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Obama’s “Financial Regulatory Reform Plan” is Nothing of the Sort
- Text size
Infowars
June 17, 2009
Obama’s misnamed “Financial Regulatory Reform Plan” is a brazen attempt by the bankers to consolidate their power.
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| Obama’s plan will be run out of the Treasury under former New York Fed Grand Poobah Timothy Geithner. | |
Obama — or rather, the bankers who own Obama — has devised something called a “Financial Services Oversight Council” to be chaired by the bankster dominated Treasury Department. This uber-council would call the shots for every financial firm in the country and supposedly refer “emerging risks to the attention of regulators with the authority to respond,” even as Obama plans to call for the U.S. Office of Thrift Supervision to close under the direction of the Federal Reserve.
Instead of independent bank regulators, Obama proposes a “National Bank Supervisor” who would have “separate status within Treasury and be led by a single executive,” according to Clusterstock. The NBS czar would occupy a centralized post in enemy territory and “take over the prudential responsibilities of the Office of the Comptroller of the Currency, which currently charters and supervises nationally chartered banks and federal branches and agencies of foreign banks.”
Next up, Obama tells us he wants to create a Consumer Financial Protection Agency, a laughable proposal if it wasn’t so criminally dishonest. It would be charged with protecting consumers of credit, savings, payment and financial products and services, or so we are expected to believe. It will be another government behemoth beholden to the same financial elite that has so far ransacked the nation to the tune of trillions of dollars.
“The CFPA will be a massive new agency that will impact everyone in the United States in some form,” writes Andrew Busch, a markets strategist at BMO Capital Markets in Chicago. “Providing this much power to one agency is truly frightening as they will get to set the rules and pick the winners/losers for the financial sector.”
You know, the same “winners” now ruling the roost.
Then there is the Office of National Insurance, also to set up camp in the Treasury. It will allegedly improve and broaden the regulation of insurance companies and affiliates on a consolidated basis, including affiliates outside the traditional insurance business, and will offer consistent consumer protection for insurance products and practices.
The excuse for this one is the failure of AIG. On September 16, 2008, AIG suffered a liquidity crisis following the downgrade of its credit rating. It needed a $85 billion credit infusion from the money out of thin air folks over at the Federal Reserve. The Fed basically ended up owning AIG and its boatload of toxic debt.
If you check the Federal Reserve Act, you will see there is nothing in there about the ability to buy up insurance companies. But then, since the Fed is not actually a part of the U.S. government and is a private banking corporation owned by a consortium of private banks, it is not beholden to no stinking act passed in the dead of night during a Christmas recess way back in 1913.
- A d v e r t i s e m e n t
Do you think the Treasury, run by little Timmy Geithner — who was president of the Federal Reserve Bank of New York, worked for the master criminals Robert Rubin and Lawrence Summers, spent time at the CFR and learned a trick or two under the direction of Herr Kissinger and Associates — will “regulate” derivatives pretending to be “financial products” for insurance customers?
Please.
Wall Street and its international offshore banker overlords are addicted to derivatives. “These derivatives now amount to a total worldwide notional value that can be estimated between 1 quadrillion and two quadrillion US dollars. This sum is so large that it dwarfs the total value of the entire planet earth and all those who live here,” notes Webster G. Tarpley.
If you think Obama and crew plan to do something about this massive black hole, I have a bridge to sell you on Krypton.
Obama’s “Financial Regulatory Reform Plan” is but another bankster scam. It is an obvious plan to grab up more industries and goodies under the guise of “regulation” and (ack) “consumer protection.” So contemptuous of you and your family are the bankers they don’t even attempt to make this threadbare nonsense plausible. It is thievery right out in the open.
Our only hope at this point is the Federal Reserve Transparency Act, HR 1207, now up to 232 co-sponsors. It needs a two-thirds vote with 290 members on board so the bankster tool Obama will not veto it.
On that day of its passage there will be a short cry of hosanna — and then we will open the Fed’s books and begin the process of delivering the criminals to justice and closing down the Federal Reserve Crime Syndicate once and for all.
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June 17th, 2009 at 5:16 pm
This order goes on to redefine words in the Social Security Act and makes some changes in United States Law. Remember, King George was the “Arch-Treasurer and Prince Elector of the Holy Roman Empire and c, and of the United States of America.” See: Treaty of Peace (1783) 8 U.S. Statutes at Large 80.. Great Britain which is the agent for the Pope, is in charge of the USA ..’
What people do not know is that the so called Founding Fathers and King George were working hand-in-hand to bring the people of America to their knees, to install a Central Government over them and to bind them to a debt that could not be paid. First off you have to understand that the UNITED STATES is a corporation and that it existed before the Revolutionary war. See Republica v. Sweers 1 Dallas 43. and 28 U.S.C. 3002 (15)
The United States is not a land mass, it is a corporation.
Now, you also have to realize that King George was not just the King of England, he was also the King of France. Treaty of Peace * U.S. 8 Statutes at Large 80.
MAD DOG Reply:
June 17th, 2009 at 6:39 pm
I DON’T THINK SO DUDE…
I WOULD LIKEN WHAT HAPPENED AS A QUIET SURRENDER ON OUR PART.
AN ARMISTICE.
WE GOT INDEPENDENT RULE, THE KING GOT TITLE AND TAXES BACK…
WE DIDN’T WIN THE REVOLUTIONARY WAR, WE LOST…
SabathTruth.com Reply:
June 17th, 2009 at 7:36 pm
Thats tru friend and you’ll be surprised how many people dont realize it…
MONEY = TROPHY Reply:
June 18th, 2009 at 12:22 am
MONEY = TROPHY, OR YOU TRADE IN COMMERCE, IF YOU HAVE NOTHING TO TRADE YOU LOOSE AND THE OTHER PERSON/CORP. GETS THE TROPHY = MONEY, WHICH IS HOW YOU GET A TROPHY WIFE… WHICH IS WHY THE GAME (MONOPOLY-CITY-LIFE) IS RIGGED FOR YOU TO LOOSE UNLESS YOU KNOW ITS A GAME. WALL ST/BANKERS ARE PLAYERS AND THE REST OF ARE THE WORKERS OR CLUELESS UN-EMPLOYED. NOW DAYS MACHINES/FACTORIES/TRACTORS/HEAVY EQUIPMENT DO MOST OF THE WORK, SO PEOPLE MOVE OUT OF THE COUNTRYSIDE TO THE CITY TO PLAY THE PAPER BANKER/WALL ST GAME. GRANDPA SAID THAT THE ELDERS WOULD LIVE OF THE LAND NOT A FICTION PAPER GAME.
>>>CLICK HERE FOR NEW WORLD ORDER SONG Reply:
June 18th, 2009 at 6:30 am
========================================================
PLEASE CLICK ON MY NAME ^^^ TO HEAR THE NEW WORLD ORDER SONG!
