The Golden Truth: We May Get To See Just How Cozy Geithner Has Been With Wall Street...

Friday, June 10, 2011

We May Get To See Just How Cozy Geithner Has Been With Wall Street...

before Obama gets voted out of the White House, as this was reported yesterday on Fox Business News:

Geithner could step down after getting debt ceiling deal done -- Gasparino, Fox Business News - Gasparino reports that there are rumors that Treasury Secretary Geithner could leave after a deal is reached regarding the debt ceiling. He also reported that the Treasury Department will not deny the rumor.

I especially like the comment that the Treasury Dept would not deny the rumor. This rumor has been floating around since Obama's first full year and now maybe it's really true this time.

What will be even more interesting to watch is whether or not Geithner will land a cushy, highly paid position at one of the Too Big To Fail Banks, to which he's been funnelling $100's of billions in Taxpayer money in order to keep them from collapsing and to enable the continuation of $billions in excessive compensation to the architects of this country's systemic demise. Imagine what it says about what a stooge your Treasury Secretary is if he doesn't land a "payback" job at a TBTF...

In case you missed this, Taxpayer/Government-owned GMAC/Ally Financial is pulling its initial public offering for now. LINK The excuse is a weak stock market. But what it tells us is that investors are looking "under the hood" all GMAC and looking at the crappy auto and mortgage assets it has underwritten with massive Government support and running the other way, especially after the dismal performanance of AIG's stock after the Government called in favors to the banks and unloaded a lot stock on Wall Street, which in turn has been flipping out to the market.

It's starting to get ugly out there in the markets. And the markets are reflecting an accelerating deterioration in the condition of our finacial and economic system. It may not seem like it now, but I expect that gold and silver will take many by surprise and soon stage an aggressive price rally in terms of dollars and euros. For sure, demand from India has not slid into its traditional seasonal lull - at least not yet - and the Chinese seem to have an insatiable appetite for the physical metals.

5 comments:

AnonymousFriday, 10 June, 2011
Where does that leave the miners down like everything else?
ReplyDelete
Replies
AnonymousFriday, 10 June, 2011
(Dave)

That's the 65k question, isn't it? LOL
ReplyDelete
Replies
AnonymousFriday, 10 June, 2011
Full List Of 2011 Bilderberg Conference Attendees

USA

Alexander, Keith B., Commander, USCYBERCOM; Director, National Security Agency
Altman, Roger C., Chairman, Evercore Partners Inc.
Bezos, Jeff, Founder and CEO, Amazon.com
Collins, Timothy C., CEO, Ripplewood Holdings, LLC
Feldstein, Martin S., George F. Baker Professor of Economics, Harvard University
Hoffman, Reid, Co-founder and Executive Chairman, LinkedIn
Hughes, Chris R., Co-founder, Facebook
Jacobs, Kenneth M., Chairman & CEO, Lazard
Johnson, James A., Vice Chairman, Perseus, LLC
Jordan, Jr., Vernon E., Senior Managing Director, Lazard Frères & Co. LLC
Keane, John M., Senior Partner, SCP Partners; General, US Army, Retired
Kissinger, Henry A., Chairman, Kissinger Associates, Inc.
Kleinfeld, Klaus, Chairman and CEO, Alcoa
Kravis, Henry R., Co-Chairman and co-CEO, Kohlberg Kravis, Roberts & Co.
Kravis, Marie-Josée, Senior Fellow, Hudson Institute, Inc.
Li, Cheng, Senior Fellow and Director of Research, John L. Thornton China Center, Brookings Institution
Mundie, Craig J., Chief Research and Strategy Officer, Microsoft Corporation
Orszag, Peter R., Vice Chairman, Citigroup Global Markets, Inc.
Perle, Richard N., Resident Fellow, American Enterprise Institute for Public Policy Research
Rockefeller, David, Former Chairman, Chase Manhattan Bank
Rose, Charlie, Executive Editor and Anchor, Charlie Rose
Rubin, Robert E., Co-Chairman, Council on Foreign Relations; Former Secretary of the Treasury
Schmidt, Eric, Executive Chairman, Google Inc.
Steinberg, James B., Deputy Secretary of State
Thiel, Peter A., President, Clarium Capital Management, LLC
Varney, Christine A., Assistant Attorney General for Antitrust
Vaupel, James W., Founding Director, Max Planck Institute for Demographic Research
Warsh, Kevin, Former Governor, Federal Reserve Board
Wolfensohn, James D., Chairman, Wolfensohn & Company, LLC

http://www.zerohedge.com/article/full-list-2011-bilderberg-conference-attendees?
ReplyDelete
Replies
AnonymousFriday, 10 June, 2011
The well capitalized ones with real assests in the ground churning cash flow I expect will do well
ReplyDelete
Replies
AnonymousSaturday, 11 June, 2011
Isn't everyone just sick and tired how every one begs for your vote, swears up and down how things will change when they get elected, and then the status quo continues...and you're stuck...it's all ...

Saturday, June 11, 2011
Bullsh** and Goldman Sachs

Yesterday, I was reading the July issue of Harper's Magazine and came across a delightful essay by Mark Kingwell called "The Language of Work." Kingwell teaches philosophy at the University of Toronto. Here's the paragraph that jumped out at me and made me think of Goldman Sachs:

http://www.goldmansachs666.com/2011/06/bullshit-and-goldman-sachs.html
ReplyDelete
Replies

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.