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The Crime Of Our Time: Was The Economic Collapse "indeed, Criminal?"

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The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

Schechter's books include The More You Watch The Less You Know, Plunder: Investigating Our Economic Calamity and the Subprime Scandal, and his newest and subject of this review, The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

As a form of economic terrorism, indeed so says Schechter and many others. Ellen Brown, author of Web of Debt, writes: Schechter "establishes the crime's elements, identifies the players, and exposes the weapons that have turned free markets into vehicles for mass manipulation and control."

More still, according to former high-level government and Wall Street insider Catherine Austin Fitts in describing a "financial coup d'etat" that includes inflating multiple market bubbles, pump and dump schemes, naked short selling, precious metals price suppression, and active market intervention by Washington and the Fed that lets powerful insiders game the system, commit massive fraud, and be able to transfer trillions of public wealth to themselves, then get open-ended bailouts when the inevitable crisis surfaces.

In his last book, Plunder, Schechter deconstructed one element of the economy's financialization - the outlandish amounts subprime lending, instrumental in inflating the housing bubble and the economic crisis that followed.

The Crime of Our Time is his latest attempt to explain "the financial collapse as a crime story (and) the high status white-collar crooks" who wreak havoc on "the lives of hundreds of millions worldwide." He quotes from author and labor activist Jonathan Tasini in his new book, The Audacity of Greed, /....///....

http://globalresearch.ca/index.php?context=va&aid=15676

Edited by eric pebble

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The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

Schechter's books include The More You Watch The Less You Know, Plunder: Investigating Our Economic Calamity and the Subprime Scandal, and his newest and subject of this review, The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

As a form of economic terrorism, indeed so says Schechter and many others. Ellen Brown, author of Web of Debt, writes: Schechter "establishes the crime's elements, identifies the players, and exposes the weapons that have turned free markets into vehicles for mass manipulation and control."

More still, according to former high-level government and Wall Street insider Catherine Austin Fitts in describing a "financial coup d'etat" that includes inflating multiple market bubbles, pump and dump schemes, naked short selling, precious metals price suppression, and active market intervention by Washington and the Fed that lets powerful insiders game the system, commit massive fraud, and be able to transfer trillions of public wealth to themselves, then get open-ended bailouts when the inevitable crisis surfaces.

In his last book, Plunder, Schechter deconstructed one element of the economy's financialization - the outlandish amounts subprime lending, instrumental in inflating the housing bubble and the economic crisis that followed.

The Crime of Our Time is his latest attempt to explain "the financial collapse as a crime story (and) the high status white-collar crooks" who wreak havoc on "the lives of hundreds of millions worldwide." He quotes from author and labor activist Jonathan Tasini in his new book, The Audacity of Greed, /....///....

http://globalresearch.ca/index.php?context=va&aid=15676

Planned at the highest levels of the central banking system and the shadow world governement

Executed by legions of useful idiots motivated by greed and self interest.

It was all engineered very deliberately, I am quite certain of it.

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Planned at the highest levels of the central banking system and the shadow world governement

Executed by legions of useful idiots motivated by greed and self interest.

It was all engineered very deliberately, I am quite certain of it.

I think you credit them with too much - they couldn't have engineered anything even if they'd wanted to

Creationists look at complex life and say "it's impossible it could have arisen by any other means - it MUST have been designed!" when the truth is far more likely that nature has just taken a long drawn out course

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I think you credit them with too much - they couldn't have engineered anything even if they'd wanted to

Creationists look at complex life and say "it's impossible it could have arisen by any other means - it MUST have been designed!" when the truth is far more likely that nature has just taken a long drawn out course

I tend to agree along those lines...

