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Radio Free Wall Street
I Stand With The Protesters
I stand with the protesters.
We as a society must stop pretending. Most of us think that we still have money in the bank to protect, so we go along with the game of extend and pretend. For some of us, the game has already ended. The rapacious zero interest rate policy that I call Bernankecide has already robbed millions of savers of their life savings. This is the reality that has yet to hit home for many Americans who are content to wallow in the status quo. Unfortunately, the longer it takes for them to wake up, the worse their, and our, fate will be.
My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates.
Millions of other boomers are in the same boat. They are forced to pay this immoral hidden tax because Ben Bernanke decided that the innocent must pay for the sins of the guilty. While Bernanke’s ZIRP goes on allowing the banksters to continue to collect their fat bonuses, it steals the savings of millions of Americans, eliminates their disposable income, and cuts the spending power of millions of others who must now support those rendered destitute. The guilty benefit, and the innocent are punished.
Bernanke knows that, yet he continues to side with the criminal bankers in support of the financial genocide of the super elderly, and their children, the baby boomers who must increasingly support them.
Among the OWS protesters are those calling for forgiveness of student loans. They may be acting in their own self interest, but it is a just cause, and must be a part of the cleansing of the system. The student loan thing is a long running racket that preys on the inexperience of children and young people just starting out in life. When I was 20 years old I trusted the system (wrongly). What did you know at age 18 or 20?
The fact is that the people’s “savings” that funded those loans, including the fake savings backed by phony assets that have yet to be written down, are already gone. These loans cannot be repaid. Bond holders must get wiped out. Then we’re all going to have to take a haircut. The student loans can’t be repaid because these kids either can’t get jobs at all or can’t get jobs with pay high enough to pay the loans. These loans never had any backing. They were fake from the moment they were issued. But the issuers didn’t care. They got their fees up front.
The student loans are the tip of the iceberg. Bankers have made and sold trillions of dollars worth of loans that they knew, or should have known, could not be repaid. That’s fraud. It must be prosecuted. Today, central bankers and governments are refunding those loans, knowing that a substantial portion of them cannot be repaid. Worse, they are buying them above par because of today’s fake low interest rates. Then they guarantee them by obligating us and future generations to repay them. This is criminal.
I figure that at least a third of our deposits are worthless because they have no assets behind them. Those running the scam know that. Those investing in the scam know it. But they don’t care because they get to collect their fees off the top. That is a system that institutionalizes theft. It must be changed to a performance based model. If you don’t earn a positive return, you don’t get paid. Instead, governments have taken over the scam while transferring wealth to and protecting the criminals who built the system.
If you are blaming the protesters, or are mystified by them, then you just don’t get it. Denial is part of the problem. Too many people have yet to wake up to the fact that they have already been victimized. They are playing along with the dishonest shell game of extend and pretend that the Fed and other central banks and governments are running. It’s time to get real, wake up, and face the music. The longer the game goes on, the worse the consequences for the 99%, and ultimately for the 1%, whose ranks will be decimated at some point, and probably not peacefully if this scam is allowed to continue for much longer.
As long as we continue to avoid cleansing the system of the fraud, as long as we refuse to put the fraudsters in jail, they will continue to bleed us dry. If those in charge of administering justice, like President See No Evil Obama and his worthless AG Eric Holder, refuse to do their jobs and seek to punish the guilty, our society and our culture could spiral into chaos and mob rule. Those in the top 1% who are responsible for this fraud, either directly by running it, or indirectly by supporting it financially, must ultimately be brought to justice or society will perish. There’s no way out other than reform, or revolution, or societal collapse. Those are the choices I see. We had better take the first one, and take it now.
So stop worrying about yourself, and start worrying about the future of your children and grandchildren. The government practice of constantly doubling down in support of the fraud is only digging a deeper and deeper hole. Demand reform of the system now. End the fraud now. Make the guilty pay. Instead of rewarding the bankers, prosecute them. They knew, or should have known, that the loans they were making and selling to others could never be repaid. But they did not care. They only cared that they got their fees up front, and their bonuses in the end.
It’s time to reset and start over. We will all pay a price in the short run, but the longer we wait, the steeper the price will become. Reform and reset now is the only way to begin a real recovery. Stop the fraud, return to the rule of law, prosecute the bankers, punish the guilty, figure out what our assets are really worth and pay us a fair return, and most importantly, return basic standards of fairness and ethical behavior, something that many in society must relearn. It must be done. There is no other way, no other reasonable choice. Failure to act now will consign us to a future in hell.
