tagged w/ Banking
Excerpt: "Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.
"You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a 't') worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it 'dwarfs by orders of magnitude any financial scam in the history of markets.'
"That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.
"Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.
"It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture."Excerpt: "Conspiracy theorists of the world, believers in the hidden hands of the... more
20 days ago
“Brown will focus his practice on business and governmental affairs as they relate to the financial services industry as well as on commercial real estate matters,” the firm, Nixon Peabody LLC, said in a press release. Brown will not be a lobbyist, the firm said, but whether he meets the specific legal requirements to be a registered lobbyist or not, it’s clear that he will draw on his contacts and status to help advance clients’ agenda in government. “He can offer many types of legal services to his broad network of contacts,” the firm said.“Brown will focus his practice on business and governmental affairs as they... more
WE MUST DESTROY THE TOO BIG TO JAIL BANKS. They are the puppet masters that control even the military of the United States.We must at least demand our impotent government to man up and prosecute and regulate them. They are the Global New World Empire, The War Profiteers, and brokers of death, and they want us all dead !
" Dictatorship naturally arises out of democracy, and the most aggravated form of tyranny and slavery out of the most extreme liberty."
This is analogous to the concepts predicated in the genocidal social science FICTION bombshell the " PROTOCOLS ", and in Bernay's "The Engineering of Consent". Both of these works can be seen as blueprints for, or inspirational tools , at least in the machinations of global financial cartel's agenda. One may reference Huxley's Brave New World, and Orwell's 1984, as well. Our government communicates in the Newspeak of the Bankers secret language, and aids and abets the Plutocracy in covering up it's huge corporate criminal history, and their use of America's military as their own private corporate army, by re-writing the laws for them, and the medicated mass media turns a blind eye of indifference to this reality, because they kiss the hands that feed them.
The Obama administration and the entire Congress are complicit in this economic war crime spree, and they have failed to seriously investigate and prosecute the greatest theft and transfer of wealth in recorded history, and it is a prelude to the rise of the the great Die off, or the Great Culling, whereby the minority apartheid 1% billionaire class exterminates 50 - 80 % of mankind, because they do not need our labor, want to preserve "their" resources and fear our numbers will overwhelm them before they can complete the implementation of their mass murderous conspiracy to finally rule the entire planet unopposed.
A False Flag Flies over America, and it has only one star.
We have given our consent to the Tyrants, in their twisted justification (by our tacit approval of) the superfluous policies enacted by congress ostensibly for the common good, but in reality only for the good of the New World Empire's Apartheid agenda. Similarly we give tacit consent to Mandatory vaccines, NDAA, Gun control, Homeland security and Police state brutality, violations and abolishment of the Bill of Rights, the specious arguements made to bail out the banks and the nauseating faux fascination with the 'Royals", as seen with the marriage coverage of Prince Willy, and the Queen's Jubilee. We further ingratiate the ruling class by continuing to watch Fox News, CNN and all the fabricated entertainment news. We fuel their fortunes by shopping at Wal Mart and buying Royal Dutch Shell, BP and Exxon-Mobil gasoline.
We foolishly continue to kiss the hand that feeds, pay usury on credit cards and home mortgages, sucked into the false hope that we may attain wealth and status in a crooked, rigged, un- free enterprise system that is free only to those above the law, that manipulate the markets as insiders, and we hope that tomorrow will get better.
Guess what : there will be no economic recovery, not for us, there will be no new good jobs, there will be no more American Freedom, unless we all stop paying and get off the tread mill. Game on- and the game is Radical Reformation. Arrest and prosecution of the Heads of the major Banks and financial sectors, the FED, demanding recall of traitorous military generals loyal to the New World Empire and a abolishment of NDAA, Citizens United, and UN treaties which obligate America to restrict rights of citizens. A complete censure of congress and arrest of corporate criminal CEO's, their lobbyists and foreign agents not loyal to the constitution of the United States, Bill of Rights and least of all to American Sovereignity and individual freedom.
