Secret Banking Cabal Emerges From AIG Shadows- Bloomberg News

[zor]

http://www.youtube.com/watch?v=-Dj3Ew9Vokc

http://www.prisonplanet.com/polish-troops-train-to-take-on-american-terrorists.html

Just like to say, prison planet is a commercial endevour. Although it has some good articles, the site/alex jones is geared toward a profit

 

[draco]

"If you think this country is so fucking great. Why don't you go try to "walk in front of a police station with a bag of leafs from a naturally growing plant. Then you tell me after you've been booked and released on bail that this place isn't a fucking joke. And you know why that's going to happen to you? Because some rich back in the day told our government that plant makes black men go crazy and rape white women... meanwhile he just developed a competiting fabric to hemp that wasn't nearly as efficient, safe environmentally, or had nearly as many uses as hemp. But since this was rich and influential, suddenly you and me have to use fake names and guard hard against our identities to grow a natural occurring plant almost a FUCKING CENTURY LATER and risk getting thrown in jail because this rich wanted to make a lot of money and fuck all of us in the process. So now we get our lives destroyed, out-casted from society, and several years taken away living in a cage for growing a natural occurring non-harmful plant. That is what America is, rich fucking everyone else." -GR


i too have lost faith, and I feel much better now. i fully expect a Palin administration - and it's back to the 19th century we go! followed by a complete and utter breakdown of society as we know it. nothing we can do to change or prepare for these events ( they WILL find you huddling in the cellar next to your cases of canned peas. if you think YOU will survive cause you are a 'survivor' get real.)

now that i have finally lost all hope, each day feels like a gift.

 

[SpasticGramps]

hey guys, glad to have found this thread. I work with markets for a living and there is some good info here. its good to see that some truth about how things really work is being spread.

The truth isn't pretty, but it's the truth. The banks are f'ing us.

Ponziomics being exposed will be the end of the system.

 

[robbiedublu]

Anyone still paying their mortgage? If so, why?

 

[Classic Seeds]

hey just because they are rich suckers does not make them just like our politicians who work for them they fuck everybody i would say that makes them bi suckers .that is what all the good old boy clubs and schools are about controlling the markets to keep the wealth in thier familys and corporations we need new honest politicians if we ever hope to break this money monopally that bleeds us all and hold back human progress and sells jobs to the lowest bidders world wide we have lost our personal freedom to these legal chains the insurance company want to drive got to have it or no liscense morgage on your house got to have insurance or no morgage and do not get me started about fuel and food and medicine we are being ass raped by greedy useless rich cabols the world over pay your credit card in full every month that breaks their interest earnings pay your bills and do not borrow save and pay in full for everything you can and buy food in bulk these are a few ways to live a little free'er and poke these blood suckers in the balls or ass

 

[robbiedublu]

hey just because they are rich suckers does not make them just like our politicians who work for them they fuck everybody i would say that makes them bi suckers .that is what all the good old boy clubs and schools are about controlling the markets to keep the wealth in thier familys and corporations we need new honest politicians if we ever hope to break this money monopally that bleeds us all and hold back human progress and sells jobs to the lowest bidders world wide we have lost our personal freedom to these legal chains the insurance company want to drive got to have it or no liscense morgage on your house got to have insurance or no morgage and do not get me started about fuel and food and medicine we are being ass raped by greedy useless rich cabols the world over pay your credit card in full every month that breaks their interest earnings pay your bills and do not borrow save and pay in full for everything you can and buy food in bulk these are a few ways to live a little free'er and poke these blood suckers in the balls or ass

I think I agree with what you wrote but proper punctuation and capitalization would make your post much more readable.

 

[SpasticGramps]

Anyone still paying their mortgage? If so, why?

I imagine many, many people will stop paying. Strategic defaults was already a big problem and now this foreclosure mess.

The moral hazard of the entire system gets worse and worse. Hard working honest people are punished. Crooks, liars, and dishonest people are rewarded. It's perverse.

 

[SpasticGramps]

Good quote here.

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before morning.” – Henry Ford

The Federal Reserve isn't accountable to anyone, especailly not the "the people". They cannot be audited by anyone. They operate above the law. That is tyranny by definition.

Permit me to issue and control the money of the nation and I care not who makes its laws. — Mayer Amsched Rothchild

 

[robbiedublu]

I imagine many, many people will stop paying. Strategic defaults was already a big problem and now this foreclosure mess.

The moral hazard of the entire system gets worse and worse. Hard working honest people are punished. Crooks, liars, and dishonest people are rewarded. It's perverse.

