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TARP Can't Save Some Banks

Readers: This is in effect an admission that the way that the TARP process was managed was fraudulent.

By DAVID ENRICH

U.S. regulators have seized or threatened at least 27 banks that received capital infusions from the Troubled Asset Relief Program, including some lenders that government officials knew were troubled when they awarded the money.

JPMorgan Faces New Suit in Alabama County’s Woes, Round Two

Readers: this action shows that J.P.Morgan's effort to escape further prosecution has failed. We need a "perp-walk" on a large scale before this will even begin to be over. As long as their influence in politics is maintained such that the Wall Street centric policies are continued, we not see an end to the general decline in the US.

Jefferson County sues JP Morgan

By Jay Reeves • The Associated Press • November 14, 2009

Dutch Barter System Challenges Bankers; WARNING Dutch Guys Want To Print Their Own Funny Money

Readers: This is going to be a bit difficult to follow I expect, AND it seems like the most direct way that I can raise these issues about community currencies. This Dutch community currency is only a good example of a very shallow understanding of what is needed in the way of monetary reform. This is an example of the strong current of pop-economics within the conversations about community based currencies and exchange systems.

JPMorgan Ends SEC Alabama Swap Probe for $722 Million

Readers: the important part of this story is that J P Morgan chose to settle this case to make it go away. This usually means that if the discovery  and litigation processes had been allowed to continue, apparently JP Morgan's legal department thought that the damages and penalties could be much, much greater, including a lot of bad press, aka visibility. Given that JP Morgan's influence in Washington DC is very substantial, the crimes involved must have been huge, because otherwise they simply would have pulled the necessary strings to make this exposure to go away.

Goldman One-Ups Gordon Gekko, Says Jesus Embraced Greed: Griffiths Strkes Again

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Readers: the scatological references originate with the author not the admin of this site. That being said it seems to be a reasonable response to an extremely outrageous initiative by Goldman Sachs VP and advisor Griffiths. Please, look at the tri-fold flyer listed in the pamphlet and papers section titled "The Normalization of Usury." These people are way over the edge of even common sense.

 

Ohio and the Heart of Corruption

Readers: Please, notice the awarding of the Milton Friedman Prize for Faith Based Economics. This award will be granted to events, politicians, and economists that are clearly above and beyond normal levels of wishful "thinking" to such an extent that we need to make special notice.  The passage of  the option of establishing four new casinos in Ohio, is a clear departure from twenty years of voting down similar proposals.

States Commence the Inevitable “Tobacco” Litigation Against Banks — Arizona Leading

Readers: The proposed gambit by state attorney generals is what should be called "cooling the mark."   It is essentially a confidence game based in politics, rather than the prosecution of the perpetrators of fraud on a planetary scale.  This gambit protects the perpetrators, who are no doubt well connected, because they are effectively peers of the politicians.

The Paradox of Wealth: Capitalism and Ecological Destruction

By John Bellamy Foster and Brett Clark

Retailers ‘Dodge Bullet’ With CIT’s November Bankruptcy Filing Share Business Exchange

Readers: Although this is a positive bit of news for the US's retail economy, it leaves some important questions unanswered. One being why has the US Treasury Department been entirely MIA in this process, when the importance of CIT to the non-Wall Street part of the US economy is enormous? The fate of CIT is possibly much more important generally than the survival big five on Wall Street. Another might be how is letting  CIT pass into bankruptcy acceptable when the wholesale rescue of AIG from collapse was not acceptable?

How Goldman Secretly Bet (by CDS) on the US Housing Market Crashing

Sunday 01 November 2009    by: Greg Gordon | McClatchy Newspapers

also found at http://www.mcclatchydc.com/227/story/77791.html
 

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