The guys at the top inventing those MBO's [Mortgage Backed "Secutities"] and CDO's [Collaterised Deb Obligations] etc etc. - they thought it up - computersied it all - fed it out to the Mortgage "Salesmen"/Brokers -- and - Hey Presto -- BECAUSE they were all taking their own SUBSTANTIAL cut/"commission" - it was money for old rope -- whizzing down the electronic networks - literally spewing gold into their hands.. I expect they couldn't believe how well it "worked" at first.... Trouble is...... It was all just the age-old/ archetypal and glorified, Ponzi/Pyramid Scam.... But this time more Mammoth-sized than ever in history....

Edited by eric pebble

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I tend to agree too.

There were frauds at specific parts in the chain conducted by greedy people. Borrowers, mortgage brokers and front line lenders, investment banks, hedge funds.

However, I really don't think anyone had a grasp of the overall system and how it was interacting - if they had the authorities would have taken steps to address it before it hit. I'm thinking of the Bank of England for instance - did they ever talk about the global imbalances before crisis struck and how the recycling of trade surpluses into more, cheaper and easier credit was in fact affecting financial conditions, asset prices...how cheaper goods were impacting on their own interest rate policy and how that was blowing a bubble too?

....although I have read/seen reports q a few times about people TRYING to warn various authorities.... e.g. Some of the lesser Building Societies complained to [??] about Norhtern Rock and their shyster tactics.... All fell on deaf ears of course..... As is the norm..... :rolleyes::rolleyes:

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The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

Schechter's books include The More You Watch The Less You Know, Plunder: Investigating Our Economic Calamity and the Subprime Scandal, and his newest and subject of this review, The Crime of Our Time: Was the Economic Collapse "Indeed, Criminal?"

As a form of economic terrorism, indeed so says Schechter and many others. Ellen Brown, author of Web of Debt, writes: Schechter "establishes the crime's elements, identifies the players, and exposes the weapons that have turned free markets into vehicles for mass manipulation and control."

More still, according to former high-level government and Wall Street insider Catherine Austin Fitts in describing a "financial coup d'etat" that includes inflating multiple market bubbles, pump and dump schemes, naked short selling, precious metals price suppression, and active market intervention by Washington and the Fed that lets powerful insiders game the system, commit massive fraud, and be able to transfer trillions of public wealth to themselves, then get open-ended bailouts when the inevitable crisis surfaces.

In his last book, Plunder, Schechter deconstructed one element of the economy's financialization - the outlandish amounts subprime lending, instrumental in inflating the housing bubble and the economic crisis that followed.

The Crime of Our Time is his latest attempt to explain "the financial collapse as a crime story (and) the high status white-collar crooks" who wreak havoc on "the lives of hundreds of millions worldwide." He quotes from author and labor activist Jonathan Tasini in his new book, The Audacity of Greed, /....///....

http://globalresearch.ca/index.php?context=va&aid=15676

Could not agree more. The banksters pulled the heist that stands above anything else in history. They were caught and continue to empty the tills with smirks on their faces. Get used to it, Bob Diamond is the new Capo d' Capo.

There is nothing to stop them or anyone to call them to account. It would take a revolution to bring them down and we haven't seen one of those since the 17th century when Olly Cromwell got tired of the fat cats and rounded them up and threw them out of Parliamnet.

Edited by Realistbear

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I think you credit them with too much - they couldn't have engineered anything even if they'd wanted to

Creationists look at complex life and say "it's impossible it could have arisen by any other means - it MUST have been designed!" when the truth is far more likely that nature has just taken a long drawn out course

I agree as well.

The "elites" had a huge NET loss with this crisis. Banks' directors and brokers were paid tens of £ billions in bonuses and salaries, but the banks' owners lost £ hundreds of billions. The shares of Lloyds, Northern Rock, RBS, etc became virtually or actually worthless.

But it was also, and mainly, a failure of monetary policy and financial regulation, mainly in the USA and UK, mainly after 2002 or 03. Banks that were not playing the game were losing market share, and under pressure to go along.

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So what is the BoE actually there to do if not look at these things?

Still it all turned out OK in the end.

Maybe this?

