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It’s America that’s bankrupt
- Text size
Jerry Mazza
Online Journal
October 7, 2008
The toxic mortgage-debt paper is only a cover. The real story under the covers of the history book written since the Great Depression is about the investment bankers and their allies who have returned with a vengeance to totally bankrupt America and its financial system with their greed, which created the present subprime debt and recently raised the national debt ceiling to $11 trillion and change.
The fact as David Sirota noted in Saying ‘No Deal’ To this New Deal is “We now face market forces uninhibited by democratic governance — Chinese dictators and Saudi princes [who] can move trillions of dollars without so much as a press release. This bailout, marketed as a speed enhancer, is an aggressive attempt to discard democracy’s checks and balances and pantomime that kind of autocracy.”
Yes, understand it is the bankruptcy of America that is being played out, not just poison housing debt. This bankruptcy has been enabled by our oil bankers and slave-labor nations, the inheritors of millions of our jobs. And the bankruptcy is not just financial, but ethical, moral, a total perversion of Roosevelt’s adhering to “The Common Good.” For now we have only “the individual’s profit as good,” exampled by Paulson & Company.
Sirota adds, “While our political culture still required a public sales job (thus, the fear mongering), the bill’s czarism aims to permanently euthanize democracy in the name of improving our capitalism’s global agility. . . . It was the beginning of a systematic assault on our Constitution and a radical departure from Franklin Roosevelt’s original covenant — a dangerous ‘new deal’ we must say ‘no deal’ to.”
This is the same notion that Catherine Austin Fitts and Carolyn Betts talk about in 10 Reasons Not To Bailout Wall Street. They write, “Crime that pays is crime that stays . . . There is reason to believe that Wall Street and those they represent are holding loans without collateral, multiple loans secured by the same properties, and other fraudulent instruments among the ‘troubled assets.’ Based on the secret ‘Treasury Conference Call’ with 800 Wall Street insiders, we know the deal proposed to be passed by Congress isn’t the real deal promised to Wall Street.”
What could that real deal be? Underwriting bubbles that burst in perpetuity? Making the blowhards of fear rich, richer and richest? Knowing that they can always turn to the American taxpayer to pick up the tab, whether it’s the savings and loan debacle, the dot.com bubble, the housing bubble, the missing trillions of 9/11? Or is the deal to smash our economy in pieces if Wall Streeters don’t pay? Or both?
Hugh Sunday explains the predators’ techniques in A short rough primer on leveraging and derivatives: “Leveraging means something like this. You sell $10 million in stock. You use this money as the basis to take out a loan so you can buy $100 million in mortgages. Now say you issue mortgage-backed securities based on these and sell them. Now you have a $100 million in cash so you go out and buy more mortgages only this time you use your $100 million to buy a billion dollars of them. You have just leveraged your initial $10 million 100 times.”
Can anyone do this? No. “This works if you, your banks, and the buyers of your paper are all sufficiently greedy. Why would banks loan you $100 million on $10 million collateral? The short answer is they wouldn’t for you or me, but they would and did to financial companies because of the fees and interest they made off of such transactions and because they ‘knew’ those companies were good for it. . . .”
Here is another scam vehicle known as ‘swaps.’ “This was a kind of insurance policy in the event that some mortgages declined in value. This derivative basically said if you pay me a certain fixed amount, say every 6 months, I will make good on any difference between what you initially paid for your mortgage-backed security and what it is worth when you come see me. When the housing market was going up, this amounted to essentially free money for the issuers of this kind of derivative. They could sell it as extra insurance to conservative institutions secure in the knowledge that the housing market would rise forever.
“Except of course it didn’t. The original idea was that if a package of mortgages or tranch lost value because of a high rate of defaults, the swaps or insurance buyer could demand a settlement from the swaps issuer to make up for the loss of revenue. Now on the upside of the bubble, default rates were low. Homes that went into default could be resold at even higher prices so there was no downside. However, when the bubble burst, default rates went up and issuers of these derivatives didn’t face payouts on one or two of them but on a huge number of them.”
But these devices could not occur without a kind of dangerous “we’re all connected” web. It is made up of the banks, investment houses, mortgage companies, brokers, hedge funds, insurance companies, international money launderers, Buffets, Greenbergs, Soroses all around the world, now connected by greed and computer terminals, and able to leverage or debit billions on paper or swaps in a nanosecond.