Speaking of perverse, just in today, Anthony Mozilo, former CEO of countrywide, agreed to pay a fine of over 45 million dollars even though he admitted no wrongdoing. Of course it should also be noted that Bof A will end up paying most of it because of the sales agreement vis a vis B of A/ Countrywide, and even if he were to have to pay it himself he plundered oops, I mean earned, over 3 times that much from Countrywide before it went tits up so he would be left with a mere 90 or 100 million. But he's not paying it out of his money anyway so no worries. Talk about crooks getting rewarded!!

 

[Maria_Vanessa]

Good quote here.



The Federal Reserve isn't accountable to anyone, especailly not the "the people". They cannot be audited by anyone. They operate above the law. That is tyranny by definition.

I agree. Unfortunetly alot of people don't realize that that the idea of national banking goes back to the founding of this country as two of this nation's Founding Fathers, Alexander Hamilton and Robert Morris, known as the "Financier of the Revolution" (War), supported a central bank.

 

[SpasticGramps]

Speaking of perverse, just in today, Anthony Mozilo, former CEO of countrywide, agreed to pay a fine of over 45 million dollars even though he admitted no wrongdoing. Of course it should also be noted that Bof A will end up paying most of it because of the sales agreement vis a vis B of A/ Countrywide, and even if he were to have to pay it himself he plundered oops, I mean earned, over 3 times that much from Countrywide before it went tits up so he would be left with a mere 90 or 100 million. But he's not paying it out of his money anyway so no worries. Talk about crooks getting rewarded!!

It's disgusting that they can get away with this.


This is from Art Cashin. He is the Director of Floor Operations for USB Financial Services and a regular commentator on CNBC.

In today's interview with King World News, Art Cashin confirms that through its endless meddling, intervention and manipulation over the past two years, the Fed has essentially broken the market: "You used to have markets that were not particularly correlated. The asset classes now seem to be so heavily dominated and in inverse relationship to the dollar, and in direct relationship to the euro... It's frustrating having honed my skills over 50 years to be able to interpret news, and look at a piece of economic data, and try and outwit the rest of the world by figuring out how it would work, and now all you have to do is look and see how the dollar is reacting and know how everything else works. And that huge correlation is not good for people because if everything is correlated in a basket like that, it is very difficult for people to hedge and protect themselves, and therefore when assets move they tend to move altogether." In other words, step aside Value Investor Congress - meet Lack of Value Dollar Correlation Congress. But readers have known that for over three months. Just as they know that lately the biggest concern on Cashin's mind is hyperinflation "the difficulty is while you can get what appears to be nominal benefit out of [hyperinflation], when you try to convert to a hard asset, or even use it to try to buy a needed good, and the perfect example is Zimbabwe. If you were from out of space, and just could get the records of the Zimbabwe stock market you would say, "wow, they are having a pretty good time down there." But they are going up because the assets they hold are going higher and higher in a debased currency." And Cashin on his hyperinflationaty musings from earlier in the week: "My hope is that we don't get anything like that - hyperinflation would be destructive to civilization... But you are right, not only Zero Hedge, I think that was the most emailed comment that day all over the country." He may well be right. And he is certainly right about the Shazam moment: "Money only gets velocity when you lend it or spend it. The difficulty with studying things like the Weimar republic, is that the money supply growing drastically the initial reaction was small. There was very little doing, and it went slowly, until it went suddenly, and when it went suddenly, it went parabolic."
With $3+ trilion in excess reserves about to hit bank basements courtesy of QE2, the Fed will have to guard the biggest pent up demand of 'deferred' animal spirits in history. The biggest threat to the world will be not ongoing deflation at that point, but if the economy actually does pick up, and people start borrowing again! Then the money held in bank basemenets will flood the market, flood the streets, and hyperinflation will show up in a matter of seconds. And no, contrary to what Dudley and Sack believe, the cute IOER ploy will not work.
Once again, and we can not stress this enough, everyone should read this free copy of The Dying of Money (link) to understand just how serious our situation really is.

What he is basically saying is, the Fed and banks can pump the stock market up as much as it wants, but with the dollar being devalued quicker than the market goes up the people's purchasing power is reduced.

In other words, the market going higher is only an illusion when compared to the actual wealth being created because the dollar is being so drastically debased. Zimbabwe has the most awesome market in nominal terms. It's too bad 3trillion Zimbabwe dollars won't buy you a loaf of bread.

What the Fed is about to do is basically unprecedented. We are all in a petri dish and there is a mad scientist about to try some horrible experiment on us.

