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Dylan Ratigan and Spitzer Call Out Geithner and Bernanke

Joe — Mon, 15 Mar 2010 18:10:46 +0000

Again, Dylan Ratigan covers what Fox News will not. The “Lehman Collapse” has much greater involvement by the Federal Reserve than MSM wants to cover.

This past Friday, Lehman Brothers examiner Anton R. Valukas (Chairman of Jenner & Block) released his report which raises question on the involvement of… yes… Timothy Geithner.

(See this section: Volume 3 – Section III.A.4: Repo 105)

In this video, Dylan Ratigan does a great job explaining the Lehman shenanigans exposed in the report. Below the video are excerpts from two articles that get into greater detail.

Visit msnbc.com for breaking news, world news, and news about the economy

From ZeroHedge.com

How Lehman, With The Fed’s Complicity, Created Another Illegal Precedent In Abusing The Primary Dealer Credit Facility
Submitted by Tyler Durden on 03/13/2010 14:44 -0500
Five months ago, Zero Hedge observed the nuances of the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and concluded that this artificial liquidity boosting construct was nothing more than yet another scam to allow banks to extract ever more money from taxpayers, with the complicit blessing of the Federal Reserve Board Of New York (as the original piece also provided an in-depth discussion of the triparty repo market which is now a parallel to the buzzword of the day in the form of Lehman’s “Repo 105″ off balance sheet contraption, it should serve as a useful refresher course to anyone who wishes to understand why while Repo 105 with its $50 billion in liability contingency may have been an issue, the true Repo market, with over $3 trillion of likely just as toxic assets, is where the real pain in the future will come from). The PDCF would allow assets of declining and even inexistent value to be pledged as collateral, thus making sure that taxpayer cash was funneled into sham institutions holding predominantly toxic assets, and whose viability was and is limited, yet still is backed by the Fed, which to this day continues to pour our money into them. Today, with a tip from the NYT’s Eric Dash, we demonstrate just how grossly negligent the Federal Reserve was when it came to Lehman’s abuse of the PDCF, and how the trail of slime of Lehman’s increasingly obvious manipulation of its books goes to the very top of the Federal Reserve Bank of New York, and its then governor – a very much complicit Tim Geithner. Read more zero hedge.

From NakedCapitalism.com

NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation
Quite a few observers, including this blogger, have been stunned and frustrated at the refusal to investigate what was almost certain accounting fraud at Lehman. Despite the bankruptcy administrator’s effort to blame the gaping hole in Lehman’s balance sheet on its disorderly collapse, the idea that the firm, which was by its own accounts solvent, would suddenly spring a roughly $130+ billion hole in its $660 balance sheet, is simply implausible on its face. Indeed, it was such common knowledge in the Lehman flailing about period that Lehman’s accounts were sus that Hank Paulson’s recent book mentions repeatedly that Lehman’s valuations were phony as if it were no big deal.
Well, it is folks, as a newly-released examiner’s report by Anton Valukas in connection with the Lehman bankruptcy makes clear. The unraveling isn’t merely implicating Fuld and his recent succession of CFOs, or its accounting firm, Ernst & Young, as might be expected. It also emerges that the NY Fed, and thus Timothy Geithner, were at a minimum massively derelict in the performance of their duties, and may well be culpable in aiding and abetting Lehman in accounting fraud and Sarbox violations.
We need to demand an immediate release of the e-mails, phone records, and meeting notes from the NY Fed and key Lehman principals regarding the NY Fed’s review of Lehman’s solvency. If, as things appear now, Lehman was allowed by the Fed’s inaction to remain in business, when the Fed should have insisted on a wind-down (and the failed Barclay’s said this was not infeasible: even an orderly bankruptcy would have been preferrable, as Harvey Miller, who handled the Lehman BK filing has made clear; a good bank/bad bank structure, with a Fed backstop of the bad bank, would have been an option if the Fed’s justification for inaction was systemic risk), the NY Fed at a minimum helped perpetuate a fraud on investors and counterparties. Read morenaked capitalism.

Elliott Wave’s Safe Bank Report 2010

Joe — Sat, 13 Mar 2010 01:59:26 +0000

As of posting this, we are at 30 FDIC seized banks for 2010 http://www.fdic.gov/bank/individual/failed/banklist.html

Here Robert Prechter’s Elliot Wave is offering a free report to better understand which bank to use for your money.

