A curious op-ed “The Tel Aviv Cluster” by the reliably neoconnish David Brooks appeared in the New York Times on January 12th. Brooks enthused over the prowess of Israel’s high tech businesses, attributing their success in large part to Jewish exceptionalism and genius, which must have provided the ultimate feel good moment for Brooks, who is himself Jewish. That Israel has a booming technology sector is undeniably true, but Brooks failed to mention other contributing factors such as the $101 billion dollars in US economic and military aid over the course of more than four decades, which does not include the additional $30 billion recently approved by President Barack Obama. American assistance has financed and fueled Israel’s business growth while the open access and even “preferential treatment” afforded to Israeli exporters through the Israel Free Trade Implementation Act of 1985 has provided Israelis with the enormous US market to sell their products and services. By act of Congress, Israeli businesses can even bid on most American Federal and State government contracts just as if they were US companies.
They are called the PIGS — Portugal, Ireland, Greece, Spain. What they have in common is that all are facing deficits and debts that could bring on national defaults and break up the European Union.
The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.
Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.
We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system — apart from the matter of AIG’s bailout — deserves further congressional scrutiny.
So said Goldman Sachs CEO Lloyd Blankfein of the financial crisis of 2008. He likened its probability to four hurricanes hitting the East Coast in a single season.
The decades-long campaign of Ron Paul to have the Government Accountability Office do a full audit of the Federal Reserve now has 313 sponsors in the House.
More than a year into the gravest financial crisis since the Great Depression, millions of Americans have seen their home values and retirement savings plunge and their jobs evaporate.
What they haven’t seen are any Wall Street tycoons forced to swap their multi-million dollar jobs and custom-made suits for dishwashing and prison stripes.
There are plenty of civil and class-action lawsuits from aggrieved investors angered by the losses in their mortgage bonds, hedge funds or pensions. Regulators have stepped up their vigilance after the fact. But to date, no captain of finance tied to the crisis has walked the plank.
Despite updating its numerous disclosures to investors in 2007, Goldman never revealed its secret wagers….
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman’s sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation’s premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
Florida Democrat U.S. Rep. Alan Grayson wants Americans to help him block Congress from confirming the Chairman of the Federal Reserve to his second term unless he hands over documents relating to the bailouts of financial institutions, including the rescue of Bear Stearns.
In the “Unmask the Fed” campaign, Grayson calls on constituents to sign petitions demanding that Fed Chairman Ben Bernanke “come clean” before senators re-confirm his appointment to the helm of the Federal Reserve.
“The long and the short of it is that we’ve been taken for a very big and costly ride by banks that created a huge crisis and that then got the government to bail them out of it with our money, and by two administrations, one Republican and now one Democratic, that have been submissive and willing servants of the big banks….”
Congressman Ron Paul discusses his new book End The Fed, as well as other economic issues and Federal Reserve related topics on CNN’s American Morning.
For the financial crisis that has wiped out trillions in wealth, many have felt the lash of public outrage.
Fannie and Freddie. The idiot-bankers. The AIG bonus babies. The Bush Republicans and Barney Frank Democrats who bullied banks into making mortgages to minorities who could not afford the houses they were moving into.
But the Big Kahuna has escaped.
The Federal Reserve.
“(T)he very people who devised the policies that produced the mess are now posing as the wise public servants who will show us the way out,” writes Thomas Woods in “Meltdown.”
As the U.S. financial crisis broadens and deepens, wiping out the wealth and savings of tens of millions, destroying hopes and dreams, it is hard not to see in all of this history’s verdict upon this generation.
We have been weighed in the balance and found wanting.
For how did this befall us, save through decisions that brushed aside lessons that history and experience had taught our fathers?
It all began with the corruption called sub-prime mortgages.
In his campaign and inaugural address, Barack Obama cast himself as a moderate man seeking common ground with conservatives.
Yet, his budget calls for the radical restructuring of the U.S. economy, a sweeping redistribution of power and wealth to government and Democratic constituencies. It is a declaration of war on the Right.
The real Obama has stood up, and lived up to his ranking as the most left-wing member of the United States Senate.
Barack has no mandate for this. He was even behind McCain when the decisive event that gave him the presidency occurred — the September collapse of Lehman Brothers and the market crash.
In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the U.S., including there being a tax revolt.
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