We are a nation of sheep, lead by wolves, fooled by thieves, and the predator drones are coming to a town near you to rid the Neo-Feudal Colony-America of hooligans and opposition populations who have slept through the coup.We are victims of treason and the traitors are our elected representatives, who took the bribes and joined the great tradition of entrenched political corruption, secrecy and subversion of the principals for which America once used to stand on. Our foundations have crumbled, and the enemy is within, soon to hunt us down in the name of 'common good' for the future of their own personal kingdom of hell on earth.
American Coups are nothing new, An attempted American coup d'etat: 1934.(excerpt)
An attempted coup d'etat censored out of our history books, courtesy of corporate America, but not supported by the military, so European fascism didn't happen that time. Fascism has to have the support of both corporate power and will and military/police power and obedience together or it doesn't happen. Watch out America; the Pentagon and the Multinationals are already in allignment and have instituted Friendly Fascism outside our borders already; just ask Afghanistanis, Iraqis, Iranians, Colombians, Nicaraguans and the rest of the exploited and raped third world and the suffering poor in our own American ghettos and concentration camps.
Matt Taibbi, Jeff Goodell and Tim Dickinson, all from Rolling Stone Magazine are the very few investigative journalist sources we can all trust concerning the huge conspiracy, and ya gotta love Victor Juhasz's illustrations.
The last sentence in Taibbi's artical asks" So what do we do now ? "
I say everyone file bankruptcy and stop paying their mortgages. This one unified act will dramatically curtail the power of the globalist empire to exact it's murderous hegemony over the lives of free citizens who act in concert and know their enemy. We are armed too, with the truth, with guns, with refusal to pay and with mortal vengeance.
YOU MUST READ : http://www.rollingstone.com/politics/news/gangster-...
and listen to Dr. Rima's plea to avert the great culling and the UN's Agenda 21.
President Dwight Eisenhower warned America in his 1961 farewell address, we did not listen. read it now:
A final quote:
"Eternal vigilance is the price of liberty—power is ever stealing from the many to the few…. The hand entrusted with power becomes … the necessary enemy of the people. Only by continual oversight can the democrat in office be prevented from hardening into a despot: only by unintermitted Agitation can a people be kept sufficiently awake to principle not to let liberty be smothered in material prosperity."
-- Wendell Phillips, speech in Boston, Massachusetts, January 28, 1852
We are Anonymous, We do not forgive, We do not forget, expect us.WE MUST DESTROY THE TOO BIG TO JAIL BANKS. They are the puppet masters that control... more
Late last year, a radical banking experiment hit a major milestone in Europe, a continent with no shortage of financial drama. It had nothing to do with the euro, however, and everything to do with the “currency of the future”: Bitcoin.
The digital currency, still widely dismissed by many as Internet play money, gained an unprecedented foothold in the traditional banking world. In December, a Bitcoin currency exchange in France became the first to officially operate within the European financial system. Bitcoin-Central, and its parent company, Paymium, will offer their Bitcoin customers a legitimate French payment account through a partnership with the French financial firm Aqoba. Users will be able to buy euro-priced goods with a debit card attached to that account, and even have their salary paid into it. The account can then be used to buy Bitcoin-priced products online through Bitcoin-Central and, alternatively, trade in Bitcoins for euros. (One Bitcoin is currently worth around $13.) “Ever since we started Paymium, what we’re trying to do is explain the benefits of the technology to the banking industry,” says Paymium co-founder and CEO Pierre Noizat.
Banks and governments may be slow in listening, but there has been a dramatic growth in the number of Bitcoin users and retailers. WordPress, the ubiquitous blogging website, now accepts payment in Bitcoin. Bitcoin transactions in 2012 expanded to almost five million through September, more than double the number of transactions for all of 2011 and up from just 219 in 2009. It is now used to buy everything from cupcakes in San Francisco to limo rides in New York.
Bitcoin’s big advantage is that it is essentially the cold, hard cash of the Internet. Instead of bills, Bitcoin’s software keeps a public ledger of every transaction among users. If a buyer and seller are running the software on their computers, they can directly exchange Bitcoins, anonymously and with no taxes or bank fees. Others can pay a company to process the payment. Bitcoin accounts are listed simply as a string of letters and numbers with no names attached, giving a level of anonymity impossible with debit and credit cards or even PayPal accounts.