Among other favorite ploys, “are mortgage-backed securities. They are not the mortgages themselves but a financial instrument (or to use the technical term, “thingy”) based upon or derived from them. (Buyers of these are not interested in the underlying asset but in the cash flow from it, i.e., the mortgage payments.) These can themselves be further sliced and diced into further generations of derivatives . . . one that is based on 50% of this derivative plus 30% of that one and a final 20% of a third. And so on and so on. All this was to dilute and spread risk or moral hazard, but it also had the effect of putting vast distance between the mortgage title and the holders of the derivatives based on that mortgage.”
The derivatives crept like succubae into the incubus of America’s body politic and financial system. Obviously, many financial types could not “just say no” to them? In fact, in order to get their $700 billion bailout, they could manipulate the market for hundreds (even thousands if necessary) of losses in Dow points — trillions in assets wiped out, pensions, credit, bank accounts, trusts, even freezing assets of universities and colleges beyond the ability of the average Joe Sixpack to fight back, other than to vote for a demented Sarah Barracuda and Citizen McCain.
Lastly, it wasn’t like America wasn’t warned. Vermont’s Senator Bernie Sanders, among many others, wrote in Don’t make working people fail: “This bill does not deal with the absurdity of having the fox guarding the hen house. Maybe I’m the only person in America who thinks so, but I have a hard time understanding why we are giving $700 billion to the secretary of the Treasury, the former CEO of Goldman Sachs, who, along with other financial institutions, actually got us into this problem. Now, maybe I’m the only person in America who thinks that’s a little bit weird, but that is what I think . . .”
- A d v e r t i s e m e n t
Could it be that his great, diverse, multilingual, hard-working population of 300 million was Wall Street’s prisoner, the Congress literally under martial law? Had they all been Sleeping with the Devil, as Robert Baer described in his tale of American-Saudi symbiosis, each inflated by the others excesses, and their mutual people driven into poverty.
For, after the initial heroic stand of the House rejecting the bankruptcy bailout, all hell broke loose, and you ended up with a 263 to 171 reversal of the rejection on Friday at 1 p.m. That is, after two relatively quiet days, Tuesday and Wednesday, on Thursday, the Dow dove again. It opened up on Friday, smoothing the way for the House revote, which turned slowly in the wind to statements like “it’s not the right way to go, but the only bill we have,” “flawed but something to ease the pain,” “now I don’t personally like it, but what else is there” and so on. If there was nothing else, they should have continued looking for something else.
But here was America once more acquiescing to massive corruption, having its Treasury looted, its working people driven further into submission, because the Dow could turn like a fire-breathing dragon and eliminate trillions. There was no St. George to wield his sword and cut the monster’s head off. The Knights of the Templar Congress had turned tail and/or been commanded to bail or face dire consequences for themselves if they refused to play bailout and harkened to the threats that poured into email boxes and voicemail from America and foreign nations.
The members of Congress returned, making their speeches, quoting from Thomas Paine or the Constitution. Some railed against the bailout then sputtered out. Some stuck to their guns. More caved. The spark to light the fire of rebellion didn’t catch. By voting time, the numbers began reversing like a hacked voting machine’s. The “compromise” which everyone was talking about had been realized. The original three-page bill had fluffed up to 450 plus pages and $150 billion in pork had been laid on, adding insult to injury.
Whatever crumbs that could be brushed off the table, a raised Federal Insurance Corporation cap of $250,000 for lost bank accounts, some ability to handle the bankruptcies (though the final deals could be made and held in secrecy by Czar Paulson), insurance for mental health, but the volcano of revolt had not erupted. They were already breaking out champagne on Wall Street. Popping corks could be heard in the distance and hearty laughter. Or was that from the House floor? So it went.
Consider, too, the report last week that in September the economy lost 159,000 jobs. As the New York Times wrote, “the worst month in five years.” As the editors of the New Yorker wrote, “Five million people have fallen into poverty. The number of Americans without health insurance has grown by seven million, while average premiums have nearly doubled . . . For the top one per cent of us, the Bush tax cuts are worth, on average, about a thousand dollars a week; for the bottom fifth, about a dollar and a half . . .