How Safe Is Your Bank, Really?
Our FREE report reveals why the FDIC guarantee is just an “illusion”
March 12, 2010
By Nico Issac
So far in 2010, the number of US bank failures has reached 30, a rate of two per week. This compares to 25 total bank failures for ALL of 2008, and three for 2007.
The benchmark KBW Bank Index still stands 60% below its 2007 peak, while one-third of all US banks reported a net loss for 2009.
The FDIC’s list of “problem” institutions rose from 552 to 702 from Q3 to Q4 of 2009.
And each new day could bring a new, personally addressed letter to announce the name change of your financial institution.
Yet — no matter how grave the data gets, few people imagine the corporate banking crisis trickling down to average Joe or Jane and their lollipop-dispensing drive-through bank tellers.
It’s not naive to think that, either. The agreement is understood: Money goes into the bank as liquid capital, and comes out as a loan certificate. Practically speaking, your account balance is only as secure as the loans the bank makes with its depositors’ money. The trust in that exchange reflects two main beliefs:
Banks know best how to allocate their clients’ money so as to ensure the greatest risk-to-reward ratio.
Banks are guaranteed by the Federal government, via the Federal Deposit Insurance Corporation.
Well, as the latest report from our complimentary Club EWI service reveals — neither one is as it seems. This 15-page exclusive compiles the most ground-breaking insights from various collected works of EWI president Bob Prechter himself, including: the best-selling book Conquer the Crash and previous Elliott Wave Theorist publications. Off the top are these riveting thought-burners:
How are banks using your money? Not wisely. “At latest count, US banks report $6.942 Trillion in deposits, and $6.945 Trillion in loans. In other words, the average bank in the US has lent out 100% of its deposits.”
Where is your money going? For the most part, it’s tied up in mortgage-backed securities. Last count: One in every 418 U.S. homes have filed for foreclosure, while the rate of default on commercial mortgages doubled in Q4 of 2009. See the problem?
What about the trusted sticker in the front window of US banks assuring that the FDIC guarantees to refund depositor’s losses of up to $100,000? Well, as the Club EWI report reveals, this sticker is merely a “symbol of confidence,” NOT a certainty of it. The piece goes on to add:
“Did you know that most of the FDIC’s money comes from other banks? When the FDIC rescues weak banks by charging healthier ones higher ‘premiums,’ overall bank deposits are depleted, causing the net loan-to-deposit ratio to rise. Ultimately the federal government backs the FDIC, which sounds like a sure thing. But if tax receipts fall, the government will be hard pressed to save a large number of banks with its own diminishing supply of capital. Huge illusions can melt away in a flash if the system fails.”
Where then is a bank I can trust? Here, the Club EWI report provides a list of the Top 100 highest-rated banks in America by state based on third-quarter 2009 data. The publication also reveals the global jurisdictions that “provide wealth preservation service as opposed to interest income and daily transaction conveniences.”

Inside the free report:

The 100 Safest U.S. Banks (2 for each state)
Where your money goes after you make a deposit
How your fractional-reserve bank works
What risks you might be taking by relying on the FDIC’s guarantee

Download the free 10-page “Safe Banks” report now.

Dramatic Evidence Demands a Factual 9/11 Investigation

Joe — Sat, 13 Mar 2010 00:09:14 +0000

Why does this radio communication of first responders operating in the South Tower on Sept. 11, 2001, not match the “official” 9/11 Commission Report?

Listen as narrated by Major Reginald Shinn, U.S. Air Force (ret)

Major Reginald Shinn, U.S. Air Force (ret) – Retired officer. Served as Bombardier – Navigator in Boeing B-25’s, 41st Bombardment Group, Seventh Air Force, World War II. Awarded the Distinguished Flying Cross. http://patriotsquestion911.com/
Narrator of Let Me Know When You See Fire video 3/4/10:
The 10-minute documentary plays the final 8 minutes of radio communication of firefighters in the World Trade Center 2 building (South Tower) prior to its demolition.
Major Shinn’s concluding narration: The South Tower collapsed suddenly at 9:59 am. By the evidence of these emergency communications, it is apparent that the supposed jet fuel office fires said to have destroyed the 110 stories of structural steel was somehow insufficient to avert these rescue operations.
Something doesn’t add up. Either there were emergency teams operating in the building or there was a tremendous inferno of sustained temperature as required to obliterate the strength of steel.
The two possibilities are mutually exclusive. If you can understand the significance of this elementary evidence, it is now your responsibility to get involved.
Let Me Know When You See Fire: The Flaming Inferno Story on 9/11
Join the expanding world wide movement to call for a new investigation. 1000 Architects and Engineers for 9/11 Truth

