The Golden Truth: Who The Hell Is Bill Clinton Kidding?

Sunday, April 18, 2010

Who The Hell Is Bill Clinton Kidding?

"Clinton Says He Had Bad Advice on Derivatives" - Bloomberg reports that Bill Clinton is placing blame for the derivatives fraud squarely on the shoulders of Robert Rubin and Larry Summers:

"Former President Bill Clinton said he should have pushed for regulation of financial derivatives when he was president, rejecting the advice of top economic advisers Robert Rubin and Larry Summers."

Here's the link: BILL CLINTON PROUDLY PASSES THE BUCK.

Before we forget history, let's recall the President Bill Clinton signed into the law the legislation that removed Glass-Steagall. This was THE ACT of Government that fostered and allowed the banking system to completely spin out of control with fraud, corruption and grand theft of this country's wealth by a handful of bankers and the politicians they purchased, INCULDING BILL CLINTON.

The collapse of the banking system in September 2008 rests squarely on Clinton's signature in 1999 and his policies with regard to financial regulation. To be sure, the Bush Administration further enabled the financial devastation created by the Clinton Administration. And the Obama Administration has pressed the accelerator thru the floorboard.

Currently the Obama Cabinet/Administration has several of the people who worked for Bill Clinton. This includes Larry Summers - Obama's chief economic policy guru; Tim Geithner - serial tax dodger; SEC Chief Mary Shapiro - who was head of the CFTC under Clinton and directly responsible for derailing derivatives legislation; and several of Robert Rubin's "mini-me's" who sit in "counsel" positions inside the Oval Office and under Tim Geithner.

If Clinton is willing to throw his own people under the bus - and many of those people are now Obama's people, what does that say about the policies and character of our current White House?

8 comments:

JoeSunday, 18 April, 2010
"SEC Chief Mary Shapiro - who was head of the CFTC under Clinton and directly responsible for derailing derivatives legislation"

I am really starting to wonder what is the true motivation behind the SEC move on GS and why now.
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Dave in DenverSunday, 18 April, 2010
I wouldn't surmise that it was specifically to get the metals hit hard. BUT I do believe it's a complete political dog and pony show meant to help Obama get the financial reform Bill passed.

Bloomberg had a story that said Goldman knew about the SEC charges before they were announced.
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EdwardoSunday, 18 April, 2010
Who the Hell is Bill Clinton kidding?

Well, that depends on what the definition of is is.

But seriously, around these parts, and, I suspect, a few others, the answer is no one.
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Dave in DenverSunday, 18 April, 2010
LOL - yup.
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AnonymousSunday, 18 April, 2010
"what does that say about the policies and character of our current White House?"

I'll bite. As to the financial situation, it says that they are a bunch of corrupt scumbags. Let's not forget however, that this did not happen overnight. Compared to the previous administration, these guys are pikers. Yes, Obama needs to fire Geithner and Summers, but he's merely continuing the corrupt and scummy procedures honed to perfection under Bush.

weinerdog43
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Dave in DenverSunday, 18 April, 2010
Agree. A mentioned in my commentary that Obama has taken the hand-off from Bush and is running with the baton.
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anliuSunday, 18 April, 2010
He didn't get bad advice; he just had his hands full.
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Dave in DenverSunday, 18 April, 2010
LOL
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.