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Geithner Plan Explained. Faber US becoming a Banana Republic. Celente on Fox 01 APR 09

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April 05, 2009 – Comments (5)

Analysis of the legacy securities program, more Bannanna Republic activity

More on why the Geithner Plan is nothing but a huge subsidy to the banks and large bond shops.

FYI - Repost

Marc Faber about Zimbabwe School of Economics 2009.02.06

Marc Faber USA Banana Republic 2009 02 06

Gerald Celente on Fox Business 4/1/09

5 Comments – Post Your Own

#1) On April 05, 2009 at 2:31 AM, abitare (38.89) wrote:

Congressman Ron Paul rises to strongly oppose the Concurrent Resolution on the Budget for Fiscal Year 2010, April 1, 2009.

"And let me just close by saying the greatest danger I see right now is the placing of the blame for the crisis that we're in is that we had too much freedom, too much capitalism, not enough regulation. And they did this in the 1930s. They are doing it even more now.

"Instead of saying that we overspent, overtaxed, overregulated, we have lost our confidence. And if we don't change that attitude and if we accept this notion, accept international regulation, believe me, we're in big trouble. We will lose our freedom, and we will lose our sovereignty as well."
--Ron Paul

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#2) On April 05, 2009 at 12:03 PM, eldemonio (98.64) wrote:

I agree with my homie RP.  Too much freedom is not the problem.  Freedom includes the right to make good and bad decisions.  Freedom is not entitlment - that's where we have gone wrong.

When we don't allow natural consequences to bad choices to occur, we become a nation of cry-baby finger pointers who feel entitled to do whatever we want.   

I applaud RP for trying to open people's eyes, but I am afraid that things will have to get a lot worse before anybody listens.  

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#3) On April 05, 2009 at 2:52 PM, JGus (28.83) wrote:

Great stuff, as always, Abitare!

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#4) On April 05, 2009 at 8:04 PM, abitare (38.89) wrote:

George Washington Blog spot has a great write up here:

Senior S&L Regulator Says Government Engaging in Massive Cover-Up of Economic Crisis: “The Entire Strategy Is to Keep People from Getting the Facts”

William K. Black was the senior regulator during the S&L crisis, and an Associate Professor of Economics and Law at the University of Missouri (bio).

Black says that massive fraud is what caused the economic crisis. As one example, he explains that everyone involved knew that the CDOs which packaged subprime loans were not AAA credit-worthy (which means that they are completely risk-free). He also said that the exotic instruments (CDOs, CDS, etc.) which spun the mortgages into more and more abstract investments were intentionally created to defraud investors.

Moreover, Black says that the government's entire strategy in dealing with the economic crisis is a massive cover-up:

[They] don't want to change the bankers, because if we do, if we put honest people in, who didn't cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover up....

Geithner is ... covering up. Just like Paulson did before him....

These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed....

Until you get the facts, it's harder to blow all this up. And, of course, the entire strategy is to keep people from getting the facts....

[Question] Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?

[Black] Absolutely....

They're deliberately leaving in place the people that caused the problem, because they don't want the facts. And this is not new. The Reagan Administration's central priority, at all times, during the Savings and Loan crisis, was covering up the losses.

[Question] So, you're saying that people in power, political power, and financial power, act in concert when their own behinds are in the ringer, right?

That's right. And it's particularly a crisis that brings this out, because then the class of the banker says, "You've got to keep the information away from the public or everything will collapse."

Watch the interview here.

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#5) On April 06, 2009 at 10:09 AM, EHoyle80 (< 20) wrote:

After Treasury Secretary Geithner supposedly said he was “quite open” a new reserve currency, the dollar fell and gold went up. So would the IMF Special Drawing Right be good for gold? The Stock Research Portal is sceptical, saying that this is “a conclusion I think has little foundation given all the other ‘moving parts’ that influence the gold price in the short term.”

Via Stock Research Portal

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