformational extensional existence.
From the get go, I've been following exactly what the feckless fake new Pecora Commission has been doing, and what their statutory deadline was all about. That 'deadline' according law was supposed to have been on December 15th, 2010, and this new Fake Pecora Commission, has plenty of time to do what they were paid for and charged with to do, but now, here we are on the Eve of the SOTU speech by President Obama to hear their so called findings. Oh, why am I not surprised? Just another coincidence. Sure it is....
Bullshit.
This is just as close to a coincidence as is President Obama's "I'm pretending to take a stand on Social Security, when I am not," routine, that will again amount to his telling all the 'retarded progressives,' to STFU, and that the Republicans are 'making him do it,' and it is just as much as a coincidence, as to the strongest progressive voice on our airwaves, Keith Olbermann (the top money maker on MSNBC) being forced off the airwaves, directly before the SOTU speech, and the 2012 elections.
And we call the 'tea baggers stupid and low information voters?' Get a grip people.
Where did I put my tin foil CT hat? Oh yeah, here it is in my old housekeeping apron pocket, where I it keep in case of alien attacks by the Glen Beck Reptilian Martial Law Squad who want to take my new dusting swifter away from me.
Give me a fucking break people. Let me repeat again, ok?
On the very eve of President Obama's State of the Union Address, we are getting the most important report, of the most devastating historical catastrophic economic collapse since the great (last) Depression and it's findings. If you actually believe this is an accident or a coincidence, then you are just as crazy as Glen Beck is, and I don't even watch Glen Beck, but I heard about his latest story today.
This is the kind of story, by the FCIC that would, at any other time, have AG Eric Holder coming forward, after President Obama, giving a major speech, with the entire FCIC Commission in attendance to answer questions for a full press conference, at any other time in our history. Certainly not before the State of Union Speech. Who the hell decided that, more important, why?
This is not a 'back story' at all, this is not page 20 on the Wall Street Journal or Bloomberg pages. Give me a fucking break people, OK?
This is the kind of story, where AG Eric Holder, would be answering direct questions as to who, what, when, where and how, he is going to follow up the FCIC Commissions' recommendations, and actually follow up with indictments, and actions. That is how, these commissions are suppose to work with all branches of our government.
The bipartisan panel appointed by Congress to investigate the financial crisis has concluded that several financial industry figures appear to have broken the law and has referred multiple cases to state or federal authorities for potential prosecution, according to two sources directly involved in the deliberations. When the 10-member panel was first convened in late 2009, participants emphasized that they did not intend to focus on prosecution, but were rather intent on illuminating the root causes of the crisis. Indeed, the fact that the body has opted to make referrals adds an unexpected coda to a proceeding that some observers have written off as just another bit of Washington stagecraft aimed at generating headlines. "Few will notice its absence," said Michael Perino, a law professor at St. John's University School of Law in New York and an expert in financial history, in an opinion piece published in the New York Times last October. It "had no discernible influence over the financial reforms." He added: "How did this commission fail so badly?"
But the decision to refer cases for potential prosecution could provoke a different conclusion: It may yet satisfy public craving for what Treasury Secretary Timothy Geithner once referred to as the "very deep public desire for Old Testament justice." The commission's report is supposed to detail the definitive causes of the crisis. Over the course of the past year, the panel has interviewed more than 700 witnesses, reviewed millions of pages of documents, and held 19 days of public hearings across the country.
Among those who testified were the heads of the nation's largest financial institutions -- all of them recipients of multi-billion dollar public bailouts. Among those who testified were Lloyd Blankfein, chief executive of Goldman Sachs Group Inc.; Jamie Dimon, chief of JPMorgan Chase & Co.; and Robert Rubin, a former Goldman chief and Clinton administration Treasury Secretary, who later held a prime executive chair at Citigroup. The panel also questioned Federal Reserve Chairman Ben Bernanke and his predecessor, Alan Greenspan. The commission drew on testimony from less prominent senior executives with intimate knowledge of how Wall Street engaged in modern-day financial alchemy, turning mountains of dubious mortgages into seemingly rock-solid investments rated as safe as American Treasury bonds. Richard Bowen, former chief underwriter for Citigroup's consumer-lending unit, testified that, in the middle of 2006, he discovered more than 60 percent of the mortgages the bank had purchased from other firms and then sold to investors were "defective," meaning they did not satisfy the bank's own lending criteria.
http://www.huffingtonpost.com/...
This is what FDR did with the Pecora Commission, and the difference now:
http://www.vanityfair.com/business/features/2010/06/pecora-201006
When Washington Took On Wall Street
Nearly 80 years ago, on Capitol Hill, Ferdinand Pecora forced J. P. Morgan Jr. and other "banksters" to reveal the corruption that had fueled the Great Depression—bringing shame on the financial industry and resulting in new laws to curb abuses. Today, with Republicans having threatened to block reform and Goldman Sachs fighting fraud charges, the author looks back at the Pecora Commission hearings, which riveted America, and asks why there is no comparable investigation now.