AND I HAVE TO AGREE WITH YOU MONEY=TROPHY
IF WE WERE MORE SEFL SUFFICENT , WE WOULD HAVE NOT BEEN IN IN THIS SITUATION.
HOWEVER, BECAUSE THE MAIN STREAM PUSHES HOW WE HAVE TO HAVE THE BIGGEST HOME, MOST EXPENSIVE CLOTHES, STUPID JUNK WE DONT EVEN NEED, PEOPLE FOLLOW ON LIKE SHEEP!
WAKE THE F**K UP SHEEPLE!! [ ADMITLY NOT MOST OF US HERE ]
========================================================
Joe Reply:
June 17th, 2009 at 9:13 pm
MAD DOG thank your for keeping it real, you are right on the money with this post!!! I hate how people try to make it seem as if we were doomed before we started! Anyone with common sense should think, why would we even bother to form this country then?
claus , santa Reply:
June 18th, 2009 at 12:18 am
part of the problem is job outsourcing http://www.youtube.com/watch?v.....annel_page get some insight to why our jobs are dissappearing I worked real hard making this vid
Ant S Reply:
June 18th, 2009 at 7:52 am
Great video and so TRUE!
mark Reply:
June 18th, 2009 at 8:25 am
great vid
Joe Reply:
June 17th, 2009 at 9:35 pm
IS THE UNITED STATES GOVERNMENT A CORPORATION?
IF TRUE, SO WHAT? http://freedom-force.org/freed.....age=issues
claus , santa Reply:
June 18th, 2009 at 12:16 am
Watch out for the bankers http://www.youtube.com/watch?v.....annel_page Bankster
David Rockefeller Reply:
June 18th, 2009 at 9:47 am
You are all a bunch of useless eaters so i had to come up with something.
FEMA feat. C.D.C. & The Rockefeller vaccins foundation
Miguel Tinoco Reply:
June 18th, 2009 at 10:50 am
Godspeed to all of us. This new finacial agy that President Obama wants to set up is a low blow to the american people..What makes me mad is that during his speech he mislead the American people to believe that the Federal Reserve Bank is a government Agy when in effect it is not. In other words we are for sale and a buyer is approaching like a big bad wolf sniffing the meal to come. This is it, the beast is aproaching!!!
Hail Columbia! Reply:
June 18th, 2009 at 11:10 am
“Can tyrants but by tyrants conquered be,
And Freedom find no champion and no child,
Such as Columbia saw arise, when she
Sprang forth a Pallas, armed and undefiled?
Or must such minds be nourished in the wild,
Deep in the unpruned forest, ‘midst the roar
Of cataracts, where nursing Nature smiled
On infant Washington? Has earth no more
Such seeds within her breast or Europe no such shore?”
Childe Harold’s Pilgrimage-Lord Byron
goldmanSachsRULES.blogspot Reply:
June 18th, 2009 at 2:14 pm
goldmanSachsRULES.blogspot
goldmanSachsRULES.blogspot Reply:
June 18th, 2009 at 2:16 pm
http://www.goldmansachsRULES.blogspot.com
j-man Reply:
June 18th, 2009 at 6:42 pm
yes please sir, take away my rights, mastah. Just don’t whip me no mo. I’ll do whatever you say. I know you have my best interests at heart….
“On the altar of God, I swear eternal hostility against all forms of tyranny over the mind of man.”–Thomas Jefferson
“Tyranny cannot defeat the power of ideas.” helen keller
http://www.newstheylose.wordpress.com
FreedomLover Reply:
June 18th, 2009 at 8:29 pm
Of course! It’s the old “wolf guarding the sheep”.
June 17th, 2009 at 5:32 pm
nothing but a power grab.
June 17th, 2009 at 5:32 pm
##SPREAD THIS INFORMATION##
**Wall Street criminals exposed By Marcy K.**
kaptur.house.gov/index.php?option=com_content&task=view&id=289&Itemid=1
youtube.com/watch?v=S27yitK32ds
youtube.com/watch?v=oAADyc6t4nY
#####ACTION#####
HR 1207 & S 604 steps (incl sample letter)
http://www.ronpaul.com/on-the-.....ve-hr-1207
&
campaignforliberty.com/campaigns/auditthefed.php
#PETITIONS#
thepetitionsite.com/1/down-with-federal-reserve
thepetitionsite.com/2/The-Federal-Reserve-Transparency-Act
More information and petitions here:
anewwayforward.org/demonstrations
PETITION TO BLOCK CONGRESSIONAL ATTACKS ON FREEDOM OF SPEECH AND PRESS
(currently 120,244 signatures)
wnd.com/index.php?pageId=87882
June 17th, 2009 at 5:37 pm
OBAMA IS A SAD HOAX, HE IS A FRAUD, A LIAR AND ELIGIBLE FOR PRESIDENT. He refuses to show us his birth certificate or his medical background. Why???
See the video in english on:
http://censored31.skynetblogs.be/
OBAMA'S CRACK PIPE Reply:
June 17th, 2009 at 6:39 pm
GOT A LIGHT ?
thenwosucks Reply:
June 17th, 2009 at 7:14 pm
I think that’s “In-eligible”, right?
Censored31 Reply:
June 17th, 2009 at 7:20 pm
thanks…
i’m from Europe so my english is only my third language.
Dogfood Reply:
June 18th, 2009 at 2:05 am
What do you mean show “us” his birth certificate?
Who the hell are you?
You’re not American.
We want Europeans to get out of meddling in U.S. affairs.
Now go back to your fascist dictatorship -the European Union.
You’ve already failed.
Fools! Reply:
June 18th, 2009 at 3:08 am
Don’t you get it yet? It will take the citizens of every country to remove this monstrosity. The only ones who have failed, are those too busy fighting amongst themselves to accomplish anything.
And to the European dude: You think the face of the hour Obama is the problem? He is just another front man.
If you people haven’t yet got it through your thick skulls that this thing is bigger than invisible country lines, you are incredibly blind, ignorant or both. EVERYONE has a stake in this; EVERYONE needs to be involved in this; EVERYONE needs to get together and decide that enough is enough.
There have been riots, protests and backlash in other countries over what is going on. Why is it that we Americans are still sitting around jawing instead of standing the hell up? Sometimes I think citizens of foreign countries deserve to be Americans more than we do. At least they aren’t too afraid or too damn lazy to do what needs doing.
I am so frustrated with the lack of backbone I see in my countrymen. Maybe we deserve everything we get after all. Oh and before you ask “well what are YOU doing?” so you can try to displace guilt of idleness from yourself, what I am doing is what I am doing. I assure you it is not just sitting around waiting for the final trumpet to sound like so many others.