Launched in 2008—the same year the financial crisis struck—Bitcoin is often described as an antithesis to fiat currencies, set apart for what it does not have: a central bank or any regulating authority. What it does have, however, is a PR problem. Bitcoin is known as a choice currency for illegal drug websites, money laundering and tax evasion. And that’s among the minority of people who are even aware it exists. “The big challenge right now is people haven’t heard about Bitcoin,” says Joseph David, the CEO and founder of
VirtEx, a Calgary-based currency exchange that trades Canadian dollars and Bitcoins. He is working to convince Alberta lawmakers of Bitcoin’s benefits, hoping for government recognition. “This is the revolutionary currency of the future,” he says, “decentralized, not controlled by any government, and no one can shut it down or freeze accounts.”
Full Story: http://www2.macleans.ca/2013/01/02/why-bitcoin-is-the-banking-industrys-newest-biggest-threat/Late last year, a radical banking experiment hit a major milestone in Europe, a... more
It all becomes very clear. These families have been milking us for centuries. We are quite literally their "cattle" i.e. goyim.
by Henry Makow Ph.D."Bank Crisis Set to Trigger New Credit Crunch" says the latest newspaper headline.
Belgium author Pascal Roussel, 45, is well placed to explain the financial turmoil convulsing the world. By day, he works in the Financial Risk Dept. of the European Investment Bank in Luxemburg.No, he is not an Illuminati banker but a mere functionary. But he does not take his position lightly. For the last ten years, he has been studying the Illuminati conspiracy and has made contact with insiders. The result is a novel, "Divina Insidia – The Divine Trap," which explains the Illuminati conspiracy to the incredulous, and contains new insights and nuggets of information for old hands.
Most important, Roussel presents the conspiracy in a simple and plausible way, throwing our collective predicament into frightening relief.
According to Roussel, twelve "oligarchic families" have grown indescribably wealthy by lending "money" to governments at interest. These are the central bankers. Most but not all are Illuminati Jews. Their wealth is in the trillions. Bill Gates and Warren Buffett are paupers in comparison.
It all becomes very clear. These families have been milking us for centuries. We are quite literally their "cattle" i.e. goyim.
The whole of modern history can be explained by their farm management practices. Wars are started to increase the debt and cull the herd. The goal is to cull the herd to 500 million and chip the remnant. These families and their henchmen own 80% of the world's wealth and do nothing useful yet believe the impoverished majority are parasites.
Roussel, (left,) explains how compound interest resulted in astronomical exponential gains year-after-year. All religions have banned lending at interest to prevent what actually has occurred: this immense wealth and power has fallen into the hands of Satanists.
The world's major banks are mere proxies for these twelve families who create the money out of nothing. (The banks get their "money" from them.) Greece is the target now but eventually the whole world will be squeezed like an lemon to get this "money" back. ("We will absorb all the wealth of the world," is how Cecil Rhodes described it to his patron Nathan Rothschild.) They threaten depositors will lose their savings if banks fail. But, it is really these twelve families of generational Satanists who want their pound of flesh.
If our governments weren't run by their lackeys, they would protect the deposits and let the "oligarchic families" twist in the wind. Roussel doesn't name the families but obviously one is the Rothschilds.
Roussel explains that fractional reserve banking is a ponzi scheme. They lend $90 for every $100 on deposit. Those $90 are deposited somewhere else and $81 more dollars are lent. So it continues ad infinitum.Obviously, the way to fight this beast is to withdraw your cash from the bank.
Roussel's narrative revolves around a Rothschild who has a spiritual revelation and wants to issue a warning. He selects an attractive young Swiss journalist, Ann Standford, to write a book and deposits a fortune into her bank account.
