Michael Hudson explains why the banks are buying up the junk mortgages. It's because the whole thing is a wink and a nod, and we will be left holding the bag of course. What else is new?
Cutting to the chase:
The more the banks holding junk mortgages pay for this toxic waste, the more the government [that means US] will pay as part of its 85 per cent. So the strategy is to overpay, overpay, and overpay. Paying 15 per cent is a small price to pay for getting the government [US] to put in 85 per cent to take the most toxic waste off your books.
But how can they get away with this? It's an outrage. SURELY congress will not let this stand!?! (Snort.) Here's Mike Whitney asking some silly questions:
I don't know. Maybe he's joking. I always thought he had a better handle on things.
How is it that industry rep Geithner couldn't see that his latest round of corporate welfare would create incentives for the bank scoundrels to game the system again? [Actually, he can see that. That is the WHOLE POINT.] Naturally, if the government goes into the business of buying crap-loans from teetering financial institutions, the speculators and snake oil salesmen will follow. And so they have. Citi and B of A are just the first to respond to Geithner's pigwhistle. Next will be the hedgies and the Private Equity porkers, all nuzzling up to the Treasury's feedbin. [Yes, naturally. Exactly as intended.]
Prediction: If [WHEN] Geithner is granted these special powers by the braindead Congress, the country will undergo the greatest period of bank consolidation in its 230 year history. [AS INTENDED] This is a blatant power grab by a shifty character [REPRESENTING THE NWO] who has risen to his present pay-grade by nosing his way up the political stepladder [AND DOING WHAT HE'S TOLD, AND HAVING THAT STUPID 'INNOCENT' LOOK ON HIS FACE]. Congress had better get its act together and put an end to this nonsense [HAH HHA HAHAHA! THEY'RE PAID OFF TO PLAY MAN, JUST LIKE TINY TIM] or the nation will continue its fast-paced metamorphosis into a feudal oligarchy run by the Bank Mafia and Wall Street racketeers. [YEAH. THAT IS THE GOAL.] The first step, is to give Geithner, Summers and any other of the Rubin-clones a full-body bacon-rub followed by a few brisk dunks in the shark tank. Then, hose down Treasury and bring in a whole new team. [SOUNDS GREAT. NO CONNECTION TO REALITY HOWEVER.]
Congress is not going to do shit to stop this. It will all go down because they're all in on the game. Whether they are bought off or threatened doesn't matter anymore. If anything were going to be different, we would have already seen many high profile people hauled off to jail in front of teevee cameras. Somehow I missed that news cycle. It didn't happen. So many people belong in jail -- basically the entire ruling class -- that none of the dominoes can be allowed to fall. And that's why this keeps going on and on, and we keep paying and paying. These people are all corrupt to the bone. Again, whether they started out that way or got sucked in incrementally makes no difference to me. People justify things to themselves all the time. Maybe they told themselves they could do some good with the power we invested them. Maybe they wanted to "help people." Maybe they thought looking the other way was the price they had to pay to bring the bacon home to the district. I do not know, and I do not care, because they've done nothing but screw us in the end. They can all rot in hell, along with their masters.
It should come as no surprise that Zionists exercise great control on the availability of money through their control of the central banks and are thereby in a position to control the legislations that get passed in the various governments. It all goes back to Amschel Rothschild’s comment about controlling a nation’s money supply.
This is the essence of the beast and the lever of control. You don’t need hidden nukes or Samson options. This is what is happening and this is why the bank bailouts are taking place to ensure a greater consolidation and control of the destiny of planet Earth.
Man cannot serve two masters. They made their pick. What is yours? As this goes down, don't say "I have no choice." We always have a choice. It may not be pleasant, this is true, but nobody promised us a lifetime of pleasant choices; and if they did, you should have known better.
