Bailout // Current TV

The Obamas in LA: See no evil, hear no evil

The campaign just released a list of its top money bundlers, showing... more

maasanova
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8 days ago
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2 comments

Black America Paralyzed, Powerless, Irrelevant: Year 4 of the Obama Era

by BAR managing editor Bruce A. Dixon Next week will mark the third anniversary of... more

maasanova
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23 days ago
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2 comments

Mitt never even WANTED to be President

(With Apologies to Monty Python and Lumberjacks) Responding to published reports... more

ParkyBill
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1 month ago
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Bailout and Stimulus – Fool me twice, Shame on me!

This article to be read in that certain disapproving tone of your favorite parent,... more

DMashak
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1 month ago
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Warren Buffett largest Moody's Shareholder Subpoenaed for role in Credit Ratings and Bailouts

Before the housing bubble was even on the horizon, Warren Buffet became the largest... more

thenakedemperor
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1 month ago
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Congress Kept in the Dark About Massive Fed Bailouts | www.thepoliticus.com

A major new report from Bloomberg, drawn from nearly 30,000 pages of Fed documents... more

dcherry
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2 months ago
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Uncle Sam To The Rescue After All: U.S. (Pardon IMF) to bailout All of Italy?

What do you do when you need political cover to use the 99%'s money to bailout... more

Dagum
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2 months ago
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3 comments

It's Official: Wall Street Has Become a Religion

New York - The international financial industry now controls Heaven as well as Hell. After years of behind-the-scenes maneuvering and back room deals, Wall Street officially became a major religion of the world this morning.

With a hierarchy mirroring that of the Catholic Church, Worship Wall Street now fully rules over the financial district, which has been deemed as its sovereign territory.

In a secret ceremony in which bond receipts were burned in a “bondfire of the vanities,” Lloyd Blankfein, CEO and chairman of Goldman Sachs, was elected Pope.

“This will teach those OWS punks to mess with us,” His Holiness said. “Occupy Wall Street is just a movement. Worship Wall Street is a religion with direct connections to the Almighty as well as to the almighty dollar.”

Cardinal Mayor Michael Bloomberg warned that if anyone as much as raises his voice in the financial district, he will be charged with religious persecution and jailed until the Second Coming, “whatever that is.”

“It won’t be easy doing the Lord’s work while running the City of New York into the ground,” Bloomberg whined. “But they gave us these swell red dresses and crazy red hats to wear, so I couldn’t resist.”

The entire staff of the Wall Street Journal has been hired to write the Worship Wall Street Bible. The holy book is expected to contain the first understandable explanation of the 2008 Too Big to Fail Bailout.

“That, brothers and sisters, was a true Act of God,” Pope Lloyd said. “Imagine Republicans and Democrats joining together and passing history making legislation in less than a week’s time. We are going to call it The Miracle of the Campaign Contribution.”

Pope Blackfein the First went on to describe some of the other advantages of turning the financial industry into religion.

“Now no one will be going to jail for destroying the American economy through fraudulent activity and illegal actions,” he said. “They don’t investigate a church for such things. It’s not as if we diddled our altar girls, who by the way are the former Dallas Cowboy Cheerleaders.”

But Blankfein saved the best for last: “As a religion, we are completely exempt from taxes -- Federal, state, city, and sales. Say hallelujah, America.”New York - The international financial industry now controls Heaven as well as Hell.... more

mbalton
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3 months ago
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HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades (WELL AMOUNT UNKNOWN COULD END UP BEING ALL OF EUROPE)

This story from Bloomberg just hit the wires this morning. Bank of America is... more

LOrion
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4 months ago
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77 comments

Savers continue to subsidize bank bailouts

Fed's near zero rate loans to bailed out banks has driven savings rates to... more

onesyrup
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4 months ago
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99 Percent

There is a movement in the United States that is slowly taking shape. This movement is... more

alovejoy
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4 months ago
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1 comment

Angela Merkel faces big test in German EU bailout vote

German Chancellor Angela Merkel faces a major test of her authority as MPs vote on... more

aileenalmeda
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4 months ago
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Greece bailout money decision looms

European Commission, European Central Bank (ECB) and International Monetary Fund (IMF)... more

sitsi
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5 months ago
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A Raging Case of Bailout Fatigue

I’ve used the term “outrage fatigue” on numerous occasions as a way of explaining why there has been such a muted outcry from the general population, as the tally of financial atrocities committed against American citizens has exploded.

August 22 was just another average day with another average headline that could easily have been ripped from some radical economic watchdog website (liberal or conservative, either one): Wall Street Aristocracy Got $1.2 Trillion from Fed.

But the line wasn’t the work of someone out there on the anti-capitalist or anti-government fringe. It was attached to an article from the very mainstream Bloomberg News.

Bloomberg has been engaged in a long, frustrating FOIA litigation battle with the Federal Reserve over that entity’s reluctance publicly to reveal what it has been doing with our money. Slowly, the stone wall has been coming down. And looking at what’s behind it, it’s pretty obvious why the Fed would have preferred to keep its deeds locked away from all prying eyes.

Thus the above headline. And here’s an ugly truth that goes along with it: It’s a near certainty that the vast majority of those who saw it — probably not too many in number, since the story got scant coverage on the network news — said to themselves, Yeah, we already knew that. Ho hum.

