THE FINANCIAL MELTDOWN EXPLAINED !

*** The trillion dollar plus question

If you're a US taxpayer, you're going to pay for this fraud
so you might as well know who did it to you.

His initials are GB.

You know him well.

But perhaps more interesting is the name of the person who
single-handedly rallied first state attorneys general and then
fellow governors to fight the creation of these loans and who
in the process became Public Enemy #1 to the Bush Administration...

His initials are ES.

If you follow "silly" US political scandals, you'll recognize
his name instantly when you hear it.

And you will *finally* understand why he was quickly and
permanently assassinated politically earlier this year.

Had ES been allowed to "live," he would have been in position to
remind everyone every day of who made the current meltdown
possible.

Instead, he was silenced very effectively. Not with a bullet
in the back of the head, but the net effect was just the same.

So effective was his assassination that no one can even
mention his name in connection with today's crisis without
risking ridicule, or worse.

Last note:

The crisis this fraud has created is *exponentially* bigger
than the S & L and Tech Bubble combined.

It's not going to be resolved by a quick "patch up" and will
likely have the same impact on the current generation that the
depression of the 1930s had on its parents, grandparents and
great grandparents.

On that cheerful note, here's the big story everyone missed
this year and now you'll finally know what REALLY happened
and why:

Mortaging America's future
for a quick buck
This video was originally posted in March of 2008
http://www.brasschecktv.com/page/291.html

It's one of the most amazing displays of journalistic incompetence and malpractice in recent memory.

The US news media failed to draw the obvious connection between the bizarre federal law enforcement investigation and leak campaign about the private life of New York Governor Spitzer and Spitzer's all out attack on the Bush administration for its collusion with predatory lenders.

While the international credit system grinds to a halt because of a superabundance of bad mortgage loans made in the US, the news media failed to cover the details of Spitzer's public charges against the White House.

Yet when salacious details were leaked about alleged details of Spitzer's private life, they took that information and made it the front page news for days.

To the 9/11 fiasco, the Iraq War, the travesty of the federal response to Hurricane Katrina, and the shredding of the US Constitution, we can now add a deliberate and reckless undermining of the credit and banking system of the US to the list of Bush administration "accomplishments."

No external enemy, or group of external enemies, could have done as much harm to the nation as this group has in less than eight years.

Hey, do you think it's a coincidence that a Bush was involved the lasttime the US banking industry fell into a black whole because of White House-facilitated fraud?

There's actually a lot of money to be made blowing up banks. Here's how Bush Sr. and his friends in the Mafia and CIA profited from it the last time:
Bush, the Mafia, the CIA and the Savings and Loan Scandal
http://www.brasschecktv.com/page/411.html
Banking - Bush style
Regular Brasscheck TV viewers know that throughout its second term, the Bush administration actively interfered with states that attempted to enforce their own state lending laws.

Bush & Co. used the Office of the Controller of the Currency to sue states like New York to stop them from going after predatory lenders.

Bush Jr. is not the first Bush to get "hands on" involved in shaping the lending industry to his will.

Many know that one of this brothers, Neil, was part of a spectacular Savings & Loan failure in the 1980s.

What far fewer people are aware of is how deeply the CIA, organized crime and, George Bush Sr. were involved in the Savings & Loan disaster which caused US taxpayers and estimated trillion dollars plus.

The term of art for these kinds of operations is a "bust out."

The scam works as follows: an organized crime group takes over a business, borrows as much as it can in the business' name, fails to pay vendors and then disappears with all the cash.

The Bush family and its associates in organized crime and the CIA have figured out how to run this scam on a multi-hundred billion dollar level using the entire US banking system as its playground.

When you consider that Reagan was probably out of it from Day One of his term and that Bill Clinton is a close associate of George Bush Sr., the Bush crime syndicate has been influencing when not outright running the executive branch continuously since 1980, which, perhaps not so coincidentally, marks the earliest days of the credit bubble the economy is now having serious trouble digesting.

EXECUTIVE RESUME
Real Time w/ Bill Maher | Naomi Klein and the Shock Doctrine
http://www.youtube.com/watch?v=nipz1pEl71Q

Bill Maher and Paul Krugman "We Need Better Government"
http://www.youtube.com/watch?v=nPYyYcelnyw

ALSO…
http://whitenoise.webnode.com/

Meanwhile...

"We are watching a poorly staged rendition of Wag the Dog , interpreted for the morbidly stupid and performed by the criminally insane." - Jules Carlysle

Thank you for taking the time to put all of this together! The images you posted speak a thousand words!

thanks for posting whitenoise, after i got done reading it. the story had dissappeared from the front page, it is now on the second to last page, Current staffers like to make stories dissappear on here and they have been doing it for some time. apparently they dont like real journalism and have to make room for their Fluff stories.
They did it to one of my Pods the other day. I would post this on any stories dealing with the finacial crisis so people can see it. peace

I especially like the discussion with Maher, even if they felt a little too short, and will.i.am didn't say much :(

Excellent information - thanks for posting!