Again, the key points:

Firemen were working throughout the building
Battalion 7 had reached the 79th floor
Battalion 15 had reached the 78th floor
Battalion 7 Alpha had reached the 55th floor
Rescue teams encountered only small isolated pockets of fire
Rescue operations were finding numerous wounded survivors
The structure of the tower was Not melted or deformed
Rescue teams were climbing on un-compromised staircases
Elevators were operational and in use up to the 40th floor

Your Neighbour Is a Terrorist AD?

Joe — Thu, 11 Mar 2010 15:38:19 +0000

Fear-mongering taken to another level. This ad ran on radio in the UK.

http://wideshut.co.uk - the following is a real anti-terrorism advert played during popular UK radio show talksport, which effectively says somebody who likes their privacy and prefers not to be in debt to banks by using cash is a terrorist. The image is also a real poster advert around London. Nice all seeing eyes there.YouTube.

Conservatives Against War Poster by Michael Nystrom

Where Does Robert Prechter See Gold Going?

Joe — Wed, 10 Mar 2010 03:33:20 +0000

Nico Isaac explains the correlation between gold prices and the current economic conditions… or not? As usual Robert Prechter’s Elliot Wave Theory shatters some myths and provokes thought on where Gold is headed.

From EWI:

Gold: Best Supporting Role In Economic Downturns? Think Again
Gold’s safe-haven status is based on hype, not history
March 9, 2010

By Nico Isaac

As I sat down to watch the Oscar pre-show on Sunday night, March 7, one word was repeatedly used to describe the celebrity starlets and their designer duds: GOLD. Gold bustiers and gold lame skirts, shiny gun-metal dresses and glittery sequined gowns all basking in the golden shadow of the final golden statue.

Everywhere you look, from the Red Carpet to Wall Street, gold is definitely in “fashion.” As for why, one word comes to mind: safe-haven. See, according to the mainstream financial experts, the more unstable the global economy, the greater the appeal for the precious metal.

And, with a staggering 17% unemployment rate in the United States, alongside slumping real estate sales, Eurozone weakness, the Greece debt debacle, and so on — the only thing going up is gold’s supposed disaster premium. Here, take these recent news items for example:

“Bullion Sales Hit Record In Stampede To Safety.” (Financial Times)
“Gold Ticks Higher On Safe Haven Buying. The risk trade is resuming.” (AP)
“Gold Rose to 6 ½ Week Highs as the metal benefits from fears over financial instability in general. The market is looking for some security with gold.” (Reuters)
“Gold Rush: This is a new round of safe haven buying.” (Bloomberg)

There’s just one problem: The correlation between a falling economy AND rising gold prices is based solely on hype, NOT history.

Is gold a simple buy-and-hold at today’s prices? Learn more, and download your Gold and Silver eBook here.

Case in point: In the March 2008 Elliott Wave Theorist (republished in his 40-page Gold and Silver eBook), Elliott Wave International President Bob Prechter presents an indisputable case AGAINST the safe-haven status of gold.

The first piece of evidence: The following table showing gold’s performance during the 11 officially recognized recessions beginning in 1945.

Prechter also plotted the Dow Jones Industrial Average into the same period and made this startling discovery: The average total return for the Dow during recessions since 1945 is 6.89%. Taking into account modern transaction costs, the Dow actually beats gold with a 6.87% return.

The most powerful myth-debunking punch of all, though, came via the second chart of gold’s performance — this time during periods of financial growth.

In Prechter’s own words:

“All huge gains in gold have come while the economy was expanding… The idea that gold reliably rises during recessions and depressions is wrong. In fact, like most such passionately accepted lore, it’s backwards.”