He then takes her on a Cook's Tour of Illuminati landmarks — the Georgia Guidestones, a Bilderberg meeting, Bohemian Grove etc. — explaining some aspect of the conspiracy in each place.He describes its origins in paganism and the Kabbalah, which led to the Illuminist philosophy. But ultimately, it boils down to debt and interest.
"You want to defeat us?" Roussel's Rothschild says."Abolish loans with interest and don't create any more money. Economic cycles will disappear. Wealth will no longer be concentrated in the hands of a few "mega creditors" like me and money will gain value in time. What you bequeath to your children will have more value than when you first got it."
Meanwhile another Illuminati "superior" has put assassins on their trail. Roussel's storytelling is workman-like and his wholesome European Christian sensibility is uplifting.
The ending is quite unexpected and inspired. The book is worth reading for it alone. Roussel leaves us with a credible vision of defiance and hope. All we need do is affirm the Truth and resist evil. The whole rotten structure will collapse.
http://www.henrymakow.com/upload_images/roussel.jpgIt all becomes very clear. These families have been milking us for centuries. We are... more
/comingtogether the banking/regent goons are wiping out higher ed in California, been doing it for years with the corporate take over of the public commons of education, yet another 'swap' deal with the massive consolidators of banking and now education run by the most greedy bunch of rapacious malcontents on the face of the earth./comingtogether the banking/regent goons are wiping out higher ed in California, been... more
As Calculated Risk (and many others) note, the term 'Fiscal Cliff' is a misnomer. The US economy is not going to fly off a cliff and implode on January 1 if we don't make a deal. There will be a drag due to higher taxes and lower spending, but much of that can and be wound back early in the year.
But the talk about the fiscal cliff has grown into a deafening roar, and here's proof that it's way out of proportion.
Matthew Fleury of Bank of America takes a look at the volume of articles mentioning The Fiscal Cliff and The Debt Ceiling:
As you can see, there's WAY more talk about the Fiscal Cliff than there was at the peak of the debt ceiling!
The debt ceiling standoff really was a threat to plunge the US into the abyss, as a default (which could have happened) would have inflicted untold damage onto the global financial system.As Calculated Risk (and many others) note, the term 'Fiscal Cliff' is a... more
Living The Good Life
Walking in the footsteps of Scott & Helen Nearing
Greg Joly and Mary Diaz purchased a piece of land in Jamaica Vermont and hand built a homestead. Following in the footsteps of Scott and Helen Nearing who in 1932 left New York City to establish a homestead in Jamaica Vermont. There experiment in living the simple life, building there own home, growing there own food became famous with the publication of "Living The Good Life - how to Live Sanely and Simply in a Troubled World". They continued there experiment in Vermont for over 20 years before taking there learned skills in homesteading to build another homestead in Harborside Maine.https://www.youtube.com/watch?v=XhhThAkzVzc
Living The Good Life
Walking in the... more
With any move made by the globalist controllers and their surrogates of the Anglo-American NATO strong arm, it is safe to assume that there is rarely only one reason for the implementation of any given plan. Thus, the wars of conquest and aggression raging in the Middle East, “Eurasia,” and Africa are by no means working toward one purpose alone.
Ever since the invasion of Afghanistan eleven years ago, a small but increasing number of brave journalists, researchers, and activists have been decrying the real reasons for the destruction of entire nations and the tragic loss of life imposed by the hands of NATO and other Anglo-American forces such as the puppet regimes located in the same regions as the target countries. Among these vassal states are the remnants of feudal monarchies like Saudi Arabia, Kuwait, Qatar, and others.
http://globalpoliticalawakening.blogspot.com/2012/09/central-banks-are-real-target-for-wests.htmlWith any move made by the globalist controllers and their surrogates of the... more
It's Romney Girl! The Agenda Project and RomneyGirl.org have taken a brand-new spin on the Aqua hit, "Barbie Girl." And they have produced a music video, slamming Mitt Romney for his failure to release tax returns. - http://www.youtube.com/watch?v=5v4PWW301JM&feature=player_embeddedIt's Romney Girl! The Agenda Project and RomneyGirl.org have taken a brand-new... more
In Google’s Brave New World, all of your money will be in the “cloud” – a metaphor for data stored and retrieved over the internet – and you will pay for stuff with a swipe of a mobile device.
