Tag Archives: Economy

Eat the rich~! Fiscal cliff is relative

I think you know that there’s no such thing as an American anymore. No Hispanics, no Japanese, no blacks, no whites, no nothing. It’s just rich people and poor people. The three of us are all rich, so we’re on the same side.
– Jeff Goldblum from the 1992 movie DEEP COVER.

From Zero Hedge:

It will, or should, come as no surprise that as a result of the Great Financial Crisis, just as in real life, so in D.C., the wealthiest politicians have gotten wealthier: in fact at least 72 politicos have doubled their wealth in the past 5 years. It will, or should, also come as no surprise, that as a result of the GFC, the average wealth of Republicans (which declined) and Democrats (which rose) hasconverged, confirming that at least when it comes to the economic disparity between America’s two big parties, there is no longer any difference. At least these are the findings of a recent WaPo study looking at how America’s lawmakers have benefited from the laws they themselves institute. In other words, while America’s laws may be designed for its people, those who actually benefit from this country’s fiscal (and of course monetary) policy is just one group: those who continue to transfer wealth from what little is left of the middle class and into their own, mostly offshore, bank accounts.

From the WaPo: “You would find that, contrary to many popular perceptions, lawmakers don’t get rich by merely being in Congress. Rich people who go to Congress, though, keep getting richer while they’re there.” We are fairly confident that there were no “popular perceptions” that anyone goes to Congress to get wealthy. Congress, and certainly the Senate, are merely vehicles to allow those with power and money to simply perpetuate a status quo that benefits the 1% and takes, what little is left, from everyone else. And sadly, this theft transcends political lines and ideological colors. In short: everyone is doing it, even as America continues to delude itself there is an option. There is none.

For the complete matrix of just who steals from you, dear Americans, click below.

Other WaPo findings:

The wealthiest one-third of lawmakers were largely immune from the Great Recession, taking the fewest financial hits and watching their investments quickly recover and rise to new heights. But more than 20 percent of the members of the current Congress — 121 lawmakers — appeared to be worse off in 2010 than they had been six years earlier, and 24 saw their reported wealth slide into negative territory.

Most members weathered the financial crisis better than the average American, who saw median household net worth drop 39 percent from 2007 to 2010. The median estimated wealth of members of the current Congress rose 5 percent during the same period, according to their reported assets and liabilities. The wealthiest one-third of Congress gained 14 percent.

The Post also found that some congressional financial interests intersected with public actions taken by legislators: 73 lawmakers sponsored or co-sponsored legislation that could have benefitted businesses or industries in which either they or their families were involved or invested.

Among the other findings is perhaps this key one: “The estimated wealth of Republicans was 44 percent higher than Democrats in 2004, but that disparity has virtually disappeared.” In other words, when it comes to wealth, and thanks to the crisis, which made some Republicans poorer as it made some Democrats richer, America now has only one party: those who donot represent the people, but merely those who will do everything to preserve their own wealth.

And as noted above, the richest just get richer and richer:


More:

  • Between 2004 and 2010, 72 lawmakers appeared to have doubled their estimated wealth.At least 150 lawmakers reported receiving more income from outside jobs and investments than from their congressional salaries of $174,000 for rank-and-file members.

  • Representatives in 2010 had a median estimated wealth of $746,000; senators had $2.6 million.

  • Since 2004, lawmakers reported more than 3,500 outside jobs paying their spouses more than $1,000 a year. The lawmakers are not required to report how much the spouses are paid or what they did for the money.
  • Lawmakers’ wealth is held in a variety of ways: 127 primarily in real estate, 117 in institutional funds, 75 in their spouses’ names, 51 in essentially cash, 36 in specific stocks and bonds, 32 in high-turnover trading, 30 in business ownership and 20 in agriculture. More than 40 had reported assets of $25,000 or less.

Those wishing to learn how America’s representative government continues to die a slow and painful (for most, if not all) death, canread on here.

 

 

 

 

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WAKE UP AND SMELL THE FASCISM

Next time the politicians talk about entitlements and taking away programs for the poor, our schools, the elderly, etc, think about this….

via http://www.silverbearcafe.com

Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts!!!!

 unelected.org, Sat, 01 Sep 2012 01:33 CDT
The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out.

Bernanke

© The Silver Bear Cafe

Ben Bernanke (pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.

What was revealed in the audit was startling:

$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”- Bernie Sanders (I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve (July 21st, 2011):

Sources: 
US Government Accountability Office (GAO)
FULL PDF on GAO server.
Senator Sander’s Article

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GOLD AND SILVER : get some!

looking at gold, just jumped $52.38 UP on euro failure!

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Saudi Arabia plan for WAR

What will we see to come of this? More of the Big Oil record profits, or lower fuel costs for consumers? Take a wild guess….

A flame from a Saudi Aramco (the national oil company) oil installation known as "Pump 3" burns brightly during sunset in the Saudi Arabian desert near the oil-rich area Al-Khurais (AFP Photo / Marwan Naamani)

Saudi Arabia and its Sunni allies may right now be boosting oil production, aiming to plunge the market price to as low as US$60 per barrel. The ultimate goal is to cripple the economies of Shiite Iran and Iraq, an…

Read Full Article at RT.com

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Catalytic Converter Capers Continue

This is happening all over the place! Catalytic Converter Capers!!!

The precious metals inside the catalytic converter of a vehicle continue to entice thieves and aggravate vehicle owners.

Thieves Profit $50 Per Stolen Part, Experts Say

Read more…

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Goldman Sachs’ role in Greece

Early in 2010, Goldman Sachs stood accused of worse, when the bank was revealed as one of the architects of the emerging Greek disaster. Not only was it blamed for helping conceal the true state of the country’s finances, but it was accused of eventually betting against its sovereign debt, along with other major banks.

Read more…

 

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Now $5 billion lost at JP Morgan! Dominoes are falling….

Via: Business Insider:

When JPMorgan first announced that its CIO office had blundered into a huge trading loss, the number was pegged at $2 billion, though the company said it could go higher.

loss later reported to be $3 billion…

And now…

$5 billion or more?

From WSJ:

The nation’s largest bank has said publicly that its losses on the trades have surpassed $2 billion, and people familiar with the matter have said they could over time reach $5 billion.

But the losses could be even bigger if the company sells its positions into a market that has turned against its positions, some traders say. Improvements in the markets could slice the bank’s losses.

More here at Business Insider

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