Time to earn all these freedoms you’ve taken for granted.
“We are the ones we’ve been waiting for.”
cb Reply:
June 18th, 2009 at 4:00 am
“Dogfood” – Your attitude is your worst enemy. Your NWO programming is very deep indeed. Your ignorance is massive. I can’t be bothered wasting anymore time replying to your crap. Get informed!
jack fresco Reply:
June 18th, 2009 at 7:14 am
“Dogfood Reply:
June 18th, 2009 at 2:05 am
We want Europeans to get out of meddling in U.S. affairs”
yes thats fantastic you f**king hypocrite. the US is the KING of meddling in the affairs of others.
Ant S Reply:
June 18th, 2009 at 8:04 am
Idiot ..This is a global fight….We are on the same team if you want the destruction of the NWO……
ShowBizLiz Reply:
June 18th, 2009 at 9:58 am
I agree with you guys. People want to go on all day about this or that ,but only to play into where the issues lay and become ,they are the problem. We are talking paper here….It may have been what we have come to know about life ,,, getting by ,but for God’s sake there is something wrong with humans! There just is.
People are so barbaric and hateful and angry and mad and vengful,,I mean people sit around get fat ,care less ,are opinionated and entitled here in America…It’ ludacris. So many people who say they are religious are the worst…The biggest advocates or opinions about being pro abortion ,are effin catholic. This is crazy….
I mean I do not know to many people who are not trying to pull something over on me ,or try to take advantage ,or put so many expectations on me to be a perfect friend ,neighbor … they try to Censor me ,hide from the truth and watch t.v. ,or ignore it all together ,and want to be just left alone. One sided…..
Otherwsie smart people doing nothing…… When I say anything or concider what I am seeing right in front of my eye balls ,and tell me that’s not the way things are ,It’s called “Gas lighting” an example is: ,,,your telling me I have a problem and I turn the problem on you..making you think u r the one who is crazy…..Talk about dysfunctional society….
i am glad I am in good now with God ,and myself ,and still strive everyday to do the important things and be an honest good person. I am in nursing school and hope when I am done ,that no matter what condition of the world of our future I can help people….
In the end of this life ,It will NOT matter How much you made ,the car you drove ,the house you had the clothes you wore ,It will matter that you helped everyone ,unconditionaly and never ran away….What’s worse? Being a fat lazy bum who dies no accomplished or fufilled in your path ,or getting through hell now ,getting up ,speaking up ,helping people ,and being true and honest to being a good person?
It’s hard work to be nice person ,it’s hard to live life ,but noone told you when you were born that doing the right thing would be easy…….Make a choice to care about people!
Hammer Reply:
June 18th, 2009 at 5:06 pm
touche Censored 31, touche.
newfy777 Reply:
June 18th, 2009 at 6:30 am
woops.. so.sorry just saw your “ineligible” reply..-newf
newfy777 Reply:
June 18th, 2009 at 6:28 am
“ineligible” for president you mean
Censored31 Reply:
June 18th, 2009 at 1:44 pm
Dogfood…if and i say if only u had visit my blog you would have understand that i already knew before Obama got elected…that he was a puppet of Kissinger and Brezezinsky.
Secondly…the US is run by the EU and vice versa. They are the same families which controls the UN and the IAEA, or the French president. It’s the same banksters who control your brain. And soon u will find out when they will send u to a FEMA CAMP REX 83 program or in a coffin.
As a muslim, it’s my duty to warn you …even if u are oversea…that they have hundreds of concentration camps ready to control you. And this true my blog.
TIP: don’t buy their vaccins, products and services or other drugs AND DO NOT VOTE.
Censored31 Reply:
June 18th, 2009 at 1:45 pm
Yes…Obama is ineligible. Go and check out the video on my blog
http://censored31.skynetblog.be
FreedomLover Reply:
June 18th, 2009 at 8:42 pm
It doesn’t matter now. He’s in power. You and what army is going to impeach him? I agree, he OUGHT to be impeached. But who and where is the authority to do it?
June 17th, 2009 at 5:51 pm
I told you folks that the Federal Reserve would come up with something to counteract Ron Paul’s attempt to regulate the Fed. There it is in a nutshell.
Are you happy now?
TakerOfCorporateSouls Reply:
June 17th, 2009 at 8:46 pm
it is also to stop any competition to the banksters….what if “We The People” pooled our resources and formed our own services (banks,credit, housing loans, etc.), our right by law and by capitalism…..we would drive them out of business….this now monopolises all business power in the banking, insurance, and financial sectors, ALL OF IT…….are we going to take this $hit people…..
Ben Dover Reply:
June 18th, 2009 at 5:30 am
Bend over!
Gary Head Reply:
June 17th, 2009 at 9:20 pm
Their is nothing to counter. Ron Paul’s “audit the fed” is up only a farce. Criminals cannot investigate criminals. Remember the 9-11 investigation? Criminal bankers cannot audit crimianl bankers. Ron Paul is just duping suckers. NWO style. Don’t be a sucker
Omega Man Reply:
June 17th, 2009 at 10:06 pm
I wondered the same thing. Do we honestly think justice can prevail here?
FreedomLover Reply:
June 18th, 2009 at 8:50 pm
That’s the heart of the matter. No, I don’t believe justice can prevail. The NWO has tipped the scale in the wrong direction and it’s going over.
#1, I don’t believe enough people are awake to this deception. And if they are, they don’t have the courage or strength or know-how to defeat it.
#2. This conspiracy is too big, has been going on too long and the final pieces are being placed. We think we’ve seen hard times up till now? We ain’t seen nothin’ yet.
#3. People believe that the govt would never harm its people. It is going to be very difficult to break that deception. But by the time they wake up, it may be too late. The shadow elite are using deception and darkness to cover their actions and true intentions. Pretty good cover.
I’m going to keep on doing what I’ve been doing. Pray and read the scriptures. Try to work harder to pay off my debts. Stock my pantry, warn people and help others stock theirs. God can and will trump any card the devil deals, and I’m not worried about that. No, I don’t want to die some horrible tortuous death. But it may come down to that. So my eternal destiny is secure in Jesus Christ. THAT, at least, is taken care of.
mike65 Reply:
June 17th, 2009 at 10:18 pm
I have to agree with you GARY.
fake_ear Reply:
June 18th, 2009 at 12:05 pm
Just get right with the IRS as Alex tells you to do on his commercials. If you do that then the banksters will go away.
June 17th, 2009 at 5:57 pm
On January 22, 1783 Congress ratified a contract for the repayment of 21 loans that the UNITED STATES had already received dating from February 28, 1778 to July 5, 1782. Now the UNITED STATES Inc. owes the King money which is due January 1, 1788 from King George via France. King George funded both sides of the Revolutionary War.
