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alstry (36.27)

What if it were ALL ONE BIG LIE!!!

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October 05, 2009 – Comments (35)

Our Gardner Bros. buddies, being English majors and all, really have little background in analyzing fraud............do they have what it takes to analyze fraud....a systematic fraud??????

So we have this out this morning regarding Bernanke and Paulson's representations last Fall:

Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. misled the public about the financial weakness of Bank of America and other early recipients of the government's $700 billion Wall Street bailout, creating "unrealistic expectations" about the companies and damaging the program's credibility, according to a report by the program's independent watchdog.

But an audit released Monday by TARP Special Inspector General Neil Barofsky says senior government officials and Wall Street regulators, including Mr. Bernanke and Mr. Paulson, had "affirmative concerns" that several of the nine institutions were financially shaky.

"By stating expressly that the 'healthy' institutions would be able to increase overall lending, Treasury may have created unrealistic expectations about the institutions' condition and their ability to increase lending," the audit says.

"Treasury and the TARP program lost credibility when lending at those institutions did not in fact increase and when subsequent events - the further assistance needed by Citigroup and Bank of America being the most significant examples - demonstrated that at least some of those institutions were not in fact healthy."

http://www.washingtontimes.com/news/2009/oct/05/report-bernanke-paulson-misled-on-bailouts/

Although probabaly maintaining a strong command of the English language, Mr. Barofsky is an expert on fraud and misrepresentation....so his opinions would be probabtive on the subject.

What if our banking system is really insolvent, same with our pension funds, and many other financial institutions?  What if many companies are simply staying in business not because of generating cash flow, but simply to extend debt so credit default SWAPS don't pay off while destroying the once profitable competitors around them?

What if the following is the real state of the economy and much of what is currently driving the economy right now is simply extending credit to insolvent businesses and government?????

NEW HOME SALES DOWN 80%

STEEL IMPORTS DOWN 75%

DOMESTIC AUTO SALES DOWN 70%

GENERAL AUTO SALES DOWN 50%

NON SCHOOL ATTENDING 16-24 YEAR OLD UNEMP 52%

ARCHITECTS UNEMPLOYMENT 50%

REAL ESTATE SALES/MORTGAGE INDUS UNEMP 50%

AIRLINE WORKERS COLLECTIVE INCOMES DOWN 50%

HOTEL OCCUPANCY UNDER 60%

RECORD MORTGAGE DEFAULTS

RECORD CREDIT CARD DEFAULTS

RECORD COMMERCIAL REAL ESTATE DEFAULTS

FDIC OUT OF MONEY

FHA OUT OF MONEY

PENSION GUARANTY OUT OF MONEY

RECORD UNDERFUNDED PENSIONS

GOVERNMENT SPENDING TWICE ITS RECEIPTS........

CORPORATE INCOME TAXES DOWN 60%

STATE TAX REVENUES EVAPORATING AT RECORD RATES

GOVERNMENT SLASHING WORKERS

HOSPITALS SLASHING WORKERS

POLICE DEPARTMENTS SLASHING WORKERS

FIRE DEPARTMENTS SLASHING WORKERS

SCHOOLS SLASHING WORKERS

UNIVERSITIES SLASHING WORKERS

ALL AT THE SAME TIME

Do our pension funds have any value???  What about our retirement accounts???  How can we pay social security and medicaid if few are working???  Why are we bonusing bankers billions for fraudulent representations???  William Black, the chief prosecutor for the S&L crisis has raised the issue....so has Mr. Barofsky.....and a number of others.......it will be interesting to see what the Gardner Bros. think about what is going on...........and how we should deal with it.

 

35 Comments – Post Your Own

#1) On October 05, 2009 at 12:31 PM, Rebkong1 (< 20) wrote:

obama deception...watch it

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#2) On October 05, 2009 at 12:36 PM, JerseyShoreGirl (< 20) wrote:

Glenn Beck hit the nail on the head today ...