“At the same, a hundred and fifty thousand American troops fought on in Iraq and thirty-three thousand in Afghanistan . . . The direct costs, besides an expenditure of more than six hundred billion dollars, have included the loss of more than four thousand Americans, the wounding of thirty thousand . . . and the displacement of four and a half million men, women and children.”
The figures of Iraqi dead run to more than a million. As to the troops, Brasscheck TV reports an ongoing neglect if they are wounded and an incredible struggle to receive benefits. Wounded soldiers are receiving medical bills, this after being “warehoused” in substandard facilities for months. This while Kellogg Brown & Root, the Haliburton subsidiary, continues to get rich on contracts that badly serve those troops. This was to profit Vice President Cheney, its parent company’s former CEO. But it was more bankruptcy of spirit towards veterans.
As to the bailout itself, Michael Ruppert, author of Crossing the Rubicon, spoke out, “Well, I think the verdict on the bailout is in. Everyone seems to know it’s going to fail already. The Dow fell like a brick after it passed. That gives credence to what I was saying that the Repubs intend to step on this economy like a cockroach. This bill was a steamroller on rocket fuel. Many Dems went along. Politics didn’t allow many members not to vote yes. The rock and the hard places . . .
“Now California is ready to collapse. And who was Ahnold’s big financial guru? Warren Buffet. Who is a major stockholder in Wells Fargo [about to outbid Citigroup for Wachovia]? Warren Buffet. Who bought heavily into a bailed-out AIG? Warren Buffet. [Parenthetically AIG has already used $61 billion of its 85 billion Fed loan]. Who bought out Constellation Energy? Warren Buffet.
“The big guys are starting to show their cards. That means this is it. . . .” Ruppert concludes with the thought that “The sooner all this happens, the sooner we can start fixing things. Let the old paradigm acknowledge and achieve its death quickly. A new paradigm is being born. We are already in the new era.” Amen. And perhaps, this is America’s damaged but still most vital asset: its courage and optimism. It’s willingness to face the fascist enemies within, from Bush to Buffett to Paulson and his Wall Street cronies, and liberate this country with the truth.
We are still a viable nation of 300 million people, who know how to build, to fight, and how to overcome obstacles. It is now a matter of taking back our country. This is a struggle that continues the efforts of WW II when we thought that we had erased fascism. Unfortunately, its heirs picked up the torch. We know more clearly who they are now, know more about the greed that is their twisted cross. And so, now is the time for all good men to come to the aid of their country. For all who wish to be, they are the redeeming asset that has escaped the bankruptcy of America. It is time to be stand up and be counted. And to do the job that needs to be done.
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October 7th, 2008 at 9:52 am
I agree that paper money is declining.. and gold and silver are safe commondities. However, I rarely hear any ideas to substitute the way we buy and trade. There is not enough gold in the world to use as currency, mainly because the govt’s and bankers stole all of it through brainwashing and propaganda. Remember the coins used to be worth something. Now they are just medal clad CRAP. I’m looking at a 1923 Peace dollar right now. 90% silver content, maybe worth 10 bucks in silver value. But the think is I would never use this coin to buy or sell goods. I use paper and I hate the fact that it is losing its value day by day. BUT… what is the solution. The gold standard would be a solution, but is it practical, especially considering our national debt and rate of current inflation. I just don’t know. I’m not an economist buy I know that whe you pump a bunch of paper into the system you get inflation. So, what can we do to change this? I don’t know.. and I don’t hear anyone speaking of a viable solution to replacing the Federal Reserve Bank and the Fiat currency. Please… if anyone can enlighten me that would be great. And if you want to take a stab don’t just point to something and say that will work (Austian System) I want to know actual specifics of what you would do to change the monetary system. Thanks. And for the record I’m awake and realize the false left/right paradigm and the globalist agenda to conquer. And therefore, I understand the International bankers role in all of it. I’ve seen “Money Masters” great doc. Peace.
October 7th, 2008 at 10:45 am
Government at all levels is thoroughly corrupt. The people are blind and entranced. Anyone with debt or property to pay taxes on is stuck in the system.
While order could be restored if it were generally realized that the US government could issue debt free money a la Lincoln greenbacks, the bankster/political class will keep that from ever happening.
