Those in the financial industry have no shame.
1st they wanted $700 billion (TARP) from tax payer, lest Armageddon envelop the whole world. Nancy (the witch) Pelosi agreed, which only means that common folk will be paying the price through the invisible tax of inflation. Then Members of Congress asked for an accounting of how the Fed distributed the loot. Bernanke said: “It’s none of your business.”
Banksters are manipulating the major indices higher on low volume. In the impending crash all small investors that bought the lie will see investments lose a major percentage of value as the financial elite pawn their high priced shares to stuckholder minions.
What’s this mean for PMs? They’ll go down just like 2008, but the rebound will be enormous for the PM sector. At that point mass media will be broadcasting what a terrible investment all that’s associated with gold, (“barbaric” relics and by implication PM mining shares), is. Then they’ll step in with their PM suppression schemes to attempt to keep all that counterfeit funny fiat monopoly money alive to prevent hyperinflation. The $100 bill will be replaced with a new $500 denomination.
Thomas Jefferson was correct: “I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding (currently the name is “wagging the dog”), is but swindling futurity on a large scale.”
Middle East wars are another example to keep people preoccupied with “more important” issues. How Hamilton was able to convince Washington of his acumen as the country’s financier through the 1st bank of the United States and the US Mint is really puzzling.
We need leaders that apply the K.I.S.S. principle (Keep It Simple Stupid) as fraud suppression. Everybody should understand that printing money without backing (or digitizing it) is counterfeiting. Learning centers whose teachers/professors think otherwise need to go.
So the banks paid it all the TARP money back?
1. Banks are getting free money from the Fed by not lending, but leaving it at the Fed at interest.
The banks took very risky investments that they were able to use, in part, to pay back what was lent under TARP because these investments were successful. However they knew if they were unsuccessful they could claim, once again, their “too big to fail” argument as Hank Paulson II arrives on the scene.
2. The Fed has bought the toxic assets from the banks, thus removing them from bank balance sheets. The Fed cannot sell these toxic bank assets that it bought from the banks, except at a loss. Then the losses will become public knowledge, leading to a downward assessment of the value of bank shares and bank failures.
3. Further, since the money “was paid back”, the politicians are borrowing even more from the Chinese for jobs programs (but that is fast disappearing as the Chinese are about done with being burned in its lending to the US Government with deflating dollars).
See: “David Stockman on TARP, the Fed, Ron Paul and Reagan [FULL VERSION]”
This is a YouTube version of a couple years ago, but is just as relevant today.
Those who have an average level of comprehension on how markets work will receive a viewpoint that explains what unlimited bailouts and fiat money will ultimately mean to us all.
This is posted for the enlightenment of (or to expose) those WHO THINK POLITICS AND MARKETS ARE MUTUALLY EXCLUSIVE (or are in fact allied with the criminals in large corporations and the mega banking industry). It is quite obvious, from comments on this Topic, which camp respondents are allied to or where their sympathies lie. Stockman, from the viewpoint here, represents an intelligent view on free market economics, as opposed to some of the replies on this Topic, who obviously are at the other end of the spectrum.
Please note that personal attacks are not included here, which is the standard fare of those without intelligent arguments to share, but serve as cover for flawed conclusions.
So, after reading all of your posts I take it that you are a naysayer of the market, and everything for that matter. I appreciate you political views, BUT this is a place to offer advice to others, not to slam the market and everything that is wrong with politics. If you are going to slam something, please offer up an alternative, otherwise you are just another idiot that states what is wrong with the world but offers no solutions, sooo basically worthless. Good luck with your cause......
'1st they (the "banksters") wanted $700 billion (TARP) from tax payer, lest Armageddon envelop the whole world."
There was, in fact, a total global credit freeze; that's why the markets collapsed, financial institutions were scrambling to raise cash to meet financial obligations that would normally have been handled through the credit markets. The "banksters" did NOT create the underlying problem -- the Govt. did! It was Govt. that allowed high-risk sub-prime mortgages to be included in mortgage-backed-securites (MBS). The Bush administration pushed legislation to prohibit Fannie May & Freddie Mac from dealing in sub-prime paper for MBS but a Democratic-controlled Senate stopped the bill dead in its tracks.
The Govt. created TARP as a way to QUICKLY stabilize the credit markets. The Treasury bought up the shaky MBS assets from the banks to temporarily shore up their reserves and allowing them to do business in the global credit markets. The world does not run on cash, it runs on CREDIT! And if you're credit rating is impaired even the least little bit, it severely hampers your ability to do business.
The MBS market collapsed because investment houses like Goldman Sachs had carelessly over-priced them, and THAT was due to the improper use of some new whiz-bang computer algorithm. Everyone was making a ton of money on these things until it was revealed they were horribly over-priced relative to other assets. THAT's when the panic set in on Wall Street. Then recession, a slowdown in the housing industry, and an unusually high mortgage default rate on sub-prime mortgages just added gasoline to the fire.
According to the Treasury Dept., as of December 31, 2012, they RECEIVED over $405 billion in total CASH BACK on TARP investments, equaling nearly a non-inflation-adjusted 97 percent of the $418 billion disbursed under the program. THE "BANKSTERS" PAID IT BACK WITH INTEREST, YOU IGNORANT MORON!!!!!