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Resistance See other Resistance Articles Title: An Excerpt From Last Congressional Stump Speech It is illegal for banks to buy and sell worthless assets. That is why Wall Street invented Credit Default Swaps which are a hybrid between derivatives and insurance. A derivative is simply a bet on the future value of a bond, of gold, of oil or some other commodity. If you take a bond you know to be worthless, you can pretend it has value by also selling a CDS. For example, you sell 1,000,000 liar loans mortgages to people you know cannot make the payments. You turn them into bonds and buy CDS from someone like AIG who cannot pay off the insurance when these bonds default. After the default, you go to the Senate and the House of Representatives which are on the payroll of AIG and Goldman Sachs and have them stick it to the taxpayers for 23.7 trillion dollars. Harry Markopolos, who tried in vain for seven years to report Bernie Madoff's 65 billion dollar Ponzi scheme to the SEC, said we are facing a worse scandal with 600 trillion dollars in CDS. Let me put that in perspective. The total American money supply is a little over 10 trillion dollars. To pay off 600 trillion dollars all we would have to do is for everyone who has dollars to give 100% of all their dollars to Goldman Sachs, AIG and their friends on Wall Street until the total money supply turns over 60 times. The Congress has decided not to even hold hearings about this 600 trillion dollar scam because they do not want you to get any angrier than you are. I need to explain something else. Housing, oil and gasoline used to be cheap. The Congress deliberately intervened to raise the price of oil, cut our wages and raise the price of housing. The Congress did not want you to buy an affordable home and pay off your mortgage so you could live rent free for the last several decades of your life. No. The Congress and the bankers wanted to raise the price of housing so young people would owe a lot of money on a mortgage they could never pay off. Raising the price of housing helped the bottom line of the banks so the Congress flooded America with legal and illegal aliens and raised home prices through the roof. Then they required banks to make liar loans to people who could not even make the payments with illegal aliens given extra reward points on their applications. Congress did all this to make homes unaffordable and wages unlivable. Of course the additional 120,000,000 legal and illegal immigrants plus their children increased the demand for imported oil and raised the price of a barrel of oil from less than three dollars to more than seventy dollars. The Congress did that so they could raise the price of oil to benefit their friends in the Bilderberg Society who own Exxon-Mobil and Royal Dutch Shell. The Congress also wanted to cut wages. In 1971 a family of four with one parent working made more than one today with two parents working. That is if you compare the money they have left after paying their home mortgage and paying for the cost of a second car plus higher prices for education, gas and utilities. And when the current Depression finally hits bottom our hourly after tax wages will decline another fifty per cent when we all go back to work for our new lower wage with sharply devalued dollars. The immediate cause of our crisis began in 2009 with the passage of the Stimulus bill, the Spending bill and the supplemental appropriations for the wars in Iraq and Afghanistan which included a 106 billion dollar gift to the IMF. From 1970 to 2009 we borrowed money from overseas to buy oil, cars, clothes, electronics and toys and lived well beyond the means of our country to support that additional 120,000,000 people. Then along came the current crisis and the Congress decided to spend a lot more money. It is one thing to borrow money from Japan to buy cars, money from China to buy everything at WalMart and money from the Mideast to buy oil. It is another thing to print money to buy Treasury bonds at auction. When you borrow money from overseas, you actually get to use their money to buy things. When you print more of your own money, all you get is higher prices and therefore lower wages and pensions in real dollars. Have I proved to you yet that the Congress is brain dead?
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