The BoE behaved like a very narrowly focused bureaucracy. They must have seen the credit bubble, but their "remit" was just to target inflation, and to obey the Treasury chosen index. And mortgage regulation was the FSA responsibility.

The FSA behaved like a very narrowly focused bureaucracy. These "business models" (Ponzi) were obviously unsustainable only if you considered the credit bubble. But that was BoE's responsibility.

The treasury must have noticed the credit/HP bubble, but have chosen to ride it, all the way to Number 10. Brown switching the index in Dec 2003 indicates that.

When the Ponzi collapsed, blame America, and the "bankers".

Did it work? Well Labour is already ahead in the polls. The Tories only chance will be to clear this mess and have some positive economic results in less than 4 years.

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I think you credit them with too much - they couldn't have engineered anything even if they'd wanted to

Creationists look at complex life and say "it's impossible it could have arisen by any other means - it MUST have been designed!" when the truth is far more likely that nature has just taken a long drawn out course

I agree. Our so called elites couldn't organise so much as a p*ss up in the proverbial brewery.

And even if the crash was highly organised or even criminal who is going to prosecute? The Serious Farce Office? Most of the perpetrators are still very lucratively employed or have been very expensively pensioned off.

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Could not agree more. The banksters pulled the heist that stands above anything else in history. They were caught and continue to empty the tills with smirks on their faces. Get used to it, Bob Diamond is the new Capo d' Capo.

There is nothing to stop them or anyone to call them to account. It would take a revolution to bring them down and we haven't seen one of those since the 17th century when Olly Cromwell got tired of the fat cats and rounded them up and threw them out of Parliamnet.

Indeed, and everyone was caught up in it, the more they made the more risks they took and the sheeple strung themselves out on a line because they were told that was the right thing to do.

We've now come to a point where the folly is being realised, however there's still a feeling across all parties that this surely can't be happening and there must be a win win option somewhere.

That's why we're seeing crisis management and the bankers still milking the bitch.

This will be 'Call me Dave''s nemesis if he doesn't take action, cos millitwerp will promise he will.

Interesting times we live in ;)

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well, they seem to be at it again...profits yet to materialise...all bonuseable of course

US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages

Jan. 12 2011 - 8:36 am | 701 views | 0 recommendations | 4 comments By ROBERT LENZNER The giant US banks have been bailed out again from huge potential writeoffs by loosey-goosey accounting accepted by the accounting profession and the regulators.

They are allowed to accrue interest on non-performing mortgages ” until the actual foreclosure takes place, which on average takes about 16 months.

All the phantom interest that is not actually collected is booked as income until the actual act of foreclosure. As a resullt, many bank financial statements actually look much better than they actually are. At foreclosure all the phantom income comes off gthe books of the banks.

This means that Bank of America, Citigroup, JP Morgan and Wells Fargo, among hundreds of other smaller institutions, can report interest due them, but not paid, on an estimated $1.4 trillion of face value mortgages on the 7 million homes that are in the process of being foreclosed.

Ultimately, these banks face a potential loss of $1 trillion on nonperforming loans, suggests Madeleine Schnapp, director of macro-economic research at Trim-Tabs, an economic consulting firm 24.5% owned by Goldman Sachs.

The potential writeoffs could be even larger should home prices continue to weaken, placing more homes in the nomnperforming category on bank balance sheets.

About 6 million homes are still at risk, according to Schnapp, and at least 10% of them are 25% underwater, meaning their market value is 25% less than the mortgage– but the owners are still paying interest to their banks

http://blogs.forbes.com/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels

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..///..

Interesting times we live in ;)

Perhaps we should MAKE ALL our MPs go to watch INSIDE JOB - http://www.sonyclassics.com/insidejob/ - coming to the UK next month......

AND -- Perhaps they should ALL be sent a video/dvd of the ground-breaking BBC Money Programme on "Mortgage Madness" by seriously good reporter Michael Robinson - [sEE BELOW FOR LINK!!] - - of...... Yes - 2003!!! THE WRITING ON THE WALL WAS IN THAT DOCUMENTARY!!!

