The wool has once again been pulled over the eye's of all tax paying Americans. The bailout I have said from the beginning was nothing more then the largest money scandal in history and American's are paying for without any choice in the matter. The bailout is coming strait out of American tax dollars and going strait into the fuel tanks of private jets flying the rich elites of AIG, Goldman and Sacks, Bank Of America and a big list of other banks that will not be disclosed by the Fed. That's right, the New York Fed refuse to disclose the where about of billions of bailout dollars. Let's watch a nervous Ben Bernanke as he is confronted by congressman Alan Grayson about which foreign banks were the recipients of Federal Reserve credit swaps.
And here's Senator Bernie Sanders coming down on Bernanke about where he put 5.5 trillion dollars of tax payers money.
What a joke!
Here a list of who got tax payer funded bailout money:
AIG
JPMorgan
Citigroup
Wells Fargo
Bank of America
Merrill Lynch
Goldman Sachs
Morgan Stanley
PNC Financial Services
Bank of New York Mellon
State Street Corp
Capital One Financial
Fifth Third Bancorp
Regions Financial
SunTrust Banks
BB&T Corp
KeyCorp
Comerica
Marshall & Ilsley Corp
Northern Trust Corp
Huntington Bancshares
Zions Bancorp
First Horizon National
City National Corp
Valley National Bancorp
UCBH Holdings Inc
Umpqua Holdings Corp
Washington Federal
First Niagara Financial
HF Financial Corp
Bank of Commerce
And hundreds of others who the fed refuses to disclose.
TOTAL: $8.5 trillion
Here's a basic breakdown of the Bailout:
$350 billion for Citigroup
$30 billion for the Bear Stearns takeover
$170 billion for AIG
$700 billion for Wall Street (TARP)
$1.4 trillion for bank to bank loan guarantees
$2.5 Trillion for short term notes or commercial paper (I.O.U's)
$2.3 Trillion for commercial paper funding facility and money market investor funding facility
$8,560,000,000 dollars loaned by the US Federal Government. I know the numbers don't add up right and that's part of the problem!
Who the hell are running these company's??? I don't understand how so many company's that are based on managing money lost so much. Did they all forget how to do their jobs?? Did they all just loose track?? Forgot to balance the checkbooks maybe?. If your account goes over with any of these banks they will happily charge you a fee of around $35, even if you go over by one penny. When their balance goes negative we end up paying for it, and if we don't, apparently it would completely destroy the economic infrastructure of the United States. So this means that the economic infrastructure within the United States is determined by who sits at the board of directors for these company's, and it's these same people who made the bad decisions who got big bonuses! WTF!
What pisses my off the most is that fact that I don't to business with anyone of these company's. I use to have an account with Wells Fargo but I'm proud to say that account is closed. Those people aren't even human and was by far the worst banking experience I've ever had. Why else do you think I have a link to wellsfargosucks.com.
These are the company's who spent your hard earned money. If you have any affiliation with any of these company's stop now. Know that you are supporting company's who stole American tax payers money and used billions of it for large bonuses to employees who are high up the food chain. All this talk about a rescission and how bad the economy is while they stay in five star hotels, go on vacation in private jets and spend money like it's growing on trees.
Americans have been scammed big time here and there's almost nothing you can do about it. I say almost because there is still a chance that the thieves can be caught, brought to trial and by made to face the consequences. An audit of the Fed must be made!
Here's Ben Bernanke stating that an audit of the Fed would crash the dollar and devastate the American economy.
"My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."
Barnanke clearly implies here that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a "takeover" and that the defensive and "repudiated" Fed would respond destructively.
Then here he is saying that the fed already does get audited, but tries to clarify what exactly the bill means.
His response to the GAO auditing is "I don't think that's consistent with independence". The Fed shouldn't have Independence!!! It needs to be run by the government rather than it being run as a independent entity. That's right, the Federal Reserve is a privately owned company who has a license to print money.
Then he states "I don't think that the American people would want congress running monetary policy."
So he's saying that the American people would not want the government to have control over the supply of money, availability of money, and cost of money or rate of interest to attain a set of objectives oriented towards the growth and stability of the economy.
But instead "we the people" would want a private entity to run it instead? Convenient for him.
This is what I would call financial terrorism.
Here's a great explanation of how the Fed really works:
Shocked.....well this is the truth and it's this knowledge that needs to be talked about.
If you really want a good understanding of how our monetary system works, watch Zeitgeist Addendum. You really should watch it anyway.
This is a list of questions that the elected representatives did not know to ask but should of during the hearing before Congress , which should raises some questions by itself.
Copy and paste these questions to an e-mail and send them to the President Barack Obama at the white house and your congressmen.
Dear Barack Obama,
In regards to the hearing before Congress about the bailout, here are the questions that need to be answered before Congress so that we may have closure on the very non-transparent bailout situation.
* Why didn't the Treasury Department make the required margin calls - if they were needed - and stand to get collateral back if the insured CDOs rose in value?
* Why did the New York Fed buy paper at 50 cents on the dollar and pay banks 100 cents, when they had no idea what the intrinsic value of those securities was at the time?
* Who really leaned on the New York Fed to not disclose who got our taxpayer money?
* What did Stephen Friedman know about the payments to Goldman?
* What records exist of correspondence between Friedman and Timothy Geithner, who was then president of the New York Fed?
* What records exist of correspondence between Friedman and Henry M. Paulson, Geithner's predecessor as Treasury secretary and a former Goldman CEO himself.
* If Goldman was really hedged as Friedman appeared to claim, then why did taxpayers pay the investment bank 100 cents on the dollar?
* Did Goldman (and others) drive down the value of securities to collect cash, demand to be made whole and at the same time buy credit-default-swap insurance on AIG, which they were helping to sink?
* Can we see the trade blotters of Goldman's trading desks to determine what trading strategy those traders employed during this period and later when making record profits?
* Why are so many Goldman Sachs people in so many powerful government positions?
* Why has the United States government allowed a cabal of financial interests to hijack America?
We the people of the United States demand that these questions are brought forth and answered in front of Congress and the American People. Mr. Obama, you declared transparency with your administration and it's now time to make all of the details of the bailout transparent as well. It's our money, our future and our financial freedom that's being held hostage.
Sincerely,
Source of these questions along with a great article that does a much better explanation about the facts on the bailout can be found here.
Here's Bernanke is lying through his teeth.
This conspiracy has happened right under the noses of American Tax payers and their paying for it every payday. Learn the facts and lets do everything we can to stop being taken advantage of.
Attain your attainablemind.