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April 12, 2009 – Comments (6) | RELATED TICKERS: GS , MER.DL2 , JPM

A Fraud That Makes Madoff Look Small Time

by Ron Smith

When asked by Mr. Moyers whether he was alleging that Timothy F. Geithner and others in the administration, and the banks, are engaged in a cover-up to keep us from knowing what went wrong, Mr. Black said, "Absolutely."

http://www.baltimoresun.com/news/opinion/oped/bal-op.smith10apr10,0,4568204.column 

 

This isn't done yet. Not by a long shot.

6 Comments – Post Your Own

#1) On April 12, 2009 at 1:13 PM, motleyanimal (83.72) wrote:

We let a great many war criminals go free after World War Two as well, if they were useful or well-connected. Some things never change.

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#2) On April 12, 2009 at 1:36 PM, alstry (35.88) wrote:

What few understand is that these people infected you, me and our children with a debt burden that mathematically can't be paid back.

The irony is that the money never existed in the first place to loan out yet these guys get to charge you interest and reposes your house when you can't pay back their counterfeit money???

Instead of dealing with the problem, our government leaders are handing trillions of dollars to their friends while Americans are losing their jobs by the millions and families are being thrown out on the streets through no fault of their own.

What you Fools don't understand is if this process keeps proceeding forward, the mathematical result is practically every Hospital, School System, City, State, Business and Family is broke unless you have a direct link to those handing out money.

Why do you think practically every entity in America is figuring out new ways to impose taxes???  The are running out of revenues to service debt!!!!!

We are already at 16% unemplyment...mathematically this number will double unless we restructure debt.  Each day debt payments consume a greater and greater percentage of GDP as GDP shrinks.

Soon...we will reach a point where servicing interest exceeds total GDP.  In otherwords, every dime produced in the economy will be used to pay debt and NOTHING else.

Truly this is the mother of all cover ups.  America has been infected with a lethal dose of Toxic Borrower Syndrome.  When it becomes symptomatic we develop the FU virus and are simply unable to meet their basic obligations.  Each day thousands more become symptomatic.  It is becoming an epidemic.

If we keep calling this a credit crisis and handling it that way.....Unemployment will reach 50% before you know it.  You are only being told it is a credit crisis because it allows government to hand out trillions to their buddies.

If the majority of help is to give money to only a few...pretty soon the few will own everything and you will have nothing.

Evil triumphs when the good do nothing.

Soon you will understand what Alstry has been warning you about for the past year.......we are only at the beginning my friends.  We are about to see the unfolding of the Mother of All Enrons.....and you and I are shareholders whether we like it or not.

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#3) On April 12, 2009 at 1:57 PM, dudemonkey (36.83) wrote:

...and you and I are shareholders whether we like it or not.

It may be worthwhile to prepare an exit strategy from the US.

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#4) On April 12, 2009 at 2:22 PM, checklist34 (99.73) wrote:

in general always try to assess the level of profit (monetary profit, ego profit, PR profit, etc.) that anybody gets from preaching doom gloom and despair before deciding how seriously to take it.  Mr. Black had a bit of a smirk, not unlike a used car salesman, as he talked.  Which makes me wonder...

I'm quite sure that if someone really thought we were going down, down, in an earlier round that they'd sound most distressed. 

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#5) On April 12, 2009 at 3:16 PM, ajm101 (32.75) wrote:

checklist34 - I may be disagreeing with you in another thread, but I'm right there with you in this one.  Just like Bill Miller looked like a genius on the way up, these guys are looking like geniuses on the way down. .

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#6) On April 13, 2009 at 5:22 AM, DemonDoug (60.67) wrote:

We truly have criminals running the most important facet of our government and our country.

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