It would seem that we are stuck with a perpetual fascism. It puts me in mind of the Spartans and the helots.
I believe that dreadful system was stable for hundreds of years.
October 7th, 2008 at 10:52 am
I have a hard time sharing this author’s enthusiasm that we are still a viable nation of 300 million who know how to fight, build, and overcome obstacles when we can’t even read our own constitution that clearly states that nobody but the government will coin money. Period.
October 7th, 2008 at 11:49 am
EndTheFed.us
October 7th, 2008 at 12:20 pm
Realistically, what is happening is that they are using the fed dollars to finance the NAU & NWO!
You, as Americans, are financing your own demise. This has been planned for more than one hundred years and it is now time to execute the plan for this global Hegemonic dictatorship.
I don’t expect there to be ANY election this year and if there happens to be one, don’t plan on whomever claims to be the winner to actually take office in January. Typically, throughout history, when a person gives himself total dictatorial powers, he NEVER passes this power to someone else. I would expect Bush to remain in power for the remainder of his life (However short that may be) and be the supreme ruler of the North American Union (EMPIRE).
Ultimately this plan will lead into the New World Order that will happen within the next three years, likely after a very short world war that will decimate 1/3 to 2/3 of the global population. This is their plan and I don’t expect them to change their minds any time soon.
So, this economic overload is all BULLs---!!! You are being USED!
October 7th, 2008 at 12:51 pm
The big question many times asked is; “How is it possible that someone like Hitler came to power?”, as if it is something like a magicians trick “How did he do that?” But let me tell you folks it is right in our face! “How did these Kabalistic Corporate Neo-Nazis get into power?” is much more puzzeling!
Remember that Hitler did some revolutionairy things in Europe in those days never seen before (probably get arrested soon for saying this – LOL). The very prosperous America in the mid 30thies was an example for Hitler to do somthing like that in Germany like the VolksWagen which later became better known as the “Beetle”, a car for everybody. For the first time in Europe modern modern roads where build for those “Car for the People” (if you translate VolksWagen). At the same time Americans are strutting around in their blinking “Tudor” (Ford DeLuxe two-door sedan 1939). What Ford did in the U.S.A Hitler did with his VW.
Remember that for example in the Netherlands just after WOII nobody had a car (Except for some elite) and that most of the stuff just before WOII still was done with real horsepower! At the same time Stan is trying to help Ollie to put a radio antenna up on a roof after they had arrived at their new build home in a Car (Yes a Ford!). Needless to say that there where not many horses left after WOII cause even during WOII the German army where still depending on our faithfull fourleggies at the eastern front against the Russians. My father was the first to have a car in his street just after WOII while James Dean was going too “Beatnick” fast introducing a new youngster based culture!
“So, why go to war?” these early prosperous James Deans must have thought, “Why burn my ass while it is softy being creamed right now by this very nice young PinUp?”.
“No Problem”, said Uncle Roosevelt, “Give me a year to propagandies the people and you’ll see, we get into the WOII”; and he was right. With a little help from “brotherhood”" to disquise the fact that the very good Intel agencies alraedy warned him for this Pearl Harbor attack. America got into WOII. and “HELL” German U-boats where strutting around the American coastline listening to American music laying on their big torpedoes, which they liked very much by the way. Looking trough there binoculars from the U-Boat Bridge they could seey saw very Happy American Fancy Fairs going on.(This realy happend Folks!) “Maybe the Americans want to be attacked by us cause the are to lazy to pick one” said Hans Müller, So, the Germans even shot at some! Even into WOII the American Coastline was very porely defended. (read your history).
Should the Netherlands be ashamed that in the first year of the occupation 1941 their BNP was rising rapidly? (Recently proven in a new book on the Netherlands during WOII with a much less propaganda infected look on that piece of History) Yes!, they should but not for the obvious reasons. If that money would have beenspend on much more sensible things, like building roads for instance or inventing new technologies everybodies BNP would rise and you don’t need a war for that! Imagine that the biggest mistake of Hitler was going to war. Instead of spending the money on war into his early flying disks and bringing man into space. Dmn! The sucker problably would be even in office today. Not that it would be a good thing but just as an example.