June 17th, 2009 at 6:02 pm
On September 17, 1787 twelve State delegates approve the Constitution. The States have now become Constitutors. Constitutor: In the civil law, one who, by simple agreement, becomes responsible for the payment of another’s debt. Blacks Law Dictionary 6th Ed.
The States were now liable for the debt owed to the King, but the people of America were not because they were not a party to the Constitution because it was never put to them for a vote.
June 17th, 2009 at 7:12 pm
The Christian Common Law Institute has exhaustively researched this matter
Through the Federal Register and Library of Congress and can now safely
Conclude that Executive Order 11110 has never been repealed, amended, or
Superceded by any subsequent Executive Order. In simple terms, it is still Valid.
((( In simple terms, it is still Valid. )))
((( In simple terms, it is still Valid. )))
((( In simple terms, it is still Valid. )))
Joe Reply:
June 17th, 2009 at 9:31 pm
Whats your point? Executive order 11110 never did anything to attempt to abolish the fed like you assume it did… here is an excellent link on the “JFK Myth” http://freedom-force.org/freed.....age=issues
newfy777 Reply:
June 18th, 2009 at 6:26 am
maybe Alex could do a hour or two on EO 11110
that would be very interesting
bring on Marrs and Fetzer and Tarpley and hash it out.???.
June 17th, 2009 at 7:14 pm
The senate is the problem. Unless we control the senate, we can’t do squat.
To pass the veto, we need super majority house and SENATE.
Joe Reply:
June 17th, 2009 at 9:34 pm
Smart man! (the following is from Freedom-Force International)
Totalitarianism is on the rise everywhere because advocates of big government have taken leadership control of the power centers within every society. It has taken many years for them to achieve this dominance over society, but they have succeeded. It does no good to complain or to theorize about what should be done. As long as advocates of big government hold the power, nothing will change. The identities of these elitists are known. They have names. They belong to organizations. They meet together to create strategies and they work jointly to implement them. They dominate the power centers of society. We will not escape their plans by looking only at what they are doing. We must focus on them and remove them from their present positions of power. Any other plan of action is doomed to failure.
That, however, is not enough. If we focus solely on the identities and personalities of those who are promoting the decline of liberty, we will be stumped by the fact that, even if we should succeed in removing them from their positions of influence, there are many more just like them waiting to step into their places. The solution is simple. It is to take back control of the power centers of society, one-by-one, just the way they were captured in the first place. Replace the collectivists with people who have no personal agendas except to defend freedom. This will unleash the vast human potential for prosperity and happiness that can be realized only in the absence of government oppression. However, to reach that goal, it will be necessary for those who cherish freedom to do more than complain and far more than just casting a vote every few years. They must reach for power. That is the reason for the motto of Freedom Force: Impotentes defendere libertatem non possunt, which is Latin for “Those without power cannot defend freedom.”
Freedom Force is a global brotherhood of the most enlightened and dedicated people in the world. We are building an international network of leaders who, in spite of differences in nationality and culture, are in solidarity with the principles expressed in The Creed of Freedom. We now have members in sixty countries, and the number continues to grow. Nothing like this has happened before in history. It is a powerful force that cannot be stopped. Welcome to the Brotherhood of Freedom.
http://www.freedom-force.org
FreedomLover Reply:
June 18th, 2009 at 8:56 pm
You’re right in principle. The problem here being that power corrupts, and absolute power corrupts absolutely. Say we were successful in wrenching the centers of power from these hateful and hated global elitists and replacing them with “good” people. How could anyone guarantee that the same thing would not happen, and how long would it take for corruption to enter their ranks and we’d be in the same mudhole we’re in now. Another 200 years, perhaps?
War after bloody war. This is humanity outside of godly influence and guidance.
June 17th, 2009 at 7:20 pm
This is gonna get real interesting real quick!
June 17th, 2009 at 7:23 pm
http://www.youtube.com/watch?v=G7X24_vOWwU
June 17th, 2009 at 7:38 pm
http://911essentials.com asks Mr. Obama to show us your birth certificate sir.
The vault copy please. Not some facsimile that has been proven to be a fake.
Why won’t you produce it and prove all of us wrong that are asking to see it.
911essentials is a primer portal introduction to the New World Order Corporate Banking Police State, its plans for one world government and their worship of the fake science Eugenics.
June 17th, 2009 at 8:44 pm
yup:
Sounds like the foxes will be officially be watching the henhouse.
nader paul kucinich gravel Reply:
June 17th, 2009 at 11:56 pm
See no evil
Hear no evil
Speak no evil
Israel-first, dual-nationals.
Extortion, blackmail, & bribery.
911* AIPAC* Federal Reserve*
June 17th, 2009 at 8:46 pm
Financial Services Oversight Council = Henhouse Services Oversight Foxes
June 17th, 2009 at 8:50 pm
i dont know i hope hr 1207 passes but at the same time i think all hell is gonna brake loose
June 17th, 2009 at 9:00 pm
Give your paid for body double Eric Carlson another identity and charge me with something!
The f---ing so called authority’s here in portland oregon use body doubles to frame people they want dead as pedo’s.
I was poisoned and so was my family and these serial killers in authority covered it up!
June 17th, 2009 at 9:07 pm
Too many useless eaters…we had to come with something…my coffins…my camps…my vaccins…aaahhr
June 17th, 2009 at 9:44 pm
OMG. At this rate, its a good thing the average life expectancy is what 78? To live much longer say beyond 90 or 100 with all lucidity would be tragic….live, get wise, get smart, lose faith in man, make peace with our maker and leave this earth…and all its earthly things man fights for and the majority for the wrong reasons. We are to teach our children…or do we let them live and learn much of this the same way we found the truth? When you see/learn things like this one is happy to only be on this earth for 70 give or take years. Nothing has changed historically, its just the year 2009; clothing styles may change, technology, and continental ruler shifts,,,but all in all, its just another chapter out of the tragedies Shakespeare wrote about………lol
June 17th, 2009 at 10:15 pm
the old law stating that USA is corporation is true on paper but doesn’t hold water.all you have to say is “NO” and erase this insanity from the books.people we have all the power,they fear us,all you have do is get up and resist this tyranny.
June 17th, 2009 at 10:29 pm
HR 1207 could not be allowed to pass, it would screw up all the plans!
Or maybe there are a WHOLE LOT of VERY busy people re-cooking the books at the Fed as we speak, for presentation later!!
jimbozfight Reply:
June 18th, 2009 at 8:45 am
thats what i figure……they have always been one step ahead so the shreders have been on overdrive for a while now
June 17th, 2009 at 10:47 pm
Why did my comment get nixed? It was peaceful.
