March 21, 2009
Allah be praised, we now have a plan for “troubled mortgages and related assets from financial institutions,” or so reports the New York Times. Little Timmy Geithner will unveil his “long-delayed plan” this coming week. “The plan is likely to offer generous subsidies, in the form of low-interest loans, to coax investors to form partnerships with the government to buy toxic assets from banks,” write the scribes.
|Medea Benjamin, leader of the controlled opposition group Code Pink that receives millions from the Ford Foundation, tells the Financial Services Subcommittee what she thinks of Geithner. Even if Obama bounces Geithner, the bankster plan to enslave America will continue unabated.|
In other words, Timmy and the banksters are going to stick it to you… again. Short of implementing this scam, the New York Times warns, toxic assets will continue to clog up the system and prevent normal lending.
Yves Smith calls this cobbled together rip-off a “private public partnership abortion program.”
Part three of this supposed strategy to unstuff the credit pipes is something called the Term Asset-Backed Securities Loan Facility, originally slotted to roll off the ramp in February. It is said TALF — you got to love these acronyms — will bestow “immediate benefits to students, to credit cards, to small businesses, to consumer loans,” according to Federal Reserve don Bernanke. Under TALF, the Fed will buy securities backed by different types of debt, including credit card, auto, student and small business loans.
It is reasoned that since the banks will not (cannot) lend to borrowers, the Fed has to step in and dole out loans, thus cranking the money supply up through the stratosphere.
[efoods]Of course, this will simply add to the astronomical debt already piled up by the private bankers. The entire money supply consists of debt owed to the international bankers. I am reminded of something Sir Josiah Smith, director of the Bank of England, said in 1927: “…if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.”
Geithner’s “private public partnership abortion program” is another bankster devised slavery program.
As usual, the New York Times takes us for complete idiots: “The hope is that such a generous taxpayer subsidy will attract private investors into the market and accelerate the recovery of the country‚Äôs banks.”
No, the reality is this “private public partnership” (basically soft fascism) will accelerate the accumulation of red ink and add it to the Mount Everest national debt owed to a criminal gaggle of international bankers.
It was Rep. Louis McFadden, Chairman of the Banking and Currency Committee back in the day, who told us this “dark crew of financial pirates” will stop at nothing to hoodwink us into cheering for our own slavery. The banksters “maintain International propaganda for the purpose of deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.”
Instead of telling us the truth — our “generous taxpayer subsidy” (at the point of a gun) will add to the debt and increase our slavery for generations to come — the New York Times quotes “people close” to the banksters who claim the latest scam proffered by Geithner will actually “protect taxpayers, who would pay for the bulk of the purchases.”
Banksters don’t “protect taxpayers,” they prey on them and ultimately leave them on the side of the road as carrion.