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 26 TRILLION In Banker Bailouts Without TARP 
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Since Congress isn;t doing anything about this action, take all their money. They can start over like most of the people growing poorer and jobless.


Wed Nov 30, 2011 7:27 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Actually, just cut the fed res loose. They are on the hook for the money.


Wed Nov 30, 2011 7:29 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Want to get people moving?

Have DHS show up at everyone's house to confiscate 100K in property to cover this debt. I give Congress 1 day until they are tar and feathered.


Wed Nov 30, 2011 7:33 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Pigeon wrote:
Actually, just cut the fed res loose. They are on the hook for the money.

That's the way, I agree. AND, put them in jail. They did this without our approval. Fuck 'em.

This made me more sick than anything so far. It makes me sick to think there's really nothing I can do about this.

Seriously, what can we do?

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Wed Nov 30, 2011 7:39 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
From Ron Paul

Statement on the Fed's Continued Euro Bailout

The Fed's latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed's independence should reevaluate the Fed's supposed independence when the Fed bails out Europe so soon after President Obama promised US assistance in resolving the Euro crisis.

Rather than calming markets, these arrangements should indicate just how frightened governments around the world are about the European financial crisis. Central banks are grasping at straws, hoping that flooding the world with money created out of thin air will somehow resolve a crisis caused by uncontrolled government spending and irresponsible debt issuance. Congress should not permit this type of open-ended commitment on the part of the Fed, a commitment which could easily run into the trillions of dollars. These dollar swaps are purely inflationary and will harm American consumers as much as any form of quantitative easing.

The Fed is behaving much as it did during the 2008 financial crisis, only this time instead of bailing out politically well-connected too-big-to-fail firms it is bailing out profligate government spending. Citizens the world over deserve better than this. They deserve sound money that cannot be manipulated and created out of thin air by central planners who promise printed prosperity. Fiat money caused this European crisis and the financial crisis before it. More fiat money is not the cure. The global fiat currency system has proven itself a failure, we need real monetary reform. We need sound money.


Wed Nov 30, 2011 7:53 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP


Wed Nov 30, 2011 7:54 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
All right except it's more than 7.7 trillion. I'm friggin sick from this. Seriously. Nobody cares... or so few do. Disgusting.

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Wed Nov 30, 2011 7:58 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Kucinich on the NEED Act


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Wed Nov 30, 2011 8:00 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Dennis Kucinich, which many people have (properly) labeled as one step removed from a communist in the past, and who has a reputation as having a hard-core left slant in his politics, has just written up and introduced a bill that will fundamentally restore the free market - for real - to banking and credit.

It will also***** a lot of people off.

His bill would end the process of money issuance by The US Federal Government as a debt instrument. It would thus restore actual "lawful money" as Ron Paul claims to want, but in a form he has never, ever elucidated. It does, however, exactly match up with the base position I have propounded upon, along with Bill Still and a few others.

Instead, Treasury would issue and spend into circulation United States Notes. The existing "FOMC" would be replicated in Treasury with a mandate identical to The Fed's, with one important addition - a requirement that their operations be neither inflationary or deflationary.

That is, the precise mandate that is required - that United States Money maintain its purchasing power.

It would bring into effective existence my One Dollar of Capital standard for bank lending, by requiring that all lending be funded by either a loan granted by Treasury (where interest would inure to the Government, not a private bank) or be funded by the issuance of private debt with no government backstop.

It would absolutely bar the use of depositor reserves for any lending purpose whatsoever - that is, if you deposited funds into a transaction account (any sort of "demand" account) the bank would have to hold the funds as an actual custodian with fiduciary requirements for performance. Other than by direct and punishable fraud, depositor losses would instantly become impossible.

Note that this bill would not bar lending at interest.

However, it would immediately end the abuse and extortion of The United States Federal Government by banks and other institutions who argue that they "cannot be allowed to fail", then using that power of extortion to extract monstrous amounts of money from the economy for their personal benefit - by some estimates, as much as 20% of GDP. It would force the government to actually borrow by specific Congressional authorization in order to spend beyond its means. Such borrowing would have to be funded in the open market as the "Primary Dealer" nonsense would instantly end, so if the Government overspent it could be immediately reined in and stopped by the open market simply by refusing to buy (or demanding a very high interest rate.)

It has the following problems that Kucinich must fix: It attempts to maintain the insane inflated bubble that exists now by converting the existing debt at par throughout the system and backstopping banks during that process. It also fails to specify that stable prices must be the overriding mandate, meaning zero inflation. And finally, it contains no penalty clause if the monetary authority fails to meet its mandate; The Fed has serially done so and not been punished for it.

In addition Section 501 is effectively the imposition of an infrastructure fund in what should be a monetary bill, Section 504 and 505 are public welfare to the states (prohibited under Federalism in general as they now come with all the "strings" associated), 507 is idiotic as it is a purely inflationary attempt, 508 and 509 are yet more garbage and 510 is even worse. Strike all of that crap Dennis.

But with those infirmities fixed my call is not just "Yes" by "Hell Yes."

Many people say that Democrats are the party of "overspending." Well, not any more. When one of the standard-bearers of The Left produces a work like this, and actually propounds that it be passed into law, immediately ending all of the abusive practices of the financial industry, the usual claims of the folks on the "right" side of the aisle are turned on their ear.

We're about to find out if people like Ron and Rand Paul really stand for what they claim, or if they're empty suits. If they do, then I expect to see them on the Tee Vee within hours demanding passage of this bill, and joining with Mr. Kucinich in making sure that it is immediately reintroduced in the new Congress - and passed.

If that does not happen then these two claimants of a demand for "sound money" have been immediately and permanently exposed as FRAUDS, as will any so-called "Tea Party" members of Congress.

This is a bill that must become law with the above-mentioned infirmities removed.

http://market-ticker.org/akcs-www?post=175557


Wed Nov 30, 2011 8:11 pm
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Post Re: 26 TRILLION In Banker Bailouts Without TARP
Thanks for that link, Pigeon.

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Here I am Expecting Just A Little Bit Too Much From The Wounded - A Perfect Circle

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Wed Nov 30, 2011 8:24 pm
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