Call it “bailout fatigue.”

Because, guess what? This is not a recycled story from last year. This is news that we didn’t know before the 22nd of just last month!

This money is not a part of the $16.1 trillion in emergency loans the Fed handed to US and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the first-ever, one-time-only GAO audit of the central bank ordered by Dodd-Frank. Nor is it part of the $2 trillion quantitative easing program. Nor is TARP’s $700 billion in there, either.

Read that again. This $1.2 trillion — and perhaps we also have trillion fatigue, because that’s a lot of money — is separate from all that other stuff. It’s another hitherto secret funding program that we never would have heard of if Bloomberg hadn’t torn it from the Fed’s mouth like a rotten tooth........

Read on at:
http://dailyreckoning.com/a-raging-case-of-bailout-fatigue/#ixzz1XqizSzKiI’ve used the term “outrage fatigue” on numerous occasions as a way... more

Schnookums
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5 months ago
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17 comments

US Gov't Monitoring Facebook for End the Fed Protests

Uploaded by TruthSquadTV on Aug 8, 2011 http://truthsquad.tv/?p=731 On June 22nd... more

rodstradamus
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6 months ago
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Contortionist and their Compromises across the Continents

It's often hard to define with precision when the beginning of an end is reached. In many instances, and certainly in the case of the Euro and its zone, it's really inconsequential. The only thing that truly counts is that after yesterday's contortionist €159 billion Greek bail-out 2.0, there is no way back to a healthy currency, or an economically viable region to use it in, for that matter.

But the markets are up, you say! Yes, of course they are, because they were just handed access, in the form of a "reformed" European Financial Stability Facility (EFSF) to potentially trillions of euros worth of European taxpayers' money. And even though they're well aware that it's all just temporary, for today - and maybe tomorrow- their profits are guaranteed. So of course they're up. For now.

There's no serious investor, however, who’ll dive in for the long, or even the medium, term. The message that emanates from the hastily broken vows and neglected solemn pledges by the major players in Europe does nothing to restore confidence in either Greece, Ireland or Portugal. In fact, it does the exact opposite. If there had been any chance at all that Greece could have paid off its debts, the terms of the present deal would not be what they are. What it all spells, going forward, is increasing volatility. Which suits the most savvy players just fine, thank you.

Europe is, of -financial- necessity, sliding towards a fiscal and subsequent political union (and yesterday was a big step). A union that has zero chance of being accepted by its members. That is how we recognize that this is the beginning of the end. Without the extended powers of the EFSF, an outright Greek default would have been unavoidable. With the revamped facility, there can be a few more months (or is it even just weeks?) of pretending. And then, German, Dutch and/or Finnish voters will hammer it down.

It's still nothing but the same old same old: a severe bout of insolvency that is being treated as if it were as simple case of illiquidity. All bail-outs on both sides of the Atlantic carry this signature. And for good reason: they deal with bankrupt entities, banks in the one instance, countries in the other. Whatever the differences may be, that common feature trumps them all.

The markets -represented where the PIIGS are concerned by the bond vigilantes- are kept satisfied for a vanishingly fleeting moment, and everyone prays the quiet will last. But then it never does. The PIIGS are bankrupt. They will never be able to pay back their debts, and it makes little difference whether these are public or private. There's so much blood in the -Mediterranean- waters (and the Irish Sea) that the sharks are certain to remain where they are, restlessly swimming. There's simply too much money to be made.

The changes to the EFSF are presented by the big kahunas as tokens of strength and solidarity. But they're just a charade. Everybody knows the truth; at least everybody who plays at the big kahuna table, while the ones who don't know are forced to pick up the bill. After all, as Simon Jenkins writes in the Guardian: "Power always wins, so long as it can get someone else to pay".

The US has its own contorted compromise. Bernie Saunders, Senator for Vermont, writes: The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. Not even the EFSF will get that far anytime soon. we may presume.

It's somewhat funny that both sides of Congress and the Senate, as well as the White House, have now spent months rolling over the floors, jockeying for election position in the debate over the debt ceiling. Which, though incomprehensibly large as it already is supposed to become, is nevertheless still smaller than just the secret loans the Federal Reserve has handed out over the past few years alone.

Contorted, convoluted, con artists. They're gutting our futures, and those of our children. We elected -most of- these fine folk. And it's up to us to get rid of them.

http://theautomaticearth.blogspot.com/2011/07/july-22-2011-contortionist-compromises.htmlIt's often hard to define with precision when the beginning of an end is reached.... more

Schnookums
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7 months ago
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1 comment

Valencia Spain protest demonstration 19 June 2011

sound familiar? 80,000 take to the streets to protest the corruption and fraud of... more

jmac9
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8 months ago
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Taking Back the Wall Street Bonuses & Stopping Foreclosures Dead In Their Tracks

What is fair market value for the services that states and counties provide to banks... more

JPSayles
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8 months ago
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8 comments

Taxpayers to Lose $14B on the Auto Bailout Says Administratioin

Contrary to all the rosy reports about the car companies paying back all of the money,... more

samthesixth
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8 months ago
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2 comments

Taibbi: 'Nothing stops big banks from ripping off people again'

"Pull down your pants folks, the worst has just begun!!!"

KB723
added this
9 months ago
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97 comments

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