80 Responses to I Stand With The Protesters
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Perfectly said. Thank you.I agree 100%. Stop the looting and start the prosecuting. Sadly our president has no balls to prosecute banksters, therefore he is going to lose his re-election.
I have to assume that you know folks with student loans. My boys are soon to start college, affording that will be a problem.
I am all for free college, or taxed based college.
Hate to think this is a ‘got mine,screw you’ thread.
No.
Not a dime.
If you want to fund the 99% Democrat/Liberal employment racket, with your money, go right ahead. Not me and the half of adults that learned productive, wanted skills.
Also, we should listen to a couple of bus loads of. Leftists losers, who lying say like good Marxist that by some delusional frequency that the claim the are authorized to speak for not just their.loser selves, but 99. 9999%? Yeah. Right. I’ve had morepeople at my backyard parties then all the OWS combined.
?? You do realize that federal intervention in student financing INCREASES the price of college? More (funny) money chasing the same service = drastically higher prices. A halt to federal grants and loan guarantees will make college much more affordable for those who actually have savings and income.
By the way , banksters should he hanged in public.
John Hussman: Here Are 4 Things That Every Wall Street Protester Should Know
* “Failure” means bondholders shouldn’t be guaranteed every penny.
* The Federal Reserve’s purchases of Fannie and Freddie debt were illegal.
* Creating shell companies like Maiden Lane to buy bad Wall Street assets was illegal.
* Policies of bailouts only misallocate capital and exacerbate the wealth skew.
http://www.businessinsider.com/john-hussman-heres-4-key-points-all-the-wall-street-protesters-should-know-2011-10
What this article leaves out is the complicity of the US government in creating an environment in which worthless loans were encouraged and to some degree required. The Community Reinvestment Act, as re-written during the Clinton administration, effectively required banks to make home loans available to anyone who could apply or risk government restrictions on their growth and competitiveness. This was great politics for democrats and republicans alike. Fannie Mae and Freddie Mac were the back office of this fraud, buying any and all mortgages regardless of their credit worthiness and making massive campaign contributions to their supporters in congress along the way. In the end, the problem isn’t the banksters or the government but the intractable collusion between the two.
Oh come on! The people who were in government when the act was passed into law left government under Bush and profited off their legislation which is EXACTLY the same as every other President and Congress and Senate in the past. This is NOT a corporations versus government issue they are ALL working together to steal money from the poor. The head of the S.E.C. just accepted a position as President of Government Policy at Goldman Sachs. This is the guy who changed leverage rules for investment banks, allowed derivatives and CDO’s and refused for 20 years to investigate insider trading cases filed by whistle blowers against Wall Street firms.
I don’t know what you were replying to but it must not have been my post. I explicitly agree that this “is not a corporations versus government issue”. As I said, “In the end, the problem isn’t the banksters or the government but the intractable collusion between the two.”
The film, “Inside Job” should be a requirement for every citizen of this country. Get out in the streets people, start taking back what was stolen.
I STAND WITH THE PROTESTERS
Panic of the Plutocrats
Nonetheless, Eric Cantor, the House majority leader, has denounced
“mobs” and “the pitting of Americans against Americans.” The G.O.P.
presidential candidates have weighed in, with Mitt Romney accusing the
protesters of waging “class warfare,” while Herman Cain calls them
“anti-American.” My favorite, however, is Senator Rand Paul, who for
some reason worries that the protesters will start seizing iPads,
because they believe rich people don’t deserve to have them.
Michael Bloomberg, New York’s mayor and a financial-industry titan in
his own right, was a bit more moderate, but still accused the protesters
of trying to “take the jobs away from people working in this city,” a
statement that bears no resemblance to the movement’s actual goals.
And if you were listening to talking heads on CNBC, you learned that the
protesters “let their freak flags fly,” and are “aligned with Lenin.”
What’s going on here? The answer, surely, is that Wall Street’s Masters
of the Universe realize, deep down, how morally indefensible their
position is. They’re not John Galt; they’re not even Steve Jobs. They’re
people who got rich by peddling complex financial schemes that, far
from delivering clear benefits to the American people, helped push us
into a crisis whose aftereffects continue to blight the lives of tens of
millions of their fellow citizens.
Yet they have paid no price.
http://www.nytimes.com/2011/10/10/opinion/panic-of-the-plutocrats.html
‘WHERE’S JOHN GALT?’
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http://upload.wikimedia.org/wikipedia/commons/thumb/5/51/Anonymous_Flag.svg/500px-Anonymous_Flag.svg.png
sorry, meant to say that they will pay a price.
