The Golden Truth: Bernanke and Geithner Dupe The U.S. Taxpayers For Billions

Thursday, July 1, 2010

Bernanke and Geithner Dupe The U.S. Taxpayers For Billions

Read this story from Bloomberg and then try to tell me, minimally, that Bernanke and Geithner should not be immediately fired and put under criminal fraud investigation:

Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.

Bernanke and the Fed have the best financial data-gathering resources in the world. Anyone who thinks that Bernanke was not aware of exactly how distressed the 10's of billions of assets were that he unloaded onto the Taxpayer balance is either hopelessly naive, hopelessly stupid - or both:

“The Federal Reserve was not straightforward with the American people regarding the risks they were taking with taxpayer money, despite my efforts to obtain such clarity at the time,” U.S. Senator Richard Shelby of Alabama, the Senate Banking Committee’s top Republican, told Bloomberg News. “It is apparent that the Fed withheld from the Congress and the public material information about the condition of these securities.”

Just so everyone reading this is aware of the truth, the Fed has another $1.5 trillion in what will end up being largely worthless mortgage assets that were purchased under the guise of "quantitative easing." Most people are not aware that Geither, as Treasury Secretary, agreed to guarantee that garbage on behalf of the taxpayer.

I knew when I watched the bank rescue horror show unfold that the taxpayers were going to end up ultimately with, likely, a few trillion in worthless assets. Bernanke knew it too. Geithner? Hard to say. Geithner reminds me of the obedient puppy dog who will do what it's told for a treat.

Here's the link to the entire article: Bernanke Is A Criminal. If this news does not fire up the American public to start taking some action to end the looting by the banking elite of this country, then we deserve to end up with what we get when this saga ends in the destruction of our system.

Don't take it from me, take it from long-time Wall Street veteran Howard Davidowitz: The Whole Thing Is A Fraud

1 comment:

AnonymousThursday, 01 July, 2010
Too bad it's gonna take an absolutely catastrophic economic fallout on main street before Joe Blow starts asking any questions. Cuz let's face it-- the majority of The People just don't give a damn. They're too busy standing in line for iphones or looking at web porn.
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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.