Google rolled out this “service” in 2011 and calls it “Google Wallet.” It stores credit and debit card information on Google’s servers. Google has partnered with the multinational banksters at Citigroup and the scheme currently works with MasterCard and Visa. It works with 300,000 plus merchants using Sprint’s Nexus S 4G phones. Google has announced it will partner with all vendors of non-Android phones, including Apple, RIM, and Microsoft.
Imagine all your credit card and debit data sitting on the CIA’s servers. Now imagine some time in the not too distant future when you become an enemy of the state – maybe it was that post critical of the Pentagon on Facebook or that scathing email you sent to your congress critter – and suddenly you can no longer access your money because you are locked out of the “cloud.”
If you think Google wouldn’t do this, think again. It is a key component of the global elite’s control grid, now rolling out at breakneck speed.
Back in 2006, we reported on Google’s relationship with the CIA. Robert Steele, a 20-year Marine Corps infantry and intelligence officer and a former clandestine services case officer with the CIA, told Alex Jones the CIA helped bankroll Google from the very start.
“I think Google took money from the CIA when it was poor and it was starting up and unfortunately our system right now floods money into spying and other illegal and largely unethical activities, and it doesn’t fund what I call the open source world,” said Steele, citing “trusted individuals” as his sources for the claim.
“They’ve been together for quite a while,” added Steele.
Google, moreover, is a key player in the military-industrial complex. “Google is linked to the U.S. spy and military systems through its Google Earth software venture. The technology behind this software was originally developed by Keyhole Inc., a company funded by In-Q-Tel, a venture capital firm which is in turn openly funded and operated on behalf of the CIA,” writes Eric Sommer.
“Moreover, Googles’ connection with the CIA and its venture capital firm extends to sharing at least one key member of personnel. In 2004, the Director of Technology Assessment at In-Q-Tel, Rob Painter, moved from his old job directly serving the CIA to become ‘Senior Federal Manager’ at Google,” Sommer continues.
Now that millions are addicted to mobile devices, the trick is to get them to agree to put their money in the cloud and use their phones to pay for everything.
Total control can’t be far behind.
Not far behind indeed!In Google’s Brave New World, all of your money will be in the... more
Since there is so much white collar crime in the US perhaps the America white collar criminals should be tried in Iran?
Four Iranian citizens charged with defrauding Iranian banks of $2.3 billion have been sentenced to death, the Mehr News Agency reported on Monday citing the Prosecutor General Gholamhossein Mohseni E'jei.
“The convicts will be informed in the nearest future about the court’s decision to sentence the four of them to capital punishment,” Mohseni E'jei told the Mehr Agency, adding that two other people had been sentenced to life in prison and the rest of the accused, 33 Iranians, had received 25-year-long jail terms.
According to Iranian media, the Tehran-based Amir Mansour Arya Investment Company began taking out loans from top Iranian banks, Bank Saderat and Bank Melli, in 2007, using fraudulent documents.
Three years later, in 2010, investigators uncovered the scheme, which resulted in $2.3 billion in damages.Since there is so much white collar crime in the US perhaps the America white collar... more
A fitting diagram of the real mob. Endless financial scams and scandals is what happens when you allow a parasitic crime syndicate to print money in your country.A fitting diagram of the real mob. Endless financial scams and scandals is what... more
"Financial pressures have pushed cities and states to look for ways to save a buck, and into the arms of Wall Street hucksters." According to Fortune.
Stories of Wall Street corruption are getting to be about as rare as grains of sand at the beach. But the series of scandals directly impacting Cities, Counties, and even States are particularly troubling. That is because, even if we manage to avoid getting scammed individually, if the state or community in which we live gets its pocket picked by Wall Street we are still on the hook as taxpayers.
It's quickly becoming clear that the Libor (Lie-Bor) rate fixing scandal hit us all through it's impact on all manner of business, individual, and government borrowings.
In May, we saw three former GE Execs convicted of fraud related to municipal bonds.