If a 'crisis' hits, our financial system could go down the drain immediately.  Without a crisis, we'll continue down our current path for 3-10 years at best.

Given that one of Obama's advisors is on audio (to be played on Beck's show tonight) saying that in order to bring about dramatic 'change' one of the 3 necessary ingredients is 'financial and international crisis,' I find it plausible that one could be engineered ....

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#3) On October 05, 2009 at 12:40 PM, Rebkong1 (< 20) wrote:

plausible?? how about inevitable??

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#4) On October 05, 2009 at 12:42 PM, russiangambit (29.36) wrote:

Why do you guys talk about Obama? Obama is a figurehead, he doesn't understand economics. He is probably the least guilty of the whole bunch. Though, I guess, he has power to replace Bernanke, Gietner, Summers and Romer. But in the end, if we want to reform the system  it is the Congress that has power to do it. Not much hope there.

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#5) On October 05, 2009 at 12:43 PM, Rebkong1 (< 20) wrote:

you are right he is a figurehead of the great deception that is running RAMPANT in washington and between the FED and  wall street....its time to stand up to it and PUT AN END TO IT

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#6) On October 05, 2009 at 12:49 PM, Rebkong1 (< 20) wrote:

if we , as concerned. educated, citizens of this great country, don't do something fast...everything you know about your life and America is going to be drastically "changed"

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#7) On October 05, 2009 at 1:01 PM, brickcityman (< 20) wrote:

Interesting concept: 

 

Glenn Beck as investment strategist...

 

Boy that guy gets around...  When he's not culturing astro turf he's looking out for your financial well-being.  Guess its safer than having him as a therapist, life-coach, or medical consult.

 

On a more serious note, you'll find I posited a similar theory that perhaps a market correction could be used to pass health-care reform...  Of course it was in one of my "Friday Fun - Crank Theory"  posts.

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#8) On October 05, 2009 at 1:05 PM, booyahh (< 20) wrote:

you people are investing based on what Glenn Beck says ?

good luck with that.

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#9) On October 05, 2009 at 1:13 PM, alstry (36.27) wrote:

America keeps shutting down as revenues get lower and lower and lower...........................

Condé Nast will close four magazines -- Gourmet, Cookie, Modern Bride and Elegant Bride -- following a review by McKinsey.

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#10) On October 05, 2009 at 1:13 PM, chk999 (99.97) wrote:

What if there is no real world and we're really living in the Matrix?

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#11) On October 05, 2009 at 1:19 PM, brickcityman (< 20) wrote:

What if Glenn Beck is really short the market and trying to avoid covering?

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#12) On October 05, 2009 at 1:20 PM, ChannelDunlap (< 20) wrote:

lol Glenn Beck. 

lol Alstry

lol 10.09

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#13) On October 05, 2009 at 1:20 PM, biotechmgr (34.09) wrote:

Alstry,

Did you notice that the film "Zombieland" was #1 and made $25 million? Just more fodder for your Zombulator...

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#14) On October 05, 2009 at 1:23 PM, catoismymotor (< 20) wrote:

What if we are all starring in our own version of The Trueman Show?! Better yet; What if were are all stuck in The Matrix? Whoa! Let's follow that white rabbit!

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#15) On October 05, 2009 at 1:27 PM, mawnck (< 20) wrote:

What if the robots start stealing all our hubcaps and melting them into counterfeit Sacajawea dollars?

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#16) On October 05, 2009 at 1:30 PM, brickcityman (< 20) wrote:

What if all the Sacajawea dollars actually have miniature tracking devices in them so that Obama and his "Death Panels" can send out henchmen in search of Grand-parents who are holding them for their grandkids?

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#17) On October 05, 2009 at 1:39 PM, catoismymotor (< 20) wrote:

According to Old Glory Insurance (LINK) robots are fueled by the medications taken by the elderly. So the robots will act as defacto death panels when they take your pills. Issac Asimov be d@mned!