Now, this doesn’t mean that you shouldn’t own gold in a financial crisis. On the contrary: In chapter 22 of his Wall Street Journal business bestseller, Conquer the Crash, Prechter lists 5 reasons why “you should buy gold and silver anyway.” Gold is “real money,” after all! It’s just that, despite widespread beliefs to the contrary, you shouldn’t expect “huge gains in gold” when the economy contracts.

Download Robert Prechter’s FREE 40-Page Gold and Silver eBook.

Bill Gates: New Vaccines Can Lower Population

Joe — Tue, 09 Mar 2010 07:05:16 +0000

What a guy – Bill Gates is promoting a reduction in population by doing a “really great job on new vaccines, health care, reproductive health services.”

Check this video at about the 4:00 mark then read the articles from WND.com and PrisonPlanet.com below the video.

From WND.com

Bill Gates: Use vaccines to lower population
Billionaire advocates curbing CO2 by reducing earth’s inhabitants
By Chelsea Schilling © 2010 WorldNetDaily
Gates presented the following equation:
CO2 (total population emitted CO2 per year) = P (people) x S (services per person) x E (average energy per service) x C (average CO2 emitted per unit of energy
Bill Gates presented this equation on curbing CO2 emissions at the 2010 Technology, Entertainment and Design Conference in Long Beach, Calif.
“Let’s look at each one of these and see how we can get this down to zero,” he said. “Probably one of these numbers is going to have to get pretty near to zero. That’s a fact from high-school algebra.”
Discussing the “P,” or population portion of the equation, he stated, “Let’s take a look. First we got population. The world today has 6.8 billion people. That’s headed up to about 9 billion. Now if we do a really great job on new vaccines, health care, reproductive health services, we could lower that by perhaps 10 or 15 percent“ [Emphasis added]. Bill Gates: Use vaccines to lower population.

From PrisonPlanet.com

Bill Gates And Neo-Eugenics: Vaccines To Reduce Population
F. William Engdahl Financial Sense
A new form of eugenics?
Gates’ interest in inducing population reduction among black and other minority populations is not new unfortunately. As I document in my book, Seeds of Destruction,8 since the 1920’s the Rockefeller Foundation had funded the eugenics research in Germany through the Kaiser-Wilhelm Institutes in Berlin and Munich, including well into the Third Reich. They praised the forced sterilization of people by Hitler Germany, and the Nazi ideas on race “purity.” It was John D. Rockefeller III, a life-long advocate of eugenics, who used his “tax free” foundation money to initiate the population reduction neo-Malthusian movement through his private Population Council in New York beginning in the 1950’s.
The idea of using vaccines to covertly reduce births in the Third World is also not new. Bill Gates’ good friend, David Rockefeller and his Rockefeller Foundation were involved as early as 1972 in a major project together with WHO and others to perfect another “new vaccine.”
Bill Gates And Neo-Eugenics: Vaccines To Reduce Population.

Be Afraid of CyberTerrorism and Just Accept Censorship

Joe — Sat, 06 Mar 2010 23:06:01 +0000

It’s for your own good. You may not see it but the Federal Government is only doing staged simulations of cyber attacks to help us Citizens recognize the danger we are in.

You can trust them… really! (I mean it’s not like the US Gov would have a “sharp dressed man” put a boy with a bomb onto a plane… just to roll out 650 body scanners of which 150 were previously bought and paid for… right?)

From a RT.com interview with CNet News journalist Declan McCullagh:

The U.S. government is considering extending so-called Einstein technology into American homes. The people running it will let the government sit in on their individual web traffic.
“Once this infrastructure is in place and you have something that can watch what people are doing or block access to some websites the government does not like, then you have a potential civil liberties nightmare,” warned McCullagh.

Think about the Logic. We are going to spy on you the US Citizen because we want to protect you.

Here Alex Jones weighs in on how he sees it.

“The system is discredited, the main stream media is going bankrupt as no one believes them any more about Climategate hoaxes, swine flu hoaxes, banker bailout hoax, healthcare hoax – so the government comes with net-surveillance in an attempt to set up the Internet too,” Jones told RT.

Soon to be Viral “Goldman Sucks” Video

Joe — Fri, 05 Mar 2010 02:25:52 +0000

Need help connecting the dots on Goldman Sachs and the US Government? Check out this video (really picks up 1/2 way through and watch out for one almost expletive at about 2:55).

Also, keep this in mind:

“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power” Benito Mussolini