Edited by eric pebble

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Planned at the highest levels of the central banking system and the shadow world governement

Executed by legions of useful idiots motivated by greed and self interest.

It was all engineered very deliberately, I am quite certain of it.

He quotes from author and labor activist Jonathan Tasini in his new book, The Audacity of Greed,

The Masters of the Illuminati always had a saying, “Audacity, always Audacity

Look at my quote & at the book title - The book writers are praising their illuminati/rose croix 'cell' masters & gloating over their thieving/winnings!

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I think you credit them with too much - they couldn't have engineered anything even if they'd wanted to

Creationists look at complex life and say "it's impossible it could have arisen by any other means - it MUST have been designed!" when the truth is far more likely that nature has just taken a long drawn out course

I disagree. This is the line that leads to no prosecutions.

The BoE may have been hide-bound and clueless - one of the earliest stories I recall was when the MBS CDO came to prominence, and a banker related how he'd been speaking to BoE officials about the cause of the panic and found none of them knew the terminology. That was when we all had to sit and watch people with felt tip pens and presentation boards on tripods trying to draw "tranches" with squiggly lines. On that basis you can excuse the authorities (but not without stripping away their powers).

The people who created the products and smashed through all barriers of prudent lending and investment knew where it was likely to end. The only system in question is systematic greed, and that really comes down to individuals. Individuals can be tried, convicted, sentenced, fined and imprisoned.

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Perhaps we should MAKE ALL our MPs go to watch INSIDE JOB - http://www.sonyclassics.com/insidejob/ - coming to the UK next month......

AND -- Perhaps they should ALL be sent a video/dvd of the ground-breaking BBC Money Programme on "Mortgage Madness" by seriously good reporter Michael Robinson - [sEE BELOW FOR LINK!!] - - of...... Yes - 2003!!! THE WRITING ON THE WALL WAS IN THAT DOCUMENTARY!!!

Naked Capitalism posted a lecture by that author:

http://www.nakedcapitalism.com/2011/01/mit-lecture-by-charles-ferguson-on-the-financial-crisis.html

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I disagree. This is the line that leads to no prosecutions.

The BoE may have been hide-bound and clueless - one of the earliest stories I recall was when the MBS CDO came to prominence, and a banker related how he'd been speaking to BoE officials about the cause of the panic and found none of them knew the terminology. That was when we all had to sit and watch people with felt tip pens and presentation boards on tripods trying to draw "tranches" with squiggly lines. On that basis you can excuse the authorities (but not without stripping away their powers).

The people who created the products and smashed through all barriers of prudent lending and investment knew where it was likely to end. The only system in question is systematic greed, and that really comes down to individuals. Individuals can be tried, convicted, sentenced, fined and imprisoned.

Probably. But there is another line of investigation that could be much more straightforward, and much more fruitful, to answer this question: Why did the Treasury remove housing costs from the inflation index in December 2003? (The CPI v RPI switch.)

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A historical note: we now know that in 1929, a bunch of rich men (including Kennedy) engineered the crash by all selling their shares and buying gold instead. But for 50 years, people were told it was all a great accident, an act of nature almost.

Now we're here again, in another depression, and being told it was all another great accident, no one knew etc. This is just propaganda put out by the perpetrators.

There is proof that they knew: there were whistleblowers who sounded the alarm. They were got rid of, and it was hushed up.

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A historical note: we now know that in 1929, a bunch of rich men (including Kennedy) engineered the crash by all selling their shares and buying gold instead. But for 50 years, people were told it was all a great accident, an act of nature almost.

Now we're here again, in another depression, and being told it was all another great accident, no one knew etc. This is just propaganda put out by the perpetrators.

There is proof that they knew: there were whistleblowers who sounded the alarm. They were got rid of, and it was hushed up.

I see...the boom was engineered by rich people buying shares and selling gold then.

not bankers increasing credit to unsustainable levels.

I see.

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