June 17th, 2009 at 11:00 pm
http://www.youtube.com/watch?v=mWBohppT90g
The revolution has started
June 17th, 2009 at 11:24 pm
OK, how’s this:
Let’s all go to DC and yell and scream till we feel better!
Good?
FreedomLover Reply:
June 18th, 2009 at 9:00 pm
This about says it all for the insanity. I AM learning a lot about politics, the money situation, how it all works. Before I was simply busy living life, supporting my family, you know, all that unimportant stuff!
June 17th, 2009 at 11:52 pm
Little confused about some of this article. Won’t the Consumer Financial Protection Agency actually steal some power from the Fed? If so, i thought that would be a good thing. Also, since it will be in the Dept. of Treasury, our Gov’t will have jurisdiction which we don’t have with the Fed.
MONEY = TROPHY Reply:
June 18th, 2009 at 12:47 am
NOPE, IT DONT MATTER, MAN AND ALL OTHER LIFE HAVE BEEN AROUND FOR 100,000,000′S/YEARS VS BANKING SCAM 330/YEARS. UNLESS ALL BANKING IS GONE, CITIES (NOT COUNTRYSIDE) ARE DOOMED. THE MAIN REASON PEOPLE JOIN MILITARY/POLICE IS FOR MONEY = POWERFUL TROPHY. IF WE VALUE FAMILY INSTEAD OF MONEY = POWER TROPHY, WHICH IS WHY SPORTS ARE NWO SPONSERED.
June 17th, 2009 at 11:59 pm
HERE: Stream and Download ALL the best interviews and rants from the Alex Jones Show Archives:
http://alex-jones-archives.politicsfiles.info/
TODAY:
- Kyle from California”Why is Alex Jones Still Alive?”
- Activist Greg Hoover:Suing Glenn Beck for Von Brunn/9/11 Comment
- Thomas Woods:Government Bailouts Will Make Things Worse
- Alex Goes Off on Trooper Daniel Martin ” Be A Man ”
- Alex Reviews Trooper Daniel Martin’s Statement
Backup your favorite episodes, don’t miss any!
June 18th, 2009 at 12:52 am
I’ve got a good way to fight them: The REAL price of gold: http://www.realspotprice.com/
Please spread it around.
June 18th, 2009 at 1:22 am
QUEENSLAND police have admitted that evidence shows an officer last week fired a 50,000-volt Taser 28 times into a man who died minutes later.
The admission follows an exclusive report today in The Australian revealing that an inbuilt system in the controversial gun – which automatically records each time the weapon is fired – had debunked initial police claims the Taser was used only three times in the incident.
The revelations have fuelled opposition to the roll-out of the weapons across Australia, with three deaths now related to Taser use in Australia.
Amphetamines addict Antonio Galeano, 39, collapsed and died while still in handcuffs last Friday morning.
It is alleged police were called to a unit in Brandon, south of Townsville, after Mr Galeano assaulted a woman and confronted two officers with a metal bar.
The Deputy Commissioner of Queensland Police, Ian Stewart, said it was not clear how many times Mr Galeano was actually shot with the weapon and that the investigation was looking at a possible malfunction of the weapon.
“That’s obviously a very important question and one that we know the investigation will be looking at,” Mr Stewart told ABC radio.
But Mr Stewart said despite the possiblity the weapon was flawed, the 1200 tasers currently in use by Queensland police would not be withdrawn.
“We don’t intend to withdraw the Tasers from those police who are currently trained to use them because we believe Tasers actually save lives,” he said.
On Monday, the roll-out of a further 1300 Tasers to Queensland police was halted to await the findings of a Crime and Misconduct investigation into the incident.
The Queensland death comes just two months after an Alice Springs man died in custody following the use of capsicum spray and a Taser on him during a domestic dispute.
It also follows the launch of an investigation at the weekend in NSW after new CCTV footage appeared to contradict a police report clearing officers over the Taser shooting of a Sydney man on March 29.
In May 2002, NSW man Gary Pearce died of a heart attack about two weeks after being shot with a stun gun when he threatened police with a frying pan.
Karen Reply:
June 18th, 2009 at 9:12 pm
I hope people in your country are getting as fed up with this as we are here in the USA.
June 18th, 2009 at 2:34 am
Welcome, All my pictures are 100% genuine and updated.. Girl Kiev Girl. Young Kiev lady will be able to entertain you in her Kiev apartment in the center or visit you anywhere in Kiev. I belong to you.
jack fresco Reply:
June 18th, 2009 at 7:16 am
WTF?
jimbozfight Reply:
June 18th, 2009 at 8:47 am
the freaks have arived to help !!!!!!!!!!!!!!!
welcome to the front
lmfao
June 18th, 2009 at 3:52 am
I see all you people talking this New World Order stuff but fail to realize, NOTHING IS GONNA CHANGE! I understand the fustration but its no use guys. I use to walk are here mad cause the govt was doing this and doing that but woke up one day and realized that I was fighting an uphill battle. I got tired of fighting a thousand people! You can’t win when 95% of people are stupid and don’t care. Unless the govt does something extremely dramatic that will wake up the other 95%, we’re S.O.L! And lets be for real guys, Alex Jones is no threat or else he would have been dead! The guy is a fraud! All I see in him is a guy that wants to be William Cooper. Jones has no real inside, top secret type info. The best comment I seen today on here was the person that said, get right with yourself, your family and God. The real battle in the streets. Get out there and lend a helping hand in the community. Help the poor. MAN KNOW THYSELF!
Lessgov2007.blogspot.com Reply:
June 18th, 2009 at 5:31 am
Go ahead, roll over and be a slave.
jack fresco Reply:
June 18th, 2009 at 7:17 am
Go ahead and buy another solar powered generator or alex won’t let you into heaven.
theresistorAR15 Reply:
June 18th, 2009 at 1:03 pm
HEY JACK FRESH GET A LIFE CAUSE YOU HAVE “NO BALLS” YOU ARE AN “IDIOT”
vi toe jam Reply:
June 18th, 2009 at 8:45 am
Thanks for baring your soul.well whats left of it.
jimbozfight Reply:
June 18th, 2009 at 8:50 am
i dont know who william cooper is but ill bet he will be like d.b. cooper when the s--- hits…gone!!!!!!!!!!!!
FreedomLover Reply:
June 18th, 2009 at 9:05 pm
AfrikanBrotha is right. The emperor has no clothes.
The NWO is laughing at the relatively few who want to do something, but are powerless.
I hate to admit it, but those few of us who will resist will be made martyrs. Or examples to keep the rest of the sheeple in line. We may be a few thousand, or even 10s of thousands, but we’re in an extreme minority. I believe truly that 95% of people are either unaware or apathetic. Maybe they believe it can’t happen to them.