 

[InvisibleEmpire]

http://www.forbes.com/feeds/ap/2010...-amp-entertainment-world-briefly_8022873.html

Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

It's not yet clear if other major leaders will follow suit and resume foreclosures in the states that require a judge's approval. But the move by the nation's biggest bank could give way to an industry-wide effort to push ahead with a wave of foreclosures that have depressed the housing market.

 

[SpasticGramps]

Let the games begin. The big boys begin cannibalizing themselves.

Bank of America is about to get sued by Blackrock and the New York Fed. They want to force BofA to buyback $47 billion of its toxic shit mortgages.

And this is just the beginning. It's laughable that JP Morgan claimed the total exposure of Foreclosure-Gate to all the big banks would be $55 billion lol and here we find out that $47 billion is the first shot across the bow.

Truth be known. All of our banks are insolvent zombie banks and like I said over a year ago they are playing pass the hot potato of toxic derivative debt around. Nobody wants to the one holding the bag of shit when the house of cards comes down.

Just wait until the pension funds start suing the banks to buy back all of their fraudulent paper. 2008 was just the beginning. We still have a trillions of dollars of toxic derivatives that have not been dealt with. It's a blackhole that was exposed in 2008 and it's foolish to think it was just magically papered over with the "Summer of Recovery."

Oct. 19 (Bloomberg) — Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said. The bondholders wrote a letter to Bank of America and Bank of New York Mellon Corp., the debt’s trustee, citing alleged failures by Countrywide to service the loans properly, their lawyer said yesterday in a statement that didn’t name the firms.

Investors are stepping up efforts to recoup losses on mortgage bonds, which plummeted in value amid the worst slump in home prices since the 1930s. Last month, BNY Mellon declined to investigate mortgage files in response to a demand from the bondholder group, which has since expanded. Countrywide’s servicing failures, including insufficient record keeping, may open the door for investors to seek repurchases by bypassing the trustee, said Kathy Patrick, their lawyer at Gibbs & Bruns LLP. “We now are in a position where we have to start a clock ticking,” Patrick, who is based in Houston, said today in a telephone interview.

MetLife Inc., the biggest U.S. life insurer, is part of the group represented by Gibbs & Bruns, said the people, who declined to be identified because the discussions aren’t public. TCW Group Inc., the manager of $110 billion in assets, expects to join BlackRock, the world’s largest money manager, and Pimco, which runs the biggest bond fund, in the group, the people said.

Countrywide also hasn’t met its contractual obligations as a servicer because it hasn’t asked for repurchases itself and is taking too long with foreclosures, either because of document or process mistakes or because it doesn’t have enough staff to evaluate borrowers for loan modifications, Patrick said. If the issues aren’t fixed within 60 days, BNY Mellon should declare Countrywide in default of its contracts, she said.

Trustee Duties

“The letter states a demand directed to Countrywide to cure the defaults,” said Kevin Heine, a spokesman for BNY Mellon. “It does not ask BNY Mellon to take any action. BNY Mellon will continue to perform its duties as trustee.” Charlotte, North Carolina-based Bank of America will “defend our shareholders” by disputing any unjustified demands it buy back defective mortgages, Chief Executive Officer Brian T. Moynihan said today. Most claims “don’t have the defects that people allege,” Moynihan said on Bloomberg Television, referring to so-called putbacks, in which guarantors or investors in mortgage-backed securities ask to return bad loans. “We end up restoring them, and they go back in the pools.”

“We continue to review and assess the letter, and have a number of question about its content, including whether these investors have standing to bring these claims,” Bank of America Chief Financial Officer Charles H. Noski said today on a conference call with analysts. “We continue to believe the servicer is in compliance with the servicing obligations.”

 

[SpasticGramps]

To BofA credit they do have cash reserves for buying back these "putbacks" as they are called. This quarter (3Q10) they have a whopping $872 million to buy back toxic shit!

Here is a visual aid courtesy of ZeroHedge that compares what they have for reserves to what they may end up having to buy back from the first lawsuit.

Hmmm.... not so hot.

Following today's news of an imminent lawsuit to be filed against Bank of America by such entities as the New York Fed (which, by the way, it had to do, and not voluntarily, but merely as a function of its fiduciary duty to taxpayers through its Maiden Lane holdings, managed, conveniently enough, by Bank of America minority holding BlackRock) everyone promptly has taken a quick look back at the bank's earnings presentation, and especially one little piece of data: the putback reserve. Taking a quick look a page 23 on the pdf we read: "3Q10 reps and warranties provision of $872M is $376M lower than 2Q10, as the current quarter included an increase in expected repurchases from GSEs while 2Q10 included additional provision for monolines." So how does this stack up relative to the $47 billion in putback demands by such legal "dilettantes" as Bill Gross, Bill Dudley and Larry Fink? We have created the chart below to assist in that particular question. We are also confident that with each passing day we will have to add to the red-shaded area as more and more putback lawsuits come out of the woodwork. And as to where the deficiency amount will have to be funded from? Think cold, hard cash. The same cash that until recently would have been on the "sidelines."