In my memory, this story goes back at least to the Investment Fraud that drove Orange County, CA to bankruptcy in the mid-1990's. Merrill Lynch (now part of Bank of America) and Credit Suisse First Boston were two prominent financial firms drawn into that scandal.
It likely goes back much further. But in any case, we have been systematically ripped off ever since. It's the extraordinary over reaches like these that we hear about. At least those of us paying close attention. But the minor manipulations and systemic fraud that must go on every day does not make it into the news.
If you are not angry, you are not paying attention.
You can NEVER trust a Banker, because in his business the inventory is MONEY.
Other people's money!"Financial pressures have pushed cities and states to look for ways to save a... more
Yes, perhaps as early as August 2007, at a time when our very own "Tiny Tim" Geitner was head of the NY Fed, it now appears that there were already signs that Libor was being fiddled.
How much did Timmy know? Reuters reports:
"According to the calendar of then New York Fed President, Timothy Geithner, who is now U.S. Treasury Secretary, it even held a "Fixing LIBOR" meeting between 2:30-3:00 pm on April 28, 2008. At least eight senior Fed staffers were invited."
And why did you not tell us about this Timmy me boy? We love you Timmy; but this is not looking good ...Yes, perhaps as early as August 2007, at a time when our very own "Tiny Tim"... more
What is the world coming to when a marital split between two fiercely private dynasties, the Rothschilds and the Goldsmiths, is played out for all to see on Twitter?
Throughout its distinguished history, the Rothschild family has sensibly stuck to the idea of letting the money do the talking. Even when things got tough, as they often did in the shape of dynastic feuds, swindles, wars and untimely deaths, the great banking clan maintained a seemly silence.
Then along came Twitter, with its irresistible ability to saturate the whole of humanity with your deepest, private thoughts. A few quick clicks and anyone could play a part in the slow death of decorum. At first, the format looked better suited to low-grade celebrities, but last week we had the sorry spectacle of a husband and wife from two of Britain’s grandest families – the Rothschilds and the Goldsmiths – carpet-bombing the Twitterverse with details of their marital woes.
First to let loose was handsome Old Etonian Ben Goldsmith, 31, who married 29-year-old heiress Kate Rothschild in 2003’s “Society Wedding of the Year”. Sadly, the Goldsmiths recently broke up over Kate’s close relationship with Jay Electronica, a dishevelled American rapper described by the music critic of Los Angeles Weekly as “sounding much better than his name would suggest”.
Ben, the youngest son of the late billionaire Sir James Goldsmith, and his socially dexterous wife Lady Annabel, took to Twitter to attack his wife’s behaviour – particularly in calling the police after a row – as “appalling”. He then scoffed at her decision to hire a public relations company to “fix her reputation”, suggesting that it was “a bit late, surely? How about focusing on her devastated children?”
At which point it got nasty. Record producer Kate hit back on her Twitter feed, saying: “Ben in a rational mood would be the first to say that my devotion to the children is unshakeable. I am with them now as I always am.”...
http://www.telegraph.co.uk/technology/twitter/9321262/Goldsmiths-vs-Rothschilds-these-tweets-will-tear-us-apart.htmlWhat is the world coming to when a marital split between two fiercely private... more
11 months ago
The Federal Reserve tells Americans that the sun rises in the morning and sets in the evening.
"Ben Bernanke was deeply influenced by economist Milton Friedman's critiques of the Fed, and after joining its board in 2002, he apologized on its behalf at Friedman's 90th birthday party: "REGARDING THE DEPRESSION: You're right. WE DID IT. But thanks to you, we won't do it again."
Time Magazine Person of the Year 2009
The recent recession wiped out nearly two decades of Americans' wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline.
The Federal Reserve said the median net worth of families plunged by 39 percent in three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
The data represent one of the most detailed looks to date of how the economic downturn altered the landscape of family finance. Over three years, Americans watched the evaporation of progress that took almost a generation to accumulate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross.The Federal Reserve tells Americans that the sun rises in the morning and sets in the... more