June 18th, 2009 at 4:11 am
Timothy Geithner, looks like he is ready to catch a giant fly ..look at those hands in the pic shot, ha..I am going to send’ “GRAND MASTER SEFU OBAMA” to his meetings to set them straight..yes he shall swat all those pesky flys.
Censored31 Reply:
June 18th, 2009 at 1:49 pm
No…looks like he is ready to catch a small girl to ….
He is one of those pedocriminels ???
June 18th, 2009 at 4:52 am
Does ANYONE expect even a sliver of honesty from Comrade Obama?!
jesus4U Reply:
June 18th, 2009 at 2:50 pm
ABSOLUTLY NOT… HE IS THE GREAT DECIEVER FOR SATIN OR OF THE TRINITY FOR SATIN..HE WILL BETRAY THE WORLD. HE SPEAKS WITH ASNAKE TONGUE and HIDES BEHIND THE TRUTH,,IF YOU PUT YOUR TRUST IN “OMAMA” YOU WILL BE FOOLED AND A FOOLISH FOOL
June 18th, 2009 at 5:29 am
Let’s first understand one thing. Obama couldn’t organize a lemonade stand. All he can do is read off a teleprompter and even that he doesn’t do very well. Perhaps some day he’ll grow a spine, cut off the strings, and become a real boy. If he does we’ll know it as soon as the powers that be kill him like they did Lincoln or Kennedy. We’re up against the British Crown, the gangster bankers, and the Jesuits, and these groups are very clever indeed. But the point being that anything coming out of the mouth of that devil Obama, you know that non-American President, you can be sure it was crafted by people who have more than one brain cell, and did not originate in that empty space between Obama’s ears. Poor Obama, the only brain cell he has left is in danger of dying from loneness. Just look at the people who do follow Obama they’re not what you would call the smartest of society. They have no defense against truth so just keep on exposing them for the snakes they really are…
June 18th, 2009 at 6:22 am
sentiment about BO going negative on MW board where i post a lot..
the diehard LEFT vs RIGHT DEM vs REPUB nonsense still continues though unfortunately,
and so much wasted time with it..
as Alex so correctly says its NOT ABOUT LEFT OR RIGHT, DEM or GOP
ITS ABOUT A ONE WORLD GOVERNMENT SLAVE GRID!
many have finally pee’d out the rancid Obama kool aid and watched Alex’s “BO” deception
and are finally figuring out BO just another Rothschild-Rockefeller puppet
but STILL not enough and STILL not fast enough
June 18th, 2009 at 6:38 am
No kidding – that is an understatement!
June 18th, 2009 at 7:05 am
This information is very interesting and valuable to everyone of us who are interested in this topic. Thank you for posting this.
June 18th, 2009 at 7:23 am
SPECIAL ANNOUNCEMENT – **********
> PLEASE STOP USING THE CATCHPHRASE ‘SHEEPLE’ – IT’S NOT CUTTING EDGE OR CLEVER – PAST IT’S SELL-BY.
> OTHER BANNED WORDS INCLUDE, BUT ARE NOT RESTRICTED TO – ‘SHILL’, ‘JESUIT’ AND ‘BIBLE’.
thank you very much.
theresistorAR15 Reply:
June 18th, 2009 at 1:05 pm
JACK ….I THINK YOUR WIFE NEEDS YOU IN THE KITCHEN AND STAY OFF OF HERE.
June 18th, 2009 at 8:25 am
Obama wants to create legistation to regulate the criminals and give more power to criminals !
Hahahahahahahahahahahahahahah!
HAAAAAAAAAAAAAAAAAAAAAAAAAAH hahahahahahahahahahah!
D D D D D D D D D D DAAAAAAAAAAAAANCE!
Drink some Wine!
Have a Good time !
Play in the Jungle
Get a piece if ya can !
Before all the Women turn into Men.
DDDDDDD DANCE!
HAAAAAAAAAVE a Good time. Because time is real short.
Life use to be good
Life use to be Fun!
So Party like it was your last Day and Grab a beauatiful Girl. Put a Big FAT kiss on Her Lips.
Pinch her in the Butt! Make her cheeks turn red!
yeah!
Come On GUYS! I know ya still got it in Ya!
She smells so Good, so fine Like a Beautiful flower off the grape vine.
Her hair is like silk!
It shines so pretty in the sun light.
Her eyes they melt your soul
Her Voice cuts into your heart. Pretty, pretty woman……… LOL
theresistorAR15 Reply:
June 18th, 2009 at 1:10 pm
YA SISSY DA DOO YOU ARE REALLY GOING TO HAVE FUN IN A FEMA CAMP KISSING YOUR
DICK BESIDE YOU, YOU CAN EVEN RUN YOUR FINGERS ON HISS LONG SILKY HAIR AND SMELL
THE SWEAT ON HIS BALLS>>> DO DA DIDDY HA HA HA HA
June 18th, 2009 at 8:29 am
OHHHHHHH!
I LOOOOOOOOOOOOOOOOOOOVE!
Big Breasted Woman!
I like how they wiggle, shake when they Jiggle.
Bounce when they Run!
BIG BREASTED WOman are just more Fun! LOL
TSA Reply:
June 18th, 2009 at 3:16 pm
I would have to agree, I sit behind the machine that could see through your clothes at the airport. I get to check out your wifes gear. I hope they never look under the hood at the FED though, the Chinese might cancel my Federal check.
American Veteran Reply:
June 18th, 2009 at 6:19 pm
anything bigger than a mouthful is a waste
June 18th, 2009 at 8:52 am
The infratructure of government has been build to promote growth for itself not the people.Tyranny is not built in a day.There are hundreds of offices working with hundreds of private companies to advance the structure of government.It is the way of the world,we are just waking up to it.
June 18th, 2009 at 9:04 am
If this isnt cooked up by the banks themselves, maybe this is just a repeat of what Kennedy did. He tryed messing with the Federal Reserve and we all know what happened to him.
But I am a little skeptical about what comes out of any politicians mouth a month after the Bilderberg meeting in Greece.
I guess only time will tell!
June 18th, 2009 at 9:36 am
WANT CHANGE? TERMINATE THE RULING CLASS AND THEIR BLOOD LINES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
theresistorAR15 Reply:
June 18th, 2009 at 1:12 pm
RIGHT ON ….AMEN SO LET’S SHOW SOME BALLS AND FIGHT
matt Reply:
June 19th, 2009 at 8:05 am
amen.
June 18th, 2009 at 10:51 am
All the liars on the cable teevee news stations got to report on something.
What won’t change is how stock footage of money being printed will continue to be used in any reports on the “economy”.
What needs to happen is a Beavis and Butthead type commentary of financial reporting the way there was with music videos in the 1990’s. Heh heh heh…
June 18th, 2009 at 12:12 pm
Hi this is Alex Jones for a company that wants you to settle your TAX PAYMENTS with the IRS.