WhiteNoise, this is incredible...I was so impressed by your assembly of info, I just went out and got the book, 'The Mafia, CIA, and George Bush'. The crucial truth about what has been going on behind the scenes needs exposure. Most people have no clue, because they are too busy listening the the lighter side of brainwash tyranny and that which is produced by the spin doctors...to take their minds off the real tragedy...

Thanks for more exposure of the Bush's greedy and scandalous get rich quick schemes...leaving American citizens and all their children's children holding the huge debt bag...let's hope the American citizens wake up before it's too late...

Just remember that Bush & Co are just a couple of the players they don't run the show, nor are they the main instigators. These level of crooks get pieced off just like any other hood.

I believe we have still to look behind the curtain.

Yes, behind the curtain lies the fact that someone or some very wealthy individuals are getting even richer by the bailouts...just more 'get rich quick' schemes...organized crime at its finest...

The present financial crisis was brought on by the proliferation and sale of trillions of dollars of mortgage-banked garbage which were fraudulently represented as Triple A rated bonds by the very same people who now claim to need unprecedented and dictatorial powers to fix the problem.

Section 8 of the proposed legislation says it all:

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

"All Hail Caesar!" The days of the republic are over.

http://www.informationclearinghouse.info/article20839.htm

Amen, the crooks and cronies are no longer interested in hiding their complicity, believing themselves to be untouchable...this is the epitome of scandalous...

Impeachment should be mandatory now...

So much great information here! Thanks! I just wonder if in the future we'll look back and see that this is a form a slavery. Or can we see it now?

The Greatest Theft in the History of Humankind

10 Things You Should Know About Bush's Trillion Dollar Fleecing Plan

It is an economic coup d'etat in the making. And people are talking about little else. Here's 10 things that have been on our radars ... http://www.alternet.org/workplace/99876/

Now Is the Time To Resist Wall Street's Shock Doctrineby Naomi Klein

We must not let the right use this economic crisis to push through their policy wish list.

I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).http://www.alternet.org/blogs/workplace/99885/

The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.

Is this starting to sound familiar? Robert Kuttner cuts through much of the gloss in an article in today's American Prospect...

The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street's dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson -- a provision that evokes the Bush administration's suspension of normal constitutional safeguards in its conduct of foreign policy and national security. [...]

The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review.

ROBERT SCHEER: When Bush and McCain and Paulson, who was head of Goldman Sachs before he was head of the Treasury, say they don’t know how this happened, they designed this system. We had a regulatory regime in place ever since the Great Depression to prevent this kind of meltdown, and that said that stockbrokers, insurance companies, banks, investment banks, commercial banks, could not merge. And in 1999, they passed legislation, the Gramm-Leach-Bliley Act. Gramm is the guy who McCain supported for president in ’96. He was co-chair of his campaign until he complained about the whiners out there, meaning the public. And that legislation is what caused this. It allowed the swaps and everything else.

And then, in 2000, hours before the Christmas break, Gramm introduced legislation. I’m holding it in my hand. This smoking gun is available on the internet; you can read it. And what it said is that the swaps is defined in the Financial Service Modernization Act, meaning that instead of going into a bank and somebody said, “OK, we’ll give you a loan, and we expect you to pay it over thirty years. We know your house has the equity. We know you have the means to pay it”—that was the traditional way—instead, they allowed these mergers, and as a result, they could buy insurance on it, they could do these swaps, they could do what they call hybrid instruments. And it is legislation that was never discussed, was—never had hearings or anything, says that all of this stuff is exempted from all previous regulation. The SEC cannot regulate it, the Commodity Futures Board cannot regulate it.

So they gave these institutions, of which Goldman Sachs was critical—so was Citigroup, where Robert Rubin, who was Clinton’s Treasury secretary, he had also come from Goldman Sachs. And, by the way, even though this is Republican-led, there were plenty of Democrats, in fact, a majority of Democrats, who voted for this. And Robert Rubin, who unfortunately is advising Barack Obama—I don’t know how this guy can wake up and—you know, and not be embarrassed and how he can appear on television—and Lawrence Summers, these are the two guys in the Clinton administration who teamed up with Phil Gramm to pass that atrocious legislation.

And now, you know, it seems to me, in terms of the bailout, why don’t they do what Hillary Clinton said during the primaries: just put a freeze on foreclosures? Start out with helping the homeowners and say, “OK, we’re not going to foreclose your house for the next year. We’re going to force the banks to work out reasonable payments. We’ll try to help you hold on to it.” That would have stopped the bleeding here much more effectively than throwing $700 billion at these bandits.

pig heil!
creeping friendly fascism!
economy's sold out! george bush wrecked it all!
god damn, good goin george; i didn't know you was an anarchist!