America has been taken over by the “Thule Group” who think they can repeat history. History seemingly repeats itself on some angles but never they exact same way, that’s impossible and it is stupid of this “Thule Group” to think otherwise. They are going to burn their buts over this mistake, that’s the good news. The bad news? Lets try not to get our buds burned any longer cause you’ll need a lot of cream for that and it’s America that’s bankrupt.
October 7th, 2008 at 12:54 pm
Right now even as I am typing this; Bernacke is lying his little yellow head off!! These globalist have had years to get their lies and deceptions straight!! And even now the DOW is down by 240 points!! And when Bernacke was told a year ago that people were losing their homes; he giggled like a little 10 year old girl !! This gave me a very sick feeling and I knew that we going to go through very hard times soon!! He laughed and he laughed because most of the world hates America and are jealous of us and our wealth!! And the globalist luciferians hate us because we have more Christians in America than in any other nation in the world!! And they know that their lord lucifer hates true Christanity!! And they know that if we are right; THEY WILL BE IN THE GREAT LAKE OF FIRE AND BRIMSTONE AND PAY A HORRIBLE PRICE!! BUT THE JUDGMENT IS SET; they will totally enslave the whole world and force people to take their zombie making and autonotom making BEAST CHIP THAT WILL TURN ITS RECIPIENTS INTO horrible and cold blooded monsters with no conscience and no God!! For God says in Revelation 13 and 14 that you will be forever cursed before Him and the Lamb and the holy angels if you recieved Satans BEAST CHIP OR MARK OF THE BEAST!!
October 7th, 2008 at 12:58 pm
Thank you for running this piece. For all the “quack” we’ve heard from our very own SC rep’s. regarding why it was so “necessary” for them to approve the robbery/blackmail “bailout” not a single one of them has mentioned 1. how many living-wage jobs for working people the $800M-plus “bill” will create or 2. exactly WHAT are the assets “we” now “own”, and exactly where are they located. ..? (the answer, we now realize, is firmly up our own a___s) *** Size does matter, my friends, and Things like this make it mighty “hard” to evaluate any positive financial benefits FOR US or exactly what assets are going to “appreciate in value” so they can be “sold later at a profit”, and – after Mr. Paulson’s hired-on financial hacks get done billing US for their “work” exactly what kind of “profit” will remain…
October 7th, 2008 at 1:05 pm
The system of fractional lending is what made us all “rich.” Now we’re bitching because it’s risky? C’mon. 100 years ago, We the People had nothing: no comfortable house, no car, no savings or credit, no leisure time, nada. We worked 10, 12, 14 hours a day just to feed ourselves. Financial leverage (and its mechanical counterpart, the internal combustion engine) is what elevated the middle class. Like any good thing, though, the system can and has been abused. It’s our fault that we let it get this bad. We have not been paying attention, while our democracy was commandeered. Politicians, the guys whom we elect to safeguard our interests, have been allowed to forget that. We have let the corporate-fascist complex buy them. Can we take our democracy back? I don’t know. But forget about gold and silver, unless you really hanker to live in a little sod house on the prairie, like your great-great grandparents, who, btw, lived under the gold standard and hated it. The sole support of paper money is confidence: we need to restore that. One way to do that is to retire a lot of dollars, and one way to do that is to stop importing oil.
October 7th, 2008 at 1:14 pm
We as a nation and a wolrd are busy “rationalizing” the actions og GVTs.. We has been pacifistic in nature where the burden had always been placed on the few to , make decisions, fight the wars, run the local community etc..
Most people accept their apathetic role so well that anyone who dares stand up and pseaks the truth is identified as a “radical immediately.. and put in his place.
October 7th, 2008 at 1:53 pm
Ok, so the U.S is going bankrupt. Does this really surprise and shock anyone?