FEAR FEAR FEAR : Dont let them come to your house and steal your assets, just PAY THEM and they will go away. This is a great solution from your great leader,…now bend over while i fill your ass with another info-crack enima of , well, anything, since anything i say, YOU BELIEVE!
http://www.youtube.com/watch?v…..s&
(but you don’t really want to look at this link in any other way that might make Alexsis look comprimised…)
June 18th, 2009 at 12:48 pm
WHEN ARE WE GOING TO SHOW SOME BALLS AND STAND UP FOR FREEDOM>>>NOT THE DEMONIC> NAZI >>OMAMA>NWO >FEDS , CHINA UK, AND THE REST OF THE TYRANNY , TRAITORS and BASTARDS… THAT WILL GO… D_O_W_N WITH A BLOODY REVOLUTION BY US THE TRUE AMERICANS THAT BELIEVE IN FREEDOM ….NOT SADISTIC CONTROL
June 18th, 2009 at 1:44 pm
I have to be honest and say we are all so arrogant as to think we are in control, God is on his throne and nothing happens that is not allowed. “You see clouds forming and know a storm is coming , yey you do not see the signs of the times of ye of little faith”
June 18th, 2009 at 1:49 pm
I wish you were right, Nimmo, but keep dreaming, as it will NEVER happen. The final nails are being put in the coffin of the U.S., and it is NOT going to be pulled back from the brink. One world government has been planned and worked towards on a major international scale for over a hundred years, and the Luciferian Illuminazis are not going to let ANYTHING prevent them from quickly completing their global plan(s). The U.S. and every other country in the world are being consolidated into worldwide domination, enslavement and extermination. Most people have been too dumbed down and made to falsely feel extremely powerless, and they’ve fallen for the lies; so they won’t stand up en masse as they would need to do if there was to be any earthly hope of our being extricated from this fast approaching hell on earth. It is Satan’s time now, for a very short time, and all hell is going to break loose. Our ONLY True and Ultimate Hope is being Truly, Fully and Completely restored to, transformed by, and infilled with the Overcoming Power of Jesus the Christ. Everything else is worthless false hope, living in a fantasy world, and living a lie leading to nothing but complete destruction forever if we aren’t restored to our ONLY True Lord and Savior. So, ENOUGH of giving glory to self, drinking other peoples’ kool aid, and holding out false hope(s). Get Truly, Fully and Completely right with God, or perish forever.
June 18th, 2009 at 2:43 pm
AMEN !!!!!!!!!1 THE WORD WILL BE FULFILLED. THE “ONLY” WAY TO PERFECTION IS THROUGH THE BLOOD OF JESUS CHRIST AS LORD and SAVIOUR. ALEX IS RIGHT IN WHAT HE IS SAYING but……..HE WON’T BE ABLE TO CHANGE PROPHECY , ONLY TO WARN…WHICH MEANS BET ON WHITE “NOT” BLACK. THE LORD IS ONLY THE WAY OUT IF YOU CONFESS AND ACCEPT JESUS AS YOUR LORD and SAVIOUR. SAD TO SAY BUT THIS WORLD NEEDS PURIFIED AND JESUS IS THE “ONLY WAY OF THE TRUTH and THE LIFE. AMEN
June 18th, 2009 at 6:27 pm
Ya gotta saddle up pilgrims an go enmass and take on this six headed snake, whipping its a s s and taking control. Obama is just finishing giving our country away jazus they already stole all our money, no one said a thing what the f u c k over? We ought to be in the streets by the millions pissed demanding the heads of the scum but not even a whimper from joe public, iam ready, lets go fill the streets and raise hell over this ya with me.
June 18th, 2009 at 6:53 pm
I was just listening to AJ, and the discussion about Barrys mothers age/time lived in US. Look at the bulls--- on Snopes (I know, I know). Says he produced his BIRTH CERTIFICATE in ‘08 (we all know it’s COLB) and of course shows it CLEARLY not being a Birth Certificate. I believe on AJ’s show, the age was 14, Snopes says 16 (again, I know….)
http://www.snopes.com/politics/obama/citizen.asp
June 18th, 2009 at 8:57 pm
Govt.= legalized mafia
matt Reply:
June 19th, 2009 at 8:08 am
legalized = they said so.
therefore
govt = mafia
June 22nd, 2009 at 2:14 pm
Regulators: Our Nation’s Ball-less Wonders! Who will regulate the Regulator?
In light of Obama’s new Financial Regulatory Reform Plan, I feel the need to reiterate my comments on our financial industry’s regulators, which I refer to as our Nation’s Ball-less Wonders. In this article I explain how our laws are converted to regulations and the responsibility of our regulators to protect our country by actually enforcing these regulations.
The debate should not be over whether the Fed should become the mega-regulator, but rather whether the Fed has, in the past, performed its job to protect this country and our economy by actually enforcing the regulations that exist.
In the world of banking there are five regulating authorities: FDIC regulates State Chartered banks because they are insured by FDIC; the Comptoller of the Currency regulates National Banks; the Fed regulates banks that become members of the Federal Reserve System; Office of Thrift Supervision regulates Thrifts and NCUA regulates Credit Unions. When Congress passes a law, such as the Fair Credit Reporting Act, they order each agency to adopt regulations to implement that law. When the law affects various jurisdictions, the governing agencies will come together and create a “uniform regulation” that will be applied throughout the industry.
When we evaluate the benefits of a mega-regulator, I would say that any consolidation that reduces expenses and thereby saves taxpayer dollars, is a good plan. That being said, the Fed has failed us miserably in the past and I have no reason to believe that they will perform any better in the future.
My fear is that transferring this authority to one agency only dilutes the systems of checks and balances and reduces the possibility that some agency, any agency, will cry foul and take action when the financial companies fail to adhere to the laws of this country. Perhaps the plan might work, if, in addition to the consolidation, the people were also represented by an ombudsman to act as watchdog when the Fed fails to do its job, as it surely will.
I must once again encourage the individual people of this country to meet with their Congressional Leaders and to write to their journalists to express their opposition of this new plan. This country affords us freedoms and as a people, we are failing miserably in exercising our rights to play a vital role in our own destiny.
Regulators: Our Nation’s Ball-less Wonders!!!
Our regulators were armed with the laws to prevent this financial crisis. They simply refused to act. If they would have made an example of even one bank by exercising their power, it would have influenced the entire industry and perhaps prevented the crisis we are in today.Anonymous Banker weighs in on banks violation of law: Regulation H
Recently there has been a lot of talk about the belief that there hasn’t been enough regulation to keep the banks in line. I, personally, have been blaming Congress for not having enacted laws that would arm the banking regulators with the means to control and monitor the activities of the nation’s banks and the power to impose penalties or take punitive measures when the banks stray from their legally defined mission. I assumed that the problems that led to our current economic crisis arose from issues that were not addressed – or inadequately addressed – in our laws and regulations.