The real story is that the bailout money is intended pay off those who secured short positions on the mortgage debt (CDI) funds, who are now owed billions by AIG and the failing banks. The plan actually took years to set. Laws were changed to allow CDI rollups and marketing of mortgage debt, requirements for mortgages were relaxed so that welfare mothers and street people could purchase homes with no money down, no proof of income, those bad mortgages were packaged and marketed to banks and AIG by folks like the Sandlers via smooth talking operatives like Madoff, and ofter purchased by agents working for the targeted banks (like the ones owed AIG bonuses for all their past work). Everybody in on the plan then shorted the market, and they used Lehman Bros as a sacrificial pig to begin the slaughter. The branch of AIG solely responsible for its collapse was based in London, set up by Hank Greenberg. Pelosi and Barney Frank know all this, and thus were the ones who slipped in and out certain language in the 1100 page bailout bill that the House was given a day to read before voting on. Geithner is part of the coverup operation. Soros made billions. Madoff may not even be in jail now. He was working for Larry Silverstein and others planning to pump billions into a lower Manhattan casino project, now delayed (which was why Silverstein suddenly went asking for $5B more in public funds. Lots of billions are now parked in Israel, but they are slowly working their way back into banks now or soon to be majority owned by the owners of those stolen billions. The dilemma of the gov't is if they do not bailout the banks that have own the debt positions, the entire market could be invalidated, and the jews holding the credit positions won't get paid. That's puts the entire current US political (sham) system at risk of imploding. They don't want that.
The dilemma of the gov't is if they do not bailout the banks that have own the debt positions, the entire market could be invalidated, and the jews holding the credit positions won't get paid.
Hi Pete. Thank you for the explanation. I guess I still fail to see the dilemma (snort).
lower Manhattan casino project
You mean the world's largest casino, Wall Street, will have some legitimate competition in NY?
I was raised on a stock and grain farm where we raised feeder pigs.
Part of their diet was shelled corn. It didn't take long for the piggies to recognize the sound of corn rattling around in the bucket for them to respond to that sound with gleeful grunts, running to the site where they knew they were going to get fed.
The amount of noise they'd make and all the pushing around of the other pigs by the bigger piggies to be the first in line was always a sight to behold.
Just like the Wall Street piggies. The Fed or the Treasury rattles some of OUR coins in the bucket and the piggies come running, squealing joyfully all the way.
So, who will win this battle? Will Benedict not wear the Cross when visiting War Criminals Inc? Taking this one step further, will he only wear his skull cap, to honor the Jews?
Jerusalem Rabbi Insists the Pope Must Hide His Cross
Pope Benedict XVI hopes his planned visit to Jerusalem's Western Wall next month will be taken as a gesture of reconciliation in the long-troubled relationship between Judaism and the Catholic Church. But at least one influential rabbi will take offense - unless the pontiff removes or conceals the golden cross he wears on a chain around his neck, "out of respect" for the Jews.
Explaining his demand that Benedict hide the very symbol of the Catholicism he represents, Rabbi Shmuel Rabinovitch, the spiritual authority responsible for overseeing Judaism's most sacred site, told TIME, "I wouldn't go into a church wearing Jewish symbols, out of respect for the place, and I would expect that the Pope would act the same here."
Quoting King Solomon, the rabbi says that the Temple in Jerusalem (the Western Wall is believed to have been a part of the Second Temple, destroyed by the Romans in 70 A.D.) was "a house of prayer for all people, not just Jews." He added: "We welcome this Pope. But he should show respect for other religions."
But Catholics counter that it is the rabbi who should show a bit more respect for the pontiff, and not ask him to hide the cross that symbolizes his faith. Said Wadie Abunassar, Media Coordinator in Jerusalem for Benedict's trip, said, "I can't see the Holy Father removing his cross for any reason. He always wears a cross."
I bet Ratzy caves. He sees the writing on the wall.
The Jewish controlled MSM will keep leaking out more and more stories about pedophile priests to cower Ratzy into obeying their dictates.
Sadly, what we are left to conclude is that–after all the fancy verbiage and rhetoric–what it all boils down to is that nasty, 4-letter “f” word so much a part of our sick society today, meaning “fear”, and more specifically, “fear of the Jews”. Like a virus, just as it plagued the early Apostles during the time of Our Lord’s ministry when they actually had the gall to chide Him for His ‘intemperate’ remarks towards the Pharisees, from there it migrated like a sickness to their actions on the night of Jesus’ arrest when the Apostles–the very same who swore they would never cut tail and run–fled like rabbits in the face of the fearsome, vicious nature of Jewish power. Sadly, it seems that the only thing left of the Apostolic succession between the first priests and those today is this–fear of the Jews.
From Mark Glenn
It will be interesting to see how Ratzy does in Ziostan.
If he hides or doesn't wear the Cross, that should send a loud message to Catholics.
If I wuz still a practicing Catholic, I'd tell my priest Ratzy needs to toughen up or I'm finding another place to worship.
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