GOOD FOR ALL THE PROTESTERS I STAND WITH THEM
Michael Bloomberg, New York’s mayor and a financial-industry titan in
his own right, was a bit more moderate, but still accused the protesters
of trying to ‘take the jobs away from people working in this city,’ a
statement that bears no resemblance to the movement’s actual goals.” – John Galt
Perhaps Bloomberg is nervous after being outed as a tax evader since doubtless the banksters’ and their brethren politician crooks’ really are laughing all the way to banks in Litchenstein, Grand Cayman & such.
See: “Bloomberg Has $290 Million In Offshore Accounts” http://gothamist.com/2010/04/21/report_bloomberg_has_290_million_in.php
And:
“The billionaire mayor’s foundation has transferred some $400 million to offshore funds in widely known tax-sheltering countries like the Cayman Islands, Cyprus, Mauritius and Bermuda, according to the Bloomberg Family Foundation’s tax forms.”
http://www.huffingtonpost.com/2010/04/22/bloomberg-i-dont-control-_n_548454.html
The following video should dismiss any remaining vestiges of delusions or hopes that the crookster politicians’ are working for YOU the lowly booboisie, and validate that they ARE being richly rewarded by the shysters’ for doing their bidding. See the astonishing exponential growth in personal enrichment by some of the worst political whores (Obama – #6 on Democratic list) in the last four years of the Best Congress the Central Banksters’ can buy:
The Video Congress Does NOT Want You To See!
http://www.informationclearinghouse.info/article28818.htm
…and they say it is the poor not paying their fair share of taxes? Poor people don’t earn enough money to owe taxes but a jerk off like Bloomberg earns plenty and pays nothing by using a loophole to hide his wealth in a 501c offshore. What an ASSHOLE.
“What this article leaves out is the complicity of the US government in creating an environment in which worthless loans were encouraged and to some degree required. The Community Reinvestment Act, as re-written during the Clinton administration, effectively required banks to make home loans available to anyone who could apply or risk government restrictions on their growth and competitiveness.” – Tim Beeson
Right you are, but from whence did they get their marching orders? A member bank of that illicit, unconstitutional entity known as the Federal Reserve started the whole ball rolling with a study that purported to show pervasive discrimination in mortgage lending, but was concocted to create another massive expansion of federal power and debt despite our federal Leviathan’s long illustrious history of failure in social engineering with regards to “rights to housing.” The Money Masters’ over at the Fed Res are the ultimate insiders, because they know ALWAYS down the road when the whole experiment invariably implodes, their ownership of our corrupt whores/politicians ensure that the sucker taxpayers’ are the ones left holding the bag.
Here’s financial writer Peter Brimelow (this shows how far back the scheming by the economic tapeworms goes):
“I really did co-write the first one, for Forbes magazine on Jan. 4, 1993. The Federal Reserve Bank of Boston had just published a study purporting to prove definitively that mortgage lenders were discriminating against minorities, the hot cause of the day.
But when my brilliant co-author, Leslie Spencer, asked the Boston Fed’s research director, Alicia H. Munnell, what minority default rates were, she said proudly that census tract data showed that they were equal to whites. When Leslie pointed out that this actually proved there was no discrimination, because the lenders had somehow weeded out the credit risks down to the same acceptable level, Munnell was dumbfounded and had to concede (on tape) that she did not, in fact, have definitive proof of discrimination at all.”
http://www.marketwatch.com/story/wall-street-washington-collusion
“The Hidden Clue” by Peter Brimelow and Leslie Spencer
http://www.vdare.com/pb/050105_hiddenclue.htm
It’s a little late.
We should never have bailed out the banks and corps … we should never have subsidized them with government backstopping of their loans. We should have allowed them to fail (and yes it we too would have taken a hit, but we are now anyway).
Where were these protestors when the 2008 protests agains the bank bailouts were going on?
I would put good money on most of them mocking the people protesting the bailouts.
I feel little sympathy for those who are now, over 3 years later, smugly saying they have found a smidgeon of a sliver of a clue … meanwhile they still mock and berate those of us who got it back then and protested back then.
Sorry, it’s over, done, pau.
For that question, where were the Tea Party protestors in 2008? Nowhere to be seen. Yet Congress was deluged on all sides, from both left and right, by emails and phonecalls and letters demanding NO BAILOUT.
The protests became visible in 2009 and it did not take those on the left long to figure out that what WAS the Tea Party was by that time hijacked by corporate interests. That hijacking was so complete that even Karl Denninger, one of the Tea Party founders, refuses to have anything to do with it.