Propping Up a Broken Capitalism
By Shamus Cooke
Five years ago it would be unthinkable that a harsh critique of capitalism would attract a mass audience. But this is exactly what Michael Moore’s new movie — Capitalism: A Love Story — has done. The source of Moore’s success is his willingness to focus on what the media [...]
ANGER STARTS TO SURFACE AGAINST THE BANKERS
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Largest Transfer of Wealth to Financial/Political Elite in Global History
By Carl Herman
October 21, 2009 “LA County Nonpartisan Examiner” – Political “leadership” of the two oligarchy parties spin their economic policy as being for the public benefit. Professional economists increasingly cast economic policy in unprecedented harsh criticism, even calling for public demonstrations against what they claim [...]
Source: Huffington Post
WASHINGTON – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday.
Under the worst of circumstances, the report said, the government’s maximum exposure could total nearly $24 trillion, or $80,000 [...]
WALL STREET PONZI SCHEME CONTINUES UNABATED
The Dow is at 10,000, the Federal deficit is breaking records, unemployment is skyrocketing and money is cheap ~ so let’s inflate the same debt bubble, continue Wall Street’s derivative Ponzi scheme and let Main Street take the risk while Wall Street takes the profit: Allen [...]
How Goldman Sachs Made $3 Billion 12 Months After We Bailed Their Lucky Asses Out
Dylan Ratigan|Oct. 18, 2009, 11:38 AM | 1,090 |17
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Tags: Wall Street, Economy, Goldman Sachs
How did Goldman, Sachs & Co. — [...]
Source: Zero Hedge
Max Keiser in his prime, discussing whether the crisis is over: “It’d not froth, it’s fraud. This is an incredible case of accounting fraud and the American peasants have got to be the stupidest people in the world today: they don’t mind becoming peasants, they don’t mind living like peasants, and if [...]
Source: MSNBC
Related Posts:A cold start to fall: over 4500 new snowfall, low temp, and lowest max temp records set in the USA this last week
Student Loans are the New Indentured Servitude
By Mike Konczal
October 13, 2009 “The Atlantic” — The Wall Street Journal ran a post over the weekend about a new credit crunch among low income borrowers, noting it is now ‘payback time.’ What they didn’t go into is that their primary interviewee is drowning not on expensive cars [...]
Take America Back From the Banks
Reining in the financial industry’s power and greed will be a long, hard-fought war. But it is one that must be fought
By Dean Baker
October 13, 2009 “The Guardian‘ — The elites hate to acknowledge it, but when large numbers of ordinary people are moved to action, it changes the narrow [...]
Source: RawStory
Yesterday, we brought you the insurance company that wouldn’t insure a 17-pound infant because he was too heavy. Today, we bring you the investment bank that manages to double its bonuses during the worst recession since the Great Depression.
On Thursday, Goldman Sachs will announce the firm’s bonus payments for 2009. Analysts expect the bonus [...]
Source: Washington’s Blog
The battle to reform the American banking system needs to include reimposing the barrier between investment banking and depository banking (Glass-Steagall), pay incentives based on what is best for Americans and not just the top executives, the end of too big to fail, and other changes which are frequently discussed by financial writers. [...]
by Jr Deputy Accountant | Wednesday, October 07, 2009 Source: goldmansachs666
Editors note: TheCenterLane often covers Wall Street Mafia issues and was also kind enough to do a guest post for me – coincidentally on the NY Fed – so I could run off to Washington to flip off the Treasury. Though this post is months [...]
The demise of the dollar
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
By Robert Fisk
Rex
Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars.
In [...]
Shoe thrown at IMF chief
A demonstrator in Turkey has thrown a shoe at the head of the International Monetary Fund, Dominique Strauss-Kahn, in a protest similar to that against US president, George Bush, in Iraq in 2008.
The man was part of a group protesting at IMF involvement in Turkish politics.
Turkey, which is hosting the [...]
Where has the Bailout Money Gone? Good Billions After Bad
Vanity Fair
by Donald L. Barlett and James B. Steele
As the Bush administration waned, the Treasury shoveled more than a quarter of a trillion dollars in tarp funds into the financial system—without restrictions, accountability, or even common sense. The authors reveal how much [...]
Liberal filmmaker Michael Moore has a new film coming out — Capitalism: A Love Story — and he appeared on Comedy Central’s The Colbert Report to promote it.
The show’s ironically conservative host, Stephen Colbert, defended capitalism and the bailouts of late 2008, which led to a mock debate between them.
At first, Wall Street was actually [...]
This agreement is another example of a “too-big-to-fail” bank underpaying taxpayers for the insurance that helped keep it afloat during the market troughs.
This is less than one-tenth of the price Bank of America promised taxpayers on January 15, 2009. For all the talk by BofA CEO Ken Lewis and others that they did [...]
(WashingtonsBlog) – In a post called “Break Up the Big Banks”, Rolfe Winkler provides a nice graphic showing that the too big to fails have gotten bigger:
The big have gotten even bigger since the start of the financial crisis. At the end of 2007, the Big Four banks — Citigroup, JPMorgan Chase, Bank of America [...]
by Ellen Brown
Web of Debt
A year after the bankruptcy of Lehman Brothers on September 15, 2008, questions still swirl around its collapse. Lawrence MacDonald, whose book A Colossal Failure of Common Sense came out in July 2009, maintains that the bank was not in substantially worse shape than other major Wall Street [...]
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