J.P. Morgan Jr. was terrified. He was the most famous and arguably the most powerful banker in the United States, and also among the most secretive. But in May 1933, in the aftermath of the greatest financial crisis in the history of the United States, he was being called to testify before the Senate Committee on Banking and Currency to explain how the catastrophe had occurred. Morgan dreaded the prospect, in part because it was a painful reminder of his famous father’s unhappy experience testifying before the 1912 Pujo Committee, which had investigated the "money trust" (and was partly responsible for the creation of the Federal Reserve Board). The elder Morgan, mercilessly interrogated, had died shortly after the hearings. Many of his associates, not least his son, had blamed his death on his public humiliation.
Now it was the younger Morgan’s turn. Known to friends and associates as Jack, he was 65 years old and semi-retired. He feared that he might not be able to answer the committee’s questions, and he was even more afraid that he might lose his temper. His partners rehearsed Jack Morgan for days, peppering him with hostile and insulting questions. In the meantime, the Morgan bank’s powerful lawyer, John W. Davis, tried to keep the committee at bay. A onetime Democratic presidential nominee, Davis had helped pass a New York law barring any investigation of private bankers, and he argued in court that the Morgan bank was therefore entitled to privacy. But the U.S. Senate passed a resolution requiring the bank to open its books. The bank reluctantly complied and agreed to let Morgan testify.
That was then, and this is now. What is the difference?
The only difference in my book, is the lack of courage on our own party to name and claim corruption as it is, regardless of who is in the White House.
I detest the Republicans, but I also know when our own party has been sold, lock stock and barrel to the highest bidder, and why no one is standing up for the Middle Class, the poor and the Unions and our jobs, and of course our final safety net.
None of what is going on right now in the MSM and the from President Obama's so called PR team is coincidence at all, it is called: Political timing and the continued Shock Doctrine, that never sleeps, but depends upon all of us to look the other way, at all times.
The 'Decoys'...
Other articles that you may be interested in:
Financial Crisis Inquiry Commission Makes Criminal Prosecution Referrals
Given that the Financial Crisis Inquiry Commission has found what it sees as ground for criminal prosecution, apparently extending to several yet to be named Wall Street executives, what are we to make of the exodus of its Republican members? That they prefer rule by banksters to rule of law?
I must confess I had little hope for the FCIC having any impact. The unduly short time allotted to it, its composition (not enough representation of individuals at the commissioner level with meaningful expertise) and its restrictions on issuing subpoenas (which effectively required sign off from members of both parties) seemed intended to hamstring it. The fact that they’ve gotten this far, and may make more waves with the issuance of their report, which is due out later this week, is an unexpected positive development.
http://www.nakedcapitalism.com/...
Bill Black: Why our Fundamental Approach to Banking Regulation is Inherently Unsound
By Bill Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City and a former senior financial regulator. Cross posted with Benzinga
Our current approach to banking regulation exposes us to recurrent, intensifying financial crises. The good news is that because we reached an all time low in Basel II, Basel III almost has to be an improvement. The bad news is that Basel III has not reexamined the fundamental assumptions underlying the Basel process. As a result, Basel III will be a variant on the common ineffective theme of banking regulation designed by economists and the industry.
The Basel process is built upon three flawed assumptions.
1. Capital requirements are the ideal form of banking regulation.
2. Capital requirements can be set without establishing sound accounting.
3. Accounting control fraud is not a serious concern.
Capital requirements are the ideal form of banking regulation under conventional economic wisdom. The attraction of capital requirements to neoclassical economists is elegance. Their theory is that while private market discipline ensures that normal corporations are inherently safe, private market discipline poses an inherent dilemma for banks. A bank run is a form of form of private market discipline.
Banks have very short-term liabilities and longer-term assets. This exposes them to interest rate risk and liquidity risk. A run is the ultimate liquidity nightmare for a bank. The conventional economic wisdom is that runs are not a desirable form of market discipline. Economists tend to use the word "panic" when they describe runs. Economists fear that depositors are likely to be financially unsophisticated and to start runs on banks on the basis of false rumors that the banks are unsound.
http://www.nakedcapitalism.com/...
http://www.huffingtonpost.com/...
http://www.zerohedge.com/...
Mortgage Giants Leave Legal Bills to the Taxpayers
By GRETCHEN MORGENSON
Published: January 24, 2011
Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.
http://www.nytimes.com/...
Finally my favorite:
http://jessescrossroadscafe.blogspot...
Now....where did I put my sweet little housewife tin foil crazy cap and my brand new happy I'm stupid hat? Oh right, here it is, in my brand new housewife housecoat apron, next to my can of Lemon Pledge and my brand new handy dandy 'dusty Swifter,'.....but hey, that's just me.....
America has not gone crazy, we are in fact becoming more sane by the day. I'm not June Cleaver or Ozzie Harriet, and in fact, I still love my party and my nation. I especially love Democrats, because I've always felt, what a great huge amazing fucking wonderful melting pot of fabulous people we all are....now that, is what I call a great party.....
Anyone remember the old film Auntie Mame, with Rosalind Russell?
OMFG, I stepped on a ping pong ball....
How terribly ghastly of me, to point out the evident truth, of what is going on.....
how ghastly....
Perhaps I should just change by name to 'Buffy' and pretend, that 'none' of this is really happening under 'our watch,' how ghastly of me to pretend otherwise.
Tennis anyone?
Ms. B.