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#18) On October 05, 2009 at 1:39 PM, Tacomatight (68.20) wrote:

What if the scar on my knee wasn't caused by reconstructive knee surgery and in fact is the entry point into another dimension that is controled by a dog king named jimbo whos bowel movements control the ups and downs of the markets?

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#19) On October 05, 2009 at 1:40 PM, alstry (36.27) wrote:

It is interesting to watch the behavior of humans in  times of distress....

In just the past week we have seen the largest insurance failure in a number of years, Saturn announce it is shutting down, a chain of over 150 stores shut down abruptly without warning, and city after city, county after county, and state after state warn that revenues are evaporating and they are forced to cut payroll and fire tens of thousands.

As the conditions get worse, it is amazing how people cling to  hopes instead of confronting reality.  And the conditions keep getting worse and worse and worse as hundreds of thousands are losing their jobs every week, more and more being forced into insolvency, and bankers sitting back laughing as they draw billions in bonuses on the backs of suffering citizens.

It is interesting to watch society cheer on its own destruction.....and let me assure you, the destruction has  only begun if we maintain the same policies.

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#20) On October 05, 2009 at 1:41 PM, JerseyShoreGirl (< 20) wrote:

You guys don't get it ... how can you even think about making a few bucks when the paradigm is about to shift ... get informed!

http://www.youtube.com/watch?v=6D5yxFCUDdo&feature=channel_page

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#21) On October 05, 2009 at 1:44 PM, Starfirenv (< 20) wrote:

What if they were flesh-eating zombie raptoid robots with concentricly contracting sphinctres?
I stand by my call. Zombies on 10.31

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#22) On October 05, 2009 at 1:50 PM, catoismymotor (< 20) wrote:

# 21 - Finally someone with some BRAIIIIIIIIIINNNNSSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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#23) On October 05, 2009 at 1:58 PM, Tacomatight (68.20) wrote:

 JerseyShoreGirl,

"You guys don't get it ... how can you even think about making a few bucks when the paradigm is about to shift ... get informed!"

Umm, yeah we did get it. You don't. I always think about making a few bucks, especially when punks panic.

The paradigm shift already happened...that was the market crash. We started a 'brave new world' in March. The future is now.

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#24) On October 05, 2009 at 2:18 PM, alstry (36.27) wrote:

America keeps shutting down....yet few seem to care.......

After 57 years of operation and four different owners, a mainstay of Athens’ economy will close this week, another victim of the economy.

But for the roughly 640 employees, the closing of the Pilgrim’s Pride plant is more than a statistic — it’s life.

“This is bad. These are breadwinners who are losing their earnings,” said Limestone County Economic Development Association President Tom Hill.

http://decaturdaily.com/detail/44745.html

Now lives are simply a statistic.....

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#25) On October 05, 2009 at 2:22 PM, topsecret09 (44.12) wrote:

What do you mean WHAT IF.....  Our entire FEDERAL GOVERNMENT Is a LIE !!  We do not have a government that REPRESENTS THE PEOPLE OF AMERICA. We have a bunch of SPECIAL INTEREST GROUPS that are actually WRITING MOST OF THE LEGISLATION THAT CONGRESS DOES NOT READ.... Why should they read It when they already know that It was written by the people that fill their pockets with money,so that they can STAY IN POWER!!!!!  The problem with our society Is deeply rooted In the MEDIA LIES that are force fed to the general electorate. And of course most of the people that listen to the "SPIN" coming from the media tend to believe what they are being fed !!!!!!   Until AMERICAN CITIZENS start educating themselves,and becoming aware of what the REAL TRUTH Is behind what this Government does, nothing will ever change,because an ILL-INFORMED public will keep electing the very  people that are most responsible for the mess that we are in......  TS 

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#26) On October 05, 2009 at 2:26 PM, mawnck (< 20) wrote:

#25 - obviously one of the robots.

