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Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
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Topic: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’ (Read 2084 times)
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WhiskeyGirl
Monkey All Star Jr.
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Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
on:
August 01, 2009, 09:44:58 PM »
Interesting piece from Ethiopia -
Quote
...Spitzer said: “The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, it’s supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.
“The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.
“The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didn’t get stock in those banks, they didn’t ask what was going on — this begs and cries out for hard, tough examination.
“You look at the governing structure of the New York [Federal Reserve], it was run by the very banks that got the money. This is a Ponzi scheme, an inside job. It is outrageous, it is time for Congress to say enough of this. And to give them more power now is crazy.
Quote
At the time, Spitzer had been raising the alarm about sub-prime mortgages. In the wake of the economic meltdown triggered last fall by sub-prime loans, some observers have suggested that Spitzer may have been targeted by law enforcement because of his high-profile opposition to Wall Street financial policies.
Investigative reporter Greg Palast wrote that federal agents’ revealing of Spitzer’s identity as a call-girl customer was no coincidence.
Quote
Spitzer recently told Bloomberg News that President Obama’s regulatory reforms of the financial sector are “irrelevant” because regulatory agencies have not been enforcing corporate laws to begin with.
“Regulatory agencies already had the power to do everything they needed to do,” he said. “They just affirmatively chose not to do it.”
(This sounds like the complaint some have with immigration laws - government agencies refuse to enforce them.)
http://www.ethiopianreview.com/articles/19976
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
SteveDinMD
Scared Monkey
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Posts: 209
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
Reply #1 on:
August 02, 2009, 05:28:31 PM »
It figures that one would have to look as far away as Ethiopa to find a news outlet willing to quote Eliot Spitzer as an authoritative voice on anything. Spitzer should restrict his comments to only those areas where he is an acknowledged expert -- e.g.
whoremongering
.
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
Reply #2 on:
August 03, 2009, 11:33:10 PM »
"...profits...a relatively hidden form of support for banks, and Wall Street..."
Quote
The Financial Times reported Monday that the Fed has emerged as one of Wall Street’s biggest customers during the financial crisis, buying massive amounts of securities to help stabilise the markets. In some cases, such as the market for mortgage-backed securities, the Fed buys more bonds than any other party.
However, the FT said the Fed is not a typical market player. In the interests of transparency, it often announces its intention to buy particular securities in advance. A former Fed official said this strategy enables banks to sell these securities to the Fed at an inflated price.
The resulting profits represent a relatively hidden form of support for banks, and Wall Street has geared up to take advantage. Barclays, for example, e-mails clients with news on the Fed’s balance sheet, detailing the share of the market in particular securities held by the Fed.
Quote
On a seemingly different front, Sunday’s Times reported on the case of Andrew J. Hall, who leads an arm of Citigroup that speculates on oil and other commodities. His operation has made a lot of money recently, and according to his contract Mr. Hall is owed $100 million.
What do these stories have in common?
The politically salient answer, for now at least, is that in both cases we’re looking at huge payouts by firms that were major recipients of federal aid. Citi has received around $45 billion from taxpayers; Goldman has repaid the $10 billion it received in direct aid, but it has benefited enormously both from federal guarantees and from bailouts of other financial institutions. What are taxpayers supposed to think when these welfare cases cut nine-figure paychecks?"
Quote
Wall Street continues to wield immense power in Washington DC and last April, Senator Dick Durbin of Illinois, a former colleague of President Obama, on a local Chicago radio station, blurted out "an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken": "And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
The US political system is likely the most corrupt of the 28 advanced countries, which are members of the Organisation of Economic Cooperation and Development, and ahead of Italy and Ireland.
read more here -
http://www.finfacts.ie/irishfinancenews/article_1017313.shtml
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
Reply #3 on:
August 10, 2009, 06:30:38 PM »
Quote
“One of the biggest offenses to the taxpayer to date has been the transfer of $13 billion directly from an imploding AIG into the coffers of the once-again-triumphantly successful Goldman Sachs,” Spitzer said during the Blodget interview, going on to describe it as an outrage.
How much in fees will Goldman make when AIG is broken up and sold off? Are taxpayers getting a discount on those fees? A good customer perk?
Quote
...If it couldn’t pay what it owed to its partners, the whole financial system could collapse (or so the argument went), and the whole country would go down with AIG.
But whose rationale was this anyway?
None other than then Treasury Secretary Henry Paulson, a former CEO of investment bank Goldman Sachs.
And, by coincidence, just who did AIG owe $13 billion to? You guessed it, Goldman Sachs.
Spitzer has his faults, but he always had, and probably still has, a keen sense of smell. And when he said something smelled rotten in the state of New York, it usually did..."
http://industry.bnet.com/financial-services/10002131/wonder-of-wonders-greenberg-and-spitzer-agree-on-goldman-sachs/
How much money from the FDIC is Goldman enjoying? How much do they make in all their Dark Pool and HFT trading?
Who are their secret clients? Are all those clients paying taxes on the money they make? Anyone looking at or requesting their secret bank account records?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
Reply #4 on:
August 24, 2009, 12:56:30 PM »
Quote
"Congress already looks at our books. We have many different levels of auditors. The GAO, the General Accountability Office, which is supposed to be doing this audit, already looks at virtually all of our activities. And the ones it doesn't, our financial books, financial loans, and the ones it's not looking at, and where the taxpayer needs some assurance,
we're willing to work with Congress to make sure the GAO gets the information it needs
," Bernanke said in a PBS interview.
http://www.victoriaadvocate.com/news/2009/aug/23/sl_con_fed_reserve_082409_62839/?news&local-news
Who decides what information the GAO needs?
The Federal Reserve?
What if the information Congress and the taxpayers need is contained within an audit?
A good rigorous review of the books?
A good review of the ownership? Pay and bonus structure?
Why isn't our Democratic Congress sending letters to The Federal Reserve requesting information about pay, bonuses, profits, vacations, conferences, education, and other spending?
I am inclined to believe
The Federal Reserve
is of greater interest than healthcare companies.
The Federal Reserve has the power to destroy the nation
, the financial system, and throw millions, and generations in debt bondage.
An audit is overdue.
jmho
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
«
Reply #5 on:
August 24, 2009, 01:01:07 PM »
From that same article -
Quote
...We are completely open to providing any information Congress wants to make sure we're using taxpayer money safely and soundly, that we're meeting all our responsibilities. I don't think the American people want Congress running monetary policy. And I think that's very, very critical for people to understand," Bernanke said.
What if Congress wants an outside audit?
I think the American people distrust Congress and The Federal Reserve.
Has The Federal Reserve been doing a good job of managing the monetary policy of the nation for taxpayers?
Or, just for special interest groups, big business, and those within the job rotation that seems to include the Treasury and Wall Street?
Maybe the nation would be better off without The Federal Reserve?
Is it easier to corrupt one large banking system or fifty smaller banking systems?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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