He claims consumer spending will be on the rise in the coming quarters:
"Federal Reserve Chairman Ben S. Bernanke said rising wages will probably spur household spending in the next few quarters, even as weak job gains drag down consumer confidence.
While the U.S. has “a considerable way to go” for a full recovery, “rising demand from households and businesses should help sustain growth,” Bernanke said today in a speech in Charleston, South Carolina."
In the coming quarters, ie 1/1/2011, consumers face the biggest tax increase in recent memory due to expiration of Bush tax cuts. How does Bernanke calculate his increasing consumer spending when those consumers are losing jobs and getting hammered by tax increases?
The scam is complete.
GS makes hundreds of billions from fraud... pays 550 million fine
Tax payers are jerks, stupid, dumb!
06/16/2010 USA tax payers are officially sucker!
‘WASHINGTON—The Securities and Exchange Commission dropped its investigation of a former American International Group Inc. executive who ran a subsidiary at the center of AIG's problems, following a similar move last month by prosecutors.
The end of the federal investigations against Joseph Cassano means he won't face charges after lengthy scrutiny.’
The Commodity Futures Modernization Act of 2000 ("CFMA"), signed by President Clinton on December 21, 2000, therefore created a "safe harbor" by (1) preempting state and local gaming and bucket shop laws except for general antifraud provisions, and (2) exempting certain derivative transaction on commodities and swap agreements, including credit default swaps, from CFTC regulation.’
Thus, the various bucket shop laws essentially prohibit the making or offering of a purchase or sale of security, commodity, debt, property, options, bonds, etc., upon credit or margin, without intending a bona fide purchase or sale of the security, commodity, debt, property, options, bonds, etc. If you think that sounds exactly like a naked credit default swap, you are right. What this tells us is that back in 1909, 100 years ago, people understood the risks and potential instability that comes from gambling on securities prices.’
! 'Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that in combination with many other factors helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans’
John Paulson, a hedge-fund manager in New York. His firm made $20 billion between 2007 and early 2009 by betting against the housing market and big financial companies. Mr. Paulson's personal cut would amount to nearly $4 billion, or more than $10 million a day
I believe the$1 billion would have been lost if the dumb tax payers didn’t bailout the insurance companies.
Mr. Paulson spent over $1 billion in 2006 to buy insurance on what he then saw as risky mortgage investments. When the housing market cracked and the mortgages tumbled, the value of Mr. Paulson's insurance soared. Illegal years ago!
Then in 2008, he shorted financial shares, or wagered that they would fall in price, profiting again when these companies collapsed.
Invert the pyramid(V) and put the weight of the little guys on top of the high priced do nothing executives!
Do not pay outstanding credit cards! Bailout to follow!
Do not pay on credit default swaps! They are not regulated and therefore should not be enforced!
While the former USA is changing laws and policies as it grows, to nowhere? Revoke all trusts or reduce to max $3,000,000.00 per trust, Declare banks insolvent. Payout the max $250,000.00 FDIC! Gets the money circulating!? If Buffet, Gates and other billionaires were to die the inheritors’ tax kicks in at 3 million and the rest of the money goes to the people(new government) of the former USA.
USA went into a sovereign nation. Removed their leader and hung him. Killed his children. Killed a few of his friends. Now they want his daughter. Took his money!
The 1989 invasion of Panama by the United States removed Noriega from power; he was captured, detained as a prisoner of war,
Why can't it be done with CEOs, CFOs, executives and their families?
Why can't it be done with CEOs and executives? Because they have no oil, nor are they involved in CIA drug trafficking. The banking cartel - they are the ones who decided who we make WAR on. They OWN and RUN the govt. The elites.
Expecting financial terrorists to be charged and convicted is as ridiculous as trying to charge the chief of police for spousal abuse. It just ain't gonna happen and you're stupid if you think it will.
The PEOPLE need to take matters in their own hands.