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#27) On October 05, 2009 at 2:28 PM, russiangambit (29.36) wrote:

Yes, the quickly detiriorating conversation on this blog reminds me of trying to have a serious conversation with a bunch of teenagers.

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#28) On October 05, 2009 at 2:30 PM, alstry (36.27) wrote:

NOW YOU FEEL...............

From Bloomberg: New York Income Tax Revenue Falls 36% in Year, Paterson Says (ht Mike In Long Island)

New York State’s income tax revenue has dropped 36 percent from the same period in 2008 ...

“We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,” Paterson ... referring to $5.2 billion in new or increased taxes. “This is what is so frustrating. It’s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.”
...
Besides boosting taxes for the fiscal year that began April 1, lawmakers made $5.1 billion in spending cuts. The plan also includes $6.2 billion in federal stimulus money and $1.1 billion in one-time revenue ...

And in Massachusetts from Reuters: Massachusetts government to announce emergency budget cuts

Massachusetts officials have begun identifying emergency cuts to make to the fiscal year 2010 budget after the state's September tax revenue collections missed their target, Governor Deval Patrick said on Friday.

"Our cabinet has effectively managed through a $7 billion gap already" with spending cuts, layoffs and other measures, Patrick said. "But today's news means we have more to do."

September's monthly tax collection totaled $1.766 billion, an estimated $243 million below its target, highlighting the state's struggling finances in the midst of the recession.

http://www.calculatedriskblog.com/

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#29) On October 05, 2009 at 2:32 PM, mawnck (< 20) wrote:

PS - sorry Alstry for participating in and egging on the silliness that has engulfed your comment sections in the last couple days ... but comic relief is what the nut jobs are here for.

There's not much else we can do with them, until they act on their hare-brained militia fantasies and the local riot squad picks 'em up and throws 'em in the pokey.

Do not take any of this as ignoring your warnings. I think of it as gallows humor.

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#30) On October 05, 2009 at 2:34 PM, alstry (36.27) wrote:

Alstry simply focuses on the facts.....

And the fact is America is shutting down......

For ALL Americans!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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#31) On October 05, 2009 at 2:51 PM, topsecret09 (44.12) wrote:

#26) On October 05, 2009 at 2:26 PM, mawnck (< 20) wrote:

#25 - obviously one of the robots. If you don't believe that this Is happening within the HALLS of CONGRESS,you my friend are THE ROBOT. You are just what the doctor ordered for the "STATUS QUO" to continue In Washington...  The mainstream news media has done Its job.........  TS

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#32) On October 05, 2009 at 3:16 PM, cudakhan (< 20) wrote:

This just in 9.09 has just been changed to 1.10

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#33) On October 05, 2009 at 3:38 PM, dickseacup (66.80) wrote:

This just in 9.09 has just been changed to 1.10

4.20 would probably get more interest. Still, from what I've seen in the comments, nobody has disputed alstry's facts and data.

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#34) On October 05, 2009 at 4:51 PM, JerseyShoreGirl (< 20) wrote:

I love all of this lively discussion ... what's happening here is that some are awake and some are still in Zombieland ..

TopSecret ... You're right on.  How about the Appollo Group writing the stimulus bill?

As far as Glenn Beck goes .. he's the ONLY ONE in the so-called media exposing anything .. putting any of the pieces together.  I applaud any corruption he exposed .. my only problem with him is that he doesn't go far enough.  When you dig around on the internet, there is so much more happening that never gets reported .. thus, those that dig are waking up while those that are SPOON FED, remain in a deep, deep slumber. 

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#35) On October 05, 2009 at 6:23 PM, mawnck (< 20) wrote:

#31 -

Uh-oh ... I've been unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. unmasked. Beep beep beep beep beep beep ......

(PS - I just LOVE your creative USE of bold, ITALICS, and all caps!)

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