 

[Ca$h]

Yeah I have [unemployed] family that's months behind on their BofA mortgage, so I was sorry when I heard that they're going to be continuing next week.

Those fucks won't be creeping around or changing locks early though, thanks to the German shepherd hounds


worst come to worst wait around on em to break the door down in the months to come... If the millions of Americans do that, it'll be even more of a problem of inefficiency [to say the least] that's bound to buy time. Just my obvious

 

[SpasticGramps]

^^^Amen to that bro.


So here is what pictures of a dying market look like. Everyone remember the flash crash on May 6? The DOW collapsed 1000 points in a few minutes because of the HFT computer algorithms going ape shit. This happens on an almost daily basis nowadays with individual stocks as the market cannibalizes itself. The SEC steps in and arbitrarily tries to fix the chaos as people are wiped out by computers trading with each other.

Today after hours the DXZ (US Dollar Index) had it's own computer algorithm meltdown flash crash. DXZ is the comparison of the dollar to a basket of currencies. Luckily it was after trading hours in the US. And people wonder why no on is trading this market anymore.

From ZeroHedge of course. It's about the only place where you can find truth over blatant propaganda.

DXZ Flash Crash Detonates Entire Currency Complex

And now, for that Friday night bomb, when nuking stocks has a tad too much of a Waddell and Reed 'amateur hour' aftertaste, the only alternative - destroy the entire currency market. If this crash in the DXY (seen below) had happened during regular hours, apparently driven not by the dollar but by DXY component EUR (there was no comparable move in other USD pairs), it would have created a complete market collapse. Luckily it happened an hour after close. Weekend collapse averted. And a quick glance at the other pairs shows that the GBP and CHF were solidly impacted as well.

DXZ Flash Crash

EURUSD

EURCHF

The crash took out the British Pound for a bit too.

Silly computer algorithms destroying the world markets with Uncle Benny and Inkjets at the helm.

 

[robbiedublu]

^^^Amen to that bro.


So here is what pictures of a dying market look like. Everyone remember the flash crash on May 6? The DOW collapsed 1000 points in a few minutes because of the HFT computer algorithms going ape shit. This happens on an almost daily basis nowadays with individual stocks as the market cannibalizes itself. The SEC steps in and arbitrarily tries to fix the chaos as people are wiped out by computers trading with each other.

Today after hours the DXZ (US Dollar Index) had it's own computer algorithm meltdown flash crash. DXZ is the comparison of the dollar to a basket of currencies. Luckily it was after trading hours in the US. And people wonder why no on is trading this market anymore.

From ZeroHedge of course. It's about the only place where you can find truth over blatant propaganda.

DXZ Flash Crash Detonates Entire Currency Complex

DXZ Flash Crash

EURUSD

EURCHF

The crash took out the British Pound for a bit too.

Silly computer algorithms destroying the world markets with Uncle Benny and Inkjets at the helm.

Just make the trades stick and that shit will STOP!

 

[dagnabit]

dont borrow money...

works for me...

 

[SpasticGramps]

dont borrow money...

works for me...

Good advice to live by. Too bad most of the country is over leveraged.

What is money anyway? What value does the US Dollar have or what value will the US Dollar have in the coming months. Not much if we keep up what we are doing. Fiat money can only last so long before it becomes toxic waste.

Dollar at Risk of Becoming 'Toxic Waste': Charts-- CNBC

The dollar's slump could get far worse if the dollar index takes out last year's low, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
"If the (dollar index) takes out the low that was made roughly a year ago I really think that will not only encourage more sales, it will cause a little bit of minor panic," Griffiths said. "A year ago it was deemed too cheap, if it goes any lower than that it's actually become toxic waste."

 

[InvisibleEmpire]

Karma?

http://money.cnn.com/2010/10/25/news/companies/Benmosche_AIG/index.htm?hpt=T2

NEW YORK (CNNMoney.com) -- Robert Benmosche, the chief executive of AIG, has been diagnosed with cancer and is undergoing "aggressive" treatment, the insurance giant disclosed Monday.