Bank regulators are our first line of defense: Office of Comptroller of the Currency, Treasury, Board of Governers of the Federal Reserve System, FDIC, Office of Thrift Supervision. After Congress passes a law they leave it to the regulators to put the law into effect by writing and adopting regulations. Our regulators have one, and only one real purpose – to ensure that each and every bank operates in a safe and sound manner. In order to accomplish this, they send out teams of examiners – routinely, to every single bank in the country – to delve into the bank’s activities and check them against the requirements of regulations. This whole procedure, the laws, the regulations and the agencies to examine compliance with the regulations – was put in place to protect the depositors’ money, the banks that hold that money and — on a national scale, our country’s economic safety and soundness. This process began 75 years ago, after the banking industry collapsed and led us into the Great Depression.
Well, today I read Federal Reserve Regulation H — Subpart E entitled “Real Estate Lending and Appraisal”, a regulation born from the Federal Deposit Insurance Corporation Improvement Act of 1991. My eyes were opened!!! My premise, that Congress failed to pass laws to protect us, was completely wrong! This regulation, which has been in place for over ten years – sets forth all the appropriate guidelines and limitations that should have held the banks in check.
Now this question begs to be asked: Who is making sure that our banks are complying with the regulations that already exist? And when they are not in compliance, what actions are taken against them to bring them into line?
What I believe after reading this is that NO ONE is watching as the banks run amok in their quest for profits. Really…. no one. Did the controlling authorities perhaps forget that this regulation existed since they authored it over ten years ago? Or did they foolishly believe that the greedy bankers would, of their own accord, grow a conscience and behave in a responsible manner?
Federal Reserve Regulation H is a “uniform” regulation. This means that each of the other three agencies also adopted an identical regulation at the same time. They are found in 12 CFR 208.51; 12 CFR 34.62, 12 CFR 365 and 12 CFR 560.101. Links to each of these are provided at the end of this article. This is some of the content of Reg H and it is directed at all banks.
The Real Estate Lending Standards section requires banks to “adopt and maintain written policies that establish appropriate limits and standards for extensions of credit that are secured by liens on or interest in real estate. Policies should be consistent with safe and sound banking practices; appropriate to the size of the institution and the nature and scope of its operations; and reviewed and approved by the bank’s board of directors at least annually.”
It instructs banks to monitor conditions in the real estate market in its lending area to ensure that its real estate lending policies continue to be appropriate for current market conditions.
And it requires that the adopted policies reflect consideration of the Interagency Guidelines for Real Estate Lending Policies established by the federal bank and thrift supervisory agencies.”
The Interagency Guidelines, which are part and parcel of the regulation, are extensive and I’ve provided links below to the full text document. But the following quotes will make my point.
“Each institution’s policies must be comprehensive, and consistent with safe and sound lending practices, and must ensure that the institution operates within limits and according to standards that are reviewed and approved at least annually by the board of directors. Real estate lending is an integral part of many institutions’ business plans and, when undertaken in a prudent manner, will not be subject to examiner criticism.”
“The institution should monitor conditions in the real estate markets in its lending area so that it can react quickly to changes in market conditions that are relevant to its lending decisions.”
“Prudently underwritten real estate loans should reflect all relevant credit factors, including-
the capacity of the borrower, or income from the underlying property, to adequately service the debt;
the value of the mortgaged property;
the overall creditworthiness of the borrower;
the level of equity invested in the property;
any secondary sources of repayment;
any additional collateral or credit enhancements (such as guarantees, mortgage insurance, or take-out commitments).”
Our regulators were armed with this law and these guidelines. And yet, when they examined the banks and discovered that they were not applying a credit review process that was consistent with safe and sound lending practices, in spirit or in fact, they failed to impose penalties that would have brought these horrific lending standards to an abrupt end. They had to have known that the banks were issuing no-asset and no-income-verification loans, delving into subprime lending markets, selling these toxic loans into the market and subsequently repurchasing them to hold in their capital accounts.
Instead of taking decisive action, they merely issued another interagency comment to the banks (see links below for full text), urging them to cease and desist in their unrelenting participation in the subprime lending market.
What should our regulators have done and what did they have the power to do? Our regulators could have called for the firing of CEO’s of the banks and replaced the Board of Directors. They also have the power to ban executives that are found to have violated banking regulations from ever working in the banking industry again. Our regulators could have refused to continue their FDIC insurance for failure to comply. They can also limit dividends paid to shareholders. If they would have made an example of even one bank by exercising their power, it would have influenced the entire industry and perhaps prevented the crisis we are in today.
It is interesting that one of the strongest banks in the nation, JP Morgan Chase, states quite clearly in their 2007 Annual Report exactly how pervasive the problems were. And we know already that the other banks behaved equally irresponsibly and equally in violation of the law and Reg H. Some of these banks no longer exist and others will soon disappear. After reading the following comments, can one imagine that the regulators were unaware of the banks’ violations these many past years? Or do you have to conclude, as I have, that it was our regulators, and not Congress, that failed completely in safeguarding our county? The law was there. The regulators simply did not exercise their powers to enforce them.
JP Morgan Chase 2007 Annual Report
… increasingly poor underwriting standards (e.g., loan-to-value ratios up to 100%, lax verification of income and inflated appraisals) added fuel to the speculation and froth in the markets. Many of these poor mortgage products were also repackaged and dispersed widely through various securities, thus distributing the problems more broadly.
…we still believe that subprime mortgages are a good product. We will continue to find a prudent way to be in this business.
We should have acted sooner and more substantially to reduce the LTV rates at which we lent, given the increased risk of falling prices in a market of highly inflated housing values. We also should have tightened all other standards (e.g., income verification) in response to growing speculation in the market and the increasing propensity of people to respond to aggressive lending standards by buying houses they could barely afford.
In the face of these comments and the banking industries apparent violation of Reg H, instead of being penalized, banks were rewarded through the TARP program. Our regulators have done nothing to ensure that the banks meet their fundamental obligation to lend money. They have merely asked them to do so. And finally, our regulators are still not forcing the banks to apply income verification processes to all forms of credit including auto loans and credit cards.
Somehow I don’t think the punishment has fit the crime. And now that I have the understanding I so desperately sought, I really wish I didn’t look so hard. I find myself even more saddened to know that while our country had the structure and laws in place to prevent this economic collapse, the regulators failed to protect us and the guilty continue to be rewarded for bringing this country to its knees.
Sources: 12 CFR 34.62 12 CFR 208.51 12 CFR 365
Interagency Guidance on non-traditional mortgages
Interagency Guidace on Nontraditional Mortgage Product Risks