Thursday, September 25, 2008

Even some Republicans on the Senate committee expressed exasperation Monday with the swindles that t

Financial Fascism

One of those provisions, summarized by the heading of Title III, ensured the "Legal Certainty for Swap Agreements," which successfully divorced the granters of subprime mortgage loans from any obligation to ever collect on them. That provision of Gramm's law is at the very heart of the problem. But the law went even further, prohibiting regulation of any of the new financial instruments permitted after the financial industry mergers: "No provision of the Commodity Exchange Act shall apply to, and the Commodity Futures Trading Commission shall not exercise regulatory authority with respect to, an identified banking product which had not been commonly offered, entered into, or provided in the United States by any bank on or before December 5, 2000. ..."

Posted by malct @ 10:36 AM (944 views)
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13 thoughts on “Even some Republicans on the Senate committee expressed exasperation Monday with the swindles that t

  • planning4acrash says:

    congress.org – Capitol Hill Switchboard: (202) 224-3121 –

    “Dear Senator/Representative: You MUST reject the Paulson/Bernanke plan for bailing out and propping up reckless banks at taxpayer expense. This is madness to ask us, the taxpayers, to cover the liabilities of Wall Street. We are tired of being fleeced. If you vote to support this plan, I will do everything in my power to remove you from office before you can give away any more of our money to failed businessmen. Thank you, [Your name]”

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  • As a non-US Citizen I’m wary of getting involved. If the rest of the world tells them to do one thing then Americans prefer to do the other. When Barack Obama was applauded in Berlin, the American response was “Well if they like him he must be acting in their interests, not in ours”. They have a similar attitude to the UN – what the rest of the world wants can’t be good for America.

    If we go telling the Americans not to support the bailout, they might rally round and support it instead.

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  • planning4acrash says:

    Americans hated the Obama speach because he was talking, in Germany, about GLOBAL CITIZENSHIP and a NEW WORLD ORDER! People are waking up to the fact that he is Council on Foreign Relations (CFR) scum. An organisation that is publicly committed to destroying America. Global citizenship means replacement of Mexico, Canada and America with a socialist North American Union. It means a Pacific Rim Union, Australia is being bought down to that level as we speak, their currency is now plummeting even relative to Sterling. It means, an accelleration of loss of sovereignty with power that flowed to the EU now flowing to the UN. The reason you see laws propping up all over the world at the same time is because more than half of our laws and regulations already come down from the UN. They have a department for every one your government has. For a reason. This is the New World Order. This is the Babylonian system. For an idea about how it will eventually look, read 1984 by George Orwell and Brave New World by Aldous Huxley.

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  • I agree with Drewster – America is indeed a nation of fuggwits.

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  • I for one want to be paid at the end of the month. I would like my savings, gold and investments to be there (with a modest gain if possible) when I need them to buy my house in a few years time. All those rejecting a bailout/intervention at any cost don’t realise how bad things will get if the markets will be “left to sort this out”. The Credit Default Swap system will collapse, banks will go bust and no financial transaction will take place for months, perhaps years. If that is what you want then clearly you need to sign up for this NWO religion too.

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  • There are many ways to support the banking system without fleecing the taxpayer. But then that wouldn’t save the Fed and support the bankers’ paypackets.

    And the Ozzie dollar went down because they finally admitted they are teetering on the edge of a slowdown and interest rate cuts are coming. They have been on a massive bull run for the last year and more, their currency can’t just levitate permanently! That’s not a NWO conspiracy.

    Magnificent post though P4aC, I thought you were becoming saner!

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  • Inbreda

    I would go a stage further : A nation under the control of madness.

    p4

    There is a hell of a lot of sense in the things you are saying above. I hope you are wrong,but that is all.

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  • Beartil2010 – “There are many ways to support the banking system without fleecing the taxpayer.”

    Any ideas? Anyone in their right mind is keeping their money well away from this nightmare. So can new laws and regulations solve this?

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  • mountain goat said…@ 12:32PM – “All those rejecting a bailout/intervention at any cost don’t realise how bad things will get etc”

    mg, please don’t assume that I completely agree or disagree with any article or general drift of articles I post. I think it is critically important that issues are raised, questions are asked, matters debated and that people THINK for themselves. We’ve left it to those who can be studied under the science of political ponerology for far too long.

    I have three daughters and five grandchildren, all of us are struggling financially because of the theft, greed and injustice that has already taken place.

    I don’t see that allowing even more legalised wealth extraction from ‘us’ to ‘them’ is a way forward for my family and friends.

    If the people of america roll over and let bush’s puppet masters tickle their tummies we’re all stuffed! I think they will, but will continue to try to stop it happening until it’s a done thing, then I’ll grab my tin hat and a spade and head for the allotment knowing I’m too late.

    For intensly personal reasons, I have studied these issues almost full time for the past six years. I know what naive means, like many poor souls, I used to live there. best wishes, malc (t)

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  • Malct I usually enjoy reading all views on a subject including the conspiratorial ones. However, I am finding the discussion a bit one way on hpc lately i.e. Paulson, Bernanke, Bush are idiots, this is a rip off of the taxpayer, it is all planned by the elite etc.

    My view is that Paulson, Bernanke, Bush are in crisis management/panic mode. Personally, without the AIG baleout I would have lost a lot of money because I had ETFS investments and who knows how much else I would have lost in pension and savings. The counter-party risk is huge if big players go down suddenly. This should have been foreseen years ago, but now that the sh*t house is going up in flames Paulson, Bernanke, Bush need to try stop this burning down the whole village. Is the taxpayer so innocent anyway? Why are these mortgage products failing? Because people took on loans they could not pay back. No one forced them to do this. It is not all the work of evil bankers. A few of us saw that housing was in a bubble, but most didn’t. What about all those people who need the shiny new Rangerover they can’t afford, the plasma screen etc etc. Suddenly they are the innocent victims of the evil elite. The world is complicated and no one group is to blame.

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  • mg – I empathise with your position and views, which is more than some humans are able to do.

    With deep respect, I don’t think you’ve had the time or the opportunity to become aware of just how much of our lives and thoughts are controlled. It is scary. But we can change it, if we are aware of the problem. Check out other posts if you can, there is loads firing off.

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  • If something needs done, I like the ‘Swedish solution’ that was posted the other day, which goes something like this – nationalize the banks, sack the CEOs and boards, refusing bonuses, leave the shareholders with nothing, sell off the bank’s saleable assets to start the payoff, wait until the economy has recovered and sell at a profit, or at least reduced loss, to the taxpayer. Hike interest rates to encourage saving. Meanwhile wholesale reform.
    Banks are secured, economy is saved, the guilty lose their shirts.
    I believe Mark Wadsworth also suggested something similar?
    Whatever your reservations, is this any worse than a blank cheque to Wall Street?

    If this bailout goes through, will the $700 billion not just go straight back into the gambling pot?

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  • shippy – spot on – painful but perhaps best choice

    “If this bailout goes through, will the $700 billion not just go straight back into the gambling pot?”

    yes of course, that is the PLAN !

    shippy, even you worked that one out

    so easy for people with contingency plans laid out over generations.

    sorry, that last bit was an intentional wind up

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