October 7th, 2008 at 2:07 pm
first it was the vegetable reagan bush in the eighties and now the doofus manchild gwb , their bank fraud schemes , combined with the largest deficits in american history have brought us once again to the brink of collapse , if you need more proof you were probably on the oj jury 13 years ago and no amount of evidence will convince you , and as for the dems they were active participants by letting it happen so that they could win the whitehouse , they gave the repuliturds enough rope to hang themsevles but it was you and i that were strung up
October 7th, 2008 at 2:08 pm
repulsive republican turds … repuliturds
October 7th, 2008 at 2:12 pm
a new video
http://ca.youtube.com/watch?v=SWkNG0FqHqI
October 7th, 2008 at 3:46 pm
Tremendous article…pray to God for His return and save us from this ‘Egypt for gentiles’…if you haven’t yet, ask for salvation, fight today like it was 1776…becuase these are the ‘Redcoats’ of new
October 7th, 2008 at 4:57 pm
Jerry covered a lot of ground in this article with expository reflections addressing the different issues, good job !!!!!!!!!!!
http://www.youtube.com/watch?v=fVS5mlphVRo
October 7th, 2008 at 6:04 pm
Hi All.
You are bankrupt if you believe the government and the media. What they have not told you is the fact you have two of the largest oil fields possibly on the planet up their on American soil in Alaska.
Google Energy none crisis video and allow Lindsey Williams to explain just what mineral wealth America the nation has
We are all looking like bankrupt…AGAIN… but only under the funny money game
October 7th, 2008 at 8:24 pm
We having fun yet?
October 7th, 2008 at 8:55 pm
Watch Zeitgeist Addendum for free on google or youtube heres the trailer
http://video.google.com/videop.....&hl=en
October 7th, 2008 at 10:18 pm
Watch Zeitgeist Addendum for free on google or youtube heres the trailer
http://video.google.com/videop…..&hl=en
October 7th, 2008 at 11:20 pm
Urgent notice: The coup on America has already happened
Make this video go viral…….
http://www.youtube.com/watch?v=_XgkeTanCGI
October 8th, 2008 at 7:48 am
http://www.savethemales.ca its not just jews wake up
its the illuminati and secret societies LIES we are to speak the truth
they want ONE WORLD GOVERNEMENT one world religion
control of the masses they want to depoluate the world
they want to kill millions they want to stay rich
we are TO LOVE OUR NEIGHBOUR AS OURSELF you sit your ass in churches week after week
but DO YOU OBEY LUKE CHAPTER SIX????????
do you love do you give do you help the single mom
no you work and take your stupid vacations and buy your big screen tvs
and you seem to think GOD IS OK WITH YOU IGNORING YOUR HUNGRY NEIGHBOURS
all that is happening is under gods control
they may take the bible out of schools and out of governements but they will NEVER EVER MAKE IT UNTRUE
wake up for gods sake wake up
http://www.savethemales.ca
October 8th, 2008 at 8:19 am
The next step?
A timely review of operation ‘Garden Plot’ or ‘Rex 84′ is in order here. Read this: http://antifascist-calling.blo.....armys.html
October 8th, 2008 at 8:21 am
#24 excellently well put.
In fact, the very interesting fact is, they don’t necessarily have to be called “jews”,
they could also be called black, albinos, yellows, or africans, or southamericans, or nepalese, or chinese,
basically ANY GROUP OF PEOPLE who pray to some stupid book that says they are the “chosen ones”, and everyone else is lower than pigs, will invariably go to the very top by helping each other, and will be target of the wrath of the rest of humanity.
It “just happened” to be the jews with their TALMUD hatebook, but I gather someone had to have that piece of trash “religion” to hate and be hated for.
I guess its just an unavoidable side of human nature.
October 8th, 2008 at 9:08 am
If anyone wants to know what to expect economically for our country, take a look at the You Tube videoes on Argentina’s economic collapse. You will find that some of the same key players involved today were involved then. (JP Morgan, CitiBank, Bank of America and of course plenty of corrupt politicians.) Argentina’s collapse was so similar to our own that it was uncanny!
If you’ve got the time and patience to click through twelve YouTube videos, HERE –> http://www.youtube.com/watch?v=rH6_i8zuffs is a documentary on the Argentinian collapse.
For now, the caption will probably suffice:
Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations. Many of Argentina’s assets and resources were shamefully plundered. Its financial system was even used for money laundering by Citibank, Credit Suisse, and JP Morgan. The net result was massive wealth transfers and the impoverishment of society which culminated in many deaths due to oppression and malnutrition.
October 8th, 2008 at 9:45 am
everything I had ever saved in my life is in my 401K which is now at 50% of what it was 2 weeks ago !